Cover Page
Cover Page | 9 Months Ended |
Sep. 30, 2022 | |
Document Information [Line Items] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Alvarium Tiedemann Holdings, Inc. |
Entity Central Index Key | 0001838615 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Balance Sheets
Condensed Balance Sheets | Sep. 30, 2022 GBP (£) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 GBP (£) | Dec. 31, 2020 USD ($) | ||
Fixed assets | ||||||||
Intangible assets | £ 69,514,613 | £ 33,642,087 | £ 39,663,886 | |||||
Tangible assets | 1,486,515 | 758,152 | 915,413 | |||||
Investments: | ||||||||
Investments in associates | 1,733,506 | 2,729,247 | 2,671,365 | |||||
Investments in joint-ventures | 6,660,562 | 10,096,077 | 9,313,580 | |||||
Other fixed asset investments | 2,305,798 | 1,972,169 | 167,632 | |||||
Investment | 81,700,994 | 49,197,732 | 52,731,876 | |||||
Current assets | ||||||||
Debtors | 47,991,391 | 37,003,398 | 29,056,099 | |||||
Investments | 6,583 | 4,254 | 4,940 | |||||
Cash | 12,425,119 | 12,961,870 | 8,298,069 | |||||
Total Current Assets | 60,423,093 | 49,969,522 | 37,359,108 | |||||
Creditors: amounts falling due within one year | (91,678,450) | (40,903,852) | (16,667,168) | |||||
Net Current Assets | (31,255,357) | 9,065,670 | 20,691,940 | |||||
Total assets less current liabilities | 50,445,637 | 58,263,402 | 73,423,816 | |||||
Creditors: amounts falling due after more than one year | 0 | 9,057,705 | ||||||
Provisions | ||||||||
Taxation including deferred tax | (2,054,229) | (1,958,233) | (1,978,716) | |||||
Net assets | 48,391,408 | 56,305,169 | 62,387,395 | |||||
Capital and reserves | ||||||||
Called up share capital | 7,433 | 7,433 | 6,948 | |||||
Additional paid-in capital | 32,105,520 | 32,105,520 | 21,688,028 | |||||
Other reserves | 23,001,035 | 23,001,035 | 23,001,035 | |||||
Profit and loss account | (6,727,684) | 1,177,705 | 16,095,507 | |||||
Total Shareholders' Deficit | 48,386,304 | 56,291,693 | 60,791,518 | |||||
Non-controlling interests | 5,104 | 13,476 | 1,595,877 | |||||
Total Capital and reserves | 48,391,408 | 56,305,169 | 62,387,395 | |||||
Due Within One Year [Member] | ||||||||
Current assets | ||||||||
Creditors: amounts falling due within one year | £ (91,678,450) | £ (40,903,852) | (16,667,168) | |||||
Cartesian Growth Corp [Member] | ||||||||
Current assets | ||||||||
Cash | $ | $ 463,990 | $ 551,258 | $ 0 | |||||
Prepaid Expenses | $ | 19,039 | 70,406 | 0 | |||||
Total Current Assets | $ | 483,029 | 621,664 | 0 | |||||
Deferred offering costs | $ | 0 | 130,686 | ||||||
Provisions | ||||||||
Cash and marketable securities held in Trust Account | $ | 347,105,214 | 345,031,308 | 0 | |||||
Total Assets | $ | 347,588,243 | 345,652,972 | 130,686 | |||||
Liabilities, Redeemable Ordinary Shares and Shareholders' Deficit | ||||||||
Accounts payable and accrued expenses | $ | 491,688 | 182,120 | 0 | |||||
Accrued offering costs and expenses | $ | 0 | 113,778 | ||||||
Total Current Liabilities | $ | 491,688 | 182,120 | 113,778 | |||||
Convertible promissory note — related party | $ | 477,038 | 0 | ||||||
Deferred underwriting fee | $ | 12,075,000 | 12,075,000 | 0 | |||||
Warrant liabilities | $ | 6,365,078 | 23,093,608 | 0 | |||||
Total Liabilities | $ | 19,408,804 | 35,350,728 | 113,778 | |||||
Commitments and Contingencies | $ | [1] | [1] | ||||||
Redeemable Ordinary Shares | ||||||||
Class A ordinary shares subject to possible redemption, 34,500,000 shares, issued and outstanding, at redemption values of approximately $10.06 and $10.00 at September 30, 2022 and December 31, 2021, respectively | $ | 347,105,214 | 345,031,308 | 0 | |||||
Shareholders' Deficit | ||||||||
Preference shares | $ | ||||||||
Class A ordinary shares | $ | ||||||||
Class B ordinary shares | $ | 863 | 863 | [2] | 719 | [2] | |||
Capital and reserves | ||||||||
Additional paid-in capital | $ | 24,137 | |||||||
Profit and loss account | $ | (18,926,638) | (34,729,927) | (7,948) | |||||
Total Shareholders' Deficit | (18,925,775) | (34,729,064) | £ 17,052 | 16,908 | ||||
Total Liabilities, Redeemable Ordinary Shares and Shareholders' Deficit | $ | $ 347,588,243 | $ 345,652,972 | $ 130,686 | |||||
[1]See Note 6 for revised disclosure regarding contingent fees in connection with financial advisor engagements.[2]On December 31, 2020, an aggregate of 7,187,500 founder shares were issued to the Sponsor for an aggregate purchase price of $25,000. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to the Company’s independent directors. Additionally, on February 23, 2021, the Company effectuated a recapitalization, and an additional 1,437,500 Class B ordinary shares were issued to the Sponsor and, as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parentheticals) | 12 Months Ended | ||||||
Feb. 28, 2021 USD ($) shares | Dec. 31, 2020 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2021 £ / shares shares | Dec. 31, 2020 £ / shares shares | ||
Cartesian Growth Corp [Member] | |||||||
Preference shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Preference shares, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||
Preference shares, shares issued | 0 | 0 | 0 | 0 | 0 | ||
Preference shares, shares outstanding | 0 | 0 | 0 | 0 | 0 | ||
Founder Shares | $ | $ 24,856 | $ 144 | |||||
Sponsor.Member [Member] | Cartesian Growth Corp [Member] | |||||||
Founder Shares (in Shares) | 75,000 | 7,187,500 | |||||
Founder Shares | $ | $ 1,437,500 | $ 25,000 | |||||
Class A Ordinary Shares | |||||||
Ordinary shares, par value (in Dollars per share) | £ / shares | £ 0.01 | £ 0.01 | |||||
Class A Ordinary Shares | Cartesian Growth Corp [Member] | |||||||
Ordinary shares subject to possible redemption | 0 | 34,500,000 | 34,500,000 | 34,500,000 | 0 | ||
Subject to possible redemption shares Outstanding | 34,500,000 | 34,500,000 | 34,500,000 | ||||
Ordinary shares subject to possible redemption price per share | $ / shares | $ 10 | $ 10.06 | |||||
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares, authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||
Ordinary shares, issued | 0 | 0 | 0 | 0 | 0 | ||
Ordinary shares, outstanding | 0 | 0 | 0 | 0 | 0 | ||
Shares issued | 34,500,000 | 34,500,000 | 34,500,000 | ||||
Class B Ordinary Shares | Cartesian Growth Corp [Member] | |||||||
Ordinary shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Ordinary shares, authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||
Ordinary shares, issued | 7,187,500 | 8,625,000 | 8,625,000 | 8,625,000 | 7,187,500 | ||
Ordinary shares, outstanding | 7,187,500 | 8,625,000 | 8,625,000 | 8,625,000 | 7,187,500 | ||
Founder Shares (in Shares) | [1] | 7,187,500 | |||||
[1]On December 31, 2020, an aggregate of 7,187,500 founder shares were issued to the Sponsor for an aggregate purchase price of $25,000. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to the Company’s independent directors. Additionally, on February 23, 2021, the Company effectuated a recapitalization, and an additional 1,437,500 Class B ordinary shares were issued to the Sponsor and, as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. |
Unaudited Condensed Statements
Unaudited Condensed Statements of Operations | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2020 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2022 GBP (£) shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 GBP (£) shares | Sep. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 GBP (£) shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | |
Turnover | £ 63,997,183 | £ 49,820,243 | £ 75,164,498 | £ 52,263,050 | £ 47,070,105 | ||||||
Cost of sales | (48,970,116) | (32,406,331) | (50,415,876) | (40,032,428) | (33,364,300) | ||||||
Gross profit | 15,027,067 | 17,413,912 | 24,748,622 | 12,230,622 | 13,705,805 | ||||||
Administrative expenses | (22,225,242) | (10,592,753) | (19,983,039) | (12,629,478) | (12,707,690) | ||||||
Government grant income | 0 | 759,664 | 0 | ||||||||
Gains/(losses) on investments | 2,108 | 0 | (452,591) | 165,014 | 140,235 | ||||||
Amortisation of goodwill | (2,617,635) | (2,553,677) | (3,429,870) | (3,488,827) | (2,836,126) | ||||||
Amortisation of intangible assets other than goodwill | (3,217,301) | (1,717,564) | (2,293,872) | (2,334,873) | (2,345,165) | ||||||
Loss from operations | (13,031,003) | 2,549,918 | (1,410,750) | (5,297,878) | (4,042,941) | ||||||
Other income (expense): | |||||||||||
Gain on impairment or disposal of operations | 0 | 577,795 | 480 | ||||||||
Gain loss on financial assets at fair value through profit or loss | (92,440) | 0 | (54,136) | 0 | |||||||
Loss on disposal of investment in associate | (54,606) | 0 | (54,136) | 0 | |||||||
Gain on disposal of investment in joint venture | 4,660,853 | 0 | |||||||||
Share of profit of associates | 578,126 | 532,184 | 1,410,850 | 459,284 | 934,179 | ||||||
Share of profit of joint ventures | 66,649 | 1,662,987 | 2,898,485 | 1,925,289 | 663,847 | ||||||
Income from other fixed asset investments | 10,370 | 547,789 | 547,789 | 3,158 | 62,995 | ||||||
Interest receivable | 142,268 | 198,985 | 204,070 | 249,084 | 142,245 | ||||||
Amounts written off investments | 0 | (53,120) | (373,425) | (879,498) | (169,418) | ||||||
Interest payable | (2,981,105) | (1,491,055) | (1,811,470) | (729,588) | (813,457) | ||||||
Profit/(loss) before taxation | (10,700,888) | 3,947,688 | 1,411,413 | (3,692,354) | (3,222,070) | ||||||
Taxation on ordinary activities | 654,170 | 613,258 | 536,461 | 315,163 | (511,024) | ||||||
Profit/(loss) for the financial year | (10,046,718) | 4,560,946 | 1,947,874 | (3,377,191) | (3,733,094) | ||||||
Share of other comprehensive income of joint ventures | 26,460 | (116,036) | (507,667) | (112,050) | (165,917) | ||||||
Foreign currency retranslation | 2,122,113 | (529,812) | (678,566) | 951,843 | (1,116,438) | ||||||
Other comprehensive income/(loss) for the year | 2,148,573 | (645,848) | (1,186,233) | 839,793 | (1,282,355) | ||||||
Total comprehensive income/(loss) for the year | (7,898,145) | 3,915,098 | 761,641 | (2,537,398) | (5,015,449) | ||||||
Net Income (Loss) Attributable to Parent [Abstract] | |||||||||||
The owners of the parent company | (10,038,066) | 3,819,980 | 1,126,029 | (4,845,399) | (4,693,952) | ||||||
Non-controlling interests | (8,652) | 740,966 | 821,845 | 1,468,208 | 960,858 | ||||||
Profit/(loss) for the financial year | (10,046,718) | 4,560,946 | 1,947,874 | (3,377,191) | (3,733,094) | ||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||||||||||
The owners of the parent company | (7,889,773) | 3,175,891 | (57,666) | (4,010,562) | (5,972,610) | ||||||
Non-controlling interests | (8,372) | 739,207 | 819,307 | 1,473,164 | 957,161 | ||||||
Total comprehensive income/(loss) for the year | £ (7,898,145) | £ 3,915,098 | £ 761,641 | £ (2,537,398) | £ (5,015,449) | ||||||
Cartesian Growth Corp [Member] | |||||||||||
Operating costs | $ | $ 7,948 | $ 298,358 | $ 239,380 | $ 948,203 | $ 537,871 | $ 1,012,448 | |||||
Loss from operations | $ | (7,948) | (298,358) | (239,380) | (948,203) | (537,871) | (1,012,448) | |||||
Other income (expense): | |||||||||||
Interest earned on cash and marketable securities held in Trust Account | $ | 1,539,531 | 4,440 | 2,096,274 | 24,019 | 31,308 | ||||||
Interest expense – debt discount | $ | (13,776) | (18,369) | |||||||||
Offering costs allocated to warrants | $ | (849,993) | (868,131) | |||||||||
Excess of Private Warrants fair value over purchase price | $ | (3,097,200) | (3,097,200) | |||||||||
Change in fair value of warrant liability | $ | 6,982,035 | (5,628,806) | 16,728,530 | 2,941,413 | 3,911,091 | ||||||
Unrealized gain – treasury bills | $ | 0 | (22,368) | |||||||||
Change in fair value of conversion option liability | $ | 5,998 | 41,331 | |||||||||
Total other income (expense) | $ | 8,513,788 | (5,624,366) | 18,825,398 | (981,761) | (22,932) | ||||||
Net income (loss) | $ | (7,948) | 8,215,430 | (5,863,746) | 17,877,195 | (1,519,632) | (1,035,380) | |||||
Profit/(loss) for the financial year | $ | $ (7,948) | $ 8,215,430 | $ (5,863,746) | $ 17,877,195 | $ (1,519,632) | $ (1,035,380) | |||||
Weighted average shares outstanding, basic | shares | 8,449,315 | 8,449,315 | |||||||||
Weighted average shares outstanding, diluted | shares | 8,449,315 | 8,449,315 | |||||||||
Common Class A [Member] | Cartesian Growth Corp [Member] | |||||||||||
Other income (expense): | |||||||||||
Weighted average shares outstanding, basic | shares | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 27,296,703 | 27,296,703 | 29,112,329 | 29,112,329 | |||
Earnings per share, basic | $ / shares | $ 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) | |||||
Weighted average shares outstanding, diluted | shares | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 27,296,703 | 27,296,703 | 29,112,329 | 29,112,329 | |||
Earnings per share, diluted | $ / shares | 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) | |||||
Common Class B [Member] | Cartesian Growth Corp [Member] | |||||||||||
Other income (expense): | |||||||||||
Weighted average shares outstanding, basic | shares | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,390,110 | 8,390,110 | 8,449,315 | 8,449,315 | |||
Earnings per share, basic | $ / shares | 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) | |||||
Weighted average shares outstanding, diluted | shares | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,390,110 | 8,390,110 | 8,449,315 | 8,449,315 | |||
Earnings per share, diluted | $ / shares | $ 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) |
Unaudited Condensed Statement_2
Unaudited Condensed Statements of Changes in Shareholders' Deficit | USD ($) | GBP (£) | Cartesian Growth Corp [Member] USD ($) | Cartesian Growth Corp [Member] GBP (£) | Called up share capital GBP (£) | Share premium account USD ($) | Share premium account GBP (£) | Share premium account Cartesian Growth Corp [Member] USD ($) | Share premium account Cartesian Growth Corp [Member] GBP (£) | Other reserves GBP (£) | Profit and loss account USD ($) | Profit and loss account GBP (£) | Profit and loss account Cartesian Growth Corp [Member] USD ($) | Profit and loss account Cartesian Growth Corp [Member] GBP (£) | Equity attributable to the owners of the parent company GBP (£) | Non- controlling interests GBP (£) | Class A Called up share capital Cartesian Growth Corp [Member] USD ($) shares | Class A Called up share capital Cartesian Growth Corp [Member] GBP (£) shares | Class B Cartesian Growth Corp [Member] shares | Class B Called up share capital USD ($) | Class B Called up share capital Cartesian Growth Corp [Member] USD ($) shares | Class B Called up share capital Cartesian Growth Corp [Member] GBP (£) shares | ||
Balance at Dec. 31, 2018 | £ 49,117,212 | £ 5,873 | £ 23,001,035 | £ 26,062,565 | £ 49,069,473 | £ 47,739 | ||||||||||||||||||
Issue of shares | 20,277,663 | 1,007 | £ 20,276,656 | 20,277,663 | ||||||||||||||||||||
Net income (loss) | (3,733,094) | (4,693,952) | (4,693,952) | 960,858 | ||||||||||||||||||||
Share of other comprehensive income of joint ventures | (165,917) | (165,917) | (165,917) | |||||||||||||||||||||
Foreign currency retranslation | (1,116,438) | (1,112,741) | (1,112,741) | (3,697) | ||||||||||||||||||||
Total comprehensive income for the year | (5,015,449) | (5,972,610) | (5,972,610) | 957,161 | ||||||||||||||||||||
Dividends paid and payable | (1,408,460) | (1,408,460) | ||||||||||||||||||||||
Equity-settled share-based payments expense | 8,818 | 8,818 | 8,818 | |||||||||||||||||||||
Acquisition of subsidiary with minority interest | 663,385 | 663,385 | ||||||||||||||||||||||
Total investments by and distributions to owners | 19,541,406 | 1,007 | 20,276,656 | 8,818 | 20,286,481 | (745,075) | ||||||||||||||||||
Balance at Dec. 31, 2019 | 63,643,169 | 6,880 | 20,276,656 | 23,001,035 | 20,098,773 | 63,383,344 | 259,825 | |||||||||||||||||
Issue of shares | 1,411,440 | 68 | 1,411,372 | 1,411,440 | ||||||||||||||||||||
Net income (loss) | (3,377,191) | (4,845,399) | (4,845,399) | 1,468,208 | ||||||||||||||||||||
Share of other comprehensive income of joint ventures | (112,050) | (112,050) | (112,050) | |||||||||||||||||||||
Foreign currency retranslation | 951,843 | 946,887 | 946,887 | 4,956 | ||||||||||||||||||||
Total comprehensive income for the year | (2,537,398) | (4,010,562) | (4,010,562) | 1,473,164 | ||||||||||||||||||||
Dividends paid and payable | (137,112) | (137,112) | ||||||||||||||||||||||
Equity-settled share-based payments expense | 7,296 | 7,296 | 7,296 | |||||||||||||||||||||
Total investments by and distributions to owners | 1,281,624 | 68 | 1,411,372 | 7,296 | 1,418,736 | (137,112) | ||||||||||||||||||
Balance at Dec. 31, 2020 | 60,791,518 | $ 16,908 | £ 17,052 | $ 24,137 | £ 24,137 | $ (7,948) | £ (7,948) | £ 0 | $ 719 | £ 863 | ||||||||||||||
Balance (in Shares) at Dec. 31, 2020 | shares | 0 | 0 | 7,187,500 | [1] | 8,625,000 | 8,625,000 | ||||||||||||||||||
Balance at Dec. 31, 2020 | 62,387,395 | 6,948 | 21,688,028 | 23,001,035 | 16,095,507 | 60,791,518 | 1,595,877 | |||||||||||||||||
Balance at Dec. 17, 2020 | $ | ||||||||||||||||||||||||
Balance (in Shares) at Dec. 17, 2020 | shares | [1] | 0 | 0 | |||||||||||||||||||||
Class B ordinary shares issued to Sponsor | $ | 24,856 | 24,137 | $ 719 | |||||||||||||||||||||
Class B ordinary shares issued to Sponsor (Shares) | shares | [1] | 7,187,500 | ||||||||||||||||||||||
Net income (loss) | $ | (7,948) | (7,948) | ||||||||||||||||||||||
Balance at Dec. 31, 2020 | 60,791,518 | 16,908 | 17,052 | 24,137 | 24,137 | (7,948) | (7,948) | £ 0 | $ 719 | £ 863 | ||||||||||||||
Balance (in Shares) at Dec. 31, 2020 | shares | 0 | 0 | 7,187,500 | [1] | 8,625,000 | 8,625,000 | ||||||||||||||||||
Balance at Dec. 31, 2020 | 62,387,395 | 6,948 | 21,688,028 | 23,001,035 | 16,095,507 | 60,791,518 | 1,595,877 | |||||||||||||||||
Issue of shares | $ | 326,309,933 | 326,306,483 | $ 3,450 | |||||||||||||||||||||
Sale of 34,500,000 Units, net of underwriting commissions and offering expenses (in Shares) | shares | 34,500,000 | 34,500,000 | ||||||||||||||||||||||
Sale of 8,900,000 Private Warrants | $ | 8,900,000 | 8,900,000 | ||||||||||||||||||||||
Initial classification of warrant liability | $ | (23,907,500) | (23,907,500) | ||||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (335,773,905) | (311,323,120) | (33,680,583) | $ (3,450) | ||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption (Shares) | shares | (34,500,000) | (34,500,000) | ||||||||||||||||||||||
Net income (loss) | $ | (4,901,560) | (4,901,560) | ||||||||||||||||||||||
Balance at Mar. 31, 2021 | $ | (38,589,228) | 0 | (38,590,091) | $ 0 | $ 863 | |||||||||||||||||||
Balance (in Shares) at Mar. 31, 2021 | shares | 0 | 0 | 8,625,000 | 8,625,000 | ||||||||||||||||||||
Balance at Dec. 31, 2020 | 60,791,518 | 16,908 | 17,052 | 24,137 | 24,137 | (7,948) | (7,948) | £ 0 | $ 719 | £ 863 | ||||||||||||||
Balance (in Shares) at Dec. 31, 2020 | shares | 0 | 0 | 7,187,500 | [1] | 8,625,000 | 8,625,000 | ||||||||||||||||||
Balance at Dec. 31, 2020 | 62,387,395 | 6,948 | 21,688,028 | 23,001,035 | 16,095,507 | 60,791,518 | 1,595,877 | |||||||||||||||||
Issue of shares | 923,365 | 40 | 923,325 | 923,365 | ||||||||||||||||||||
Net income (loss) | 4,560,946 | (1,519,632) | 3,819,980 | 3,819,980 | 740,966 | |||||||||||||||||||
Share of other comprehensive income of joint ventures | (116,036) | (116,036) | (116,036) | |||||||||||||||||||||
Foreign currency retranslation | (529,812) | (528,053) | (528,053) | (1,759) | ||||||||||||||||||||
Total comprehensive income for the year | 3,915,098 | 3,175,891 | 3,175,891 | 739,207 | ||||||||||||||||||||
Dividends paid and payable | (735,900) | (735,900) | ||||||||||||||||||||||
Cancellation of subscribed capital | (21) | (21) | (21) | |||||||||||||||||||||
Equity-settled share-based payments expense | (1,333) | (1,333) | (1,333) | |||||||||||||||||||||
Increase in shareholding in subsidiary company | (12,096,134) | (10,944,580) | (10,944,580) | (1,151,554) | ||||||||||||||||||||
Total investments by and distributions to owners | (11,910,023) | 19 | 923,325 | (10,945,913) | (10,022,569) | (1,887,454) | ||||||||||||||||||
Balance at Sep. 30, 2021 | $ | (35,224,166) | 0 | (35,225,029) | $ 0 | $ 863 | |||||||||||||||||||
Balance (in Shares) at Sep. 30, 2021 | shares | 0 | 0 | 8,625,000 | 8,625,000 | ||||||||||||||||||||
Balance at Sep. 30, 2021 | 54,392,470 | 6,967 | 22,611,353 | 23,001,035 | 8,325,485 | 53,944,840 | 447,630 | |||||||||||||||||
Balance at Dec. 31, 2020 | 60,791,518 | 16,908 | £ 17,052 | 24,137 | £ 24,137 | (7,948) | £ (7,948) | £ 0 | $ 719 | £ 863 | ||||||||||||||
Balance (in Shares) at Dec. 31, 2020 | shares | 0 | 0 | 7,187,500 | [1] | 8,625,000 | 8,625,000 | ||||||||||||||||||
Balance at Dec. 31, 2020 | 62,387,395 | 6,948 | 21,688,028 | 23,001,035 | 16,095,507 | 60,791,518 | 1,595,877 | |||||||||||||||||
Issue of shares | 10,417,998 | 506 | 10,417,492 | 10,417,998 | ||||||||||||||||||||
Class B ordinary shares issued to Sponsor | $ | 144 | $ 144 | ||||||||||||||||||||||
Class B ordinary shares issued to Sponsor (Shares) | shares | [1] | 1,437,500 | 1,437,500 | |||||||||||||||||||||
Accretion of ordinary shares subject to possible redemption | $ | (33,710,736) | (24,137) | (33,686,599) | |||||||||||||||||||||
Net income (loss) | 1,947,874 | (1,035,380) | 1,126,029 | (1,035,380) | 1,126,029 | 821,845 | ||||||||||||||||||
Share of other comprehensive income of joint ventures | (507,667) | (507,667) | (507,667) | |||||||||||||||||||||
Foreign currency retranslation | (678,566) | (676,028) | (676,028) | (2,538) | ||||||||||||||||||||
Total comprehensive income for the year | 761,641 | (57,666) | (57,666) | 819,307 | ||||||||||||||||||||
Dividends paid and payable | (901,103) | (901,103) | ||||||||||||||||||||||
Cancellation of subscribed capital | (21) | (21) | (21) | |||||||||||||||||||||
Equity-settled share-based payments expense | (1,333) | (1,333) | (1,333) | |||||||||||||||||||||
Increase in shareholding in subsidiary company | (16,359,408) | (14,858,803) | (14,858,803) | (1,500,605) | ||||||||||||||||||||
Total investments by and distributions to owners | (6,843,867) | 485 | 10,417,492 | (14,860,136) | (4,442,159) | (2,401,708) | ||||||||||||||||||
Balance at Dec. 31, 2021 | 56,291,693 | (34,729,064) | 0 | (34,729,927) | $ 863 | |||||||||||||||||||
Balance (in Shares) at Dec. 31, 2021 | shares | [1] | 8,625,000 | 8,625,000 | |||||||||||||||||||||
Balance at Dec. 31, 2021 | 56,305,169 | 7,433 | 32,105,520 | 23,001,035 | 1,177,705 | 56,291,693 | 13,476 | |||||||||||||||||
Balance at Mar. 31, 2021 | $ | (38,589,228) | 0 | (38,590,091) | $ 0 | $ 863 | |||||||||||||||||||
Balance (in Shares) at Mar. 31, 2021 | shares | 0 | 0 | 8,625,000 | 8,625,000 | ||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (12,426) | (12,426) | ||||||||||||||||||||||
Net income (loss) | $ | 9,245,674 | 9,245,674 | ||||||||||||||||||||||
Balance at Jun. 30, 2021 | $ | (29,355,980) | 0 | (29,356,843) | $ 0 | $ 863 | |||||||||||||||||||
Balance (in Shares) at Jun. 30, 2021 | shares | 0 | 0 | 8,625,000 | 8,625,000 | ||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (4,440) | (4,440) | ||||||||||||||||||||||
Net income (loss) | $ | (5,863,746) | (5,863,746) | ||||||||||||||||||||||
Balance at Sep. 30, 2021 | $ | (35,224,166) | 0 | (35,225,029) | $ 0 | $ 863 | |||||||||||||||||||
Balance (in Shares) at Sep. 30, 2021 | shares | 0 | 0 | 8,625,000 | 8,625,000 | ||||||||||||||||||||
Balance at Sep. 30, 2021 | 54,392,470 | 6,967 | 22,611,353 | 23,001,035 | 8,325,485 | 53,944,840 | 447,630 | |||||||||||||||||
Balance at Dec. 31, 2021 | 56,291,693 | (34,729,064) | 0 | (34,729,927) | $ 863 | |||||||||||||||||||
Balance (in Shares) at Dec. 31, 2021 | shares | [1] | 8,625,000 | 8,625,000 | |||||||||||||||||||||
Balance at Dec. 31, 2021 | 56,305,169 | 7,433 | 32,105,520 | 23,001,035 | 1,177,705 | 56,291,693 | 13,476 | |||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (119,996) | (119,996) | ||||||||||||||||||||||
Net income (loss) | $ | 9,920,886 | 9,920,886 | ||||||||||||||||||||||
Balance at Mar. 31, 2022 | $ | (24,928,174) | 0 | (24,929,037) | $ 863 | ||||||||||||||||||||
Balance (in Shares) at Mar. 31, 2022 | shares | 8,625,000 | 8,625,000 | ||||||||||||||||||||||
Balance at Dec. 31, 2021 | 56,291,693 | (34,729,064) | 0 | (34,729,927) | $ 863 | |||||||||||||||||||
Balance (in Shares) at Dec. 31, 2021 | shares | [1] | 8,625,000 | 8,625,000 | |||||||||||||||||||||
Balance at Dec. 31, 2021 | 56,305,169 | 7,433 | 32,105,520 | 23,001,035 | 1,177,705 | 56,291,693 | 13,476 | |||||||||||||||||
Net income (loss) | (10,046,718) | 17,877,195 | (10,038,066) | (10,038,066) | (8,652) | |||||||||||||||||||
Share of other comprehensive income of joint ventures | 26,460 | 26,460 | 26,460 | |||||||||||||||||||||
Foreign currency retranslation | 2,122,113 | 2,121,833 | 2,121,833 | 280 | ||||||||||||||||||||
Total comprehensive income for the year | (7,898,145) | (7,889,773) | (7,889,773) | (8,372) | ||||||||||||||||||||
Increase in shareholding in subsidiary company | (15,616) | (15,616) | (15,616) | |||||||||||||||||||||
Total investments by and distributions to owners | (15,616) | (15,616) | (15,616) | |||||||||||||||||||||
Balance at Sep. 30, 2022 | 48,386,304 | (18,925,775) | 0 | (18,926,638) | $ 863 | |||||||||||||||||||
Balance (in Shares) at Sep. 30, 2022 | shares | 8,625,000 | 8,625,000 | ||||||||||||||||||||||
Balance at Sep. 30, 2022 | 48,391,408 | 7,433 | 32,105,520 | 23,001,035 | (6,727,684) | 48,386,304 | 5,104 | |||||||||||||||||
Balance at Mar. 31, 2022 | $ | (24,928,174) | 0 | (24,929,037) | $ 863 | ||||||||||||||||||||
Balance (in Shares) at Mar. 31, 2022 | shares | 8,625,000 | 8,625,000 | ||||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (414,378) | (414,378) | ||||||||||||||||||||||
Net income (loss) | $ | (259,121) | (259,121) | ||||||||||||||||||||||
Balance at Jun. 30, 2022 | $ | (25,601,673) | 0 | (25,602,536) | $ 863 | ||||||||||||||||||||
Balance (in Shares) at Jun. 30, 2022 | shares | 8,625,000 | 8,625,000 | ||||||||||||||||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | (1,539,532) | (1,539,532) | ||||||||||||||||||||||
Net income (loss) | $ | 8,215,430 | 8,215,430 | ||||||||||||||||||||||
Balance at Sep. 30, 2022 | 48,386,304 | $ (18,925,775) | $ 0 | $ (18,926,638) | $ 863 | |||||||||||||||||||
Balance (in Shares) at Sep. 30, 2022 | shares | 8,625,000 | 8,625,000 | ||||||||||||||||||||||
Balance at Sep. 30, 2022 | £ 48,391,408 | £ 7,433 | £ 32,105,520 | £ 23,001,035 | £ (6,727,684) | £ 48,386,304 | £ 5,104 | |||||||||||||||||
[1]On December 31, 2020, an aggregate of 7,187,500 founder shares were issued to the Sponsor for an aggregate purchase price of $25,000. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to the Company’s independent directors. Additionally, on February 23, 2021, the Company effectuated a recapitalization, and an additional 1,437,500 Class B ordinary shares were issued to the Sponsor and, as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. |
Unaudited Condensed Statement_3
Unaudited Condensed Statements of Changes in Shareholders' Deficit (Parenthetical) - Cartesian Growth Corp [Member] - USD ($) | 1 Months Ended | 3 Months Ended | ||
Dec. 31, 2020 | Feb. 23, 2021 | Mar. 31, 2021 | ||
Underwriting commissions and offering expenses | $ 34,500,000 | |||
Private Warrants | $ 8,900,000 | |||
Founder Shares | $ 24,856 | |||
Sponsor [Member] | ||||
Founder Shares (in Shares) | 7,187,500 | 1,125,000 | ||
Founder Shares | $ 25,000 | $ 1,437,500 | ||
Common Class B [Member] | ||||
Shares issued | 8,625,000 | |||
Founder Shares (in Shares) | [1] | 7,187,500 | ||
[1]On December 31, 2020, an aggregate of 7,187,500 founder shares were issued to the Sponsor for an aggregate purchase price of $25,000. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to the Company’s independent directors. Additionally, on February 23, 2021, the Company effectuated a recapitalization, and an additional 1,437,500 Class B ordinary shares were issued to the Sponsor and, as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. |
Unaudited Condensed Statement_4
Unaudited Condensed Statements of Cash Flows | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2022 GBP (£) | Sep. 30, 2022 USD ($) | Sep. 30, 2021 GBP (£) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | |
Cash flows from operating activities: | ||||||||||
Profit/(loss) for the financial year | £ (10,046,718) | £ 4,560,946 | £ 1,947,874 | £ (3,377,191) | £ (3,733,094) | |||||
Adjustments for: | ||||||||||
Depreciation of tangible assets | 368,699 | 417,606 | 552,293 | 536,319 | 438,768 | |||||
Amortisation of intangible assets | 5,834,937 | 4,271,241 | 5,723,742 | 5,823,700 | 5,181,291 | |||||
Amounts written off investments | 0 | 53,120 | 373,425 | 879,498 | 169,418 | |||||
Loss on financial assets at fair value through profit or loss | 92,440 | 0 | 54,136 | 0 | ||||||
Profit on disposal of investments | (4,608,356) | |||||||||
Share of profit of associates | (578,126) | (532,184) | (1,410,850) | (459,284) | (934,179) | |||||
Share of profit of joint ventures | (66,649) | (1,662,987) | (2,898,485) | (1,925,289) | (663,847) | |||||
Income from other fixed asset investments | (10,370) | (547,789) | (547,789) | (3,158) | (62,995) | |||||
Interest receivable | (142,268) | (198,985) | (204,070) | (249,084) | (142,245) | |||||
Interest payable | 2,981,105 | 1,491,055 | 1,811,470 | 729,588 | 813,457 | |||||
Equity-settled share-based payments | (1,333) | (1,333) | 7,298 | 8,818 | ||||||
Cash-settled share-based payments | 10,442,728 | |||||||||
Gain on impairment or disposal of operations | 0 | (577,795) | (480) | |||||||
(Gain)/loss on disposal of other investments | (2,108) | 0 | 0 | (222,222) | 0 | |||||
(Gain)/loss on disposal and restructuring of interests in joint ventures | 452,591 | 57,206 | (140,235) | |||||||
Unrealised foreign currency gains | (1,234,940) | 120,229 | (46,570) | 256,619 | (366,910) | |||||
Taxation on ordinary activities | (654,170) | (613,258) | (536,461) | (315,163) | 511,024 | |||||
Impairment of other fixed asset investments | 53,120 | |||||||||
Changes in: | ||||||||||
Trade and other debtors | 645,397 | (6,472,626) | (7,920,849) | (3,058,969) | (4,168,653) | |||||
Trade and other creditors | (4,264,444) | 2,964,262 | 15,154,004 | 4,038,604 | (1,485,856) | |||||
Cash generated from operations | (1,240,735) | 3,849,297 | 12,503,128 | 2,140,677 | (4,575,718) | |||||
Dividends received | 2,542,731 | 2,315,282 | 3,109,589 | 2,351,142 | 7,547,756 | |||||
Tax received/(paid) | (216,195) | (109,526) | (1,160,931) | (1,161,396) | (511,742) | |||||
Changes in operating assets and liabilities: | ||||||||||
Net cash (used in)/from operating activities | 1,085,801 | 6,055,053 | 14,451,786 | 3,330,423 | 2,460,296 | |||||
Cash flows from investing activities | ||||||||||
Purchase of tangible assets | (1,039,724) | (322,163) | (415,228) | (381,522) | (326,161) | |||||
Purchase of intangible assets | (5,589,979) | |||||||||
Cash receipts pursuant to asset acquisition | 2,665,419 | |||||||||
Cash advances and loans granted | (1,250,114) | (2,340,308) | (2,741,467) | (1,799,350) | (1,214,345) | |||||
Cash receipts from the repayment of advances and loans | 471,549 | 189,325 | 615,512 | 404,677 | 1,673,506 | |||||
Acquisition of subsidiaries net of cash acquired | 71,157 | (7,575,081) | ||||||||
Acquisition of interests in associates and joint ventures | (7,452) | (6,208) | (6,208) | (85) | (552,824) | |||||
Proceeds from sale of interests in associates and joint ventures | 10,206 | |||||||||
Purchases of other investments | (37,142) | (132,112) | (170,210) | (78,904) | (24,827) | |||||
Proceeds from sale of other investments | 19,134 | 102,740 | 224,361 | 21,123 | ||||||
Interest received | 93,090 | 40,966 | 43,210 | 59,402 | 10,206 | |||||
Deferred consideration paid on acquisition | (192,461) | (853,000) | (859,107) | (999,081) | (460,847) | |||||
Outflow of cash balances on disposal of subsidiary | (2,934) | |||||||||
Transaction with equity holders | (15,615) | (1,596,107) | (6,326,146) | |||||||
Net cash from/ (used in) investing activities | 706,684 | (5,019,607) | (9,746,698) | (2,502,279) | (14,039,229) | |||||
Cash flows from financing activities | ||||||||||
Proceeds from issue of ordinary shares | 1,411,440 | 10,500,245 | ||||||||
Proceeds from borrowings | 1,500,000 | 1,675,460 | 0 | 6,550,000 | ||||||
Proceeds from loans from participating interests | 260,618 | |||||||||
Repayments of loans from participating interests | (63,385) | (180,000) | ||||||||
Payments of finance lease liabilities | (127,174) | (367,510) | (240,336) | (222,793) | (206,529) | |||||
Interest paid | (3,167,353) | (476,958) | (912,769) | (628,992) | (739,273) | |||||
Dividends paid | (395,900) | (561,103) | (137,112) | (10,335,574) | ||||||
Net cash from/(used in) financing activities | (3,294,527) | 456,865 | (38,748) | 422,543 | 5,588,869 | |||||
Net (decrease)/increase in cash and cash equivalents | (1,502,042) | 1,492,311 | 4,666,340 | 1,250,687 | (5,990,064) | |||||
Cash and cash equivalents at beginning of period | 12,961,870 | 8,298,069 | 8,298,069 | 7,057,488 | 13,133,369 | |||||
Exchange gains/(losses) on cash and cash equivalents | 965,291 | 6,578 | (2,539) | (10,106) | (85,817) | |||||
Cash and cash equivalents at end of period | £ 12,425,119 | £ 9,796,958 | £ 12,961,870 | £ 8,298,069 | £ 7,057,488 | |||||
Cartesian Growth Corp [Member] | ||||||||||
Cash flows from operating activities: | ||||||||||
Profit/(loss) for the financial year | $ | $ (7,948) | $ 8,215,430 | $ 17,877,195 | $ (1,519,632) | $ (1,035,380) | |||||
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||||||||||
Interest earned on cash and marketable securities held in Trust Account | $ | (2,096,274) | (24,019) | (31,308) | |||||||
Interest expense — debt discount | $ | 13,776 | 18,369 | ||||||||
Offering costs allocated to warrants | $ | 849,993 | 868,131 | ||||||||
Excess of Private Warrants fair value over purchase price | $ | 3,097,200 | 3,097,200 | ||||||||
Change in fair value of warrant liability | $ | (6,982,035) | (16,728,530) | (2,941,413) | (3,911,091) | ||||||
Unrealized loss — treasury bills | $ | 0 | 22,368 | ||||||||
Change in fair value of conversion option liability | $ | (5,998) | (41,331) | ||||||||
Changes in operating assets and liabilities: | ||||||||||
Prepaid expenses | $ | 51,367 | (198,465) | (70,406) | |||||||
Accounts payable and accrued expenses | $ | 7,948 | 309,568 | (7,830) | 174,172 | ||||||
Net cash (used in)/from operating activities | $ | (587,268) | (744,166) | (908,682) | |||||||
Cash flows from investing activities | ||||||||||
Investment of cash in Trust Account | $ | (345,000,000) | (345,000,000) | ||||||||
Net cash from/ (used in) investing activities | $ | (345,000,000) | (345,000,000) | ||||||||
Cash flows from financing activities | ||||||||||
Proceeds from sale of Units, net of underwriting commissions | $ | 338,100,000 | 338,100,000 | ||||||||
Proceeds from sale of Private Warrants | $ | 8,900,000 | 8,900,000 | ||||||||
Proceeds from issuance of promissory note to Sponsor | $ | 500,000 | 144,890 | 144,890 | |||||||
Payment on promissory issued to Sponsor | $ | (144,890) | (144,890) | ||||||||
Payment of deferred offering costs | $ | (540,060) | (540,060) | ||||||||
Net cash from/(used in) financing activities | $ | 500,000 | 346,459,940 | 346,459,940 | |||||||
Net (decrease)/increase in cash and cash equivalents | $ | (87,268) | 715,774 | 551,258 | |||||||
Cash and cash equivalents at beginning of period | $ | 551,258 | 0 | 0 | |||||||
Cash and cash equivalents at end of period | $ | 0 | $ 463,990 | 463,990 | 715,774 | 551,258 | |||||
Supplemental disclosure of cash flow information: | ||||||||||
Initial classification of Class A ordinary shares subject to possible redemption | $ | 345,000,000 | 345,000,000 | ||||||||
Remeasurement of Class A ordinary shares subject to possible redemption | $ | $ 2,073,906 | 24,019 | ||||||||
Deferred underwriters' discount payable charged to additional paid-in capital | $ | 12,075,000 | 12,075,000 | ||||||||
Initial classification of warrant liability | $ | $ 27,004,700 | $ 27,004,700 | ||||||||
Deferred offering costs included in accrued expenses | $ | 113,634 | |||||||||
Deferred offering costs paid by Sponsor in exchange for issuance of Founder Shares | $ | $ 25,000 |
General Information
General Information | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
General information | 1. General information Alvarium Investments Limited (the Company) is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Old Burlington Street, London, W1S 3AG, England. This report contains the consolidated results of Alvarium Investments Limited and its subsidiaries, joint ventures and associates (together the Group). | 1. General information Alvarium Investments Limited (the Company) is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Old Burlington Street, London, W1S3AG, England. This report contains the consolidated results of Alvarium Investments Limited and its subsidiaries, joint ventures and associates (together the Group). |
Organization and Business Opera
Organization and Business Operations | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Organization and Business Operations | 1. General information Alvarium Investments Limited (the Company) is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Old Burlington Street, London, W1S 3AG, England. This report contains the consolidated results of Alvarium Investments Limited and its subsidiaries, joint ventures and associates (together the Group). | 1. General information Alvarium Investments Limited (the Company) is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Old Burlington Street, London, W1S3AG, England. This report contains the consolidated results of Alvarium Investments Limited and its subsidiaries, joint ventures and associates (together the Group). |
Cartesian Growth Corp [Member] | ||
Organization and Business Operations | Note 1 — Organization and Business Operations Cartesian Growth Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on December 18, 2020. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or engaging in any other similar business combination with one or more businesses (the “Business Combination”). As of September 30, 2022, the Company had not commenced any operations. All activity through September 30, 2022 relates to the Company’s formation and its initial public offering (the “IPO”) which is described below and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating income The Company’s sponsor is CGC Sponsor LLC, a Cayman Islands limited liability Company (the “Sponsor”). On February 26, 2021, the Company consummated the IPO, including the full exercise of the over-allotment option by the underwriters on February 23, 2021, of 34,500,000 units (the “Units” and, with respect to the Class A ordinary shares and warrants included in the Units, the “Class A ordinary shares” and “Public Warrants,” respectively), at $10.00 per Unit, generating gross proceeds of $345,000,000, which is further discussed in Note 3. Each Unit consists of one Class A ordinary share and one-third of Form S-1 (File Nos. 333-252784 and 333-253428) for Simultaneously with the closing of the IPO, the Company consummated the sale of 8,900,000 warrants (the “Private Warrants,” and together with the “Public Warrants,” the “Warrants”), at a price of $1.00 per Private Warrant, in a private placement to the Sponsor, generating gross proceeds of $8,900,000, which is further discussed in Note 4. Transaction costs of the IPO amounted to $19,540,060, consisting of $6,900,000 of underwriting commission, $12,075,000 of deferred underwriting commission, and $565,060 of other offering costs. Following the closing of the IPO on February 26, 2021, $345,000,000 (or $10.00 per Unit) of the net offering proceeds of the sale of the Units and the sale of the Private Warrants was placed in a trust account for the benefit of the Company’s public shareholders (the “Trust Account”), with Continental Stock Transfer & Trust Company acting as trustee. The proceeds in the Trust Account may be invested in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under the or pre-initial business combination The Company will provide the holders of its outstanding Class A ordinary shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company, solely in its discretion, and will be based on a variety of factors such as the timing of the transaction and whether the terms of the transaction would require the Company to seek shareholder approval under the law or stock exchange listing requirement. The public shareholders will be entitled to redeem their shares at a per-share price, payable The Company will have until February 26, 2023 to complete the initial Business Combination. If the Company is unable to complete the initial Business Combination by February 26, 2023, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Class A ordinary shares, at a per-share price, payable The Company’s initial shareholders, officers and directors have agreed to (i) waive their redemption rights with respect to their Class B ordinary shares, par value of $0.0001 per share (the “founder shares”) (as described in Note 3) and any Class A ordinary shares purchased during or after the IPO, in connection with the completion of the initial Business Combination, (ii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination by February 26, 2023, although they will be entitled to liquidating distributions from the Trust Account with respect to any Class A ordinary shares they acquired during or after the IPO if the Company fails to complete the initial Business Combination within the prescribed time frame, and (iii) vote any founder shares held by them and any Class A ordinary shares purchased during or after the IPO (including in open market and privately-negotiated transactions) in favor of the initial Business Combination. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company has not asked the Sponsor to reserve for such indemnification obligations. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for the initial Business Combination and redemptions could be reduced to less than $10.00 per public share. In such event, the Company may not be able to complete the initial Business Combination, and the public shareholders would receive such lesser amount per share in connection with any redemption of the Class A ordinary shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. Proposed Business Combination Business Combination Agreement On September 19, 2021, the Company, Tiedemann Wealth Management Holdings, LLC, a Delaware limited liability company (“TWMH”), TIG Trinity GP, LLC, a Delaware limited liability company (“TIG GP”), TIG Trinity Management, LLC, a Delaware limited liability company (“TIG MGMT” and, together with TIG GP, the “TIG Entities”), Alvarium Investments Limited, an English private limited company (“Alvarium” and, together with TWMH and the TIG Entities, the “Target Companies”), Rook MS LLC, a Delaware limited liability company and Alvarium Tiedemann Capital, LLC, a Delaware limited liability company (“Umbrella”) entered into a business combination agreement (as may be amended, supplemented, or otherwise modified from time to time, the “Business Combination Agreement”), pursuant to which the Company will hold Umbrella, a newly formed Delaware limited liability company for purposes of effecting the transactions contemplated by the Business Combination Agreement, which will hold the businesses of the Target Companies. On February 11, 2022, the Company, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into Amendment No. 1 to the Business Combination Agreement, solely to (a) amend Section 12.01(b) of the Business Combination Agreement for the purpose of extending the Outside Date, as such term is used in the Business Combination Agreement, to July 29, 2022 and (b) amend the form of Registration Rights and Lock-up Agreement attached the General Lock-up Period, as of the Lock-up Shares, as of the Lock-up Shares, two of the Lock-up Shares, three On May 13, 2022, CGC, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into Amendment No. 2 to the Business Combination Agreement, solely to amend the definitions of “Alvarium Closing Cash Adjustment,” “Available Cash,” “Companies Equity Value,” “CFO Expenses,” “Excess Transaction Expenses,” “SHP Discretionary Banking Fee,” “TIG Entities Closing Cash Adjustment,” “Transaction Expenses” and “TWMH Closing Cash Adjustment,” and to amend a certain schedule of each of the Alvarium Disclosure Schedule, the TIG Disclosure Schedule and the TWMH Disclosure Schedule. On August 8, 2022, CGC, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into Amendment No. 3 to the Business Combination Agreement, solely to (a) amend Section 3.07(a) of the Business Combination Agreement for the purpose of providing that 2,100,000 shares of the Alvarium Shareholders Earn-Out Registration Statement on Form S-4 The Company filed a registration statement on Form S-4 (File No. 333-262644) (the “Form S-4”) with the effectiveness of the Form S-4, and S-4 S-4 Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 The military conflict commenced in February 2022 by the Russian Federation in Ukraine has created and is expected to create further global economic consequences, including but not limited to the possibility of extreme volatility and disruptions in the financial markets, diminished liquidity and credit availability, declines in consumer confidence, declines in economic growth, increases in inflation rates and uncertainty about economic and political stability. Such global consequences may materially and adversely affect the Company’s ability to consummate an initial Business Combination, or the operations of a target business with which the Company ultimately consummates an initial Business Combination. In addition, the Company’s ability to consummate an initial Business Combination may be dependent on the ability to raise equity and debt financing which may be impacted by these events, including as a result of increased market volatility, or decreased market liquidity in third-party financing being unavailable on terms acceptable to the Company or at all. The impact of this action and related sanctions on the global economy and the specific impact on the Company’s financial position, results of operations and/or ability to consummate an initial Business Combination are not yet determinable. The unaudited condensed financial statements do not include any adjustments that might result from the outcome of this uncertainty. On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (the “Inflation Reduction Act”), which, among other things, imposes a 1% excise tax on any domestic corporation that repurchases its stock after December 31, 2022 (the “Excise Tax”). The Excise Tax is imposed on the fair market value of the repurchased stock, with certain exceptions. Because the combined company will be a Delaware corporation and the Company’s securities are expected to trade on Nasdaq following the Business Combination, the Company will be a “covered corporation” within the meaning of the Inflation Reduction Act following the Business Combination. While not free from doubt, absent any further guidance from Congress, the Excise Tax may apply to any redemptions of its Class A ordinary shares after December 31, 2022, including redemptions in connection with the Business Combination, unless an exemption is available. While the parties anticipate that the Business Combination and any related redemption of its Class A ordinary shares will occur before December 31, 2022, there can be no assurance that the Closing will not be delayed. Issuances of securities in connection with the Business Combination are expected to reduce the amount of the Excise Tax in connection with redemptions occurring in the same calendar year, but the number of securities redeemed may exceed the number of securities issued. Consequently, the Excise Tax may make a transaction with the Company less appealing to potential business combination targets. Further, the application of the Excise Tax in the event of a liquidation is uncertain. Liquidity and Going Concern Consideration As of September 30, 2022, the Company had $463,990 in its operating bank account and working capital deficit of $8,659. As of the date of this prospectus, the Company is within 12 months of its mandatory liquidation date of February 26, 2023. In connection with the Company’s assessment of going concern considerations in accordance with Accounting Standards Update (“ASU”) 2014-15, “Disclosures Although the Company believes that the previously discussed proposed Business Combination will occur, the Company’s liquidation requirement discussed in the preceding paragraph and liquidity condition raise substantial doubt about the Company’s ability to continue as a going concern through one year from the date these unaudited condensed financial statements were issued if the Business Combination is not consummated. These unaudited condensed financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. | Note 1 — Organization and Business Operations Cartesian Growth Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on December 18, 2020. The Company was incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or engaging in any other similar business combination with one or more businesses (the “Business Combination”). As of December 31, 2021, the Company had not commenced any operations. All activity through December 31, 2021 relates to the Company’s formation and its initial public offering (the “IPO”) which is described below and identifying a target company for a Business Combination. The Company will not generate any operating revenues until after the completion of a Business Combination, at the earliest. The Company generates non-operating The Company’s sponsor is CGC Sponsor LLC, a Cayman Islands limited liability Company (the “Sponsor”). On February 26, 2021, the Company consummated the IPO, including the full exercise of the over-allotment option by the underwriters on February 23, 2021, of 34,500,000 units (the “Units” and, with respect to the Class A ordinary shares and warrants included in the Units, the “Public Shares” and “Public Warrants”, respectively), at $10.00 per Unit, generating gross proceeds of $345,000,000, which is further discussed in Note 3. Each Unit consists of one Class A ordinary share and one-third S-1 333-252784 333-253428) Simultaneously with the closing of the IPO, the Company consummated the sale of 8,900,000 warrants (the “Private Warrants,” and together with the “Public Warrants,” the “Warrants”), at a price of $1.00 per Private Warrant, in a private placement to the Sponsor, generating gross proceeds of $8,900,000, which is further discussed in Note 4. Transaction costs of the IPO amounted to $19,540,060 consisting of $6,900,000 of underwriting commission, $12,075,000 of deferred underwriting commission, and $565,060 of other offering costs. Following the closing of the IPO on February 26, 2021, $345,000,000 (or $10.00 per Unit) of the net offering proceeds of the sale of the Units and the sale of the Private Warrants was placed in a trust account for the benefit of the Company’s public shareholders (the “Trust Account”), with Continental Stock Transfer & Trust Company acting as trustee. The proceeds in the Trust Account may be invested in U.S. government treasury bills with a maturity of 185 days or less or in money market funds meeting certain conditions under Rule 2a-7 under pre-initial business The Company will provide the holders of its outstanding Public Shares (the “public shareholders”) with the opportunity to redeem all or a portion of their Class A ordinary shares upon the completion of the initial Business Combination either (i) in connection with a general meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a proposed Business Combination or conduct a tender offer will be made by the Company, solely in its discretion. The public shareholders will be entitled to redeem their shares at a per-share price, The Company will have until February 26, 2023 to complete the initial Business Combination (the “Combination Period”). If the Company is unable to complete the initial Business Combination within the Combination Period, the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the Public Shares, at a per-share price, The Company’s initial shareholders, officers and directors have agreed to (i) waive their redemption rights with respect to their founder shares (as described in Note 3) and any Public Shares purchased during or after the IPO, in connection with the completion of the initial Business Combination, (ii) waive their rights to liquidating distributions from the Trust Account with respect to their founder shares if the Company fails to complete the initial Business Combination within the Combination Period, although they will be entitled to liquidating distributions from the Trust Account with respect to any Public Shares they acquired during or after the IPO if the Company fails to complete the initial Business Combination within the prescribed time frame, and (iii) vote any founder shares held by them and any Public Shares purchased during or after the IPO (including in open market and privately-negotiated transactions) in favor of the initial Business Combination. The Sponsor has agreed that it will be liable to the Company if and to the extent any claims by a third party for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any and all rights to seek access to the Trust Account and except as to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, then the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company has not independently verified whether the Sponsor has sufficient funds to satisfy its indemnity obligations and the Company has not asked the Sponsor to reserve for such indemnification obligations. Therefore, the Company cannot assure you that the Sponsor would be able to satisfy those obligations. As a result, if any such claims were successfully made against the Trust Account, the funds available for the initial Business Combination and redemptions could be reduced to less than $10.00 per public share. In such event, the Company may not be able to complete the initial Business Combination, and the public shareholders would receive such lesser amount per share in connection with any redemption of the Public Shares. None of the Company’s officers or directors will indemnify the Company for claims by third parties including, without limitation, claims by vendors and prospective target businesses. Business Combination Agreement On September 19, 2021, the Company, Tiedemann Wealth Management Holdings, LLC, a Delaware limited liability company (“TWMH”), TIG Trinity GP, LLC, a Delaware limited liability company (“TIG GP”), TIG Trinity Management, LLC, a Delaware limited liability company (“TIG MGMT” and, together with TIG GP, the “TIG Entities”), Alvarium Investments Limited, an English private limited company (“Alvarium” and, together with TWMH and the TIG Entities, the “Target Companies”), Rook MS LLC, a Delaware limited liability company and Alvarium Tiedemann Capital, LLC, a Delaware limited liability company (“Umbrella”) entered into a business combination agreement (as may be amended, supplemented, or otherwise modified from time to time, the “Business Combination Agreement”), pursuant to which the Company will hold Umbrella, a newly formed Delaware limited liability company for purposes of effecting the transactions contemplated by the Business Combination Agreement, which will hold the businesses of the Target Companies. Risks and Uncertainties Management continues to evaluate the impact of the COVID-19 Liquidity and Going Concern Consideration As of December 31, 2021, the Company had approximately $0.6 million in its operating bank account. The Company is within 12 months of its mandatory liquidation date of February 26, 2023 as of the date of this Annual Report on Form 10-K. 2014-15, These financial statements do not include any adjustments relating to the recovery of the recorded assets or the classification of the liabilities that might be necessary should the Company be unable to continue as a going concern. |
Statement of Compliance
Statement of Compliance | 9 Months Ended | 12 Months Ended |
Sep. 30, 2021 | Dec. 31, 2021 | |
Statement of compliance [Abstract] | ||
Statement of compliance | 2. Statement of compliance These financial statements prepared in accordance with FRS 102 (“UK GAAP”) differ in certain significant respects from financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Details of the significant differences between US GAAP and UK GAAP are set out in note 20 to these financial statements. | 2. Statement of compliance These financial statements prepared in accordance with FRS 102 (“UK GAAP”) differ in certain significant respects from financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Details of the significant differences between US GAAP and UK GAAP are set out in note 35 to these financial statements. 3. Accounting policies Basis of preparation The financial statements have been prepared for the sole purpose of inclusion in the S-4 filing registration statement on behalf of the Cartesian Growth Corporation under the Securities Exchange Act of 1933 regarding the business combination of Alvarium Investments Limited, Tiedemann Advisors, LLC and TIG Advisors. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies | 3. Accounting policies Basis of preparation These interim unaudited condensed consolidated financial statements have been prepared for the sole purpose of inclusion in the S-4 These interim unaudited Condensed Consolidated Financial Statements do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared on the basis of the accounting policies as set out in the Group’s annual financial statements prepared for the purpose of inclusion in the filing registration statement for the year ended 31 December 2021. The interim unaudited Condensed Consolidated Financial Statements to 30 September 2022 have been prepared in accordance with FRS 104 ‘Interim Financial Reporting’. The financial information for the interim accounts ended 30 September 2022 and 2021 has not been audited. Therefore, these interim accounts should be read in conjunction with the Group’s annual financial statements prepared for the purpose of inclusion in the filing registration statement for the year ended 31 December 2021. These interim unaudited Condensed Consolidated Financial Statements were approved and authorised for issue by the Board acting through a duly authorised committee of the Board of Directors on 14 December 2022. The full-year accounts to 31 December 2021 prepared for the purposes of the filing registration statement were approved by the Board of Directors on 13 May 2022 and do not constitute the Company’s statutory accounts for that year. Statutory accounts for the year ended 31 December 2021 have been reported on by the company’s statutory auditor and delivered to the registrar of companies. The report of the statutory auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. The financial statements are presented in UK pounds sterling, which is the functional currency of the Group. Going concern The Group has recorded a loss of £10m for the period to 30 September 2022 and is in a net current liability position. As at the balance sheet date, the Group had creditors due within one year of £91.7m, compared to current assets of £60.4m. The creditors due within one year include £39.8m of subordinated shareholder loans which are due on 7th January 2023 On 17 October 2022, the Securities and Exchange Commission declared the registration statement for the proposed business combination with Cartesian announced on 20 September 2021 effective. As a result, the existing bank debt facility will become repayable when the transaction closes on 3 January 2023. The new Group is currently agreeing terms for a debt facility with BMO for $250m, which will be used to pay off the existing bank debt facility as well as the subordinated shareholder loans. This refinancing is yet to be completed and is subject to the transaction completing. The transaction close is pending shareholder approval and there are no other conditions to be met. The refinancing agreements are at an advanced stage and there are no barriers to these being finalised. In the event of the transaction not closing, the Directors would initiate discussions with the shareholders and bank to refinance the existing debt. In addition, the directors do not anticipate any scenario in which the new change in control environment would change the regulatory capital requirement to a level that would impact the Group’s ability to comply. While there will be changes to the existing legal entity group structure post-acquisition, all existing business lines will continue to operate. The Group currently meets its day to day working capital requirements from cash reserves and recurring revenue streams. The Group also has a bank facility which is subject to covenants. There was a breach of covenant during the period which has been waived by the borrowers due to an agreement reached that Alvarium will repay the full balance of the outstanding facility once the transaction has closed. As at 30 September 2022, the group had cash balances of £12.4m. The directors have prepared both base and sensitised cash flow forecasts which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for the next 12 months, even under severe but plausible downside scenarios assuming that the existing debt is repaid by the new proposed debt facility as discussed above. The base case assumes that transactional revenue in Co-Investments Management have applied stress test scenarios to its forecasts factoring in a severe but plausible downside scenario whereby transactional revenue and new business streams, in particular across Co-Investments After reviewing the Company’s forecasts and risk assessments under both current and post-merger scenarios, the Directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for 12 months from the date of signing these accounts. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements. However, the circumstances above regarding the pending closure of the transaction and the associated debt refinancing indicates the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. Application of accounting policies Except as described below, the accounting policies applied in these interim financial statements for the following areas are the same as those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2021. The following accounting policies are as per year ended 31 December 2021: • Consolidation • Non-controlling • Revenue recognition • Foreign currencies • Operating leases • Goodwill • Intangible assets • Tangible assets • Investments • Investments in associates • Investments in joint ventures • Impairment of fixed assets • Finance leases • Government grants • Provisions • Financial instruments • Executory contracts • Employee benefits • Business combinations • Income tax Other income Other income includes income from the disposal of assets held at book value. This income is recognised at the point of sale and is measured as the difference between the carrying value and the proceeds from the disposal. Share based payments The Group issues share-based payments to certain employees, including directors. These share-based payments are recognised in accordance with section 26 of FRS 102. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, together with a corresponding increase in equity, based upon the group’s estimate of the shares that will eventually vest, which involves making assumptions about the number of leavers over the vesting period. The vesting period is determined by the period of time the employees must remain in the Group’s employment before the rights to the shares transfer unconditionally to them. Cash settled share-based payments are measured at fair value at the balance sheet date. The Group recognises a liability based on the estimate of options that will vest and the expected vesting date. Further information on the cash settled share-based payments in the period are detailed in note 17 of these financial statements. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Historic group accounting acquirer The significant judgements in relation to this area are the same as those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2021. Equity Method Investees There are certain of our joint venture and associates partners in equity method investees that, since the investment was entered into, have become related parties of the Group as a result of holding executive management positions in one or more Group members or subsidiary. An assessment was performed and determined that this does not give the Group control of the relevant equity method investee as each related party’s holding in the relevant equity method investee is unrelated to their employment by the Group member to which they are related and the relevant related parties are not bound by any contractual or other agreement to vote in the same way as Alvarium in connection with their holdings in the relevant equity method investee. Furthermore, in each instance, the equity method investee also has an unrelated third party member and, as a result of governance provisions in the relevant equity method agreement, the equity method investee is controlled jointly by all of its members and not by Alvarium alone. Entities excluded from consolidation due to limited economic rights In the case of LJ Maple Limited LJ Maple Circus Limited LJ Maple Hamlet Limited LJ Maple Hill Limited LJ Maple Belgravia Limited LJ Maple St Johns Wood Limited LJ Maple Kew Limited LJ Maple Chelsea Limited LJ Maple Tofty Limited LJ Maple Kensington Limited LJ Maple Nine Elms Limited LJ Maple Duke Limited LJ Maple Abbey Limited These entities have all issued a separate class of shares to third party investors and raised finance from them, which has then been invested, indirectly, in one or more underlying real estate transactions. These classes of shares do not have any voting rights but are entitled to the vast majority of the economic returns from the investment. The Group is entitled to ongoing fees from the entities for monitoring and reporting on the underlying real estate transactions and also, potentially, when the underlying real estate transactions are exited and funds returned to investors, to performance based fees which are calculated as a percentage of the total profits from each underlying deal which exceed a defined return to the third party investors. The Group is not an investor itself and does not otherwise participate in distributions from these entities. While the Group controls the ordinary voting rights of these entities, these entities are excluded from consolidation because of severe long-term restrictions on the Group’s ability to actually exercise control over them. These restrictions are contained in the articles of association and shareholders’ agreements of the relevant entities and they relate to the substantive business activities (including the financial and operating policies) of the entities and include reserved matters contained in the shareholders’ agreements which are substantive as regards the activities of the entities and which require the approval of 75% of all shareholders (including the investor share class). As a result of these restrictions and the Group’s limited economic rights in the entities, the Group does not have the power to govern the financial and operating policies of the entities so as to obtain a benefit from the entities’ activities and, accordingly, the entities are not controlled by the Group for the purposes of FRS 102 and are excluded from consolidation on this basis. Each entity has instead been classified as a fixed asset investment at cost less impairment, with any distributions recognised upon receipt. Limited economic rights over entities owned by the group The group owns 100% of the share capital of LJ London Holdings Limited. The company was incorporated to invest in a property joint venture. To fund this, loan funding was obtained by LJ London Holdings Limited from a third party. Under the terms of the loan the vast majority of the profits from the venture revert to the lender, with the group entitled to a promote fee at conclusion. The group had no financial exposure to the venture. The group considers the terms of the loan to demonstrate a severe long term restriction over rights to income from LJ London Holdings Limited. It has therefore been classified as a fixed asset investment at cost less impairment, with any dividends recognised upon receipt. In the absence of the terms of the loan, it would otherwise have been classified as a subsidiary. Share based payments In April 2022, the Group granted awards to key employees and directors as part of a Long Term Incentive Plan. The value of these awards is determined by the appreciation of the Group’s value between 1 January 2019 and 31 December 2021 – the service period for these awards - provided that a minimum target valuation is met. The Group has needed to make several judgements in recognising a liability for cash-settled share-based payments at 30 September 2022. In particular, the Group has needed to determine the vesting date, assess the probability of payment, make a judgement for when the mutual understanding between the Group and members in the scheme was established and conclude on the conditional link to the proposed business combination with Cartesian Growth Corporation under the Securities Exchange Act of 1933 in relation to a public list on the US NASDAQ under Alvarium Tiedemann. The initial Award Letters were sent to employees of the Group in April 2022 – the grant date - and communicated an intent for a potential future award that would become payable upon the close of the proposed business combination. These Award Letters stated that the vesting date would be at 31 May 2022 and on the discretion of the Committee. The Award Letters were designed to be non-binding The Group held a Townhall on 21 September 2022 where it was communicated to the members of the LTIP that payments would be made to settle the plan imminently, regardless of whether or not the business combination closes. The Group has determined that it was at this point that a mutual understanding between the Group and members in the scheme had been established, and that 21 September should therefore be used as the vesting date. A liability has therefore been recognised for these payments, as disclosed in note 14 of these financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful economic lives and impairment of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed The Group also considers whether intangible assets are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. See note 10 for the carrying amount of the intangible assets. Impairment tests for goodwill September 2022 The Group has assessed for any triggers during the period that may result in an impairment of goodwill. No material negative changes were noted since management performed a sensitivity analysis as of 31 December 2021. The Directors have also considered whether there were any triggers during the period to 30 September 2022 and have not noted any. The analysis carried out for the year ended 31 December 2021 established that the discount rate would need to increase to more than 80% before an impairment of goodwill would be required. Similarly the average annual growth rate for expected fund flows would need to reduce to more than -30% The Directors have considered recent market movements and macro-economic conditions in their assessment of the need for goodwill impairment as at 30 September 2022, and have concluded that the Group’s performance in the period and future outlook do not warrant an impairment given the significant headroom noted in the detailed analysis carried out for the year ended 31 December 2021. Deferred tax assets in respect of tax losses The group has material brought forward tax losses for which no deferred tax asset has been recognised. There is significant estimation uncertainty surrounding the timing of which these losses may be utilised in future. Management reviews forecasts in estimating whether sufficient future taxable profits are likely to arise to warrant recognition of an asset in respect of such losses. The Group’s policy is to only consider forecasts which have been finalised and approved as at the period end. | The financial information set out above does not constitute the Company’s statutory accounts for the years ended 31 December 2021, 2020 or 2019. These Consolidated financial statements were approved by the board of directors and authorised for issue on 13 May 2022. The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. The financial statements are presented in UK pounds sterling, which is the functional currency of the Group. Going concern Following the COVID-19 (Covid-19), The Group meets its day to day working capital requirements from cash reserves and recurring revenue streams. The Group also has a bank facility which is subject to covenants (see notes 16 and 17 & 30 for more information). As at 31 December 2021, the group had cash balances of £13m. The directors have prepared both base and sensitised cash flow forecasts which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for the next 12 months, even under severe but plausible downside scenarios. The base case assumes that transactional revenue in Co-lnvestments 2-3% current bank debt facility. This does not account for adverse market movements which is outside management control. Management have applied stress test scenarios to its forecasts factoring in a severe but plausible downside scenario whereby transactional revenue and new business streams, in particular across Co-lnvestments % reduction in Investment Advisory revenues considered. Under this scenario, the diversified mix of recurrent income still provides sufficient coverage to meet any obligations as and when they fall due. The Group is currently compliant with all debt facility covenants and projected to continue to meet these provisions. The bank loan is due for repayment at the maturity date in August 2022. Terms have been provided (for execution in due course) to extend the facility for a further six months to February 2023 under the original terms, in which time the business combination is expected to complete. In the event repayment is required in August 2022, the plausible downside forecasts indicate that the facility could be repaid in full if required. Should the proposed business combination with Cartesian proceed, as announced on 20 September 2021, the existing bank debt facility would become repayable based on change of control reference in the facility agreement. However, this transaction would not proceed unless sufficient appropriate facilities were in place to enable the facility to be repaid in full, should repayment be needed. In addition, the directors do not anticipate any scenario in which the new change in control environment would change the regulatory capital requirement to a level that would impact the Company’s ability to comply. After reviewing the Company’s forecasts and risk assessments under both current and postmerger scenarios, the Directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for 12 months from the date of signing these accounts. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements. Consolidation The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings together with the Group’s share of the results of associates and joint ventures made up to 31 December 2021. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50 % of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which gives it control of the financial and operating policies of that entity, the Group accounts for that entity as a subsidiary. Where the Group controls more than 50 % of the voting powers of an entity but restrictions exist to entitlement of profit which would comprise a severe long term restriction, such entities are not consolidated. See the ‘significant judgement’ section on page 12 for more information. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group’s accounting policies when preparing the consolidated financial statements. An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence. The Group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. Accounting for joint ventures and associates uses financial information provided by management of those entities. This is the best available information at the time of reporting and consolidated using the equity method appropriately in our Group results. Where information is received post year-end year-end, Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. Where control of a subsidiary is achieved in stages, the initial acquisition that gave the Group control is accounted for as a business combination. Thereafter where the Group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling The Company historically held investments in two associates (Alvarium PO (Payments) Ltd and Alvarium Investment Management Ltd) where additional interests were subsequently purchased giving the company control and resulting in consolidation of a subsidiary undertaking. In accordance with FRS 102.A.3.21, and in order to give a true and fair view, goodwill was calculated as the sum of the goodwill arising on each purchase of shares in these entities, being the difference at the date of each purchase between the fair value of the consideration given and the fair value of the identifiable assets and liabilities attributable to the interest purchased. This represents a departure from the method set out in FRS 102, under which goodwill is calculated as the difference between the total acquisition cost of acquiring 100% of these entities and the fair value of the identifiable assets and liabilities of these entities on the date that they each became a subsidiary. The statutory method would not give a true and fair view because it would result in the group’s share of these entities’ retained reserves, during the period that it was an associate, being recharacterised as goodwill. The effect of this departure at 31 December 2021, 31 December 2020, 31 December 2019 and 1 January 2019 is to: • decrease profit for the year by £34,266 (2020: £34,266 , 2019: £34,266) • increase the revaluation reserve by £133,722 (2020: £133,722) (1 Jan 2020 £133,722 ) (1 Jan 2019: £133,722) • decrease retained profits by £ 30,923 ) (1 Jan 2019: £71,876); and • increase goodwill by £102,799 (2020: £137,065) (1 Jan 2020: £171,332 ) (1 Jan 2019: £205,598) All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity. Non-controlling Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination. The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Historic accounting acquirer The Group was formed through a series of acquisitions commencing at the end of 2014 and completing in early 2015, through the combination of several existing entities with common shareholders and management under a newly formed company - LJ GP Limited (now Alvarium Investments Limited). This was previously accounted for as a business combination with four businesses with common shareholders being combined under LJ GP Limited as the accounting acquirer. The consideration for this transaction was a mixture of cash, debt and equity. The combining entities were valued by management in line with comparative market multiples at that time. Asset management business was based on an EBITDA multiple whilst wealth management companies were valued on AUM. The valuation was underpinned by an unrelated third party investment into the group for a 20% stake under a new share issuance which settled in May 2015. The third party investment also triggered a re-designation Upon a review carried out as part of preparing the 2020 and 2019 special purpose financial statements for filing with the SEC, it was determined that a different entity, LJ Capital Limited, should have been treated as the acquirer in the business combination. This determination is on the basis that LJ Capital Limited was the largest of the combining companies and due to the number of their directors on the Boards of the new Group giving them the largest proportion of voting rights. The determination of LJ Capital Limited as the accounting acquirer is a significant judgement which has a material impact on these financial statements and has led to a number of material changes on the accounting treatment of LJ Capital Limited Group and its underlying subsidiaries and minority holdings, which were previously fair valued as part of the business combination rather than brought in at historical amounts. The impact of this correction in acquirer has been disclosed in the in the consolidated financial statements previously filed with the SEC. Equity method investees There are certain of our joint venture and associates partners in equity method investees that, since the investment was entered into, have become related parties of the Group as a result of holding executive management positions in one or more Group members or subsidiary. An assessment was performed and determined that this does not give the Group control of the relevant equity method investee as each related party’s holding in the relevant equity method investee is unrelated to their employment by the Group member to which they are related and the relevant related parties are not bound by any contractual or other agreement to vote in the same way as Alvarium in connection with their holdings in the relevant equity method investee. Furthermore, in each instance, the equity method investee also has an unrelated third party member and, as a result of governance provisions in the relevant equity method agreement, the equity method investee is controlled jointly by all of its members and not by Alvarium alone. Entities excluded from consolidation due to limited economic rights In the case of LJ Maple Limited, LJ Maple Circus Limited, LJ Maple Hamlet Limited, LJ Maple Hill Limited, LJ Maple Belgravia Limited, LJ Maple St Johns Wood Limited, LJ Maple Kew Limited, LJ Maple Chelsea Limited, LJ Maple Tofty Limited, LJ Green Lanes Holdings Limited, LJ Maple Kensington Limited, LJ Maple Nine Elms Limited, LJ Maple Duke Limited and LJ Maple Abbey Limited, the group control 100% of the voting rights (aside from reserved matters) by virtue of their holding of a certain class of shares. These entities have all issued a separate class of shares to third party investors and raised finance from them, which has then been invested, indirectly, in one or more underlying real estate transactions. These classes of shares do not have any voting rights but are entitled to the vast majority of the economic returns from the investment. The Group is entitled to ongoing fees from the entities for monitoring and reporting on the underlying real estate transactions and also, potentially, when the underlying real estate transactions are exited and funds returned to investors, to performance based fees which are calculated as a percentage of the total profits from each underlying deal which exceed a defined return to the third party investors. The Group is not an investor itself and does not otherwise participate in distributions from these entities. While the Group controls the ordinary voting rights of these entities, these entities are excluded from consolidation because of severe long-term restrictions on the Group’s ability to actually exercise control over them. These restrictions are contained in the articles of association and shareholders’ agreements of the relevant entities and they relate to the substantive business activities (including the financial and operating policies) of the entities and include reserved matters contained in the shareholders’ agreements which are substantive as regards the activities of the entities and which require the approval of 75% of all shareholders (including the investor share class). As a result of these restrictions and the Group’s limited economic rights in the entities, the Group does not have the power to govern the financial and operating policies of the entities so as to obtain a benefit from the entities’ activities and, accordingly, the entities are not controlled by the Group for the purposes of FRS 102 and are excluded from consolidation on this basis. Each entity has instead been classified as a fixed asset investment at cost less impairment, with any distributions recognised upon receipt. Details concerning the financial performance and position of these entities can be found in note 13 of these financial statements. Limited economic rights over entities owned by the group The group owns 100% of the share capital of LJ London Holdings Limited. The company was incorporated to invest in a property joint venture. To fund this, loan funding was obtained by LJ London Holdings Limited from a third party. Under the terms of the loan the vast majority of the profits from the venture revert to the lender, with the group entitled to a promote fee at conclusion. The group had no financial exposure to the venture. The group considers the terms of the loan to demonstrate a severe long term restriction over rights to income from LJ London Holdings Limited. It has therefore been classified as a fixed asset investment at cost less impairment, with any dividends recognised upon receipt. In the absence of the terms of the loan, it would otherwise have been classified as a subsidiary. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful economic lives and impairment of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed The group also considers whether intangible assets are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. See note 11 for the carrying amount of the intangible assets, and note 3 for the useful economic lives for each class of asset. Impairment tests for goodwill December 2021 The Group has determined that it has a single CGU in relation to asset management for the purposes of assessing the carrying value of goodwill. This determination is made on the basis that the Group’s structure is highly interconnected, with shared management, directors and clients. As a result, the Group is deemed to be the smallest identifiable group of assets that generates cash inflows that are largely independent. In line with Section 27 of FRS 102, Impairment of Assets, a full impairment review was undertaken as at 31 December 2021. The recoverable amount within the fund management CGU was determined by assessing the value-in-use Data for the explicit forecast period of 2022-2026 is based on the 2022 budget and forecasts for 2022-2026. Increases in operating costs have been taken into account and include assumed new business volumes. Cash flows beyond the explicit forecast period are extrapolated using a long term terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 12.5%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2021 and established that the discount rate would need to increase to more than 95% before an impairment of goodwill would be required. The average annual growth rate for expected fund flows over the forecast period is 4.0% and would need to reduce to more than -40% Impairment tests for goodwill December 2020 The Group has determined that it has a single CGU in relation to asset management for the purposes of assessing the carrying value of goodwill. This determination is made on the basis that the Group’s structure is highly interconnected, with shared management, directors and clients. As a result, the Group is deemed to be the smallest identifiable group of assets that generates cash inflows that are largely independent. In line with Section 27 of FRS 102, Impairment of Assets, a full impairment review was undertaken as at 31 December 2020. The recoverable amount within the fund management CGU was determined by assessing the value-in-use Data for the explicit forecast period of 2021-2026 is based on the 2021 budget and forecasts for 2021-2026. Increases in operating costs have been taken into account and include assumed new business volumes. Cash flows beyond the explicit forecast period are extrapolated using a longterm terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 18.0%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2020 and established that the discount rate would need to increase to more than 80% before an impairment of goodwill would be required. The average annual growth rate for expected fund flows over the forecast period is 8.0% and would need to reduce to more than -30% Impairment tests for goodwill December 2019 The Group has determined that it has a single CGU in relation to asset management for the purposes of assessing the carrying value of goodwill. This determination is made on the basis that the Group’s structure is highly interconnected, with shared management, directors and clients. As a result, the Group is deemed to be the smallest identifiable group of assets that generates cash inflows that are largely independent. In line with Section 27 of FRS 102, Impairment of Assets, a full impairment review was undertaken as at 31 December 2019. The recoverable amount within the fund management CGU was determined by assessing the value-in-use Data for the explicit forecast period of 2020-2025 is based on the 2020 budget and forecasts for 2021-2025. Increases in operating costs have been taken into account and include assumed new business volumes. Cash flows beyond the explicit forecast period are extrapolated using a longterm terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 18.0%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2019 and established that the discount rate would need to increase to more than 60% before an impairment of goodwill would be required. The average annual growth rate for expected fund flows over the forecast period is 8.0% and would need to reduce to more than -24% Impairment tests for equity method investees The Group has considered whether there are any indications that its investments in joint ventures and associates may be impaired at 31 December 2021, and has noted one joint venture where impairment indicators exist. In line with Section 27 of FRS 102, Impairment of Assets, a detailed value-in-use Data for the explicit forecast period of 2022-2026 is based on the 2022 budget. Cash flows beyond the explicit forecast period are extrapolated using a long term terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 11.5%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2021 and have established that the discount rate would need to increase by more than 100% before an impairment of this asset would be required. Similarly, reducing the terminal growth rate of 3% to 0% would still not result in an impairment to this asset. Useful economic lives sensitivity The tables below detail the impact of the amortisation charge reported in the event of a 5%-10% 2021: Goodwill Client lists Brands Total £ £ £ £ Current amortisation 3,429,870 2,293,872 — 5,723,742 Amortisation with -5% 3,610,391 2,414,602 — 6,024,993 Amortisation with -10% 3,810,968 2,548,747 — 6,359,715 Amortisation with +5% UEL 3,266,544 2,184,640 — 5,451,184 Amortisation with +10% UEL 3,118,065 2,085,338 — 5,203,403 2020: Goodwill Client lists Brands Total £ £ £ £ Current amortisation 3,488,827 2,334,873 — 5,823,700 Amortisation with -5% 3,672,451 2,457,761 — 6,130,212 Amortisation with -10% 3,876,476 2,594,303 — 6,470,779 Amortisation with +5% UEL 3,322,693 2,223,689 — 5,546,382 Amortisation with +10% UEL 3,171,662 2,122,612 — 5,294,274 2019: Goodwill Client lists Brands Total £ £ £ £ Current amortisation (2, 836,12 ) (2,315,165 ) (30,000 ) (5,181,291 ) Amortisation with -5% (2,985,397 ) (2,437,016 ) (31,579 ) (5,453,992 ) Amortisation with -10% (3,151,253 ) (2,572,405 ) (33,333 ) (5,756,991 ) Amortisation with +5% UEL (2,701,074 ) (2,204,919 ) (28,571 ) (4,934,564 ) Amortisation with +10% UEL (2,578,298 ) (2,104,695 ) (27,273 ) (4,710,266 ) Deferred tax assets in respect of tax losses The group has material brought forward and carried forward tax losses in the United Kingdom and the United States of America. There is significant estimation uncertainty surrounding the timing of which these losses may be utilised in future. Management reviews forecasts in estimating whether sufficient future taxable profits are likely to arise to warrant recognition of an asset in respect of such losses. The Group’s policy is to only consider forecasts which have been finalised and approved as at the period end, which in this case are for the years ended 31 December 2022 and 2023. In the case of the United Kingdom, these forecasts indicate these losses are to be fully utilised in those periods. Revenue recognition Turnover comprises revenue (exclusive of Value Added Tax) recognised by the group in respect of services supplied. Corporate finance engagements Fees for annual or quarterly services are billed in advance. Turnover for the provision of annual or quarterly services is recognized in the profit and loss account on a pro rata basis as the service is delivered over the period from the date of the invoice or renewal. The resulting accrued or deferred income is included within debtors or creditors respectively. The service provided to clients is generally providing reporting on funds invested into the relevant deals. This would include corporate finance engagements, management support and office space. Placement fees are recognised as invoiced at the point of transaction closing. Interest and investment income Interest income is recognised using the effective interest rate method. Dividend income is recognised when the right to receive payment is established. UK Investment advisory revenue The revenue shown in the accounts represents amounts due to the group for services rendered in the year, exclusive of Value Added Tax. Consultancy fees are invoiced on a quarterly basis in arrears and therefore at any point in time there is a level of accrued income pro-rata The majority of Advisory fees are received from the Pershing Platform quarterly in arrears. At any point in time there is a level of accrued income pro-rata Overseas Investment advisory revenue Portfolio management and performance fees generally consist of percentage fees based upon client’s portfolio size and performance and are billed to clients following the close of each calendar quarter. At the end of each month there is an income accrual provided for pro rata quarterly fees which are billed post quarter end. These fees are gross amounts with any related commissions payable presented in cost of sales. Trust and fiduciary revenue Invoices raised in advance for the provision of annual services are taken to the profit and loss account on a pro rata basis over the year from the date of the invoice or renewal. The resulting deferred income is included within creditors. Work in Progress is carried at 70% of recorded unbilled time at each month end. This is considered by management to be a reliable consistent estimate of the recoverable proportion of unbilled time at any point, based on retrospective reviews. Private and family office revenue Turnover represents amounts receivable for services net of VAT and trade discounts. Invoicing is completed monthly in arrears, with any resulting accrued income included in debtors at the year end. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. The services cover a clearly defined period of time with no uncertainty as to outcome, and therefore we have used the length of time elapsed as the main measure for determining the stage of completion. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. The Group’s unrecognised deferred tax assets are disclosed in note 21 to the financial statements. Foreign currencies Functional and presentational currency The Group financial statements are presented in pound sterling. Foreign currency transactions Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end Foreign operations The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’ and allocated to non-controlling Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Goodwill Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Subsidiaries, joint ventures and associates -10 Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10 years straight line Brands and licences - Between 2 Customer list - Between 9 The useful lives of the brands and licenses are based on the contractual agreements that underpin these or the period of expected use, whilst the useful lives of the customers lists depend on the nature of the customer relationships. These useful lives have been benchmarked to market data for entities of a similar nature as part of the PPA work carried out on the acquisition of these entities. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent |
Cartesian Growth Corp [Member] | ||
Significant Accounting Policies | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article of Regulation S-X of the Form 10-K filed Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $463,990 and $551,258 as of September 30, 2022 and December 31, 2021, respectively. The Company did not have any cash equivalents as of September 30, 2022 and December 31, 2021. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage of $250,000. The Company has not experienced losses on this account. Cash and Marketable Securities Held in Trust Account At September 30, 2022 and December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which invest in U.S. Treasury securities. Convertible Debt The Company accounts for promissory notes that feature conversion options in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging” (“ASC 815”). ASC 815 requires companies to bifurcate conversion options from their host instruments and account for them as freestanding derivative financial instruments according to certain criteria. These criteria include circumstances in which (i) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (ii) a promissory note that embodies both the embedded derivative instrument and the host contract is not re-measured Warrant Liabilities The Company evaluates the Warrants (which are discussed in Note 3, Note 4 and Note 9), in accordance with FASB ASC Topic 815-40, “Derivatives (“ASC 815-40”) ASC 815-40, the sheets and measured at fair value at inception (the date of the IPO) and at each reporting date in accordance with FASB ASC Topic 820, “Fair Value Measurement,” with changes in fair value recognized in the condensed statements of operations in the period of change. Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the FASB ASC 340-10-S99-1. Offering costs as non-operating expenses Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity” (ASC 480). Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. All of the 34,500,000 Class A ordinary shares contain a redemption feature which allows for the redemption of such Class A ordinary shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit. As of September 30, 2022 and December 31, 2021, the Class A ordinary shares subject to redemption reflected on the condensed balance sheets are reconciled in the following table: Gross Proceeds $ 345,000,000 Less: Proceeds allocated to Public Warrants (15,007,500 ) Class A ordinary shares issuance costs (18,671,929 ) Plus: Remeasurement of carrying value to redemption value 33,679,429 Interest earned on Trust Account 31,308 Class A ordinary shares subject to possible redemption at December 31, 2021 $ 345,031,308 Interest earned on Trust Account 2,073,906 Class A ordinary shares subject to possible redemption at September 30, 2022 $ 347,105,214 Income Taxes The Company accounts for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both (i) the expected impact of differences between the financial statement and tax basis of assets and liabilities and (ii) for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. Additionally, ASC 740 requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2022 and December 31, 2021, there were no unrecognized tax benefits, and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net (Loss) Income Per Share The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net (loss) income per share is computed by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period. The Company has two classes of shares, Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The Company has not considered the effect of the 20,400,000 Class A ordinary shares underlying the 11,500,000 Warrants and the 8,900,000 Private Warrants, in the calculation of diluted net (loss) income per share, since the exercise of the Warrants is contingent upon the occurrence of future events. As a result, diluted net (loss) income per ordinary share is the same as basic net (loss) income per ordinary share for the period presented. The Company’s condensed statements of operations applies the two-class method Reconciliation of Net (Loss) Income per Share The Company’s net (loss) income is adjusted for the portion of net (loss) income that is allocable to each class of shares. The allocable net (loss) income is calculated by multiplying net (loss) income by the ratio of weighted average number of shares outstanding attributable to Class A ordinary shares and Class B ordinary shares to the total weighted average number of shares outstanding for the period. Remeasurement of the carrying value of Class A ordinary shares to redemption value is excluded from net (loss) income per ordinary share because the redemption value approximates fair value. Accordingly, basic and diluted (loss) income per ordinary share is calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Class A ordinary shares subject to possible redemption Numerator: Net income (loss) allocable to Class A ordinary shares subject to possible redemption Net (loss) income $ 8,215,430 $ (5,863,746 ) $ 17,877,195 $ (1,519,632 ) Less: Allocation of income (loss) to Class B ordinary shares 1,643,086 (1,172,749 ) 3,575,439 (357,271 ) Proportionate share of net income (loss) $ 6,572,344 $ (4,690,997 ) $ 14,301,756 $ (1,162,361 ) Denominator: Weighted Average Class A ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 34,500,000 34,500,000 34,500,000 27,296,703 Basic and diluted net income (loss) per share $ 0.19 $ (0.14 ) $ 0.41 $ (0.04 ) Class B ordinary shares Numerator: Net income (loss) allocable to Class B ordinary shares Net (loss) income $ 8,215,430 $ (5,863,746 ) $ 17,877,195 $ (1,519,632 ) Less: Allocation of net income (loss) to Class A ordinary shares subject to possible redemption 6,572,344 (4,690,997 ) 14,301,756 (1,162,361 ) Proportionate share of net (loss) income $ 1,643,086 $ (1,172,749 ) $ 3,575,439 $ (357,271 ) Denominator: Weighted Average Class B ordinary shares Basic and diluted weighted average shares outstanding 8,625,000 8,625,000 8,625,000 8,390,110 Basic and diluted net income (loss) per share $ 0.19 $ (0.14 ) $ 0.41 $ (0.04 ) Fair Value of Financial Instruments The Company follows the guidance in FASB ASC Topic 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and and non-financial assets are re-measured and The fair value of certain of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 9 for additional information on assets and liabilities measured at fair value. Recent Accounting Pronouncements The Company’s management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements. | Note 2 — Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $551,258 and 0 as of December 31, 2021 and December 31, 2020. The Company did not have any cash equivalents as of December 31, 2021 and December 31, 2020. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000. The Company has not experienced losses on this account. Cash and Securities Held in Trust Account At December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which invest in U.S. Treasury securities. Warrant Liabilities The Company evaluated the Warrants (which are discussed in Note 3, Note 4 and Note 8) in accordance with ASC 815-40 815-40, Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the FASB ASC 340-10-S99-1. Offering IPO. Offering costs are allocated to the separable financial instruments issued in the IPO based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating Ordinary Shares Subject to Possible Redemption All of the 34,500,000 Class A ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, As of December 31, 2021, the ordinary shares subject to redemption reflected on the balance sheet are reconciled in the following table: Gross proceeds from public issuance $ 345,000,000 Less: Proceeds allocated to public warrants (15,007,500 ) Class A ordinary shares issuance cost (18,671,929 ) Add: Accretion of carrying value to redemption value 33,679,429 Interest earned on Trust 31,308 Class A ordinary shares subject to redemption $ 345,031,308 Income Taxes The Company accounts for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2021, there were no unrecognized tax benefits, and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. Net Income (Loss) Per Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period. The Company has two classes of shares, Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The Company has not considered the effect of the 20,400,000 ordinary shares underlying the 11,500,000 Warrants sold in the IPO and the 8,900,000 Private Warrants sold in the private placement, in the calculation of diluted loss per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the period presented. The Company’s statement of operations applies the two-class Reconciliation of Net Loss per Share The Company’s net income is adjusted for the portion of net income that is allocable to each class of ordinary shares. The allocable net income is calculated by multiplying net income by the ratio of weighted average number of shares outstanding attributable to Class A ordinary shares and Class B ordinary shares to the total weighted average number of shares outstanding for the period. Accretion of the carrying value of Class A ordinary shares to redemption value is excluded from net income per ordinary share because the redemption value approximates fair value. Accordingly, basic and diluted income per ordinary share is calculated as follows: For the Year Ended For the period from Class A Ordinary Shares Numerator: Net loss allocable to Class A ordinary shares Net loss $ (1,035,380 ) $ (7,948 ) Less: Allocation of net income to Class B ordinary shares (232,904 ) — Proportionate share of net loss $ (802,476 ) $ (7,948 ) Denominator: Weighted Average Class A ordinary shares Basic and diluted weighted average shares outstanding 29,112,329 — Basic and diluted net loss per share $ (0.03 ) $ Class B Ordinary Shares Numerator: Net loss allocable to Class B ordinary shares Net loss $ (1,035,380 ) $ (7,948 ) Less: Allocation of net income to Class A ordinary shares (802,476 ) (7,948 ) Proportionate share of net loss $ (232,904 ) $ — Denominator: Weighted Average Class B ordinary shares Basic and diluted weighted average shares outstanding 8,449,315 — Basic and diluted net loss per share $ (0.03 ) $ — Fair Value of Financial Instruments The Company follows the guidance in FASB ASC Topic 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured non-financial re-measured The fair value of certain of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 – Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 8 for additional information on assets and liabilities measured at fair value. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board’s issued ASU 2020-06, 470-20) 815-40): 2020-06”), 2020-06 2020-06 The Company’s management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
Initial Public Offering
Initial Public Offering | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Cartesian Growth Corp [Member] | ||
Initial Public Offering | Note 3 — Initial Public Offering Public Units On February 26, 2021, upon the consummation of the IPO, the Company sold 34,500,000 Units, which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 4,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share, and one-third of Public Warrants Each whole Public Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. The Public Warrants will become exercisable on the later of 12 months from the closing of the IPO or 30 days after the completion of its initial Business Combination and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. In addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, respectively. The Company has agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of the initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the Warrants. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the Warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a Warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of Public Warrants who exercise their Warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement or register or qualify the shares under applicable blue sky laws to the extent an exemption is available. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except as described herein with respect to the Private Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon not less than 30 days’ prior written notice of redemption (the “30-day redemption • if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations. and recapitalizations), for any 20 trading days within a 30-trading day period • if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying the Warrants. | Note 3 — Initial Public Offering Public Units On February 26, 2021, the Company sold 34,500,000 Units, which includes the full exercise by the underwriters of the over-allotment option to purchase an additional 4,500,000 Units, at a purchase price of $10.00 per Unit. Each Unit consists of one Class A ordinary share, and one-third Public Warrants Each whole Warrant entitles the holder to purchase one Class A ordinary share at a price of $11.50 per share, subject to adjustment as discussed herein. The Warrants will become exercisable on the later of 12 months from the closing of the IPO or 30 days after the completion of its initial Business Combination and will expire five years after the completion of the Company’s initial Business Combination, at 5:00 p.m., New York City time, or earlier upon redemption or liquidation. In addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, respectively. The Company has agreed that as soon as practicable, but in no event later than fifteen (15) business days after the closing of the initial Business Combination, it will use its commercially reasonable efforts to file with the SEC a registration statement for the registration, under the Securities Act, of the Class A ordinary shares issuable upon exercise of the warrants. The Company will use its commercially reasonable efforts to cause the same to become effective and to maintain the effectiveness of such registration statement, and a current prospectus relating thereto, until the expiration or redemption of the warrants in accordance with the provisions of the warrant agreement. Notwithstanding the above, if the Class A ordinary shares are at the time of any exercise of a warrant not listed on a national securities exchange such that it satisfies the definition of a “covered security” under Section 18(b)(1) of the Securities Act, the Company may, at its option, require holders of public warrants who exercise their warrants to do so on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act and, in the event the Company so elects, it will not be required to file or maintain in effect a registration statement or register or qualify the shares under applicable blue sky laws to the extent an exemption is available. Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the Public Warrants become exercisable, the Company may redeem the outstanding Public Warrants (except as described herein with respect to the Private Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon not less than 30 days’ prior written notice of redemption (the “30-day • if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations. and recapitalizations), for any 20 trading days within a 30-trading day • if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying the Warrants. |
Private Placement
Private Placement | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Cartesian Growth Corp [Member] | ||
Private Placement (Details) [Line Items] | ||
Private Placement | Note 4 — Private Placement Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 8,900,000 Private Warrants at a price of $1.00 per Private Warrant, for an aggregate purchase price of $8,900,000, in a private placement. A portion of the proceeds from the sale of the Private Warrants was added to the proceeds from the IPO held in the Trust Account. The Private Warrants are identical to the Public Warrants, except that the Private Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these Private Warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the Company’s initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to certain registration rights. If the Private Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the Public Warrants. The initial shareholders, officers, directors and independent directors have agreed to waive their redemption rights with respect to any Class A ordinary shares they may acquire during or after the IPO, in connection with the completion of the initial Business Combination. If the Company does not complete the initial Business Combination within the applicable time period, the proceeds of the sale of the Private Warrants will be used to fund the redemption of the Class A ordinary shares. | Note 4 — Private Placement Simultaneously with the closing of the IPO, the Sponsor purchased an aggregate of 8,900,000 Private Warrants at a price of $1.00 per Private Warrant, for an aggregate purchase price of $8,900,000, in a private placement. A portion of the proceeds from the private placement was added to the proceeds from the IPO held in the Trust Account. The Private Warrants are identical to the warrants sold in the IPO except that the Private Warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company, (ii) may not (including the Class A ordinary shares issuable upon exercise of these Private Warrants), subject to certain limited exceptions, be transferred, assigned or sold by the holders until 30 days after the completion of the Company’s initial Business Combination, (iii) may be exercised by the holders on a cashless basis and (iv) will be entitled to certain registration rights. If the Private Warrants are held by holders other than the Sponsor or its permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by the holders on the same basis as the warrants included in the units being sold in the IPO. The initial shareholders, officers, directors and independent directors have agreed to waive their redemption rights with respect to any Public Shares they may acquire during or after the IPO, in connection with the completion of the initial Business Combination. If the Company does not complete the initial Business Combination within the applicable time period, the proceeds of the sale of the Private Warrants will be used to fund the redemption of the Public Shares. |
Turnover
Turnover | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Turnover | 4. Turnover Turnover arises from: Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Rendering of services 63,997,183 49,820,243 | 4. Turnover Turnover arises from: 2021 2020 2019 £ £ £ Rendering of services 75,164,498 52,263,050 47,070,105 The turnover is attributable to the one principal activity of the Group. An analysis of turnover by the geographical markets that substantially differ from each other is given below: 2021 2020 2019 £ £ £ United Kingdom 53,053,810 32,371,445 27,832,611 Switzerland 5,550,023 5,535,726 6,115,067 Portugal 1,283,637 913,623 — USA 8,367,509 7,339,809 7,386,159 Hong Kong 5,206,522 4,863,268 4,603,666 Spain 335,633 347,149 347,348 France 1,367,364 784,189 785,254 Australia — 107,841 — 75,164,498 52,263,050 47,070,105 |
Gains_(losses) on investments
Gains/(losses) on investments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gains/(losses) on investments | 5. Gains/(losses) on investments Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Gain on disposal of other investments 2,108 — 2,108 — | 5. (Losses)/gains on investments 2021 2020 2019 £ £ £ (Loss)/gain (452,591 ) (57,208 ) 140,235 Gain on disposal of other investments — 222,222 — (452,591 ) 165,014 140,235 The loss reported in 2021 includes a transaction of £148,277 between equity holders in the group headed by Alvarium Investment (NZ) Limited which has had the impact of diluting the share of net assets of the investee held by the Group. The balance of £304,314 relates to the disposal of the group’s interests in Alvarium Media Finance. The loss in the 2020 relates to the Group reducing its holding in Alvarium Investment (NZ) Limited from % to %. The gain reported on disposal and restructuring of interests in joint ventures and associates in 2019 related to an investment in an associate. The investee issued new shares to a third party which diluted the Company’s shareholding from 35.28% to 30.00%. The gain represents the Company’s share in the associate’s net asset uplift resulting from the new share issue, which were issued at a premium. |
Operating loss _ profit
Operating loss / profit | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Operating Income (Loss) [Abstract] | ||
Operating loss / profit | 6. Operating profit Operating profit or loss is stated after charging/(crediting): Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Depreciation of tangible assets 3 68,69 417,606 Impairment of trade debtors 1,326,832 170,345 Equity-settled share-based payments expense — (1,333 ) Cash-settled share-based payments expense 10,442,728 — Foreign exchange differences (1,607,419 ) (57,806 ) | 6. Operating profit/(loss) Operating profit/(loss) is stated after charging/(crediting): 2021 2020 2019 £ £ £ Depreciation of tangible assets 552,293 536,319 438,768 Impairment of trade debtors 277,682 439,829 537,976 Equity-settled share-based payments (credit)/expense (1,333 ) 7,296 8,818 Foreign exchange differences 278,611 451,027 (122,097 ) |
Gain on Disposal of Investment
Gain on Disposal of Investment in Joint Venture | 9 Months Ended |
Sep. 30, 2022 | |
Gain Loss On Disposal Of Investments In Joint Venture [Abstract] | |
Gain on disposal of investment in joint venture | 7. Gain on disposal of investment in joint venture Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Gain on disposal of interests in JV 4,660,853 — The gain reported in the current year relates to the disposal of the group’s 46% interest in Alvarium Investment (NZ) Limited and 23% interests in Templeton C&M Holdco Limited and NZ PropCo Holdings Limited. On 30 September 2022 the Group fully disposed of its investments in these joint ventures in return for cash consideration of £7.3m. £2.7m of this consideration is deferred, with £692k being receivable on 30 September 2023 and £1,975k being receivable in ten equal instalments over the next 5 years. The remaining £4.6m of consideration is included in accrued income at 30 September 2022 and was received on 3 October 2022. Non-current |
Income From Other Fixed Asset I
Income From Other Fixed Asset Investments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Income Loss From Other Fixed Assets Investments [Abstract] | ||
Income from other fixed asset investments | 8. Income from other fixed asset investments Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Income from disposal of asset held at book value — 530,170 Other income 10,370 17,619 Total income from other fixed asset investments 10,370 547,789 | 7. Income from other fixed asset investments 2021 2020 2019 £ £ £ Income from disposal of asset held at book value 530,170 — — Dividends from other fixed asset investments 17,619 3,158 62,995 547,789 3,158 62,995 |
Interest Receivable
Interest Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |
Interest Receivable | 8. Interest receivable 2021 2020 2019 £ £ £ Interest on loans and receivables 44,002 100,694 31,735 Interest on cash and cash equivalents 313 1,700 2,588 Interest receivable from joint ventures and associates 159,755 146,690 107,922 204,070 249,084 142,245 The total income recognised in respect of financial assets measured at amortised cost is £ (2020 : £ , 2019: £142,245). The group does not have any financial assets measured at fair value through profit or loss |
Interest Payable
Interest Payable | 12 Months Ended |
Dec. 31, 2021 | |
Interest Expense [Abstract] | |
Interest Payable | 9. Interest payable 2021 2020 2019 £ £ £ Interest on banks loans and overdrafts 626,214 631,866 655,819 Interest on obligations under finance leases and hire purchase contracts 19,683 37,226 53,488 Interest on shareholder loan facility 844,053 — — Other interest payable and similar charges 321,520 60,496 104,150 1,811,470 729,588 813,457 The total expense recognised in relation to financial liabilities measured at amortised cost is £1,811,470 (2020 : £ , 2019: £813,457). The group does not have any financial liabilities measured at fair value through profit or loss. |
Taxation on Ordinary Activities
Taxation on Ordinary Activities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Taxation on Ordinary Activities | 9. Taxation on ordinary activities Major components of tax expense/(income) Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Current tax: UK current tax expense — 521,217 Total UK current tax — 521,217 Foreign current tax expense 294,578 265,691 Adjustments in respect of prior periods 26,709 — Total foreign tax 321,287 265,691 Total current tax 321,287 786,908 Deferred tax: Origination and reversal of timing differences (720,671 ) 75,762 Impact of change in tax rate (218,318 ) — Recognition of prior period timing differences (36,468 ) (1,475,928 ) Total deferred tax (975,457 ) (1,400,166 ) Taxation on ordinary activities (654,170 ) (613,258 ) | 10. Taxation on ordinary activities Major components of tax (income)/expense 2021 2020 2019 £ £ £ Current tax: UK current tax expense 303,357 686,159 550,281 Adjustments in respect of prior periods 380 (18,420 ) — Total UK current tax 303,737 667,739 550,281 Foreign current tax expense 517,781 362,736 284,363 Adjustments in respect of prior periods (20,344 ) 30,727 (2,098 ) Total foreign tax 497,437 393,463 282,265 Total current tax 801,174 1,061,202 832,546 Deferred tax: Origination and reversal of timing differences 1,407,915 (142,158 ) 1,081 Impact of change in tax rate (156,063 ) 58,184 (322,603 ) Recognition of DTAs for previously unrecognised losses (2,589,487 ) (1,292,391 ) — Total deferred tax (1,337,635 ) (1,376,365 ) (321,522 ) Taxation on ordinary activities (536,461 ) (315,163 ) 511,024 Reconciliation of tax income The tax assessed on the profit/(loss) on ordinary activities for the year is lower than (2020: higher than, 2019: higher than) the standard rate of corporation tax in the UK of 19% (2020: 19 %, 2019: 19%). 2021 2020 2019 £ £ £ Profit/(loss) on ordinary activities before taxation 1,411,413 (3,692,354 ) (3,222,070 ) Profit/(loss) on ordinary activities by rate of tax 268,168 (701,547 ) (612,193 ) Adjustment to tax charge in respect of prior periods (19,964 ) 12,307 (2,098 ) Effect of expenses not deductible for tax purposes 1,672,344 369,791 — Effect of capital allowances and depreciation 52,978 3,298 420,326 Effect of revenue exempt from tax (3 ) (125,015 ) (15,960 ) Effect of different overseas tax rates on some earnings (193,301 ) (218,185 ) (3,893 ) Utilisation of tax losses (422,151 ) (95,239 ) (304,019 ) Unused tax losses 402,001 1,235,991 (110,440 ) Gain/(loss) on disposal not taxable 28,173 (99,993 ) 913,825 Amortisation arising on consolidation 651,675 662,877 (26,736 ) Recognition of DTAs for previously unrecognised losses (2,589,487 ) (1,292,391 ) 538,864 Effect of change in UK tax rates (156,063 ) — (322,603 ) Specific tax allowance in US subsidiary — (98,199 ) (98,829 ) Income from associates and JV’s not taxable in group (230,831 ) 31,142 134,780 Tax on profit/(loss) (536,461 ) (315,163 ) 511,024 On 3 March 2021 the UK government announced an intention to increase the UK corporation tax rate to 25% with effect from 1 April 2023. The impact of this on the Group’s deferred tax assets and liabilities is included above. |
Intangible Assets
Intangible Assets | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible Assets | 10. Intangible assets Goodwill Patents, trademarks and licences Client lists Total £ £ £ £ Cost At 1 January 2022 33,914,523 524,848 30,238,028 64,677,399 Additions — — 40,000,000 40,000,000 Translation gains/(losses) 561,187 — 1,146,275 1,707,462 At 30 September 2022 34,475,710 524,848 71,384,303 106,384,861 Amortisation At 1 January 2022 19,074,971 524,848 11,435,493 31,035,312 Charge for the period 2,617,635 — 3,217,301 5,834,936 At 30 September 2022 21,692,606 524,848 14,652,794 36,870,248 Carrying amount At 30 September 2022 12,783,104 — 56,731,509 69,514,613 At 31 December 2021 14,839,552 — 18,802,535 33,642,087 On 11 July 2022, a subsidiary of Alvarium, LXI REIT Advisors Limited, acquired the rights to manage Secure Income REIT plc, by purchasing the existing shares of Prestbury Investment Partners Limited, for £40 million, through an intermediary. The acquisition was financed via a loan from Alvarium shareholders. This acquisition has been treated as an asset acquisition for accounting and reporting purposes and has resulted in the recognition of a £40m intangible asset for the customer relationship with Secure Income REIT plc, as disclosed above. This transaction has been treated as an asset acquisition because Prestbury Investment Partners Limited is not deemed to be a business for the purposes of this transaction, it is an entity which has been fully absorbed into LXI REIT Advisors Limited. Additionally, the Group has not acquired employees or processes from Prestbury Investment Partners Limited. The acquisition is treated as a non-cash This intangible asset is being amortised over the life of the contract, which is 6 years from acquisition. | 11. Intangible assets Goodwill Patents, Client lists Total £ £ £ £ Cost At 1 January 2021 34,163,414 524,848 30,287,194 64,975,456 Additions — — — — Translation gains/(losses) (248,891 ) — (49,166 ) (298,057 ) At 31 December 2021 33,914,523 524,848 30,238,028 64,677,399 Amortisation At 1 January 2021 15,645,101 524,848 9,141,621 25,311,570 Charge for the year 3,429,870 — 2,293,872 5,723,742 At 31 December 2021 19,074,971 524,848 11,435,493 31,035,312 Carrying amount At 31 December 2021 14,839,552 — 18,802,535 33,642,087 At 31 December 2020 18,518,313 — 21,145,573 39,663,886 Goodwill Patents, Client lists Total £ £ £ £ Cost At 1 January 2020 33,447,865 524,848 30,152,831 64,125,544 Additions — — — — Disposals (37,645 ) — — (37,645 ) Acquisitions through business combinations 453,488 — — 453,488 Translation gains/(losses) 299,706 — 134,363 434,069 At 31 December 2020 34,163,414 524,848 30,287,194 64,975,456 Amortisation At 1 January 2020 12,156,274 524,848 6,806,748 19,487,870 Charge for the year 3,488,827 — 2,334,873 5,823,700 At 31 December 2020 15,645,101 524,848 9,141,621 25,311,570 Carrying amount At 31 December 2020 18,518,313 — 21,145,573 39,663,886 At 31 December 2019 21,291,591 — 23,346,083 44,637,674 |
Tangible Assets
Tangible Assets | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Tangible assets | 11. Tangible assets Land and buildings Fixtures and fittings Equipment Total £ £ £ £ Cost or valuation At 1 January 2022 893,306 704,325 1,783,885 3,381,516 Additions 942,300 18,884 84,276 1,045,460 Disposals — — (66,757 ) (66,757 ) Translation gains/(losses) 21,475 29,765 148,468 199,708 At 30 September 2022 1,857,081 752,974 1,949,872 4,559,927 Depreciation At 1 January 2022 725,991 555,008 1,342,365 2,623,364 Charge for the period 148,587 39,072 181,040 368,699 Disposals — — (61,513 ) (61,513 ) Translation (gains)/losses 7,349 23,078 112,435 142,862 At 30 September 2022 881,927 617,158 1,574,327 3,073,412 Carrying amount At 30 September 2022 975,154 135,816 375,545 1,486,515 At 31 December 2021 167,315 149,317 441,520 758,152 | 12. Tangible assets Land and Fixtures and Equipment Total £ £ £ £ Cost At 1 January 2021 887,072 685,643 1,652,988 3,225,703 Additions 5,208 26,869 383,151 415,228 Disposals — (8,501 ) (228,879 ) (237,380 ) Translation gains/(losses) 1,026 314 (23,375 ) (22,035 ) At 31 December 2021 893,306 704,325 1,783,885 3,381,516 Depreciation At 1 January 2021 509,023 477,337 1,323,930 2,310,290 Charge for the year 216,599 86,126 249,568 552,293 Disposals — (8,501 ) (210,903 ) (219,404 ) Translation gains/(losses) 369 46 (20,230 ) (19,815 ) At 31 December 2021 725,991 555,008 1,342,365 2,623,364 Carrying amount At 31 December 2021 167,315 149,317 441,520 758,152 At 31 December 2020 378,049 208,306 329,058 915,413 Land and Fixtures and Equipment Total £ £ £ £ Cost At 1 January 2020 868,001 605,633 1,232,267 2,705,901 Additions 22,102 81,008 278,412 381,522 Disposals — — (32,900 ) (32,900 ) Acquisitions through bus. combs. — — 156,113 156,113 Disposals through bus. combs. — — (2,241 ) (2,241 ) Translation gains/(losses) (3,031 ) (998 ) 21,337 17,308 At 31 December 2020 887,072 685,643 1,652,988 3,225,703 Depreciation At 1 January 2020 294,406 358,305 1,016,261 1,668,972 Charge for the year 215,527 118,970 201,822 536,319 Disposals — — (32,900 ) (32,900 ) Disposals through bus. combs. — — (1,519 ) (1,519 ) Translation (gains)/losses (910 ) 62 16,020 15,172 Acquisitions through bus. combs. — — 124,246 124,246 At 31 December 2020 509,023 477,337 1,323,930 2,310,290 Carrying amount At 31 December 2020 378,049 208,306 329,058 915,413 At 31 December 2019 573,595 247,328 216,006 1,036,929 Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases: Land and Fixtures and Equipment Total £ £ £ £ At 31 December 2021 165,505 — — 165,505 At 31 December 2020 248,258 25,988 12,737 286,983 |
Investments
Investments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Investments in and Advances to Affiliates [Abstract] | ||
Investments | 12. Investments Interests in associates Joint ventures Other investments other than loans Total £ £ £ £ Share of net assets/cost At 1 January 2022 2,960,255 10,265,495 2,245,098 15,470,848 Additions — 7,452 39,327 46,779 Disposals (54,614 ) (2,683,398 ) (19,134 ) (2,757,146 ) Revaluations — — (92,440 ) (92,440 ) Transfer — 8,020 (8,020 ) — Share of profit or loss 578,126 66,649 644,775 Dividends received (1,625,101 ) (907,280 ) (2,532,381 ) Movements in equity — 26,460 26,460 Other movements — — 49,477 49,477 Gains/(losses) on translation 105,848 46,582 364,419 516,849 At 30 September 2022 1,964,514 6,829,980 2,578,727 11,373,221 Impairment At 1 January 2022 and 30 September 2022 231,008 169,418 272,929 673,355 Carrying amount At 30 September 2022 1,733,506 6,660,562 2,305,798 10,699,866 At 31 December 2021 2,729,247 10,096,077 1,972,169 14,797,493 The share of profit or loss from associates and joint ventures includes amortisation relating to the acquisition of those associates and joint ventures totalling £53,933 and £481,405 respectively. Subsidiaries, associates and other investments Details of the new investments since the most recent year-end Country of incorporation Class of share Percentage of shares held Subsidiary undertakings Alvarium Education Reit Limited (1) United Kingdom Ordinary 100 Alvarium Willow GP (2) Isle of Man Ordinary 100 Alvarium RE Public Markets Limited (1) United Kingdom Ordinary 100 Amalfi Investment Partners Limited (1) United Kingdom Ordinary 100 Joint ventures Alvarium 64 Advisory LLP (1) United Kingdom Partnership interest 50 Registered addresses The subsidiaries, joint ventures and associates disclosed above are registered at the following addresses: (1) 10 Old Burlington Street, London, W1S 3AG (2) Commerce House, 1 Bowring Road, Ramsey, Isle of Man, IM8 2LQ | 13. Investments Interests in associates Joint ventures Other investments other than loans Total £ £ £ £ Share of net assets/cost At 1 January 2021 2,902,373 9,482,998 198,061 12,583,432 Additions — 6,208 2,220,050 2,226,258 Disposals (10,206 ) — (85,121 ) (95,327 ) Revaluations — — (87,892 ) (87,892 ) Share of profit or loss 1,410,850 2,898,485 — 4,309,335 Dividends received (1,312,561 ) (1,266,860 ) — (2,579,421 ) Movements in equity — (655,944 ) — (655,944 ) Gains/(losses) on translation (30,201 ) (199,392 ) — (229,593 ) At 31 December 2021 2,960,255 10,265,495 2,245,098 15,470,848 Impairment At 1 January 2021 231,008 169,418 30,429 430,855 Impairment losses — — 242,500 242,500 At 31 December 2021 231,008 169,418 272,929 673,355 Carrying amount At 31 December 2021 2,729,247 10,096,077 1,972,169 14,797,493 Interests in associates Joint ventures Other investments other than loans Total £ £ £ £ Share of net assets/cost At 1 January 2020 3,014,578 9,081,205 121,298 12,217,081 Additions 250,734 90 78,904 329,728 Disposals — (57,180 ) (2,141 ) (59,321 ) Share of profit or loss 459,284 1,925,289 — 2,384,573 Dividends received (902,844 ) (1,445,140 ) — (2,347,984 ) Movements in equity — (112,050 ) — (112,050 ) Gains on translation 80,621 90,784 — 171,405 At 31 December 2020 2,902,373 9,482,998 198,061 12,583,432 Impairment At 1 January 2020 — 169,418 30,429 199,847 Impairment charge 231,008 — — 231,008 At 31 December 2020 231,008 169,418 30,429 430,855 Carrying amount At 31 December 2020 2,671,365 9,313,580 167,632 12,152,577 The share of profit or loss from associates and joint ventures includes amortisation relating to the acquisition of those associates and joint ventures totalling (2020: £ , 2019: £49,114) and £ ( 2020: , 2019: £641,873). The ‘other investments’ figure above includes a convertible note in an unlisted entity which was purchased in December 2021. This investment is held at a fair value of £1,607,301 which was the cost of the investment. The fair value of the note is driven by the credit quality of the underlying business and its ability to deliver a coupon, along with the potential outcome of any business sale in the next 36 months from the year end date, as the note has various equity upside features. Subsidiaries, associates and other investments Details of the investments in which the Group and the parent Company have an interest of 20% or more are as follows: Sub s Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Alvarium RE Limited (1) United Kingdom Ordinary 100 100 100 Alvarium Investment Management Limited (1) United Kingdom Ordinary 75 75 75 Ordinary * 25 25 25 Alvarium PO (Payments) Limited*(1) United Kingdom Ordinary * 100 100 100 LJ GP Carry Sarl(6) Luxembourg Ordinary 100 100 100 Alvarium Investment Advisors (UK) Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Investments Advisors (USA) Inc.(3) USA Ordinary 100 100 100 Alvarium RE (US) LLC.(3) USA Ordinary 100 100 0 Alvarium Investments Advisors (Suisse) SA(5) Switzerland Ordinary 100 100 100 Alvarium Investments Advisors (Hong Kong) Limited(23) Hong Kong Ordinary 100 100 100 Alvarium Investments Advisors (Portugal) Limited Portugal Ordinary 100 100 0 LJ GP International Limited*(7) Isle of Man Ordinary 100 100 100 LJ Trust and Fiduciary Holdings Limited*(7) Isle of Man Ordinary 100 100 100 LJ Group Holdings Limited*(7) Isle of Man Ordinary 100 100 100 LJ Management (Suisse) SA*(5) Switzerland Ordinary 100 100 100 LJ Management (IOM) Limited*(7) Isle of Man Ordinary 100 100 100 LJ Capital (IOM) Limited*(7) Isle of Man Ordinary 100 100 100 LJ Luxembourg SA*(6) Luxembourg Ordinary LLP 100 100 100 Alvarium Investment Managers (UK) LLP*(1) United Kingdom Interest 98 98 98 Alvarium PO Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Private Client Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Pradera Holdings Limited*(1) United Kingdom Ordinary 100 100 100 LJ Capital (IOM) Hadley Limited*(7) Isle of Man Ordinary 100 100 100 Alvarium Investment Management (US) Holdings Corp(4) USA Ordinary 100 100 100 LJ Sports and Entertainment LLC*(4) USA Ordinary 100 100 100 Subsidiary undertakings Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Alvarium Investment Managers LLC*(4) USA Partnership interest 100 100 100 Alvarium Fund Managers (UK) Limited*(1) United Kingdom Ordinary 100 100 0 LJ Capital (HPGL) Limited*(1) United Kingdom Ordinary A and B 100 100 100 Alvarium Cl (US) LLC(4) USA Partnership interest 100 100 0 Alvarium MB (US) BD LLC(4) USA Partnership interest 100 100 100 Alvarium Cl Limited(1) United Kingdom Ordinary 100 100 100 Alvarium Cl Advisors (UK) Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Home REIT Advisors Limited*(1) United Kingdom Ordinary 100 100 0 Alvarium Compass GP Limited*(7) Isle of Man Ordinary 100 100 100 Alvarium Group Operations Limited(1) United Kingdom Ordinary 100 100 100 Alvarium Investment Advisors (Singapore) Pte. Limited(29) Singapore Ordinary 100 100 0 Alvarium MB Limited(1) United Kingdom Ordinary 100 100 100 Alvarium MB (UK) Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Securities Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Investments Advisors (France) SAS*(2) France Ordinary 100 100 0 LJ Pankow I Feeder GP Limited*(7) Isle of Man Ordinary 100 100 100 LJ Pankow II Feeder GP Limited*(7) Isle of Man Ordinary 100 100 100 Puffin Agencies Limited*(9) Gibraltar Ordinary 100 100 100 Clambake Limited*(19) British Virgin Islands Ordinary 100 100 100 Clambake Inc.* (8) Marshall Islands Ordinary 100 100 100 Dubois Services Limited*(19) British Virgin Islands Ordinary 100 100 100 Cellar Limited*(19) British Virgin Islands Ordinary 100 100 100 LJ Management (BVI) Limited*(19) British Virgin Islands Ordinary 100 100 100 LJ Skye Services Limited*(19) British Virgin Islands Ordinary 100 100 100 Cellar lnc.*(10) Turks and Caicos Ordinary 100 100 100 LJ Capital Partners Limited*(19) British Virgin Islands Ordinary 100 100 100 Triptych Holdings (Gibraltar) Limited*(9) Gibraltar Ordinary 100 100 100 LJ Skye Trustees Limited*(7) Isle of Man Ordinary 100 100 100 Alvarium Management (IOM) Limited Isle of Man Ordinary 100 100 0 Waterstreet One Limited*(7) Isle of Man Ordinary 100 100 100 Waterstreet Two Limited*(7) Isle of Man Ordinary 100 100 100 Park Limited*(7) Isle of Man Ordinary 100 100 100 Lake Limited*(7) Isle of Man Ordinary 100 100 100 Harbour Limited*(7) Isle of Man Ordinary 100 100 100 Stone Limited*(7) Isle of Man Ordinary 100 100 100 Whitebridge Limited*(7) Isle of Man Ordinary 100 100 100 LJ QG Bow Limited*(7) Isle of Man Ordinary 100 100 100 CF I Feeder GP Limited*(25) Cayman Islands Ordinary 100 100 100 KF I Feeder GP Limited*(25) Cayman Islands Ordinary 100 100 100 LJ Ardstone Spain S.L.*(26) Spain Ordinary 70 70 70 Subsidiary undertakings Country of incorporation Class of share Percentage of shares held 2021 2020 2019 LJ Cresco Holdco Limited*(7) Isle of Man Ordinary 100 100 100 LJ Directors (UK) Limited*(1) United Kingdom Ordinary 100 100 100 LJ Management Nominees (UK) Limited*(1) United Kingdom Ordinary 100 100 100 LJ UK Cities Carry LP Inc.* (7) Isle of Man Partnership 65 65 65 LJ Cresco GP Holdings Limited*(7) Isle of Man Ordinary 100 100 100 LJ Capital (IOM) T4 Limited*(7) Isle of Man Ordinary 100 100 100 Loire Services Limited*(7) Isle of Man Ordinary 100 100 100 Southwood Limited*(7) Isle of Man Ordinary 100 100 100 Mooragh (BVI) Limited*(19) British Virgin Islands Ordinary 100 100 100 Whitebridge (BVI) Limited*(19) British Virgin Islands Ordinary 100 100 100 LJ Station 2 GP Limited*(19) Isle of man Ordinary 100 100 0 LJ Fusion Feeder GP Limited*(7) Isle of Man Ordinary 100 100 0 Alvarium Goodmayes Limited*(1) United Kingdom Ordinary 100 100 0 Alvarium Streatham Limited*(1) United Kingdom Ordinary 100 100 0 VO Feeder GP*(25) Cayman Islands Ordinary 100 100 0 Alvarium Cl (US) LLC(3) USA Partnership 100 0 0 LXI REIT Advisors Limited*(1) United Kingdom Ordinary 100 59 Alvarium Social Housing Advisors Limited*(1) United Kingdom Ordinary 100 76.4 0 Alvarium Penge Limited*(1) United Kingdom Ordinary 100 0 0 LJ Administration (UK) Limited*(1) United Kingdom Ordinary 0 0 100 Alvarium MB (US) LLC(4) USA Partnership interest 0 0 100 LJ Skye 2 (PTC) Limited*(19) British Virgin Islands Ordinary 0 0 100 Ecne Holdings Limited*(10) Turks and Caicos Ordinary 0 0 100 LJ Advisors Singapore Pte. Limited(29) Singapore Ordinary 0 0 100 Iskander SAS*(2) France Ordinary 0 0 100 Other holdings (refer to note 3 for accounting Country of incorporation Class of share Percentage of shares held 2021 2020 2019 LJ Capital (Woody) Limited* United Kingdom A Shares 80 80 80 B Shares 16 16 16 LJ Capital (RL) Limited* British Virgin Islands A Shares Ordinary 100 100 100 LJ London Holdings Limited Isle of Man shares 100 100 100 LJ Maple Limited* Guernsey A Shares 100 100 100 LJ Greenwich Sari* Luxembourg A Shares 0.19 0.19 0.19 B Shares 100 100 100 LJ Maple Belgravia Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Circus Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Hamlet Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Hill Limited* British Virgin Islands A Shares 100 100 100 LJ Maple St. Johns Wood Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Kew Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Kensington Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Chelsea Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Tofty Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Duke Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Abbey Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Nine Elms Limited* British Virgin Islands A Shares 100 100 100 Subsidiary undertakings Country of incorporation Class of share Percentage of shares held 2021 2020 2019 LJ Green Lanes Holdings Limited* Isle of Man British Virgin A Shares 100 100 100 LJ T4 GP Limited* Islands A Shares 100 100 100 PMD Finance Sari Luxembourg A Shares 1.57 1.57 60 Associates Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Queensgate Investments LLP*(13) United Kingdom LLP Interest 30 30 50 Queensgate Investments II GP LLP*(12) United Kingdom LLP Interest 30 30 30 Queensgate Investment Management Limited*(13) United Kingdom Ordinary 30 30 30 Queensgate Hospitality Management Limited*(31) United Kingdom Ordinary 30 30 30 A Shares 100 100 100 Cellar Holdings Limited Ireland Ordinary Partnership 50 50 50 Queensgate Mayfair Carry LP*(7) Isle of Man Interest Partnership 50 50 50 Queensgate Carry Partner SCS Luxembourg Interest 29.1 29.1 29.1 Queensgate Investments I Sarl*(16) Luxembourg Ordinary Shares 37.5 37.5 37.5 Queensgate Mayfair Carry GP Ltd*(7) Isle of Man Ordinary Shares 50 50 50 Queensgate Mayfair Co-Invest Isle of Man Ordinary Shares Partnership 33.33 33.33 33.33 Queensgate Investments II Carry GP LLP*(21) United Kingdom Interest Partnership 16.67 16.67 33.33 Queensgate Fusion GP LLP*(2i) United Kingdom Interest 16.67 16.67 0 Queensgate Carry Partner GP Coop SA*(16) Luxembourg Ordinary Shares Partnership 50 50 50 Queensgate Investments II Carry LP*(21) United Kingdom Interest Partnership 24 24 24 Queensgate Bow Co-Invest United Kingdom Interest 25.5 25.5 25.5 Queensgate Bow Co-Invest United Kingdom LLP Interest 33.33 33.33 33.33 Queensgate Bow GP LLP*(14) United Kingdom LLP interest Partnership 16.67 16.67 16.67 Gem Carry GP LLP*(21) United Kingdom Interest Partnership 50 50 0 Gem Carry LP*(21) United Kingdom Interest 25 25 0 Queensgate Investments II AIV GP LLP*(12) United Kingdom LLP Interest Partnership 16.67 16.67 0 Associates Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Queensgate Fusion Co-Invest United Kingdom interest Partnership 25.5 25.5 25.5 Queensgate Fusion Co-Invest United Kingdom interest 25 25 25 Alvarium Capital Partners Limited*(1) United Kingdom Ordinary Shares 30 30 35 Alvarium Investment Managers (Suisse) SA*(30) Switzerland Ordinary Shares 30 30 30 NZ Propco Holdings Limited* (35) New Zealand Ordinary Shares Partnership 23 23 0 Urban Spaces Carry LP*(22) Guernsey interest 25 25 0 Cresco Pankow 1 SCA*(17) Luxembourg Ordinary Shares 30 30 0 Cresco Terra 1 New SCA*(17) Luxembourg Ordinary Shares 30 30 0 Cresco Station 1 SCA*(17) Luxembourg Ordinary Shares 30 30 0 Pradera European Retails Parks Carry LP*(36) United Kingdom Partnership interest 30 30 0 Templeton C&M Holdco Limited*(35) New Zealand Ordinary 23 23 0 Queensgate Investments II AIV GP LLP(12) United Kingdom Partnership interest 0 0 16.67 Albacore SA*(30) Switzerland Ordinary Shares 0 0 30 Joint ventures Osprey Equity Partners Limited*(1) United Kingdom Ordinary 50 50 50 CRE S.a r.l*(17) Luxembourg Ordinary 33.33 33.33 33.33 Cresco Urban Yurt Sarl*(i8) Luxembourg Ordinary 33.33 33.33 33.33 Cresco Urban Yurt S.L.P.*(18) Luxembourg Partnership interest 33.33 33.33 33.33 Cresco Capital Advisors LLP*(1) United Kingdom LLP Interest 33.33 33.33 33.33 Cresco Capital Group Fund I GP Limited*(22) Guernsey Ordinary 33.33 33.33 33.33 Cresco Immobilien Verwaltungs Gmbh*(27) Germany Ordinary 33.33 33.33 33.33 Cresco Terra Holdings Sarl*(17) Luxembourg Ordinary Shares 30 30 30 Osprey Aldgate Advisors Limited*(1) United Kingdom Ordinary 50 50 50 Kuno Investments Limited*(20) British Virgin Islands Ordinary 49.9 49.9 49.9 Associates Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Alvarium Investment (NZ) Limited*(28) New Zealand Ordinary 46 46 50 Cresco Capital Urban Yurt Holdings 2 Sarl*(17) Luxembourg Ordinary 33.33 33.33 33.33 Alvarium Investments (AUS) Pty Limited*(33) Australia Ordinary 50 50 100 HPGL Holdings Limited*(24) Hong Kong Ordinary 50 50 50 Hadley Property Group Holdings Limited*(15) United Kingdom Ordinary 35 35 35 Alvarium Kalrock LLP*(1) United Kingdom Membership interest 40 40 40 Bluestar Advisors Limited*(1) United Kingdom Ordinary 40 40 0 Alvarium Bluestar Diamond Limited*(7) Isle of Man Ordinary 40 40 0 Alvarium Media Finance, LLC*(34) United States Membership Interest 50 50 0 Alvarium Osesam SAS*(2) France Ordinary 50 50 0 Pointwise Partners Limited*(1) United Kingdom Ordinary 50 50 0 Alvarium Core Partners LLP*(1) United Kingdom Membership interest 40 40 40 Casteel Capital LLP*(1) United Kingdom Membership Interest 50 50 50 Alvarium Guardian LLP*(1) United Kingdom Ordinary 50 0 0 Cresco Terra 2 S.C.A.(17) Luxembourg Partnership interest 0 0 30 LJ Management (Mauritius) Limited*(32) Mauritius Ordinary 0 0 50 Registered addresses The subsidiaries, joint ventures and associates disclosed above are registered at the following addresses: (1) 10 Old Burlington Street, London, W1S 3AG (2) 35 Avenue Franklin D. Roosevelt, 75008, Paris (3) 111 Brickell Avenue, Suite 2802, Miami, Florida, 33131 (4) 251 Little Falls Drive, Wilmington, DE 19808 New Castle County (5) 8 Rue Saint Leger, Geneva 1205, Switzerland (6) 6A, An Ditert L-8076 (7) Commerce House, 1 Bowring Road, Ramsey, Isle of Man, IM8 2LQ (8) Trust Company Complex, Ajeltake Road, Ajeltake Island, Marshall Islands (9) Suite 16, Watergardens 5, Waterport Wharf, Gibraltar (10) Britannic House, Providenciales, Turks and Caicos Islands (11) C/o Pitcher Partners, Level 13, 664 Collins Street, Docklands, VIC 3008 (12) The Scalpel, 18 th (13) 8 Hill Street, London, W1J 5NG (14) Asticus Building, 2 nd (15) 3 rd (16) 1, Rue Jean-Pierre Brasseur, L-1258 (17) 6, rue d’ Arion, L- (18) 89e Parc d’Activité Luxembourg Capellan, Luxembourg (19) 3rd Floor, Yamraj Building, Market Square, P.O. Box 3175, Road Town, Tortola, British Virgin Islands (20) Equity Trust (BVI) Limited, PO Box 438, Palm Grove House, Road Town Tortola, BVI (21) 1 Exchange Crescent, Conference Square, Edinburgh, EH3 8UL (22) 1 Royal Plaza Avenue, St Peter Port, Guernsey (23) Suite 3801, One Exchange Square, 8 Connaught Place, Central, Hong Kong (24) 22F South China Building, 1-3 (25) Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, (26) RB De Catulunya, Num 86, P.1. PTA, Barcelona, 08008 (27) Rudi-Dutschke-Strasse 26, 10969 Berlin, Germany (28) Zurich House, Level 9, 21 Queen Street, Auckland, 1010 (29) c/o Abogado Pte Ltd, 8 Marina Boulevard, 05-02, (30) Via Nassa 29, 6900 Lugano, Switzerland (31) 97 Cromwell Road, London, England, SW7 4DN (32) 6th Floor, Ken Lee Building, 20 Edith Cavell Street, Port Loius, Mauritius (33) Level 13, 664 Collins Street, Docklands VIC 3008 (34) 9000 W Sunset Boulevard, Penthouse, West Hollywood, CA 90069 (35) 19 Mackelvie Street, Grey Lynn, Auckland, 1021 , New Zealand (36) 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ * denotes investments not held directly by the parent Company The below table represents the financial results of other holdings, for which the Group has not recorded the financial results in its consolidated financial statements. This is explained in detail in the ‘Entities excluded from consolidation due to limited economic rights’ section within note 3 to these financial statements: Capital and reserves Profit/(loss) for the year 2021 2020 2021 2020 £ £ £ £ Subsidiary undertakings LJ London Holdings Limited — 1,133 (1,133 ) 18,853 LJ Maple Limited* (101,370 ) (74,866 ) (26,504 ) (28,240 ) LJ Maple Chelsea Limited* 380,115 391,228 (11,113 ) (9,166 ) LJ Maple Hamlet Limited* 41,389 (98,403 ) 139,792 (28,935 ) LJ Maple Circus Limited* (110,193 ) (101,918 ) (8,275 ) (7,751 ) LJ Maple Belgravia* (41,308 ) (28,547 ) (12,761 ) (8,395 ) LJ Maple Tofty Limited* (165,417 ) (157,361 ) (8,056 ) (7,332 ) LJ Maple St Johns Wood Limited* (153,722 ) (179,249 ) (9,246 ) (41,655 ) LJ Maple Kew Limited* (37,370 ) (29,833 ) (7,537 ) (6,361 ) LJ Maple Kensington Limited (89,901 ) (85,916 ) (9,056 ) (11,370 ) LJ Maple Hill Limited* 139,861 129,574 10,287 28,262 LJ Maple Nine Elms Limited* (621,591 ) (510,079 ) (111,512 ) (218,079 ) LJ Maple Duke Limited* (224,513 ) (295,398 ) 70,885 (30,862 ) LJ Maple Abbey Limited* (172,889 ) (161,742 ) (11,147 ) (7,021 ) LJ T4 GP Limited* 25,536,278 25,529,573 6,705 866,508 * denotes investments not held directly by the parent company |
Debtors
Debtors | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Receivables, Net, Current [Abstract] | ||
Debtors | 13. Debtors 30 Sep 22 31 Dec 21 £ £ Trade debtors 9,732,164 8,911,840 Amounts owed by the groups associates and joint ventures 5,569,209 5,771,802 Deferred tax asset 5,218,041 4,104,324 Prepayments and accrued income 18,893,658 13,929,657 Corporation tax repayable 53,261 — Other debtors 8,525,058 4,285,775 47,991,391 37,003,398 | 14. Debtors 2021 £ 2020 £ Trade debtors 8,911,840 5,821,677 Amounts owed by the Group’s associates and joint ventures 5,771,802 4,669,533 Deferred tax asset 4,104,324 2,770,219 Prepayments and accrued income 13,929,657 11,187,743 Corporation tax repayable — 12,557 Deferred consideration receivable — — Other debtors 4,285,775 4,594,370 37,003,398 29,056,099 All debtors are due within one year. Amounts due from the groups associates and joint ventures The group has provided various working capital loans to a number of its associates and joint ventures. These have generally been used to fund the activities of the investees while they are in a start up phase. These loans have a variety of terms in respect of interest rates and repayment terms. Any interest accruing on these loans are added to the balances disclosed above. |
Other current assets
Other current assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Current Assets [Abstract] | |
Other current assets | 15. Other current assets 2021 £ 2020 £ Other investments 4,254 4,940 |
Creditors_ amounts falling due
Creditors: amounts falling due within one year | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Creditors: amounts falling due within one year | 14. Creditors: amounts falling due within one year 30 Sep 22 31 Dec 21 £ £ Subordinated shareholder loan 39,767,149 — Bank loans and overdrafts 10,373,499 10,323,187 Deferred consideration payable on acquisition — 179,122 Trade creditors 4,380,595 2,175,401 Amounts owed to undertakings in which the company has a participating interest 827,158 749,005 Accruals and deferred income 19,579,527 23,950,275 Corporation tax 1,597,124 452,484 Social security and other taxes 2,578,099 1,001,918 Liability for cash-settled share-based payments 10,761,130 — Obligations under finance leases and hire purchase contracts — 127,174 Other creditors 1,814,169 1,945,286 91,678,450 40,903,852 The shareholder loans attract interest at 25% and are repayable on 7th January 2023. There is an option to convert the shareholder loan to shares in the Group at an option price based on the Group’s latest valuation. | 16. Creditors: amounts falling due within one year 2021 2020 £ £ Bank loans and overdrafts 10,323,187 68,394 Deferred consideration payable on acquisition 179,122 877,492 Trade creditors 2,175,401 1,827,030 Amounts owed to the Group’s associates and joint ventures 749,005 219,998 Accruals and deferred income 23,950,275 9,598,521 Corporation tax 452,484 811,054 Social security and other taxes 1,001,918 1,705,021 Obligations under finance leases and hire purchase contracts 127,174 240,336 Other creditors 1,945,286 1,319,322 40,903,852 16,667,168 Refer to note 18 for further details of the deferred consideration payable on acquisition. The bank loan as at 31 December 2021, accrues interest at LIBOR plus 4.75 % (2020 and 2019: LIBOR plus 4.75%). It is due for repayment at the maturity date in August 2022. The undrawn portion of the facility (£4.75m at the period end) attracts interest at 1.9%. The interest rate switched to a risk free benchmark (SONIA) on the cessation date for LIBOR which occurred on 31 December 2021. Accrued interest is payable monthly in arrears. |
Creditors_ amounts falling du_2
Creditors: amounts falling due after more than one year | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract] | |
Creditors: amounts falling due after more than one year | 17. Creditors: amounts falling due after more than one year 2021 £ 2020 £ Bank loans and overdrafts — 8,750,000 Deferred consideration payable on acquisition — 180,531 Obligations under finance leases and hire purchase contracts — 127,174 — 9,057,705 As at 31 December 2021, all non-current The bank loan as at 31 December 2020, accrued interest at LIBOR plus 4.75% (2019: LIBOR plus 4.75%), due for repayment at the maturity date in August 2022. The undrawn portion of the facility (£6.25m at 31 December 2020) attracts interest at 1.9%. The interest rate switched to a risk free benchmark (SONIA) on the cessation date for LIBOR which occurred on 31 December 2021. |
Deferred consideration payable
Deferred consideration payable on acquisition | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Deferred Consideration Payable On Acquisition [Abstract] | |
Deferred consideration payable on acquisition | 18. Deferred consideration payable on acquisition Details regarding the deferred consideration payable on acquisition are given below: Alvarium Iskander SAS Albacore SA Investment Total £ £ £ £ Brought forward at 1 January 2021 1,058,023 — — 1,058,023 Payments made (859,107 ) — — (859,107 ) Interest 25,798 — — 25,798 Foreign exchange variances (45,592 ) — — (45,592 ) Carried forward at 31 December 2021 179,122 — — 179,122 Alvarium Iskander SAS Albacore SA Investment Total £ £ £ £ Brought forward at 1 January 2020 993,017 411,439 422,192 1,826,648 Additions/(reversals) (37,645 ) 19,725 100,647 82,727 Payments made — (468,817 ) (530,264 ) (999,081 ) Interest 46,179 5,484 7,425 59,088 Foreign exchange variances 56,472 32,169 — 88,641 Carried forward at 31 December 2020 1,058,023 — — 1,058,023 Alvarium Investment Managers (UK) LLP Following , the final deferred consideration instalment was settled in March . The amount due for payment in March was £ . This had historically been discounted using a discount rate of %. During the year discount of £nil (2020: £ , 2019: £45,744) has been released to the income statement as an interest charge. The estimates concerning the amount payable were also revised in line with the final payment calculations, resulting in the recognition of an additional £nil (2020: £100,646 , 2019: £111,242) liability due for payment. The liability had been settled in full at 31 December 2020. Iskander SAS Following the acquisition of Iskander SAS in March 2019, deferred consideration was due in various instalments, the last of which was a fixed amount of EU R215,803 paid in March 2022. A downward adjustment of £ NIL : £37,646, EUR50,000 , 2019: EURNIL ) was made to the consideration during the year, and payments of EUR1,000,000 (2020 : EURNIL, 2019: EUR NIL : £NIL, 2019: £ NIL The remaining amount outstanding has been historically discounted using a discount rate of 5.50% (being the prevailing rate of interest on the group’s bank facility at the date of acquisition) to a present value of EUR183,781 (2020 : EUR1,083,692) and translated to a GBP equivalent of £158,010 (2020 : £931,650). During the year discount totalling £25,798 (2020 : £46,179 , 2019: £40,935 : loss - £56,472 , 2019: gain - £18,414 ) also recognised in the income statement. Closing liabilities of £179,122 (2020 : £877,492) and £ NIL : £180,531) are included in creditors falling due within one year and more than one year respectively. Albacore SA The group acquired a 30% share in Albacore SA during 2019. Deferred consideration of CHF 536,125 was estimated to be due in March 2020. During 2020 this was revised upwards to CHF570,880 and settled in full. This had been discounted using a discount rate of 5.50% to a present value of CHF508,175 and translated to a GBP equivalent of £391,839. During the year discount totalling £nil (2020 : £5,484 , 2019: £16,430 ) was released to the income statement, and a foreign exchange loss of £nil (2020 : £32,169 , 2019: £3,170 ) also recognised in the income statement. The liability had been settled in full at 31 December 2020. |
Obligations Under Finance Lease
Obligations Under Finance Leases | 12 Months Ended |
Dec. 31, 2021 | |
Lessee Disclosure [Abstract] | |
Obligations under finance leases | 19. Obligations under finance leases The total future minimum lease payments under finance leases and hire purchase contracts are as follows: 2021 2020 £ £ Not later than 1 year 130,009 260,018 Later than 1 year and not later than 5 years — 130,009 130,009 390,027 Less: future finance charges (2,835 ) (22,517 ) Present value of minimum lease payments 127,174 367,510 |
Provisions
Provisions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Provisions [Abstract] | ||
Provisions | 15. Provisions Deferred tax £ At 1 January 2022 1,958,233 Additions (4,560 ) Charge against provision (136,304 ) Foreign exchange difference 236,860 At 30 September 2022 2,054,229 | 20. Provisions Deferred tax £ At 1 January 2021 1,978,716 Additions 39,876 Charge against provision (57,020 ) Foreign exchange difference (3,339 ) At 31 December 2021 1,958,233 Deferred tax £ At 1 January 2020 2,098,969 Additions 1,527 Charge against provision (129,076 ) Foreign exchange difference 7,296 At 31 December 2020 1,978,716 Deferred tax £ At 1 January 2019 2,771,200 Charge against provision (609,442 ) Foreign exchange difference (62,789 ) At 31 December 2019 2,098,969 |
Deferred Tax
Deferred Tax | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Deferred tax | 16. Deferred tax The deferred tax included in the statement of financial position is as follows: 30 Sep 22 31 Dec 21 £ £ Included in debtors (note 13) 5,218,041 4,104,324 Included in provisions (note 15) (2,054,229 ) (1,958,233 ) 3,163,812 2,146,091 The deferred tax account consists of the tax effect of timing differences in respect of: 30 Sep 22 31 Dec 21 £ £ Accelerated capital allowances (35,748 ) (41,829 ) Unused tax losses 3,916,736 3,512,706 Business combinations (2,016,653 ) (1,916,404 ) Corporate interest restriction 320,882 — Accrued expenses not yet tax deductible 614,631 197,887 Specific allowance in US subsidiary 363,964 393,731 3,163,812 2,146,091 Unrecognised deferred tax The Group has the following unrecognised deferred tax assets and liabilities: 30 Sep 22 31 Dec 21 £ £ Unused tax losses 2,544,105 2,018,188 Accrued expenses not yet tax deductible 229,796 115,352 2,773,901 2,133,540 | 21. Deferred tax The deferred tax included in the statement of financial position is as follows: 2021 £ 2020 £ Included in debtors (note 14) 4,104,324 2,770,219 Included in provisions (note 20) (1,958,233 ) (1,978,716 ) 2,146,091 791,503 Unused tax losses The Group has recognised carried forward deferred tax assets amounting to £2,853,572 ( 2020: 2020: : £1,777,150 ). The deferred tax assets amounting to £1,777,150 as at 31 December 2020 were forecasted to be realised during the years ending 31 Dec 2021 and 31 Dec 2022. o 25% from 1 April 2023 (announced March 2021) has been factored into the asset based on the forecast realisation date. The Group has recognised carried forward deferred tax assets amounting to £53,610 (2020 : £123,807) relating to unused Swiss corporation tax losses of CHF472,567 (2020 : CHF1,071,407), which when realised will result in a Swiss tax saving of CHF66,112 (2020 : CHF149,890). The Group has recognised carried forward deferred tax assets amounting to £605,524 (2020 : £781,007) relating to unused US corporation tax losses of $3,232,320 (2020 : $4,687,500), which when realised will result in a US tax saving of $819,393 (2020 : $1,067,637). Specific allowance in US subsidiary The Group also has recognised a deferred tax asset in respect of some tax goodwill arising in a US subsidiary which is being amortised through to 2024. The amortisation charge, which is not recognised in the accounts, is a tax deductible expense and hence will result in a future tax deduction. Business combinations The Group has carried forward deferred tax liabilities amounting to £1,916,404 (2020 : Accrued expenses not yet tax deductible The Group has recognised a deferred tax asset amounting to £197,887 (2020 : £ N I : $ NIL : $ NIL ). Unrecognised deferred tax The Group has the following unrecognised deferred tax assets and liabilities: 2021 £ 2020 £ Accelerated capital allowances — (64,728 ) Unused tax losses 2,018,188 3,551,713 Accrued expenses not yet tax deductible 115,352 176,693 Impact of prior year adjustments — 496,628 Specific allowance in US subsidiary — 424,640 2,133,540 4,584,946 Unused tax losses In addition to the above, the group has cumulative UK tax losses of £2,347,834 (2020 : £ : £ : £ The group also has cumulative US tax losses relating to three US subsidiaries totalling $7,206,273 (2020 : $ , 2019: $2,019,090), which if realised at the USA 2021 federal plus state corporation tax rate of 25.35% would generate a tax saving of $1,826,790 (2020 : $ : £ The group also has cumulative French tax losses relating to a French subsidiary totalling EUR1,056,679 (2020 : : : £ Accrued expenses not yet tax deductible The Group has an unrecognised deferred tax asset amounting to £115,352 (2020 : £ : $ : $ |
Executory Contracts
Executory Contracts | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Executory Contracts [Abstract] | |
Executory contracts | 22. Executory contracts At 31 December 2020, the Group held an option to purchase crypto assets. This option was deemed to be a non-financial At 31 December 2021 the Group does not have any similar arrangements. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Employee benefits | 23. Employee benefits Defined contribution plans The amount recognised in profit or loss as an expense in relation to defined contribution plans was £1,092,981 (2020: £1,063,009 , 2019: £901,531). |
Share-Based Payments
Share-Based Payments | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement [Abstract] | ||
Share-based payments | 17. Share based payments In April 2022, the Group granted awards to key employees and directors as part of a Long Term Incentive Plan. The value of these awards is determined by the appreciation of the Group’s value between 1 January 2019 and 31 December 2021, provided that a minimum target valuation is met. The Group held a Townhall on 21 September 2022 where it was communicated to the members of the LTIP that cash payments would be made to settle the plan imminently. The Group has determined that it was at this point that a mutual understanding between the Group and members in the scheme had been established, and that 21 September should therefore be used as the vesting date. The fair value of these awards as at 30 September 2022 is £10,761,130 and a liability has therefore been recognised for this amount. The total expense recognised in profit or loss for the period is as follows: 30 Sep 22 30 Sep 21 £ £ Equity-settled share-based payments — (1,333 ) Cash-settled share-based payments 10,442,728 — 10,442,728 (1,333 ) The total carrying amount of the liability relating to cash-settled share-based payment transactions at 30 September 2022 is £10,761,130 (2021: £Nil). The liability is different to the expense recognised in the profit and loss disclosed above as an element of this liability is payable to foreign subsidiaries and is therefore denominated in foreign currencies. These liabilities are therefore revalued at the closing exchange rates. | 24. Share-based payments During 2015, the Group set up an employee share scheme. 10,495 ordinary shares were issued to LJ GP Nominee Limited to fulfil the requirements of the scheme. LJ GP Nominee Limited is a subsidiary of Alvarium Investments Limited and holds the shares on trust for the employees. The intention of the scheme was to reward and provide incentive for staff/management to be rewarded financially for helping to build and grow the Group successfully. Full rights to the shares do not pass to employees until a certain period of service has been completed, which is between 1 and 3 years from the date of grant. If an employee is a bad leaver in that period, the shares remain with LJ GP Nominee Limited and the employee is not entitled to any payment or reward. Whether an employee is a good or bad leaver is determined at the discretion of the directors. There are no other market or non-market Once the shares have vested, no further payment is required to be made by the employee for the shares, and unconditional rights pass to them. In determining the expense to recognise, management has had to consider the number of shares that will eventually vest, and therefore make a number of assumptions on the number of bad leavers throughout the vesting period. Management has assumed that there will be staff turnover of 15% throughout the vesting period and the cost has been discounted accordingly. This assumption will be reviewed annually. The total expense recognised in profit or loss for the year is as follows: 2021 £ 2020 £ 2019 £ Equity-settled share-based payments (1,333 ) 7,296 8,818 |
Government Grants
Government Grants | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Government Grants [Abstract] | |
Government grants | 25. Government grants The amounts recognised in the Consolidated financial statements for government grants are as follows: 2021 £ 2020 £ 2019 £ Recognised in other operating income: Government grants recognised directly in income — 759,664 — |
Called Up Share Capital
Called Up Share Capital | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Called up share capital | 26. Called up share capital Issued, called up and fully paid 2021 No. £ 2020 No. £ 2019 No. £ Ordinary class A shares of £0.01 (2020: £0.01, 2019: £0.01)each 28,410 284 28,410 284 28,410 284 Ordinary class E shares of £0.01 (2020: £0.01, 2019: £0.01) each — — 2,145 21 2,145 21 Ordinary class E1 shares of £0.01 (2020: £0.01, 2019: £0.01) each — — 1 — 1 — Ordinary shares of £0.01 (2020: £0.01,2019: £0.01) each 714,908 7,149 664,331 6,643 657,403 6,575 Ordinary class E2 shares of £0.01 (2020: £0.01, 2019: £0.01) each — — 1 — 1 — 743,318 7,433 694,888 6,948 687,960 6,880 Ordinary shareholders are entitled to receive notice of, attend, speak at and vote at general meetings. They are entitled to receive distributions of profits other than those distributable to E and E1 shareholders. E shareholders are not entitled to receive notice of, attend, speak at and vote at general meetings. They are entitled to receive distributions of profits in relation to specific deals and transactions as defined in the shareholders agreement and articles of association. E1 shareholders are not entitled to receive notice of, attend, speak at and vote at general meetings. They are entitled to receive distributions of profits in relation to specific deals and transactions as defined in the shareholders agreement and articles of association. E2 shareholders are not entitled to receive notice of, attend, speak at and vote at general meetings. They are entitled to receive distributions of profits in relation to specific deals and transactions as defined in the shareholders agreement and articles of association. A shareholders are not entitled to receive notice of, attend, speak at and vote at general meetings. They are entitled to receive distributions of profits other than those distributable to E and E1 shareholders. Such profits shall be shared amongst the holders of the Ordinary shares and Ordinary A shares pair passu and pro rata to their holdings of such Ordinary and Ordinary A shares respectively, as though they were a single class of shares. In the event of a liquidation of the company prior to February 2022, the holders of the Ordinary A shares would be entitled to a priority distribution of £5,559,000. Issue of Ordinary shares 46,604 Ordinary shares were issued in October 2021 for a total consideration of £9,494,633. The consideration was settled through the conversion of a subordinated shareholder loan to the new shares. A further 3,973 ordinary shares were issued in April 2021 for a total consideration of £923,365. The consideration was settled through the transfer of a minority shareholding in LXI REIT Advisors Ltd and Alvarium Social Housing Advisors Ltd to the group, two existing subsidiaries of the group. Issue of Ordinary shares 2020 6,928 Ordinary shares were authorised issued in August 2020 for a total cash consideration of £1,411,440. Issue of Ordinary class A shares 2019 28,410 Ordinary class A shares were authorised and issued in February 2019 for a total consideration of £5,558,985. This was settled through the transfer of the trade and assets of a business acquired by the Group during the year, as disclosed in additions to client lists in note 14. Issue of Ordinary shares 2019 51,540 Ordinary shares were authorised and issued in March 2019 for a total cash consideration of £10,500,244. A further 20,706 Ordinary shares were authorised and issued in October 2019 for a total consideration of £4,218,433. This was settled through the transfer of a 41.4% shareholding in Alvarium Social Housing Advisors Ltd to the Group, further details of which are disclosed in note 30 to the accounts. Cancellation of share capital During the period, the E shares, E1 share and E2 share were all cancelled and purchased by the company from the holders at par for a consideration of £22. |
Reserves
Reserves | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Reserves | 27. Reserves Share premium account This reserve records the amount above the nominal value received for shares sold, less transaction costs. Profit and loss account This reserve records retained earnings and accumulated losses. Other reserves Other reserves consist of a merger reserve and a revaluation reserve. The split of these reserves is shown below. Merger reserve The merger reserve arose when the group was formed and represents the application of UK statutory merger relief by LJ GP Ltd on the issue of shares in exchange for shares in the other combining entities and the difference between the assets, liabilities and accumulated profit and loss account of LJ Capital, amounts transferred as part of the transaction and the capital structure of LJ GP Ltd. The balance within the reserve was £22,867,313 at 31 December 2021 and 31 December 2020. Revaluation reserve The Company historically held investments in two associates - Unicorn Administration Limited and LJ Investment Management Limited - where additional interests were subsequently purchased giving the company control and resulting in consolidation of a subsidiary undertaking. This has resulted in a revaluation reserve. The balance within the reserve was £133,722 at 31 December 2021 and 31 December 2020. Other reserves 2021 2020 £ £ Merger reserve 22,867,313 22,867,313 Revaluation reserve 133,722 133,722 23,001,035 23,001,035 |
Analysis of changes in net debt
Analysis of changes in net debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Analysis of changes in net debt | 28. Analysis of changes in net debt At Other At 1 Jan 2021 Cash flows changes 31 Dec 2021 £ £ £ £ Cash and cash equivalents 8,298,069 4,666,340 (2,539 ) 12,961,870 Debt due within one year (1,186,222 ) (400,557 ) (9,042,704 ) (10,629,483 ) Debt due after one year (9,057,705 ) — 9,057,705 — (1,945,858 ) 4,265,783 12,462 2,332,387 Impact of foreign exchange The other changes of £2,539 recorded in cash and cash equivalents above relate to foreign exchange variances. The other changes to debt due within and after one year include foreign exchange gains of £ Impact of rolled up interest The other changes to debt due within and after one year include the release of discount on deferred consideration of £25,798. This is rolled up and included in the closing balances. This also includes rolled up interest on the Group’s bank facility of £4,793. Obligations under finance leases The Group’s obligations under finance leases disclosed in the above reduced by £240,336 during the period following capital repayments of that amount. At Other At 1 Jan 2020 Cash flows changes 31 Dec 2020 £ £ £ £ Cash and cash equivalents 7,057,488 1,250,687 (10,106 ) 8,298,069 Debt due within one year (1,511,044 ) 1,221,874 (897,052 ) (1,186,222 ) Debt due after one year (9,683,832 ) — 626,127 (9,057,705 ) (4,137,388 ) 2,472,561 (281,031 ) (1,945,858 ) Impact of acquisition and disposal of subsidiaries Included in the cash flows relating to cash and cash equivalents are cash inflows of £71,158 in respect of cash balances acquired with subsidiaries and cash outflows of £2,934 in respect of cash balances disposed of with the loss of control of a subsidiary during the year. Impact of foreign exchange The other changes of £10,106 recorded in cash and cash equivalents above relate to foreign exchange variances. The other changes to debt due within and after one year include foreign exchange losses of £88,641 Impact of rolled up interest The other changes to debt due within and after one year include the release of discount on deferred consideration of £59,088. This is rolled up and included in the closing balances. This also includes rolled up interest on the Group’s bank facility of £40,270. Impact of fair value adjustment to deferred consideration The other changes to debt due within and after one year include fair value adjustments to deferred consideration amounting to £82,726. Obligations under finance leases The Group’s obligations under finance leases disclosed in the above reduced by £222,793 during the period following capital repayments of that amount. |
Commitments Under Operating Lea
Commitments Under Operating Leases | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments under operating leases | 29. Commitments under operating leases The total future minimum lease payments under non-cancellable 2021 £ 2020 £ Not later than 1 year 1,456,570 — Later than 1 year and not later than 5 years 4,653,430 3,082,584 Later than 5 years 3,095,534 3,904,607 9,205,534 6,987,191 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Commitments and Contingencies | 30. Contingencies Acquisition of Iskander SAS Following the acquisition in March 2019, a deferred consideration was payable in four further instalments of EUR525,000 due in September 2019, September 2020, September 2021 and March 2022. The share purchase agreement contained an adjustment mechanism whereby if Iskander’s assets under management (‘AUM’) reduced by 10% or more the total consideration is subject to a downward adjustment, to be reflected against the next deferred consideration instalment. Such a reduction is capped at EUR575,000 in in A drop in AUM occurred following completion and as a result the September 2019 instalment was not due, and the September 2020 instalment deferred to September 2021. In the event the AUM recovers, then a subsequent deferred consideration instalment would be increased to compensate for this. Management does not consider it probable that the AUM will recover sufficiently to cause the September 2021 instalment to be adjusted upwards and therefore EUR of the deferred consideration has been derecognised from the financial statements. Should there be further fluctuations in AUM, the deferred consideration payable is subject to a maximum upwards adjustment of EUR compared to the figures reported in the financial statements. At the year end GBP:EUR exchange rate this would amount to a potential upwards adjustment of £ . Senior loan facility The Company has a revolving loan facility with Natwest with a facility limit of £15.00m. At the year end £10.25m (2020: £8.75m , 2019: £ NIL Increase in holdings in subsidiaries At 31 December 2020 the Group had entered into a commitment to acquire a further 5.7% of Alvarium Social Housing Advisors Ltd for a total cash consideration of £330,435, payable in December 2021. At 31 December 2020 the Group had also entered into a commitment to acquire a further 11.5% of LXI REIT Advisors Ltd for a total cash consideration of £3,927,160, payable in October and December 2021. Both of these commitments were fully paid out in 2021 and the balances at 31 December 2021 are therefore £ NIL Litigation From time-to-time Alvarium’s subsidiary, LJ Management (IOM) Limited, is a co-respondent | |
Cartesian Growth Corp [Member] | ||
Commitments and Contingencies | Note 6 — Commitments and Contingencies Underwriting Agreement The underwriter had a 45-day Upon consummation of the IPO on February 26, 2021, the underwriters were paid a cash underwriting fee of 2.0% of the gross proceeds of the IPO, or $6,900,000 in the aggregate. The underwriters of the IPO are entitled to a deferred underwriting commission of 3.5% of the gross proceeds of the IPO, or $12,075,000 in the aggregate. Subject to the terms of the underwriting agreement, (i) the deferred underwriting commission was placed in the Trust Account and will be released to the underwriters only upon the completion of a Business Combination and (ii) the deferred underwriting commission will be waived by the underwriters in the event that the Company does not complete a Business Combination. Registration Rights On February 23, 2021, the Company entered into a registration rights agreement with respect to the founder shares, the Private Warrants and warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Warrants and warrants that may be issued upon conversion of Working Capital Loans), which requires the Company to register such securities for resale (in the case of the founder shares, only after conversion to Class A ordinary shares). Pursuant to such registration rights agreement, the holders of the majority of these securities will be entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the Company’s initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Financial Advisor Engagements and Resignations On September 19, 2021, the Company engaged BofA Securities, Inc. (“BofA”) as its financial (M&A) advisor in connection with the Business Combination. Pursuant to this engagement, the Company agreed to pay to BofA an advisory fee of $3,000,000, contingent and payable upon the closing of a Business Combination. On May 13, 2022, BofA resigned from its role as financial (M&A) advisor to the Company and waived any fees to which it was entitled pursuant to its engagement, and BofA and the Company mutually terminated the engagement letter entered into in connection therewith. On September 19, 2021, the Company engaged BofA as its capital markets advisor in connection with the Business Combination. Pursuant to this engagement, the Company will pay no additional compensation to BofA. On May 13, 2022, BofA resigned from its role as capital markets advisor to the Company for which it was not entitled to any fee, and BofA and the Company mutually terminated the engagement letter entered into in connection therewith. | Note 6 — Commitments and Contingencies Underwriting Agreement The underwriter had a 45-day Upon consummation of the IPO on February 26, 2021, the underwriters were paid a cash underwriting fee of 2.0% of the gross proceeds of the IPO, or $6,900,000 in the aggregate. The underwriters of the IPO are entitled to a deferred underwriting commission of 3.5% of the gross proceeds of the IPO, or $12,075,000 in the aggregate. Subject to the terms of the underwriting agreement, the deferred underwriting commission will be payable to the underwriters from the amounts held in the Trust Account solely in the event that the Company completes an initial Business Combination and the deferred underwriting commission will be waived by the underwriters in the event that the Company does a Business Combination. Registration Rights On February 23, 2021, the Company entered into a registration rights agreement with respect to the Founder Shares, the Private Warrants and warrants that may be issued upon conversion of the Working Capital Loans (and any Class A ordinary shares issuable upon the exercise of the Private Warrants and warrants that may be issued upon conversion of Working Capital Loans), which requires the Company to register such securities for resale (in the case of the Founder Shares, only after conversion to Class A ordinary shares). Pursuant to such registration rights agreement, the holders of the majority of these securities will be entitled to make up to three demands, excluding short form demands, that we register such securities. In addition, the holders will have certain “piggy-back” registration rights with respect to registration statements filed subsequent to the completion of the Company’s initial Business Combination and rights to require the Company to register for resale such securities pursuant to Rule 415 under the Securities Act. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Financial Advisor Engagements On September 19, 2021, the Company engaged BofA Securities, Inc. (“BofA”) as its financial (M&A) advisor in connection with the Business Combination. Pursuant to this engagement, the Company agreed to pay to BofA an advisory fee of $3,000,000, contingent and payable upon the closing of the Business Combination. On September 19, 2021, the Company engaged BofA as its capital markets advisor in connection with the Business Combination. Pursuant to this engagement, the Company will pay no additional compensation to BofA. |
Class A Ordinary Shares Subject
Class A Ordinary Shares Subject to Possible Redemption | 9 Months Ended |
Sep. 30, 2022 | |
Cartesian Growth Corp [Member] | |
Class A Ordinary Shares Subject to Possible Redemption | Note 7 — Class A Ordinary Shares Subject to Possible Redemption Class A Ordinary Shares |
Shareholders' Deficit
Shareholders' Deficit | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Cartesian Growth Corp [Member] | ||
Shareholders' Deficit | Note 8 — Shareholders’ Deficit Preference Shares Class B Ordinary Shares Prior to an initial Business Combination, only holders of Class B ordinary shares will be entitled to vote on the appointment of directors and may remove a member of the Company’s board of directors for any reason prior to the consummation of an initial Business Combination. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all other matters submitted to a vote of the Company’s shareholders except as required by law. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act (As Revised) of the Cayman Islands, as amended from time to time, or applicable share exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Company’s initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, 20%of any than one-to-one. | Note 7 — Shareholders’ Equity Preference Shares Class A Ordinary Shares Class B Ordinary Shares Ordinary shareholders of record are entitled to one vote for each share held on all matters to be voted on by shareholders. Holders of Class A ordinary shares and Class B ordinary shares will vote together as a single class on all matters submitted to a vote of the Company’s shareholders except as required by law. Unless specified in the Company’s amended and restated memorandum and articles of association, or as required by applicable provisions of the Companies Act (As Revised) of the Cayman Islands, as amended from time to time, or applicable share exchange rules, the affirmative vote of a majority of the Company’s ordinary shares that are voted is required to approve any such matter voted on by its shareholders. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the Company’s initial Business Combination or earlier at the option of the holders thereof at a ratio such that the number of Class A ordinary shares issuable upon conversion of all founder shares will equal, in the aggregate, on an as-converted basis, one-to-one. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Cartesian Growth Corp [Member] | ||
Fair Value Disclosures [Line Items] | ||
Fair Value Measurements | Note 9 — Fair Value Measurements The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: September 30, Quoted Prices in Significant Other Significant Other Assets: U.S. Money Market held in Trust Account $ 347,105,214 $ 347,105,214 $ — $ — Liabilities: Public Warrants Liability $ 3,278,650 $ 3,278,650 $ — $ — Private Warrants Liability 3,086,428 — — 3,086,428 $ 6,365,078 $ 3,278,650 $ — $ 3,086,428 December 31, Quoted Prices in Significant Other Significant Other Assets: U.S. Money Market held in Trust Account $ 345,031,308 $ 345,031,308 $ — $ — Liabilities: Public Warrants Liability $ 12,765,000 $ 12,765,000 $ — $ — Private Warrants Liability 10,328,609 — — 10,328,609 $ 23,093,609 $ 12,765,000 $ — $ 10,328,609 The Warrants are accounted for as liabilities in accordance with ASC 815-40 and The Company established the initial fair value of the Public Warrants and Private Warrants on February 26, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model. As of September 30, 2022 and December 31, 2021, the fair value for the Private Warrants was estimated using a Monte Carlo simulation model, and the fair value of the Public Warrants by reference to the quoted market price. The Public Warrants and Private Warrants were classified as Level 3 at the initial measurement date, and the Private Warrants were classified as Level 3 as of September 30, 2022 and December 31, 2021 due to the use of unobservable inputs. For the period ended December 31, 2021, the Public Warrants were reclassified from a Level 3 to a Level 1 classification due to the use of the observed trading price of the separated Public Warrants. For the three and nine months ended September 30, 2022, there were no transfers between Levels 1, 2 or 3. The following table presents the changes Level 3 liabilities for the nine months ended September 30, 2022: Fair Value at January 1, 2022 $ 10,328,609 Change in fair value (4,682,154 ) Fair Value at March 31, 2022 5,646,455 Change in fair value 225,658 Fair Value at June 30, 2022 5,872,113 Change in fair value (2,785,685 ) Fair Value at September 30, 2022 $ 3,086,428 The following table presents the changes Level 3 liabilities for the year ended December 31, 2021: Fair Value at January 1, 2021 $ — Initial fair value of Public Warrants and Private Warrants 27,004,700 Transfer of Public Warrants to Level 1 (15,007,500 ) Change in fair value (1,668,591 ) Fair Value at December 31, 2021 $ 10,328,609 The key inputs into the Monte Carlo simulation model as of September 30, 2022 and December 31, 2021 were as follows: September 30, December 31, Risk-free interest rate 4.05 % 1.30 % Expected term remaining (years) 5.19 5.49 Expected volatility 34.1 % 17.5 % Trading stock price $ 9.91 $ 9.88 The Company utilizes a Monte Carlo simulation model to estimate the fair value of the conversion feature of the Working Capital Note, which is required to be recorded at its initial fair value on the date of issuance and each balance sheet date thereafter. Changes in the estimated fair value of the conversion feature of the Working Capital Note are recognized as non-cash The key assumptions in the Monte Carlo simulation model relate to the expected trading share-price volatility of the Class A ordinary shares, risk-free interest rate, strike price – warrants and debt conversion, expected term of the warrants and the probability of consummation of a Business Combination. The expected trading share-price volatility of the Class A ordinary shares is based on the average trading share price volatility of shares of special purpose acquisition companies (SPACs) that are searching for a target to consummate a business combination. The risk-free interest rate is based on interpolation of U.S. Treasury yields with a term commensurate with the term of the warrants. The Company anticipates the dividend yield to be zero. The expected term of the warrants is assumed to be the timing and likelihood of consummating a Business Combination. The estimated fair value of the conversion feature of the Working Capital Note as of issuance and for the period ended September 30, 2022 are $41,331 and $0, respectively. The following are the primary assumptions used for the valuation of the conversion feature of the Working Capital Note: May 25, September 30, Warrant Valuation Terms Risk-free interest rate 2.72 % 4.05 % Expected term remaining (years) 5.32 5.19 Expected volatility 10.9 % 34.1 % Trading share price $ 9.77 $ 9.91 May 25, September 30, Compound Option Terms Strike price — debt conversion $ 1.00 $ 1.00 Strike price — warrants $ 11.50 $ 11.50 Term — debt conversion 0.32 0.19 Term — warrant conversion 5.32 5.19 Probability of consummation of a Business Combination 90 % 90 % Probability of consummation of a Business Combination — Target Date 11/30/2022 90 % 90 % Probability of consummation of a Business Combination — Target Date 2/28/2023 10 % 10 % The following table presents the changes in the fair value of the Level 3 conversion option: Fair value at May 25, 2022 (date of issuance) $ 41,331 Change in fair value (35,333 ) Fair value at June 30, 2022 5,998 Change in fair value (5,998 ) Fair value at September 30, 2022 $ — There were no transfers in or out of Level 3 from other levels in the fair value hierarchy during the period ended September 30, 2022 for the conversion feature of the Working Capital Note. | Note 8 — Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: December 31, Quoted Prices in (Level 1) Significant Other (Level 2) Significant Other (Level 3) Assets: U.S. Money Market held in Trust Account $ 345,031,308 $ 345,031,308 $ — $ — Liabilities: Public Warrants Liability 12,765,000 12,765,000 — — Private Warrants Liability 10,328,609 — — 10,328,609 $ 23,093,609 $ 12,765,000 $ — $ 10,328,609 The Warrants are accounted for as liabilities in accordance with ASC 815-40 The Company established the initial fair value of the Public Warrants and Private Warrants on February 26, 2021, the date of the Company’s IPO, using a Monte Carlo simulation model. As of December 31, 2021, the fair value for the Private Warrants was estimated using a Monte Carlo simulation model, and the fair value of the Public Warrants by reference to the quoted market price. The Public and Private Warrants were classified as Level 3 at the initial measurement date, and the Private Warrants were classified as Level 3 as of December 31, 2021 due to the use of unobservable inputs. For the period ending December 31, 2021, the Public Warrants were reclassified from a Level 3 to a Level 1 classification due to use of the observed trading price of the separated Public Warrants. The following table presents the changes Level 3 liabilities for the year ended December 31, 2021: Fair Value at January 1, 2021 $ — Initial fair value of public and private warrants 27,004,700 Transfer of public warrants to Level 1 (15,007,500 ) Change in fair value (1,668,591 ) Fair Value at December 31, 2021 $ 10,328,609 The key inputs into the Monte Carlo simulation as of February 26, 2021 and December 31, 2021 were as follows: (Initial December 31, Risk-free interest rate 0.98 % 1.30 % Expected term remaining (years) 6.13 5.49 Expected volatility 24.2 % 17.5 % Stock price $ 9.565 $ 9.88 |
Events after the reporting peri
Events after the reporting period | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||
Events after the reporting period | 19. Events after the reporting period On 17 October 2022, the Securities and Exchange Commission declared the registration statement for the proposed business combination and public listing with Cartesian announced on 20 September 2021 effective. The closing date of this business combination is expected to be 3 January 2023 subject to shareholder approval. | 31. Subsequent events The company increased its stake in LXI REIT Advisors Limited by 27.5% in Jan 2021 acquiring 240 £0.01 ordinary shares for £9,786,067. An additional 2% was acquired in April 2021 for £648,800 (20 £0.01 ordinary shares), a further 3.5% was acquired in October 2021 for £1,135,400 (35 £0.01 ordinary shares) and a final 8% was acquired in December 2021 for £2,791,760 (80 £0.01 ordinary shares). In addition, the company increased its stake in Alvarium Social Housing Limited by 17.9% in 2021, acquiring 50 £0.01 ordinary shares for £289,855 in March 2021, 50 £0.01 ordinary shares for £289,855 in June 2021, 50 £0.01 ordinary shares for £289,855 in September 2021, a further 29 £0.01 ordinary shares for £274,663 in April 2021 and a final 57 £0.01 ordinary shares for £330,435 in December 2021. £8,650,667 of subordinated shareholder loans were arranged on 20 th On 11 July 2022, a subsidiary of Alvarium, LXI REIT Advisors Limited, acquired the rights to manage Secure Income REIT plc, by purchasing the existing shares of Prestbury Investment Partners Limited, for £40 million. The acquisition was financed via a loan from Alvarium shareholders. This acquisition will be treated as an asset acquisition for accounting and reporting purposes. Interest rate benchmarks such as the London Interbank Offered Rate (LIBOR) are being reformed, and it has been confirmed that LIBOR will cease after 31 December 2021. As a consequence, entities have to amend contractual terms referenced to LIBOR and other interest rate benchmarks and switch to new alternative benchmarks rates. The interest rate switched to a risk free benchmark (SONIA) on the cessation date for LIBOR which occurred on 31 December 2021. Management have carried out an assessment of the impact of this change in interest rate and have concluded that the impact is immaterial. As at the date of approval of these Consolidated financial statements (13 May 2022) there have been no other subsequent events to disclose. |
Cartesian Growth Corp [Member] | ||
Subsequent Event [Line Items] | ||
Events after the reporting period | Note 10 — Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the unaudited condensed financial statements were issued. Based upon this review, other than the below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the unaudited condensed financial statements. On October 25, 2022, CGC, TWMH, the TIG Entities, Alvarium, Umbrella Merger Sub and Umbrella entered into an Amended & Restated Business Combination Agreement (the “A&R Business Combination Agreement”), pursuant to which, among other things, the Business Combination Agreement was amended and restated to provide that (i) at Closing, CGC shall, or shall cause Continental Stock Transfer & Trust Company to, simultaneously (a) cancel a number of Class A ordinary shares held by the Sponsor equal to the number of the Sponsor Redemption Shares (as defined in the A&R Business Combination Agreement) and (b) issue the Non-Redeeming Bonus Shares (as defined in the A&R Business Combination Agreement) on a pro rata basis by number of Non-Redeemed SPAC Class A Common Shares (as defined in the A&R Business Combination Agreement) to the holders of such Non-Redeemed SPAC Class A Common Shares (as defined in the A&R Business Combination Agreement); (ii) the term “Outside Date” shall mean January 4, 2023; (iii) 1,050,000 shares of the TWMH Members Earn-Out Consideration (as defined in the A&R Business Combination Agreement) and 1,050,000 shares of the TIG Entities Members Earn-Out Consideration (as defined in the A&R Business Combination Agreement) shall be issued at Closing (as defined in the (as defined in the A&R Business Combination Agreement); (iv) a termination fee in an amount of $5,500,000 shall be payable by Alvarium (severally and not jointly) to CGC, and a termination fee in an aggregate amount of $11,000,000 shall be payable by the TIG Entities and TWMH (jointly and severally) to CGC, if CGC shall have terminated the A&R Business Combination Agreement pursuant to Section 12.01(b) thereof, as described more fully below under “Termination Fee”; (v) on the Closing Date (as defined in the A&R Business Combination Agreement), immediately following the Alvarium Exchange Effective Time (as defined in the A&R Business Combination Agreement) but prior to the Umbrella Merger, CGC shall contribute SPAC Class B Common Stock (as defined in the A&R Business Combination Agreement) and cash to a newly formed wholly owned Delaware corporation (“SPAC Holdings”), which SPAC Holdings shall then contribute to Umbrella Merger Sub; (vi) 11,788,132 shares of SPAC Class A Common Stock (as defined in the A&R Business Combination Agreement) shall be initially reserved for the post-combination company’s equity incentive plan and 1,813,559 shares of SPAC Class A Common Stock shall be initially reserved for the post-combination company’s employee stock purchase plan; and (vii) in addition, the form of Registration Rights and Lock-Up Agreement attached as Exhibit F to the A&R Business Combination Agreement was amended to reduce from 100% to 50% the percentage of Lock-Up Shares held by the Inactive Target Holders (as defined therein) that are restricted from transfer thereunder. | Note 9 — Subsequent Events Proposed Business Combination The Company filed a registration statement on Form S-4 No. 333-262644) S-4”) S-4, The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review and other than with respect to the filing of the Form S-4 |
Related Party Transactions
Related Party Transactions | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions (Details) [Line Items] | ||
Related Party Transactions | 18. Related party transactions Transaction value Balance Related Party Nature of RPT Q3 2022 Q3 2021 Q3 2022 Q4 2021 Related Individuals Ali Bouzarif Revenue share (335,337 ) (400,772 ) 22,908 (532,073 ) 22,908 (532,073 ) Amounts owed to group’s associates and JVs Queensgate Investments 1 Sarl Loan payable — — (5,625 ) (5,625 ) Queensgate Investments II GP LLP Loan payable — — (178,149 ) (178,149 ) Alvarium Wealth (NZ) Limited Fees payable — — — (34,113 ) Alvarium Investments (NZ) Limited Fees payable — — — (137,497 ) Alvarium Capital Partners Limited Expenses payable — — — (16 ) Alvarium Capital Partners Limited Fees payable — — — (233,663 ) Alvarium Investment Managers (Suisse) Fees payable (74,016 ) — (24,568 ) — Cresco Capital Advisors LLP Fees payable 18,000 18,000 — (7,200 ) Pointwise Partners Fees payable (1,360,302 ) (874,101 ) (618,817 ) (152,742 ) Total (827,159 ) (749,005 ) Transaction value Balance Related Party Nature of RPT Q3 2022 Q3 2021 Q3 2022 Q4 2021 Amounts owed by group’s associates and JVs Alvarium Capital Partners Limited Fees receivable — — — 10,000 Alvarium Capital Partners Limited Expenses receivable — 12,523 — 15,881 Alvarium Core Partners LLP Expenses receivable 2,488 2,590 7,570 5,081 Alvarium Investment Managers (Suisse) Expenses receivable 17,226 1,497 21,436 9,115 Alvarium Investments (Aus) Pty Ltd Loan receivable 114,574 26,342 560,095 445,342 Alvarium Investments (Aus) Pty Ltd Expenses receivable 30,965 — 32,013 1,048 Alvarium Investments (NZ) Limited Loan receivable — — — 1,434,572 Alvarium Investments (NZ) Limited Expenses receivable — 38,538 — 85,565 Alvarium Osesam Expenses receivable 87,739 77,050 147,093 53,545 Bluestar Advisors Fees receivable 7,500 7,500 9,000 — Bluestar Advisors Expenses receivable 2,239 748 3,404 1,256 Casteel Capital LLP Fees receivable 37,800 37,800 37,800 5,170 Casteel Capital LLP Expenses receivable 2,697 1,002 283 2,534 CRE Sarl Fees receivable 15,033 75,038 — 9,933 CRE Sarl Expenses receivable — — 6,785 6,498 Cresco Capital Urban Yurt Holdings 2 Sarl Expenses receivable — — 1,829 1,752 Cresco Immobilien Verwaltungs Loan receivable — — 414,522 396,990 Cresco Immobilien Verwaltungs Loan interest 23,923 24,270 139,393 109,744 Cresco Urban Yurt Sarl Loan receivable — (14,546 ) 29,033 27,805 Cresco Urban Yurt Sarl Loan interest 1,571 (16,382 ) 2,673 1,000 Hadley DM Services Limited Loan receivable (168,896 ) (62,607 ) 530,000 698,896 Hadley DM Services Limited Loan interest (18,604 ) 23,327 99,588 118,192 NZ PropCo Fees receivable — — — 100,985 Osprey Equity Partners Limited Loan receivable — 77,000 259,246 259,246 Osprey Equity Partners Limited Expenses receivable 21,013 7,080 28,138 7,125 Pointwise Partners Fees receivable 156,418 64,105 182,708 24,022 Pointwise Partners Expenses receivable 42,347 29,645 231,386 189,041 Pointwise Partners Loan receivable 976,461 934,705 2,726,658 1,750,197 Queensgate Investments LLP Expenses receivable 171 705 1,437 1,266 Total 5,472,090 5,771,801 Amounts owed to/(from) other entities LJ Maple Duke Holdings Limited Loan receivable — — 285,000 285,000 LJ Maple St Johns Wood Limited Loan receivable — — 183,306 183,306 LJ Maple Kensington Limited Loan receivable — — 23,020 23,020 LJ Maple Belgravia Limited Cash advances — 3,430 3,430 3,430 LJ Maple Kensington Limited Cash advances — 41,699 41,699 41,699 LJ Maple Limited Cash advances — 119,119 119,119 119,119 LJ Maple St Johns Wood Limited Cash advances — 75,510 75,510 75,510 Transaction value Balance Related Party Nature of RPT Q3 2022 Q3 2021 Q3 2022 Q4 2021 LJ Maple Abbey Limited Cash advances — 85,850 85,850 85,850 LJ Maple Chelsea Limited Cash advances — 119,010 119,010 119,010 LJ Maple Hill Limited Cash advances — 136,567 136,567 136,567 LJ Maple Tofty Limited Cash advances — 231,186 231,186 231,186 LJ Maple Kew Limited Cash advances — 4,441 4,441 4,441 LJ Maple Nine Elms Limited Cash advances — (108,864 ) (108,864 ) (108,864 ) LJ Maple Hamlet Limited Cash advances — (66,937 ) (66,937 ) (66,937 ) LJ Maple Circus Limited Cash advances — (25,228 ) (25,228 ) (25,228 ) LJ Maple Duke Limited Cash advances — (1,618 ) (1,618 ) (1,618 ) Stratford Corporate Trustees Ltd Expenses receivable 54,560 70,742 — 21,000 Lepe Partners LLP Expenses payable — (195 ) — — Total 1,105,491 1,126,491 Balances owed to or from the Group’s related parties which are included within debtors or creditors at period-end | 32. Related party transactions During the year the Group entered into the following transactions with related parties: Transaction value Balance Related Party Nature of RPT 2021 2020 2019 2021 2020 Related Individuals Ali Bouzarif Revenue share (532,073 ) — — (532,073 ) — (532,073 ) — Amounts owed to group’s associates and JVs Non-Executive Fees payable — (4,000 ) — (2,000 ) Queensgate Investments 1 Sarl Loan payable — — — (5,625 ) Queensgate Investments II GP LLP Loan payable — — — (178,149 ) (178,149 ) Alvarium Wealth (NZ) Limited Fees payable (60,378 ) — — (34,113 ) — Alvarium Investments (NZ) Limited Fees payable (137,497 ) (349,094 ) — (137,497 ) — Alvarium Capital Partners Limited Expenses payable 218 — — (16 ) — Alvarium Capital Partners Limited Expenses receivable — — — — 52,376 Alvarium Capital Partners Limited Loan payable — — 180,000 (63,385 ) (63,385 ) Alvarium Capital Partners Limited Fees payable (562,888 ) (15,519 ) — (170,278 ) — Alvarium Investment Managers (Suisse) Fees payable (55,623 ) 23,252 (83,315 ) — (33,124 ) Transaction value Balance Related Party Nature of RPT 2021 2020 2019 2021 2020 Cresco Urban Yurt SLP Loan receivable (89,944 ) — — — 71,524 Hadley DM Services Limited Loan receivable (62,606 ) (258,079 ) — 698,896 761,502 Hadley DM Services Limited Loan interest 32,665 60,385 68,166 118,192 85,527 Hadley Property Group Limited Loan receivable — — — — 40,000 Hadley Property Group Limited Loan interest — 3,671 4,000 — 29,413 NZ PropCo Fees receivable 100,985 — — 100,985 — Osprey Equity Partners Limited Loan receivable (26,479 ) 222,224 63,500 259,246 285,724 Osprey Equity Partners Limited Expenses receivable — — — 7,125 — Pointwise Partners Fees receivable 213,063 — — 213,063 — Pointwise Partners Loan receivable 972,157 778,040 — 1,750,197 778,040 Queensgate Investments LLP Expenses receivable — — — 1,261 382 Total 5,771,802 4,669,533 Amounts owed to/(from) other entities LJ Maple Duke Holdings Limited Loan receivable — — — 285,000 285,000 LJ Maple St Johns Wood Limited Loan receivable — — — 183,306 183,306 LJ Maple Kensington Limited Loan receivable — — — 23,020 23,020 LJ Maple Belgravia Limited Cash advances 3,430 — — 3,430 — LJ Maple Kensington Limited Cash advances 41,699 — — 41,699 — LJ Maple Limited Cash advances 42,367 — — 119,119 76,752 LJ Maple St Johns Wood Limited Cash advances 75,510 — — 75,510 — LJ Maple Abbey Limited Cash advances 85,850 — — 85,850 — LJ Maple Chelsea Limited Cash advances 119,010 — — 119,010 — LJ Maple Hill Limited Cash advances 136,567 — — 136,567 — LJ Maple Tofty Limited Cash advances 231,186 — — 231,186 — LJ Maple Nine Elms Limited Cash advances (108,864 ) — — (108,864 ) — LJ Maple Hamlet Limited Cash advances (66,937 ) — — (66,937 ) — LJ Maple Circus Limited Cash advances (25,228 ) — — (25,228 ) — LJ Maple Duke Limited Cash advances (1,618 ) — — (1,618 ) — Stratford Corporate Trustees Ltd Expenses receivable — 21,000 — 21,000 21,000 Transaction value Balance Related Party Nature of RPT 2021 2020 2019 2021 2020 Lepe Partners LLP Expenses payable 342 (6,080 ) — — (6,080 ) Wyndham Capital Management Limited Fees payable — (350,249 ) (348,125 ) — — Total 1,122,050 582,998 Other transactions In addition to the transactions disclosed above, the during 2020 Group divested 50% of its interest in Alvarium Investments (Aus) Ltd for AUS$1 to Tailorspace Inc, a shareholder in the Company. During 2020, the Group acquired a subsidiary from LJ Portugal Ltd for a consideration of EUR578,335. LJ Portugal Ltd is related by virtue of having common shareholders. Description of relationships The nature of the relationship between the Group and its related parties can be seen in the subheadings above. Wyndham Capital Management Limited is an entity controlled by a significant shareholder in the Group. There are certain related parties (such as employees and shareholders) of the Group that are copartners of the equity method investees and own voting shares. We have performed an assessment and have determined that this does not give the Group control of the investees. The investments are made separately to the terms of employment or ownership of the Group, and the related parties are not bound by any contractual or other agreement to vote in the same way as the Group. |
Cartesian Growth Corp [Member] | ||
Related Party Transactions (Details) [Line Items] | ||
Related Party Transactions | Note 5 — Related Party Transactions Founder Shares On December 31, 2020, the Company issued an aggregate of 7,187,500 founder shares to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.003 per share, in cash. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to its independent directors. On February 23, 2021, the Company effectuated a recapitalization, and as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading Promissory Note On December 31, 2020, the Sponsor issued to the Company an unsecured promissory note to borrow up to $250,000 to be used for a portion of the expenses of the IPO. These loans were non-interest bearing, unsecured Working Capital Loans In order to fund working capital deficiencies or finance transaction costs in connection with an initial Business Combination, the Sponsor, the Company’s officers, directors or their affiliates may, but are not obligated to, loan the Company funds from time to time as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into Private Warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Warrants. On May 25, 2022, the Company issued an unsecured promissory note (the “Working Capital Note”) in the principal amount of $500,000 to the Sponsor, which was funded in its entirety by the Sponsor upon execution of the Working Capital Note. The Working Capital Note does not bear interest and the principal balance will be payable on the earlier to occur of (i) the date on which the Company consummates its initial Business Combination and (ii) the date that the winding up of the Company is effective (such earlier date, the “Maturity Date”). In the event the Company consummates its initial Business Combination, the Sponsor has the option, on the Maturity Date, to convert all or any portion of the principal outstanding under the Working Capital Note into that number of warrants (“Working Capital Warrants”) equal to the portion of the principal amount of the Working Capital Note being converted, divided by $1.00, rounded up to the nearest whole number. The terms of the Working Capital Warrants, if any, would be identical to the terms of the Private Warrants, including the transfer restrictions applicable thereto. The Working Capital Note is subject to customary events of default, the occurrence of certain of which automatically triggers the unpaid principal balance of the Working Capital Note and all other sums payable with regard to the Working Capital Note becoming immediately due and payable. The issuance of the Working Capital Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended. As of September 30, 2022 and December 31, 2021, the Company had $477,038 and $0 borrowings under the Working Capital Note, net of debt discount of $22,962 and $0, respectively. Administrative Service Fee The Company agreed to pay the Sponsor $10,000 per month for office space, utilities, secretarial support and administrative services. The Company began incurring these fees on February 23, 2021 and will continue to incur these fees monthly until the earlier of the completion of an initial Business Combination and the Company’s liquidation. For the three and nine months ended September 30, 2022, the Company incurred $30,000 and $90,000 in such fees, respectively, of which $10,000 are included in accrued expenses in the accompanying condensed balance sheets as of September 30, 2022. For the three and nine months ended September 30, 2021, the Company incurred and paid $30,000 and $80,000 in such fees, respectively. | Note 5 — Related Party Transactions Founder Shares On December 31, 2020, the Company issued an aggregate of 7,187,500 founder shares to the Sponsor for an aggregate purchase price of $25,000, or approximately $0.003 per share, in cash. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to its independent directors. On February 23, 2021, the Company effectuated a recapitalization, and as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (ii) the Company consummates a subsequent liquidation, merger, capital share exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. Promissory Note On December 31, 2020, the Sponsor issued to the Company an unsecured promissory note to borrow up to $250,000 to be used for a portion of the expenses of the IPO. These loans were non-interest bearing, Working Capital Loans In order to fund working capital deficiencies or finance `transaction costs in connection with an initial Business Combination, the Sponsor, the Company’s officers, directors or their affiliates may, but are not obligated to, loan the Company funds from time o time as may be required (the “Working Capital Loans”). If the Company completes the initial Business Combination, the Company will repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. In the event that the initial Business Combination does not close, the Company may use a portion of the working capital held outside the Trust Account to repay the Working Capital Loans but no proceeds from the Trust Account would be used to repay the Working Capital Loans. Up to $1,500,000 of such Working Capital Loans may be convertible into Private Warrants at a price of $1.00 per warrant at the option of the lender. Such warrants would be identical to the Private Warrants. As of December 31, 2021, the Company had no borrowings under Working Capital Loans. Administrative Service Fee The Company agreed to pay the Sponsor $10,000 per month for office space, utilities, secretarial support and administrative services. The Company began incurring these fees on February 23, 2021 and will continue to incur these fees monthly until the earlier of the completion of an initial Business Combination and the Company’s liquidation. For the twelve months ended December 31, 2021, the Company has paid $100,000 in such fees. |
Controlling Party
Controlling Party | 12 Months Ended |
Dec. 31, 2021 | |
Controlling Party [Abstract] | |
Controlling Party | 33. Controlling party In the opinion of the directors, the company is not under the control of any single individual or entity. |
Summary financial information f
Summary financial information for equity method investees | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary financial information for equity method investees | 34. Summary financial information for equity method investees The following tables summarise the financial information of the Group’s significant equity method investment reported to the Group by the management of those entities, adjusted for fair value adjustments at acquisition and differences in accounting policies. Summary financial information for the year ended 31 December 2021 Queensgate Alvarium Alvarium Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 10,484,310 3,973,114 794,888 150,256 1,868,300 54,279,088 1,652,717 — Cost of sales (9,239,869 ) (2,677,306 ) (535,380 ) — (818,137 ) (43,903,091 ) (1,578,183 ) — Gross profit/(loss) 1,244,441 1,295,808 259,508 150,256 1,050,163 10,375,997 74,534 — Administrative expenses / Other income (1,174,100 ) (540,103 ) (116,050 ) (323,644 ) (73,124 ) (34,753,384 ) (292,903 ) 1,991,460 Operating profit/(loss) 70,341 755,705 143,458 (173,388 ) 977,039 (24,377,387 ) (218,369 ) 1,991,460 Taxation on ordinary activities — (138,695 ) — — — 8,986,845 — — Profit/(loss) for the financial year 70,341 617,010 143,458 (173,388 ) 977,039 (15,390,542 ) (218,369 ) 1,991,460 Cresco Capital Advisers Cresco Cresco Capital GP Cresco Capital Urban Yurt Holdings Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Turnover 1,091,744 1,506,469 2,124,445 5,451,611 5,095,381 12,164,600 13,815,121 2,791,256 Cost of sales (329,166 ) (1,162,085 ) (1,181,879 ) (4,508,831 ) (2,306,806 ) (1,380,900 ) (6,169,248 ) (830,351 ) Gross profit/(loss) 762,578 344,384 942,566 942,780 2,788,575 10,783,700 7,645,873 1,960,905 Administrative expenses / Other income (114,898 ) (284,598 ) (44,488 ) (503,255 ) (2,798,346 ) (6,705,306 ) (7,142,166 ) (2,523,031 ) Operating profit/(loss) 647,680 59,786 898,078 439,525 (9,771 ) 4,078,394 503,707 (562,126 ) Taxation on ordinary activities — — — (54,373 ) — (1,366,673 ) (1,113,974 ) 237,838 Profit/(loss) for the financial year 647,680 59,786 898,078 385,152 (9,771 ) 2,711,721 (610,267 ) (324,288 ) Summary financial information as at 31 December 2021 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Non-current assets 21,259 515,420 483 491 2,904 9,338,733 5,601 — Current assets 9,893,323 2,199,523 482,173 271,878 528,167 180,294,696 1,249,988 3,703,197 Total assets 9,914,582 2,714,943 482,656 272,369 531,071 189,633,429 1,255,589 3,703,197 Current liabilities (5,446,601 ) (1,053,321 ) (82,049 ) (269,253 ) (101,623 ) (4,867,040 ) (2,290,239 ) — Non-current liabilities (1,875,000 ) — — — — (224,272,257 ) — — Total liabilities (7,321,601 ) (1,053,321 ) (82,049 ) (269,253 ) (101,623 ) (229,139,297 ) (2,290,239 ) — Net assets 2,592,981 1,661,622 400,607 3,116 429,448 (39,505,868 ) (1,034,650 ) 3,703,197 Capital and reserves Called up share capital — 100,110 14 600 — — — — Share premium — 50,055 999,996 — — — — — Members’ interests 2,592,981 — — — 429,448 — — 3,703,197 Profit and loss account Non-controlling interest — 1,511,457 (599,403 ) 2,516 — (39,505,868 ) (1,034,650 ) — Shareholders funds 2,592,981 1,661,622 400,607 3,116 429,448 (39,505,868 ) (1,034,650 ) 3,703,197 Expected carrying amount of net investment Differences between amounts at which investments are carried and amounts of underlying equity and net assets 777,894 498,487 120,182 1,558 214,724 (9,086,350 ) (517,325 ) 1,481,279 Effect of discontinued recognition of losses as the carrying value of investment is down to 0 (23,059 ) — — — — 9,086,350 517,325 — Returns achieved on a different basis as per LLP/Shareholder agreement than as per% of investment 850,543 — — — 56,211 — — 41,984 Carrying amount of goodwill — 505,206 — — — — — — Carrying amount of net investment 1,605,378 498,487 120,182 1,558 270,935 — — 1,523,263 Cresco Capital Cresco Cresco Capital Fund 1 GP Cresco Capital Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Non-current — 169,543 — 289,070 297,121 178,819,520 8,765,173 24,146,342 Current assets 303,313 706,121 261,633 3,132,832 1,155,802 3,241,332 8,094,719 4,047,343 Total assets 303,313 875,664 261,633 3,421,902 1,452,923 182,060,852 16,859,892 28,193,685 Current liabilities (246,206 ) (1,719,858 ) (62,064 ) (1,471,332 ) (2,652,235 ) (3,216,513 ) (4,382,663 ) (7,982,267 ) Non-current — — — — — (170,209,878 ) (9,020,628 ) (24,280,110 ) Total liabilities (246,206 ) (1,719,858 ) (62,064 ) (1,471,332 ) (2,652,235 ) (173,426,391 ) (13,403,291 ) (32,262,377 ) Net assets 57,107 (844,194 ) 199,569 1,950,570 (1,199,312 ) 8,634,461 3,456,601 (4,068,692 ) Capital and reserves Called up share capital — 21,143 21,000 16,093 100 53 6,391 102,098 Share premium — — — — — — — — Members’ interests 57,107 — — — — — — (815,518 ) Profit and loss account Non-controlling — (865,337 ) 178,569 1,934,477 (1,199,412 ) 5, 599 035 3,450,210 (3,355,272 ) Shareholders funds 57,107 (844,194 ) 199,569 1,950,570 (1,199,312 ) 8,634,461 3,456,601 (4,068,692 ) Expected carrying amount of net investment Differences between amounts at which investments are carried and amounts of underlying equity and net assets 19,036 (281,398 ) 66,523 650,190 (419,759 ) 2,575,594 1,724,844 (1,414,144 ) Effect of discontinued — 281,398 — — 419,759 1,827,368 Returns achieved on a different — — — — — — Carrying amount of goodwill — — — — — — 2,834,940 — Carrying amount of net investment 19,036 — 66,523 650,190 — 2,575,594 1,724,844 413,224 Summary financial information for the year ended 31 December 2020 Queensgate Alvarium Alvarium Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 7,145,050 3,715,933 598,419 246,777 1,296,358 56,697,480 — — Cost of sales (5,495,752 ) (2,661,482 ) (674,137 ) — (745,334 ) (47,481,189 ) (613,433 ) — Gross profit/(loss) 1,649,298 1,054,451 (75,718 ) 246,777 551,024 9,216,291 (613,433 ) — Administrative expenses / Other income (1,095,542 ) (448,474 ) (247,390 ) (453,889 ) (58,819 ) (43,206,790 ) (202,858 ) 2,577,767 Operating profit/(loss) 553,756 605,977 (323,108 ) (207,112 ) 492,205 (33,990,499 ) (816,291 ) 2,577,767 Taxation on ordinary activities (10,948 ) (121,196 ) — (1,096 ) — 10,665,485 — — Profit/(loss) for the financial year 542,808 484,781 (323,108 ) (208,208 ) 492,205 (23,325,014 ) (816,291 ) 2,577,767 Cresco Capital Cresco Cresco Capital GP Cresco Capital Urban Yurt Holdings Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20 % - 50 % Turnover 1,028,927 1,359,511 1,935,905 4,665,968 9,632,109 7,064,322 13,702,036 4,139,503 Cost of sales (497,635 ) (1,057,493 ) (1,039,581 ) (3,898,629 ) (6,160,080 ) (593,579 ) (6,557,180 ) (2,277,412 ) Gross profit/(loss) 531,292 302,018 896,324 767,339 3,472,029 6,470,743 7,144,856 1,862,091 Administrative expenses / Other income (111,313 ) (564,828 ) (63,558 ) (722,925 ) (2,391,764 ) (3,945,098 ) (6,914,413 ) (2,220,074 ) Operating profit/(loss) 419,979 (262,810 ) 832,766 44,414 1,080,265 2,525,645 230,443 (357,983 ) Taxation on ordinary activities — — — (77,134 ) 213,877 (745,731 ) (945,264 ) (4,280 ) Profit/(loss) for the financial year 419,979 (262,810 ) 832,766 (32,720 ) 1,294,142 1,779,914 (714,821 ) (362,263 ) Summary financial information as at 31 December 2020 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel Capital NZ PropCo Pointwise Partners Alvarium Kai rock Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Non-current 45,948 220,000 30,233 1,140 3,739 15,693,138 4,427 — Current assets 13,000,933 2,523,939 363,186 541.069 507,738 276,441,912 9,060 2,475,034 Total assets 13,126,881 2,743,947 401,419 542,217 511,477 292,135,050 13,487 2,475,034 Current liabilities (6,621,633 ) (1,210,347 ) (144,260 ) (365,713 ) (207,610 ) (132,249,357 ) (829,778 ) — Non-current (2,000,000 ) — — — — (181,186,081 ) — — Total liabilities (8,621,633 ) (1,210,347 ) (144,268 ) (365,713 ) (207,610 ) (313,435,438 ) (829,778 ) — Net assets 4,505,248 1,533,600 257,151 176,504 303,867 (21,300,388 ) (816,291 ) 2,475,034 Capital and reserves Called up share capital — 102,055 14 600 — — — — Share premium — 51,028 999,996 — — — — — Members’ interests 4,505,248 — — — 303,067 — — 2,475,034 Profit and loss account Non-controlling interest — 1,300,517 (742,059 ) 175,904 — (21,300,380 ) (816,291 ) — Shareholders funds 4,505,248 1,533,600 257,151 176,504 303,867 (21,300,388 ) (816,291 ) 2,475,034 Expected carrying amount of net 1,351,574 460,080 77,145 88,252 151,934 (4,899,089 ) (408,146 ) 990,014 Differences between amounts at Effect of discontinued recognition — — — — — 4,899,089 408,146 — Returns achieved on a different 77,158 52,474 77,206 Carrying amount of goodwill — 586,058 — — — — — — Carrying amount of net investment 1,428,732 460,080 77,145 88,252 204,407 — — 1,067,220 Cresco Capital Cresco Cresco Capital Group Fund 1 GP Cresco Capital Urban Yurt Holdings Hadley Group Alvarium (NZ) Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Non-current assets 860 202,620 — 372,423 46,621 251,644,701 10,207,395 3,615,604 Current assets 184,529 459,323 333,035 3,686,144 1,610,855 27,335 7,720,822 4,891,470 Total assets 185,339 661,943 333,035 4,058,567 1,657,476 251,672,036 17,928,217 8,507,074 Current liabilities (110,936 ) (1,621,770 ) (125,433 ) (2,385,210 ) (2,836,009 ) (6,362,727 ) (3,701,089 ) (6,421,020 ) Non-current liabilities — — — — (11,008 ) (242,402,590 ) (10,155,392 ) (4,065,836 ) Total liabilities (110,936 ) (1,621,770 ) (125,433 ) (2,385,210 ) (2,847,017 ) (248,765,317 ) (13,856,481 ) (10,486,856 ) Net assets 74,453 (959,827 ) 207,602 1,673,357 (1,189,541 ) 2,906,719 4,071,736 (1,979,782 ) Capital and reserves Called up share capital — 21,143 21,000 16,093 100 53 6,391 109,696 Share premium — — — — — — — — Members’ 74,453 — — — — — — (1.047,399 ) Profit and loss account — (980,970 ) 186,602 1,657,264 (1,189,641 ) 3,385,592 4,065,345 (1,042,079 ) Non-controlling interest (478,926 ) — Shareholders funds 74,453 (959,827 ) 207,602 1,673,357 (1,189,541 ) 2,906,719 4,071,736 (1,979,782 ) Expected carrying amount of net investment 24,815 (319,910 ) 69,193 557,730 (416,339 ) 1,557,397 2,031,796 (938,404 ) Differences between amounts at which investments are carried and amounts of underlying equity and net assets Effect of discontinued recognition of losses as the carrying value of investment is down to 0 — 319,910 — — 416,339 1,278,487 Returns achieved on a different basis as per LLP/Shareholder agreement than as per % of investment 15,161 — — — — — Carrying amount of goodwill — — — — — — 3,476,813 — Carrying amount of net investment 39,976 — 69,193 557,730 — 1,557,397 2,031,796 340,083 Summary financial information for the year ended 31 December 2019 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel NZ PropCo Pointwise Partners Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 9,318,930 3,734,355 695,653 2,541,262 1,502,952 475,584 — 867,399 Cost of sales (6,617,096 ) (2,857,802 ) (781,830 ) — (531,801 ) (319,739 ) — — Gross profit/(loss) 2,701,834 876,553 (86,177 ) 2,541,262 971,151 155,845 — 867,399 Administrative expenses / Other income (1,455,902 ) (341,173 ) (175,001 ) (4,122,626 ) (91,342 ) (3,087,680 ) — — Operating profit/(loss) 1,245,932 535,380 (261,178 ) (1,581.364 ) 879,809 (2,931,835 ) — 867,399 Taxation on ordinary activities (20,111 ) (107,076 ) — — — 1,900,617 — — Profit/(loss) for the financial year 1,225,821 428,304 (261,178 ) (1,581,364 ) 879,809 (1,031,218 ) — 867,399 Cresco Capital Cresco Cresco Capital Cresco Capital Hadley Property Group Holdings Alvarium Investments (NZ) Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 50 % 49.90 % 20% - 50 % Turnover 1,230,305 1,361,224 2,182,515 5,101,052 3,731,411 14,526,570 12,636,547 2,824,340 Cost of sales (440,954 ) (799,564 ) (1,261,331 ) (3,058,558 ) (1,772,859 ) (10,694,878 ) (5,797,619 ) (1,839,199 ) Gross profit/(loss) 789,351 561,660 921,184 2,042,494 1,958,552 3,831,692 6,838,928 985,141 Administrative expenses / Other income (152,634 ) (820,363 ) (149,279 ) (1,584,575 ) (2,972,970 ) (2,725,155 ) (6,121,790 ) (1,683,347 ) Operating profit/(loss) 636,717 (258,703 ) 771,905 457,919 (1,014,418 ) 1,100,537 717,138 (698,206 ) Taxation on ordinary activities — — — (155,940 ) (1,578 ) (421,147 ) (1,032,764 ) (24,794 ) Profit/(loss)for the financial year 636,717 (258,703 ) 771,905 301,979 (1,015,996 ) 685,390 (315,626 ) (723,000 ) For equity method investees which are governed by a limited liability partnership, the Group’s share of net assets from limited liability partnerships is determined by the underlying partnership agreements, rather than the Group’s percentage holding in these entities. The Group’s policy for discontinuing recognition of losses in investments where the carrying value is nil is disclosed in note 2 of these financial statements. |
Significant Differences Between
Significant Differences Between Generally Accepted Accounting Policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Accounting Changes and Error Corrections [Abstract] | ||
Significant Differences Between Generally Accepted Accounting Policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) | 20. Significant differences between generally accepted accounting policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) The Company’s financial statements have been prepared in accordance with FRS 102, which differs in certain respects from the requirements of accounting principles generally accepted in the United States (“US GAAP”). The effects of the application of US GAAP to Alvarium Investments Limited (“the Company”) results are set out below. There are other presentational differences between UK and US GAAP which do not impact net income or shareholders’ equity, and thus are not included in the reconciliation below. The impact of the conversion to US GAAP on net income in the periods ending 30 September 2022 and 30 September 2021 is as follows: 30 Sep 22 £ 30 Sep 21 £ Loss for the financial period as reported under UK GAAP (10,046,718 ) 4,560,946 Reversal of amortisation of goodwill (d) 2,617,635 2,553,677 Amortisation of separately recognised intangible assets arising on business combinations (a) (60,971 ) (61,429 ) Additional amortisation of intangible asset grossed up for deferred tax under US GAAP (n) (467,593 ) — Reclassification of asset acquisition as business combination (g) 956,172 956,172 Reversal of equity method investment amortisation (h) 535,338 532,435 Amortisation of additional intangible assets within equity method investments (i) (328,911 ) (374,592 ) Release of deferred tax on equity method amortisation above (i) 62,236 71,023 Recognition of excess losses against loans provided to certain equity method investees (k) (219,128 ) (262,107 ) Revenue recognition adjustments (m) (1,076,087 ) (90,827 ) Impact of GAAP differences on results of equity method investments (l) (221,635 ) — Deferred tax (expense)/benefit (0) 648,771 (3,965,949 ) Net income under US GAAP (7,600,891 ) 3,919,349 Net income attributable to non-controlling 8,652 (540,135 ) Net income attributable to shareholders’ of the parent company under US GAAP (7,592,239 ) 3,379,214 The impact of the conversion to US GAAP on shareholders funds as at 30 September 2022 and 31 December 2021 is as follows: 2022 £ 2021 £ Shareholders funds as at 30 September 2022 and 31 December 2021 as reported under UK GAAP 48,391,408 56,305,169 Reversal of amortisation of goodwill (d) 21,692,608 19,074,973 Impact on goodwill of additional deferred tax liabilities recognised on acquisition (a) 5,284,823 5,284,823 Impact on intangible assets of additional deferred tax liabilities recognised on asset acquisition (o) 12,827,094 — Amortisation of separately recognised intangible assets arising on business combinations (a) (687,389 ) (626,418 ) Additional amortisation of intangible asset grossed up for deferred tax under US GAAP (n) (467,593 ) — Reclassification of asset acquisition as business combination ( g) 4,780,860 3,824,688 Fair value adjustments on step acquisitions (f) 11,471,931 11,471,931 Acquisition costs and fair value adjustments to deferred consideration previously capitalised (b) & (c) (1,695,685 ) (1,695,685 ) Fair value adjustments on non-controlling (e) 10,933,918 10,933,918 Revenue recognition adjustments (m) (2,039,661 ) (963,574 ) Reversal of equity method investment amortisation (h) 4,564,243 4,028,905 Accumulated amortisation of additional intangible assets within equity method investments (i) (5,684,351 ) (5,355,440 ) Release of deferred tax on equity method amortisation above (i) 1,078,926 1,016,690 Additional impairment of investment in joint venture (j) (254,152 ) (254,152 ) Recognition of excess losses against loans provided to certain equity method investees (k) (1,876,103 ) (1,611,431 ) Impact of GAAP differences on results of equity method investments (l) — 221,635 Deferred taxes (p) (18,947,266 ) (6,768,943 ) Cumulative translation adjustments on all of the above 1,761,311 323,116 Shareholders funds as at 30 September 2022 and 31 December 2021 under US GAAP 91,134,922 95,210,205 Non-controlling (5,103 ) (13,475 ) Total equity attributable to shareholders’ of the parent company under US GAAP 91,129,819 95,196,730 The impact of the conversion to US GAAP on the Company’s statement of cashflows for the periods ended 30 September 2022 and 2021 is as follows: 30 Sep 2022 £ 30 Sep 2021 £ Operating activities Net cash from operating activities per UK GAAP 1,085,801 6,055,053 Reclassification of interest received from investing activities 93,090 40,966 Reclassification of interest paid from financing activities (3,167,353 ) (476,958 ) Net cash from operating activities per US GAAP (1,988,462 ) 5,619,061 Investing activities Net cash used in investing activities per UK GAAP 706,684 (5,019,607 ) Reclassification of interest received to operating activities (93,090 ) (40,966 ) Reclassification of transactions between equity holders 15,615 1,596,107 Net cash used in investing activities per US GAAP 629,209 (3,464,466 ) Financing activities Net cash (used in)/ from financing activities per UK GAAP (3,294,527 ) 456,865 Reclassification of interest paid to operating activities 3,167,353 476,958 Reclassification of transactions between equity holders (15,615 ) (1,596,107 ) Net cash (used in)/ from financing activities per US GAAP (142,789 ) (662,284 ) Net change in cash and cash equivalents from UK to US GAAP — — In addition, the Company had non-cash Business combinations (a) Intangible assets other than goodwill Under FRS102 for acquisitions made after 1 January 2019, intangible assets other than goodwill are only required to be recognised to the extent that they are both separable and arise from contractual rights. Under US GAAP intangible assets that are either separable or arise from contractual rights are required to be recognised. This leads to the recognition of additional intangible assets under US GAAP than under FRS102 for acquisitions made by the Company after 1 January 2019. Due to the recognition of additional deferred tax liabilities under US GAAP compared to UK GAAP, the amount of goodwill recognized in the previous business combination accounting has also increased. (b) Expense acquisition costs Under FRS102, acquisition costs incurred by the acquirer are capitalised as part of the purchase consideration for the acquisition. Under US GAAP, these are required to be charged to acquisition costs in the income statement. (c) Fair value adjustments to deferred and contingent consideration Under FRS102, any fair value adjustments to deferred consideration outside the measurement period can be adjusted against goodwill. Under US GAAP, any fair value adjustments outside the measurement period are adjusted through the P&L. (d) Goodwill amortisation Under FRS 102, goodwill is presumed to have a finite useful economic life and is recorded at cost less accumulated amortisation and impairment. Accordingly, the Company amortised goodwill on a straight-line basis over an estimated useful life of 10 years. US GAAP prohibits the amortisation of goodwill and instead requires that goodwill be tested at least annually for impairment or more frequently if impairment indicators exist. Amortisation expense recognised under FRS 102 was reversed under US GAAP. (e) Non-controlling Under FRS102, no goodwill is recognised for the non-controlling Under US GAAP, goodwill is recognised on the entire Company acquired, including the amount pertaining to the non-controlling (f) Step acquisitions Under FRS102 where control of a subsidiary is achieved in stages, no fair value adjustments are made to any existing holdings in the subsidiary. Under US GAAP where control of a subsidiary is achieved in stages, any existing holdings in the subsidiary are fair valued with any resulting gain or loss recorded in the income statement. This has led to reconciliation adjustments in respect of two acquisitions made in 2019 by the Company, along with a further three in 2015. (g) Reclassification of asset acquisition as business combination In February 2019 the Company acquired certain assets from LEPE Partners LLP, a merchant banking business. Under UK GAAP this did not meet the definition of a business combination. One customer related intangible asset of £ 12,748,964 10 This is the impact of the reversal of the amortisation recorded under UK GAAP, as Goodwill, which is not amortisable, would have been recognised for US GAAP. Investments in joint ventures and associates (h) Implied goodwill amortisation Under FRS102 any implied goodwill arising on the acquisition of an interest in a joint venture or associate is amortised over a period of 10 years. Under US GAAP no such amortisation charge is booked. This has led to the reversal of any accumulated amortisation on implied goodwill recorded by the Company under FRS102. (i) Separate intangible assets arising on acquisition of an equity method investment Under US GAAP where implied goodwill on an acquisition arises, this is required to be assessed for separate intangible assets. This has given rise to separate intangible assets being identified in respect of two of the Company’s equity method investments. These intangible assets have then been amortised over their estimated useful economic lives through the Company’s share of profits from joint ventures and associates. The deferred tax impact of the recognition of such intangible assets has also been recognised. Such intangible assets are not required to be recognised and amortised under UK GAAP. (j) Additional impairment of equity method investments Given the reversal of the implied goodwill amortisation, under US GAAP the goodwill is required to be assessed for impairment at each reporting date. As a result of this, an additional impairment has been recorded compared to that reported under UK GAAP. (k) Treatment of losses in excess of investment in equity method investments Under UK GAAP, when the Group’s share of losses of an associate or joint venture investment equals or exceeds the carrying amount of its investment, the Group stops recognising its share of further losses. The Group recognises its share of any subsequent profits only after its share of profits equals its share of losses not recognised. Under US GAAP excess losses are offset against the Group’s other interests in the investee, including loans advanced. (l) Impact of GAAP differences on results of equity method investments In 2022 an equity method investee had amortised goodwill on its own balance sheet under UK GAAP. Conversion of these results to US GAAP has resulted in the reversal of this amortisation amounting to £221,635. (m) Revenue Recognition Upon the adoption of ASC 606, various adjustments to revenue impacted current and prior period FRS102 revenue recognition, primarily due to when performance obligations were considered satisfied under FRS102 compared to US GAAP, under ASC 606. The Company’s full accounting policy for revenue recognition under FRS102 can be found on in the accounting policies disclosed to note 3 in these financial statements. The Company’s full accounting policy for revenue recognition under US GAAP is detailed below: Revenue recognition differs under ASC 606, which applies a specific 5 step model, which results in certain adjustments when compared to revenue recognized under FRS 102. The five step model applies under ASC 606 is as follows. 1. Identification of contract with customer 2. Identification of performance obligation 3. Determination of transaction price 4. Allocation of transaction to performance obligation 5. Recognition of revenue when performance obligations are met. For the purposes of this reconciliation, the Company considered the adoption date of ASC 606 to be 1/1/2018. The difference in policy resulted in differences in the following revenue recognition differences: Corporate finance engagements • Within the Merchant Banking division, it was noted that under US GAAP, retainer fees should be recognized in line with completion of the related performance obligation. Under FRS 102, such fees were recognized when received. This resulted in timing adjustments which decreased revenue by £193,765 in the nine months ended 30 September 2021 and decreased revenue by £1,076,087 in the nine months ended 30 September 2022. • In the Co-investment UK Investment advisory revenue, Overseas Investment advisory revenue, Trust and fiduciary revenue, Private and family office revenue The five step model was applied to the variable consideration revenue recognised in the Family Office Services and Investment Advisory divisions. US GAAP requires recognition of variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved subsequently. Under FRS 102, such revenue was recognised based on the best estimate at the time it was recorded. From the analysis performed, the Group noted no significant differences requiring adjustment. (n) Additional amortisation of intangible asset grossed up for deferred tax under US GAAP. Under UK GAAP, deferred tax is not recognised in relation to timing differences arising from assets or liabilities acquired in a transaction which is not accounted for as a business combination. Under US GAAP, where such assets or liabilities are acquired deferred tax is accounted for using the simultaneous equation method as set out in ASC 740. In relation to an asset acquisition made during 2022, this has resulted in an additional deferred tax liability of £12,827,094 being recognised under US GAAP with a corresponding increase also recorded in intangible assets. The additional amortisation arising on this grossed up intangible asset is £467,593. (o) Impact on intangible assets of additional deferred tax liabilities recognised on asset acquisition. Under UK GAAP, deferred tax is not recognised in relation to timing differences arising from assets or liabilities acquired in a transaction which is not accounted for as a business combination. Under US GAAP, where such assets or liabilities are acquired deferred tax is accounted for using the simultaneous equation method as set out in ASC 740. In relation to an asset acquisition made during 2022, this has resulted in an additional deferred tax liability of £12,827,094 being recognised under US GAAP with a corresponding increase also recorded in intangible assets. (p) Income taxes A reconciliation of the income tax expense/(credit) under UK GAAP to US GAAP is given below. 30 Sep 22 £ 30 Sep 21 £ Income tax expense/(credit) under UK GAAP (654,170 ) (613,258 ) Recognition of deferred taxes in respect of non-tax (648,771 ) 1,548,118 Impact of a transaction in the subsequent events window on UK deferred tax assets (2) — 2,417,831 Total adjustment to deferred tax expense/(benefit) (648,771 ) 3,965,949 Income tax expense/(credit) US GAAP (1,302,941 ) 3,352,691 A reconciliation of the deferred tax asset/(liability) under UK GAAP to US GAAP is given below. 30 Sep 22 £ 31 Dec 21 £ Deferred tax asset/(liability) under UK GAAP 3,163,812 2,146,091 Recognition of deferred taxes in respect of non-tax (6,120,172 ) (6,768,943 ) Impact of additional deferred tax arising on asset acquisition (3) (12,827,094 ) — Total adjustment to deferred tax asset/(liability) (18,947,266 ) (6,768,943 ) Deferred tax asset/(liability) under US GAAP (15,783,454 ) (4,622,852 ) (1) Deferred taxes in respect of non-tax This line represents the tax-effect non-tax (2) Impact of a transaction in the subsequent events window on UK deferred tax assets In January 2021 the group increased its shareholding in a UK subsidiary from 59% to 83% through a transaction with noncontrolling interests. This resulted in that subsidiary being able to utilise the group’s UK tax losses and timing differences. Under UK GAAP, transactions with noncontrolling interests that take place in the subsequent events window are not considered in the assessment of the realizability of deferred tax assets. Under US GAAP, this is considered to be an adjusting subsequent event and therefore the transaction is brought into consideration in assessing the realizability of the group’s UK deferred tax assets. If this source of income had been considered in assessing the realizability of deferred tax assets, a deferred tax asset of £2,417,831 would have been recognised in the period ended 31 December 2020 instead of the period ended 30 September 2021 under UK GAAP. This has resulted in earlier recognition of this asset under US GAAP than under UK GAAP. (3) Impact of additional deferred tax arising on asset acquisition In July 2022 the group acquired a company which owned one contract based intangible asset. Under UK and US GAAP this was not considered to meet the definition of a business and hence it has been accounted for as an asset acquisition under both standards. Under UK GAAP, no deferred tax is accounted for on such transactions and any timing differences are considered to be permanent in nature. Under US GAAP, deferred tax is accounted for on such transactions using the simultaneous equation method of accounting. As a result under US GAAP additional deferred tax liabilities of £12,827,094 compared to those recognised under UK GAAP. (q) Leases Under UK GAAP, rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease. These operating leases are kept off-balance Under U.S. GAAP the Group will apply ASC 842 which includes operating leases on the balance sheet through a gross up with the recognition of right-of-use Additionally, the application of ASC 842 does not have a significant impact on the Group’s Statement of Cash Flows or Income Statement for the nine month period ended 30 September 2022. The gross up on the balance sheet will be reflected in recognition of right-of-use | 35. Significant differences between generally accepted accounting policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) The Company’s financial statements have been prepared in accordance with FRS 102, which differs in certain respects from the requirements of accounting principles generally accepted in the United States (“US GAAP”). The effects of the application of US GAAP to Alvarium Investments Limited (“the Company”) results are set out below. There are other presentational differences between UK and US GAAP which do not impact net income or shareholders’ equity, and thus are not included in the reconciliation below. The impact of the conversion to US GAAP on net income in the periods ending 31 December 2021, 2020 and 2019 is as follows: 2021 £ 2020 £ 2019 £ Profit/(loss) for the financial year as reported under UK GAAP 1,947,874 (3,377,191 ) (3,733,094 ) Reversal of amortisation of goodwill (d) 3,429,870 3,488,827 2,836,126 Amortisation of separately recognised intangible assets arising on business combinations (a) (81,761 ) (82,850 ) (461,807 ) Reclassification of asset acquisition as business combination (g) 1,274,896 1,274,896 1,274,896 Expense acquisition costs previously capitalised (b) — — (380,290 ) Fair value adjustments on step acquisitions (f) — — 10,021,062 Reversal of equity method investment amortisation (h) 710,194 715,400 690,987 Amortisation of additional intangible assets within equity method investments (i) (485,647 ) (660,093 ) (824,297 ) Release of deferred tax on equity method amortisation above (i) 91,967 125,104 156,393 Additional impairment of investment in joint venture (j) — — (254,152 ) Recognition of excess losses against loans provided to certain equity method investees (k) (126,797 ) (183,224 ) (603,290 ) Revenue recognition adjustments (m) (609,183 ) 161,990 (516,381 ) Fair value adjustment to deferred consideration (c) — (63,001 ) (111,242 ) Impact of GAAP differences on results of equity method investments (1) 221,635 (4,497,520 ) 4,457,782 Deferred tax (expense)/benefit (n) (3,870,387 ) 501,961 1,890,505 Net income under US GAAP 2,502,661 (2,595,701 ) 14,443,198 Net income attributable to non-controlling (590,120 ) (1,246,901 ) (948,405 ) Net income attributable to shareholders’ of the parent company under US GAAP 1,912,541 (3,842,602 ) 13,494,793 The impact of the conversion to US GAAP on shareholders funds as at 31 December 2021 and 2020 is as follows: 2021 £ 2020 £ Shareholders funds as at 31 December 2021, 2020 and 2019 as reported under UK GAAP 56,305,169 62,387,395 Reversal of amortisation of goodwill (d) 19,074,973 15,645,102 Impact on goodwill of additional deferred tax liabilities recognised on acquisition (a) 5,284,823 5,284,823 Amortisation of separately recognised intangible assets arising on business combinations (a) (626,418 ) (544,657 ) Reclassification of asset acquisition as business combination ( g) 3,824,688 2,549,792 Acquisition costs and fair value adjustments to deferred consideration previously capitalised (b) & (c) (1,695,685 ) (1,695,685 ) Fair value adjustments on step acquisitions (f) 11,471,931 11,471,931 Fair value adjustments on non-controlling (e) 10,933,918 10,933,918 Revenue recognition adjustments (m) (963,574 ) (354,391 ) Reversal of equity method investment amortisation (h) 4,028,905 3,318,711 Accumulated amortisation of additional intangible assets within equity method investments (i) (5,355,440 ) (4,869,793 ) Release of deferred tax on equity method amortisation above (i) 1,016,690 924,724 Additional impairment of investment in joint venture (j) (254,152 ) (254,152 ) Recognition of excess losses against loans provided to certain equity method investees (k) (1,611,431 ) (1,519,133 ) Impact of GAAP differences on results of equity method ( 1) 221,635 Deferred taxes (n) (6,768,943 ) (2,900,089 ) Cumulative translation adjustments on all of the above 323,116 441,843 Shareholders funds as at 31 December 2021 , and 2019 95,210,205 100,820,339 Non-controlling (13,475 ) (11,254,993 ) Total equity attributable to shareholders’ of the parent company under US GAAP 95,196,730 89,565,346 The impact of the conversion to US GAAP on the Company’s statement of cashflows for the years ended 31 December 2021, 2020 and 2019 is as follows: 2021 £ 2020 £ 2019 £ Operating activities Net cash from operating activities per UK GAAP Reclassification of interest received from investing 14,451,786 3,330,423 2,460,296 activities 43,210 59,402 10,206 Reclassification of interest paid from financing activities (912,769 ) (628,992 ) (739,273 ) Net cash from operating activities per US GAAP 13,582,227 2,760,833 1,731,229 Investing activities Net cash used in investing activities per UK GAAP Reclassification of interest received to operating (9,746,698 ) (2,502,279 ) (14,039,229 ) activities (43,210 ) (59,402 ) (10,206 ) Reclassification of transaction between equity holders 6,326,146 — — Net cash used in investing activities per US GAAP (3,463,762 ) (2,561,681 ) (14,049,435 ) Financing activities Net cash from financing activities per UK GAAP Reclassification of interest paid to operating (38,748 ) 422,543 5,588,869 activities 912,769 628,992 739,273 Reclassification of transaction between equity holders (6,326,146 ) — — Net cash from financing activities per US GAAP (5,452,125 ) 1,051,535 6,328,142 Net change in cash from UK to US GAAP — — — In addition, the Company had non-cash Business combinations (a) Intangible assets other than goodwill Under FRS102 for acquisitions made after 1 January 2019, intangible assets other than goodwill are only required to be recognised to the extent that they are both separable and arise from contractual rights. Under US GAAP intangible assets that are either separable or arise from contractual rights are required to be recognised. This leads to the recognition of additional intangible assets under US GAAP than under FRS102 for acquisitions made by the Company after 1 January 2019. Due to the recognition of additional deferred tax liabilities under US GAAP compared to UK GAAP, the amount of goodwill recognized in the previous business combination accounting has also increased. (b) Expense acquisition costs Under FRS102, acquisition costs incurred by the acquirer are capitalised as part of the purchase consideration for the acquisition. Under US GAAP, these are required to be charged to acquisition costs in the income statement. (c) Fair value adjustments to deferred and contingent consideration Under FRS102, any fair value adjustments to deferred consideration outside the measurement period can be adjusted against goodwill. Under US GAAP, any fair value adjustments outside the measurement period are adjusted through the P&L. (d) Goodwill amortisation Under FRS 102, goodwill is presumed to have a finite useful economic life and is recorded at cost less accumulated amortisation and impairment. Accordingly, the Company amortised goodwill on a straight-line basis over an estimated useful life of 10 years. US GAAP prohibits the amortisation of goodwill and instead requires that goodwill be tested at least annually for impairment or more frequently if impairment indicators exist. Amortisation expense recognised under FRS 102 was reversed under US GAAP. (e) Non-controlling Under FRS102, no goodwill is recognised for the non-controlling Under US GAAP, goodwill is recognised on the entire Company acquired, including the amount pertaining to the non-controlling (f) Step acquisitions Under FRS102 where control of a subsidiary is achieved in stages, no fair value adjustments are made to any existing holdings in the subsidiary. Under US GAAP where control of a subsidiary is achieved in stages, any existing holdings in the subsidiary are fair valued with any resulting gain or loss recorded in the income statement. This has led to reconciliation adjustments in respect of two acquisitions made in 2019 by the Company. Additionally, the restatement in relation to the historic accounting acquirer - detailed in the sole purpose 2020 and 2019 financial statements filed with the SEC - has led to three historic acquisitions being treated as step acquisitions. This has led to further fair value adjustments under US GAAP. (g) Reclassification of asset acquisition as business combination In February 2019 the Company acquired certain assets from LEPE Partners LLP, a merchant banking business. Under UK GAAP this did not meet the definition of a business combination. One customer related intangible asset of £12,748,964 was recognised and is being amortised over 10 years. Under US GAAP, following the application of the screening test to determine if substantially all of the fair value of the gross assets acquired is concentrated in a single asset or a group of similar assets, it was determined that this met the definition of a business combination. This is the impact of the reversal of the amortisation recorded under UK GAAP, as Goodwill, which is not amortisable, would have been recognised for US GAAP. Investments in joint ventures and associates (h) Implied goodwill amortisation Under FRS102 any implied goodwill arising on the acquisition of an interest in a joint venture or associate is amortised over a period of 10 years. Under US GAAP no such amortisation charge is booked. This has led to the reversal of any accumulated amortisation on implied goodwill recorded by the Company under FRS102. (i) Separate intangible assets arising on acquisition of an equity method investment Under US GAAP where implied goodwill on an acquisition arises, this is required to be assessed for separate intangible assets. This has given rise to separate intangible assets being identified in respect of two of the Company’s equity method investments. These intangible assets have then been amortised over their estimated useful economic lives through the Company’s share of profits from joint ventures and associates. The deferred tax impact of the recognition of such intangible assets has also been recognised. Such intangible assets are not required to be recognised and amortised under UK GAAP. (j) Additional impairment of equity method investments Given the reversal of the implied goodwill amortisation, under US GAAP the goodwill is required to be assessed for impairment at each reporting date. As a result of this, an additional impairment has been recorded compared to that reported under UK GAAP. (k) Treatment of losses in excess of investment in equity method investments Under UK GAAP, when the Group’s share of losses of an associate or joint venture investment equals or exceeds the carrying amount of its investment, the Group stops recognising its share of further losses. The Group recognises its share of any subsequent profits only after its share of profits equals its share of losses not recognised. Under US GAAP excess losses are offset against the Group’s other interests in the investee, including loans advanced. (l) Impact of GAAP differences on results of equity method investments In 2019 the Group entered into an associate arrangement in which it obtained a 23% ownership interest in NZ PropCo Holdings Limited. Subsequently, NZ PropCo Holdings Limited acquired a portfolio of properties which constitute a business combination. The initial business combination accounting differs between UK and US GAAP, specifically related to the difference between the fair value of assets acquired and the consideration paid, which resulted in a bargain purchase gain. Under FRS102 bargain purchase gains are not recognised through income when a business combination occurs. These are deferred until the associated underlying assets are sold. This results in the entity being in a loss and net liability position for both 2019 and 2020. In an excess loss position, there is no value to recognise on the statement of financial position and the Group would only recognise a share of the entity profits when its investment moves into a profitable position. Under US GAAP, assets are measured at fair value as of the acquisition date. This has led to the inclusion of a bargain purchase gain in 2019 which results in an adjustment from UK GAAP resulting in a share of profit being recognised. In 2020 the entity incurred losses in excess of the profit recognised in 2019. Under the equity method, losses are only recognised to the extent they do not reduce the carrying balance of the investment below zero. This has therefore resulted in a reversal of the gains from 2019. Separately, in 2021 an equity method investee had amortised goodwill on its own balance sheet under UK GAAP. Conversion of these results to US GAAP has resulted in the reversal of this amortisation amounting to £221,635. (m) Revenue Recognition Upon the adoption of ASC 606, various adjustments to revenue impacted current and prior period FRS102 revenue recognition, primarily due to when performance obligations were considered satisfied under FRS102 compared to US GAAP, under ASC 606. The Company’s full accounting policy for revenue recognition under FRS102 can be found on in the accounting policies disclosed to note 3 in these financial statements. The Company’s full accounting policy for revenue recognition under US GAAP is detailed below: Revenue recognition differs under ASC 606, which applies a specific 5 step model, which results in certain adjustments when compared to revenue recognized under FRS 102. The five step model applies under ASC 606 is as follows. 1. Identification of contract with customer 2. Identification of performance obligation 3. Determination of transaction price 4. Allocation of transaction to performance obligation 5. Recognition of revenue when performance obligations are met. For the purposes of this reconciliation, the Company considered the adoption date of ASC 606 to be 1/1/2018. The difference in policy resulted in differences in the following revenue recognition differences: Corporate finance engagements • Within the Merchant Banking division, it was noted that under US GAAP, retainer fees should be recognized in line with completion of the related performance obligation. Under FRS 102, such fees were recognized when received. This resulted in timing adjustments which decreased revenue by £241,881 in 2019, increased revenue • In the Co-investment division, an advisory fee that was recognised fully in 2018 under UK GAAP was noted as needing to be recognised over the life of the contract (2019 to 2021) commensurate with the satisfaction of the performance obligation under US GAAP. Recognising this revenue over time in line with the performance obligation has resulted in a decrease in revenue of £274,500 in 2019, an increase of revenue of UK Investment advisory revenue, Overseas Investment advisory revenue, Trust and fiduciary revenue, Private and family office revenue The five step model was applied to the variable consideration revenue recognised in the Family Office Services and Investment Advisory divisions. US GAAP requires recognition of variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is resolved subsequently. Under FRS 102, such revenue was recognised based on the best estimate at the time it was recorded. From the analysis performed, the Group noted no significant differences requiring adjustment. (n) Income taxes A reconciliation of the income tax expense/(credit) under UK GAAP to US GAAP is given below. 2021 £ 2020 £ 2019 £ Income tax expense/(credit) under UK GAAP (536,461 ) (315,163 ) 511,024 Recognition of deferred taxes in respect of non-tax (263,270 ) (31,320 ) (15,497 ) Recognition of deferred tax asset in respect of losses due to recognition of deferred tax liabilities (2) — — (1,793,000 ) Recognition of French deferred tax asset in respect of losses due to recognition of deferred tax liabilities above (2) (29,574 ) (95,454 ) (40,362 ) Impact of change in UK tax rate on deferred tax assets and liabilities recognised under US GAAP (3) 1,745,400 585,000 — Impact of change in French tax rate on deferred tax liabilities recognised under US GAAP (5) — — (41,646 ) Deferred tax assets no longer supported by deferred taxes from non-tax — 1,457,644 — Total deferred taxes in respect of non-tax 1,452,556 1,915,870 (1,890,505 ) Impact of a transaction in the subsequent events window on UK deferred tax assets (5) 2,417,831 (2,417,831 ) — Total adjustment to deferred tax expense/(benefit) 3,870,387 (501,961 ) (1,890,505 ) Income tax expense/(credit) US GAAP 3,333,926 (817,124 ) (1,379,481 ) A reconciliation of the deferred tax asset/(liability) under UK GAAP to US GAAP is given below. 202 1 £ 2020 £ Deferred tax asset/(liability) under UK GAAP 2,146,091 791,503 Impact of a transaction in the subsequent events window on UK deferred tax assets (5) — 2,417,831 Recognition of deferred taxes in respect of non-tax (6,768,943 ) (5,317,920 ) Total adjustment to deferred tax asset/(liability) (6,768,943 ) (2,900,089 ) Deferred tax asset/(liability) under US GAAP (4,622,852 ) (2,108,586 ) (1) Deferred taxes in respect of non-tax This line represents the tax-effect non-tax (2) Recognition of French deferred tax asset in respect of losses due to recognition of deferred tax liabilities The recognition of the deferred tax liabilities for intangible assets under US GAAP means that deferred tax assets that were not recognized under UK GAAP meet the recognition threshold under US GAAP. Additional deferred assets of £95,454 and £162,174 in France were therefore recognised in 2020 and 2021 respectively. (3) lmpact of change in UK corporate tax rate on deferred tax assets and liabilities recognised in (1) above In respect of UK based acquirees, the deferred tax liabilities and assets recognised in (1) above were calculated based on the enacted future tax rates expected to be prevailing in the period of the reversal of the temporary difference, as was legislated in the UK at the time. In early 2020 a legislated reduction in UK corporation tax from 19% to 17% scheduled to come into effect from 1 April 2020 was withdrawn, and it was enacted that the tax rate would remain at 19%. In June 2021 it was enacted that the UK corporation tax rate would increase to 25% from 1 April 2023. This line represents the revaluation of those deferred tax assets and liabilities. (4) Deferred tax assets no longer supported by deferred taxes from non-tax As a result of the ability to consider additional sources of income in the assessment of the realizability of deferred tax assets under US GAAP, the tax effect of non-tax This adjustment reverses this offset to the valuation allowance. (5) Impact of a transaction in the subsequent events window on UK deferred tax assets In January 2021 the group increased its shareholding in a UK subsidiary from 59% to 83% through a transaction with noncontrolling interests. This resulted in that subsidiary being able to utilise the group’s UK tax losses and timing differences. Under UK GAAP, transactions with noncontrolling interests that take place in the subsequent events window are not considered in the assessment of the realizability of deferred tax assets. Under US GAAP, this is considered to be an adjusting subsequent event and therefore the transaction is brought into consideration in assessing the realizability of the group’s UK deferred tax assets. If this source of income had been considered in assessing the realizability of deferred tax assets, an additional deferred tax asset of £2,417,831 would have been recognised under UK GAAP in 2020. The impact of this GAAP difference fully reverses during 2021. (o) Transactions between equity holders During the year the Group had a transaction between equity holders which is included in the ‘Cash flows from investing activities’ section of the statement of cash flows under FRS 102. Under US GAAP, transactions with shareholders in their capacity as shareholders are included in the “Cash flows from financing activities” section. This has therefore led to a reclassification in the US GAAP statement of cash flows presented in this note. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Basis of Presentation | Basis of preparation These interim unaudited condensed consolidated financial statements have been prepared for the sole purpose of inclusion in the S-4 These interim unaudited Condensed Consolidated Financial Statements do not constitute statutory accounts within the meaning of section 435 of the Companies Act 2006. They have been prepared on the basis of the accounting policies as set out in the Group’s annual financial statements prepared for the purpose of inclusion in the filing registration statement for the year ended 31 December 2021. The interim unaudited Condensed Consolidated Financial Statements to 30 September 2022 have been prepared in accordance with FRS 104 ‘Interim Financial Reporting’. The financial information for the interim accounts ended 30 September 2022 and 2021 has not been audited. Therefore, these interim accounts should be read in conjunction with the Group’s annual financial statements prepared for the purpose of inclusion in the filing registration statement for the year ended 31 December 2021. These interim unaudited Condensed Consolidated Financial Statements were approved and authorised for issue by the Board acting through a duly authorised committee of the Board of Directors on 14 December 2022. The full-year accounts to 31 December 2021 prepared for the purposes of the filing registration statement were approved by the Board of Directors on 13 May 2022 and do not constitute the Company’s statutory accounts for that year. Statutory accounts for the year ended 31 December 2021 have been reported on by the company’s statutory auditor and delivered to the registrar of companies. The report of the statutory auditor was (i) unqualified, (ii) did not include a reference to any matters to which the auditor drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006. The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. The financial statements are presented in UK pounds sterling, which is the functional currency of the Group. | The financial information set out above does not constitute the Company’s statutory accounts for the years ended 31 December 2021, 2020 or 2019. These Consolidated financial statements were approved by the board of directors and authorised for issue on 13 May 2022. The preparation of the financial statements requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the group and company accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. The financial statements are presented in UK pounds sterling, which is the functional currency of the Group. |
Going concern | Going concern The Group has recorded a loss of £10m for the period to 30 September 2022 and is in a net current liability position. As at the balance sheet date, the Group had creditors due within one year of £91.7m, compared to current assets of £60.4m. The creditors due within one year include £39.8m of subordinated shareholder loans which are due on 7th January 2023 On 17 October 2022, the Securities and Exchange Commission declared the registration statement for the proposed business combination with Cartesian announced on 20 September 2021 effective. As a result, the existing bank debt facility will become repayable when the transaction closes on 3 January 2023. The new Group is currently agreeing terms for a debt facility with BMO for $250m, which will be used to pay off the existing bank debt facility as well as the subordinated shareholder loans. This refinancing is yet to be completed and is subject to the transaction completing. The transaction close is pending shareholder approval and there are no other conditions to be met. The refinancing agreements are at an advanced stage and there are no barriers to these being finalised. In the event of the transaction not closing, the Directors would initiate discussions with the shareholders and bank to refinance the existing debt. In addition, the directors do not anticipate any scenario in which the new change in control environment would change the regulatory capital requirement to a level that would impact the Group’s ability to comply. While there will be changes to the existing legal entity group structure post-acquisition, all existing business lines will continue to operate. The Group currently meets its day to day working capital requirements from cash reserves and recurring revenue streams. The Group also has a bank facility which is subject to covenants. There was a breach of covenant during the period which has been waived by the borrowers due to an agreement reached that Alvarium will repay the full balance of the outstanding facility once the transaction has closed. As at 30 September 2022, the group had cash balances of £12.4m. The directors have prepared both base and sensitised cash flow forecasts which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for the next 12 months, even under severe but plausible downside scenarios assuming that the existing debt is repaid by the new proposed debt facility as discussed above. The base case assumes that transactional revenue in Co-Investments Management have applied stress test scenarios to its forecasts factoring in a severe but plausible downside scenario whereby transactional revenue and new business streams, in particular across Co-Investments After reviewing the Company’s forecasts and risk assessments under both current and post-merger scenarios, the Directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for 12 months from the date of signing these accounts. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements. However, the circumstances above regarding the pending closure of the transaction and the associated debt refinancing indicates the existence of a material uncertainty related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern and, therefore, that the Group may be unable to realise its assets and discharge its liabilities in the normal course of business. The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate. | Going concern Following the COVID-19 (Covid-19), The Group meets its day to day working capital requirements from cash reserves and recurring revenue streams. The Group also has a bank facility which is subject to covenants (see notes 16 and 17 & 30 for more information). As at 31 December 2021, the group had cash balances of £13m. The directors have prepared both base and sensitised cash flow forecasts which indicate that the Group will have sufficient funds to meet its liabilities as they fall due for the next 12 months, even under severe but plausible downside scenarios. The base case assumes that transactional revenue in Co-lnvestments 2-3% current bank debt facility. This does not account for adverse market movements which is outside management control. Management have applied stress test scenarios to its forecasts factoring in a severe but plausible downside scenario whereby transactional revenue and new business streams, in particular across Co-lnvestments % reduction in Investment Advisory revenues considered. Under this scenario, the diversified mix of recurrent income still provides sufficient coverage to meet any obligations as and when they fall due. The Group is currently compliant with all debt facility covenants and projected to continue to meet these provisions. The bank loan is due for repayment at the maturity date in August 2022. Terms have been provided (for execution in due course) to extend the facility for a further six months to February 2023 under the original terms, in which time the business combination is expected to complete. In the event repayment is required in August 2022, the plausible downside forecasts indicate that the facility could be repaid in full if required. Should the proposed business combination with Cartesian proceed, as announced on 20 September 2021, the existing bank debt facility would become repayable based on change of control reference in the facility agreement. However, this transaction would not proceed unless sufficient appropriate facilities were in place to enable the facility to be repaid in full, should repayment be needed. In addition, the directors do not anticipate any scenario in which the new change in control environment would change the regulatory capital requirement to a level that would impact the Company’s ability to comply. After reviewing the Company’s forecasts and risk assessments under both current and postmerger scenarios, the Directors have formed a judgement at the time of approving the financial statements, that there is a reasonable expectation that the Company has adequate resources to continue in operational existence for 12 months from the date of signing these accounts. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements. |
Consolidation | Consolidation The Group consolidated financial statements include the financial statements of the Company and all of its subsidiary undertakings together with the Group’s share of the results of associates and joint ventures made up to 31 December 2021. A subsidiary is an entity controlled by the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. Where the Group owns less than 50 % of the voting powers of an entity but controls the entity by virtue of an agreement with other investors which gives it control of the financial and operating policies of that entity, the Group accounts for that entity as a subsidiary. Where the Group controls more than 50 % of the voting powers of an entity but restrictions exist to entitlement of profit which would comprise a severe long term restriction, such entities are not consolidated. See the ‘significant judgement’ section on page 12 for more information. Where a subsidiary has different accounting policies to the Group, adjustments are made to those subsidiary financial statements to apply the Group’s accounting policies when preparing the consolidated financial statements. An associate is an entity, being neither a subsidiary nor a joint venture, in which the Group holds a long-term interest and where the Group has significant influence. The Group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate. The results of associates are accounted for using the equity method of accounting. Accounting for joint ventures and associates uses financial information provided by management of those entities. This is the best available information at the time of reporting and consolidated using the equity method appropriately in our Group results. Where information is received post year-end year-end, Any subsidiary undertakings or associates sold or acquired during the year are included up to, or from, the dates of change of control or change of significant influence respectively. Where control of a subsidiary is lost, the gain or loss is recognised in the consolidated income statement. The cumulative amounts of any exchange differences on translation, recognised in equity, are not included in the gain or loss on disposal and are transferred to retained earnings. The gain or loss also includes amounts included in other comprehensive income that are required to be reclassified to profit or loss but excludes those amounts that are not required to be reclassified. Where control of a subsidiary is achieved in stages, the initial acquisition that gave the Group control is accounted for as a business combination. Thereafter where the Group increases its controlling interest in the subsidiary the transaction is treated as a transaction between equity holders. Any difference between the fair value of the consideration paid and the carrying amount of the non-controlling The Company historically held investments in two associates (Alvarium PO (Payments) Ltd and Alvarium Investment Management Ltd) where additional interests were subsequently purchased giving the company control and resulting in consolidation of a subsidiary undertaking. In accordance with FRS 102.A.3.21, and in order to give a true and fair view, goodwill was calculated as the sum of the goodwill arising on each purchase of shares in these entities, being the difference at the date of each purchase between the fair value of the consideration given and the fair value of the identifiable assets and liabilities attributable to the interest purchased. This represents a departure from the method set out in FRS 102, under which goodwill is calculated as the difference between the total acquisition cost of acquiring 100% of these entities and the fair value of the identifiable assets and liabilities of these entities on the date that they each became a subsidiary. The statutory method would not give a true and fair view because it would result in the group’s share of these entities’ retained reserves, during the period that it was an associate, being recharacterised as goodwill. The effect of this departure at 31 December 2021, 31 December 2020, 31 December 2019 and 1 January 2019 is to: • decrease profit for the year by £34,266 (2020: £34,266 , 2019: £34,266) • increase the revaluation reserve by £133,722 (2020: £133,722) (1 Jan 2020 £133,722 ) (1 Jan 2019: £133,722) • decrease retained profits by £ 30,923 ) (1 Jan 2019: £71,876); and • increase goodwill by £102,799 (2020: £137,065) (1 Jan 2020: £171,332 ) (1 Jan 2019: £205,598) All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Adjustments are made to eliminate the profit or loss arising on transactions with associates to the extent of the Group’s interest in the entity. | |
Non-controlling interests | Non-controlling Minority interests in the net assets of consolidated subsidiaries are identified separately from the Group’s equity. Minority interests consist of the amount of those interests at the date of the original business combination and the minority’s share of changes in equity since the date of the combination. The proportions of profit or loss and changes in equity allocated to the owners of the parent and to the minority interests are determined on the basis of existing ownership interests and do not reflect the possible exercise or conversion of options or convertible instruments. | |
Judgements and key sources of estimation uncertainty | Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the Group’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Historic group accounting acquirer The significant judgements in relation to this area are the same as those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2021. Equity Method Investees There are certain of our joint venture and associates partners in equity method investees that, since the investment was entered into, have become related parties of the Group as a result of holding executive management positions in one or more Group members or subsidiary. An assessment was performed and determined that this does not give the Group control of the relevant equity method investee as each related party’s holding in the relevant equity method investee is unrelated to their employment by the Group member to which they are related and the relevant related parties are not bound by any contractual or other agreement to vote in the same way as Alvarium in connection with their holdings in the relevant equity method investee. Furthermore, in each instance, the equity method investee also has an unrelated third party member and, as a result of governance provisions in the relevant equity method agreement, the equity method investee is controlled jointly by all of its members and not by Alvarium alone. Entities excluded from consolidation due to limited economic rights In the case of LJ Maple Limited LJ Maple Circus Limited LJ Maple Hamlet Limited LJ Maple Hill Limited LJ Maple Belgravia Limited LJ Maple St Johns Wood Limited LJ Maple Kew Limited LJ Maple Chelsea Limited LJ Maple Tofty Limited LJ Maple Kensington Limited LJ Maple Nine Elms Limited LJ Maple Duke Limited LJ Maple Abbey Limited These entities have all issued a separate class of shares to third party investors and raised finance from them, which has then been invested, indirectly, in one or more underlying real estate transactions. These classes of shares do not have any voting rights but are entitled to the vast majority of the economic returns from the investment. The Group is entitled to ongoing fees from the entities for monitoring and reporting on the underlying real estate transactions and also, potentially, when the underlying real estate transactions are exited and funds returned to investors, to performance based fees which are calculated as a percentage of the total profits from each underlying deal which exceed a defined return to the third party investors. The Group is not an investor itself and does not otherwise participate in distributions from these entities. While the Group controls the ordinary voting rights of these entities, these entities are excluded from consolidation because of severe long-term restrictions on the Group’s ability to actually exercise control over them. These restrictions are contained in the articles of association and shareholders’ agreements of the relevant entities and they relate to the substantive business activities (including the financial and operating policies) of the entities and include reserved matters contained in the shareholders’ agreements which are substantive as regards the activities of the entities and which require the approval of 75% of all shareholders (including the investor share class). As a result of these restrictions and the Group’s limited economic rights in the entities, the Group does not have the power to govern the financial and operating policies of the entities so as to obtain a benefit from the entities’ activities and, accordingly, the entities are not controlled by the Group for the purposes of FRS 102 and are excluded from consolidation on this basis. Each entity has instead been classified as a fixed asset investment at cost less impairment, with any distributions recognised upon receipt. Limited economic rights over entities owned by the group The group owns 100% of the share capital of LJ London Holdings Limited. The company was incorporated to invest in a property joint venture. To fund this, loan funding was obtained by LJ London Holdings Limited from a third party. Under the terms of the loan the vast majority of the profits from the venture revert to the lender, with the group entitled to a promote fee at conclusion. The group had no financial exposure to the venture. The group considers the terms of the loan to demonstrate a severe long term restriction over rights to income from LJ London Holdings Limited. It has therefore been classified as a fixed asset investment at cost less impairment, with any dividends recognised upon receipt. In the absence of the terms of the loan, it would otherwise have been classified as a subsidiary. Share based payments In April 2022, the Group granted awards to key employees and directors as part of a Long Term Incentive Plan. The value of these awards is determined by the appreciation of the Group’s value between 1 January 2019 and 31 December 2021 – the service period for these awards - provided that a minimum target valuation is met. The Group has needed to make several judgements in recognising a liability for cash-settled share-based payments at 30 September 2022. In particular, the Group has needed to determine the vesting date, assess the probability of payment, make a judgement for when the mutual understanding between the Group and members in the scheme was established and conclude on the conditional link to the proposed business combination with Cartesian Growth Corporation under the Securities Exchange Act of 1933 in relation to a public list on the US NASDAQ under Alvarium Tiedemann. The initial Award Letters were sent to employees of the Group in April 2022 – the grant date - and communicated an intent for a potential future award that would become payable upon the close of the proposed business combination. These Award Letters stated that the vesting date would be at 31 May 2022 and on the discretion of the Committee. The Award Letters were designed to be non-binding The Group held a Townhall on 21 September 2022 where it was communicated to the members of the LTIP that payments would be made to settle the plan imminently, regardless of whether or not the business combination closes. The Group has determined that it was at this point that a mutual understanding between the Group and members in the scheme had been established, and that 21 September should therefore be used as the vesting date. A liability has therefore been recognised for these payments, as disclosed in note 14 of these financial statements. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful economic lives and impairment of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed The Group also considers whether intangible assets are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. See note 10 for the carrying amount of the intangible assets. Impairment tests for goodwill September 2022 The Group has assessed for any triggers during the period that may result in an impairment of goodwill. No material negative changes were noted since management performed a sensitivity analysis as of 31 December 2021. The Directors have also considered whether there were any triggers during the period to 30 September 2022 and have not noted any. The analysis carried out for the year ended 31 December 2021 established that the discount rate would need to increase to more than 80% before an impairment of goodwill would be required. Similarly the average annual growth rate for expected fund flows would need to reduce to more than -30% The Directors have considered recent market movements and macro-economic conditions in their assessment of the need for goodwill impairment as at 30 September 2022, and have concluded that the Group’s performance in the period and future outlook do not warrant an impairment given the significant headroom noted in the detailed analysis carried out for the year ended 31 December 2021. Deferred tax assets in respect of tax losses The group has material brought forward tax losses for which no deferred tax asset has been recognised. There is significant estimation uncertainty surrounding the timing of which these losses may be utilised in future. Management reviews forecasts in estimating whether sufficient future taxable profits are likely to arise to warrant recognition of an asset in respect of such losses. The Group’s policy is to only consider forecasts which have been finalised and approved as at the period end. | Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements The judgements (apart from those involving estimations) that management has made in the process of applying the entity’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements are as follows: Historic accounting acquirer The Group was formed through a series of acquisitions commencing at the end of 2014 and completing in early 2015, through the combination of several existing entities with common shareholders and management under a newly formed company - LJ GP Limited (now Alvarium Investments Limited). This was previously accounted for as a business combination with four businesses with common shareholders being combined under LJ GP Limited as the accounting acquirer. The consideration for this transaction was a mixture of cash, debt and equity. The combining entities were valued by management in line with comparative market multiples at that time. Asset management business was based on an EBITDA multiple whilst wealth management companies were valued on AUM. The valuation was underpinned by an unrelated third party investment into the group for a 20% stake under a new share issuance which settled in May 2015. The third party investment also triggered a re-designation Upon a review carried out as part of preparing the 2020 and 2019 special purpose financial statements for filing with the SEC, it was determined that a different entity, LJ Capital Limited, should have been treated as the acquirer in the business combination. This determination is on the basis that LJ Capital Limited was the largest of the combining companies and due to the number of their directors on the Boards of the new Group giving them the largest proportion of voting rights. The determination of LJ Capital Limited as the accounting acquirer is a significant judgement which has a material impact on these financial statements and has led to a number of material changes on the accounting treatment of LJ Capital Limited Group and its underlying subsidiaries and minority holdings, which were previously fair valued as part of the business combination rather than brought in at historical amounts. The impact of this correction in acquirer has been disclosed in the in the consolidated financial statements previously filed with the SEC. Equity method investees There are certain of our joint venture and associates partners in equity method investees that, since the investment was entered into, have become related parties of the Group as a result of holding executive management positions in one or more Group members or subsidiary. An assessment was performed and determined that this does not give the Group control of the relevant equity method investee as each related party’s holding in the relevant equity method investee is unrelated to their employment by the Group member to which they are related and the relevant related parties are not bound by any contractual or other agreement to vote in the same way as Alvarium in connection with their holdings in the relevant equity method investee. Furthermore, in each instance, the equity method investee also has an unrelated third party member and, as a result of governance provisions in the relevant equity method agreement, the equity method investee is controlled jointly by all of its members and not by Alvarium alone. Entities excluded from consolidation due to limited economic rights In the case of LJ Maple Limited, LJ Maple Circus Limited, LJ Maple Hamlet Limited, LJ Maple Hill Limited, LJ Maple Belgravia Limited, LJ Maple St Johns Wood Limited, LJ Maple Kew Limited, LJ Maple Chelsea Limited, LJ Maple Tofty Limited, LJ Green Lanes Holdings Limited, LJ Maple Kensington Limited, LJ Maple Nine Elms Limited, LJ Maple Duke Limited and LJ Maple Abbey Limited, the group control 100% of the voting rights (aside from reserved matters) by virtue of their holding of a certain class of shares. These entities have all issued a separate class of shares to third party investors and raised finance from them, which has then been invested, indirectly, in one or more underlying real estate transactions. These classes of shares do not have any voting rights but are entitled to the vast majority of the economic returns from the investment. The Group is entitled to ongoing fees from the entities for monitoring and reporting on the underlying real estate transactions and also, potentially, when the underlying real estate transactions are exited and funds returned to investors, to performance based fees which are calculated as a percentage of the total profits from each underlying deal which exceed a defined return to the third party investors. The Group is not an investor itself and does not otherwise participate in distributions from these entities. While the Group controls the ordinary voting rights of these entities, these entities are excluded from consolidation because of severe long-term restrictions on the Group’s ability to actually exercise control over them. These restrictions are contained in the articles of association and shareholders’ agreements of the relevant entities and they relate to the substantive business activities (including the financial and operating policies) of the entities and include reserved matters contained in the shareholders’ agreements which are substantive as regards the activities of the entities and which require the approval of 75% of all shareholders (including the investor share class). As a result of these restrictions and the Group’s limited economic rights in the entities, the Group does not have the power to govern the financial and operating policies of the entities so as to obtain a benefit from the entities’ activities and, accordingly, the entities are not controlled by the Group for the purposes of FRS 102 and are excluded from consolidation on this basis. Each entity has instead been classified as a fixed asset investment at cost less impairment, with any distributions recognised upon receipt. Details concerning the financial performance and position of these entities can be found in note 13 of these financial statements. Limited economic rights over entities owned by the group The group owns 100% of the share capital of LJ London Holdings Limited. The company was incorporated to invest in a property joint venture. To fund this, loan funding was obtained by LJ London Holdings Limited from a third party. Under the terms of the loan the vast majority of the profits from the venture revert to the lender, with the group entitled to a promote fee at conclusion. The group had no financial exposure to the venture. The group considers the terms of the loan to demonstrate a severe long term restriction over rights to income from LJ London Holdings Limited. It has therefore been classified as a fixed asset investment at cost less impairment, with any dividends recognised upon receipt. In the absence of the terms of the loan, it would otherwise have been classified as a subsidiary. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Useful economic lives and impairment of intangible assets The annual amortisation charge for intangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed The group also considers whether intangible assets are impaired. Where an indication of impairment is identified the estimation of recoverable value requires estimation of the recoverable value of the cash generating units (CGUs). This requires estimation of the future cash flows from the CGUs and also selection of appropriate discount rates in order to calculate the net present value of those cash flows. See note 11 for the carrying amount of the intangible assets, and note 3 for the useful economic lives for each class of asset. Impairment tests for goodwill December 2021 The Group has determined that it has a single CGU in relation to asset management for the purposes of assessing the carrying value of goodwill. This determination is made on the basis that the Group’s structure is highly interconnected, with shared management, directors and clients. As a result, the Group is deemed to be the smallest identifiable group of assets that generates cash inflows that are largely independent. In line with Section 27 of FRS 102, Impairment of Assets, a full impairment review was undertaken as at 31 December 2021. The recoverable amount within the fund management CGU was determined by assessing the value-in-use Data for the explicit forecast period of 2022-2026 is based on the 2022 budget and forecasts for 2022-2026. Increases in operating costs have been taken into account and include assumed new business volumes. Cash flows beyond the explicit forecast period are extrapolated using a long term terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 12.5%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2021 and established that the discount rate would need to increase to more than 95% before an impairment of goodwill would be required. The average annual growth rate for expected fund flows over the forecast period is 4.0% and would need to reduce to more than -40% Impairment tests for goodwill December 2020 The Group has determined that it has a single CGU in relation to asset management for the purposes of assessing the carrying value of goodwill. This determination is made on the basis that the Group’s structure is highly interconnected, with shared management, directors and clients. As a result, the Group is deemed to be the smallest identifiable group of assets that generates cash inflows that are largely independent. In line with Section 27 of FRS 102, Impairment of Assets, a full impairment review was undertaken as at 31 December 2020. The recoverable amount within the fund management CGU was determined by assessing the value-in-use Data for the explicit forecast period of 2021-2026 is based on the 2021 budget and forecasts for 2021-2026. Increases in operating costs have been taken into account and include assumed new business volumes. Cash flows beyond the explicit forecast period are extrapolated using a longterm terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 18.0%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2020 and established that the discount rate would need to increase to more than 80% before an impairment of goodwill would be required. The average annual growth rate for expected fund flows over the forecast period is 8.0% and would need to reduce to more than -30% Impairment tests for goodwill December 2019 The Group has determined that it has a single CGU in relation to asset management for the purposes of assessing the carrying value of goodwill. This determination is made on the basis that the Group’s structure is highly interconnected, with shared management, directors and clients. As a result, the Group is deemed to be the smallest identifiable group of assets that generates cash inflows that are largely independent. In line with Section 27 of FRS 102, Impairment of Assets, a full impairment review was undertaken as at 31 December 2019. The recoverable amount within the fund management CGU was determined by assessing the value-in-use Data for the explicit forecast period of 2020-2025 is based on the 2020 budget and forecasts for 2021-2025. Increases in operating costs have been taken into account and include assumed new business volumes. Cash flows beyond the explicit forecast period are extrapolated using a longterm terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 18.0%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2019 and established that the discount rate would need to increase to more than 60% before an impairment of goodwill would be required. The average annual growth rate for expected fund flows over the forecast period is 8.0% and would need to reduce to more than -24% Impairment tests for equity method investees The Group has considered whether there are any indications that its investments in joint ventures and associates may be impaired at 31 December 2021, and has noted one joint venture where impairment indicators exist. In line with Section 27 of FRS 102, Impairment of Assets, a detailed value-in-use Data for the explicit forecast period of 2022-2026 is based on the 2022 budget. Cash flows beyond the explicit forecast period are extrapolated using a long term terminal growth rate of 3.0%. To arrive at the net present value, cash flows have been discounted using a discount rate of 11.5%. The overall value-in-use Management have performed a sensitivity analysis as of 31 December 2021 and have established that the discount rate would need to increase by more than 100% before an impairment of this asset would be required. Similarly, reducing the terminal growth rate of 3% to 0% would still not result in an impairment to this asset. Useful economic lives sensitivity The tables below detail the impact of the amortisation charge reported in the event of a 5%-10% 2021: Goodwill Client lists Brands Total £ £ £ £ Current amortisation 3,429,870 2,293,872 — 5,723,742 Amortisation with -5% 3,610,391 2,414,602 — 6,024,993 Amortisation with -10% 3,810,968 2,548,747 — 6,359,715 Amortisation with +5% UEL 3,266,544 2,184,640 — 5,451,184 Amortisation with +10% UEL 3,118,065 2,085,338 — 5,203,403 2020: Goodwill Client lists Brands Total £ £ £ £ Current amortisation 3,488,827 2,334,873 — 5,823,700 Amortisation with -5% 3,672,451 2,457,761 — 6,130,212 Amortisation with -10% 3,876,476 2,594,303 — 6,470,779 Amortisation with +5% UEL 3,322,693 2,223,689 — 5,546,382 Amortisation with +10% UEL 3,171,662 2,122,612 — 5,294,274 2019: Goodwill Client lists Brands Total £ £ £ £ Current amortisation (2, 836,12 ) (2,315,165 ) (30,000 ) (5,181,291 ) Amortisation with -5% (2,985,397 ) (2,437,016 ) (31,579 ) (5,453,992 ) Amortisation with -10% (3,151,253 ) (2,572,405 ) (33,333 ) (5,756,991 ) Amortisation with +5% UEL (2,701,074 ) (2,204,919 ) (28,571 ) (4,934,564 ) Amortisation with +10% UEL (2,578,298 ) (2,104,695 ) (27,273 ) (4,710,266 ) Deferred tax assets in respect of tax losses The group has material brought forward and carried forward tax losses in the United Kingdom and the United States of America. There is significant estimation uncertainty surrounding the timing of which these losses may be utilised in future. Management reviews forecasts in estimating whether sufficient future taxable profits are likely to arise to warrant recognition of an asset in respect of such losses. The Group’s policy is to only consider forecasts which have been finalised and approved as at the period end, which in this case are for the years ended 31 December 2022 and 2023. In the case of the United Kingdom, these forecasts indicate these losses are to be fully utilised in those periods. |
Revenue recognition | Revenue recognition Turnover comprises revenue (exclusive of Value Added Tax) recognised by the group in respect of services supplied. Corporate finance engagements Fees for annual or quarterly services are billed in advance. Turnover for the provision of annual or quarterly services is recognized in the profit and loss account on a pro rata basis as the service is delivered over the period from the date of the invoice or renewal. The resulting accrued or deferred income is included within debtors or creditors respectively. The service provided to clients is generally providing reporting on funds invested into the relevant deals. This would include corporate finance engagements, management support and office space. Placement fees are recognised as invoiced at the point of transaction closing. Interest and investment income Interest income is recognised using the effective interest rate method. Dividend income is recognised when the right to receive payment is established. UK Investment advisory revenue The revenue shown in the accounts represents amounts due to the group for services rendered in the year, exclusive of Value Added Tax. Consultancy fees are invoiced on a quarterly basis in arrears and therefore at any point in time there is a level of accrued income pro-rata The majority of Advisory fees are received from the Pershing Platform quarterly in arrears. At any point in time there is a level of accrued income pro-rata Overseas Investment advisory revenue Portfolio management and performance fees generally consist of percentage fees based upon client’s portfolio size and performance and are billed to clients following the close of each calendar quarter. At the end of each month there is an income accrual provided for pro rata quarterly fees which are billed post quarter end. These fees are gross amounts with any related commissions payable presented in cost of sales. Trust and fiduciary revenue Invoices raised in advance for the provision of annual services are taken to the profit and loss account on a pro rata basis over the year from the date of the invoice or renewal. The resulting deferred income is included within creditors. Work in Progress is carried at 70% of recorded unbilled time at each month end. This is considered by management to be a reliable consistent estimate of the recoverable proportion of unbilled time at any point, based on retrospective reviews. Private and family office revenue Turnover represents amounts receivable for services net of VAT and trade discounts. Invoicing is completed monthly in arrears, with any resulting accrued income included in debtors at the year end. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. The services cover a clearly defined period of time with no uncertainty as to outcome, and therefore we have used the length of time elapsed as the main measure for determining the stage of completion. | |
Income tax | Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. The Group’s unrecognised deferred tax assets are disclosed in note 21 to the financial statements. | |
Foreign currencies | Foreign currencies Functional and presentational currency The Group financial statements are presented in pound sterling. Foreign currency transactions Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Nonmonetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end Foreign operations The trading results of Group undertakings are translated into sterling at the average exchange rates for the year. The assets and liabilities of overseas undertakings, including goodwill and fair value adjustments arising on acquisition, are translated at the exchange rates ruling at the year end. Exchange adjustments arising from the retranslation of opening net investments and from the translation of the profits or losses at average rates are recognised in ‘Other comprehensive income’ and allocated to non-controlling | |
Operating leases | Operating leases Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight-line basis over the period of the lease. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. | |
Goodwill | Goodwill Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows: Subsidiaries, joint ventures and associates -10 | |
Intangible assets | Intangible assets Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date. Amortisation Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10 years straight line Brands and licences - Between 2 Customer list - Between 9 The useful lives of the brands and licenses are based on the contractual agreements that underpin these or the period of expected use, whilst the useful lives of the customers lists depend on the nature of the customer relationships. These useful lives have been benchmarked to market data for entities of a similar nature as part of the PPA work carried out on the acquisition of these entities. If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. | |
Tangible assets | Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Short leasehold property improvements - Various - straight line over remaining term on property lease Fixtures and fittings - Between 3 Office equipment - Between 3 | |
Investments | Investments Un-listed Investments in associates Investments in associates are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate. When the Group’s share of losses of an associate investment equals or exceeds the carrying amount of its investment, the Group stops recognising its share of further losses. The Group recognises its share of any subsequent profits only after its share of profits equals its share of losses not recognised. Goodwill arising on acquisition of associates is included within the investment cost. This is amortised over 10 years and included in the share of profits/losses included in the income statement. Investments in joint ventures Investments in joint ventures are accounted for using the equity method of accounting, whereby the investment is initially recognised at the transaction price and subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the joint venture. When the Group’s share of losses of a joint venture investment equals or exceeds the carrying amount of its investment, the Group stops recognising its share of further losses. The Group recognises its share of any subsequent profits only after its share of profits equals its share of losses not recognised. Goodwill arising on acquisition of joint ventures is included within the investment cost. This is amortised over 10 years and included in the share of profits/losses included in the income statement. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash flows that are largely independent of the cash flows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units. | |
Finance leases | Finance leases Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability. | |
Government grants | Government grants Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the Group will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the Group recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. | |
Provisions | Provisions Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. | |
Financial instruments | Financial instruments 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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. Compound instruments Compound instruments comprise both a liability and an equity component. At date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar debt instrument. The liability component is accounted for as a financial liability. The residual is the difference between the net proceeds of issue and the liability component (at time of issue). The residual is the equity component, which is accounted for as an equity instrument. The interest expense on the liability component is calculated applying the effective interest rate for the liability component of the instrument. The difference between this amount and any repayments is added to the carrying amount of the liability in the balance sheet. | |
Loans receivable | Loans receivable Loans receivable are measured initially at fair value and are measured subsequently at amortised cost using the effective interest method, less any impairment. An indicative interest rate is used to calculate the amortised cost of interest free related party loans. This is based on comparable interest rates on loans that the Group has given to other entities. | |
Executory contracts | Executory contracts Where the Group holds derivative options for non-financial | |
Employee benefits | Employee benefits All employee benefits are categorised under cost of sales. Defined contribution pension plans Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises. Share-based payments Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, together with a corresponding increase in equity, based upon the group’s estimate of the shares that will eventually vest, which involves making assumptions about the number of leavers over the vesting period. The vesting period is determined by the period of time the employees must remain in the Group’s employment before the rights to the shares transfer unconditionally to them. Fair value has been determined with reference to recent transactions with external investors in the company’s shares. Where the terms of an equity-settled transaction are modified, as a minimum an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the value of the transaction as a result of the modification, as measured at the date of modification. Where an equity-settled transaction is cancelled, it is treated as if it had vested on the date of the cancellation, and any expense not yet recognised for the transaction is recognised immediately. However, if a new transaction is substituted for the cancelled transaction and designated as a replacement transaction on the date that it is granted, the cancelled and new transactions are treated as if they were a modification of the original transaction, as described in the previous paragraph. The group has no-cash Annual bonus plan The Group operates an annual bonus plan for employees. An expense is recognised in the profit and loss account when the Group has a legal or constructive obligation to make payments under the plan as a result of past events and a reliable estimate of the obligation can be made. Short term benefits Short term benefits, including holiday pay and other similar non-monetary | |
Business combinations | Business combinations Business combinations are accounted for using the purchase method. The cost of a business combination is measured as the aggregate of the fair values, at the acquisition date, of assets given, liabilities incurred or assumed, and equity instruments issued plus any costs directly attributable to the business combination. Where control is achieved in stages, goodwill is calculated as the sum of the goodwill arising on each purchase of shares in these entities, being the difference at the date of each purchase between the fair value of the consideration given and the fair value of the identifiable assets and liabilities attributable to the interest purchased. Where the business combination requires an adjustment to the cost contingent on future events, the estimated amount of that adjustment is included in the cost of the combination at the acquisition date at fair value. Where contingent consideration is estimated at acquisition and this estimate changes, any change to the consideration is treated as an adjustment to the goodwill. On acquisition of a business, fair values are attributed to the identifiable assets, liabilities and contingent liabilities unless the fair value cannot be measured reliably, in which case the value is incorporated in goodwill. Where the fair value of contingent liabilities cannot be reliably measured they are disclosed on the same basis as other contingent liabilities. Goodwill recognised represents the excess of the fair value and directly attributable costs of the purchase consideration over the fair values to the Group’s interest in the identifiable net assets, liabilities and contingent liabilities acquired. Goodwill is amortised over its expected useful life. Where the Group is unable to make a reliable estimate of useful life, goodwill is amortised over a period not exceeding 10 years. Goodwill is assessed for impairment when there are indicators of impairment and any impairment is charged to the income statement. Reversals of impairment are recognised when the reasons for the impairment no longer apply. Merger relief is applied where the Group issues equity shares in consideration for the shares of another company and secures at least a 90% equity holding in the other company. Where the criteria for merger relief are met, share premium is not recorded on the issue of these shares, and instead a merger reserve is used. This is a requirement of section 612 of the Companies Act 2006 when these criteria are met. | |
Impact of changes to accounting | Impact of changes to accounting FRS 102 was amended in December 2020 to deal with the financial reporting implications associated with the replacement of interest rate benchmarks as part of the international interest rate benchmark reforms. These amendments are referred to as Phase 2 of the interest rate benchmark reform related amendments to FRS 102. Application of the amendments is mandatory and effective for accounting periods beginning on or after 1 January 2021, with early application permitted. There is no effect of the interest rate benchmark reform on the current or prior years financial statements. The effect of the reform on the future financial statements is currently uncertain. | |
Application of accounting policies | Application of accounting policies Except as described below, the accounting policies applied in these interim financial statements for the following areas are the same as those applied in the Group’s consolidated financial statements as at and for the year ended 31 December 2021. The following accounting policies are as per year ended 31 December 2021: • Consolidation • Non-controlling • Revenue recognition • Foreign currencies • Operating leases • Goodwill • Intangible assets • Tangible assets • Investments • Investments in associates • Investments in joint ventures • Impairment of fixed assets • Finance leases • Government grants • Provisions • Financial instruments • Executory contracts • Employee benefits • Business combinations • Income tax | |
Other Income [Policy Text Block] | Other income Other income includes income from the disposal of assets held at book value. This income is recognised at the point of sale and is measured as the difference between the carrying value and the proceeds from the disposal. | |
Share based payments | Share based payments The Group issues share-based payments to certain employees, including directors. These share-based payments are recognised in accordance with section 26 of FRS 102. Equity-settled share-based payments are measured at fair value at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting period, together with a corresponding increase in equity, based upon the group’s estimate of the shares that will eventually vest, which involves making assumptions about the number of leavers over the vesting period. The vesting period is determined by the period of time the employees must remain in the Group’s employment before the rights to the shares transfer unconditionally to them. Cash settled share-based payments are measured at fair value at the balance sheet date. The Group recognises a liability based on the estimate of options that will vest and the expected vesting date. Further information on the cash settled share-based payments in the period are detailed in note 17 of these financial statements. | |
Cartesian Growth Corp [Member] | ||
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article of Regulation S-X of the Form 10-K filed | Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the SEC. |
Emerging Growth Company Status | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a non-binding Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s unaudited condensed financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. | Emerging Growth Company Status The Company is an “emerging growth company,” as defined in Section 2(a) of the Securities Act, as modified by the Jumpstart our Business Startups Act of 2012 (the “JOBS Act”), and it may take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not emerging growth companies including, but not limited to, not being required to comply with the independent registered public accounting firm attestation requirements of Section 404 of the Sarbanes-Oxley Act of 2002, reduced disclosure obligations regarding executive compensation in its periodic reports and proxy statements, and exemptions from the requirements of holding a nonbinding advisory vote on executive compensation and shareholder approval of any golden parachute payments not previously approved. Further, Section 102(b)(1) of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Securities Exchange Act of 1934, as amended) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that a company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period which means that when a standard is issued or revised and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company which is neither an emerging growth company nor an emerging growth company which has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. |
Judgements and key sources of estimation uncertainty | Use of Estimates The preparation of unaudited condensed financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed financial statements and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Income tax | Income Taxes The Company accounts for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both (i) the expected impact of differences between the financial statement and tax basis of assets and liabilities and (ii) for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. Additionally, ASC 740 requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of September 30, 2022 and December 31, 2021, there were no unrecognized tax benefits, and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. | Income Taxes The Company accounts for income taxes under FASB ASC Topic 740, “Income Taxes” (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2021, there were no unrecognized tax benefits, and no amounts were accrued for the payment of interest and penalties. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the government of the Cayman Islands. In accordance with Cayman Islands income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $463,990 and $551,258 as of September 30, 2022 and December 31, 2021, respectively. The Company did not have any cash equivalents as of September 30, 2022 and December 31, 2021. | Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company had cash of $551,258 and 0 as of December 31, 2021 and December 31, 2020. The Company did not have any cash equivalents as of December 31, 2021 and December 31, 2020. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of a cash account in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage of $250,000. The Company has not experienced losses on this account. | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the federal depository insurance coverage of $250,000. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. |
Cash and Marketable Securities Held in Trust Account | Cash and Marketable Securities Held in Trust Account At September 30, 2022 and December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which invest in U.S. Treasury securities. | Cash and Securities Held in Trust Account At December 31, 2021, substantially all of the assets held in the Trust Account were held in money market funds which invest in U.S. Treasury securities. |
Convertible Debt | Convertible Debt The Company accounts for promissory notes that feature conversion options in accordance with Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification (“ASC”) Topic 815, “Derivatives and Hedging” (“ASC 815”). ASC 815 requires companies to bifurcate conversion options from their host instruments and account for them as freestanding derivative financial instruments according to certain criteria. These criteria include circumstances in which (i) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (ii) a promissory note that embodies both the embedded derivative instrument and the host contract is not re-measured | |
Warrant Liabilities | Warrant Liabilities The Company evaluates the Warrants (which are discussed in Note 3, Note 4 and Note 9), in accordance with FASB ASC Topic 815-40, “Derivatives (“ASC 815-40”) ASC 815-40, the sheets and measured at fair value at inception (the date of the IPO) and at each reporting date in accordance with FASB ASC Topic 820, “Fair Value Measurement,” with changes in fair value recognized in the condensed statements of operations in the period of change. | Warrant Liabilities The Company evaluated the Warrants (which are discussed in Note 3, Note 4 and Note 8) in accordance with ASC 815-40 815-40, |
Offering Costs Associated with the Initial Public Offering | Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the FASB ASC 340-10-S99-1. Offering costs as non-operating expenses | Offering Costs Associated with the Initial Public Offering The Company complies with the requirements of the FASB ASC 340-10-S99-1. Offering IPO. Offering costs are allocated to the separable financial instruments issued in the IPO based on a relative fair value basis, compared to total proceeds received. Offering costs associated with warrant liabilities are expensed as incurred, presented as non-operating |
Class A Ordinary Shares Subject to Possible Redemption | Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its Class A ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity” (ASC 480). Ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and measured at fair value. Conditionally redeemable ordinary shares (including ordinary shares that feature redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) are classified as temporary equity. All of the 34,500,000 Class A ordinary shares contain a redemption feature which allows for the redemption of such Class A ordinary shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, redemption The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable ordinary shares to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary shares are affected by charges against additional paid in capital and accumulated deficit. As of September 30, 2022 and December 31, 2021, the Class A ordinary shares subject to redemption reflected on the condensed balance sheets are reconciled in the following table: Gross Proceeds $ 345,000,000 Less: Proceeds allocated to Public Warrants (15,007,500 ) Class A ordinary shares issuance costs (18,671,929 ) Plus: Remeasurement of carrying value to redemption value 33,679,429 Interest earned on Trust Account 31,308 Class A ordinary shares subject to possible redemption at December 31, 2021 $ 345,031,308 Interest earned on Trust Account 2,073,906 Class A ordinary shares subject to possible redemption at September 30, 2022 $ 347,105,214 | Ordinary Shares Subject to Possible Redemption All of the 34,500,000 Class A ordinary shares sold as part of the Units in the IPO contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association. In accordance with the SEC and its staff’s guidance on redeemable equity instruments, which has been codified in ASC 480-10-S99, As of December 31, 2021, the ordinary shares subject to redemption reflected on the balance sheet are reconciled in the following table: Gross proceeds from public issuance $ 345,000,000 Less: Proceeds allocated to public warrants (15,007,500 ) Class A ordinary shares issuance cost (18,671,929 ) Add: Accretion of carrying value to redemption value 33,679,429 Interest earned on Trust 31,308 Class A ordinary shares subject to redemption $ 345,031,308 |
Net (Loss) Income Per Share | Net (Loss) Income Per Share The Company complies with the accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net (loss) income per share is computed by dividing net (loss) income by the weighted average number of ordinary shares outstanding during the period. The Company has two classes of shares, Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The Company has not considered the effect of the 20,400,000 Class A ordinary shares underlying the 11,500,000 Warrants and the 8,900,000 Private Warrants, in the calculation of diluted net (loss) income per share, since the exercise of the Warrants is contingent upon the occurrence of future events. As a result, diluted net (loss) income per ordinary share is the same as basic net (loss) income per ordinary share for the period presented. The Company’s condensed statements of operations applies the two-class method | Net Income (Loss) Per Share The Company complies with accounting and disclosure requirements of FASB ASC Topic 260, “Earnings Per Share.” Net income (loss) per share is computed by dividing net income (loss) by the weighted average number of ordinary shares outstanding during the period. The Company has two classes of shares, Class A ordinary shares and Class B ordinary shares. Earnings and losses are shared pro rata between the two classes of shares. The Company has not considered the effect of the 20,400,000 ordinary shares underlying the 11,500,000 Warrants sold in the IPO and the 8,900,000 Private Warrants sold in the private placement, in the calculation of diluted loss per share, since the exercise of the warrants is contingent upon the occurrence of future events. As a result, diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the period presented. The Company’s statement of operations applies the two-class |
Reconciliation of Net (Loss) Income per Share | Reconciliation of Net (Loss) Income per Share The Company’s net (loss) income is adjusted for the portion of net (loss) income that is allocable to each class of shares. The allocable net (loss) income is calculated by multiplying net (loss) income by the ratio of weighted average number of shares outstanding attributable to Class A ordinary shares and Class B ordinary shares to the total weighted average number of shares outstanding for the period. Remeasurement of the carrying value of Class A ordinary shares to redemption value is excluded from net (loss) income per ordinary share because the redemption value approximates fair value. Accordingly, basic and diluted (loss) income per ordinary share is calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Class A ordinary shares subject to possible redemption Numerator: Net income (loss) allocable to Class A ordinary shares subject to possible redemption Net (loss) income $ 8,215,430 $ (5,863,746 ) $ 17,877,195 $ (1,519,632 ) Less: Allocation of income (loss) to Class B ordinary shares 1,643,086 (1,172,749 ) 3,575,439 (357,271 ) Proportionate share of net income (loss) $ 6,572,344 $ (4,690,997 ) $ 14,301,756 $ (1,162,361 ) Denominator: Weighted Average Class A ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 34,500,000 34,500,000 34,500,000 27,296,703 Basic and diluted net income (loss) per share $ 0.19 $ (0.14 ) $ 0.41 $ (0.04 ) Class B ordinary shares Numerator: Net income (loss) allocable to Class B ordinary shares Net (loss) income $ 8,215,430 $ (5,863,746 ) $ 17,877,195 $ (1,519,632 ) Less: Allocation of net income (loss) to Class A ordinary shares subject to possible redemption 6,572,344 (4,690,997 ) 14,301,756 (1,162,361 ) Proportionate share of net (loss) income $ 1,643,086 $ (1,172,749 ) $ 3,575,439 $ (357,271 ) Denominator: Weighted Average Class B ordinary shares Basic and diluted weighted average shares outstanding 8,625,000 8,625,000 8,625,000 8,390,110 Basic and diluted net income (loss) per share $ 0.19 $ (0.14 ) $ 0.41 $ (0.04 ) | Reconciliation of Net Loss per Share The Company’s net income is adjusted for the portion of net income that is allocable to each class of ordinary shares. The allocable net income is calculated by multiplying net income by the ratio of weighted average number of shares outstanding attributable to Class A ordinary shares and Class B ordinary shares to the total weighted average number of shares outstanding for the period. Accretion of the carrying value of Class A ordinary shares to redemption value is excluded from net income per ordinary share because the redemption value approximates fair value. Accordingly, basic and diluted income per ordinary share is calculated as follows: For the Year Ended For the period from Class A Ordinary Shares Numerator: Net loss allocable to Class A ordinary shares Net loss $ (1,035,380 ) $ (7,948 ) Less: Allocation of net income to Class B ordinary shares (232,904 ) — Proportionate share of net loss $ (802,476 ) $ (7,948 ) Denominator: Weighted Average Class A ordinary shares Basic and diluted weighted average shares outstanding 29,112,329 — Basic and diluted net loss per share $ (0.03 ) $ Class B Ordinary Shares Numerator: Net loss allocable to Class B ordinary shares Net loss $ (1,035,380 ) $ (7,948 ) Less: Allocation of net income to Class A ordinary shares (802,476 ) (7,948 ) Proportionate share of net loss $ (232,904 ) $ — Denominator: Weighted Average Class B ordinary shares Basic and diluted weighted average shares outstanding 8,449,315 — Basic and diluted net loss per share $ (0.03 ) $ — |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows the guidance in FASB ASC Topic 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured and and non-financial assets are re-measured and The fair value of certain of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 — Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 — Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 — Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 9 for additional information on assets and liabilities measured at fair value. | Fair Value of Financial Instruments The Company follows the guidance in FASB ASC Topic 820, “Fair Value Measurement,” for its financial assets and liabilities that are re-measured non-financial re-measured The fair value of certain of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Valuation adjustments and block discounts are not being applied. Since valuations are based on quoted prices that are readily and regularly available in an active market, valuation of these securities does not entail a significant degree of judgment. Level 2 – Valuations based on (i) quoted prices in active markets for similar assets and liabilities, (ii) quoted prices in markets that are not active for identical or similar assets, (iii) inputs other than quoted prices for the assets or liabilities, or (iv) inputs that are derived principally from or corroborated by market through correlation or other means. Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement. See Note 8 for additional information on assets and liabilities measured at fair value. |
Impact of changes to accounting | Recent Accounting Pronouncements The Company’s management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the accompanying unaudited condensed financial statements. | Recent Accounting Pronouncements In August 2020, the Financial Accounting Standards Board’s issued ASU 2020-06, 470-20) 815-40): 2020-06”), 2020-06 2020-06 The Company’s management does not believe that any other recently issued, but not effective, accounting standards, if currently adopted, would have a material effect on the accompanying financial statements. |
Accounting Policies (Tables)
Accounting Policies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Summary of impact of amortization on goodwill and finite lived tangible assets due to estimated increase or decrease in percentage terms of estimated useful lives | The tables below detail the impact of the amortisation charge reported in the event of a 5%-10% 2021: Goodwill Client lists Brands Total £ £ £ £ Current amortisation 3,429,870 2,293,872 — 5,723,742 Amortisation with -5% 3,610,391 2,414,602 — 6,024,993 Amortisation with -10% 3,810,968 2,548,747 — 6,359,715 Amortisation with +5% UEL 3,266,544 2,184,640 — 5,451,184 Amortisation with +10% UEL 3,118,065 2,085,338 — 5,203,403 2020: Goodwill Client lists Brands Total £ £ £ £ Current amortisation 3,488,827 2,334,873 — 5,823,700 Amortisation with -5% 3,672,451 2,457,761 — 6,130,212 Amortisation with -10% 3,876,476 2,594,303 — 6,470,779 Amortisation with +5% UEL 3,322,693 2,223,689 — 5,546,382 Amortisation with +10% UEL 3,171,662 2,122,612 — 5,294,274 2019: Goodwill Client lists Brands Total £ £ £ £ Current amortisation (2, 836,12 ) (2,315,165 ) (30,000 ) (5,181,291 ) Amortisation with -5% (2,985,397 ) (2,437,016 ) (31,579 ) (5,453,992 ) Amortisation with -10% (3,151,253 ) (2,572,405 ) (33,333 ) (5,756,991 ) Amortisation with +5% UEL (2,701,074 ) (2,204,919 ) (28,571 ) (4,934,564 ) Amortisation with +10% UEL (2,578,298 ) (2,104,695 ) (27,273 ) (4,710,266 ) | |
Summary of estimated useful lives of goodwill and finite lived intangible assets other than goodwill | Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Goodwill - 10 years straight line Brands and licences - Between 2 Customer list - Between 9 | |
Summary of useful lives of property plant and equipment | Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Short leasehold property improvements - Various - straight line over remaining term on property lease Fixtures and fittings - Between 3 Office equipment - Between 3 | |
Cartesian Growth Corp [Member] | ||
Summary Of Ordinary Shares Subject To Redemption | As of September 30, 2022 and December 31, 2021, the Class A ordinary shares subject to redemption reflected on the condensed balance sheets are reconciled in the following table: Gross Proceeds $ 345,000,000 Less: Proceeds allocated to Public Warrants (15,007,500 ) Class A ordinary shares issuance costs (18,671,929 ) Plus: Remeasurement of carrying value to redemption value 33,679,429 Interest earned on Trust Account 31,308 Class A ordinary shares subject to possible redemption at December 31, 2021 $ 345,031,308 Interest earned on Trust Account 2,073,906 Class A ordinary shares subject to possible redemption at September 30, 2022 $ 347,105,214 | As of December 31, 2021, the ordinary shares subject to redemption reflected on the balance sheet are reconciled in the following table: Gross proceeds from public issuance $ 345,000,000 Less: Proceeds allocated to public warrants (15,007,500 ) Class A ordinary shares issuance cost (18,671,929 ) Add: Accretion of carrying value to redemption value 33,679,429 Interest earned on Trust 31,308 Class A ordinary shares subject to redemption $ 345,031,308 |
Schedule of basic and diluted loss per ordinary share | Accordingly, basic and diluted (loss) income per ordinary share is calculated as follows: For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Class A ordinary shares subject to possible redemption Numerator: Net income (loss) allocable to Class A ordinary shares subject to possible redemption Net (loss) income $ 8,215,430 $ (5,863,746 ) $ 17,877,195 $ (1,519,632 ) Less: Allocation of income (loss) to Class B ordinary shares 1,643,086 (1,172,749 ) 3,575,439 (357,271 ) Proportionate share of net income (loss) $ 6,572,344 $ (4,690,997 ) $ 14,301,756 $ (1,162,361 ) Denominator: Weighted Average Class A ordinary shares subject to possible redemption Basic and diluted weighted average shares outstanding 34,500,000 34,500,000 34,500,000 27,296,703 Basic and diluted net income (loss) per share $ 0.19 $ (0.14 ) $ 0.41 $ (0.04 ) Class B ordinary shares Numerator: Net income (loss) allocable to Class B ordinary shares Net (loss) income $ 8,215,430 $ (5,863,746 ) $ 17,877,195 $ (1,519,632 ) Less: Allocation of net income (loss) to Class A ordinary shares subject to possible redemption 6,572,344 (4,690,997 ) 14,301,756 (1,162,361 ) Proportionate share of net (loss) income $ 1,643,086 $ (1,172,749 ) $ 3,575,439 $ (357,271 ) Denominator: Weighted Average Class B ordinary shares Basic and diluted weighted average shares outstanding 8,625,000 8,625,000 8,625,000 8,390,110 Basic and diluted net income (loss) per share $ 0.19 $ (0.14 ) $ 0.41 $ (0.04 ) | Accordingly, basic and diluted income per ordinary share is calculated as follows: For the Year Ended For the period from Class A Ordinary Shares Numerator: Net loss allocable to Class A ordinary shares Net loss $ (1,035,380 ) $ (7,948 ) Less: Allocation of net income to Class B ordinary shares (232,904 ) — Proportionate share of net loss $ (802,476 ) $ (7,948 ) Denominator: Weighted Average Class A ordinary shares Basic and diluted weighted average shares outstanding 29,112,329 — Basic and diluted net loss per share $ (0.03 ) $ Class B Ordinary Shares Numerator: Net loss allocable to Class B ordinary shares Net loss $ (1,035,380 ) $ (7,948 ) Less: Allocation of net income to Class A ordinary shares (802,476 ) (7,948 ) Proportionate share of net loss $ (232,904 ) $ — Denominator: Weighted Average Class B ordinary shares Basic and diluted weighted average shares outstanding 8,449,315 — Basic and diluted net loss per share $ (0.03 ) $ — |
Turnover (Tables)
Turnover (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Abstract] | ||
Schedule of detailed information of turnover from rendering of services | Turnover arises from: Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Rendering of services 63,997,183 49,820,243 | Turnover arises from: 2021 2020 2019 £ £ £ Rendering of services 75,164,498 52,263,050 47,070,105 The turnover is attributable to the one principal activity of the Group. An analysis of turnover by the geographical markets that substantially differ from each other is given below: 2021 2020 2019 £ £ £ United Kingdom 53,053,810 32,371,445 27,832,611 Switzerland 5,550,023 5,535,726 6,115,067 Portugal 1,283,637 913,623 — USA 8,367,509 7,339,809 7,386,159 Hong Kong 5,206,522 4,863,268 4,603,666 Spain 335,633 347,149 347,348 France 1,367,364 784,189 785,254 Australia — 107,841 — 75,164,498 52,263,050 47,070,105 |
Gains_(losses) on investments (
Gains/(losses) on investments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | ||
Schedule of gains/(losses) on investments | Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Gain on disposal of other investments 2,108 — 2,108 — | 2021 2020 2019 £ £ £ (Loss)/gain (452,591 ) (57,208 ) 140,235 Gain on disposal of other investments — 222,222 — (452,591 ) 165,014 140,235 |
Operating loss _ profit (Tables
Operating loss / profit (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Operating Income (Loss) [Abstract] | ||
Schedule Of Operating Profit or Loss | Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Depreciation of tangible assets 3 68,69 417,606 Impairment of trade debtors 1,326,832 170,345 Equity-settled share-based payments expense — (1,333 ) Cash-settled share-based payments expense 10,442,728 — Foreign exchange differences (1,607,419 ) (57,806 ) | Operating profit/(loss) is stated after charging/(crediting): 2021 2020 2019 £ £ £ Depreciation of tangible assets 552,293 536,319 438,768 Impairment of trade debtors 277,682 439,829 537,976 Equity-settled share-based payments (credit)/expense (1,333 ) 7,296 8,818 Foreign exchange differences 278,611 451,027 (122,097 ) |
Gain on Disposal of Investmen_2
Gain on Disposal of Investment in Joint Venture (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Gain Loss On Disposal Of Investments In Joint Venture [Abstract] | |
Schedule Of Gain On Disposal Of Investments In Joint Venture | Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Gain on disposal of interests in JV 4,660,853 — |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) - Cartesian Growth Corp [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | ||
Schedule of the Company's assets and liabilities that are measured at fair value on a recurring basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at September 30, 2022 and December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: September 30, Quoted Prices in Significant Other Significant Other Assets: U.S. Money Market held in Trust Account $ 347,105,214 $ 347,105,214 $ — $ — Liabilities: Public Warrants Liability $ 3,278,650 $ 3,278,650 $ — $ — Private Warrants Liability 3,086,428 — — 3,086,428 $ 6,365,078 $ 3,278,650 $ — $ 3,086,428 December 31, Quoted Prices in Significant Other Significant Other Assets: U.S. Money Market held in Trust Account $ 345,031,308 $ 345,031,308 $ — $ — Liabilities: Public Warrants Liability $ 12,765,000 $ 12,765,000 $ — $ — Private Warrants Liability 10,328,609 — — 10,328,609 $ 23,093,609 $ 12,765,000 $ — $ 10,328,609 | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2021, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value: December 31, Quoted Prices in (Level 1) Significant Other (Level 2) Significant Other (Level 3) Assets: U.S. Money Market held in Trust Account $ 345,031,308 $ 345,031,308 $ — $ — Liabilities: Public Warrants Liability 12,765,000 12,765,000 — — Private Warrants Liability 10,328,609 — — 10,328,609 $ 23,093,609 $ 12,765,000 $ — $ 10,328,609 |
Schedule of changes Level 3 liabilities | The following table presents the changes Level 3 liabilities for the nine months ended September 30, 2022: Fair Value at January 1, 2022 $ 10,328,609 Change in fair value (4,682,154 ) Fair Value at March 31, 2022 5,646,455 Change in fair value 225,658 Fair Value at June 30, 2022 5,872,113 Change in fair value (2,785,685 ) Fair Value at September 30, 2022 $ 3,086,428 The following table presents the changes Level 3 liabilities for the year ended December 31, 2021: Fair Value at January 1, 2021 $ — Initial fair value of Public Warrants and Private Warrants 27,004,700 Transfer of Public Warrants to Level 1 (15,007,500 ) Change in fair value (1,668,591 ) Fair Value at December 31, 2021 $ 10,328,609 | The following table presents the changes Level 3 liabilities for the year ended December 31, 2021: Fair Value at January 1, 2021 $ — Initial fair value of public and private warrants 27,004,700 Transfer of public warrants to Level 1 (15,007,500 ) Change in fair value (1,668,591 ) Fair Value at December 31, 2021 $ 10,328,609 |
Schedule of key inputs into the Monte Carlo simulation | The key inputs into the Monte Carlo simulation model as of September 30, 2022 and December 31, 2021 were as follows: September 30, December 31, Risk-free interest rate 4.05 % 1.30 % Expected term remaining (years) 5.19 5.49 Expected volatility 34.1 % 17.5 % Trading stock price $ 9.91 $ 9.88 | The key inputs into the Monte Carlo simulation as of February 26, 2021 and December 31, 2021 were as follows: (Initial December 31, Risk-free interest rate 0.98 % 1.30 % Expected term remaining (years) 6.13 5.49 Expected volatility 24.2 % 17.5 % Stock price $ 9.565 $ 9.88 |
Schedule of primary assumptions used for the valuation of the conversion feature of the Working Capital Note | The following are the primary assumptions used for the valuation of the conversion feature of the Working Capital Note: May 25, September 30, Warrant Valuation Terms Risk-free interest rate 2.72 % 4.05 % Expected term remaining (years) 5.32 5.19 Expected volatility 10.9 % 34.1 % Trading share price $ 9.77 $ 9.91 May 25, September 30, Compound Option Terms Strike price — debt conversion $ 1.00 $ 1.00 Strike price — warrants $ 11.50 $ 11.50 Term — debt conversion 0.32 0.19 Term — warrant conversion 5.32 5.19 Probability of consummation of a Business Combination 90 % 90 % Probability of consummation of a Business Combination — Target Date 11/30/2022 90 % 90 % Probability of consummation of a Business Combination — Target Date 2/28/2023 10 % 10 % | |
Schedule of changes in the fair value of the Level 3 conversion option | The following table presents the changes in the fair value of the Level 3 conversion option: Fair value at May 25, 2022 (date of issuance) $ 41,331 Change in fair value (35,333 ) Fair value at June 30, 2022 5,998 Change in fair value (5,998 ) Fair value at September 30, 2022 $ — |
Income From Other Fixed Asset_2
Income From Other Fixed Asset Investments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Income Loss From Other Fixed Assets Investments [Abstract] | ||
Schedule of income from other fixed asset investments | Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Income from disposal of asset held at book value — 530,170 Other income 10,370 17,619 Total income from other fixed asset investments 10,370 547,789 | 2021 2020 2019 £ £ £ Income from disposal of asset held at book value 530,170 — — Dividends from other fixed asset investments 17,619 3,158 62,995 547,789 3,158 62,995 |
Interest Receivable (Tables)
Interest Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest and Other Income [Abstract] | |
Schedule of Interest Receivable | 2021 2020 2019 £ £ £ Interest on loans and receivables 44,002 100,694 31,735 Interest on cash and cash equivalents 313 1,700 2,588 Interest receivable from joint ventures and associates 159,755 146,690 107,922 204,070 249,084 142,245 |
Interest Payable (Tables)
Interest Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Interest Expense [Abstract] | |
Schedule of Interest Payable | 2021 2020 2019 £ £ £ Interest on banks loans and overdrafts 626,214 631,866 655,819 Interest on obligations under finance leases and hire purchase contracts 19,683 37,226 53,488 Interest on shareholder loan facility 844,053 — — Other interest payable and similar charges 321,520 60,496 104,150 1,811,470 729,588 813,457 |
Taxation on Ordinary Activiti_2
Taxation on Ordinary Activities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Schedule of Components of Income Tax Expense (Benefit) | Period from Period from 1 Jan 22 to 1 Jan 21 to 30 Sep 22 30 Sep 21 £ £ Current tax: UK current tax expense — 521,217 Total UK current tax — 521,217 Foreign current tax expense 294,578 265,691 Adjustments in respect of prior periods 26,709 — Total foreign tax 321,287 265,691 Total current tax 321,287 786,908 Deferred tax: Origination and reversal of timing differences (720,671 ) 75,762 Impact of change in tax rate (218,318 ) — Recognition of prior period timing differences (36,468 ) (1,475,928 ) Total deferred tax (975,457 ) (1,400,166 ) Taxation on ordinary activities (654,170 ) (613,258 ) | 2021 2020 2019 £ £ £ Current tax: UK current tax expense 303,357 686,159 550,281 Adjustments in respect of prior periods 380 (18,420 ) — Total UK current tax 303,737 667,739 550,281 Foreign current tax expense 517,781 362,736 284,363 Adjustments in respect of prior periods (20,344 ) 30,727 (2,098 ) Total foreign tax 497,437 393,463 282,265 Total current tax 801,174 1,061,202 832,546 Deferred tax: Origination and reversal of timing differences 1,407,915 (142,158 ) 1,081 Impact of change in tax rate (156,063 ) 58,184 (322,603 ) Recognition of DTAs for previously unrecognised losses (2,589,487 ) (1,292,391 ) — Total deferred tax (1,337,635 ) (1,376,365 ) (321,522 ) Taxation on ordinary activities (536,461 ) (315,163 ) 511,024 |
Schedule of Effective Income Tax Rate Reconciliation | 2021 2020 2019 £ £ £ Profit/(loss) on ordinary activities before taxation 1,411,413 (3,692,354 ) (3,222,070 ) Profit/(loss) on ordinary activities by rate of tax 268,168 (701,547 ) (612,193 ) Adjustment to tax charge in respect of prior periods (19,964 ) 12,307 (2,098 ) Effect of expenses not deductible for tax purposes 1,672,344 369,791 — Effect of capital allowances and depreciation 52,978 3,298 420,326 Effect of revenue exempt from tax (3 ) (125,015 ) (15,960 ) Effect of different overseas tax rates on some earnings (193,301 ) (218,185 ) (3,893 ) Utilisation of tax losses (422,151 ) (95,239 ) (304,019 ) Unused tax losses 402,001 1,235,991 (110,440 ) Gain/(loss) on disposal not taxable 28,173 (99,993 ) 913,825 Amortisation arising on consolidation 651,675 662,877 (26,736 ) Recognition of DTAs for previously unrecognised losses (2,589,487 ) (1,292,391 ) 538,864 Effect of change in UK tax rates (156,063 ) — (322,603 ) Specific tax allowance in US subsidiary — (98,199 ) (98,829 ) Income from associates and JV’s not taxable in group (230,831 ) 31,142 134,780 Tax on profit/(loss) (536,461 ) (315,163 ) 511,024 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Schedule of Intangible Assets | Goodwill Patents, trademarks and licences Client lists Total £ £ £ £ Cost At 1 January 2022 33,914,523 524,848 30,238,028 64,677,399 Additions — — 40,000,000 40,000,000 Translation gains/(losses) 561,187 — 1,146,275 1,707,462 At 30 September 2022 34,475,710 524,848 71,384,303 106,384,861 Amortisation At 1 January 2022 19,074,971 524,848 11,435,493 31,035,312 Charge for the period 2,617,635 — 3,217,301 5,834,936 At 30 September 2022 21,692,606 524,848 14,652,794 36,870,248 Carrying amount At 30 September 2022 12,783,104 — 56,731,509 69,514,613 At 31 December 2021 14,839,552 — 18,802,535 33,642,087 | Goodwill Patents, Client lists Total £ £ £ £ Cost At 1 January 2021 34,163,414 524,848 30,287,194 64,975,456 Additions — — — — Translation gains/(losses) (248,891 ) — (49,166 ) (298,057 ) At 31 December 2021 33,914,523 524,848 30,238,028 64,677,399 Amortisation At 1 January 2021 15,645,101 524,848 9,141,621 25,311,570 Charge for the year 3,429,870 — 2,293,872 5,723,742 At 31 December 2021 19,074,971 524,848 11,435,493 31,035,312 Carrying amount At 31 December 2021 14,839,552 — 18,802,535 33,642,087 At 31 December 2020 18,518,313 — 21,145,573 39,663,886 Goodwill Patents, Client lists Total £ £ £ £ Cost At 1 January 2020 33,447,865 524,848 30,152,831 64,125,544 Additions — — — — Disposals (37,645 ) — — (37,645 ) Acquisitions through business combinations 453,488 — — 453,488 Translation gains/(losses) 299,706 — 134,363 434,069 At 31 December 2020 34,163,414 524,848 30,287,194 64,975,456 Amortisation At 1 January 2020 12,156,274 524,848 6,806,748 19,487,870 Charge for the year 3,488,827 — 2,334,873 5,823,700 At 31 December 2020 15,645,101 524,848 9,141,621 25,311,570 Carrying amount At 31 December 2020 18,518,313 — 21,145,573 39,663,886 At 31 December 2019 21,291,591 — 23,346,083 44,637,674 |
Tangible Assets (Tables)
Tangible Assets (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Plant Equipment | Land and buildings Fixtures and fittings Equipment Total £ £ £ £ Cost or valuation At 1 January 2022 893,306 704,325 1,783,885 3,381,516 Additions 942,300 18,884 84,276 1,045,460 Disposals — — (66,757 ) (66,757 ) Translation gains/(losses) 21,475 29,765 148,468 199,708 At 30 September 2022 1,857,081 752,974 1,949,872 4,559,927 Depreciation At 1 January 2022 725,991 555,008 1,342,365 2,623,364 Charge for the period 148,587 39,072 181,040 368,699 Disposals — — (61,513 ) (61,513 ) Translation (gains)/losses 7,349 23,078 112,435 142,862 At 30 September 2022 881,927 617,158 1,574,327 3,073,412 Carrying amount At 30 September 2022 975,154 135,816 375,545 1,486,515 At 31 December 2021 167,315 149,317 441,520 758,152 | Land and Fixtures and Equipment Total £ £ £ £ Cost At 1 January 2021 887,072 685,643 1,652,988 3,225,703 Additions 5,208 26,869 383,151 415,228 Disposals — (8,501 ) (228,879 ) (237,380 ) Translation gains/(losses) 1,026 314 (23,375 ) (22,035 ) At 31 December 2021 893,306 704,325 1,783,885 3,381,516 Depreciation At 1 January 2021 509,023 477,337 1,323,930 2,310,290 Charge for the year 216,599 86,126 249,568 552,293 Disposals — (8,501 ) (210,903 ) (219,404 ) Translation gains/(losses) 369 46 (20,230 ) (19,815 ) At 31 December 2021 725,991 555,008 1,342,365 2,623,364 Carrying amount At 31 December 2021 167,315 149,317 441,520 758,152 At 31 December 2020 378,049 208,306 329,058 915,413 Land and Fixtures and Equipment Total £ £ £ £ Cost At 1 January 2020 868,001 605,633 1,232,267 2,705,901 Additions 22,102 81,008 278,412 381,522 Disposals — — (32,900 ) (32,900 ) Acquisitions through bus. combs. — — 156,113 156,113 Disposals through bus. combs. — — (2,241 ) (2,241 ) Translation gains/(losses) (3,031 ) (998 ) 21,337 17,308 At 31 December 2020 887,072 685,643 1,652,988 3,225,703 Depreciation At 1 January 2020 294,406 358,305 1,016,261 1,668,972 Charge for the year 215,527 118,970 201,822 536,319 Disposals — — (32,900 ) (32,900 ) Disposals through bus. combs. — — (1,519 ) (1,519 ) Translation (gains)/losses (910 ) 62 16,020 15,172 Acquisitions through bus. combs. — — 124,246 124,246 At 31 December 2020 509,023 477,337 1,323,930 2,310,290 Carrying amount At 31 December 2020 378,049 208,306 329,058 915,413 At 31 December 2019 573,595 247,328 216,006 1,036,929 Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases: Land and Fixtures and Equipment Total £ £ £ £ At 31 December 2021 165,505 — — 165,505 At 31 December 2020 248,258 25,988 12,737 286,983 |
Investments (Tables)
Investments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Summary of Investments in and Advances to Affiliates, Schedule of Investments | Interests in associates Joint ventures Other investments other than loans Total £ £ £ £ Share of net assets/cost At 1 January 2022 2,960,255 10,265,495 2,245,098 15,470,848 Additions — 7,452 39,327 46,779 Disposals (54,614 ) (2,683,398 ) (19,134 ) (2,757,146 ) Revaluations — — (92,440 ) (92,440 ) Transfer — 8,020 (8,020 ) — Share of profit or loss 578,126 66,649 644,775 Dividends received (1,625,101 ) (907,280 ) (2,532,381 ) Movements in equity — 26,460 26,460 Other movements — — 49,477 49,477 Gains/(losses) on translation 105,848 46,582 364,419 516,849 At 30 September 2022 1,964,514 6,829,980 2,578,727 11,373,221 Impairment At 1 January 2022 and 30 September 2022 231,008 169,418 272,929 673,355 Carrying amount At 30 September 2022 1,733,506 6,660,562 2,305,798 10,699,866 At 31 December 2021 2,729,247 10,096,077 1,972,169 14,797,493 | Interests in associates Joint ventures Other investments other than loans Total £ £ £ £ Share of net assets/cost At 1 January 2021 2,902,373 9,482,998 198,061 12,583,432 Additions — 6,208 2,220,050 2,226,258 Disposals (10,206 ) — (85,121 ) (95,327 ) Revaluations — — (87,892 ) (87,892 ) Share of profit or loss 1,410,850 2,898,485 — 4,309,335 Dividends received (1,312,561 ) (1,266,860 ) — (2,579,421 ) Movements in equity — (655,944 ) — (655,944 ) Gains/(losses) on translation (30,201 ) (199,392 ) — (229,593 ) At 31 December 2021 2,960,255 10,265,495 2,245,098 15,470,848 Impairment At 1 January 2021 231,008 169,418 30,429 430,855 Impairment losses — — 242,500 242,500 At 31 December 2021 231,008 169,418 272,929 673,355 Carrying amount At 31 December 2021 2,729,247 10,096,077 1,972,169 14,797,493 Interests in associates Joint ventures Other investments other than loans Total £ £ £ £ Share of net assets/cost At 1 January 2020 3,014,578 9,081,205 121,298 12,217,081 Additions 250,734 90 78,904 329,728 Disposals — (57,180 ) (2,141 ) (59,321 ) Share of profit or loss 459,284 1,925,289 — 2,384,573 Dividends received (902,844 ) (1,445,140 ) — (2,347,984 ) Movements in equity — (112,050 ) — (112,050 ) Gains on translation 80,621 90,784 — 171,405 At 31 December 2020 2,902,373 9,482,998 198,061 12,583,432 Impairment At 1 January 2020 — 169,418 30,429 199,847 Impairment charge 231,008 — — 231,008 At 31 December 2020 231,008 169,418 30,429 430,855 Carrying amount At 31 December 2020 2,671,365 9,313,580 167,632 12,152,577 |
Schedule of Equity Method Investments | The following tables summarise the financial information of the Group’s significant equity method investment reported to the Group by the management of those entities, adjusted for fair value adjustments at acquisition and differences in accounting policies. Summary financial information for the year ended 31 December 2021 Queensgate Alvarium Alvarium Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 10,484,310 3,973,114 794,888 150,256 1,868,300 54,279,088 1,652,717 — Cost of sales (9,239,869 ) (2,677,306 ) (535,380 ) — (818,137 ) (43,903,091 ) (1,578,183 ) — Gross profit/(loss) 1,244,441 1,295,808 259,508 150,256 1,050,163 10,375,997 74,534 — Administrative expenses / Other income (1,174,100 ) (540,103 ) (116,050 ) (323,644 ) (73,124 ) (34,753,384 ) (292,903 ) 1,991,460 Operating profit/(loss) 70,341 755,705 143,458 (173,388 ) 977,039 (24,377,387 ) (218,369 ) 1,991,460 Taxation on ordinary activities — (138,695 ) — — — 8,986,845 — — Profit/(loss) for the financial year 70,341 617,010 143,458 (173,388 ) 977,039 (15,390,542 ) (218,369 ) 1,991,460 Cresco Capital Advisers Cresco Cresco Capital GP Cresco Capital Urban Yurt Holdings Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Turnover 1,091,744 1,506,469 2,124,445 5,451,611 5,095,381 12,164,600 13,815,121 2,791,256 Cost of sales (329,166 ) (1,162,085 ) (1,181,879 ) (4,508,831 ) (2,306,806 ) (1,380,900 ) (6,169,248 ) (830,351 ) Gross profit/(loss) 762,578 344,384 942,566 942,780 2,788,575 10,783,700 7,645,873 1,960,905 Administrative expenses / Other income (114,898 ) (284,598 ) (44,488 ) (503,255 ) (2,798,346 ) (6,705,306 ) (7,142,166 ) (2,523,031 ) Operating profit/(loss) 647,680 59,786 898,078 439,525 (9,771 ) 4,078,394 503,707 (562,126 ) Taxation on ordinary activities — — — (54,373 ) — (1,366,673 ) (1,113,974 ) 237,838 Profit/(loss) for the financial year 647,680 59,786 898,078 385,152 (9,771 ) 2,711,721 (610,267 ) (324,288 ) Summary financial information as at 31 December 2021 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Non-current assets 21,259 515,420 483 491 2,904 9,338,733 5,601 — Current assets 9,893,323 2,199,523 482,173 271,878 528,167 180,294,696 1,249,988 3,703,197 Total assets 9,914,582 2,714,943 482,656 272,369 531,071 189,633,429 1,255,589 3,703,197 Current liabilities (5,446,601 ) (1,053,321 ) (82,049 ) (269,253 ) (101,623 ) (4,867,040 ) (2,290,239 ) — Non-current liabilities (1,875,000 ) — — — — (224,272,257 ) — — Total liabilities (7,321,601 ) (1,053,321 ) (82,049 ) (269,253 ) (101,623 ) (229,139,297 ) (2,290,239 ) — Net assets 2,592,981 1,661,622 400,607 3,116 429,448 (39,505,868 ) (1,034,650 ) 3,703,197 Capital and reserves Called up share capital — 100,110 14 600 — — — — Share premium — 50,055 999,996 — — — — — Members’ interests 2,592,981 — — — 429,448 — — 3,703,197 Profit and loss account Non-controlling interest — 1,511,457 (599,403 ) 2,516 — (39,505,868 ) (1,034,650 ) — Shareholders funds 2,592,981 1,661,622 400,607 3,116 429,448 (39,505,868 ) (1,034,650 ) 3,703,197 Expected carrying amount of net investment Differences between amounts at which investments are carried and amounts of underlying equity and net assets 777,894 498,487 120,182 1,558 214,724 (9,086,350 ) (517,325 ) 1,481,279 Effect of discontinued recognition of losses as the carrying value of investment is down to 0 (23,059 ) — — — — 9,086,350 517,325 — Returns achieved on a different basis as per LLP/Shareholder agreement than as per% of investment 850,543 — — — 56,211 — — 41,984 Carrying amount of goodwill — 505,206 — — — — — — Carrying amount of net investment 1,605,378 498,487 120,182 1,558 270,935 — — 1,523,263 Cresco Capital Cresco Cresco Capital Fund 1 GP Cresco Capital Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Non-current — 169,543 — 289,070 297,121 178,819,520 8,765,173 24,146,342 Current assets 303,313 706,121 261,633 3,132,832 1,155,802 3,241,332 8,094,719 4,047,343 Total assets 303,313 875,664 261,633 3,421,902 1,452,923 182,060,852 16,859,892 28,193,685 Current liabilities (246,206 ) (1,719,858 ) (62,064 ) (1,471,332 ) (2,652,235 ) (3,216,513 ) (4,382,663 ) (7,982,267 ) Non-current — — — — — (170,209,878 ) (9,020,628 ) (24,280,110 ) Total liabilities (246,206 ) (1,719,858 ) (62,064 ) (1,471,332 ) (2,652,235 ) (173,426,391 ) (13,403,291 ) (32,262,377 ) Net assets 57,107 (844,194 ) 199,569 1,950,570 (1,199,312 ) 8,634,461 3,456,601 (4,068,692 ) Capital and reserves Called up share capital — 21,143 21,000 16,093 100 53 6,391 102,098 Share premium — — — — — — — — Members’ interests 57,107 — — — — — — (815,518 ) Profit and loss account Non-controlling — (865,337 ) 178,569 1,934,477 (1,199,412 ) 5, 599 035 3,450,210 (3,355,272 ) Shareholders funds 57,107 (844,194 ) 199,569 1,950,570 (1,199,312 ) 8,634,461 3,456,601 (4,068,692 ) Expected carrying amount of net investment Differences between amounts at which investments are carried and amounts of underlying equity and net assets 19,036 (281,398 ) 66,523 650,190 (419,759 ) 2,575,594 1,724,844 (1,414,144 ) Effect of discontinued — 281,398 — — 419,759 1,827,368 Returns achieved on a different — — — — — — Carrying amount of goodwill — — — — — — 2,834,940 — Carrying amount of net investment 19,036 — 66,523 650,190 — 2,575,594 1,724,844 413,224 Summary financial information for the year ended 31 December 2020 Queensgate Alvarium Alvarium Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 7,145,050 3,715,933 598,419 246,777 1,296,358 56,697,480 — — Cost of sales (5,495,752 ) (2,661,482 ) (674,137 ) — (745,334 ) (47,481,189 ) (613,433 ) — Gross profit/(loss) 1,649,298 1,054,451 (75,718 ) 246,777 551,024 9,216,291 (613,433 ) — Administrative expenses / Other income (1,095,542 ) (448,474 ) (247,390 ) (453,889 ) (58,819 ) (43,206,790 ) (202,858 ) 2,577,767 Operating profit/(loss) 553,756 605,977 (323,108 ) (207,112 ) 492,205 (33,990,499 ) (816,291 ) 2,577,767 Taxation on ordinary activities (10,948 ) (121,196 ) — (1,096 ) — 10,665,485 — — Profit/(loss) for the financial year 542,808 484,781 (323,108 ) (208,208 ) 492,205 (23,325,014 ) (816,291 ) 2,577,767 Summary financial information as at 31 December 2020 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel Capital NZ PropCo Pointwise Partners Alvarium Kai rock Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Non-current 45,948 220,000 30,233 1,140 3,739 15,693,138 4,427 — Current assets 13,000,933 2,523,939 363,186 541.069 507,738 276,441,912 9,060 2,475,034 Total assets 13,126,881 2,743,947 401,419 542,217 511,477 292,135,050 13,487 2,475,034 Current liabilities (6,621,633 ) (1,210,347 ) (144,260 ) (365,713 ) (207,610 ) (132,249,357 ) (829,778 ) — Non-current (2,000,000 ) — — — — (181,186,081 ) — — Total liabilities (8,621,633 ) (1,210,347 ) (144,268 ) (365,713 ) (207,610 ) (313,435,438 ) (829,778 ) — Net assets 4,505,248 1,533,600 257,151 176,504 303,867 (21,300,388 ) (816,291 ) 2,475,034 Capital and reserves Called up share capital — 102,055 14 600 — — — — Share premium — 51,028 999,996 — — — — — Members’ interests 4,505,248 — — — 303,067 — — 2,475,034 Profit and loss account Non-controlling interest — 1,300,517 (742,059 ) 175,904 — (21,300,380 ) (816,291 ) — Shareholders funds 4,505,248 1,533,600 257,151 176,504 303,867 (21,300,388 ) (816,291 ) 2,475,034 Expected carrying amount of net 1,351,574 460,080 77,145 88,252 151,934 (4,899,089 ) (408,146 ) 990,014 Differences between amounts at Effect of discontinued recognition — — — — — 4,899,089 408,146 — Returns achieved on a different 77,158 52,474 77,206 Carrying amount of goodwill — 586,058 — — — — — — Carrying amount of net investment 1,428,732 460,080 77,145 88,252 204,407 — — 1,067,220 Cresco Capital Cresco Cresco Capital Group Fund 1 GP Cresco Capital Urban Yurt Holdings Hadley Group Alvarium (NZ) Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Non-current assets 860 202,620 — 372,423 46,621 251,644,701 10,207,395 3,615,604 Current assets 184,529 459,323 333,035 3,686,144 1,610,855 27,335 7,720,822 4,891,470 Total assets 185,339 661,943 333,035 4,058,567 1,657,476 251,672,036 17,928,217 8,507,074 Current liabilities (110,936 ) (1,621,770 ) (125,433 ) (2,385,210 ) (2,836,009 ) (6,362,727 ) (3,701,089 ) (6,421,020 ) Non-current liabilities — — — — (11,008 ) (242,402,590 ) (10,155,392 ) (4,065,836 ) Total liabilities (110,936 ) (1,621,770 ) (125,433 ) (2,385,210 ) (2,847,017 ) (248,765,317 ) (13,856,481 ) (10,486,856 ) Net assets 74,453 (959,827 ) 207,602 1,673,357 (1,189,541 ) 2,906,719 4,071,736 (1,979,782 ) Capital and reserves Called up share capital — 21,143 21,000 16,093 100 53 6,391 109,696 Share premium — — — — — — — — Members’ 74,453 — — — — — — (1.047,399 ) Profit and loss account — (980,970 ) 186,602 1,657,264 (1,189,641 ) 3,385,592 4,065,345 (1,042,079 ) Non-controlling interest (478,926 ) — Shareholders funds 74,453 (959,827 ) 207,602 1,673,357 (1,189,541 ) 2,906,719 4,071,736 (1,979,782 ) Expected carrying amount of net investment 24,815 (319,910 ) 69,193 557,730 (416,339 ) 1,557,397 2,031,796 (938,404 ) Differences between amounts at which investments are carried and amounts of underlying equity and net assets Effect of discontinued recognition of losses as the carrying value of investment is down to 0 — 319,910 — — 416,339 1,278,487 Returns achieved on a different basis as per LLP/Shareholder agreement than as per % of investment 15,161 — — — — — Carrying amount of goodwill — — — — — — 3,476,813 — Carrying amount of net investment 39,976 — 69,193 557,730 — 1,557,397 2,031,796 340,083 Summary financial information for the year ended 31 December 2019 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel NZ PropCo Pointwise Partners Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 9,318,930 3,734,355 695,653 2,541,262 1,502,952 475,584 — 867,399 Cost of sales (6,617,096 ) (2,857,802 ) (781,830 ) — (531,801 ) (319,739 ) — — Gross profit/(loss) 2,701,834 876,553 (86,177 ) 2,541,262 971,151 155,845 — 867,399 Administrative expenses / Other income (1,455,902 ) (341,173 ) (175,001 ) (4,122,626 ) (91,342 ) (3,087,680 ) — — Operating profit/(loss) 1,245,932 535,380 (261,178 ) (1,581.364 ) 879,809 (2,931,835 ) — 867,399 Taxation on ordinary activities (20,111 ) (107,076 ) — — — 1,900,617 — — Profit/(loss) for the financial year 1,225,821 428,304 (261,178 ) (1,581,364 ) 879,809 (1,031,218 ) — 867,399 Cresco Capital Cresco Cresco Capital Cresco Capital Hadley Property Group Holdings Alvarium Investments (NZ) Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 50 % 49.90 % 20% - 50 % Turnover 1,230,305 1,361,224 2,182,515 5,101,052 3,731,411 14,526,570 12,636,547 2,824,340 Cost of sales (440,954 ) (799,564 ) (1,261,331 ) (3,058,558 ) (1,772,859 ) (10,694,878 ) (5,797,619 ) (1,839,199 ) Gross profit/(loss) 789,351 561,660 921,184 2,042,494 1,958,552 3,831,692 6,838,928 985,141 Administrative expenses / Other income (152,634 ) (820,363 ) (149,279 ) (1,584,575 ) (2,972,970 ) (2,725,155 ) (6,121,790 ) (1,683,347 ) Operating profit/(loss) 636,717 (258,703 ) 771,905 457,919 (1,014,418 ) 1,100,537 717,138 (698,206 ) Taxation on ordinary activities — — — (155,940 ) (1,578 ) (421,147 ) (1,032,764 ) (24,794 ) Profit/(loss)for the financial year 636,717 (258,703 ) 771,905 301,979 (1,015,996 ) 685,390 (315,626 ) (723,000 ) Cresco Capital Cresco Cresco Capital GP Cresco Capital Urban Yurt Holdings Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20 % - 50 % Turnover 1,028,927 1,359,511 1,935,905 4,665,968 9,632,109 7,064,322 13,702,036 4,139,503 Cost of sales (497,635 ) (1,057,493 ) (1,039,581 ) (3,898,629 ) (6,160,080 ) (593,579 ) (6,557,180 ) (2,277,412 ) Gross profit/(loss) 531,292 302,018 896,324 767,339 3,472,029 6,470,743 7,144,856 1,862,091 Administrative expenses / Other income (111,313 ) (564,828 ) (63,558 ) (722,925 ) (2,391,764 ) (3,945,098 ) (6,914,413 ) (2,220,074 ) Operating profit/(loss) 419,979 (262,810 ) 832,766 44,414 1,080,265 2,525,645 230,443 (357,983 ) Taxation on ordinary activities — — — (77,134 ) 213,877 (745,731 ) (945,264 ) (4,280 ) Profit/(loss) for the financial year 419,979 (262,810 ) 832,766 (32,720 ) 1,294,142 1,779,914 (714,821 ) (362,263 ) | |
Summary of Other than Securities Investment Holdings, Schedule of Investments | The below table represents the financial results of other holdings, for which the Group has not recorded the financial results in its consolidated financial statements. This is explained in detail in the ‘Entities excluded from consolidation due to limited economic rights’ section within note 3 to these financial statements: Capital and reserves Profit/(loss) for the year 2021 2020 2021 2020 £ £ £ £ Subsidiary undertakings LJ London Holdings Limited — 1,133 (1,133 ) 18,853 LJ Maple Limited* (101,370 ) (74,866 ) (26,504 ) (28,240 ) LJ Maple Chelsea Limited* 380,115 391,228 (11,113 ) (9,166 ) LJ Maple Hamlet Limited* 41,389 (98,403 ) 139,792 (28,935 ) LJ Maple Circus Limited* (110,193 ) (101,918 ) (8,275 ) (7,751 ) LJ Maple Belgravia* (41,308 ) (28,547 ) (12,761 ) (8,395 ) LJ Maple Tofty Limited* (165,417 ) (157,361 ) (8,056 ) (7,332 ) LJ Maple St Johns Wood Limited* (153,722 ) (179,249 ) (9,246 ) (41,655 ) LJ Maple Kew Limited* (37,370 ) (29,833 ) (7,537 ) (6,361 ) LJ Maple Kensington Limited (89,901 ) (85,916 ) (9,056 ) (11,370 ) LJ Maple Hill Limited* 139,861 129,574 10,287 28,262 LJ Maple Nine Elms Limited* (621,591 ) (510,079 ) (111,512 ) (218,079 ) LJ Maple Duke Limited* (224,513 ) (295,398 ) 70,885 (30,862 ) LJ Maple Abbey Limited* (172,889 ) (161,742 ) (11,147 ) (7,021 ) LJ T4 GP Limited* 25,536,278 25,529,573 6,705 866,508 * denotes investments not held directly by the parent company | |
Subsidiaries Associates And Other Investments [Member] | ||
Schedule of Equity Method Investments | Details of the new investments since the most recent year-end Country of incorporation Class of share Percentage of shares held Subsidiary undertakings Alvarium Education Reit Limited (1) United Kingdom Ordinary 100 Alvarium Willow GP (2) Isle of Man Ordinary 100 Alvarium RE Public Markets Limited (1) United Kingdom Ordinary 100 Amalfi Investment Partners Limited (1) United Kingdom Ordinary 100 Joint ventures Alvarium 64 Advisory LLP (1) United Kingdom Partnership interest 50 Registered addresses The subsidiaries, joint ventures and associates disclosed above are registered at the following addresses: (1) 10 Old Burlington Street, London, W1S 3AG (2) Commerce House, 1 Bowring Road, Ramsey, Isle of Man, IM8 2LQ | Details of the investments in which the Group and the parent Company have an interest of 20% or more are as follows: Sub s Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Alvarium RE Limited (1) United Kingdom Ordinary 100 100 100 Alvarium Investment Management Limited (1) United Kingdom Ordinary 75 75 75 Ordinary * 25 25 25 Alvarium PO (Payments) Limited*(1) United Kingdom Ordinary * 100 100 100 LJ GP Carry Sarl(6) Luxembourg Ordinary 100 100 100 Alvarium Investment Advisors (UK) Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Investments Advisors (USA) Inc.(3) USA Ordinary 100 100 100 Alvarium RE (US) LLC.(3) USA Ordinary 100 100 0 Alvarium Investments Advisors (Suisse) SA(5) Switzerland Ordinary 100 100 100 Alvarium Investments Advisors (Hong Kong) Limited(23) Hong Kong Ordinary 100 100 100 Alvarium Investments Advisors (Portugal) Limited Portugal Ordinary 100 100 0 LJ GP International Limited*(7) Isle of Man Ordinary 100 100 100 LJ Trust and Fiduciary Holdings Limited*(7) Isle of Man Ordinary 100 100 100 LJ Group Holdings Limited*(7) Isle of Man Ordinary 100 100 100 LJ Management (Suisse) SA*(5) Switzerland Ordinary 100 100 100 LJ Management (IOM) Limited*(7) Isle of Man Ordinary 100 100 100 LJ Capital (IOM) Limited*(7) Isle of Man Ordinary 100 100 100 LJ Luxembourg SA*(6) Luxembourg Ordinary LLP 100 100 100 Alvarium Investment Managers (UK) LLP*(1) United Kingdom Interest 98 98 98 Alvarium PO Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Private Client Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Pradera Holdings Limited*(1) United Kingdom Ordinary 100 100 100 LJ Capital (IOM) Hadley Limited*(7) Isle of Man Ordinary 100 100 100 Alvarium Investment Management (US) Holdings Corp(4) USA Ordinary 100 100 100 LJ Sports and Entertainment LLC*(4) USA Ordinary 100 100 100 Subsidiary undertakings Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Alvarium Investment Managers LLC*(4) USA Partnership interest 100 100 100 Alvarium Fund Managers (UK) Limited*(1) United Kingdom Ordinary 100 100 0 LJ Capital (HPGL) Limited*(1) United Kingdom Ordinary A and B 100 100 100 Alvarium Cl (US) LLC(4) USA Partnership interest 100 100 0 Alvarium MB (US) BD LLC(4) USA Partnership interest 100 100 100 Alvarium Cl Limited(1) United Kingdom Ordinary 100 100 100 Alvarium Cl Advisors (UK) Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Home REIT Advisors Limited*(1) United Kingdom Ordinary 100 100 0 Alvarium Compass GP Limited*(7) Isle of Man Ordinary 100 100 100 Alvarium Group Operations Limited(1) United Kingdom Ordinary 100 100 100 Alvarium Investment Advisors (Singapore) Pte. Limited(29) Singapore Ordinary 100 100 0 Alvarium MB Limited(1) United Kingdom Ordinary 100 100 100 Alvarium MB (UK) Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Securities Limited*(1) United Kingdom Ordinary 100 100 100 Alvarium Investments Advisors (France) SAS*(2) France Ordinary 100 100 0 LJ Pankow I Feeder GP Limited*(7) Isle of Man Ordinary 100 100 100 LJ Pankow II Feeder GP Limited*(7) Isle of Man Ordinary 100 100 100 Puffin Agencies Limited*(9) Gibraltar Ordinary 100 100 100 Clambake Limited*(19) British Virgin Islands Ordinary 100 100 100 Clambake Inc.* (8) Marshall Islands Ordinary 100 100 100 Dubois Services Limited*(19) British Virgin Islands Ordinary 100 100 100 Cellar Limited*(19) British Virgin Islands Ordinary 100 100 100 LJ Management (BVI) Limited*(19) British Virgin Islands Ordinary 100 100 100 LJ Skye Services Limited*(19) British Virgin Islands Ordinary 100 100 100 Cellar lnc.*(10) Turks and Caicos Ordinary 100 100 100 LJ Capital Partners Limited*(19) British Virgin Islands Ordinary 100 100 100 Triptych Holdings (Gibraltar) Limited*(9) Gibraltar Ordinary 100 100 100 LJ Skye Trustees Limited*(7) Isle of Man Ordinary 100 100 100 Alvarium Management (IOM) Limited Isle of Man Ordinary 100 100 0 Waterstreet One Limited*(7) Isle of Man Ordinary 100 100 100 Waterstreet Two Limited*(7) Isle of Man Ordinary 100 100 100 Park Limited*(7) Isle of Man Ordinary 100 100 100 Lake Limited*(7) Isle of Man Ordinary 100 100 100 Harbour Limited*(7) Isle of Man Ordinary 100 100 100 Stone Limited*(7) Isle of Man Ordinary 100 100 100 Whitebridge Limited*(7) Isle of Man Ordinary 100 100 100 LJ QG Bow Limited*(7) Isle of Man Ordinary 100 100 100 CF I Feeder GP Limited*(25) Cayman Islands Ordinary 100 100 100 KF I Feeder GP Limited*(25) Cayman Islands Ordinary 100 100 100 LJ Ardstone Spain S.L.*(26) Spain Ordinary 70 70 70 Subsidiary undertakings Country of incorporation Class of share Percentage of shares held 2021 2020 2019 LJ Cresco Holdco Limited*(7) Isle of Man Ordinary 100 100 100 LJ Directors (UK) Limited*(1) United Kingdom Ordinary 100 100 100 LJ Management Nominees (UK) Limited*(1) United Kingdom Ordinary 100 100 100 LJ UK Cities Carry LP Inc.* (7) Isle of Man Partnership 65 65 65 LJ Cresco GP Holdings Limited*(7) Isle of Man Ordinary 100 100 100 LJ Capital (IOM) T4 Limited*(7) Isle of Man Ordinary 100 100 100 Loire Services Limited*(7) Isle of Man Ordinary 100 100 100 Southwood Limited*(7) Isle of Man Ordinary 100 100 100 Mooragh (BVI) Limited*(19) British Virgin Islands Ordinary 100 100 100 Whitebridge (BVI) Limited*(19) British Virgin Islands Ordinary 100 100 100 LJ Station 2 GP Limited*(19) Isle of man Ordinary 100 100 0 LJ Fusion Feeder GP Limited*(7) Isle of Man Ordinary 100 100 0 Alvarium Goodmayes Limited*(1) United Kingdom Ordinary 100 100 0 Alvarium Streatham Limited*(1) United Kingdom Ordinary 100 100 0 VO Feeder GP*(25) Cayman Islands Ordinary 100 100 0 Alvarium Cl (US) LLC(3) USA Partnership 100 0 0 LXI REIT Advisors Limited*(1) United Kingdom Ordinary 100 59 Alvarium Social Housing Advisors Limited*(1) United Kingdom Ordinary 100 76.4 0 Alvarium Penge Limited*(1) United Kingdom Ordinary 100 0 0 LJ Administration (UK) Limited*(1) United Kingdom Ordinary 0 0 100 Alvarium MB (US) LLC(4) USA Partnership interest 0 0 100 LJ Skye 2 (PTC) Limited*(19) British Virgin Islands Ordinary 0 0 100 Ecne Holdings Limited*(10) Turks and Caicos Ordinary 0 0 100 LJ Advisors Singapore Pte. Limited(29) Singapore Ordinary 0 0 100 Iskander SAS*(2) France Ordinary 0 0 100 Other holdings (refer to note 3 for accounting Country of incorporation Class of share Percentage of shares held 2021 2020 2019 LJ Capital (Woody) Limited* United Kingdom A Shares 80 80 80 B Shares 16 16 16 LJ Capital (RL) Limited* British Virgin Islands A Shares Ordinary 100 100 100 LJ London Holdings Limited Isle of Man shares 100 100 100 LJ Maple Limited* Guernsey A Shares 100 100 100 LJ Greenwich Sari* Luxembourg A Shares 0.19 0.19 0.19 B Shares 100 100 100 LJ Maple Belgravia Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Circus Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Hamlet Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Hill Limited* British Virgin Islands A Shares 100 100 100 LJ Maple St. Johns Wood Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Kew Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Kensington Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Chelsea Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Tofty Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Duke Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Abbey Limited* British Virgin Islands A Shares 100 100 100 LJ Maple Nine Elms Limited* British Virgin Islands A Shares 100 100 100 Subsidiary undertakings Country of incorporation Class of share Percentage of shares held 2021 2020 2019 LJ Green Lanes Holdings Limited* Isle of Man British Virgin A Shares 100 100 100 LJ T4 GP Limited* Islands A Shares 100 100 100 PMD Finance Sari Luxembourg A Shares 1.57 1.57 60 Associates Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Queensgate Investments LLP*(13) United Kingdom LLP Interest 30 30 50 Queensgate Investments II GP LLP*(12) United Kingdom LLP Interest 30 30 30 Queensgate Investment Management Limited*(13) United Kingdom Ordinary 30 30 30 Queensgate Hospitality Management Limited*(31) United Kingdom Ordinary 30 30 30 A Shares 100 100 100 Cellar Holdings Limited Ireland Ordinary Partnership 50 50 50 Queensgate Mayfair Carry LP*(7) Isle of Man Interest Partnership 50 50 50 Queensgate Carry Partner SCS Luxembourg Interest 29.1 29.1 29.1 Queensgate Investments I Sarl*(16) Luxembourg Ordinary Shares 37.5 37.5 37.5 Queensgate Mayfair Carry GP Ltd*(7) Isle of Man Ordinary Shares 50 50 50 Queensgate Mayfair Co-Invest Isle of Man Ordinary Shares Partnership 33.33 33.33 33.33 Queensgate Investments II Carry GP LLP*(21) United Kingdom Interest Partnership 16.67 16.67 33.33 Queensgate Fusion GP LLP*(2i) United Kingdom Interest 16.67 16.67 0 Queensgate Carry Partner GP Coop SA*(16) Luxembourg Ordinary Shares Partnership 50 50 50 Queensgate Investments II Carry LP*(21) United Kingdom Interest Partnership 24 24 24 Queensgate Bow Co-Invest United Kingdom Interest 25.5 25.5 25.5 Queensgate Bow Co-Invest United Kingdom LLP Interest 33.33 33.33 33.33 Queensgate Bow GP LLP*(14) United Kingdom LLP interest Partnership 16.67 16.67 16.67 Gem Carry GP LLP*(21) United Kingdom Interest Partnership 50 50 0 Gem Carry LP*(21) United Kingdom Interest 25 25 0 Queensgate Investments II AIV GP LLP*(12) United Kingdom LLP Interest Partnership 16.67 16.67 0 Associates Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Queensgate Fusion Co-Invest United Kingdom interest Partnership 25.5 25.5 25.5 Queensgate Fusion Co-Invest United Kingdom interest 25 25 25 Alvarium Capital Partners Limited*(1) United Kingdom Ordinary Shares 30 30 35 Alvarium Investment Managers (Suisse) SA*(30) Switzerland Ordinary Shares 30 30 30 NZ Propco Holdings Limited* (35) New Zealand Ordinary Shares Partnership 23 23 0 Urban Spaces Carry LP*(22) Guernsey interest 25 25 0 Cresco Pankow 1 SCA*(17) Luxembourg Ordinary Shares 30 30 0 Cresco Terra 1 New SCA*(17) Luxembourg Ordinary Shares 30 30 0 Cresco Station 1 SCA*(17) Luxembourg Ordinary Shares 30 30 0 Pradera European Retails Parks Carry LP*(36) United Kingdom Partnership interest 30 30 0 Templeton C&M Holdco Limited*(35) New Zealand Ordinary 23 23 0 Queensgate Investments II AIV GP LLP(12) United Kingdom Partnership interest 0 0 16.67 Albacore SA*(30) Switzerland Ordinary Shares 0 0 30 Joint ventures Osprey Equity Partners Limited*(1) United Kingdom Ordinary 50 50 50 CRE S.a r.l*(17) Luxembourg Ordinary 33.33 33.33 33.33 Cresco Urban Yurt Sarl*(i8) Luxembourg Ordinary 33.33 33.33 33.33 Cresco Urban Yurt S.L.P.*(18) Luxembourg Partnership interest 33.33 33.33 33.33 Cresco Capital Advisors LLP*(1) United Kingdom LLP Interest 33.33 33.33 33.33 Cresco Capital Group Fund I GP Limited*(22) Guernsey Ordinary 33.33 33.33 33.33 Cresco Immobilien Verwaltungs Gmbh*(27) Germany Ordinary 33.33 33.33 33.33 Cresco Terra Holdings Sarl*(17) Luxembourg Ordinary Shares 30 30 30 Osprey Aldgate Advisors Limited*(1) United Kingdom Ordinary 50 50 50 Kuno Investments Limited*(20) British Virgin Islands Ordinary 49.9 49.9 49.9 Associates Country of incorporation Class of share Percentage of shares held 2021 2020 2019 Alvarium Investment (NZ) Limited*(28) New Zealand Ordinary 46 46 50 Cresco Capital Urban Yurt Holdings 2 Sarl*(17) Luxembourg Ordinary 33.33 33.33 33.33 Alvarium Investments (AUS) Pty Limited*(33) Australia Ordinary 50 50 100 HPGL Holdings Limited*(24) Hong Kong Ordinary 50 50 50 Hadley Property Group Holdings Limited*(15) United Kingdom Ordinary 35 35 35 Alvarium Kalrock LLP*(1) United Kingdom Membership interest 40 40 40 Bluestar Advisors Limited*(1) United Kingdom Ordinary 40 40 0 Alvarium Bluestar Diamond Limited*(7) Isle of Man Ordinary 40 40 0 Alvarium Media Finance, LLC*(34) United States Membership Interest 50 50 0 Alvarium Osesam SAS*(2) France Ordinary 50 50 0 Pointwise Partners Limited*(1) United Kingdom Ordinary 50 50 0 Alvarium Core Partners LLP*(1) United Kingdom Membership interest 40 40 40 Casteel Capital LLP*(1) United Kingdom Membership Interest 50 50 50 Alvarium Guardian LLP*(1) United Kingdom Ordinary 50 0 0 Cresco Terra 2 S.C.A.(17) Luxembourg Partnership interest 0 0 30 LJ Management (Mauritius) Limited*(32) Mauritius Ordinary 0 0 50 Registered addresses The subsidiaries, joint ventures and associates disclosed above are registered at the following addresses: (1) 10 Old Burlington Street, London, W1S 3AG (2) 35 Avenue Franklin D. Roosevelt, 75008, Paris (3) 111 Brickell Avenue, Suite 2802, Miami, Florida, 33131 (4) 251 Little Falls Drive, Wilmington, DE 19808 New Castle County (5) 8 Rue Saint Leger, Geneva 1205, Switzerland (6) 6A, An Ditert L-8076 (7) Commerce House, 1 Bowring Road, Ramsey, Isle of Man, IM8 2LQ (8) Trust Company Complex, Ajeltake Road, Ajeltake Island, Marshall Islands (9) Suite 16, Watergardens 5, Waterport Wharf, Gibraltar (10) Britannic House, Providenciales, Turks and Caicos Islands (11) C/o Pitcher Partners, Level 13, 664 Collins Street, Docklands, VIC 3008 (12) The Scalpel, 18 th (13) 8 Hill Street, London, W1J 5NG (14) Asticus Building, 2 nd (15) 3 rd (16) 1, Rue Jean-Pierre Brasseur, L-1258 (17) 6, rue d’ Arion, L- (18) 89e Parc d’Activité Luxembourg Capellan, Luxembourg (19) 3rd Floor, Yamraj Building, Market Square, P.O. Box 3175, Road Town, Tortola, British Virgin Islands (20) Equity Trust (BVI) Limited, PO Box 438, Palm Grove House, Road Town Tortola, BVI (21) 1 Exchange Crescent, Conference Square, Edinburgh, EH3 8UL (22) 1 Royal Plaza Avenue, St Peter Port, Guernsey (23) Suite 3801, One Exchange Square, 8 Connaught Place, Central, Hong Kong (24) 22F South China Building, 1-3 (25) Walkers Corporate Limited, Cayman Corporate Centre, 27 Hospital Road, George Town, Grand Cayman, KY1-9008, (26) RB De Catulunya, Num 86, P.1. PTA, Barcelona, 08008 (27) Rudi-Dutschke-Strasse 26, 10969 Berlin, Germany (28) Zurich House, Level 9, 21 Queen Street, Auckland, 1010 (29) c/o Abogado Pte Ltd, 8 Marina Boulevard, 05-02, (30) Via Nassa 29, 6900 Lugano, Switzerland (31) 97 Cromwell Road, London, England, SW7 4DN (32) 6th Floor, Ken Lee Building, 20 Edith Cavell Street, Port Loius, Mauritius (33) Level 13, 664 Collins Street, Docklands VIC 3008 (34) 9000 W Sunset Boulevard, Penthouse, West Hollywood, CA 90069 (35) 19 Mackelvie Street, Grey Lynn, Auckland, 1021 , New Zealand (36) 50 Lothian Road, Festival Square, Edinburgh, EH3 9WJ * denotes investments not held directly by the parent Company |
Debtors (Tables)
Debtors (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Receivables, Net, Current [Abstract] | ||
Summary of debtors | 30 Sep 22 31 Dec 21 £ £ Trade debtors 9,732,164 8,911,840 Amounts owed by the groups associates and joint ventures 5,569,209 5,771,802 Deferred tax asset 5,218,041 4,104,324 Prepayments and accrued income 18,893,658 13,929,657 Corporation tax repayable 53,261 — Other debtors 8,525,058 4,285,775 47,991,391 37,003,398 | 2021 £ 2020 £ Trade debtors 8,911,840 5,821,677 Amounts owed by the Group’s associates and joint ventures 5,771,802 4,669,533 Deferred tax asset 4,104,324 2,770,219 Prepayments and accrued income 13,929,657 11,187,743 Corporation tax repayable — 12,557 Deferred consideration receivable — — Other debtors 4,285,775 4,594,370 37,003,398 29,056,099 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Current Assets [Abstract] | |
Summary of other current assets | 2021 £ 2020 £ Other investments 4,254 4,940 |
Creditors_ amounts falling du_3
Creditors: amounts falling due within one year (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Summary of creditors current | 30 Sep 22 31 Dec 21 £ £ Subordinated shareholder loan 39,767,149 — Bank loans and overdrafts 10,373,499 10,323,187 Deferred consideration payable on acquisition — 179,122 Trade creditors 4,380,595 2,175,401 Amounts owed to undertakings in which the company has a participating interest 827,158 749,005 Accruals and deferred income 19,579,527 23,950,275 Corporation tax 1,597,124 452,484 Social security and other taxes 2,578,099 1,001,918 Liability for cash-settled share-based payments 10,761,130 — Obligations under finance leases and hire purchase contracts — 127,174 Other creditors 1,814,169 1,945,286 91,678,450 40,903,852 | 2021 2020 £ £ Bank loans and overdrafts 10,323,187 68,394 Deferred consideration payable on acquisition 179,122 877,492 Trade creditors 2,175,401 1,827,030 Amounts owed to the Group’s associates and joint ventures 749,005 219,998 Accruals and deferred income 23,950,275 9,598,521 Corporation tax 452,484 811,054 Social security and other taxes 1,001,918 1,705,021 Obligations under finance leases and hire purchase contracts 127,174 240,336 Other creditors 1,945,286 1,319,322 40,903,852 16,667,168 |
Creditors_ amounts falling du_4
Creditors: amounts falling due after more than one year (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable and Accrued Liabilities, Noncurrent [Abstract] | |
Summary of creditors noncurrent | 2021 £ 2020 £ Bank loans and overdrafts — 8,750,000 Deferred consideration payable on acquisition — 180,531 Obligations under finance leases and hire purchase contracts — 127,174 — 9,057,705 |
Deferred consideration payabl_2
Deferred consideration payable on acquisition (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Schedule Of Deferred Consideration Payable On Acquisition [Abstract] | |
Schedule of deferred consideration payable on acquisition | Details regarding the deferred consideration payable on acquisition are given below: Alvarium Iskander SAS Albacore SA Investment Total £ £ £ £ Brought forward at 1 January 2021 1,058,023 — — 1,058,023 Payments made (859,107 ) — — (859,107 ) Interest 25,798 — — 25,798 Foreign exchange variances (45,592 ) — — (45,592 ) Carried forward at 31 December 2021 179,122 — — 179,122 Alvarium Iskander SAS Albacore SA Investment Total £ £ £ £ Brought forward at 1 January 2020 993,017 411,439 422,192 1,826,648 Additions/(reversals) (37,645 ) 19,725 100,647 82,727 Payments made — (468,817 ) (530,264 ) (999,081 ) Interest 46,179 5,484 7,425 59,088 Foreign exchange variances 56,472 32,169 — 88,641 Carried forward at 31 December 2020 1,058,023 — — 1,058,023 |
Obligations Under Finance Lea_2
Obligations Under Finance Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Lessee Disclosure [Abstract] | |
Summary of finance lease, liability, fiscal year maturity | The total future minimum lease payments under finance leases and hire purchase contracts are as follows: 2021 2020 £ £ Not later than 1 year 130,009 260,018 Later than 1 year and not later than 5 years — 130,009 130,009 390,027 Less: future finance charges (2,835 ) (22,517 ) Present value of minimum lease payments 127,174 367,510 |
Provisions (Tables)
Provisions (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Disclosure Of Provisions [Abstract] | ||
Schedule of Reconciliation of Provisions | Deferred tax £ At 1 January 2022 1,958,233 Additions (4,560 ) Charge against provision (136,304 ) Foreign exchange difference 236,860 At 30 September 2022 2,054,229 | Deferred tax £ At 1 January 2021 1,978,716 Additions 39,876 Charge against provision (57,020 ) Foreign exchange difference (3,339 ) At 31 December 2021 1,958,233 Deferred tax £ At 1 January 2020 2,098,969 Additions 1,527 Charge against provision (129,076 ) Foreign exchange difference 7,296 At 31 December 2020 1,978,716 Deferred tax £ At 1 January 2019 2,771,200 Charge against provision (609,442 ) Foreign exchange difference (62,789 ) At 31 December 2019 2,098,969 |
Deferred Tax (Tables)
Deferred Tax (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Schedule of deferred tax included in the statement of financial position | The deferred tax included in the statement of financial position is as follows: 30 Sep 22 31 Dec 21 £ £ Included in debtors (note 13) 5,218,041 4,104,324 Included in provisions (note 15) (2,054,229 ) (1,958,233 ) 3,163,812 2,146,091 | The deferred tax included in the statement of financial position is as follows: 2021 £ 2020 £ Included in debtors (note 14) 4,104,324 2,770,219 Included in provisions (note 20) (1,958,233 ) (1,978,716 ) 2,146,091 791,503 |
Schedule of deferred tax account consists of the tax effect | The deferred tax account consists of the tax effect of timing differences in respect of: 30 Sep 22 31 Dec 21 £ £ Accelerated capital allowances (35,748 ) (41,829 ) Unused tax losses 3,916,736 3,512,706 Business combinations (2,016,653 ) (1,916,404 ) Corporate interest restriction 320,882 — Accrued expenses not yet tax deductible 614,631 197,887 Specific allowance in US subsidiary 363,964 393,731 3,163,812 2,146,091 | |
Schedule of unrecognized deferred tax assets and liabilities | The Group has the following unrecognised deferred tax assets and liabilities: 30 Sep 22 31 Dec 21 £ £ Unused tax losses 2,544,105 2,018,188 Accrued expenses not yet tax deductible 229,796 115,352 2,773,901 2,133,540 | The Group has the following unrecognised deferred tax assets and liabilities: 2021 £ 2020 £ Accelerated capital allowances — (64,728 ) Unused tax losses 2,018,188 3,551,713 Accrued expenses not yet tax deductible 115,352 176,693 Impact of prior year adjustments — 496,628 Specific allowance in US subsidiary — 424,640 2,133,540 4,584,946 |
Share-Based Payments (Tables)
Share-Based Payments (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Share-Based Payment Arrangement, Recognized Amount [Abstract] | ||
Schedule of Share Based Payment Expense Recognised in Profit or Loss | The total expense recognised in profit or loss for the period is as follows: 30 Sep 22 30 Sep 21 £ £ Equity-settled share-based payments — (1,333 ) Cash-settled share-based payments 10,442,728 — 10,442,728 (1,333 ) | The total expense recognised in profit or loss for the year is as follows: 2021 £ 2020 £ 2019 £ Equity-settled share-based payments (1,333 ) 7,296 8,818 |
Government Grants (Tables)
Government Grants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of Government Grants [Abstract] | |
Schedule of Amounts Recognised in Financial Statements for Government Grants | The amounts recognised in the Consolidated financial statements for government grants are as follows: 2021 £ 2020 £ 2019 £ Recognised in other operating income: Government grants recognised directly in income — 759,664 — |
Called Up Share Capital (Tables
Called Up Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of Issued, called up and fully paid | 2021 No. £ 2020 No. £ 2019 No. £ Ordinary class A shares of £0.01 (2020: £0.01, 2019: £0.01)each 28,410 284 28,410 284 28,410 284 Ordinary class E shares of £0.01 (2020: £0.01, 2019: £0.01) each — — 2,145 21 2,145 21 Ordinary class E1 shares of £0.01 (2020: £0.01, 2019: £0.01) each — — 1 — 1 — Ordinary shares of £0.01 (2020: £0.01,2019: £0.01) each 714,908 7,149 664,331 6,643 657,403 6,575 Ordinary class E2 shares of £0.01 (2020: £0.01, 2019: £0.01) each — — 1 — 1 — 743,318 7,433 694,888 6,948 687,960 6,880 |
Reserves (Tables)
Reserves (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Schedule of reserves | 2021 2020 £ £ Merger reserve 22,867,313 22,867,313 Revaluation reserve 133,722 133,722 23,001,035 23,001,035 |
Analysis of changes in net de_2
Analysis of changes in net debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of analysis of changes in net debt | At Other At 1 Jan 2021 Cash flows changes 31 Dec 2021 £ £ £ £ Cash and cash equivalents 8,298,069 4,666,340 (2,539 ) 12,961,870 Debt due within one year (1,186,222 ) (400,557 ) (9,042,704 ) (10,629,483 ) Debt due after one year (9,057,705 ) — 9,057,705 — (1,945,858 ) 4,265,783 12,462 2,332,387 At Other At 1 Jan 2020 Cash flows changes 31 Dec 2020 £ £ £ £ Cash and cash equivalents 7,057,488 1,250,687 (10,106 ) 8,298,069 Debt due within one year (1,511,044 ) 1,221,874 (897,052 ) (1,186,222 ) Debt due after one year (9,683,832 ) — 626,127 (9,057,705 ) (4,137,388 ) 2,472,561 (281,031 ) (1,945,858 ) |
Commitments Under Operating L_2
Commitments Under Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Under Operating Leases | The total future minimum lease payments under non-cancellable 2021 £ 2020 £ Not later than 1 year 1,456,570 — Later than 1 year and not later than 5 years 4,653,430 3,082,584 Later than 5 years 3,095,534 3,904,607 9,205,534 6,987,191 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transactions [Abstract] | ||
Summary of Related Party Transactions | Transaction value Balance Related Party Nature of RPT Q3 2022 Q3 2021 Q3 2022 Q4 2021 Related Individuals Ali Bouzarif Revenue share (335,337 ) (400,772 ) 22,908 (532,073 ) 22,908 (532,073 ) Amounts owed to group’s associates and JVs Queensgate Investments 1 Sarl Loan payable — — (5,625 ) (5,625 ) Queensgate Investments II GP LLP Loan payable — — (178,149 ) (178,149 ) Alvarium Wealth (NZ) Limited Fees payable — — — (34,113 ) Alvarium Investments (NZ) Limited Fees payable — — — (137,497 ) Alvarium Capital Partners Limited Expenses payable — — — (16 ) Alvarium Capital Partners Limited Fees payable — — — (233,663 ) Alvarium Investment Managers (Suisse) Fees payable (74,016 ) — (24,568 ) — Cresco Capital Advisors LLP Fees payable 18,000 18,000 — (7,200 ) Pointwise Partners Fees payable (1,360,302 ) (874,101 ) (618,817 ) (152,742 ) Total (827,159 ) (749,005 ) Transaction value Balance Related Party Nature of RPT Q3 2022 Q3 2021 Q3 2022 Q4 2021 Amounts owed by group’s associates and JVs Alvarium Capital Partners Limited Fees receivable — — — 10,000 Alvarium Capital Partners Limited Expenses receivable — 12,523 — 15,881 Alvarium Core Partners LLP Expenses receivable 2,488 2,590 7,570 5,081 Alvarium Investment Managers (Suisse) Expenses receivable 17,226 1,497 21,436 9,115 Alvarium Investments (Aus) Pty Ltd Loan receivable 114,574 26,342 560,095 445,342 Alvarium Investments (Aus) Pty Ltd Expenses receivable 30,965 — 32,013 1,048 Alvarium Investments (NZ) Limited Loan receivable — — — 1,434,572 Alvarium Investments (NZ) Limited Expenses receivable — 38,538 — 85,565 Alvarium Osesam Expenses receivable 87,739 77,050 147,093 53,545 Bluestar Advisors Fees receivable 7,500 7,500 9,000 — Bluestar Advisors Expenses receivable 2,239 748 3,404 1,256 Casteel Capital LLP Fees receivable 37,800 37,800 37,800 5,170 Casteel Capital LLP Expenses receivable 2,697 1,002 283 2,534 CRE Sarl Fees receivable 15,033 75,038 — 9,933 CRE Sarl Expenses receivable — — 6,785 6,498 Cresco Capital Urban Yurt Holdings 2 Sarl Expenses receivable — — 1,829 1,752 Cresco Immobilien Verwaltungs Loan receivable — — 414,522 396,990 Cresco Immobilien Verwaltungs Loan interest 23,923 24,270 139,393 109,744 Cresco Urban Yurt Sarl Loan receivable — (14,546 ) 29,033 27,805 Cresco Urban Yurt Sarl Loan interest 1,571 (16,382 ) 2,673 1,000 Hadley DM Services Limited Loan receivable (168,896 ) (62,607 ) 530,000 698,896 Hadley DM Services Limited Loan interest (18,604 ) 23,327 99,588 118,192 NZ PropCo Fees receivable — — — 100,985 Osprey Equity Partners Limited Loan receivable — 77,000 259,246 259,246 Osprey Equity Partners Limited Expenses receivable 21,013 7,080 28,138 7,125 Pointwise Partners Fees receivable 156,418 64,105 182,708 24,022 Pointwise Partners Expenses receivable 42,347 29,645 231,386 189,041 Pointwise Partners Loan receivable 976,461 934,705 2,726,658 1,750,197 Queensgate Investments LLP Expenses receivable 171 705 1,437 1,266 Total 5,472,090 5,771,801 Amounts owed to/(from) other entities LJ Maple Duke Holdings Limited Loan receivable — — 285,000 285,000 LJ Maple St Johns Wood Limited Loan receivable — — 183,306 183,306 LJ Maple Kensington Limited Loan receivable — — 23,020 23,020 LJ Maple Belgravia Limited Cash advances — 3,430 3,430 3,430 LJ Maple Kensington Limited Cash advances — 41,699 41,699 41,699 LJ Maple Limited Cash advances — 119,119 119,119 119,119 LJ Maple St Johns Wood Limited Cash advances — 75,510 75,510 75,510 Transaction value Balance Related Party Nature of RPT Q3 2022 Q3 2021 Q3 2022 Q4 2021 LJ Maple Abbey Limited Cash advances — 85,850 85,850 85,850 LJ Maple Chelsea Limited Cash advances — 119,010 119,010 119,010 LJ Maple Hill Limited Cash advances — 136,567 136,567 136,567 LJ Maple Tofty Limited Cash advances — 231,186 231,186 231,186 LJ Maple Kew Limited Cash advances — 4,441 4,441 4,441 LJ Maple Nine Elms Limited Cash advances — (108,864 ) (108,864 ) (108,864 ) LJ Maple Hamlet Limited Cash advances — (66,937 ) (66,937 ) (66,937 ) LJ Maple Circus Limited Cash advances — (25,228 ) (25,228 ) (25,228 ) LJ Maple Duke Limited Cash advances — (1,618 ) (1,618 ) (1,618 ) Stratford Corporate Trustees Ltd Expenses receivable 54,560 70,742 — 21,000 Lepe Partners LLP Expenses payable — (195 ) — — Total 1,105,491 1,126,491 | 32. Related party transactions During the year the Group entered into the following transactions with related parties: Transaction value Balance Related Party Nature of RPT 2021 2020 2019 2021 2020 Related Individuals Ali Bouzarif Revenue share (532,073 ) — — (532,073 ) — (532,073 ) — Amounts owed to group’s associates and JVs Non-Executive Fees payable — (4,000 ) — (2,000 ) Queensgate Investments 1 Sarl Loan payable — — — (5,625 ) Queensgate Investments II GP LLP Loan payable — — — (178,149 ) (178,149 ) Alvarium Wealth (NZ) Limited Fees payable (60,378 ) — — (34,113 ) — Alvarium Investments (NZ) Limited Fees payable (137,497 ) (349,094 ) — (137,497 ) — Alvarium Capital Partners Limited Expenses payable 218 — — (16 ) — Alvarium Capital Partners Limited Expenses receivable — — — — 52,376 Alvarium Capital Partners Limited Loan payable — — 180,000 (63,385 ) (63,385 ) Alvarium Capital Partners Limited Fees payable (562,888 ) (15,519 ) — (170,278 ) — Alvarium Investment Managers (Suisse) Fees payable (55,623 ) 23,252 (83,315 ) — (33,124 ) Transaction value Balance Related Party Nature of RPT 2021 2020 2019 2021 2020 Cresco Urban Yurt SLP Loan receivable (89,944 ) — — — 71,524 Hadley DM Services Limited Loan receivable (62,606 ) (258,079 ) — 698,896 761,502 Hadley DM Services Limited Loan interest 32,665 60,385 68,166 118,192 85,527 Hadley Property Group Limited Loan receivable — — — — 40,000 Hadley Property Group Limited Loan interest — 3,671 4,000 — 29,413 NZ PropCo Fees receivable 100,985 — — 100,985 — Osprey Equity Partners Limited Loan receivable (26,479 ) 222,224 63,500 259,246 285,724 Osprey Equity Partners Limited Expenses receivable — — — 7,125 — Pointwise Partners Fees receivable 213,063 — — 213,063 — Pointwise Partners Loan receivable 972,157 778,040 — 1,750,197 778,040 Queensgate Investments LLP Expenses receivable — — — 1,261 382 Total 5,771,802 4,669,533 Amounts owed to/(from) other entities LJ Maple Duke Holdings Limited Loan receivable — — — 285,000 285,000 LJ Maple St Johns Wood Limited Loan receivable — — — 183,306 183,306 LJ Maple Kensington Limited Loan receivable — — — 23,020 23,020 LJ Maple Belgravia Limited Cash advances 3,430 — — 3,430 — LJ Maple Kensington Limited Cash advances 41,699 — — 41,699 — LJ Maple Limited Cash advances 42,367 — — 119,119 76,752 LJ Maple St Johns Wood Limited Cash advances 75,510 — — 75,510 — LJ Maple Abbey Limited Cash advances 85,850 — — 85,850 — LJ Maple Chelsea Limited Cash advances 119,010 — — 119,010 — LJ Maple Hill Limited Cash advances 136,567 — — 136,567 — LJ Maple Tofty Limited Cash advances 231,186 — — 231,186 — LJ Maple Nine Elms Limited Cash advances (108,864 ) — — (108,864 ) — LJ Maple Hamlet Limited Cash advances (66,937 ) — — (66,937 ) — LJ Maple Circus Limited Cash advances (25,228 ) — — (25,228 ) — LJ Maple Duke Limited Cash advances (1,618 ) — — (1,618 ) — Stratford Corporate Trustees Ltd Expenses receivable — 21,000 — 21,000 21,000 Transaction value Balance Related Party Nature of RPT 2021 2020 2019 2021 2020 Lepe Partners LLP Expenses payable 342 (6,080 ) — — (6,080 ) Wyndham Capital Management Limited Fees payable — (350,249 ) (348,125 ) — — Total 1,122,050 582,998 |
Summary financial information_2
Summary financial information for equity method investees (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summary of equity method investments | The following tables summarise the financial information of the Group’s significant equity method investment reported to the Group by the management of those entities, adjusted for fair value adjustments at acquisition and differences in accounting policies. Summary financial information for the year ended 31 December 2021 Queensgate Alvarium Alvarium Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 10,484,310 3,973,114 794,888 150,256 1,868,300 54,279,088 1,652,717 — Cost of sales (9,239,869 ) (2,677,306 ) (535,380 ) — (818,137 ) (43,903,091 ) (1,578,183 ) — Gross profit/(loss) 1,244,441 1,295,808 259,508 150,256 1,050,163 10,375,997 74,534 — Administrative expenses / Other income (1,174,100 ) (540,103 ) (116,050 ) (323,644 ) (73,124 ) (34,753,384 ) (292,903 ) 1,991,460 Operating profit/(loss) 70,341 755,705 143,458 (173,388 ) 977,039 (24,377,387 ) (218,369 ) 1,991,460 Taxation on ordinary activities — (138,695 ) — — — 8,986,845 — — Profit/(loss) for the financial year 70,341 617,010 143,458 (173,388 ) 977,039 (15,390,542 ) (218,369 ) 1,991,460 Cresco Capital Advisers Cresco Cresco Capital GP Cresco Capital Urban Yurt Holdings Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Turnover 1,091,744 1,506,469 2,124,445 5,451,611 5,095,381 12,164,600 13,815,121 2,791,256 Cost of sales (329,166 ) (1,162,085 ) (1,181,879 ) (4,508,831 ) (2,306,806 ) (1,380,900 ) (6,169,248 ) (830,351 ) Gross profit/(loss) 762,578 344,384 942,566 942,780 2,788,575 10,783,700 7,645,873 1,960,905 Administrative expenses / Other income (114,898 ) (284,598 ) (44,488 ) (503,255 ) (2,798,346 ) (6,705,306 ) (7,142,166 ) (2,523,031 ) Operating profit/(loss) 647,680 59,786 898,078 439,525 (9,771 ) 4,078,394 503,707 (562,126 ) Taxation on ordinary activities — — — (54,373 ) — (1,366,673 ) (1,113,974 ) 237,838 Profit/(loss) for the financial year 647,680 59,786 898,078 385,152 (9,771 ) 2,711,721 (610,267 ) (324,288 ) Summary financial information as at 31 December 2021 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Non-current assets 21,259 515,420 483 491 2,904 9,338,733 5,601 — Current assets 9,893,323 2,199,523 482,173 271,878 528,167 180,294,696 1,249,988 3,703,197 Total assets 9,914,582 2,714,943 482,656 272,369 531,071 189,633,429 1,255,589 3,703,197 Current liabilities (5,446,601 ) (1,053,321 ) (82,049 ) (269,253 ) (101,623 ) (4,867,040 ) (2,290,239 ) — Non-current liabilities (1,875,000 ) — — — — (224,272,257 ) — — Total liabilities (7,321,601 ) (1,053,321 ) (82,049 ) (269,253 ) (101,623 ) (229,139,297 ) (2,290,239 ) — Net assets 2,592,981 1,661,622 400,607 3,116 429,448 (39,505,868 ) (1,034,650 ) 3,703,197 Capital and reserves Called up share capital — 100,110 14 600 — — — — Share premium — 50,055 999,996 — — — — — Members’ interests 2,592,981 — — — 429,448 — — 3,703,197 Profit and loss account Non-controlling interest — 1,511,457 (599,403 ) 2,516 — (39,505,868 ) (1,034,650 ) — Shareholders funds 2,592,981 1,661,622 400,607 3,116 429,448 (39,505,868 ) (1,034,650 ) 3,703,197 Expected carrying amount of net investment Differences between amounts at which investments are carried and amounts of underlying equity and net assets 777,894 498,487 120,182 1,558 214,724 (9,086,350 ) (517,325 ) 1,481,279 Effect of discontinued recognition of losses as the carrying value of investment is down to 0 (23,059 ) — — — — 9,086,350 517,325 — Returns achieved on a different basis as per LLP/Shareholder agreement than as per% of investment 850,543 — — — 56,211 — — 41,984 Carrying amount of goodwill — 505,206 — — — — — — Carrying amount of net investment 1,605,378 498,487 120,182 1,558 270,935 — — 1,523,263 Cresco Capital Cresco Cresco Capital Fund 1 GP Cresco Capital Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Non-current — 169,543 — 289,070 297,121 178,819,520 8,765,173 24,146,342 Current assets 303,313 706,121 261,633 3,132,832 1,155,802 3,241,332 8,094,719 4,047,343 Total assets 303,313 875,664 261,633 3,421,902 1,452,923 182,060,852 16,859,892 28,193,685 Current liabilities (246,206 ) (1,719,858 ) (62,064 ) (1,471,332 ) (2,652,235 ) (3,216,513 ) (4,382,663 ) (7,982,267 ) Non-current — — — — — (170,209,878 ) (9,020,628 ) (24,280,110 ) Total liabilities (246,206 ) (1,719,858 ) (62,064 ) (1,471,332 ) (2,652,235 ) (173,426,391 ) (13,403,291 ) (32,262,377 ) Net assets 57,107 (844,194 ) 199,569 1,950,570 (1,199,312 ) 8,634,461 3,456,601 (4,068,692 ) Capital and reserves Called up share capital — 21,143 21,000 16,093 100 53 6,391 102,098 Share premium — — — — — — — — Members’ interests 57,107 — — — — — — (815,518 ) Profit and loss account Non-controlling — (865,337 ) 178,569 1,934,477 (1,199,412 ) 5, 599 035 3,450,210 (3,355,272 ) Shareholders funds 57,107 (844,194 ) 199,569 1,950,570 (1,199,312 ) 8,634,461 3,456,601 (4,068,692 ) Expected carrying amount of net investment Differences between amounts at which investments are carried and amounts of underlying equity and net assets 19,036 (281,398 ) 66,523 650,190 (419,759 ) 2,575,594 1,724,844 (1,414,144 ) Effect of discontinued — 281,398 — — 419,759 1,827,368 Returns achieved on a different — — — — — — Carrying amount of goodwill — — — — — — 2,834,940 — Carrying amount of net investment 19,036 — 66,523 650,190 — 2,575,594 1,724,844 413,224 Summary financial information for the year ended 31 December 2020 Queensgate Alvarium Alvarium Osprey Equity Casteel NZ PropCo Pointwise Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 7,145,050 3,715,933 598,419 246,777 1,296,358 56,697,480 — — Cost of sales (5,495,752 ) (2,661,482 ) (674,137 ) — (745,334 ) (47,481,189 ) (613,433 ) — Gross profit/(loss) 1,649,298 1,054,451 (75,718 ) 246,777 551,024 9,216,291 (613,433 ) — Administrative expenses / Other income (1,095,542 ) (448,474 ) (247,390 ) (453,889 ) (58,819 ) (43,206,790 ) (202,858 ) 2,577,767 Operating profit/(loss) 553,756 605,977 (323,108 ) (207,112 ) 492,205 (33,990,499 ) (816,291 ) 2,577,767 Taxation on ordinary activities (10,948 ) (121,196 ) — (1,096 ) — 10,665,485 — — Profit/(loss) for the financial year 542,808 484,781 (323,108 ) (208,208 ) 492,205 (23,325,014 ) (816,291 ) 2,577,767 Summary financial information as at 31 December 2020 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel Capital NZ PropCo Pointwise Partners Alvarium Kai rock Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Non-current 45,948 220,000 30,233 1,140 3,739 15,693,138 4,427 — Current assets 13,000,933 2,523,939 363,186 541.069 507,738 276,441,912 9,060 2,475,034 Total assets 13,126,881 2,743,947 401,419 542,217 511,477 292,135,050 13,487 2,475,034 Current liabilities (6,621,633 ) (1,210,347 ) (144,260 ) (365,713 ) (207,610 ) (132,249,357 ) (829,778 ) — Non-current (2,000,000 ) — — — — (181,186,081 ) — — Total liabilities (8,621,633 ) (1,210,347 ) (144,268 ) (365,713 ) (207,610 ) (313,435,438 ) (829,778 ) — Net assets 4,505,248 1,533,600 257,151 176,504 303,867 (21,300,388 ) (816,291 ) 2,475,034 Capital and reserves Called up share capital — 102,055 14 600 — — — — Share premium — 51,028 999,996 — — — — — Members’ interests 4,505,248 — — — 303,067 — — 2,475,034 Profit and loss account Non-controlling interest — 1,300,517 (742,059 ) 175,904 — (21,300,380 ) (816,291 ) — Shareholders funds 4,505,248 1,533,600 257,151 176,504 303,867 (21,300,388 ) (816,291 ) 2,475,034 Expected carrying amount of net 1,351,574 460,080 77,145 88,252 151,934 (4,899,089 ) (408,146 ) 990,014 Differences between amounts at Effect of discontinued recognition — — — — — 4,899,089 408,146 — Returns achieved on a different 77,158 52,474 77,206 Carrying amount of goodwill — 586,058 — — — — — — Carrying amount of net investment 1,428,732 460,080 77,145 88,252 204,407 — — 1,067,220 Cresco Capital Cresco Cresco Capital Group Fund 1 GP Cresco Capital Urban Yurt Holdings Hadley Group Alvarium (NZ) Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20% - 50 % Non-current assets 860 202,620 — 372,423 46,621 251,644,701 10,207,395 3,615,604 Current assets 184,529 459,323 333,035 3,686,144 1,610,855 27,335 7,720,822 4,891,470 Total assets 185,339 661,943 333,035 4,058,567 1,657,476 251,672,036 17,928,217 8,507,074 Current liabilities (110,936 ) (1,621,770 ) (125,433 ) (2,385,210 ) (2,836,009 ) (6,362,727 ) (3,701,089 ) (6,421,020 ) Non-current liabilities — — — — (11,008 ) (242,402,590 ) (10,155,392 ) (4,065,836 ) Total liabilities (110,936 ) (1,621,770 ) (125,433 ) (2,385,210 ) (2,847,017 ) (248,765,317 ) (13,856,481 ) (10,486,856 ) Net assets 74,453 (959,827 ) 207,602 1,673,357 (1,189,541 ) 2,906,719 4,071,736 (1,979,782 ) Capital and reserves Called up share capital — 21,143 21,000 16,093 100 53 6,391 109,696 Share premium — — — — — — — — Members’ 74,453 — — — — — — (1.047,399 ) Profit and loss account — (980,970 ) 186,602 1,657,264 (1,189,641 ) 3,385,592 4,065,345 (1,042,079 ) Non-controlling interest (478,926 ) — Shareholders funds 74,453 (959,827 ) 207,602 1,673,357 (1,189,541 ) 2,906,719 4,071,736 (1,979,782 ) Expected carrying amount of net investment 24,815 (319,910 ) 69,193 557,730 (416,339 ) 1,557,397 2,031,796 (938,404 ) Differences between amounts at which investments are carried and amounts of underlying equity and net assets Effect of discontinued recognition of losses as the carrying value of investment is down to 0 — 319,910 — — 416,339 1,278,487 Returns achieved on a different basis as per LLP/Shareholder agreement than as per % of investment 15,161 — — — — — Carrying amount of goodwill — — — — — — 3,476,813 — Carrying amount of net investment 39,976 — 69,193 557,730 — 1,557,397 2,031,796 340,083 Summary financial information for the year ended 31 December 2019 Queensgate Alvarium Alvarium Capital Osprey Equity Casteel NZ PropCo Pointwise Partners Alvarium Group ownership 30 % 30 % 30 % 50 % 50 % 23 % 50 % 40 % Turnover 9,318,930 3,734,355 695,653 2,541,262 1,502,952 475,584 — 867,399 Cost of sales (6,617,096 ) (2,857,802 ) (781,830 ) — (531,801 ) (319,739 ) — — Gross profit/(loss) 2,701,834 876,553 (86,177 ) 2,541,262 971,151 155,845 — 867,399 Administrative expenses / Other income (1,455,902 ) (341,173 ) (175,001 ) (4,122,626 ) (91,342 ) (3,087,680 ) — — Operating profit/(loss) 1,245,932 535,380 (261,178 ) (1,581.364 ) 879,809 (2,931,835 ) — 867,399 Taxation on ordinary activities (20,111 ) (107,076 ) — — — 1,900,617 — — Profit/(loss) for the financial year 1,225,821 428,304 (261,178 ) (1,581,364 ) 879,809 (1,031,218 ) — 867,399 Cresco Capital Cresco Cresco Capital Cresco Capital Hadley Property Group Holdings Alvarium Investments (NZ) Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 50 % 49.90 % 20% - 50 % Turnover 1,230,305 1,361,224 2,182,515 5,101,052 3,731,411 14,526,570 12,636,547 2,824,340 Cost of sales (440,954 ) (799,564 ) (1,261,331 ) (3,058,558 ) (1,772,859 ) (10,694,878 ) (5,797,619 ) (1,839,199 ) Gross profit/(loss) 789,351 561,660 921,184 2,042,494 1,958,552 3,831,692 6,838,928 985,141 Administrative expenses / Other income (152,634 ) (820,363 ) (149,279 ) (1,584,575 ) (2,972,970 ) (2,725,155 ) (6,121,790 ) (1,683,347 ) Operating profit/(loss) 636,717 (258,703 ) 771,905 457,919 (1,014,418 ) 1,100,537 717,138 (698,206 ) Taxation on ordinary activities — — — (155,940 ) (1,578 ) (421,147 ) (1,032,764 ) (24,794 ) Profit/(loss)for the financial year 636,717 (258,703 ) 771,905 301,979 (1,015,996 ) 685,390 (315,626 ) (723,000 ) Cresco Capital Cresco Cresco Capital GP Cresco Capital Urban Yurt Holdings Hadley Alvarium Kuno Investments Other Group ownership 33.33 % 33.33 % 33.33 % 33.33 % 35 % 46 % 49.90 % 20 % - 50 % Turnover 1,028,927 1,359,511 1,935,905 4,665,968 9,632,109 7,064,322 13,702,036 4,139,503 Cost of sales (497,635 ) (1,057,493 ) (1,039,581 ) (3,898,629 ) (6,160,080 ) (593,579 ) (6,557,180 ) (2,277,412 ) Gross profit/(loss) 531,292 302,018 896,324 767,339 3,472,029 6,470,743 7,144,856 1,862,091 Administrative expenses / Other income (111,313 ) (564,828 ) (63,558 ) (722,925 ) (2,391,764 ) (3,945,098 ) (6,914,413 ) (2,220,074 ) Operating profit/(loss) 419,979 (262,810 ) 832,766 44,414 1,080,265 2,525,645 230,443 (357,983 ) Taxation on ordinary activities — — — (77,134 ) 213,877 (745,731 ) (945,264 ) (4,280 ) Profit/(loss) for the financial year 419,979 (262,810 ) 832,766 (32,720 ) 1,294,142 1,779,914 (714,821 ) (362,263 ) |
Significant Differences Betwe_2
Significant Differences Between Generally Accepted Accounting Policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Summary of the Impact of the Conversion to US GAAP on the Company's Net Income , Shareholders Funds & Statement of Cashflows | The impact of the conversion to US GAAP on net income in the periods ending 30 September 2022 and 30 September 2021 is as follows: 30 Sep 22 £ 30 Sep 21 £ Loss for the financial period as reported under UK GAAP (10,046,718 ) 4,560,946 Reversal of amortisation of goodwill (d) 2,617,635 2,553,677 Amortisation of separately recognised intangible assets arising on business combinations (a) (60,971 ) (61,429 ) Additional amortisation of intangible asset grossed up for deferred tax under US GAAP (n) (467,593 ) — Reclassification of asset acquisition as business combination (g) 956,172 956,172 Reversal of equity method investment amortisation (h) 535,338 532,435 Amortisation of additional intangible assets within equity method investments (i) (328,911 ) (374,592 ) Release of deferred tax on equity method amortisation above (i) 62,236 71,023 Recognition of excess losses against loans provided to certain equity method investees (k) (219,128 ) (262,107 ) Revenue recognition adjustments (m) (1,076,087 ) (90,827 ) Impact of GAAP differences on results of equity method investments (l) (221,635 ) — Deferred tax (expense)/benefit (0) 648,771 (3,965,949 ) Net income under US GAAP (7,600,891 ) 3,919,349 Net income attributable to non-controlling 8,652 (540,135 ) Net income attributable to shareholders’ of the parent company under US GAAP (7,592,239 ) 3,379,214 The impact of the conversion to US GAAP on shareholders funds as at 30 September 2022 and 31 December 2021 is as follows: 2022 £ 2021 £ Shareholders funds as at 30 September 2022 and 31 December 2021 as reported under UK GAAP 48,391,408 56,305,169 Reversal of amortisation of goodwill (d) 21,692,608 19,074,973 Impact on goodwill of additional deferred tax liabilities recognised on acquisition (a) 5,284,823 5,284,823 Impact on intangible assets of additional deferred tax liabilities recognised on asset acquisition (o) 12,827,094 — Amortisation of separately recognised intangible assets arising on business combinations (a) (687,389 ) (626,418 ) Additional amortisation of intangible asset grossed up for deferred tax under US GAAP (n) (467,593 ) — Reclassification of asset acquisition as business combination ( g) 4,780,860 3,824,688 Fair value adjustments on step acquisitions (f) 11,471,931 11,471,931 Acquisition costs and fair value adjustments to deferred consideration previously capitalised (b) & (c) (1,695,685 ) (1,695,685 ) Fair value adjustments on non-controlling (e) 10,933,918 10,933,918 Revenue recognition adjustments (m) (2,039,661 ) (963,574 ) Reversal of equity method investment amortisation (h) 4,564,243 4,028,905 Accumulated amortisation of additional intangible assets within equity method investments (i) (5,684,351 ) (5,355,440 ) Release of deferred tax on equity method amortisation above (i) 1,078,926 1,016,690 Additional impairment of investment in joint venture (j) (254,152 ) (254,152 ) Recognition of excess losses against loans provided to certain equity method investees (k) (1,876,103 ) (1,611,431 ) Impact of GAAP differences on results of equity method investments (l) — 221,635 Deferred taxes (p) (18,947,266 ) (6,768,943 ) Cumulative translation adjustments on all of the above 1,761,311 323,116 Shareholders funds as at 30 September 2022 and 31 December 2021 under US GAAP 91,134,922 95,210,205 Non-controlling (5,103 ) (13,475 ) Total equity attributable to shareholders’ of the parent company under US GAAP 91,129,819 95,196,730 The impact of the conversion to US GAAP on the Company’s statement of cashflows for the periods ended 30 September 2022 and 2021 is as follows: 30 Sep 2022 £ 30 Sep 2021 £ Operating activities Net cash from operating activities per UK GAAP 1,085,801 6,055,053 Reclassification of interest received from investing activities 93,090 40,966 Reclassification of interest paid from financing activities (3,167,353 ) (476,958 ) Net cash from operating activities per US GAAP (1,988,462 ) 5,619,061 Investing activities Net cash used in investing activities per UK GAAP 706,684 (5,019,607 ) Reclassification of interest received to operating activities (93,090 ) (40,966 ) Reclassification of transactions between equity holders 15,615 1,596,107 Net cash used in investing activities per US GAAP 629,209 (3,464,466 ) Financing activities Net cash (used in)/ from financing activities per UK GAAP (3,294,527 ) 456,865 Reclassification of interest paid to operating activities 3,167,353 476,958 Reclassification of transactions between equity holders (15,615 ) (1,596,107 ) Net cash (used in)/ from financing activities per US GAAP (142,789 ) (662,284 ) Net change in cash and cash equivalents from UK to US GAAP — — | The impact of the conversion to US GAAP on net income in the periods ending 31 December 2021, 2020 and 2019 is as follows: 2021 £ 2020 £ 2019 £ Profit/(loss) for the financial year as reported under UK GAAP 1,947,874 (3,377,191 ) (3,733,094 ) Reversal of amortisation of goodwill (d) 3,429,870 3,488,827 2,836,126 Amortisation of separately recognised intangible assets arising on business combinations (a) (81,761 ) (82,850 ) (461,807 ) Reclassification of asset acquisition as business combination (g) 1,274,896 1,274,896 1,274,896 Expense acquisition costs previously capitalised (b) — — (380,290 ) Fair value adjustments on step acquisitions (f) — — 10,021,062 Reversal of equity method investment amortisation (h) 710,194 715,400 690,987 Amortisation of additional intangible assets within equity method investments (i) (485,647 ) (660,093 ) (824,297 ) Release of deferred tax on equity method amortisation above (i) 91,967 125,104 156,393 Additional impairment of investment in joint venture (j) — — (254,152 ) Recognition of excess losses against loans provided to certain equity method investees (k) (126,797 ) (183,224 ) (603,290 ) Revenue recognition adjustments (m) (609,183 ) 161,990 (516,381 ) Fair value adjustment to deferred consideration (c) — (63,001 ) (111,242 ) Impact of GAAP differences on results of equity method investments (1) 221,635 (4,497,520 ) 4,457,782 Deferred tax (expense)/benefit (n) (3,870,387 ) 501,961 1,890,505 Net income under US GAAP 2,502,661 (2,595,701 ) 14,443,198 Net income attributable to non-controlling (590,120 ) (1,246,901 ) (948,405 ) Net income attributable to shareholders’ of the parent company under US GAAP 1,912,541 (3,842,602 ) 13,494,793 The impact of the conversion to US GAAP on shareholders funds as at 31 December 2021 and 2020 is as follows: 2021 £ 2020 £ Shareholders funds as at 31 December 2021, 2020 and 2019 as reported under UK GAAP 56,305,169 62,387,395 Reversal of amortisation of goodwill (d) 19,074,973 15,645,102 Impact on goodwill of additional deferred tax liabilities recognised on acquisition (a) 5,284,823 5,284,823 Amortisation of separately recognised intangible assets arising on business combinations (a) (626,418 ) (544,657 ) Reclassification of asset acquisition as business combination ( g) 3,824,688 2,549,792 Acquisition costs and fair value adjustments to deferred consideration previously capitalised (b) & (c) (1,695,685 ) (1,695,685 ) Fair value adjustments on step acquisitions (f) 11,471,931 11,471,931 Fair value adjustments on non-controlling (e) 10,933,918 10,933,918 Revenue recognition adjustments (m) (963,574 ) (354,391 ) Reversal of equity method investment amortisation (h) 4,028,905 3,318,711 Accumulated amortisation of additional intangible assets within equity method investments (i) (5,355,440 ) (4,869,793 ) Release of deferred tax on equity method amortisation above (i) 1,016,690 924,724 Additional impairment of investment in joint venture (j) (254,152 ) (254,152 ) Recognition of excess losses against loans provided to certain equity method investees (k) (1,611,431 ) (1,519,133 ) Impact of GAAP differences on results of equity method ( 1) 221,635 Deferred taxes (n) (6,768,943 ) (2,900,089 ) Cumulative translation adjustments on all of the above 323,116 441,843 Shareholders funds as at 31 December 2021 , and 2019 95,210,205 100,820,339 Non-controlling (13,475 ) (11,254,993 ) Total equity attributable to shareholders’ of the parent company under US GAAP 95,196,730 89,565,346 The impact of the conversion to US GAAP on the Company’s statement of cashflows for the years ended 31 December 2021, 2020 and 2019 is as follows: 2021 £ 2020 £ 2019 £ Operating activities Net cash from operating activities per UK GAAP Reclassification of interest received from investing 14,451,786 3,330,423 2,460,296 activities 43,210 59,402 10,206 Reclassification of interest paid from financing activities (912,769 ) (628,992 ) (739,273 ) Net cash from operating activities per US GAAP 13,582,227 2,760,833 1,731,229 Investing activities Net cash used in investing activities per UK GAAP Reclassification of interest received to operating (9,746,698 ) (2,502,279 ) (14,039,229 ) activities (43,210 ) (59,402 ) (10,206 ) Reclassification of transaction between equity holders 6,326,146 — — Net cash used in investing activities per US GAAP (3,463,762 ) (2,561,681 ) (14,049,435 ) Financing activities Net cash from financing activities per UK GAAP Reclassification of interest paid to operating (38,748 ) 422,543 5,588,869 activities 912,769 628,992 739,273 Reclassification of transaction between equity holders (6,326,146 ) — — Net cash from financing activities per US GAAP (5,452,125 ) 1,051,535 6,328,142 Net change in cash from UK to US GAAP — — — |
Summary of Reconciliation of the Income Tax Expense/(Credit) Under UK GAAP to US GAAP | 2021 2020 2019 £ £ £ Profit/(loss) on ordinary activities before taxation 1,411,413 (3,692,354 ) (3,222,070 ) Profit/(loss) on ordinary activities by rate of tax 268,168 (701,547 ) (612,193 ) Adjustment to tax charge in respect of prior periods (19,964 ) 12,307 (2,098 ) Effect of expenses not deductible for tax purposes 1,672,344 369,791 — Effect of capital allowances and depreciation 52,978 3,298 420,326 Effect of revenue exempt from tax (3 ) (125,015 ) (15,960 ) Effect of different overseas tax rates on some earnings (193,301 ) (218,185 ) (3,893 ) Utilisation of tax losses (422,151 ) (95,239 ) (304,019 ) Unused tax losses 402,001 1,235,991 (110,440 ) Gain/(loss) on disposal not taxable 28,173 (99,993 ) 913,825 Amortisation arising on consolidation 651,675 662,877 (26,736 ) Recognition of DTAs for previously unrecognised losses (2,589,487 ) (1,292,391 ) 538,864 Effect of change in UK tax rates (156,063 ) — (322,603 ) Specific tax allowance in US subsidiary — (98,199 ) (98,829 ) Income from associates and JV’s not taxable in group (230,831 ) 31,142 134,780 Tax on profit/(loss) (536,461 ) (315,163 ) 511,024 | |
Summary of Reconciliation of the Deferred Tax Asset/(Liability) Under UK GAAP to US GAAP | The deferred tax account consists of the tax effect of timing differences in respect of: 30 Sep 22 31 Dec 21 £ £ Accelerated capital allowances (35,748 ) (41,829 ) Unused tax losses 3,916,736 3,512,706 Business combinations (2,016,653 ) (1,916,404 ) Corporate interest restriction 320,882 — Accrued expenses not yet tax deductible 614,631 197,887 Specific allowance in US subsidiary 363,964 393,731 3,163,812 2,146,091 | |
Change in Accounting Method Accounted for as Change in Estimate [Member] | ||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||
Summary of Reconciliation of the Income Tax Expense/(Credit) Under UK GAAP to US GAAP | A reconciliation of the income tax expense/(credit) under UK GAAP to US GAAP is given below. 30 Sep 22 £ 30 Sep 21 £ Income tax expense/(credit) under UK GAAP (654,170 ) (613,258 ) Recognition of deferred taxes in respect of non-tax (648,771 ) 1,548,118 Impact of a transaction in the subsequent events window on UK deferred tax assets (2) — 2,417,831 Total adjustment to deferred tax expense/(benefit) (648,771 ) 3,965,949 Income tax expense/(credit) US GAAP (1,302,941 ) 3,352,691 | A reconciliation of the income tax expense/(credit) under UK GAAP to US GAAP is given below. 2021 £ 2020 £ 2019 £ Income tax expense/(credit) under UK GAAP (536,461 ) (315,163 ) 511,024 Recognition of deferred taxes in respect of non-tax (263,270 ) (31,320 ) (15,497 ) Recognition of deferred tax asset in respect of losses due to recognition of deferred tax liabilities (2) — — (1,793,000 ) Recognition of French deferred tax asset in respect of losses due to recognition of deferred tax liabilities above (2) (29,574 ) (95,454 ) (40,362 ) Impact of change in UK tax rate on deferred tax assets and liabilities recognised under US GAAP (3) 1,745,400 585,000 — Impact of change in French tax rate on deferred tax liabilities recognised under US GAAP (5) — — (41,646 ) Deferred tax assets no longer supported by deferred taxes from non-tax — 1,457,644 — Total deferred taxes in respect of non-tax 1,452,556 1,915,870 (1,890,505 ) Impact of a transaction in the subsequent events window on UK deferred tax assets (5) 2,417,831 (2,417,831 ) — Total adjustment to deferred tax expense/(benefit) 3,870,387 (501,961 ) (1,890,505 ) Income tax expense/(credit) US GAAP 3,333,926 (817,124 ) (1,379,481 ) |
Summary of Reconciliation of the Deferred Tax Asset/(Liability) Under UK GAAP to US GAAP | A reconciliation of the deferred tax asset/(liability) under UK GAAP to US GAAP is given below. 30 Sep 22 £ 31 Dec 21 £ Deferred tax asset/(liability) under UK GAAP 3,163,812 2,146,091 Recognition of deferred taxes in respect of non-tax (6,120,172 ) (6,768,943 ) Impact of additional deferred tax arising on asset acquisition (3) (12,827,094 ) — Total adjustment to deferred tax asset/(liability) (18,947,266 ) (6,768,943 ) Deferred tax asset/(liability) under US GAAP (15,783,454 ) (4,622,852 ) | A reconciliation of the deferred tax asset/(liability) under UK GAAP to US GAAP is given below. 202 1 £ 2020 £ Deferred tax asset/(liability) under UK GAAP 2,146,091 791,503 Impact of a transaction in the subsequent events window on UK deferred tax assets (5) — 2,417,831 Recognition of deferred taxes in respect of non-tax (6,768,943 ) (5,317,920 ) Total adjustment to deferred tax asset/(liability) (6,768,943 ) (2,900,089 ) Deferred tax asset/(liability) under US GAAP (4,622,852 ) (2,108,586 ) |
Significant Accounting Polici_2
Significant Accounting Policies (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||
Jan. 20, 2021 | Dec. 31, 2020 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2021 USD ($) | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Sep. 30, 2022 GBP (£) shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 GBP (£) | Sep. 30, 2021 USD ($) | Dec. 31, 2021 GBP (£) shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | Oct. 17, 2022 GBP (£) | Sep. 30, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2020 USD ($) | Jan. 01, 2020 GBP (£) | Jan. 01, 2019 GBP (£) | Dec. 31, 2015 | |
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Cash | £ 13,000,000 | ||||||||||||||||||||||
Cash and cash equivalents | £ 12,425,119 | 12,961,870 | £ 8,298,069 | ||||||||||||||||||||
Profit (Loss) for the financial year as reported under UK GAAP | (10,046,718) | £ 4,560,946 | 1,947,874 | (3,377,191) | £ (3,733,094) | ||||||||||||||||||
Retained earnings accumulated deficit | £ (6,727,684) | £ 1,177,705 | 16,095,507 | ||||||||||||||||||||
Percentage of stake held by third party in the company that was considered for valuation purpose | 20% | ||||||||||||||||||||||
Percentage of the votes in terms of number of shareholders needed for the implementation of certain matters | 75% | 75% | 75% | 75% | |||||||||||||||||||
Goodwill Impairment testing discount rate used | 18% | 18% | |||||||||||||||||||||
Impairment testing for equity method investment long term growth rate used | 3% | 3% | |||||||||||||||||||||
Impairment testing for equity method investment discount rate used | 11.50% | 11.50% | |||||||||||||||||||||
Creditors amounts falling due within one year | £ 91,678,450 | £ 40,903,852 | 16,667,168 | ||||||||||||||||||||
Assets, current | £ 60,423,093 | £ 49,969,522 | 37,359,108 | ||||||||||||||||||||
Debt instrument, maturity date | Jan. 07, 2023 | Jan. 07, 2023 | |||||||||||||||||||||
Loans payable to bank | £ 10.4 | ||||||||||||||||||||||
Unused tax losses for which no deferred tax asset recognised | 0 | ||||||||||||||||||||||
Debt Instrument Redemption 3rd February 2023 [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Loans payable to bank | 10.3 | ||||||||||||||||||||||
Subsequent Event [Member] | BMO [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | £ 250,000,000 | ||||||||||||||||||||||
Subordinated Shareholders Loans [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Short-term debt | £ 39,800,000 | ||||||||||||||||||||||
Subordinated Shareholders Loans [Member] | Subsequent Event [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Debt instrument, maturity date | Jun. 30, 2023 | ||||||||||||||||||||||
Beyond Two Thousand And Twenty Six [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Goodwill Impairment testing long term growth rate used | 3% | 3% | |||||||||||||||||||||
Goodwill Impairment testing discount rate used | 12.50% | 12.50% | |||||||||||||||||||||
FRS One Hundred And Two [Member] | Revision of Prior Period, Accounting Standards Update, Adjustment [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Profit (Loss) for the financial year as reported under UK GAAP | £ 34,266 | 34,266 | £ 34,266 | ||||||||||||||||||||
Revaluation reserve | 133,722 | 133,722 | £ 133,722 | £ 133,722 | |||||||||||||||||||
Retained earnings accumulated deficit | 3,343 | 37,609 | 71,876 | ||||||||||||||||||||
Goodwill | £ 102,799 | £ 137,065 | £ 171,332 | £ 205,598 | |||||||||||||||||||
Stress Test [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Estimated percentage growth rate of revenue per annum | 5% | 5% | |||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee but rights to profit is subject to long term restriction | 50% | 50% | 50% | ||||||||||||||||||||
Goodwill Impairment testing long term growth rate used | 30% | 30% | 40% | 40% | 30% | 24% | |||||||||||||||||
Goodwill Impairment testing discount rate used | 95% | 95% | |||||||||||||||||||||
Impairment testing for equity method investment long term growth rate used | 0% | 0% | |||||||||||||||||||||
Sensitivity analysis estimated increase in the discount rate for impairment testing | 100% | 100% | |||||||||||||||||||||
Minimum [Member] | Beyond Two Thousand And Twenty Six [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Goodwill Impairment testing discount rate used | 80% | 80% | 60% | 80% | 80% | ||||||||||||||||||
Minimum [Member] | Investment Advisory Fees [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Estimated percentage growth rate of revenue per annum | 2% | 2% | 2% | ||||||||||||||||||||
Maximum [Member] | Consolidation [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Equity method investment ownership percentage | 50% | 50% | 50% | 50% | |||||||||||||||||||
Maximum [Member] | Investment Advisory Fees [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Estimated percentage growth rate of revenue per annum | 3% | 3% | 3% | ||||||||||||||||||||
Arithmetic Average [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Goodwill Impairment testing long term growth rate used | 4% | 4% | 8% | 8% | |||||||||||||||||||
Cartesian Growth Corp [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Federal depository insurance coverage | $ | $ 250,000 | $ 250,000 | |||||||||||||||||||||
Class A ordinary shares subject to redemption | $ | 347,105,214 | 345,031,308 | $ 0 | ||||||||||||||||||||
Cash | $ | 463,990 | 551,258 | 0 | ||||||||||||||||||||
Cash and cash equivalents | $ | 463,990 | 551,258 | 0 | ||||||||||||||||||||
Profit (Loss) for the financial year as reported under UK GAAP | $ | $ (7,948) | $ 8,215,430 | $ (259,121) | $ 9,920,886 | $ (5,863,746) | $ 9,245,674 | $ (4,901,560) | $ 17,877,195 | $ (1,519,632) | $ (1,035,380) | |||||||||||||
Retained earnings accumulated deficit | $ | (18,926,638) | (34,729,927) | (7,948) | ||||||||||||||||||||
Assets, current | $ | $ 483,029 | $ 621,664 | 0 | ||||||||||||||||||||
LJ Maple Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Circus Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Hamlet Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Belgravia Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple St Johns Wood Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Kew Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Chelsea Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Tofty Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Green Lanes Holdings Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Kensington Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Nine Elms Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Duke Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Abbey Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | 100% | 100% | |||||||||||||||||||
LJ Maple Hill Limited [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Percentage of voting rights held in the investee with limited economic interest | 100% | 100% | |||||||||||||||||||||
Common Class A [Member] | Cartesian Growth Corp [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Class A ordinary shares subject to redemption | $ | $ 0 | ||||||||||||||||||||||
IPO and Private Placement [Member] | Cartesian Growth Corp [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Exercisable to purchase shares | shares | 20,400,000 | 20,400,000 | 20,400,000 | 20,400,000 | |||||||||||||||||||
IPO [Member] | Cartesian Growth Corp [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Exercisable to purchase shares | shares | 11,500,000 | 11,500,000 | 11,500,000 | 11,500,000 | |||||||||||||||||||
Private Placement [Member] | Cartesian Growth Corp [Member] | |||||||||||||||||||||||
Significant Accounting Policies (Details) [Line Items] | |||||||||||||||||||||||
Exercisable to purchase shares | shares | 8,900,000 | 8,900,000 | 8,900,000 | 8,900,000 |
Organization and Business Ope_2
Organization and Business Operations (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Feb. 26, 2021 USD ($) $ / shares | Feb. 23, 2021 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 GBP (£) shares | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) £ / shares | Aug. 16, 2022 | Aug. 08, 2022 shares | Dec. 31, 2021 £ / shares | Dec. 31, 2020 $ / shares | Dec. 31, 2020 £ / shares | |
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Interest expenses | £ | £ 321,520 | £ 60,496 | £ 104,150 | |||||||||
Cartesian Growth Corp [Member] | ||||||||||||
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Gross Proceeds | $ 345,000,000 | |||||||||||
Price per warrant (in Dollars per share) | $ / shares | $ 10 | |||||||||||
Public shares redeem percentage | 100% | 100% | 100% | |||||||||
Public share price per share (in Dollars per share) | $ / shares | $ 10 | $ 10 | ||||||||||
Interest expenses | $ 100,000 | $ 100,000 | ||||||||||
Public per share (in Dollars per share) | $ / shares | $ 10 | |||||||||||
Operating bank account | 463,990,000,000 | $ 600,000 | ||||||||||
Working Capital Deficit | $ 8,659 | |||||||||||
Inflation Reduction Act Two Thousand And Twenty Two [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Percentage Of Excise Tax On Repurchases Of Stock | 1% | |||||||||||
Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Business Combination Earnout Shares Consideration | shares | 2,100,000 | |||||||||||
IPO [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Initial public offering units (in Shares) | shares | 34,500,000 | 8,900,000 | 8,900,000 | 8,900,000 | ||||||||
Price per share (in Dollars per share) | $ / shares | $ 10 | $ 10 | $ 1 | $ 1 | ||||||||
Gross proceeds | $ 345,000,000 | $ 345,000,000 | ||||||||||
Gross Proceeds | $ 8,900,000 | $ 8,900,000 | ||||||||||
Transaction costs | 19,540,060 | 19,540,060 | ||||||||||
Underwriting commission | 6,900,000 | 6,900,000 | ||||||||||
Deferred underwriting commission | 12,075,000 | 12,075,000 | ||||||||||
Other offering cost | $ 565,060 | $ 565,060 | ||||||||||
Net offering proceeds | $ 345,000,000 | |||||||||||
Price per warrant (in Dollars per share) | $ / shares | $ 10 | |||||||||||
Class A Ordinary Shares | ||||||||||||
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | £ / shares | £ 0.01 | £ 0.01 | £ 0.01 | |||||||||
Class A Ordinary Shares | Cartesian Growth Corp [Member] | ||||||||||||
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 11.5 | |||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||||||
Common Class B [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Organization and Business Operations (Details) [Line Items] | ||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Accounting Policies (Details) -
Accounting Policies (Details) - Schedule of ordinary shares subject to redemption - Cartesian Growth Corp [Member] - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gross Proceeds | $ 345,000,000 | ||
Less:Proceeds allocated to Public Warrants | (15,007,500) | ||
Class A ordinary shares issuance cost | (18,671,929) | ||
Plus: Remeasurement of carrying value to redemption value | 33,679,429 | ||
Interest earned on Trust Account | $ 2,073,906 | 31,308 | |
Class A ordinary shares subject to possible redemption | $ 347,105,214 | $ 345,031,308 | $ 0 |
Accounting Policies (Details)_2
Accounting Policies (Details) - Schedule of basic and diluted loss per ordinary share | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 USD ($) $ / shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2021 USD ($) $ / shares shares | Sep. 30, 2022 USD ($) $ / shares shares | Sep. 30, 2022 GBP (£) shares | Sep. 30, 2021 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 GBP (£) shares | Dec. 31, 2020 GBP (£) | |
Numerator: Net income (loss) allocable to Class A ordinary shares subject to possible redemption | |||||||||
Net (loss) income | £ | £ 644,775 | £ 4,309,335 | £ 2,384,573 | ||||||
Cartesian Growth Corp [Member] | |||||||||
Numerator: Net income (loss) allocable to Class A ordinary shares subject to possible redemption | |||||||||
Net (loss) income | $ (7,948) | $ 8,215,430 | $ (5,863,746) | $ 17,877,195 | $ (1,519,632) | $ (1,035,380) | |||
Less: Allocation of income (loss) to Class B ordinary shares | 1,643,086 | (1,172,749) | 3,575,439 | (357,271) | (232,904) | ||||
Proportionate share of net income (loss) | (7,948) | 1,643,086 | (1,172,749) | 3,575,439 | (357,271) | (802,476) | |||
Numerator: Net (loss) income allocable to Class B ordinary shares | |||||||||
Net (loss) income | 8,215,430 | (5,863,746) | 17,877,195 | (1,519,632) | |||||
Net income (loss) | (7,948) | 8,215,430 | (5,863,746) | 17,877,195 | (1,519,632) | (1,035,380) | |||
Less: Allocation of net income (loss)to Class A ordinary shares subject to possible redemption | $ (7,948) | 6,572,344 | (4,690,997) | 14,301,756 | (1,162,361) | (802,476) | |||
Proportionate share of net (loss) income | $ 6,572,344 | $ (4,690,997) | $ 14,301,756 | $ (1,162,361) | |||||
Proportionate share of net (loss) income | $ (232,904) | ||||||||
Weighted average ordinary shares [Abstract] | |||||||||
Weighted average shares outstanding, basic | shares | 8,449,315 | 8,449,315 | |||||||
Weighted average shares outstanding, diluted | shares | 8,449,315 | 8,449,315 | |||||||
Common Class A [Member] | Cartesian Growth Corp [Member] | |||||||||
Weighted average ordinary shares [Abstract] | |||||||||
Weighted average shares outstanding, basic | shares | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 27,296,703 | 29,112,329 | 29,112,329 | ||
Weighted average shares outstanding, diluted | shares | 34,500,000 | 34,500,000 | 34,500,000 | 34,500,000 | 27,296,703 | 29,112,329 | 29,112,329 | ||
Net (loss) income per share, basic | $ / shares | $ 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) | |||
Net (loss) income per share, diluted | $ / shares | 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) | |||
Common Class B [Member] | Cartesian Growth Corp [Member] | |||||||||
Weighted average ordinary shares [Abstract] | |||||||||
Weighted average shares outstanding, basic | shares | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,390,110 | 8,449,315 | 8,449,315 | ||
Weighted average shares outstanding, diluted | shares | 8,625,000 | 8,625,000 | 8,625,000 | 8,625,000 | 8,390,110 | 8,449,315 | 8,449,315 | ||
Net (loss) income per share, basic | $ / shares | 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) | |||
Net (loss) income per share, diluted | $ / shares | $ 0 | $ 0.19 | $ (0.14) | $ 0.41 | $ (0.04) | $ (0.03) |
Accounting Policies (Details)_3
Accounting Policies (Details) - Summary of impact of amortization on goodwill and finite lived tangible assets due to estimated increase or decrease in percentage terms of estimated useful lives - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Amortisation of Goodwill | £ 2,617,635 | £ 2,553,677 | £ 3,429,870 | £ 3,488,827 | £ 2,836,126 |
Amortisation of intangible assets other than goodwill | £ 5,834,937 | £ 4,271,241 | 5,723,742 | 5,823,700 | 5,181,291 |
Amortisation of goodwill and finite lived intangible assets other than goodwill | 5,723,742 | 5,823,700 | (5,181,291) | ||
-5% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortisation of goodwill | 3,610,391 | 3,672,451 | (2,985,397) | ||
Estimated amortization of goodwill and finite lived intangible assets other than goodwill | 6,024,993 | 6,130,212 | (5,453,992) | ||
-10% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortisation of goodwill | 3,810,968 | 3,876,476 | (3,151,253) | ||
Estimated amortization of goodwill and finite lived intangible assets other than goodwill | 6,359,715 | 6,470,779 | (5,756,991) | ||
+5% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortisation of goodwill | 3,266,544 | 3,322,693 | (2,701,074) | ||
Estimated amortization of goodwill and finite lived intangible assets other than goodwill | 5,451,184 | 5,546,382 | (4,934,564) | ||
+10% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortisation of goodwill | 3,118,065 | 3,171,662 | (2,578,298) | ||
Estimated amortization of goodwill and finite lived intangible assets other than goodwill | 5,203,403 | 5,294,274 | (4,710,266) | ||
Client lists [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Amortisation of intangible assets other than goodwill | 2,293,872 | 2,334,873 | (2,315,165) | ||
Client lists [Member] | -5% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | 2,414,602 | 2,457,761 | (2,437,016) | ||
Client lists [Member] | -10% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | 2,548,747 | 2,594,303 | (2,572,405) | ||
Client lists [Member] | +5% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | 2,184,640 | 2,223,689 | (2,204,919) | ||
Client lists [Member] | +10% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | 2,085,338 | 2,122,612 | (2,104,695) | ||
Brands [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Amortisation of intangible assets other than goodwill | 0 | 0 | (30,000) | ||
Brands [Member] | -5% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | 0 | 0 | (31,579) | ||
Brands [Member] | -10% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | 0 | 0 | (33,333) | ||
Brands [Member] | +5% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | 0 | 0 | (28,571) | ||
Brands [Member] | +10% UEL [Member] | |||||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||||
Estimated amortization of finite lived intangible assets other than goodwill | £ 0 | £ 0 | £ (27,273) |
Accounting Policies (Details)_4
Accounting Policies (Details) - Summary of impact of amortization on goodwill and finite lived tangible assets due to estimated increase or decrease in percentage terms of estimated useful lives (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
-5% UEL [Member] | |||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||
Estimated percentage increase decrease in economic useful lives of goodwill and intangible assets other than goodwill | 5% | 5% | 5% |
-10% UEL [Member] | |||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||
Estimated percentage increase decrease in economic useful lives of goodwill and intangible assets other than goodwill | 10% | 10% | 10% |
+5% UEL [Member] | |||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||
Estimated percentage increase decrease in economic useful lives of goodwill and intangible assets other than goodwill | 5% | 5% | 5% |
+10% UEL [Member] | |||
Disclosure In Tabular Form Of Impact Of Amortization On Goodwill And Finite Lived Tangible Assets Due To Estimated Increase Or Decrease In Percentage Terms Of Estimated Useful Lives [Line Items] | |||
Estimated percentage increase decrease in economic useful lives of goodwill and intangible assets other than goodwill | 10% | 10% | 10% |
Accounting Policies (Details)_5
Accounting Policies (Details) - Summary of estimated useful lives of goodwill and finite lived intangible assets other than goodwill | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure In Tabular Form Of Estimated Useful Lives Of Goodwill And Finite Lived Intangible Assets Other Than Goodwill [Line Items] | |
Goodwill | 10 years |
Licensing Agreements [Member] | Minimum [Member] | |
Disclosure In Tabular Form Of Estimated Useful Lives Of Goodwill And Finite Lived Intangible Assets Other Than Goodwill [Line Items] | |
Finite-lived intangible asset | 2 years |
Licensing Agreements [Member] | Maximum [Member] | |
Disclosure In Tabular Form Of Estimated Useful Lives Of Goodwill And Finite Lived Intangible Assets Other Than Goodwill [Line Items] | |
Finite-lived intangible asset | 5 years |
Customer Lists [Member] | Minimum [Member] | |
Disclosure In Tabular Form Of Estimated Useful Lives Of Goodwill And Finite Lived Intangible Assets Other Than Goodwill [Line Items] | |
Finite-lived intangible asset | 9 years |
Customer Lists [Member] | Maximum [Member] | |
Disclosure In Tabular Form Of Estimated Useful Lives Of Goodwill And Finite Lived Intangible Assets Other Than Goodwill [Line Items] | |
Finite-lived intangible asset | 22 years |
Accounting Policies (Details)_6
Accounting Policies (Details) - Summary of useful lives of property plant and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Short leasehold property improvements [Member] | |
Disclosure In Tabular Form Of Useful Lives Of Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | Various - straight line over remaining term on property lease |
Fixtures and fittings [Member] | Minimum [Member] | |
Disclosure In Tabular Form Of Useful Lives Of Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Fixtures and fittings [Member] | Maximum [Member] | |
Disclosure In Tabular Form Of Useful Lives Of Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Office equipment [Member] | Minimum [Member] | |
Disclosure In Tabular Form Of Useful Lives Of Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Office equipment [Member] | Maximum [Member] | |
Disclosure In Tabular Form Of Useful Lives Of Property Plant And Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Gains_(losses) on investments_2
Gains/(losses) on investments (Detail) - Schedule of Gains/(Losses) on Investments - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Gain (Loss) on Securities [Line Items] | |||||
(Loss)/gain on disposal and restructuring of interests in joint ventures and associates | £ (452,591) | £ (57,208) | £ 140,235 | ||
Gain on disposal of other investments | £ 2,108 | £ 0 | 0 | 222,222 | 0 |
Total | £ 2,108 | £ 0 | £ (452,591) | £ 165,014 | £ 140,235 |
Gains_(losses) on investments_3
Gains/(losses) on investments (Details) - GBP (£) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Maximum [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Percentage of decrease in shares of existing shareholders | 35.28% | |
Minimum [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Percentage of decrease in shares of existing shareholders | 30% | |
Alvarium Investment (NZ) Limited [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Loss on restructuring of interests in joint ventures and associates | £ 148,277 | |
Equity method investment ownership percentage | 46% | 50% |
Alvarium Media Finance [Member] | ||
Gain (Loss) on Securities [Line Items] | ||
Equity method investment, realized gain (loss) on disposal | £ 304,314 |
Turnover (Detail) - Schedule Of
Turnover (Detail) - Schedule Of Detailed Information Of Turnover From Rendering Of Services - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | £ 63,997,183 | £ 49,820,243 | £ 75,164,498 | £ 52,263,050 | £ 47,070,105 |
United Kingdom | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | 53,053,810 | 32,371,445 | 27,832,611 | ||
Switzerland | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | 5,550,023 | 5,535,726 | 6,115,067 | ||
Portugal | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | 1,283,637 | 913,623 | 0 | ||
USA | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | 8,367,509 | 7,339,809 | 7,386,159 | ||
Hong Kong | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | 5,206,522 | 4,863,268 | 4,603,666 | ||
Spain | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | 335,633 | 347,149 | 347,348 | ||
France | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | 1,367,364 | 784,189 | 785,254 | ||
Australia | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contract with customer excluding assessed tax | £ 0 | £ 107,841 | £ 0 |
Initial Public Offering (Detail
Initial Public Offering (Details) - Cartesian Growth Corp [Member] - $ / shares | 1 Months Ended | 9 Months Ended | 12 Months Ended | |
Feb. 26, 2021 | Feb. 23, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Initial Public Offering (Details) [Line Items] | ||||
Price per share | $ 9.565 | $ 9.91 | $ 9.88 | |
Business combination description | In addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummatesits initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, respectively. | In addition, if (i) the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of the initial Business Combination at an issue price or effective issue price of less than $9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors and in the case of any such issuance to the Sponsor or its affiliates, without taking into account any founder shares held by the Sponsor or its affiliates, as applicable, prior to such issuance) (the “Newly Issued Price”), (ii) the aggregate gross proceeds from such issuances represent more than 60% of the total equity proceeds, and interest thereon, available for the funding of the initial Business Combination on the date of the consummation of the initial Business Combination (net of redemptions), and (iii) the volume weighted average trading price of the Company’s Class A ordinary shares during the 20 trading day period starting on the trading day prior to the day on which the Company consummates its initial Business Combination (such price, the “Market Value”) is below $9.20 per share, then the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to 115% of the higher of the Market Value and the Newly Issued Price, and the $18.00 per share redemption trigger price described adjacent to “Redemption of warrants when the price per ordinary share equals or exceeds $18.00” will be adjusted (to the nearest cent) to be equal to 180% of the higher of the Market Value and the Newly Issued Price, respectively. | ||
Redemption warrants, description | Redemption of Warrants When the Price per Class A Ordinary Share Equals or Exceeds $18.00 Once the Warrants become exercisable, the Company may redeem the outstanding Warrants (except as described herein with respect to the Private Warrants): • in whole and not in part; • at a price of $0.01 per Warrant; • upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each Warrant holder; • if, and only if, the last sale price of the Class A ordinary shares equals or exceeds $18.00 per share (as adjusted for share splits, share dividends, reorganizations. and recapitalizations), for any 20 trading days within a 30-trading day period ending on the third business day prior to the notice of redemption to the Warrant holders; and • if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying the Warrants. | |||
IPO [Member] | ||||
Initial Public Offering (Details) [Line Items] | ||||
Purchase price units | 34,500,000 | |||
Price per unit | $ 10 | |||
Number of shares purchased | 34,500,000 | 8,900,000 | 8,900,000 | |
Over-Allotment Option [Member] | ||||
Initial Public Offering (Details) [Line Items] | ||||
Number of shares purchased | 4,500,000 | |||
Class A Ordinary Shares | ||||
Initial Public Offering (Details) [Line Items] | ||||
Price per share | $ 11.5 | $ 11.5 |
Private Placement (Details)
Private Placement (Details) - Cartesian Growth Corp [Member] - USD ($) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Feb. 26, 2021 | Feb. 23, 2021 | |
IPO [Member] | ||||
Private Placement (Details) [Line Items] | ||||
Private placement warrants | 8,900,000 | 8,900,000 | ||
Price per share | $ 1 | $ 1 | $ 10 | $ 10 |
Private Placement [Member] | ||||
Private Placement (Details) [Line Items] | ||||
Price per share | $ 1 | $ 1 | ||
Aggregate purchase price | $ 8,900,000 | $ 8,900,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Feb. 28, 2021 shares | Feb. 23, 2021 shares | Dec. 31, 2020 USD ($) $ / shares shares | Feb. 23, 2021 shares | Sep. 30, 2022 USD ($) | Sep. 30, 2021 USD ($) | Sep. 30, 2022 USD ($) $ / shares | Sep. 30, 2021 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 GBP (£) | Dec. 31, 2015 GBP (£) | May 25, 2022 USD ($) | Dec. 31, 2021 USD ($) | Feb. 26, 2021 USD ($) | Dec. 31, 2020 $ / shares | ||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Payments to acquire businesses, gross | £ | £ 0 | ||||||||||||||||
Share Subscriptions [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Related party transaction, rate | 3% | ||||||||||||||||
Related party transaction, Discounting period | 3 years | ||||||||||||||||
Alvarium Investments (Aus) Ltd [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Percentage divested | 50% | ||||||||||||||||
Divestiture price | $ / shares | $ 1 | ||||||||||||||||
LJ Portugal Ltd [Member] | Subsidiary Of LJ Portugal Ltd [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Payments to acquire businesses, gross | £ | £ 578,335 | ||||||||||||||||
Mr A S Davies [Member] | Share Subscriptions [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock, value, subscriptions | £ | £ 99,960 | ||||||||||||||||
Due from officers or stockholders | £ | 99,960 | 99,960 | |||||||||||||||
Mr C M Hamilton [Member] | Share Subscriptions [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock, value, subscriptions | £ | 99,960 | ||||||||||||||||
Due from officers or stockholders | £ | 99,960 | 99,960 | |||||||||||||||
Mr N Beaton [Member] | Share Subscriptions [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Common stock, value, subscriptions | £ | £ 99,960 | ||||||||||||||||
Due from officers or stockholders | £ | £ 99,960 | £ 99,960 | |||||||||||||||
Cartesian Growth Corp [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Sponsor paid | $ 25,000 | ||||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 0.003 | ||||||||||||||||
Business combination, description | The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (ii) the Company consummates a subsequent liquidation, merger, capital stock exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. | The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (ii) the Company consummates a subsequent liquidation, merger, capital share exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. | The initial shareholders have agreed not to transfer, assign or sell any of the founder shares (except to certain permitted transferees) until the earlier of (i) one year after the date of the completion of the initial Business Combination or earlier if, subsequent to the initial Business Combination, the last reported sale price of the Class A ordinary shares equals or exceeds $12.00 per share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing at least 150 days after the initial Business Combination, or (ii) the Company consummates a subsequent liquidation, merger, capital share exchange or other similar transaction which results in all of the shareholders having the right to exchange their ordinary shares for cash, securities or other property. | ||||||||||||||
Working capital loan | $ 1,500,000 | $ 1,500,000 | $ 1,500,000 | ||||||||||||||
Warrant price per share (in Dollars per share) | $ / shares | $ 1 | $ 1 | |||||||||||||||
Office space monthly rent | $ 10,000 | $ 10,000 | |||||||||||||||
Service fee expense | 30,000 | $ 30,000 | 90,000 | $ 80,000 | $ 100,000 | ||||||||||||
Debt discount | 22,962 | 22,962 | 0 | ||||||||||||||
Cartesian Growth Corp [Member] | Accrued Liabilities [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Due to related parties | 10,000 | 10,000 | |||||||||||||||
Cartesian Growth Corp [Member] | Unsecured Promissory Note [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Debt instrument face value | $ 500,000 | ||||||||||||||||
Cartesian Growth Corp [Member] | Working Capital Note [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Notes Payable, Related Parties | $ 477,038 | $ 477,038 | $ 0 | ||||||||||||||
Cartesian Growth Corp [Member] | Sponsor [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Founder Shares (in Shares) | shares | 75,000 | 7,187,500 | |||||||||||||||
Cartesian Growth Corp [Member] | IPO [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Sponsor loan expenses | $ 250,000 | ||||||||||||||||
Borrowings amount | $ 144,890 | ||||||||||||||||
Value of repaid | $ 144,890 | ||||||||||||||||
Cartesian Growth Corp [Member] | Class B Ordinary Share [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Shares issued (in Shares) | shares | 8,625,000 | 8,625,000 | |||||||||||||||
Founder Shares (in Shares) | shares | [1] | 7,187,500 | |||||||||||||||
Cartesian Growth Corp [Member] | Class B Ordinary Share [Member] | Founder Shares [Member] | |||||||||||||||||
Related Party Transactions (Details) [Line Items] | |||||||||||||||||
Founder Shares (in Shares) | shares | 1,125,000 | 1,125,000 | |||||||||||||||
[1]On December 31, 2020, an aggregate of 7,187,500 founder shares were issued to the Sponsor for an aggregate purchase price of $25,000. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to the Company’s independent directors. Additionally, on February 23, 2021, the Company effectuated a recapitalization, and an additional 1,437,500 Class B ordinary shares were issued to the Sponsor and, as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Sep. 19, 2021 USD ($) | Feb. 26, 2021 USD ($) | Oct. 31, 2021 GBP (£) | Mar. 31, 2019 EUR (€) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Sep. 30, 2021 EUR (€) | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | |
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Other commitment | £ 0 | ||||||||||
Revolving Credit Facility [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Line of credit facility, maximum borrowing capacity | 15,000,000 | ||||||||||
Line of credit | 10,250,000 | £ 8,750,000 | £ 0 | ||||||||
Iskander SAS [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Deferred consideration payable on acquisition per installment due | € | € 525,000 | ||||||||||
Percentage of increase decrease in assets under management | 10% | ||||||||||
Deferred consideration payable threshold aggregate downward price adjustment | € 575,000 | £ 514,081 | € 575,000 | ||||||||
Derecognition of deferred consideration acquisition installment due | € | € 575,000 | ||||||||||
Alvarium Social Housing Advisors Ltd [Member] | Increase in holdings in subsidiaries [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Percentage of voting interests to be acquired | 5.70% | 5.70% | 5.70% | ||||||||
Other commitment | £ 330,435 | ||||||||||
LXI REIT Advisors Ltd [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Other commitment | £ 3,927,160 | ||||||||||
LXI REIT Advisors Ltd [Member] | Increase in holdings in subsidiaries [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Percentage of voting interests to be acquired | 11.50% | 11.50% | 11.50% | ||||||||
Other commitment | £ 3,927,160 | ||||||||||
Cartesian Growth Corp [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Underwriting discount percent | 2% | ||||||||||
Gross proceeds | $ | $ 6,900,000 | $ 12,075,000 | $ 12,075,000 | ||||||||
Deferred underwriting discount percent | 3.50% | 3.50% | 3.50% | 3.50% | |||||||
Cartesian Growth Corp [Member] | BofA Securities, Inc. ("BofA") [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Advisory fee | $ | $ 3,000,000 | ||||||||||
Advisory Fee | $ | $ 3,000,000 | ||||||||||
Underwriting Agreement [Member] | Cartesian Growth Corp [Member] | |||||||||||
Commitments and Contingencies (Details) [Line Items] | |||||||||||
Underwriting agreement, description | The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 4,500,000 additional Units at the public offering price less the underwriting commissions. | The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 4,500,000 additional Units at the public offering price less the underwriting commissions. | The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 4,500,000 additional Units at the public offering price less the underwriting commissions. | The underwriter had a 45-day option from the date of the IPO to purchase up to an aggregate of 4,500,000 additional Units at the public offering price less the underwriting commissions. |
Class A Ordinary Shares Subje_2
Class A Ordinary Shares Subject to Possible Redemption (Details) | Sep. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2021 £ / shares shares | Feb. 23, 2021 shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2020 £ / shares shares | Dec. 31, 2019 £ / shares |
Cartesian Growth Corp [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Common stock, shares issued | 8,625,000 | ||||||
Common Class A Member | |||||||
Temporary Equity [Line Items] | |||||||
Common stock par value (in Dollars per share) | £ / shares | £ 0.01 | £ 0.01 | £ 0.01 | ||||
Common Class A Member | Cartesian Growth Corp [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||
Common stock par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Common stock, shares issued | 0 | 0 | 0 | 0 | 0 | ||
Common stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | ||
Shares issued | 34,500,000 | 34,500,000 | 34,500,000 | ||||
Common Class A Member | Subject To Possible Redemption [Member] | Cartesian Growth Corp [Member] | |||||||
Temporary Equity [Line Items] | |||||||
Common stock, shares issued | 34,500,000 | 34,500,000 | 34,500,000 | ||||
Common stock, shares outstanding | 34,500,000 | 34,500,000 | 34,500,000 |
Shareholders' Deficit (Details)
Shareholders' Deficit (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Feb. 23, 2021 shares | Dec. 31, 2020 $ / shares shares | Feb. 23, 2021 shares | Sep. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2021 £ / shares shares | Dec. 31, 2020 £ / shares shares | Dec. 31, 2019 £ / shares | ||
Cartesian Growth Corp [Member] | |||||||||
Shareholders' Equity (Details) [Line Items] | |||||||||
Preference shares, shares authorized | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | 1,000,000 | ||||
Preference shares, par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, shares issued | 8,625,000 | 8,625,000 | |||||||
Issued and outstanding shares of public offering, percentage | 20% | 20% | |||||||
Class A Ordinary Shares | |||||||||
Shareholders' Equity (Details) [Line Items] | |||||||||
Common stock par value (in Dollars per share) | £ / shares | £ 0.01 | £ 0.01 | £ 0.01 | ||||||
Class A Ordinary Shares | Cartesian Growth Corp [Member] | |||||||||
Shareholders' Equity (Details) [Line Items] | |||||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Common stock par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, shares issued | 0 | 0 | 0 | 0 | 0 | ||||
Subject to possible redemption shares | 0 | 34,500,000 | 34,500,000 | 34,500,000 | 0 | ||||
Common stock, shares outstanding | 0 | 0 | 0 | 0 | 0 | ||||
Shares issued | 34,500,000 | 34,500,000 | 34,500,000 | ||||||
Class A Ordinary Shares | Subject To Possible Redemption [Member] | Cartesian Growth Corp [Member] | |||||||||
Shareholders' Equity (Details) [Line Items] | |||||||||
Common stock, shares issued | 34,500,000 | 34,500,000 | 34,500,000 | ||||||
Common stock, shares outstanding | 34,500,000 | 34,500,000 | 34,500,000 | ||||||
Class B Ordinary Shares [Member] | Cartesian Growth Corp [Member] | |||||||||
Shareholders' Equity (Details) [Line Items] | |||||||||
Common stock, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Common stock par value (in Dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||||
Common stock, shares issued | 7,187,500 | 8,625,000 | 8,625,000 | 8,625,000 | 7,187,500 | ||||
Common stock, shares outstanding | 7,187,500 | 8,625,000 | 8,625,000 | 8,625,000 | 7,187,500 | ||||
Shares issued | 8,625,000 | 8,625,000 | |||||||
Founder Shares (in Shares) | [1] | 7,187,500 | |||||||
Class B Ordinary Shares [Member] | Founder Shares [Member] | Cartesian Growth Corp [Member] | |||||||||
Shareholders' Equity (Details) [Line Items] | |||||||||
Founder Shares (in Shares) | 1,125,000 | 1,125,000 | |||||||
[1]On December 31, 2020, an aggregate of 7,187,500 founder shares were issued to the Sponsor for an aggregate purchase price of $25,000. In February 2021, the Sponsor transferred an aggregate of 75,000 founder shares to the Company’s independent directors. Additionally, on February 23, 2021, the Company effectuated a recapitalization, and an additional 1,437,500 Class B ordinary shares were issued to the Sponsor and, as a result, the initial shareholders held 8,625,000 founder shares, including up to 1,125,000 founder shares which were subject to forfeiture by the Sponsor, if the over-allotment option was not exercised by the underwriters in full. As a result of the underwriters’ full exercise of their over-allotment option on February 26, 2021, none of the Class B ordinary shares are subject to forfeiture any longer. |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Schedule of the Company's assets and liabilities that are measured at fair value on a recurring basis - Cartesian Growth Corp [Member] - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Assets: | ||
U.S. Money Market held in Trust Account | $ 347,105,214 | $ 345,031,308 |
Liabilities: | ||
Warrants Liability | 6,365,078 | 23,093,609 |
Public Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | 3,278,650 | 12,765,000 |
Private Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | 3,086,428 | 10,328,609 |
Quoted Prices In Active Markets (Level 1) [Member] | ||
Assets: | ||
U.S. Money Market held in Trust Account | 347,105,214 | 345,031,308 |
Liabilities: | ||
Warrants Liability | 3,278,650 | 12,765,000 |
Quoted Prices In Active Markets (Level 1) [Member] | Public Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | 3,278,650 | 12,765,000 |
Quoted Prices In Active Markets (Level 1) [Member] | Private Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | ||
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
U.S. Money Market held in Trust Account | ||
Liabilities: | ||
Warrants Liability | ||
Significant Other Observable Inputs (Level 2) [Member] | Public Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | ||
Significant Other Observable Inputs (Level 2) [Member] | Private Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Assets: | ||
U.S. Money Market held in Trust Account | ||
Liabilities: | ||
Warrants Liability | 3,086,428 | 10,328,609 |
Significant Other Unobservable Inputs (Level 3) [Member] | Public Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | ||
Significant Other Unobservable Inputs (Level 3) [Member] | Private Warrants Liability [Member] | ||
Liabilities: | ||
Warrants Liability | $ 3,086,428 | $ 10,328,609 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details) - Schedule of changes Level 3 liabilities - Cartesian Growth Corp [Member] - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | ||||
Fair Value at January 1, 2021 | $ 5,872,113 | $ 5,646,455 | $ 10,328,609 | $ 0 |
Initial fair value of public and private warrants | 27,004,700 | |||
Transfer of public warrants to Level 1 | (15,007,500) | |||
Change in fair value | (2,785,685) | 225,658 | (4,682,154) | (1,668,591) |
Fair Value at December 31, 2021 | $ 3,086,428 | $ 5,872,113 | $ 5,646,455 | $ 10,328,609 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details) - Schedule of Schedule of Key Inputs into the Monte Carlo Simulation Model - Cartesian Growth Corp [Member] - $ / shares | 9 Months Ended | 12 Months Ended | |
Feb. 26, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | |||
Risk-free interest rate | 0.98% | 4.05% | 1.30% |
Expected term remaining (years) | 6 years 1 month 17 days | 5 years 2 months 8 days | 5 years 5 months 26 days |
Expected volatility | 24.20% | 34.10% | 17.50% |
Trading stock price | $ 9.565 | $ 9.91 | $ 9.88 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details) - Cartesian Growth Corp [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | May 25, 2022 | |
Conversion Option [Member] | |||
Fair Value Disclosures [Line Items] | |||
Fair value transfers between levels | $ 0 | ||
Liabilities, fair Value disclosure | $ 0 | 0 | $ 41,331 |
Fair Value, Inputs, Level 1, 2 and 3 [Member] | |||
Fair Value Disclosures [Line Items] | |||
Fair value transfers between levels | $ 0 | $ 0 |
Fair Value Measurements (Deta_5
Fair Value Measurements (Details) - Schedule of Warrant Valuation Terms - Cartesian Growth Corp [Member] - $ / shares | 9 Months Ended | 12 Months Ended | ||
May 25, 2022 | Feb. 26, 2021 | Sep. 30, 2022 | Dec. 31, 2021 | |
Fair Value Disclosures [Line Items] | ||||
Risk-free interest rate | 0.98% | 4.05% | 1.30% | |
Expected term remaining (years) | 6 years 1 month 17 days | 5 years 2 months 8 days | 5 years 5 months 26 days | |
Expected volatility | 24.20% | 34.10% | 17.50% | |
Trading stock price | $ 9.565 | $ 9.91 | $ 9.88 | |
Working Capital Note [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Risk-free interest rate | 2.72% | 4.05% | ||
Expected term remaining (years) | 5 years 3 months 25 days | 5 years 2 months 8 days | ||
Expected volatility | 10.90% | 34.10% | ||
Trading stock price | $ 9.77 | $ 9.91 |
Fair Value Measurements (Deta_6
Fair Value Measurements (Details) - Schedule of Compound Option Terms - Conversion Option [Member] - Cartesian Growth Corp [Member] | Sep. 30, 2022 shares | May 25, 2022 shares |
Strike Price Debt Conversion [Member] | ||
Fair Value Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 1 | 1 |
Strike price warrants [Member] | ||
Fair Value Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 11.5 | 11.5 |
Term Debt Conversion [Member] | ||
Fair Value Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 0.19 | 0.32 |
Term Warrant Conversion [Member] | ||
Fair Value Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 5.19 | 5.32 |
Probability of Consummation of a Business Combination [Member] | ||
Fair Value Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 90 | 90 |
Probability of consummation of a Business Combination – Target Date 11/30/2022 [Member] | ||
Fair Value Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 90 | 90 |
Probability of consummation of a Business Combination – Target Date 2/28/2023 [Member] | ||
Fair Value Disclosures [Line Items] | ||
Embedded Derivative Liability, Measurement Input | 10 | 10 |
Fair Value Measurements (Deta_7
Fair Value Measurements (Details) - Schedule of changes in the fair value of the Level 3 conversion option - Conversion Option [Member] - Cartesian Growth Corp [Member] - USD ($) | 3 Months Ended | |
Sep. 30, 2022 | Jun. 30, 2022 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair value, Beginning balance | $ 5,998 | $ 41,331 |
Change in fair value | (5,998) | (35,333) |
Fair value, Ending balance | $ 0 | $ 5,998 |
Events after the reporting pe_2
Events after the reporting period (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Jul. 11, 2022 GBP (£) | Jan. 20, 2021 GBP (£) £ / shares | Dec. 31, 2021 GBP (£) £ / shares shares | Oct. 31, 2021 GBP (£) £ / shares shares | Sep. 30, 2021 GBP (£) £ / shares shares | Jun. 30, 2021 GBP (£) £ / shares shares | Apr. 30, 2021 GBP (£) £ / shares shares | Mar. 31, 2021 GBP (£) £ / shares shares | Jan. 31, 2021 GBP (£) £ / shares shares | Sep. 30, 2022 | Dec. 31, 2021 £ / shares | Oct. 25, 2022 USD ($) shares | |
Subsequent Event [Line Items] | ||||||||||||
Debt instrument, maturity date | Jan. 07, 2023 | |||||||||||
Subordinated Shareholders Loans [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt instrument convertible conversion period | 2021-10 | |||||||||||
Subsequent Event [Member] | Subordinated Shareholders Loans [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Debt instrument face value | £ | £ 8,650,667 | |||||||||||
Debt instrument percentage of accrued interest | 12% | |||||||||||
Debt instrument, maturity date | Jun. 30, 2023 | |||||||||||
Debt instrument, convertible, conversion price | £ / shares | £ 203.73 | |||||||||||
Stockholders' equity, period increase | £ | £ 9,500,000 | |||||||||||
Subsequent Event [Member] | LXI REIT Advisors Ltd [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Percentage of voting interests to be acquired | 8% | 3.50% | 2% | 27.50% | ||||||||
Sale of stock, number of shares issued in transaction | 80 | 35 | 20 | 240 | ||||||||
Sale of stock, price per share | £ / shares | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | |||||||
Business combination, step acquisition, equity interest in acquiree, fair value | £ | £ 2,791,760 | £ 1,135,400 | £ 648,800 | £ 9,786,067 | ||||||||
Subsequent Event [Member] | Alvarium Social Housing Advisors Ltd [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Percentage of voting interests to be acquired | 17.90% | |||||||||||
Sale of stock, number of shares issued in transaction | 57 | 50 | 50 | 29 | 50 | |||||||
Sale of stock, price per share | £ / shares | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | £ 0.01 | ||||||
Business combination, step acquisition, equity interest in acquiree, fair value | £ | £ 330,435 | £ 289,855 | £ 289,855 | £ 274,663 | £ 289,855 | |||||||
Subsequent Event [Member] | LXI REIT Advisors Ltd [Member] | Customer Relationships [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Asset acquisition consideration transferred equity interest issued | £ | £ 40,000,000 | |||||||||||
Subsequent Event [Member] | A And R Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Percentage of shares subject to restriction in transfer | 100% | |||||||||||
Percentage of shares subject to restriction in transfer one | 50% | |||||||||||
Subsequent Event [Member] | Alvarium [Member] | A And R Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Fees payable in case of termination of agreement | $ | $ 5,500,000 | |||||||||||
Subsequent Event [Member] | TWMH And TIG [Member] | A And R Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Fees payable in case of termination of agreement | $ | $ 11,000,000 | |||||||||||
Subsequent Event [Member] | Earnout Shares Payable To TWMH [Member] | A And R Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Business combination contingent consideration payable in shares | 1,050,000 | |||||||||||
Subsequent Event [Member] | Earnout Shares Payable To TIG Entities [Member] | A And R Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Business combination contingent consideration payable in shares | 1,050,000 | |||||||||||
Subsequent Event [Member] | Common Class A [Member] | Post Business Combination Equity Incentive Plan [Member] | SPAC Class A Common Stock [Member] | A And R Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Common stock shares reserved for future issuance | 11,788,132 | |||||||||||
Subsequent Event [Member] | Common Class A [Member] | Post Business Combination Employee Stock Purchase Plan [Member] | SPAC Class A Common Stock [Member] | A And R Business Combination Agreement [Member] | Cartesian Growth Corp [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Common stock shares reserved for future issuance | 1,813,559 |
Interest Receivable (Details) -
Interest Receivable (Details) - Schedule of Interest Receivable - GBP (£) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest and Other Income [Abstract] | |||
Interest on loans and receivables | £ 44,002 | £ 100,694 | £ 31,735 |
Interest on cash and cash equivalents | 313 | 1,700 | 2,588 |
Interest receivable from joint ventures and associates | 159,755 | 146,690 | 107,922 |
Total | £ 204,070 | £ 249,084 | £ 142,245 |
Interest Receivable (Details)
Interest Receivable (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Income, Operating | £ 204,070 | £ 249,084 | £ 142,245 |
Financial Assets At Amortised Cost [Member] | |||
Interest Income, Operating | £ 204,070 | £ 249,084 | £ 142,245 |
Income From Other Fixed Asset_3
Income From Other Fixed Asset Investments (Details) - Schedule Of Income From Other Fixed Asset Investments - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Loss From Other Fixed Asset Investments [Line Items] | |||||
Income from disposal of asset held at book value | £ 0 | £ 530,170 | £ 530,170 | £ 0 | £ 0 |
Dividends from other fixed asset investments | 17,619 | 3,158 | 62,995 | ||
Other income | 10,370 | 17,619 | |||
Total income from other fixed asset investments | £ 10,370 | £ 547,789 | £ 547,789 | £ 3,158 | £ 62,995 |
Interest Payable (Details) - Sc
Interest Payable (Details) - Schedule of Interest Payable - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Expense [Abstract] | |||||
Interest on banks loans and overdrafts | £ 626,214 | £ 631,866 | £ 655,819 | ||
Interest on obligations under finance leases and hire purchase contracts | 19,683 | 37,226 | 53,488 | ||
Interest on shareholder loan facility | 844,053 | 0 | 0 | ||
Other interest payable and similar charges | 321,520 | 60,496 | 104,150 | ||
Total | £ 2,981,105 | £ 1,491,055 | £ 1,811,470 | £ 729,588 | £ 813,457 |
Interest Payable (Details)
Interest Payable (Details) - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest Payable [Abstract] | |||||
Interest Expense | £ 2,981,105 | £ 1,491,055 | £ 1,811,470 | £ 729,588 | £ 813,457 |
Operating loss _ profit (Detail
Operating loss / profit (Details) - Schedule Of Operating Profit or Loss - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of Operating Profit Loss [Line Items] | |||||
Depreciation of tangible assets | £ 368,699 | £ 417,606 | £ 552,293 | £ 536,319 | £ 438,768 |
Impairment of trade debtors | 1,326,832 | 170,345 | 277,682 | 439,829 | 537,976 |
Equity-settled share-based payments (credit)/expense | 0 | (1,333) | (1,333) | 7,296 | 8,818 |
Cash-settled share-based payments | 10,442,728 | (1,333) | |||
Foreign exchange differences | £ (1,607,419) | £ (57,806) | £ 278,611 | £ 451,027 | £ (122,097) |
Gain on Disposal of Investmen_3
Gain on Disposal of Investment in Joint Venture (Details) - Schedule Of Gain On Disposal Of Investments In Joint Venture - GBP (£) | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Disposal of Investments in Joint Venture [Member] | ||
Schedule of Gain Loss on Disposal of Investments in Joint Venture [Line Items] | ||
Gain on disposal of interests in JV | £ 4,660,853 | £ 0 |
Gain on Disposal of Investmen_4
Gain on Disposal of Investment in Joint Venture - (Details) £ in Thousands | 9 Months Ended |
Sep. 30, 2022 GBP (£) Instalment | |
Schedule of Gain Loss on Disposal of Investments in Joint Venture [Line Items] | |
Number of instalments within which deferred consideration will be received | Instalment | 10 |
Deferred consideration non current receivable discount rate | 8% |
Disposal of Investments in Joint Venture [Member] | |
Schedule of Gain Loss on Disposal of Investments in Joint Venture [Line Items] | |
Investments in joint venture disposed consideration | £ 7,300 |
Deferred consideration receivable on sale of investments in joint venture | 2,700 |
Deferred consideration receivable year one | 692 |
Deferred consideration receivable year over five years | 1,975 |
Accrued income consideration receivable | £ 4,600 |
Alvarium Investment Limited [Member] | Disposal of Investments in Joint Venture [Member] | |
Schedule of Gain Loss on Disposal of Investments in Joint Venture [Line Items] | |
Percentage of disposal of ownership interest | 46% |
Templeton C&M Holdco Limited and NZ PropCo Holdings Limited [Member] | Disposal of Investments in Joint Venture [Member] | |
Schedule of Gain Loss on Disposal of Investments in Joint Venture [Line Items] | |
Percentage of disposal of ownership interest | 23% |
Taxation on Ordinary Activiti_3
Taxation on Ordinary Activities (Details) - Schedule of Components of Income Tax Expense (Benefit) - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current tax: | |||||
UK current tax expense | £ 0 | £ 521,217 | £ 303,357 | £ 686,159 | £ 550,281 |
Adjustments in respect of prior periods | 380 | (18,420) | 0 | ||
Total UK current tax | 0 | 521,217 | 303,737 | 667,739 | 550,281 |
Foreign current tax expense | 294,578 | 265,691 | 517,781 | 362,736 | 284,363 |
Adjustments in respect of prior periods | 26,709 | 0 | (20,344) | 30,727 | (2,098) |
Total foreign tax | 321,287 | 265,691 | 497,437 | 393,463 | 282,265 |
Total current tax | 321,287 | 786,908 | 801,174 | 1,061,202 | 832,546 |
Deferred tax: | |||||
Origination and reversal of timing differences | (720,671) | 75,762 | 1,407,915 | (142,158) | 1,081 |
Impact of change in tax rate | (218,318) | 0 | (156,063) | 58,184 | (322,603) |
Recognition of DTAs for previously unrecognised losses | (36,468) | (1,475,928) | (2,589,487) | (1,292,391) | 0 |
Total deferred tax | (975,457) | (1,400,166) | (1,337,635) | (1,376,365) | (321,522) |
Taxation on ordinary activities | £ (654,170) | £ (613,258) | £ (536,461) | £ (315,163) | £ 511,024 |
Taxation on Ordinary Activiti_4
Taxation on Ordinary Activities (Details) - Schedule of Effective Income Tax Rate Reconciliation - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||||
Profit/(loss) on ordinary activities before taxation | £ (10,700,888) | £ 3,947,688 | £ 1,411,413 | £ (3,692,354) | £ (3,222,070) |
Profit/(loss) on ordinary activities by rate of tax | 268,168 | (701,547) | (612,193) | ||
Adjustment to tax charge in respect of prior periods | (19,964) | 12,307 | (2,098) | ||
Effect of expenses not deductible for tax purposes | 1,672,344 | 369,791 | 0 | ||
Effect of capital allowances and depreciation | 52,978 | 3,298 | 420,326 | ||
Effect of revenue exempt from tax | (3) | (125,015) | (15,960) | ||
Effect of different overseas tax rates on some earnings | (193,301) | (218,185) | (3,893) | ||
Utilisation of tax losses | (422,151) | (95,239) | (304,019) | ||
Unused tax losses | 402,001 | 1,235,991 | (110,440) | ||
Gain/(loss) on disposal not taxable | 28,173 | (99,993) | 913,825 | ||
Amortisation arising on consolidation | 651,675 | 662,877 | (26,736) | ||
Recognition of DTAs for previously unrecognised losses | (2,589,487) | (1,292,391) | 538,864 | ||
Effect of change in UK tax rates | (156,063) | 0 | (322,603) | ||
Specific tax allowance in US subsidiary | 0 | (98,199) | (98,829) | ||
Income from associates and JV's not taxable in group | (230,831) | 31,142 | 134,780 | ||
Taxation on ordinary activities | £ (654,170) | £ (613,258) | £ (536,461) | £ (315,163) | £ 511,024 |
Taxation on Ordinary Activiti_5
Taxation on Ordinary Activities (Details) | 1 Months Ended | 12 Months Ended | |||
Apr. 01, 2023 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Line Items] | |||||
Statutory tax rate | 25% | 19% | 19% | 19% | |
Subsequent Event [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Statutory tax rate | 25% |
Tangible Assets (Detail) - Sche
Tangible Assets (Detail) - Schedule of Property and Plant Equipment - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||||
Beginning balance ,Cost | £ 3,381,516 | £ 3,225,703 | £ 3,225,703 | £ 2,705,901 | |
Additions | 1,045,460 | 415,228 | 381,522 | ||
Disposals | (66,757) | (237,380) | (32,900) | ||
Acquisitions through bus. combs | 156,113 | ||||
Disposals through bus. combs. | (2,241) | ||||
Translation gains/(losses) | 199,708 | (22,035) | 17,308 | ||
Ending balance ,Cost | 4,559,927 | 3,381,516 | 3,225,703 | £ 2,705,901 | |
Beginning balance, Depreciation | 2,623,364 | 2,310,290 | 2,310,290 | 1,668,972 | |
Charge for the year | 368,699 | 417,606 | 552,293 | 536,319 | 438,768 |
Disposals | (61,513) | (219,404) | (32,900) | ||
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Disposals Through Business Combinations | (1,519) | ||||
Translation (gains)/losses | 142,862 | (19,815) | 15,172 | ||
Acquisitions through bus. combs | 124,246 | ||||
Ending balance ,Depreciation | 3,073,412 | 2,623,364 | 2,310,290 | 1,668,972 | |
Ending balance | 1,486,515 | 758,152 | 915,413 | 1,036,929 | |
Ending balance | 165,505 | 286,983 | |||
Land and Building [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Beginning balance ,Cost | 893,306 | 887,072 | 887,072 | 868,001 | |
Additions | 942,300 | 5,208 | 22,102 | ||
Disposals | 0 | 0 | 0 | ||
Acquisitions through bus. combs | 0 | ||||
Disposals through bus. combs. | 0 | ||||
Translation gains/(losses) | 21,475 | 1,026 | (3,031) | ||
Ending balance ,Cost | 1,857,081 | 893,306 | 887,072 | 868,001 | |
Beginning balance, Depreciation | 725,991 | 509,023 | 509,023 | 294,406 | |
Charge for the year | 148,587 | 216,599 | 215,527 | ||
Disposals | 0 | 0 | 0 | ||
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Disposals Through Business Combinations | 0 | ||||
Translation (gains)/losses | 7,349 | 369 | (910) | ||
Acquisitions through bus. combs | 0 | ||||
Ending balance ,Depreciation | 881,927 | 725,991 | 509,023 | 294,406 | |
Ending balance | 975,154 | 167,315 | 378,049 | 573,595 | |
Ending balance | 165,505 | 248,258 | |||
Furniture and Fixtures [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Beginning balance ,Cost | 704,325 | 685,643 | 685,643 | 605,633 | |
Additions | 18,884 | 26,869 | 81,008 | ||
Disposals | 0 | (8,501) | 0 | ||
Acquisitions through bus. combs | 0 | ||||
Disposals through bus. combs. | 0 | ||||
Translation gains/(losses) | 29,765 | 314 | (998) | ||
Ending balance ,Cost | 752,974 | 704,325 | 685,643 | 605,633 | |
Beginning balance, Depreciation | 555,008 | 477,337 | 477,337 | 358,305 | |
Charge for the year | 39,072 | 86,126 | 118,970 | ||
Disposals | 0 | (8,501) | 0 | ||
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Disposals Through Business Combinations | 0 | ||||
Translation (gains)/losses | 23,078 | 46 | 62 | ||
Acquisitions through bus. combs | 0 | ||||
Ending balance ,Depreciation | 617,158 | 555,008 | 477,337 | 358,305 | |
Ending balance | 135,816 | 149,317 | 208,306 | 247,328 | |
Ending balance | 0 | 25,988 | |||
Equipment [Member] | |||||
Property, Plant and Equipment [Line Items] | |||||
Beginning balance ,Cost | 1,783,885 | 1,652,988 | 1,652,988 | 1,232,267 | |
Additions | 84,276 | 383,151 | 278,412 | ||
Disposals | (66,757) | (228,879) | (32,900) | ||
Acquisitions through bus. combs | 156,113 | ||||
Disposals through bus. combs. | (2,241) | ||||
Translation gains/(losses) | 148,468 | (23,375) | 21,337 | ||
Ending balance ,Cost | 1,949,872 | 1,783,885 | 1,652,988 | 1,232,267 | |
Beginning balance, Depreciation | 1,342,365 | £ 1,323,930 | 1,323,930 | 1,016,261 | |
Charge for the year | 181,040 | 249,568 | 201,822 | ||
Disposals | (61,513) | (210,903) | (32,900) | ||
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment Disposals Through Business Combinations | (1,519) | ||||
Translation (gains)/losses | 112,435 | (20,230) | 16,020 | ||
Acquisitions through bus. combs | 124,246 | ||||
Ending balance ,Depreciation | 1,574,327 | 1,342,365 | 1,323,930 | 1,016,261 | |
Ending balance | £ 375,545 | 441,520 | 329,058 | £ 216,006 | |
Ending balance | £ 0 | £ 12,737 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - GBP (£) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | £ 33,642,087 | £ 39,663,886 | £ 44,637,674 |
Ending balance | 69,514,613 | 33,642,087 | 39,663,886 |
Goodwill [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 14,839,552 | 18,518,313 | 21,291,591 |
Ending balance | 12,783,104 | 14,839,552 | 18,518,313 |
Patents, trademarks and licences [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 0 | 0 | 0 |
Ending balance | 0 | 0 | |
Client lists [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 18,802,535 | 21,145,573 | 23,346,083 |
Ending balance | 56,731,509 | 18,802,535 | 21,145,573 |
Cost [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 64,677,399 | 64,975,456 | 64,125,544 |
Additions | 40,000,000 | 0 | 0 |
Translation gains/(losses) | 1,707,462 | (298,057) | 434,069 |
Disposals | (37,645) | ||
Acquisitions through business combinations | 453,488 | ||
Ending balance | 106,384,861 | 64,677,399 | 64,975,456 |
Cost [Member] | Goodwill [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 33,914,523 | 34,163,414 | 33,447,865 |
Additions | 0 | 0 | |
Translation gains/(losses) | 561,187 | (248,891) | 299,706 |
Disposals | (37,645) | ||
Acquisitions through business combinations | 453,488 | ||
Ending balance | 34,475,710 | 33,914,523 | 34,163,414 |
Cost [Member] | Patents, trademarks and licences [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 524,848 | 524,848 | 524,848 |
Additions | 0 | 0 | |
Translation gains/(losses) | 0 | 0 | |
Disposals | 0 | ||
Acquisitions through business combinations | 0 | ||
Ending balance | 524,848 | 524,848 | 524,848 |
Cost [Member] | Client lists [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 30,238,028 | 30,287,194 | 30,152,831 |
Additions | 40,000,000 | 0 | 0 |
Translation gains/(losses) | 1,146,275 | (49,166) | 134,363 |
Disposals | 0 | ||
Acquisitions through business combinations | 0 | ||
Ending balance | 71,384,303 | 30,238,028 | 30,287,194 |
Amortisation [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 31,035,312 | 25,311,570 | 19,487,870 |
Charge for the year | 5,834,936 | 5,723,742 | 5,823,700 |
Ending balance | 36,870,248 | 31,035,312 | 25,311,570 |
Amortisation [Member] | Goodwill [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 19,074,971 | 15,645,101 | 12,156,274 |
Charge for the year | 2,617,635 | 3,429,870 | 3,488,827 |
Ending balance | 21,692,606 | 19,074,971 | 15,645,101 |
Amortisation [Member] | Patents, trademarks and licences [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 524,848 | 524,848 | 524,848 |
Charge for the year | 0 | 0 | |
Ending balance | 524,848 | 524,848 | 524,848 |
Amortisation [Member] | Client lists [Member] | |||
Schedule of Intangible Assets and Goodwill [Line Items] | |||
Beginning balance | 11,435,493 | 9,141,621 | 6,806,748 |
Charge for the year | 3,217,301 | 2,293,872 | 2,334,873 |
Ending balance | £ 14,652,794 | £ 11,435,493 | £ 9,141,621 |
Intangible Assets (Details)
Intangible Assets (Details) £ in Millions | Jul. 11, 2022 GBP (£) |
Schedule of Intangible Assets and Goodwill [Line Items] | |
Intangible assets amortization period | 6 years |
LXI REIT Advisors Limited [Member] | Customer Relationships [Member] | |
Schedule of Intangible Assets and Goodwill [Line Items] | |
Asset acquisition consideration transferred equity interest issued | £ 40 |
LXI REIT Advisors Limited [Member] | Customer Relationships [Member] | Intangible Asset [Member] | |
Schedule of Intangible Assets and Goodwill [Line Items] | |
Asset acquisition indemnification asset amount | £ 40 |
Executory Contracts (Details)
Executory Contracts (Details) | Dec. 31, 2020 GBP (£) |
Executory contracts intrinsic value | £ 270,013 |
Employee Benefits (Details)
Employee Benefits (Details) - GBP (£) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |||
Expense related to defined contribution plan | £ 1,092,981 | £ 1,063,009 | £ 901,531 |
Related Party Transactions (D_2
Related Party Transactions (Detail) - Summary of Related Party Transactions - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Individuals [Member] | |||||
Related Party Transaction [Line Items] | |||||
Owed to balance | £ (22,908) | £ (532,073) | |||
Related Individuals [Member] | Ali Bouzarif [Member] | Revenue Share [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Revenue share | Revenue share | |||
Transaction value | £ (335,337) | £ (400,772) | £ (532,073) | ||
Owed to balance | (22,908) | (532,073) | |||
Associates and JVs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Owed to balance | (827,159) | (749,005) | |||
Owed by balance | £ 5,472,090 | 5,771,801 | |||
Associates and JVs [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Owed to balance | (749,005) | £ (219,998) | |||
Associates and JVs [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Owed by balance | £ 5,771,802 | 4,669,533 | |||
Associates and JVs [Member] | Non-Executive Director of a trading subsidiary [Member] | Fees Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | (4,000) | ||||
Owed to balance | (2,000) | ||||
Associates and JVs [Member] | Queensgate Investments 1 Sarl [Member] | Loan Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan payable | ||||
Owed to balance | £ (5,625) | £ (5,625) | |||
Associates and JVs [Member] | Queensgate Investments 1 Sarl [Member] | Loan Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan payable | ||||
Owed to balance | £ (5,625) | ||||
Associates and JVs [Member] | Queensgate Investments II GP LLP [Member] | Loan Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan payable | ||||
Owed to balance | £ (178,149) | £ (178,149) | |||
Associates and JVs [Member] | Queensgate Investments II GP LLP [Member] | Loan Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan payable | ||||
Owed to balance | £ (178,149) | (178,149) | |||
Associates and JVs [Member] | Alvarium Wealth (NZ) Limited [Member] | Fees Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Owed to balance | £ (34,113) | ||||
Associates and JVs [Member] | Alvarium Wealth (NZ) Limited [Member] | Fees Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (60,378) | ||||
Owed to balance | (34,113) | ||||
Associates and JVs [Member] | Alvarium Investments (NZ) Limited [Member] | Fees Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Owed to balance | £ (137,497) | ||||
Associates and JVs [Member] | Alvarium Investments (NZ) Limited [Member] | Fees Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (137,497) | (349,094) | |||
Owed to balance | (137,497) | ||||
Associates and JVs [Member] | Alvarium Investments (NZ) Limited [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | 38,538 | ||||
Owed by balance | £ 85,565 | ||||
Associates and JVs [Member] | Alvarium Investments (NZ) Limited [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 85,565 | 777 | |||
Associates and JVs [Member] | Alvarium Investments (NZ) Limited [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Owed by balance | £ 1,434,572 | ||||
Associates and JVs [Member] | Alvarium Investments (NZ) Limited [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ (20,873) | 920,371 | £ 1,959,775 | ||
Owed by balance | 1,434,572 | 1,508,012 | |||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Fees Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Owed to balance | £ (233,663) | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Fees Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (562,888) | (15,519) | |||
Owed to balance | £ (170,278) | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Loan Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan payable | ||||
Transaction value | 180,000 | ||||
Owed to balance | £ (63,385) | (63,385) | |||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Expenses Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses payable | ||||
Owed to balance | £ (16) | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Expenses Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses payable | ||||
Transaction value | £ 218 | ||||
Owed to balance | (16) | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Owed by balance | £ 15,881 | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | 12,523 | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Expenses Receivable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed to balance | (52,376) | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 13,694 | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Fees Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Owed by balance | £ 10,000 | ||||
Associates and JVs [Member] | Alvarium Capital Partners Limited [Member] | Fees Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 10,000 | ||||
Owed by balance | £ 12,187 | ||||
Associates and JVs [Member] | Alvarium Investment Managers (Suisse) [Member] | Fees Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (74,016) | ||||
Owed to balance | £ (24,568) | ||||
Associates and JVs [Member] | Alvarium Investment Managers (Suisse) [Member] | Fees Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (55,623) | 23,252 | (83,315) | ||
Owed to balance | (33,124) | ||||
Associates and JVs [Member] | Alvarium Investment Managers (Suisse) [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 17,226 | 1,497 | |||
Owed by balance | £ 21,436 | £ 9,115 | |||
Associates and JVs [Member] | Alvarium Investment Managers (Suisse) [Member] | Expenses Receivable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | 4,284 | ||||
Associates and JVs [Member] | Alvarium Investment Managers (Suisse) [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 9,115 | ||||
Associates and JVs [Member] | Cresco Capital Advisors LLP [Member] | Fees Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ 18,000 | 18,000 | |||
Owed to balance | £ (7,200) | ||||
Associates and JVs [Member] | Cresco Capital Advisors LLP [Member] | Fees Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ 18,000 | ||||
Owed to balance | £ (7,200) | ||||
Associates and JVs [Member] | Cresco Capital Advisors LLP [Member] | Fees Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 24,000 | 24,000 | 31,250 | ||
Owed by balance | 7,200 | ||||
Associates and JVs [Member] | Pointwise Partners [Member] | Fees Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (1,360,302) | (874,101) | |||
Owed to balance | £ (618,817) | £ (152,742) | |||
Associates and JVs [Member] | Pointwise Partners [Member] | Fees Payable [Member] | Owed To [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (152,742) | ||||
Owed to balance | (152,742) | ||||
Associates and JVs [Member] | Pointwise Partners [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 42,347 | 29,645 | |||
Owed by balance | £ 231,386 | 189,041 | |||
Associates and JVs [Member] | Pointwise Partners [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ 976,461 | 934,705 | |||
Owed by balance | £ 2,726,658 | £ 1,750,197 | |||
Associates and JVs [Member] | Pointwise Partners [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ 972,157 | 778,040 | |||
Owed by balance | 1,750,197 | 778,040 | |||
Associates and JVs [Member] | Pointwise Partners [Member] | Fees Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 156,418 | 64,105 | |||
Owed by balance | £ 182,708 | £ 24,022 | |||
Associates and JVs [Member] | Pointwise Partners [Member] | Fees Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 213,063 | ||||
Owed by balance | 213,063 | ||||
Associates and JVs [Member] | Alvarium Core Partners LLP [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 2,488 | 2,590 | |||
Owed by balance | £ 7,570 | £ 5,081 | |||
Associates and JVs [Member] | Alvarium Core Partners LLP [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 5,081 | 1,605 | |||
Associates and JVs [Member] | Alvarium Core Partners LLP [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | 435,000 | 403,000 | |||
Associates and JVs [Member] | Alvarium Investments (Aus) Pty Ltd [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 30,965 | ||||
Owed by balance | £ 32,013 | £ 1,048 | |||
Associates and JVs [Member] | Alvarium Investments (Aus) Pty Ltd [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 1,048 | 404 | |||
Associates and JVs [Member] | Alvarium Investments (Aus) Pty Ltd [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ 114,574 | 26,342 | |||
Owed by balance | £ 560,095 | £ 445,342 | |||
Associates and JVs [Member] | Alvarium Investments (Aus) Pty Ltd [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ (4,906) | ||||
Owed by balance | 445,342 | 450,248 | |||
Associates and JVs [Member] | Alvarium Osesam [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 87,739 | 77,050 | |||
Owed by balance | £ 147,093 | £ 53,545 | |||
Associates and JVs [Member] | Alvarium Osesam [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 53,545 | 43,834 | |||
Associates and JVs [Member] | Bluestar Advisors [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 2,239 | 748 | |||
Owed by balance | £ 3,404 | £ 1,256 | |||
Associates and JVs [Member] | Bluestar Advisors [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 1,256 | 192 | |||
Associates and JVs [Member] | Bluestar Advisors [Member] | Fees Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 7,500 | 7,500 | |||
Owed by balance | £ 9,000 | ||||
Associates and JVs [Member] | Bluestar Diamond Limited [Member] | Fees Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 56,000 | ||||
Associates and JVs [Member] | Casteel Capital LLP [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 2,697 | 1,002 | |||
Owed by balance | £ 283 | £ 2,534 | |||
Associates and JVs [Member] | Casteel Capital LLP [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 2,534 | 32,493 | |||
Associates and JVs [Member] | Casteel Capital LLP [Member] | Fees Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 37,800 | 37,800 | |||
Owed by balance | £ 37,800 | £ 5,170 | |||
Associates and JVs [Member] | Casteel Capital LLP [Member] | Fees Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 5,170 | ||||
Owed by balance | 5,170 | ||||
Associates and JVs [Member] | CRE S.a.r.l [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 6,785 | £ 6,498 | |||
Associates and JVs [Member] | CRE S.a.r.l [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 6,498 | 6,910 | |||
Associates and JVs [Member] | CRE S.a.r.l [Member] | Fees Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 15,033 | 75,038 | |||
Owed by balance | £ 9,933 | ||||
Associates and JVs [Member] | CRE S.a.r.l [Member] | Fees Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 21,103 | 44,340 | 151,710 | ||
Owed by balance | 9,933 | 5,325 | |||
Associates and JVs [Member] | Cresco Capital Urban Yurt Holdings 2 Sarl [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 1,829 | £ 1,752 | |||
Associates and JVs [Member] | Cresco Capital Urban Yurt Holdings 2 Sarl [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 1,752 | 1,863 | |||
Associates and JVs [Member] | Cresco Immobilien Verwaltungs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction value | 23,923 | 24,270 | |||
Owed by balance | £ 139,393 | £ 109,744 | |||
Associates and JVs [Member] | Cresco Immobilien Verwaltungs [Member] | Loan Interest [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Associates and JVs [Member] | Cresco Immobilien Verwaltungs [Member] | Loan Interest [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Transaction value | £ 56,394 | 30,265 | 26,855 | ||
Owed by balance | 109,744 | 80,499 | |||
Associates and JVs [Member] | Cresco Immobilien Verwaltungs [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Owed by balance | £ 414,522 | £ 396,990 | |||
Associates and JVs [Member] | Cresco Immobilien Verwaltungs [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ 26,593 | 55,431 | |||
Owed by balance | 396,990 | 399,642 | |||
Associates and JVs [Member] | Cresco Urban Yurt Sarl [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction value | 1,571 | (16,382) | |||
Owed by balance | £ 2,673 | £ 1,000 | |||
Associates and JVs [Member] | Cresco Urban Yurt Sarl [Member] | Loan Interest [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Associates and JVs [Member] | Cresco Urban Yurt Sarl [Member] | Loan Interest [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Transaction value | £ 2,708 | 3,342 | 3,298 | ||
Owed by balance | 1,000 | 15,294 | |||
Associates and JVs [Member] | Cresco Urban Yurt Sarl [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | (14,546) | ||||
Owed by balance | £ 29,033 | £ 27,805 | |||
Associates and JVs [Member] | Cresco Urban Yurt Sarl [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ (31,192) | ||||
Owed by balance | £ 27,805 | 44,703 | |||
Associates and JVs [Member] | Cresco Urban Yurt SLP [Member] | Loan Interest [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Transaction value | £ 2,878 | 5,704 | 5,628 | ||
Owed by balance | 18,420 | ||||
Associates and JVs [Member] | Cresco Urban Yurt SLP [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ (89,944) | ||||
Owed by balance | 71,524 | ||||
Associates and JVs [Member] | Hadley DM Services Limited [Member] | |||||
Related Party Transaction [Line Items] | |||||
Transaction value | (18,604) | 23,327 | |||
Owed by balance | £ 99,588 | £ 118,192 | |||
Associates and JVs [Member] | Hadley DM Services Limited [Member] | Loan Interest [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Associates and JVs [Member] | Hadley DM Services Limited [Member] | Loan Interest [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Transaction value | £ 32,665 | 60,385 | |||
Owed by balance | 118,192 | 85,527 | 68,166 | ||
Associates and JVs [Member] | Hadley DM Services Limited [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ (168,896) | (62,607) | |||
Owed by balance | £ 530,000 | £ 698,896 | |||
Associates and JVs [Member] | Hadley DM Services Limited [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ (62,606) | (258,079) | |||
Owed by balance | £ 698,896 | 761,502 | |||
Associates and JVs [Member] | Hadley Property Group Limited [Member] | Loan Interest [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan interest | ||||
Transaction value | 3,671 | ||||
Owed by balance | 29,413 | 4,000 | |||
Associates and JVs [Member] | Hadley Property Group Limited [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Owed by balance | 40,000 | ||||
Associates and JVs [Member] | NZ PropCo [Member] | Fees Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Owed by balance | £ 100,985 | ||||
Associates and JVs [Member] | NZ PropCo [Member] | Fees Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees receivable | ||||
Transaction value | £ 100,985 | ||||
Owed by balance | 100,985 | ||||
Associates and JVs [Member] | Osprey Equity Partners Limited [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 21,013 | 7,080 | |||
Owed by balance | £ 28,138 | £ 7,125 | |||
Associates and JVs [Member] | Osprey Equity Partners Limited [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 7,125 | ||||
Associates and JVs [Member] | Osprey Equity Partners Limited [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | 77,000 | ||||
Owed by balance | £ 259,246 | £ 259,246 | |||
Associates and JVs [Member] | Osprey Equity Partners Limited [Member] | Loan Receivable | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | ||||
Transaction value | £ (26,479) | 222,224 | |||
Owed by balance | 259,246 | 285,724 | 63,500 | ||
Associates and JVs [Member] | Queensgate Investments LLP [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Transaction value | £ 171 | 705 | |||
Owed by balance | 1,437 | £ 1,266 | |||
Associates and JVs [Member] | Queensgate Investments LLP [Member] | Expenses Receivable [Member] | Owed By [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | ||||
Owed by balance | £ 1,261 | 382 | |||
Other Entities [Member] | |||||
Related Party Transaction [Line Items] | |||||
Owed from balance | 1,122,050 | 582,998 | |||
Other Entities [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Owed from balance | £ 1,105,491 | £ 1,126,491 | |||
Other Entities [Member] | LJ Maple Duke Holdings Limited [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | Loan receivable | |||
Owed from balance | £ 285,000 | £ 285,000 | 285,000 | ||
Other Entities [Member] | LJ Maple St Johns Wood Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 75,510 | £ 75,510 | |||
Owed from balance | £ 75,510 | £ 75,510 | |||
Other Entities [Member] | LJ Maple St Johns Wood Limited [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | Loan receivable | |||
Owed from balance | £ 183,306 | £ 183,306 | 183,306 | ||
Other Entities [Member] | LJ Maple Kensington Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 41,699 | £ 41,699 | |||
Owed from balance | £ 41,699 | £ 41,699 | |||
Other Entities [Member] | LJ Maple Kensington Limited [Member] | Loan Receivable | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Loan receivable | Loan receivable | |||
Owed from balance | £ 23,020 | £ 23,020 | 23,020 | ||
Other Entities [Member] | LJ Maple Belgravia Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 3,430 | £ 3,430 | |||
Owed from balance | £ 3,430 | £ 3,430 | |||
Other Entities [Member] | LJ Maple Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 119,119 | £ 42,367 | |||
Owed from balance | £ 119,119 | £ 119,119 | 76,752 | ||
Other Entities [Member] | LJ Maple Abbey Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 85,850 | £ 85,850 | |||
Owed from balance | £ 85,850 | £ 85,850 | |||
Other Entities [Member] | LJ Maple Chelsea Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 119,010 | £ 119,010 | |||
Owed from balance | £ 119,010 | £ 119,010 | |||
Other Entities [Member] | LJ Maple Hill Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 136,567 | £ 136,567 | |||
Owed from balance | £ 136,567 | £ 136,567 | |||
Other Entities [Member] | LJ Maple Tofty Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | 231,186 | £ 231,186 | |||
Owed from balance | £ 231,186 | 231,186 | |||
Other Entities [Member] | LJ Maple Kew Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | ||||
Transaction value | 4,441 | ||||
Owed from balance | £ 4,441 | £ 4,441 | |||
Other Entities [Member] | LJ Maple Nine Elms Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | (108,864) | £ (108,864) | |||
Owed from balance | £ (108,864) | £ (108,864) | |||
Other Entities [Member] | LJ Maple Hamlet Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | (66,937) | £ (66,937) | |||
Owed from balance | £ (66,937) | £ (66,937) | |||
Other Entities [Member] | LJ Maple Circus Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | (25,228) | £ (25,228) | |||
Owed from balance | £ (25,228) | £ (25,228) | |||
Other Entities [Member] | LJ Maple Duke Limited [Member] | Cash Advances [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Cash advances | Cash advances | |||
Transaction value | (1,618) | £ (1,618) | |||
Owed from balance | £ (1,618) | £ (1,618) | |||
Other Entities [Member] | Stratford Corporate Trustees Ltd [Member] | Expenses Receivable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses receivable | Expenses receivable | |||
Transaction value | £ 54,560 | 70,742 | 21,000 | ||
Owed from balance | £ 21,000 | 21,000 | |||
Other Entities [Member] | Lepe Partners LLP [Member] | Expenses Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Expenses payable | Expenses payable | |||
Transaction value | £ (195) | £ 342 | (6,080) | ||
Owed from balance | (6,080) | ||||
Other Entities [Member] | Wyndham Capital Management Limited [Member] | Fees Payable [Member] | |||||
Related Party Transaction [Line Items] | |||||
Nature of RPT | Fees payable | ||||
Transaction value | £ (350,249) | £ (348,125) |
Government Grants (Details) - S
Government Grants (Details) - Schedule of Amounts Recognised in Financial Statements for Government Grants - GBP (£) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Recognised in other operating income: | |||
Government grants recognised directly in income | £ 759,664 |
Share-Based Payments (Details)
Share-Based Payments (Details) - GBP (£) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2015 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation arrangement fair value of cash settled awards liability | £ 10,761,130 | |||
Liability for cash-settled share-based payments | £ 10,761,130 | £ 0 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award, number of shares issued | 10,495 | |||
Staff turnover throughout vesting period | 15% | |||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award, service period | 1 year | |||
Share based compensation arrangement by share based payment award, vesting period | 1 year | |||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award, service period | 3 years | |||
Share based compensation arrangement by share based payment award, vesting period | 3 years |
Share-Based Payments (Details)
Share-Based Payments (Details) - Schedule of Share Based Payment Expense Recognised in Profit or Loss - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||
Equity-settled share-based payments | £ (1,333) | £ (1,333) | £ 7,296 | £ 8,818 | |
Cash-settled share-based payments | £ 10,442,728 | ||||
Total expense recognised in profit or loss | £ 10,442,728 | £ (1,333) |
Obligations Under Finance Lea_3
Obligations Under Finance Leases (Details) - Summary of Finance Lease, Liability, Fiscal Year Maturity - GBP (£) | Dec. 31, 2021 | Dec. 31, 2020 |
Finance Lease, Liability, to be Paid [Abstract] | ||
Not later than 1 year | £ 130,009 | £ 260,018 |
Later than 1 year and not later than 5 years | 0 | 130,009 |
Finance lease, liability, to be paid | 130,009 | 390,027 |
Less: future finance charges | (2,835) | (22,517) |
Present value of minimum lease payments | £ 127,174 | £ 367,510 |
Provisions (Detail) - Schedule
Provisions (Detail) - Schedule of Reconciliation of Provisions - GBP (£) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Provisions [Abstract] | ||||
Beginning | £ 1,958,233 | £ 1,978,716 | £ 2,098,969 | £ 2,771,200 |
Additions | (4,560) | 39,876 | 1,527 | (609,442) |
Charge against provision | (136,304) | (57,020) | (129,076) | |
Foreign exchange difference | 236,860 | (3,339) | 7,296 | (62,789) |
Ending | £ 2,054,229 | £ 1,958,233 | £ 1,978,716 | £ 2,098,969 |
Deferred Tax (Details) - Schedu
Deferred Tax (Details) - Schedule of Deferred Tax Included in the Statement of Financial Position - GBP (£) | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Deferred Tax Included In The Statement Of Financial Position [Line Items] | |||
Deferred tax assets, net | £ 3,163,812 | £ 2,146,091 | £ 791,503 |
Debtors [Member] | |||
Schedule Of Deferred Tax Included In The Statement Of Financial Position [Line Items] | |||
Included in debtors (note 13) | 5,218,041 | 4,104,324 | 2,770,219 |
Provisions [Member] | |||
Schedule Of Deferred Tax Included In The Statement Of Financial Position [Line Items] | |||
Included in provisions (note 15) | £ (2,054,229) | £ (1,958,233) | £ (1,978,716) |
Deferred Tax (Details) - Sche_2
Deferred Tax (Details) - Schedule of Deferred Tax Account Consists of the Tax Effect - GBP (£) | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Deferred Tax Assets, Net | £ 3,163,812 | £ 2,146,091 | £ 791,503 |
Accelerated capital allowances [Member] | |||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Deferred Tax Liabilities | (35,748) | (41,829) | (1,911) |
Unused tax losses [Member] | |||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Deferred Tax Assets | 3,916,736 | 3,512,706 | 2,681,964 |
Business combinations [Member] | |||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Deferred Tax Liabilities | (2,016,653) | (1,916,404) | (1,976,805) |
Corporate interest restriction [Member] | |||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Deferred Tax Assets | 320,882 | ||
Accrued expenses not yet tax deductible [Member] | |||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Deferred Tax Assets | 614,631 | 197,887 | 0 |
Specific allowance in US subsidiary [Member] | |||
Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Deferred Tax Assets | £ 363,964 | £ 393,731 | £ 88,255 |
Deferred Tax (Details) - Sche_3
Deferred Tax (Details) - Schedule of Unrecognized Deferred Tax Assets and Liabilities - GBP (£) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Schedule Of Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||||
Unrecognised Deferred Tax Assets and Liabilities | £ 2,773,901 | £ 2,133,540 | £ 2,133,540 | £ 4,584,946 |
Accelerated capital allowances [Member] | ||||
Schedule Of Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||||
Unrecognised Deferred Tax Assets and Liabilities | 0 | (64,728) | ||
Unused tax losses [Member] | ||||
Schedule Of Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||||
Unrecognised Deferred Tax Assets and Liabilities | 2,544,105 | 2,018,188 | 2,018,188 | 3,551,713 |
Accrued expenses not yet tax deductible [Member] | ||||
Schedule Of Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||||
Unrecognised Deferred Tax Assets and Liabilities | £ 229,796 | 115,352 | £ 115,352 | 176,693 |
Impact of prior year adjustments [Member] | ||||
Schedule Of Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||||
Unrecognised Deferred Tax Assets and Liabilities | 0 | 496,628 | ||
Specific allowance in US subsidiary [Member] | ||||
Schedule Of Unrecognized Deferred Tax Assets And Liabilities [Line Items] | ||||
Unrecognised Deferred Tax Assets and Liabilities | £ 0 | £ 424,640 |
Deferred Tax (Details)
Deferred Tax (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2021 | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 GBP (£) | Dec. 31, 2020 EUR (€) | Dec. 31, 2019 GBP (£) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2021 USD ($) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 CHF (SFr) | Dec. 31, 2020 USD ($) | Dec. 31, 2020 EUR (€) | |
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Operating losses carry forward | £ 13,595,618 | £ 9,353,421 | |||||||||||
Statutory tax rate | 25% | 19% | 19% | 19% | 19% | 19% | |||||||
Deferred tax assets | £ 1,777,150 | £ 1,777,150 | |||||||||||
Forecast [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Deferred tax assets | £ 1,777,150 | ||||||||||||
Unrecognised Deferred Tax Assets and Liabilities Unused Tax Losses [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Accrued Liabilities | 615,759 | 952,818 | |||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 156,095 | 241,539 | |||||||||||
Unrecognized Tax Benefits | 115,352 | 176,693 | |||||||||||
Accrued Expenses Not Yet Tax Deductible [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 197,887 | 0 | |||||||||||
Accrued Liabilities | 1,056,334 | 0 | |||||||||||
Increase in Unrecognized Tax Benefits is Reasonably Possible | 267,781 | 0 | |||||||||||
Tax Year 2022 [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Decrease in unrecognized tax benefits is reasonably possible | 2,853,572 | ||||||||||||
Tax Year Two Thousand And Twenty Three [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Decrease in unrecognized tax benefits is reasonably possible | 1,777,150 | ||||||||||||
United Kingdom | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Deferred tax assets relating to unused tax losses eligible to be carried forward | 2,853,572 | 1,777,150 | |||||||||||
United Kingdom | Unrecognised Deferred Tax Assets and Liabilities Unused Tax Losses [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Cumulative tax losses | 2,347,834 | 12,749,082 | |||||||||||
Unused Tax Losses For Whichh No Deferred Tax Asset Recognised | £ 0 | ||||||||||||
United Kingdom | Unrecognised Deferred Tax Assets and Liabilities Unused Tax Losses [Member] | Nineteen Percent Tax Rate [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Statutory tax rate | 19% | 19% | |||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | £ 446,088 | 2,422,326 | |||||||||||
United Kingdom | Unrecognised Deferred Tax Assets and Liabilities Unused Tax Losses [Member] | Twenty Five Percent Tax Rate [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Statutory tax rate | 25% | 25% | |||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | £ 586,959 | 3,187,271 | |||||||||||
United Kingdom | With Effect From First April Two Thousand And Twenty Three [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Statutory tax rate | 25% | ||||||||||||
Switzerland | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Deferred tax assets relating to unused tax losses eligible to be carried forward | 53,610 | 123,807 | |||||||||||
Operating losses carry forward | SFr | SFr 472,567 | SFr 1,071,407 | |||||||||||
Switzerland | Tax Year 2022 [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Decrease in unrecognized tax benefits is reasonably possible | SFr | SFr 66,112 | ||||||||||||
Switzerland | Tax Year Two Thousand And Twenty Three [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Decrease in unrecognized tax benefits is reasonably possible | SFr | SFr 149,890 | ||||||||||||
USA | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Deferred tax assets relating to unused tax losses eligible to be carried forward | £ 605,524 | 781,007 | |||||||||||
Operating losses carry forward | $ | $ 3,232,320 | $ 4,687,500 | |||||||||||
USA | Unrecognised Deferred Tax Assets and Liabilities Unused Tax Losses [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Statutory tax rate | 25.35% | 25.35% | |||||||||||
Cumulative tax losses | £ 7,206,273 | 5,316,060 | £ 2,019,090 | ||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | 1,826,790 | 1,347,621 | |||||||||||
Unused Tax Losses For Whichh No Deferred Tax Asset Recognised | 0 | ||||||||||||
Unrecognized Tax Benefits | £ 1,349,978 | 985,824 | |||||||||||
USA | Tax Year 2022 [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Decrease in unrecognized tax benefits is reasonably possible | $ | $ 819,393 | ||||||||||||
USA | Tax Year Two Thousand And Twenty Three [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Decrease in unrecognized tax benefits is reasonably possible | $ | $ 1,067,637 | ||||||||||||
FRANCE | Unrecognised Deferred Tax Assets and Liabilities Unused Tax Losses [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Statutory tax rate | 25% | 25% | |||||||||||
Cumulative tax losses | € | € 1,056,679 | € 605,943 | |||||||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions | € | € 264,170 | € 160,575 | |||||||||||
Unused Tax Losses For Whichh No Deferred Tax Asset Recognised | £ 0 | ||||||||||||
Unrecognized Tax Benefits | 222,122 | 143,563 | |||||||||||
Arising From Business Combination From Two Thousand Fourteen To Two Thousand And Sixteen [Member] | |||||||||||||
Disclosure In Entirety Of Deferred Tax Assets And Liabilities [Line Items] | |||||||||||||
Deferred tax liabilities business combination | £ 1,916,404 | £ 1,976,805 |
Debtors (Detail) - Summary of D
Debtors (Detail) - Summary of Debtors - GBP (£) | Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Receivables, Net, Current [Abstract] | |||
Trade debtors | £ 9,732,164 | £ 8,911,840 | £ 5,821,677 |
Amounts owed by the groups associates and joint ventures | 5,569,209 | 5,771,802 | 4,669,533 |
Deferred tax asset | 5,218,041 | 4,104,324 | 2,770,219 |
Prepayments and accrued income | 18,893,658 | 13,929,657 | 11,187,743 |
Corporation tax repayable | 53,261 | 0 | 12,557 |
Deferred consideration receivable | 0 | 0 | |
Other debtors | 8,525,058 | 4,285,775 | 4,594,370 |
Total | £ 47,991,391 | £ 37,003,398 | £ 29,056,099 |
Commitments Under Operating L_3
Commitments Under Operating Leases (Details) - Schedule Of Future Minimum Lease Payments Under Operating Leases - GBP (£) | Dec. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Not later than 1 year | £ 1,456,570 | £ 0 |
Later than 1 year and not later than 5 years | 4,653,430 | 3,082,584 |
Later than 5 years | 3,095,534 | 3,904,607 |
Total future minimum lease payments | £ 9,205,534 | £ 6,987,191 |
Other Current Assets (Details)
Other Current Assets (Details) - Summary of Other Current Assets - GBP (£) | Dec. 31, 2021 | Dec. 31, 2020 |
Other Current Assets [Abstract] | ||
Other investments | £ 4,254 | £ 4,940 |
Called Up Share Capital (Detail
Called Up Share Capital (Details) - Schedule of Issued, Called Up and Fully Paid | Sep. 30, 2022 GBP (£) | Dec. 31, 2021 GBP (£) shares | Dec. 31, 2020 GBP (£) shares | Dec. 17, 2020 USD ($) | Dec. 31, 2019 GBP (£) shares |
Class of Stock [Line Items] | |||||
Stockholders' Equity, Amount | £ 48,386,304 | £ 56,291,693 | £ 60,791,518 | ||
Called up share capital | |||||
Class of Stock [Line Items] | |||||
Shares, Outstanding | 743,318 | 694,888 | 687,960 | ||
Stockholders' Equity, Amount | £ | £ 7,433 | £ 6,948 | £ 6,880 | ||
Ordinary shares | Called up share capital | |||||
Class of Stock [Line Items] | |||||
Shares, Outstanding | 714,908 | 664,331 | 657,403 | ||
Stockholders' Equity, Amount | £ | £ 7,149 | £ 6,643 | £ 6,575 | ||
Class A Ordinary Shares | Called up share capital | |||||
Class of Stock [Line Items] | |||||
Shares, Outstanding | 28,410 | 28,410 | 28,410 | ||
Stockholders' Equity, Amount | £ | £ 284 | £ 284 | £ 284 | ||
Class E Ordinary Shares | Called up share capital | |||||
Class of Stock [Line Items] | |||||
Shares, Outstanding | 2,145 | 2,145 | |||
Stockholders' Equity, Amount | £ | £ 21 | £ 21 | |||
Class E1 Ordinary Shares | Called up share capital | |||||
Class of Stock [Line Items] | |||||
Shares, Outstanding | 1 | 1 | |||
Class E2 Ordinary Shares | Called up share capital | |||||
Class of Stock [Line Items] | |||||
Shares, Outstanding | 1 | 1 |
Called Up Share Capital (Parent
Called Up Share Capital (Parenthetical) (Details) - Schedule of Issued, Called Up and Fully Paid - £ / shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | £ 0.01 | £ 0.01 | £ 0.01 |
Common Class A [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | 0.01 | 0.01 | 0.01 |
Common Class E [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | 0.01 | 0.01 | 0.01 |
Common Class E1 [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | 0.01 | 0.01 | 0.01 |
Common Class E2 [Member] | |||
Class of Stock [Line Items] | |||
Common Stock, Par or Stated Value Per Share | £ 0.01 | £ 0.01 | £ 0.01 |
Called Up Share Capital (Deta_2
Called Up Share Capital (Details) - GBP (£) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2021 | Apr. 30, 2021 | Aug. 31, 2020 | Oct. 31, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2022 | |
Class of Stock [Line Items] | |||||||||||
Issue of ordinary shares, value | £ 923,365 | £ 10,417,998 | £ 1,411,440 | £ 20,277,663 | |||||||
Cancellation of E shares, E1 share and E2 share | 22 | ||||||||||
Proceeds from issuance of common stock | 1,411,440 | 10,500,245 | |||||||||
Alvarium Social Housing Advisors Ltd [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Percentage of ownership interest transferred | 41.40% | ||||||||||
Common Stock [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Issue of ordinary shares | 46,604 | 3,973 | 6,928 | 20,706 | 51,540 | ||||||
Issue of ordinary shares, value | £ 9,494,633 | £ 923,365 | £ 4,218,433 | £ 40 | £ 506 | £ 68 | £ 1,007 | ||||
Proceeds from issuance of common stock | £ 1,411,440 | £ 10,500,244 | |||||||||
Common Class A [Member] | |||||||||||
Class of Stock [Line Items] | |||||||||||
Accumulated distributions in excess of net income | £ 5,559,000 | ||||||||||
Issue of ordinary shares | 28,410 | ||||||||||
Issue of ordinary shares, value | £ 5,558,985 |
Reserves (Details)
Reserves (Details) - GBP (£) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Reserves [Line Items] | ||
Reserves | £ 23,001,035 | £ 23,001,035 |
Merger reserve [Member] | ||
Schedule Of Reserves [Line Items] | ||
Reserves | 22,867,313 | 22,867,313 |
Revaluation reserve [Member] | ||
Schedule Of Reserves [Line Items] | ||
Reserves | £ 133,722 | £ 133,722 |
Reserves (Details) - Schedule O
Reserves (Details) - Schedule Of Reserves - GBP (£) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule Of Reserves [Line Items] | ||
Other reserves | £ 23,001,035 | £ 23,001,035 |
Merger reserve [Member] | ||
Schedule Of Reserves [Line Items] | ||
Other reserves | 22,867,313 | 22,867,313 |
Revaluation reserve [Member] | ||
Schedule Of Reserves [Line Items] | ||
Other reserves | £ 133,722 | £ 133,722 |
Analysis of changes in net de_3
Analysis of changes in net debt (Details) - Schedule of Analysis of Changes in Net Debt - GBP (£) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Beginning balance | £ (1,945,858) | £ (4,137,388) |
Cash flows | 4,265,783 | 2,472,561 |
Other changes | 12,462 | (281,031) |
Ending balance | 2,332,387 | (1,945,858) |
Cash and cash equivalents [Member] | ||
Debt Instrument [Line Items] | ||
Beginning balance | 8,298,069 | 7,057,488 |
Cash flows | 4,666,340 | 1,250,687 |
Other changes | (2,539) | (10,106) |
Ending balance | 12,961,870 | 8,298,069 |
Debt due within one year [Member] | ||
Debt Instrument [Line Items] | ||
Beginning balance | (1,186,222) | (1,511,044) |
Cash flows | (400,557) | 1,221,874 |
Other changes | (9,042,704) | (897,052) |
Ending balance | (10,629,483) | (1,186,222) |
Debt due after one year [Member] | ||
Debt Instrument [Line Items] | ||
Beginning balance | (9,057,705) | (9,683,832) |
Cash flows | 0 | 0 |
Other changes | 9,057,705 | 626,127 |
Ending balance | £ 0 | £ (9,057,705) |
Analysis of changes in net de_4
Analysis of changes in net debt (Details) - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |||||
Effect of exchange rate on cash, cash equivalents, restricted cash, and restricted cash equivalents, continuing operations | £ (965,291) | £ (6,578) | £ 2,539 | £ 10,106 | £ 85,817 |
Gain loss on foreign exchange differences arising from other changes of debt | 45,592 | 88,641 | |||
Deferred consideration discount amount | 25,798 | 59,088 | |||
Line of credit facility, increase, accrued interest | 4,793 | 40,270 | |||
Increase decrease in financial lease obligations | £ 127,174 | £ 367,510 | £ 240,336 | 222,793 | £ 206,529 |
Cash Acquired from Acquisition | 71,158 | ||||
Cash Divested from Deconsolidation | 2,934 | ||||
Fair value adjustments on deferred consideration | £ 82,726 |
Investments (Details) - Schedul
Investments (Details) - Schedule of Investments in and Advances to Affiliates, Schedule of Investments | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | |
Schedule of Investments [Line Items] | |||
Opening balance | £ 15,470,848 | £ 12,583,432 | £ 12,217,081 |
Additions | 46,779 | 2,226,258 | 329,728 |
Disposals | (2,757,146) | (95,327) | (59,321) |
Revaluations | (92,440) | (87,892) | |
Share of profit or loss | 644,775 | 4,309,335 | 2,384,573 |
Dividends received | (2,532,381) | (2,579,421) | (2,347,984) |
Movements in equity | 26,460 | (655,944) | (112,050) |
Other movements | 49,477 | ||
Gains/(losses) on translation | 516,849 | (229,593) | 171,405 |
Ending balance | 11,373,221 | 15,470,848 | 12,583,432 |
Opening balance | 673,355 | 430,855 | 199,847 |
Impairment losses/charge | 242,500 | 231,008 | |
Ending balance | 673,355 | 673,355 | 430,855 |
Carrying amount | 10,699,866 | 14,797,493 | 12,152,577 |
Interests in Associates [Member] | |||
Schedule of Investments [Line Items] | |||
Opening balance | 2,960,255 | 2,902,373 | 3,014,578 |
Additions | 0 | 250,734 | |
Disposals | (54,614) | (10,206) | 0 |
Revaluations | 0 | ||
Share of profit or loss | 578,126 | 1,410,850 | 459,284 |
Dividends received | (1,625,101) | (1,312,561) | (902,844) |
Movements in equity | 0 | 0 | |
Gains/(losses) on translation | 105,848 | (30,201) | 80,621 |
Ending balance | 1,964,514 | 2,960,255 | 2,902,373 |
Opening balance | 231,008 | 231,008 | 0 |
Impairment losses/charge | 0 | 231,008 | |
Ending balance | 231,008 | 231,008 | 231,008 |
Carrying amount | 1,733,506 | 2,729,247 | 2,671,365 |
Joint Venture [Member] | |||
Schedule of Investments [Line Items] | |||
Opening balance | 10,265,495 | 9,482,998 | 9,081,205 |
Additions | 7,452 | 6,208 | 90 |
Disposals | (2,683,398) | 0 | (57,180) |
Revaluations | 0 | ||
Transfer | 8,020 | ||
Share of profit or loss | 66,649 | 2,898,485 | 1,925,289 |
Dividends received | (907,280) | (1,266,860) | (1,445,140) |
Movements in equity | 26,460 | (655,944) | (112,050) |
Gains/(losses) on translation | 46,582 | (199,392) | 90,784 |
Ending balance | 6,829,980 | 10,265,495 | 9,482,998 |
Opening balance | 169,418 | 169,418 | 169,418 |
Impairment losses/charge | 0 | 0 | |
Ending balance | 169,418 | 169,418 | 169,418 |
Carrying amount | 6,660,562 | 10,096,077 | 9,313,580 |
Other investments other than loans {Member} | |||
Schedule of Investments [Line Items] | |||
Opening balance | 2,245,098 | 198,061 | 121,298 |
Additions | 39,327 | 2,220,050 | 78,904 |
Disposals | (19,134) | (85,121) | (2,141) |
Revaluations | (92,440) | (87,892) | |
Transfer | (8,020) | ||
Share of profit or loss | 0 | ||
Dividends received | 0 | ||
Movements in equity | 0 | ||
Other movements | 49,477 | ||
Gains/(losses) on translation | 364,419 | 0 | 0 |
Ending balance | 2,578,727 | 2,245,098 | 198,061 |
Opening balance | 272,929 | 30,429 | 30,429 |
Impairment losses/charge | 242,500 | 0 | |
Ending balance | 272,929 | 272,929 | 30,429 |
Carrying amount | £ 2,305,798 | £ 1,972,169 | £ 167,632 |
Investments (Details) - Sched_2
Investments (Details) - Schedule of Equity Method Investments | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 28, 2019 | |
Alvarium RE Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investment Management Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of shares held | 75% | 75% | 75% | |||
Alvarium Investment Management Limited [Member] | Ordinary Shares [Member] | Other Affiliates [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 25% | 25% | 25% | |||
Alvarium PO (Payments) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ GP Carry Sarl [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investment Advisors (UK) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investments Advisors (USA) Inc. [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium RE (US) LLC. [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 100% | 100% | 0% | |||
Alvarium Investments Advisors (Suisse) SA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Switzerland | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investments Advisors (Hong Kong) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Hong Kong | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investments Advisors (Portugal) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Portugal | |||||
Percentage of shares held | 100% | 100% | 0% | |||
LJ GP International Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Trust and Fiduciary Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Group Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Management (Suisse) SA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Switzerland | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Management (IOM) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Capital (IOM) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Luxembourg SA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investment Managers UK LLP [Member] | LLP Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 98% | 98% | 98% | |||
Alvarium PO Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Private Client Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Pradera Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Capital (IOM) Hadley Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investment Management (US) Holdings Corp [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Sports and Entertainment LLC [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investment Managers LLC [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Fund Managers (UK) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 0% | |||
LJ Capital (HPGL) Limited [Member] | Ordinary A and B [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium CI (US) LLC [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 100% | 100% | 100% | 0% | ||
Alvarium MB (US) BD LLC [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium CI Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium CI Advisors (UK) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Home REIT Advisors Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 0% | |||
Alvarium Compass GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Group Operations Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investment Advisors (Singapore) Pte. Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Singapore | |||||
Percentage of shares held | 100% | 100% | 0% | |||
Alvarium MB Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium MB (UK) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Securities Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Investments Advisors (France) SAS [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | France | |||||
Percentage of shares held | 100% | 100% | 0% | |||
LJ Pankow I Feeder GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Pankow II Feeder GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Puffin Agencies Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Gibraltar | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Clambake Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Clambake Inc. [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Marshall Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Dubois Services Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Cellar Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Management (BVI) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | ||||
LJ Skye Services Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Cellar Inc. [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Turks and Caicos | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Capital Partners Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Triptych Holdings (Gibraltar) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Gibraltar | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Skye Trustees Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Alvarium Management (IOM) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 0% | |||
Waterstreet One Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Waterstreet Two Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Park Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Lake Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Harbour Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Stone Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Whitebridge Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ QG Bow Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | ||||
CF I Feeder GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Cayman Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
KF I Feeder GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Cayman Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Ardstone Spain S.L. [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Spain | |||||
Percentage of shares held | 70% | 70% | 70% | |||
LJ Cresco Holdco Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Directors (UK) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Management Nominees (UK) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ UK Cities Carry LP Inc. [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 65% | 65% | 65% | |||
LJ Cresco GP Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Capital (IOM) T4 Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Loire Services Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Southwood Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Mooragh (BVI) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Whitebridge (BVI) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Station 2 GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of man | |||||
Percentage of shares held | 100% | 100% | 0% | |||
LJ Fusion Feeder GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 0% | |||
Alvarium Goodmayes Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 0% | |||
Alvarium Streatham Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 0% | |||
VO Feeder GP [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Cayman Islands | |||||
Percentage of shares held | 100% | 100% | 0% | |||
VO Feeder GP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of shares held | 0% | |||||
LXI REIT Advisors Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 59% | ||||
Alvarium Social Housing Advisors Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 76.40% | 0% | |||
Alvarium Penge Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 0% | 0% | |||
LJ Administration (UK) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 0% | 0% | 100% | |||
Alvarium MB (US) LLC [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | USA | |||||
Percentage of shares held | 0% | 0% | 100% | |||
LJ Skye 2 (PTC) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 0% | 0% | 100% | |||
Ecne Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Turks and Caicos | |||||
Percentage of shares held | 0% | 0% | 100% | |||
LJ Advisors Singapore Pte. Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Singapore | |||||
Percentage of shares held | 0% | 0% | 100% | |||
Iskander SAS [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | France | |||||
Percentage of shares held | 0% | 0% | 100% | |||
LJ Maple Circus Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Hamlet Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Hill Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple St. Johns Wood Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Kew Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Kensington Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Chelsea Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Tofty Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Duke Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Abbey Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Nine Elms Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Green Lanes Holdings Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ T4 GP Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
PMD Finance Sarl [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 1.57% | 1.57% | 60% | |||
Queensgate Investments LLP [Member] | LLP Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 30% | 30% | 50% | |||
Queensgate Investments II GP LLP [Member] | LLP Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 30% | 30% | 30% | |||
Queensgate Investment Management Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 30% | 30% | 30% | |||
Queensgate Hospitality Management Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Queensgate Hospitality Management Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 30% | 30% | 30% | |||
Cellar Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Ireland | |||||
Percentage of shares held | 50% | 50% | 50% | |||
Queensgate Mayfair Carry LP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 50% | 50% | 50% | |||
Queensgate Carry Partner SCS [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 29.10% | 29.10% | 29.10% | |||
Queensgate Investments I Sarl [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 37.50% | 37.50% | 37.50% | |||
Queensgate Mayfair Carry GP Ltd [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 50% | 50% | 50% | |||
Queensgate Mayfair Co-Invest GP Ltd [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Queensgate Investments II Carry GP LLP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 16.67% | 16.67% | 33.33% | |||
Queensgate Fusion GP LLP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 16.67% | 16.67% | 0% | |||
Queensgate Carry Partner GP Coop SA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 50% | 50% | 50% | |||
Queensgate Investments II Carry LP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 24% | 24% | 24% | |||
Queensgate Bow Co-Invest Carry LP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 25.50% | 25.50% | 25.50% | |||
Queensgate Bow Co-Invest Carry GP LLP [Member] | LLP Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Queensgate Bow GP LLP [Member] | LLP Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 16.67% | 16.67% | 16.67% | |||
Gem Carry GP LLP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 50% | 50% | 0% | |||
Gem Carry LP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 25% | 25% | 0% | |||
Queensgate Investments II AIV GP LLP [Member] | LLP Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 16.67% | 16.67% | 0% | |||
Queensgate Investments II AIV GP LLP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 0% | 0% | 16.67% | |||
Queensgate Fusion Co-Invest Carry LP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 25.50% | 25.50% | 25.50% | |||
Queensgate Fusion Co-Invest Carry GP LLP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 25% | 25% | 25% | |||
Alvarium Capital Partners Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 30% | 30% | 35% | |||
Alvarium Investment Managers (Suisse) SA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Switzerland | |||||
Percentage of shares held | 30% | 30% | 30% | |||
NZ Propco Holdings Limited [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of shares held | 23% | |||||
NZ Propco Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | New Zealand | |||||
Percentage of shares held | 23% | 23% | 0% | |||
Urban Spaces Carry LP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Guernsey | |||||
Percentage of shares held | 25% | 25% | 0% | |||
Cresco Pankow 1 SCA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 30% | 30% | 0% | |||
Cresco Terra 1 New SCA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 30% | 30% | 0% | |||
Cresco Station 1 SCA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 30% | 30% | 0% | |||
Pradera European Retails Parks Carry LP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 30% | 30% | 0% | |||
Templeton C&M Holdco Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | New Zealand | |||||
Percentage of shares held | 23% | 23% | 0% | |||
Albacore SA [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Switzerland | |||||
Percentage of shares held | 0% | 0% | 30% | |||
Osprey Equity Partners Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 50% | 50% | 50% | |||
CRE S.à r.l [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Cresco Urban Yurt Sarl [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Cresco Urban Yurt S.L.P. [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Cresco Capital Advisors LLP [Member] | LLP Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Cresco Capital Group Fund I GP Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Guernsey | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Cresco Immobilien Verwaltungs Gmbh [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Cresco Immobilien Verwaltungs Gmbh [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Germany | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Cresco Terra Holdings Sarl [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 30% | 30% | 30% | |||
Osprey Aldgate Advisors Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 50% | 50% | 50% | |||
Kuno Investments Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 49.90% | 49.90% | 49.90% | |||
Alvarium Investment (NZ) Limited [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of shares held | 46% | 50% | ||||
Alvarium Investment (NZ) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | New Zealand | |||||
Percentage of shares held | 46% | 46% | 50% | |||
Cresco Capital Urban Yurt Holdings 2 Sarl [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 33.33% | 33.33% | 33.33% | |||
Alvarium Investments (AUS) Pty Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Australia | |||||
Percentage of shares held | 50% | 50% | 100% | |||
HPGL Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Hong Kong | |||||
Percentage of shares held | 50% | 50% | 50% | |||
Hadley Property Group Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 35% | 35% | 35% | |||
Alvarium Kalrock LLP [Member] | Membership Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 40% | 40% | 40% | |||
Bluestar Advisors Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 40% | 40% | 0% | |||
Alvarium Bluestar Diamond Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 40% | 40% | 0% | |||
Alvarium Media Finance, LLC [Member] | Membership Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United States | |||||
Percentage of shares held | 50% | 50% | 0% | |||
Alvarium Osesam SAS [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | France | |||||
Percentage of shares held | 50% | 50% | 0% | |||
Pointwise Partners Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 50% | 50% | 0% | |||
Alvarium Core Partners LLP [Member] | Membership Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 40% | 40% | 40% | |||
Casteel Capital LLP [Member] | Membership Interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 50% | 50% | 50% | |||
Alvarium Guardian LLP [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 50% | 0% | 0% | |||
Alvarium Education Reit Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | |||||
Alvarium Willow GP [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | |||||
Alvarium RE Public Markets Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | |||||
Amalfi Investment Partners Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 100% | |||||
Alvarium 64 Advisory LLP [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Alvarium 64 Advisory LLP [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage of shares held | 50% | |||||
LJ Capital (Woody) Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 80% | 80% | 80% | |||
LJ Capital (Woody) Limited [Member] | Common Class B [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | United Kingdom | |||||
Percentage of shares held | 16% | 16% | 16% | |||
LJ Capital (RL) Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ London Holdings Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Isle of Man | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Guernsey | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Greenwich Sarl [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 0.19% | 0.19% | 0.19% | |||
LJ Greenwich Sarl [Member] | Common Class B [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 100% | 100% | 100% | |||
LJ Maple Belgravia Limited [Member] | Common Class A [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | British Virgin Islands | |||||
Percentage of shares held | 100% | 100% | 100% | |||
Cresco Terra 2 S.C.A [Member] | Partnership interest [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Luxembourg | |||||
Percentage of shares held | 0% | 0% | 30% | |||
LJ Management (Mauritius) Limited [Member] | Ordinary Shares [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Country of incorporation | Mauritius | |||||
Percentage of shares held | 0% | 0% | 50% |
Investments (Details) - Summary
Investments (Details) - Summary of Other than Securities Investment Holdings, Schedule of Investments | 12 Months Ended | |||
Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | Sep. 30, 2022 GBP (£) | Dec. 17, 2020 USD ($) | |
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | £ 56,291,693 | £ 60,791,518 | £ 48,386,304 | |
LJ London Holdings Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | 0 | 1,133 | ||
Profit/(loss) for the year | (1,133) | 18,853 | ||
LJ Maple Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (101,370) | (74,866) | ||
Profit/(loss) for the year | (26,504) | (28,240) | ||
LJ Maple Chelsea Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | 380,115 | 391,228 | ||
Profit/(loss) for the year | (11,113) | (9,166) | ||
LJ Maple Hamlet Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | 41,389 | (98,403) | ||
Profit/(loss) for the year | 139,792 | (28,935) | ||
LJ Maple Circus Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (110,193) | (101,918) | ||
Profit/(loss) for the year | (8,275) | (7,751) | ||
LJ Maple Belgravia [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (41,308) | (28,547) | ||
Profit/(loss) for the year | (12,761) | (8,395) | ||
LJ Maple Tofty Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (165,417) | (157,361) | ||
Profit/(loss) for the year | (8,056) | (7,332) | ||
LJ Maple St Johns Wood Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (153,722) | (179,249) | ||
Profit/(loss) for the year | (9,246) | (41,655) | ||
LJ Maple Kew Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (37,370) | (29,833) | ||
Profit/(loss) for the year | (7,537) | (6,361) | ||
LJ Maple Kensington Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (89,901) | (85,916) | ||
Profit/(loss) for the year | (9,056) | (11,370) | ||
LJ Maple Hill Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | 139,861 | 129,574 | ||
Profit/(loss) for the year | 10,287 | 28,262 | ||
LJ Maple Nine Elms Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (621,591) | (510,079) | ||
Profit/(loss) for the year | (111,512) | (218,079) | ||
LJ Maple Duke Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (224,513) | (295,398) | ||
Profit/(loss) for the year | 70,885 | (30,862) | ||
LJ Maple Abbey Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | (172,889) | (161,742) | ||
Profit/(loss) for the year | (11,147) | (7,021) | ||
LJ T4 GP Limited [Member] | ||||
Investment Holdings, Other than Securities [Line Items] | ||||
Capital and reserves | 25,536,278 | 25,529,573 | ||
Profit/(loss) for the year | £ 6,705 | £ 866,508 |
Investments (Details)
Investments (Details) - GBP (£) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Investments [Line Items] | ||||
Investment owned, at cost | £ 1,607,301 | |||
Interests in Associates [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortization of acquisition costs | £ 53,933 | 68,321 | £ 73,526 | £ 49,114 |
Corporate Joint Venture [Member] | ||||
Schedule of Investments [Line Items] | ||||
Amortization of acquisition costs | £ 481,405 | £ 641,873 | £ 641,873 | £ 641,873 |
Creditors amounts falling due w
Creditors amounts falling due within one year (Details) - GBP (£) £ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 07, 2023 | |
Subordinated Shareholder Loan [Member] | ||||
Debt instrument interest rate | 25% | |||
Bank Overdrafts [Member] | ||||
Debt instrument maturity date description | August 2022 | |||
Debt instrument unused borrowing capacity amount | £ 4,750 | |||
Debt instrument unused borrowing capacity amount interest rate | 1.90% | |||
London Interbank Offered Rate (LIBOR) Swap Rate [Member] | Bank Overdrafts [Member] | ||||
Debt instrument basis spread on variable rate | 4.75% | 4.75% | 4.75% |
Creditors amounts falling due_2
Creditors amounts falling due within one year (Details) - Summary of creditors current - GBP (£) | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||||
Subordinated shareholder loan | £ 39,767,149 | |||
Bank loans and overdrafts | 10,373,499 | £ 10,323,187 | £ 68,394 | |
Deferred consideration payable on acquisition | 0 | 179,122 | 877,492 | |
Trade creditors | 4,380,595 | 2,175,401 | 1,827,030 | |
Amounts owed to undertakings in which the company has a participating interest | 827,158 | 749,005 | 219,998 | |
Accruals and deferred income | 19,579,527 | 23,950,275 | 9,598,521 | |
Corporation tax | 1,597,124 | 452,484 | 811,054 | |
Social security and other taxes | 2,578,099 | 1,001,918 | 1,705,021 | |
Liability for cash-settled share-based payments | 10,761,130 | £ 0 | ||
Obligations under finance leases and hire purchase contracts | 127,174 | 240,336 | ||
Other creditors | 1,814,169 | 1,945,286 | 1,319,322 | |
Total | £ 91,678,450 | £ 40,903,852 | £ 16,667,168 |
Creditors amounts falling due a
Creditors amounts falling due after more than one year (Details) - Bank Overdrafts [Member] - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt instrument unused borrowing capacity amount interest rate | 1.90% | ||
Debt instrument maturity date description | August 2022 | ||
Debt instrument unused borrowing capacity amount | £ 4,750 | ||
Non Current [Member] | |||
Debt instrument unused borrowing capacity amount | £ 6,250 | ||
London Interbank Offered Rate (LIBOR) Swap Rate [Member] | |||
Debt instrument basis spread on variable rate | 4.75% | 4.75% | 4.75% |
Creditors amounts falling due_3
Creditors amounts falling due after more than one year (Details) - Summary of creditors noncurrent - GBP (£) | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of Accounts Payable and Accrued Liabilities Noncurrent [Abstract] | ||
Bank loans and overdrafts | £ 0 | £ 8,750,000 |
Deferred consideration payable on acquisition | 0 | 180,531 |
Obligations under finance leases and hire purchase contracts | 0 | 127,174 |
Total | £ 0 | £ 9,057,705 |
Deferred consideration payabl_3
Deferred consideration payable on acquisition (Details) - Schedule of deferred consideration payable on acquisition | 12 Months Ended | ||||
Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | |
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | |||||
Brought forward | £ 1,058,023 | £ 1,826,648 | |||
Additions/(reversals) | 82,727 | ||||
Payments made | (859,107) | (999,081) | |||
Interest | 25,798 | 59,088 | |||
Foreign exchange variances | (45,592) | 88,641 | |||
Carried forward | 179,122 | 1,058,023 | £ 1,826,648 | ||
Iskander SAS [Member] | |||||
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | |||||
Brought forward | 1,058,023 | 993,017 | |||
Additions/(reversals) | (37,645) | ||||
Payments made | (859,107) | ||||
Interest | 25,798 | 46,179 | 40,935 | ||
Foreign exchange variances | (45,592) | 56,472 | |||
Carried forward | 179,122 | € 215,803 | 1,058,023 | 993,017 | |
Albacore SA [Member] | |||||
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | |||||
Brought forward | 411,439 | ||||
Additions/(reversals) | 19,725 | ||||
Payments made | (468,817) | ||||
Interest | 0 | 5,484 | 16,430 | ||
Foreign exchange variances | 32,169 | ||||
Carried forward | SFr 536,125 | 411,439 | |||
Alvarium Investment Managers (UK) LLP [Member] | |||||
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | |||||
Brought forward | 422,192 | ||||
Additions/(reversals) | 100,647 | ||||
Payments made | (530,264) | ||||
Interest | £ 0 | £ 7,425 | 45,744 | ||
Carried forward | £ 422,192 |
Deferred consideration payabl_4
Deferred consideration payable on acquisition (Details) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 GBP (£) | Sep. 30, 2022 GBP (£) | Sep. 30, 2021 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2020 GBP (£) | Dec. 31, 2020 EUR (€) | Dec. 31, 2020 CHF (SFr) | Dec. 31, 2019 GBP (£) | Dec. 31, 2021 EUR (€) | Dec. 31, 2021 CHF (SFr) | Dec. 31, 2020 EUR (€) | |
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | ||||||||||||
Deferred consideration payable on acquisition payments made | £ 192,461 | £ 853,000 | £ 859,107 | £ 999,081 | £ 460,847 | |||||||
Deferred consideration payable on acquisition interest | 25,798 | 59,088 | ||||||||||
Deferred consideration payable on acquisition | 179,122 | 1,058,023 | 1,826,648 | |||||||||
Deferred consideration payable on acquisition current | £ 0 | 179,122 | 877,492 | |||||||||
Deferred consideration payable on acquisition noncurrent | 0 | 180,531 | ||||||||||
Alvarium Investment Managers (UK) LLP [Member] | ||||||||||||
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | ||||||||||||
Deferred consideration payable on acquisition payments made | £ 530,263 | |||||||||||
Deferred consideration payable discount rate | 9.75% | |||||||||||
Deferred consideration payable on acquisition interest | 0 | 7,425 | 45,744 | |||||||||
Deferred consideration payable on acquisition additions | 0 | 100,646 | 111,242 | |||||||||
Deferred consideration payable on acquisition | 422,192 | |||||||||||
Iskander SAS [Member] | ||||||||||||
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | ||||||||||||
Deferred consideration payable on acquisition payments made | £ 859,107 | € 1,000,000 | 0 | € 0 | ||||||||
Deferred consideration payable discount rate | 5.50% | 5.50% | 5.50% | |||||||||
Deferred consideration payable on acquisition interest | £ 25,798 | 46,179 | 40,935 | |||||||||
Deferred consideration payable on acquisition | 179,122 | 1,058,023 | 993,017 | € 215,803 | ||||||||
Deferred consideration payable on acquisition reversals | 0 | 37,646 | € 50,000 | |||||||||
Deferred consideration payable post discounted amount | 158,010 | 931,650 | € 183,781 | € 1,083,692 | ||||||||
Deferred consideration payable on acquisition foreign exchange gain | 45,592 | 18,414 | ||||||||||
Deferred consideration payable on acquisition foreign exchange loss | 56,472 | |||||||||||
Deferred consideration payable on acquisition current | 179,122 | 877,492 | ||||||||||
Deferred consideration payable on acquisition noncurrent | £ 0 | 180,531 | ||||||||||
Albacore SA [Member] | ||||||||||||
Schedule of Deferred Consideration Payable on Acquisition [Line Items] | ||||||||||||
Deferred consideration payable on acquisition payments made | SFr | SFr 570,880 | |||||||||||
Deferred consideration payable discount rate | 5.50% | 5.50% | 5.50% | |||||||||
Deferred consideration payable on acquisition interest | £ 0 | 5,484 | 16,430 | |||||||||
Deferred consideration payable on acquisition | 411,439 | SFr 536,125 | ||||||||||
Deferred consideration payable post discounted amount | 391,839 | SFr 508,175 | ||||||||||
Deferred consideration payable on acquisition foreign exchange loss | £ 0 | £ 32,169 | £ 3,170 | |||||||||
Percentage of voting equity interests acquired | 30% |
Summary financial information_3
Summary financial information for equity method investees (Details) - Summary of equity method investments - GBP (£) | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | ||||||
Turnover | £ 63,997,183 | £ 49,820,243 | £ 75,164,498 | £ 52,263,050 | £ 47,070,105 | |
Gross profit/(loss) | 15,027,067 | 17,413,912 | 24,748,622 | 12,230,622 | 13,705,805 | |
Operating profit/(loss) | (13,031,003) | 2,549,918 | (1,410,750) | (5,297,878) | (4,042,941) | |
Taxation on ordinary activities | (654,170) | (613,258) | (536,461) | (315,163) | 511,024 | |
Liabilities and Equity | ||||||
Net assets | 48,391,408 | 56,305,169 | 62,387,395 | |||
Capital and reserves | ||||||
Share premium | 32,105,520 | 32,105,520 | 21,688,028 | |||
Profit and loss account | (6,727,684) | 1,177,705 | 16,095,507 | |||
Non-controlling interests | 5,104 | 13,476 | 1,595,877 | |||
Shareholders funds | £ 48,391,408 | £ 54,392,470 | £ 56,305,169 | £ 62,387,395 | £ 63,643,169 | £ 49,117,212 |
Queensgate Investments [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 30% | 30% | 30% | |||
Administrative expenses / Other income | £ (1,455,902) | |||||
Operating profit/(loss) | 1,245,932 | |||||
Taxation on ordinary activities | (20,111) | |||||
Profit/(loss) for the financial year | £ 1,225,821 | |||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ 777,894 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | £ 77,158 | |||||
Carrying amount of net investment | £ 1,605,378 | |||||
Alvarium Investment Management (Suisse) [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 30% | 30% | 30% | |||
Administrative expenses / Other income | £ (341,173) | |||||
Operating profit/(loss) | 535,380 | |||||
Taxation on ordinary activities | (107,076) | |||||
Profit/(loss) for the financial year | £ 428,304 | |||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ 498,487 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of goodwill | 505,206 | |||||
Carrying amount of net investment | £ 498,487 | |||||
Alvarium Capital Partners [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 30% | 30% | 30% | |||
Administrative expenses / Other income | £ (175,001) | |||||
Operating profit/(loss) | (261,178) | |||||
Profit/(loss) for the financial year | £ (261,178) | |||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ 120,182 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | £ 120,182 | |||||
Osprey Equity Partners [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 50% | 50% | 50% | |||
Administrative expenses / Other income | £ (4,122,626) | |||||
Operating profit/(loss) | (1,581.364) | |||||
Profit/(loss) for the financial year | £ (1,581,364) | |||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ 1,558 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | £ 1,558 | |||||
Casteel Capital [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 50% | 50% | 50% | |||
Administrative expenses / Other income | £ (58,819) | £ (91,342) | ||||
Operating profit/(loss) | 492,205 | 879,809 | ||||
Profit/(loss) for the financial year | 492,205 | £ 879,809 | ||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ 214,724 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | £ 52,474 | |||||
Carrying amount of net investment | £ 270,935 | |||||
NZ PropCo Holdings [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 23% | 23% | 23% | |||
Administrative expenses / Other income | £ (43,206,790) | £ (3,087,680) | ||||
Operating profit/(loss) | (33,990,499) | (2,931,835) | ||||
Taxation on ordinary activities | 10,665,485 | 1,900,617 | ||||
Profit/(loss) for the financial year | (23,325,014) | £ (1,031,218) | ||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ (9,086,350) | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | £ 4,899,089 | |||||
Pointwise Partners [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 50% | 50% | 50% | |||
Administrative expenses / Other income | £ (202,858) | |||||
Operating profit/(loss) | (816,291) | |||||
Profit/(loss) for the financial year | (816,291) | |||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ (517,325) | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | £ 408,146 | |||||
Alvarium Kalrock [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 40% | 40% | 40% | |||
Administrative expenses / Other income | £ 2,577,767 | |||||
Operating profit/(loss) | 2,577,767 | £ 867,399 | ||||
Profit/(loss) for the financial year | £ 2,577,767 | £ 867,399 | ||||
Capital and reserves | ||||||
Expected carrying amount of net investment | £ 1,481,279 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | £ 1,523,263 | |||||
CrescoCapital Advisers [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 33.33% | 33.33% | 33.33% | |||
Administrative expenses / Other income | £ (152,634) | |||||
Operating profit/(loss) | 636,717 | |||||
Profit/(loss) for the financial year | £ 636,717 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | £ 15,161 | |||||
Carrying amount of net investment | £ 39,976 | |||||
Cresco Immobilien Verwaltungs Gmbh [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 33.33% | 33.33% | 33.33% | |||
Administrative expenses / Other income | £ (820,363) | |||||
Operating profit/(loss) | (258,703) | |||||
Profit/(loss) for the financial year | £ (258,703) | |||||
CrescoCapital Group Fund 1 GP [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 33.33% | 33.33% | 33.33% | |||
Administrative expenses / Other income | £ (149,279) | |||||
Operating profit/(loss) | 771,905 | |||||
Profit/(loss) for the financial year | £ 771,905 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | £ 69,193 | |||||
CrescoCapital Urban Yurt Holdings [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 33.33% | 33.33% | 33.33% | |||
Administrative expenses / Other income | £ (1,584,575) | |||||
Operating profit/(loss) | 457,919 | |||||
Taxation on ordinary activities | (155,940) | |||||
Profit/(loss) for the financial year | £ 301,979 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | £ 557,730 | |||||
Hadley Property Group Holdings [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 35% | 35% | 35% | |||
Administrative expenses / Other income | £ (2,972,970) | |||||
Operating profit/(loss) | (1,014,418) | |||||
Taxation on ordinary activities | (1,578) | |||||
Profit/(loss) for the financial year | £ (1,015,996) | |||||
Alvarium Investments NZ [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 46% | 46% | 50% | |||
Administrative expenses / Other income | £ (2,725,155) | |||||
Operating profit/(loss) | 1,100,537 | |||||
Taxation on ordinary activities | (421,147) | |||||
Profit/(loss) for the financial year | £ 685,390 | |||||
Capital and reserves | ||||||
Profit and loss account | £ 5,599,065 | |||||
Profit and loss account Non-controlling interest | £ 3,035,343 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | £ 1,557,397 | |||||
Kuno Investments [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 49.90% | 49.90% | 49.90% | |||
Administrative expenses / Other income | £ (6,121,790) | |||||
Operating profit/(loss) | 717,138 | |||||
Taxation on ordinary activities | (1,032,764) | |||||
Profit/(loss) for the financial year | (315,626) | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of goodwill | £ 3,476,813 | |||||
Carrying amount of net investment | 2,031,796 | |||||
Other [Member] | ||||||
Income Statement [Abstract] | ||||||
Administrative expenses / Other income | (1,683,347) | |||||
Operating profit/(loss) | (698,206) | |||||
Taxation on ordinary activities | (24,794) | |||||
Profit/(loss) for the financial year | £ (723,000) | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | £ 340,083 | |||||
Alvarium Kai rock [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 40% | |||||
Assets | ||||||
Current assets | £ 2,475,034 | |||||
Liabilities and Equity | ||||||
Net assets | 2,475,034 | |||||
Capital and reserves | ||||||
Members' interests | 2,475,034 | |||||
Expected carrying amount of net investment | 990,014 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 77,206 | |||||
Carrying amount of net investment | £ 1,067,220 | |||||
Effect of Discontinued Recognition of Losses as the Carrying Value of Investment is Down to 0 [Member] | Queensgate Investments [Member] | ||||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | £ (23,059) | |||||
Effect of Discontinued Recognition of Losses as the Carrying Value of Investment is Down to 0 [Member] | NZ PropCo Holdings [Member] | ||||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 9,086,350 | |||||
Effect of Discontinued Recognition of Losses as the Carrying Value of Investment is Down to 0 [Member] | Pointwise Partners [Member] | ||||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 517,325 | |||||
Returns Achieved on a Different Basis as per LLPShareholder Agreement than as per of Investment [Member] | Queensgate Investments [Member] | ||||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 850,543 | |||||
Returns Achieved on a Different Basis as per LLPShareholder Agreement than as per of Investment [Member] | Casteel Capital [Member] | ||||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 56,211 | |||||
Returns Achieved on a Different Basis as per LLPShareholder Agreement than as per of Investment [Member] | Alvarium Kalrock [Member] | ||||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | £ 41,984 | |||||
Minimum [Member] | Other [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 20% | 20% | 20% | |||
Maximum [Member] | Other [Member] | ||||||
Income Statement [Abstract] | ||||||
Group ownership | 50% | 50% | 50% | |||
Queensgate Investments [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | £ 10,484,310 | £ 7,145,050 | £ 9,318,930 | |||
Cost of sales | (9,239,869) | (5,495,752) | (6,617,096) | |||
Gross profit/(loss) | 1,244,441 | 1,649,298 | 2,701,834 | |||
Administrative expenses / Other income | (1,174,100) | (1,095,542) | ||||
Operating profit/(loss) | 70,341 | 553,756 | ||||
Taxation on ordinary activities | (10,948) | |||||
Profit/(loss) for the financial year | 70,341 | 542,808 | ||||
Assets | ||||||
Non-current assets | 21,259 | 45,948 | ||||
Current assets | 9,893,323 | 13,000,933 | ||||
Total assets | 9,914,582 | 13,126,881 | ||||
Liabilities and Equity | ||||||
Current liabilities | (5,446,601) | (6,621,633) | ||||
Non-current liabilities | (1,875,000) | (2,000,000) | ||||
Total liabilities | (7,321,601) | (8,621,633) | ||||
Net assets | 2,592,981 | 4,505,248 | ||||
Capital and reserves | ||||||
Members' interests | 2,592,981 | 4,505,248 | ||||
Shareholders funds | 2,592,981 | 4,505,248 | ||||
Expected carrying amount of net investment | 1,351,574 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 1,428,732 | |||||
Alvarium Investment Management (Suisse) [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 3,973,114 | 3,715,933 | 3,734,355 | |||
Cost of sales | (2,677,306) | (2,661,482) | (2,857,802) | |||
Gross profit/(loss) | 1,295,808 | 1,054,451 | 876,553 | |||
Administrative expenses / Other income | (540,103) | (448,474) | ||||
Operating profit/(loss) | 755,705 | 605,977 | ||||
Taxation on ordinary activities | (138,695) | (121,196) | ||||
Profit/(loss) for the financial year | 617,010 | 484,781 | ||||
Assets | ||||||
Non-current assets | 515,420 | 220,000 | ||||
Current assets | 2,199,523 | 2,523,939 | ||||
Total assets | 2,714,943 | 2,743,947 | ||||
Liabilities and Equity | ||||||
Current liabilities | (1,053,321) | (1,210,347) | ||||
Total liabilities | (1,053,321) | (1,210,347) | ||||
Net assets | 1,661,622 | 1,533,600 | ||||
Capital and reserves | ||||||
Called up share capital | 100,110 | 102,055 | ||||
Share premium | 50,055 | 51,028 | ||||
Non-controlling interests | 1,300,517 | |||||
Profit and loss account Non-controlling interest | 1,511,457 | |||||
Shareholders funds | 1,661,622 | 1,533,600 | ||||
Expected carrying amount of net investment | 460,080 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of goodwill | 586,058 | |||||
Carrying amount of net investment | 460,080 | |||||
Alvarium Capital Partners [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 794,888 | 598,419 | 695,653 | |||
Cost of sales | (535,380) | (674,137) | (781,830) | |||
Gross profit/(loss) | 259,508 | (75,718) | (86,177) | |||
Administrative expenses / Other income | (116,050) | (247,390) | ||||
Operating profit/(loss) | 143,458 | (323,108) | ||||
Profit/(loss) for the financial year | 143,458 | (323,108) | ||||
Assets | ||||||
Non-current assets | 483 | 30,233 | ||||
Current assets | 482,173 | 363,186 | ||||
Total assets | 482,656 | 401,419 | ||||
Liabilities and Equity | ||||||
Current liabilities | (82,049) | (144,260) | ||||
Total liabilities | (82,049) | (144,268) | ||||
Net assets | 400,607 | 257,151 | ||||
Capital and reserves | ||||||
Called up share capital | 14 | 14 | ||||
Share premium | 999,996 | 999,996 | ||||
Non-controlling interests | (742,059) | |||||
Profit and loss account Non-controlling interest | (599,403) | |||||
Shareholders funds | 400,607 | 257,151 | ||||
Expected carrying amount of net investment | 77,145 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 77,145 | |||||
Osprey Equity Partners [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 150,256 | 246,777 | 2,541,262 | |||
Gross profit/(loss) | 150,256 | 246,777 | 2,541,262 | |||
Administrative expenses / Other income | (323,644) | (453,889) | ||||
Operating profit/(loss) | (173,388) | (207,112) | ||||
Taxation on ordinary activities | (1,096) | |||||
Profit/(loss) for the financial year | (173,388) | (208,208) | ||||
Assets | ||||||
Non-current assets | 491 | 1,140 | ||||
Current assets | 271,878 | 541.069 | ||||
Total assets | 272,369 | 542,217 | ||||
Liabilities and Equity | ||||||
Current liabilities | (269,253) | (365,713) | ||||
Total liabilities | (269,253) | (365,713) | ||||
Net assets | 3,116 | 176,504 | ||||
Capital and reserves | ||||||
Called up share capital | 600 | 600 | ||||
Non-controlling interests | 175,904 | |||||
Profit and loss account Non-controlling interest | 2,516 | |||||
Shareholders funds | 3,116 | 176,504 | ||||
Expected carrying amount of net investment | 88,252 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 88,252 | |||||
Casteel Capital [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 1,868,300 | 1,296,358 | 1,502,952 | |||
Cost of sales | (818,137) | (745,334) | (531,801) | |||
Gross profit/(loss) | 1,050,163 | 551,024 | 971,151 | |||
Administrative expenses / Other income | (73,124) | |||||
Operating profit/(loss) | 977,039 | |||||
Profit/(loss) for the financial year | 977,039 | |||||
Assets | ||||||
Non-current assets | 2,904 | 3,739 | ||||
Current assets | 528,167 | 507,738 | ||||
Total assets | 531,071 | 511,477 | ||||
Liabilities and Equity | ||||||
Current liabilities | (101,623) | (207,610) | ||||
Total liabilities | (101,623) | (207,610) | ||||
Net assets | 429,448 | 303,867 | ||||
Capital and reserves | ||||||
Members' interests | 429,448 | 303,067 | ||||
Shareholders funds | 429,448 | 303,867 | ||||
Expected carrying amount of net investment | 151,934 | |||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 204,407 | |||||
NZ PropCo Holdings [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 54,279,088 | 56,697,480 | 475,584 | |||
Cost of sales | (43,903,091) | (47,481,189) | (319,739) | |||
Gross profit/(loss) | 10,375,997 | 9,216,291 | 155,845 | |||
Administrative expenses / Other income | (34,753,384) | |||||
Operating profit/(loss) | (24,377,387) | |||||
Taxation on ordinary activities | 8,986,845 | |||||
Profit/(loss) for the financial year | (15,390,542) | |||||
Assets | ||||||
Non-current assets | 9,338,733 | 15,693,138 | ||||
Current assets | 180,294,696 | 276,441,912 | ||||
Total assets | 189,633,429 | 292,135,050 | ||||
Liabilities and Equity | ||||||
Current liabilities | (4,867,040) | (132,249,357) | ||||
Non-current liabilities | (224,272,257) | (181,186,081) | ||||
Total liabilities | (229,139,297) | (313,435,438) | ||||
Net assets | (39,505,868) | (21,300,388) | ||||
Capital and reserves | ||||||
Non-controlling interests | (21,300,380) | |||||
Profit and loss account Non-controlling interest | (39,505,868) | |||||
Shareholders funds | (39,505,868) | (21,300,388) | ||||
Expected carrying amount of net investment | (4,899,089) | |||||
Pointwise Partners [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 1,652,717 | |||||
Cost of sales | (1,578,183) | (613,433) | ||||
Gross profit/(loss) | 74,534 | (613,433) | ||||
Administrative expenses / Other income | (292,903) | |||||
Operating profit/(loss) | (218,369) | |||||
Profit/(loss) for the financial year | (218,369) | |||||
Assets | ||||||
Non-current assets | 5,601 | 4,427 | ||||
Current assets | 1,249,988 | 9,060 | ||||
Total assets | 1,255,589 | 13,487 | ||||
Liabilities and Equity | ||||||
Current liabilities | (2,290,239) | (829,778) | ||||
Total liabilities | (2,290,239) | (829,778) | ||||
Net assets | (1,034,650) | (816,291) | ||||
Capital and reserves | ||||||
Non-controlling interests | (816,291) | |||||
Profit and loss account Non-controlling interest | (1,034,650) | |||||
Shareholders funds | (1,034,650) | (816,291) | ||||
Expected carrying amount of net investment | (408,146) | |||||
Alvarium Kalrock [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 867,399 | |||||
Gross profit/(loss) | 867,399 | |||||
Administrative expenses / Other income | 1,991,460 | |||||
Operating profit/(loss) | 1,991,460 | |||||
Profit/(loss) for the financial year | 1,991,460 | |||||
Assets | ||||||
Current assets | 3,703,197 | |||||
Total assets | 3,703,197 | 2,475,034 | ||||
Liabilities and Equity | ||||||
Net assets | 3,703,197 | |||||
Capital and reserves | ||||||
Members' interests | 3,703,197 | |||||
Shareholders funds | 3,703,197 | 2,475,034 | ||||
CrescoCapital Advisers [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 1,091,744 | 1,028,927 | 1,230,305 | |||
Cost of sales | (329,166) | (497,635) | (440,954) | |||
Gross profit/(loss) | 762,578 | 531,292 | 789,351 | |||
Administrative expenses / Other income | (114,898) | (111,313) | ||||
Operating profit/(loss) | 647,680 | 419,979 | ||||
Profit/(loss) for the financial year | 647,680 | 419,979 | ||||
Assets | ||||||
Non-current assets | 860 | |||||
Current assets | 303,313 | 184,529 | ||||
Total assets | 303,313 | 185,339 | ||||
Liabilities and Equity | ||||||
Current liabilities | (246,206) | (110,936) | ||||
Total liabilities | (246,206) | (110,936) | ||||
Net assets | 57,107 | 74,453 | ||||
Capital and reserves | ||||||
Members' interests | 57,107 | 74,453 | ||||
Shareholders funds | 57,107 | 74,453 | ||||
Expected carrying amount of net investment | 19,036 | 24,815 | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 19,036 | |||||
Cresco Immobilien Verwaltungs Gmbh [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 1,506,469 | 1,359,511 | 1,361,224 | |||
Cost of sales | (1,162,085) | (1,057,493) | (799,564) | |||
Gross profit/(loss) | 344,384 | 302,018 | 561,660 | |||
Administrative expenses / Other income | (284,598) | (564,828) | ||||
Operating profit/(loss) | 59,786 | (262,810) | ||||
Profit/(loss) for the financial year | 59,786 | (262,810) | ||||
Assets | ||||||
Non-current assets | 169,543 | 202,620 | ||||
Current assets | 706,121 | 459,323 | ||||
Total assets | 875,664 | 661,943 | ||||
Liabilities and Equity | ||||||
Current liabilities | (1,719,858) | (1,621,770) | ||||
Total liabilities | (1,719,858) | (1,621,770) | ||||
Net assets | (844,194) | (959,827) | ||||
Capital and reserves | ||||||
Called up share capital | 21,143 | 21,143 | ||||
Profit and loss account | (980,970) | |||||
Profit and loss account Non-controlling interest | (865,337) | |||||
Shareholders funds | (844,194) | (959,827) | ||||
Expected carrying amount of net investment | (281,398) | (319,910) | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 281,398 | 319,910 | ||||
CrescoCapital Group Fund 1 GP [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 2,124,445 | 1,935,905 | 2,182,515 | |||
Cost of sales | (1,181,879) | (1,039,581) | (1,261,331) | |||
Gross profit/(loss) | 942,566 | 896,324 | 921,184 | |||
Administrative expenses / Other income | (44,488) | (63,558) | ||||
Operating profit/(loss) | 898,078 | 832,766 | ||||
Profit/(loss) for the financial year | 898,078 | 832,766 | ||||
Assets | ||||||
Non-current assets | 0 | |||||
Current assets | 261,633 | 333,035 | ||||
Total assets | 261,633 | 333,035 | ||||
Liabilities and Equity | ||||||
Current liabilities | (62,064) | (125,433) | ||||
Total liabilities | (62,064) | (125,433) | ||||
Net assets | 199,569 | 207,602 | ||||
Capital and reserves | ||||||
Called up share capital | 21,000 | 21,000 | ||||
Profit and loss account | 186,602 | |||||
Profit and loss account Non-controlling interest | 178,569 | |||||
Shareholders funds | 199,569 | 207,602 | ||||
Expected carrying amount of net investment | 66,523 | 69,193 | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 66,523 | |||||
CrescoCapital Urban Yurt Holdings [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 5,451,611 | 4,665,968 | 5,101,052 | |||
Cost of sales | (4,508,831) | (3,898,629) | (3,058,558) | |||
Gross profit/(loss) | 942,780 | 767,339 | 2,042,494 | |||
Administrative expenses / Other income | (503,255) | (722,925) | ||||
Operating profit/(loss) | 439,525 | 44,414 | ||||
Taxation on ordinary activities | (54,373) | (77,134) | ||||
Profit/(loss) for the financial year | 385,152 | (32,720) | ||||
Assets | ||||||
Non-current assets | 289,070 | 372,423 | ||||
Current assets | 3,132,832 | 3,686,144 | ||||
Total assets | 3,421,902 | 4,058,567 | ||||
Liabilities and Equity | ||||||
Current liabilities | (1,471,332) | (2,385,210) | ||||
Total liabilities | (1,471,332) | (2,385,210) | ||||
Net assets | 1,950,570 | 1,673,357 | ||||
Capital and reserves | ||||||
Called up share capital | 16,093 | 16,093 | ||||
Profit and loss account | 1,657,264 | |||||
Profit and loss account Non-controlling interest | 1,934,477 | |||||
Shareholders funds | 1,950,570 | 1,673,357 | ||||
Expected carrying amount of net investment | 650,190 | 557,730 | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 650,190 | |||||
Hadley Property Group Holdings [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 5,095,381 | 9,632,109 | 3,731,411 | |||
Cost of sales | (2,306,806) | (6,160,080) | (1,772,859) | |||
Gross profit/(loss) | 2,788,575 | 3,472,029 | 1,958,552 | |||
Administrative expenses / Other income | (2,798,346) | (2,391,764) | ||||
Operating profit/(loss) | (9,771) | 1,080,265 | ||||
Taxation on ordinary activities | 213,877 | |||||
Profit/(loss) for the financial year | (9,771) | 1,294,142 | ||||
Assets | ||||||
Non-current assets | 297,121 | 46,621 | ||||
Current assets | 1,155,802 | 1,610,855 | ||||
Total assets | 1,452,923 | 1,657,476 | ||||
Liabilities and Equity | ||||||
Current liabilities | (2,652,235) | (2,836,009) | ||||
Non-current liabilities | (11,008) | |||||
Total liabilities | (2,652,235) | (2,847,017) | ||||
Net assets | (1,199,312) | (1,189,541) | ||||
Capital and reserves | ||||||
Called up share capital | 100 | 100 | ||||
Profit and loss account | (1,189,641) | |||||
Profit and loss account Non-controlling interest | (1,199,412) | |||||
Shareholders funds | (1,199,312) | (1,189,541) | ||||
Expected carrying amount of net investment | (419,759) | (416,339) | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 419,759 | 416,339 | ||||
Alvarium Investments NZ [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 12,164,600 | 7,064,322 | 14,526,570 | |||
Cost of sales | (1,380,900) | (593,579) | (10,694,878) | |||
Gross profit/(loss) | 10,783,700 | 6,470,743 | 3,831,692 | |||
Administrative expenses / Other income | (6,705,306) | (3,945,098) | ||||
Operating profit/(loss) | 4,078,394 | 2,525,645 | ||||
Taxation on ordinary activities | (1,366,673) | (745,731) | ||||
Profit/(loss) for the financial year | 2,711,721 | 1,779,914 | ||||
Assets | ||||||
Non-current assets | 178,819,520 | 251,644,701 | ||||
Current assets | 3,241,332 | 27,335 | ||||
Total assets | 182,060,852 | 251,672,036 | ||||
Liabilities and Equity | ||||||
Current liabilities | (3,216,513) | (6,362,727) | ||||
Non-current liabilities | (170,209,878) | (242,402,590) | ||||
Total liabilities | (173,426,391) | (248,765,317) | ||||
Net assets | 8,634,461 | 2,906,719 | ||||
Capital and reserves | ||||||
Called up share capital | 53 | 53 | ||||
Profit and loss account | 3,385,592 | |||||
Non-controlling interests | (478,926) | |||||
Shareholders funds | 8,634,461 | 2,906,719 | ||||
Expected carrying amount of net investment | 2,575,594 | 1,557,397 | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of net investment | 2,575,594 | |||||
Kuno Investments [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 13,815,121 | 13,702,036 | 12,636,547 | |||
Cost of sales | (6,169,248) | (6,557,180) | (5,797,619) | |||
Gross profit/(loss) | 7,645,873 | 7,144,856 | 6,838,928 | |||
Administrative expenses / Other income | (7,142,166) | (6,914,413) | ||||
Operating profit/(loss) | 503,707 | 230,443 | ||||
Taxation on ordinary activities | (1,113,974) | (945,264) | ||||
Profit/(loss) for the financial year | (610,267) | (714,821) | ||||
Assets | ||||||
Non-current assets | 8,765,173 | 10,207,395 | ||||
Current assets | 8,094,719 | 7,720,822 | ||||
Total assets | 16,859,892 | 17,928,217 | ||||
Liabilities and Equity | ||||||
Current liabilities | (4,382,663) | (3,701,089) | ||||
Non-current liabilities | (9,020,628) | (10,155,392) | ||||
Total liabilities | (13,403,291) | (13,856,481) | ||||
Net assets | 3,456,601 | 4,071,736 | ||||
Capital and reserves | ||||||
Called up share capital | 6,391 | 6,391 | ||||
Profit and loss account | 4,065,345 | |||||
Profit and loss account Non-controlling interest | 3,450,210 | |||||
Shareholders funds | 3,456,601 | 4,071,736 | ||||
Expected carrying amount of net investment | 1,724,844 | 2,031,796 | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Carrying amount of goodwill | 2,834,940 | |||||
Carrying amount of net investment | 1,724,844 | |||||
Other [Member] | ||||||
Income Statement [Abstract] | ||||||
Turnover | 2,791,256 | 4,139,503 | 2,824,340 | |||
Cost of sales | (830,351) | (2,277,412) | (1,839,199) | |||
Gross profit/(loss) | 1,960,905 | 1,862,091 | £ 985,141 | |||
Administrative expenses / Other income | (2,523,031) | (2,220,074) | ||||
Operating profit/(loss) | (562,126) | (357,983) | ||||
Taxation on ordinary activities | 237,838 | (4,280) | ||||
Profit/(loss) for the financial year | (324,288) | (362,263) | ||||
Assets | ||||||
Non-current assets | 24,146,342 | 3,615,604 | ||||
Current assets | 4,047,343 | 4,891,470 | ||||
Total assets | 28,193,685 | 8,507,074 | ||||
Liabilities and Equity | ||||||
Current liabilities | (7,982,267) | (6,421,020) | ||||
Non-current liabilities | (24,280,110) | (4,065,836) | ||||
Total liabilities | (32,262,377) | (10,486,856) | ||||
Net assets | (4,068,692) | (1,979,782) | ||||
Capital and reserves | ||||||
Called up share capital | 102,098 | 109,696 | ||||
Members' interests | (815,518) | (1,047.399) | ||||
Profit and loss account | (1,042,079) | |||||
Profit and loss account Non-controlling interest | (3,355,272) | |||||
Shareholders funds | (4,068,692) | (1,979,782) | ||||
Expected carrying amount of net investment | (1,414,144) | (938,404) | ||||
Differences between amounts at which investments are carried and amounts of underlying equity and net assets | ||||||
Equity Method Investment, Difference Between Carrying Amount | 1,827,368 | £ 1,278,487 | ||||
Carrying amount of net investment | £ 413,224 |
Significant Differences Betwe_3
Significant Differences Between Generally Accepted Accounting Policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) (Details) - Summary of the Impact of the Conversion to US GAAP on the Company's Net Income , Shareholders Funds & Statement of Cashflows | 9 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 USD ($) | Sep. 30, 2022 GBP (£) | Sep. 30, 2021 GBP (£) | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | Dec. 31, 2019 GBP (£) | Dec. 31, 2018 GBP (£) | |
Net Income : | |||||||
Profit/Loss for the financial year as reported under UK GAAP | £ (10,046,718) | £ 4,560,946 | £ 1,947,874 | £ (3,377,191) | £ (3,733,094) | ||
Deferred tax (expense)/benefit | 975,457 | 1,400,166 | 1,337,635 | 1,376,365 | 321,522 | ||
Shareholders Funds : | |||||||
Balance | 56,291,693 | 60,791,518 | 60,791,518 | ||||
Balance | 48,386,304 | 56,291,693 | 60,791,518 | ||||
Non-controlling interests | 5,104 | 13,476 | 1,595,877 | ||||
Total equity attributable to shareholders' of the parent company under US GAAP | 48,391,408 | 54,392,470 | 56,305,169 | 62,387,395 | 63,643,169 | £ 49,117,212 | |
Operating activities | |||||||
Net cash from operating activities per UK GAAP | 1,085,801 | 6,055,053 | 14,451,786 | 3,330,423 | 2,460,296 | ||
Net cash from operating activities per US GAAP | 1,085,801 | 6,055,053 | 14,451,786 | 3,330,423 | 2,460,296 | ||
Investing activities | |||||||
Net cash used in investing activities per UK GAAP | 706,684 | (5,019,607) | (9,746,698) | (2,502,279) | (14,039,229) | ||
Net cash used in investing activities per US GAAP | 706,684 | (5,019,607) | (9,746,698) | (2,502,279) | (14,039,229) | ||
Financing activities | |||||||
Net cash from financing activities per UK GAAP | (3,294,527) | 456,865 | (38,748) | 422,543 | 5,588,869 | ||
Net cash from financing activities per US GAAP | (3,294,527) | 456,865 | (38,748) | 422,543 | 5,588,869 | ||
In Accordance with United Kingdom GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||||
Net Income : | |||||||
Profit/Loss for the financial year as reported under UK GAAP | (10,046,718) | 4,560,946 | 1,947,874 | (3,377,191) | (3,733,094) | ||
Shareholders Funds : | |||||||
Balance | 48,391,408 | 56,305,169 | 56,305,169 | 62,387,395 | |||
Balance | 48,391,408 | 56,305,169 | 62,387,395 | ||||
Operating activities | |||||||
Net cash from operating activities per UK GAAP | 1,085,801 | 6,055,053 | 14,451,786 | 3,330,423 | 2,460,296 | ||
Net cash from operating activities per US GAAP | 1,085,801 | 6,055,053 | 14,451,786 | 3,330,423 | 2,460,296 | ||
Investing activities | |||||||
Net cash used in investing activities per UK GAAP | 706,684 | (5,019,607) | (9,746,698) | (2,502,279) | (14,039,229) | ||
Net cash used in investing activities per US GAAP | 706,684 | (5,019,607) | (9,746,698) | (2,502,279) | (14,039,229) | ||
Financing activities | |||||||
Net cash from financing activities per UK GAAP | (3,294,527) | 456,865 | (38,748) | 422,543 | 5,588,869 | ||
Net cash from financing activities per US GAAP | (3,294,527) | 456,865 | (38,748) | 422,543 | 5,588,869 | ||
The Effect of Conversion to US GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||||
Net Income : | |||||||
Profit/Loss for the financial year as reported under UK GAAP | 2,502,661 | (2,595,701) | 14,443,198 | ||||
Reversal of amortisation of goodwill | 2,617,635 | 2,553,677 | 3,429,870 | 3,488,827 | 2,836,126 | ||
Amortisation of separately recognised intangible assets arising on business combinations | (60,971) | (61,429) | (81,761) | (82,850) | (461,807) | ||
Additional Amortisation of Intangible Asset Grossed up for Deferred Tax | (467,593) | 0 | |||||
Reclassification of asset acquisition as business combination | 956,172 | 956,172 | 1,274,896 | 1,274,896 | 1,274,896 | ||
Expense acquisition costs previously capitalised | 0 | 0 | (380,290) | ||||
Fair value adjustments on step acquisitions | 0 | 0 | 10,021,062 | ||||
Reversal of equity method investment amortisation | 535,338 | 532,435 | 710,194 | 715,400 | 690,987 | ||
Amortisation of additional intangible assets within equity method investment | (328,911) | (374,592) | (485,647) | (660,093) | (824,297) | ||
Release of deferred tax on equity method amortisation above | 62,236 | 71,023 | 91,967 | 125,104 | 156,393 | ||
Additional impairment of investment in joint venture | 0 | 0 | (254,152) | ||||
Recognition of excess losses against loans provided to certain equity method investees | (219,128) | (262,107) | (126,797) | (183,224) | (603,290) | ||
Revenue recognition adjustments | (1,076,087) | (90,827) | (609,183) | 161,990 | (516,381) | ||
Fair value adjustment to deferred consideration | 0 | (63,001) | (111,242) | ||||
Impact of GAAP differences on results of equity method investments | (221,635) | 221,635 | (4,497,520) | 4,457,782 | |||
Deferred tax (expense)/benefit | 648,771 | (3,965,949) | (3,870,387) | 501,961 | 1,890,505 | ||
Net income under US GAAP | (7,600,891) | 3,919,349 | |||||
Net income attributable to non-controlling interest under US GAAP | 8,652 | (540,135) | (590,120) | (1,246,901) | (948,405) | ||
Net income (loss) | (7,592,239) | 3,379,214 | 1,912,541 | (3,842,602) | 13,494,793 | ||
Shareholders Funds : | |||||||
Balance | 95,210,205 | 100,820,339 | 100,820,339 | ||||
Reversal of amortisation of goodwill | 2,617,635 | 2,553,677 | 3,429,870 | 3,488,827 | 2,836,126 | ||
Amortisation of separately recognised intangible assets arising on business combinations | (60,971) | (61,429) | (81,761) | (82,850) | (461,807) | ||
Reclassification of asset acquisition as business combination | 956,172 | 956,172 | 1,274,896 | 1,274,896 | 1,274,896 | ||
Additional Amortisation of Intangible Asset Grossed up for Deferred Tax | (467,593) | 0 | |||||
Fair value adjustments on step acquisitions | 0 | 0 | 10,021,062 | ||||
Revenue recognition adjustments | (1,076,087) | (90,827) | (609,183) | 161,990 | (516,381) | ||
Reversal of equity method investment amortisation | 535,338 | 532,435 | 710,194 | 715,400 | 690,987 | ||
Accumulated amortisation of additional intangible assets within equity method investments | (328,911) | (374,592) | (485,647) | (660,093) | (824,297) | ||
Release of deferred tax on equity method amortisation above | 62,236 | 71,023 | 91,967 | 125,104 | 156,393 | ||
Additional impairment of investment in joint venture | 0 | 0 | (254,152) | ||||
Recognition of excess losses against loans provided to certain equity method investees | (219,128) | (262,107) | (126,797) | (183,224) | (603,290) | ||
Impact of GAAP differences on results of equity method investments | (221,635) | 221,635 | (4,497,520) | 4,457,782 | |||
Balance | 91,134,922 | 95,210,205 | 100,820,339 | ||||
Non-controlling interests | (5,103) | (13,475) | (11,254,993) | ||||
Total equity attributable to shareholders' of the parent company under US GAAP | 91,129,819 | 95,196,730 | 89,565,346 | ||||
Operating activities | |||||||
Net cash from operating activities per UK GAAP | (1,988,462) | 5,619,061 | 13,582,227 | 2,760,833 | 1,731,229 | ||
Net cash from operating activities per US GAAP | (1,988,462) | 5,619,061 | 13,582,227 | 2,760,833 | 1,731,229 | ||
Investing activities | |||||||
Net cash used in investing activities per UK GAAP | 629,209 | (3,464,466) | (3,463,762) | (2,561,681) | (14,049,435) | ||
Net cash used in investing activities per US GAAP | 629,209 | (3,464,466) | (3,463,762) | (2,561,681) | (14,049,435) | ||
Financing activities | |||||||
Net cash from financing activities per UK GAAP | (142,789) | (662,284) | (5,452,125) | 1,051,535 | 6,328,142 | ||
Net cash from financing activities per US GAAP | (142,789) | (662,284) | (5,452,125) | 1,051,535 | 6,328,142 | ||
The Effect of Conversion to US GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | Reclassification, Other [Member] | |||||||
Operating activities | |||||||
Reclassification of interest received from investing activities | 93,090 | 40,966 | 43,210 | 59,402 | 10,206 | ||
Reclassification of interest paid from financing activities | (3,167,353) | (476,958) | (912,769) | (628,992) | (739,273) | ||
Investing activities | |||||||
Reclassification of interest received to operating activities | (93,090) | (40,966) | (43,210) | (59,402) | (10,206) | ||
Reclassification of transaction between equity holders | 15,615 | 1,596,107 | 6,326,146 | ||||
Financing activities | |||||||
Reclassification of interest paid to operating activities | 3,167,353 | 476,958 | 912,769 | 628,992 | 739,273 | ||
Reclassification of transaction between equity holders | (15,615) | (1,596,107) | (6,326,146) | ||||
The Effect of Conversion to US GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
Net Income : | |||||||
Reversal of amortisation of goodwill | 21,692,608 | 19,074,973 | 15,645,102 | ||||
Amortisation of separately recognised intangible assets arising on business combinations | (687,389) | (626,418) | (544,657) | ||||
Additional Amortisation of Intangible Asset Grossed up for Deferred Tax | (467,593) | ||||||
Reclassification of asset acquisition as business combination | 4,780,860 | 3,824,688 | 2,549,792 | ||||
Fair value adjustments on step acquisitions | 11,471,931 | 11,471,931 | 11,471,931 | ||||
Reversal of equity method investment amortisation | 4,564,243 | 4,028,905 | 3,318,711 | ||||
Amortisation of additional intangible assets within equity method investment | (5,684,351) | (5,355,440) | (4,869,793) | ||||
Release of deferred tax on equity method amortisation above | 1,078,926 | 1,016,690 | 924,724 | ||||
Additional impairment of investment in joint venture | (254,152) | (254,152) | (254,152) | ||||
Recognition of excess losses against loans provided to certain equity method investees | (1,876,103) | (1,611,431) | (1,519,133) | ||||
Revenue recognition adjustments | (2,039,661) | (963,574) | (354,391) | ||||
Impact of GAAP differences on results of equity method investments | 0 | 221,635 | |||||
Deferred tax (expense)/benefit | 648,771 | (3,965,949) | (3,870,387) | 501,961 | £ 1,890,505 | ||
Shareholders Funds : | |||||||
Reversal of amortisation of goodwill | 21,692,608 | 19,074,973 | 15,645,102 | ||||
Impact on goodwill of additional deferred tax liabilities recognised on acquisition | 5,284,823 | 5,284,823 | 5,284,823 | ||||
Impact on intangible assets of additional deferred tax liabilities recognised on asset acquisition | 12,827,094 | 0 | |||||
Amortisation of separately recognised intangible assets arising on business combinations | (687,389) | (626,418) | (544,657) | ||||
Reclassification of asset acquisition as business combination | 4,780,860 | 3,824,688 | 2,549,792 | ||||
Additional Amortisation of Intangible Asset Grossed up for Deferred Tax | (467,593) | ||||||
Fair value adjustments on step acquisitions | 11,471,931 | 11,471,931 | 11,471,931 | ||||
Acquisition costs and fair value adjustments to deferred consideration previously capitalised | (1,695,685) | (1,695,685) | (1,695,685) | ||||
Fair value adjustments on non-controlling interests | 10,933,918 | 10,933,918 | 10,933,918 | ||||
Revenue recognition adjustments | (2,039,661) | (963,574) | (354,391) | ||||
Reversal of equity method investment amortisation | 4,564,243 | 4,028,905 | 3,318,711 | ||||
Accumulated amortisation of additional intangible assets within equity method investments | (5,684,351) | (5,355,440) | (4,869,793) | ||||
Release of deferred tax on equity method amortisation above | 1,078,926 | 1,016,690 | 924,724 | ||||
Additional impairment of investment in joint venture | (254,152) | (254,152) | (254,152) | ||||
Recognition of excess losses against loans provided to certain equity method investees | (1,876,103) | (1,611,431) | (1,519,133) | ||||
Impact of GAAP differences on results of equity method investments | £ 0 | 221,635 | |||||
Deferred taxes | (18,947,266) | (6,768,943) | (2,900,089) | ||||
Cumulative translation adjustments on all of the above | £ 1,761,311 | £ 323,116 | £ 441,843 |
Significant Differences Betwe_4
Significant Differences Between Generally Accepted Accounting Policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) (Details) - Summary of Reconciliation of the Income Tax Expense/(Credit) Under UK GAAP to US GAAP - GBP (£) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||||
Taxation on ordinary activities | £ (654,170) | £ (613,258) | £ (536,461) | £ (315,163) | £ 511,024 |
Total deferred tax | (975,457) | (1,400,166) | (1,337,635) | (1,376,365) | (321,522) |
In Accordance With United Kingdom [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||||
Taxation on ordinary activities | (654,170) | (613,258) | (536,461) | (315,163) | 511,024 |
The Effect of Conversion to US GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | |||||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||||
Taxation on ordinary activities | (1,302,941) | 3,352,691 | 3,333,926 | (817,124) | (1,379,481) |
Total deferred tax | (648,771) | 3,965,949 | 3,870,387 | (501,961) | (1,890,505) |
The Effect of Conversion to US GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||
Schedule Of Effective Income Tax Rate Reconciliation [Line Items] | |||||
Recognition of deferred taxes in respect of non-tax adjustments, other than the effect below | (648,771) | 1,548,118 | (263,270) | (31,320) | (15,497) |
Recognition of deferred tax asset in respect of losses due to recognition of deferred tax liabilities (2) | (1,793,000) | ||||
Recognition of French deferred tax asset in respect of losses due to recognition of deferred tax liabilities above(2) | (29,574) | (95,454) | (40,362) | ||
Impact of change in UK tax rate on deferred tax assets and liabilities recognised under US GAAP(3) | 1,745,400 | 585,000 | |||
Impact of change in French tax rate on deferred tax liabilities recognised under US GAAP (5) | (41,646) | ||||
Deferred tax assets no longer supported by deferred taxes from nontax adjustments | 1,457,644 | ||||
Total deferred taxes in respect of non-tax adjustments | 1,452,556 | 1,915,870 | (1,890,505) | ||
Impact of a transaction in the subsequent events window on UK deferred tax assets(5) | (12,827,094) | 2,417,831 | 2,417,831 | (2,417,831) | |
Total deferred tax | £ (648,771) | £ 3,965,949 | £ 3,870,387 | £ (501,961) | £ (1,890,505) |
Significant Differences Betwe_5
Significant Differences Between Generally Accepted Accounting Policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) (Details) - Summary of Reconciliation of the Deferred Tax Asset/(Liability) Under UK GAAP to US GAAP - GBP (£) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Deferred tax asset/(liability) under UK GAAP | £ 2,146,091 | £ 791,503 | £ 791,503 | |
Deferred tax asset/(liability) under US GAAP | (3,163,812) | (2,146,091) | £ (791,503) | |
In Accordance with United Kingdom GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | ||||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Deferred tax asset/(liability) under UK GAAP | 3,163,812 | 2,146,091 | 2,146,091 | 791,503 |
Deferred tax asset/(liability) under US GAAP | (3,163,812) | (2,146,091) | ||
The Effect of Conversion to US GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | ||||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Deferred tax asset/(liability) under UK GAAP | 4,622,852 | 2,108,586 | 2,108,586 | |
Deferred tax asset/(liability) under US GAAP | (15,783,454) | (4,622,852) | (2,108,586) | |
The Effect of Conversion to US GAAP [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Schedule Of Deferred Tax Assets And Liabilities [Line Items] | ||||
Impact of a transaction in the subsequent events window on UK deferred tax assets(5) | (12,827,094) | £ 2,417,831 | 2,417,831 | (2,417,831) |
Recognition of deferred taxes in respect of non tax adjustments | (6,120,172) | (6,768,943) | (5,317,920) | |
Total adjustment to deferred tax asset/(liability) | £ (18,947,266) | £ (6,768,943) | £ (2,900,089) |
Significant Differences Betwe_6
Significant Differences Between Generally Accepted Accounting Policies in the United Kingdom (UK GAAP) and those of the United States (US GAAP) (Details) - GBP (£) | 1 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 30, 2021 | Jan. 31, 2021 | Feb. 28, 2019 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Debt Conversion, Converted Instrument, Amount | £ 9,400,000 | £ 10,300,000 | ||||||
Conversion of Stock, Amount Converted | 1,607,301 | |||||||
Reversal of amortization of goodwill | 221,635 | 221,635 | ||||||
Increase And Decrease in Revenue | £ 63,997,183 | 49,820,243 | 75,164,498 | £ 52,263,050 | £ 47,070,105 | |||
Amortization of Intangible Assets | 5,834,937 | 4,271,241 | 5,723,742 | 5,823,700 | 5,181,291 | |||
Reconciliation of UK GAAP With US GAAP [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase And Decrease in Revenue | 102,938 | |||||||
Deferred tax liabilities, additional amortization of intangible asset | 12,827,094 | |||||||
Deferred income tax liabilities | 12,827,094 | |||||||
Amortization of Intangible Assets | 467,593 | |||||||
Accounting Standards Update 2016-02 [Member] | Reconciliation of UK GAAP With US GAAP [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Right-of-use assets | 9,451,484 | |||||||
Lease incentives | 2,610,363 | |||||||
Deferred rent | 142,447 | |||||||
Lease liabilities | £ 12,275,537 | |||||||
Transferred at Point in Time [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase And Decrease in Revenue | 1,076,087 | 733,933 | 24,741 | 241,881 | ||||
Transferred over Time [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase And Decrease in Revenue | 137,250 | 137,250 | 274,500 | |||||
NZ Propco Holdings Limited [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Equity method investment ownership percentage | 23% | |||||||
One customer [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
intangible asset | £ 12,748,964 | |||||||
Intangible Asset, Useful Life | 10 years | |||||||
Noncontrolling Interest [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Goodwill | 0 | |||||||
Noncontrolling Interest [Member] | Transferred at Point in Time [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase And Decrease in Revenue | £ 193,765 | |||||||
In Accordance with United Kingdom GAAP [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Deferred Tax Assets, Net of Valuation Allowance | £ 2,417,831 | |||||||
Effective income tax rate reconciliation, prior year income taxes, percent | 19% | |||||||
Effective income tax rate reconciliation, change in enacted tax rate, percent | 25% | |||||||
In Accordance with United Kingdom GAAP [Member] | Minimum [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Effective income tax rate reconciliation, prior year income taxes, percent | 17% | |||||||
Effective income tax rate reconciliation, noncontrolling interest income (loss), percent | 59% | |||||||
In Accordance with United Kingdom GAAP [Member] | Maximum [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Effective income tax rate reconciliation, prior year income taxes, percent | 19% | |||||||
Effective income tax rate reconciliation, noncontrolling interest income (loss), percent | 83% | |||||||
FRANCE | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Increase And Decrease in Revenue | 1,367,364 | £ 784,189 | £ 785,254 | |||||
FRANCE | The Effect of Conversion to US GAAP [Member] | ||||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||||
Deferred Tax Assets, Net of Valuation Allowance | £ 162,174 | £ 95,454 |