Assetco PLC

ANNUAL 
REPORT AND 
FINANCIAL 
STATEMENTS 
2024
ASSETCO PLC
YEAR ENDED 30 SEPTEMBER 2024

ASSETCO IS PRIMARILY 
INVOLVED IN ACQUIRING, 
MANAGING AND 
OPERATING ASSET AND 
WEALTH MANAGEMENT 
ACTIVITIES AND INTERESTS, 
TOGETHER WITH OTHER 
RELATED SERVICES.

CONTENTS
1.	
CHAIRMAN’S STATEMENT	
2
2.	
BUSINESS REVIEW	
6
3.	
STRATEGIC REPORT	
12
4.	
BOARD OF DIRECTORS	
20
GOVERNANCE
5.	
DIRECTORS’ REPORT	
24
6.	
CORPORATE GOVERNANCE REPORT	
28
7.	
REMUNERATION COMMITTEE REPORT	
34
8.	
INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC	
36
9.	
CONSOLIDATED INCOME STATEMENT	
46
10.	 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME	
47
11.	 CONSOLIDATED AND COMPANY’S STATEMENT OF FINANCIAL POSITION	
48
12.	 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY	
49
13.	 COMPANY STATEMENT OF CHANGES IN EQUITY	
50
14.	 CONSOLIDATED AND COMPANY’S STATEMENT OF CASH FLOWS 	
51
15.	 NOTES TO THE FINANCIAL STATEMENTS	
52
16.	 NOTICE OF ANNUAL GENERAL MEETING	
100
17.	 GLOSSARY	
106
18.	 COMPANY INFORMATION	
107
FINANCIAL STATEMENTS

2
AssetCo plc | Report and Financial Statements 2024
1.	 CHAIRMAN’S STATEMENT
INTRODUCTION
The financial year ended 30 September 2024 was a 
challenging one for both the industry and AssetCo. 
Nonetheless we were able during the year to make 
good progress in our move towards profitability. 
Substantial progress was also made in rationalising and 
transforming the business despite considerable market 
headwinds. Our initiative to re-organise our shares 
into two new share classes, A Ordinary Shares and B 
Shares, reflecting our active equity asset management 
business (A Ordinary Shares) and our interest in 
Parmenion (B Shares) required extensive consultation 
with relevant regulatory authorities as we charted new 
waters for an AIM-quoted business. The delay was 
disappointing, but we are pleased to have been able to 
issue a Circular to Shareholders seeking approval for 
the reorganisation at a General Meeting convened for 6 
March 2025. Subject to shareholder approval we hope 
to see active trading in the two separate share classes 
from 7 March 2025. We believe this reorganisation will 
provide greater flexibility for our shareholders and in our 
ability to deal with these two quite separate business 
interests. Again, subject to shareholders approving the 
reorganisation, we propose changing the name of the 
Company on 6 March 2025 to River Global PLC in line 
with the Group’s underlying equities business. 
While retaining our valuable interest in Parmenion 
we have focussed our attention on rationalising 
and positioning our River Global equities business 
to weather the on-going and extremely challenging 
conditions for active equity asset managers. I have 
provided more detail on the year’s activities below.
CONTINUED MARKET SHRINKAGE
Geopolitics continued to unsettle markets during the 
financial year, with the Ukraine/Russia conflict continuing 
to destabilise the region, further exacerbated by discord 
in the Middle East. In addition to the impact of these 
conflicts, the ongoing effects from Brexit, inflation and 
sluggish economic recovery following the pandemic 
resulted in a volatile environment for investment 
markets. Despite this, the FTSE 100 rallied by almost 
10%1 during the financial year, with a sustained rise 
running through to around the middle of May 2024 
before election worries set in. Labour’s warnings of an 
austerity budget with substantial tax rises set a more 
cautionary tone thereafter and the UK market lost 
impetus and direction. Global markets generally moved 
ahead strongly with the MSCI World Index posting a 
gain of almost 34% during the financial year. Despite 
some promising market returns the active equities 
industry as a whole saw significant shrinkage. UK 
investor funds under management in active equities 
experienced persistent net outflows across the industry 
amounting to some £20bn2 for FY23/24, ending the 
period at £465bn, equating to outflows of some 4% 
during the year. Persistently high interest rates, inflation 
and concerns surrounding the impact of the UK Budget 
all contributed to large net outflows from UK equities 
funds in particular, estimated at £18.5bn and accounting 
for 93% of total net outflows across the active equities 
industry over the period. 
1. Source: www.londonstockexchange.com/indices/FTSE100
2. Source: Broadridge

CORPORATE ACTIVITY
Notwithstanding the challenging landscape there 
are some reasons to be optimistic as the economic 
uncertainty, coupled with significant discounts on UK 
companies also generates opportunity. AssetCo began 
the financial year with the completion of the acquisition 
of Ocean Dial Asset Management on 2nd October 2023 
which added nearly £1m per annum in net new profits 
to the Group from outset. 
We announced in October 2023 that agreement had 
been reached in principle to dispose of the River 
and Mercantile Infrastructure business. The original 
agreement envisaged at that time did not reach 
completion and instead a rather simpler arrangement 
was eventually made which was completed at the end 
of May 2024 stemming losses (-£0.3m in year to end 
September 2024) in this area.
OPERATIONAL HIGHLIGHTS
In June 2024, I outlined two potential joint 
venture arrangements and am pleased to be 
able to report the successful launch of one of 
these and good progress on the other.
1. CHAIRMAN’S STATEMENT
3
 AssetCo plc | Report and Financial Statements 2024 
Nearly €400m was added to the Group’s assets 
under management in a fund raising to mark the 
commencement of the first “joint venture” with 
Jonathan Knowles and his newly established firm, 
Compound Equity Group. In practice, the arrangement 
constitutes a fee share agreement under the terms 
of which Compound provides services to the Group. 
Jonathan was previously one of the top equity fund 
managers for Capital International Group – one of 
the largest asset managers in the world – and he 
and supporting employees of his firm now operate 
under the existing River Global regulatory and 
operational framework as part of the joint agreement 
between us. This has provided Jonathan with rapid 
access to market while leveraging River Global’s 
established infrastructure to mutual benefit.
I am also pleased to confirm that we are in advanced 
discussions with a second organisation - an offshore 
wealth manager – for River Global to be appointed as 
Investment Manager for a new range of funds that the 
wealth manager is looking to develop to provide an 
improved service for both their established client base 
and new clients. Again, this will utilise our established 
infrastructure to facilitate additional growth. Assets 
under management are expected to be significant 
at an early stage and, while initial revenues to the 
Group are at a reduced rate reflecting the oversight 
role we expect to play, the additional scale and future 
opportunities are attractive as is the opportunity 
to work with a high calibre business partner.
The Company’s project to consolidate back-office 
service providers has been delayed somewhat from 
the target the Company had set to deliver around its 
financial year end but otherwise made good progress 
and is now delivering significant savings which began 
to take effect from the point of major consolidation, 
successfully achieved in the final week of February 
2025. The synergies associated with that project 
remain on track albeit with a later starting point. 
“ We have made substantial 
progress in rationalising and 
transforming the business 
despite considerable 
market headwinds, 
positioning River Global 
for a more sustainable 
and profitable future.”
Martin Gilbert

4
AssetCo plc | Report and Financial Statements 2024
OPERATING MARGIN IMPROVING
Results for the year reflect exceptional costs of 
£1.9m relating to restructuring of the operating 
business. Setting these to one side in order to 
focus on the underlying continuing operations at 
year end, we see operating losses of £3.3m for 
the year (note 8) on revenues (plus other income) 
of £16.5m. The comparable figures for last year 
were operating losses of £7.7m on revenues plus 
other income of £17.3m demonstrating a further 
improvement in operating margin over that seen last 
year. While still negative, the hurdle to profitability is 
now much smaller and the total loss, which benefits 
this year from tax adjustments, is £2.5m - a very 
significant improvement on the previous year. 
The infrastructure business (RMI) which we have 
exited, contributed an operating loss before 
exceptionals of c.£0.3m whereas Ocean Dial, 
acquired on 2 October 2023, introduced additional 
run rate (annualised) revenues at point of acquisition 
of £1.9m compared to a cost base of c.£1m. The 
run rate for costs (i.e. monthly costs, adjusted 
for anomalies and annualised) in the River Global 
business is estimated to be some £3m lower by 
year end than it had been at the start of the year as 
certain contractual and other obligations fell away. 
The consolidation of asset management activities and 
disposal of RMI has facilitated further initiatives on cost 
saving as less evident overlaps and inefficiencies are 
flushed out in the smaller more cohesive business. 
We also plan further fund mergers to merge (or close) 
smaller funds delivering operational savings while 
realising economies of scale for clients and more 
attractive propositions for distributors. In addition, we 
have rationalised legacy corporate structures within 
the Group and have plans for further simplification 
in the current year. These further initiatives, taken 
together, have enabled us to identify some £2.5m 
per annum of additional cost savings actionable 
over the coming months, evidencing a path to 
financial profitability, subject of course to reasonably 
stable markets and assets under management.
PARMENION: A VALUABLE ASSET
Since acquiring our structured 30% equity interest 
(before dilution for management interests) in 
Parmenion, that company has continued to trade 
strongly in terms of AUM, revenue and profitability. 
In September 2023, we responded to speculation 
around the value of that interest by obtaining an 
independent valuation suggesting a value of between 
£75m and £90m. Based on recent discussions 
with the Company’s advisers, the Board believes 
that this continues to represent a fair assessment 
of the value of the Company’s interest assuming 
an arm’s length sale of the company as a whole.
2024 was a strong year for Parmenion with group assets 
under management or advice exceeding £13bn on 31 
December 2024, up from £11.7bn as at 31 March 2024.
WELL PLACED TO WEATHER THE STORM 
Despite the positivism evident in the US since the 
election, uncertainty in global economic conditions 
and an uncertain political backdrop continues to 
concern consumers and financial markets, although 
there are signs that overall market activity might finally 
pick up. Whilst the UK has been relatively flat, globally 
inflation has surprised on the upside in a number of 
influential regions and with rates not expected to rise 
in the near future, the risk of recession has eased. 
The Company’s underlying businesses going forward 
– River Global and Parmenion – have the financial 
strength, support and agility to weather current 
conditions but it is only fair to acknowledge the toll 
that persistent outflows have had on River Global’s 
business and the reduced resilience that results. 
We are confident that the various options available 
to us to deal with further adverse conditions are 
adequate for the foreseeable future but acknowledge 
the pressure that this puts on the business over the 
longer term. Our management teams have a wealth 
of expertise and a range of products and capabilities 
which enables them to capitalise on opportunities as 
well as meeting the needs of our existing investors 
and we continue to see the future potential. 
Martin Gilbert 
Chairman
5 March 2025
1. CHAIRMAN’S STATEMENT CONTINUED

5
 AssetCo plc | Report and Financial Statements 2024
“The hurdle to profitability is now 
much smaller, evidencing a clear path 
towards financial sustainability”
Martin Gilbert 
Chairman

6
AssetCo plc | Report and Financial Statements 2024
2.	 BUSINESS REVIEW
At the end of the financial year to 30 September 
2024, the AssetCo Group encompasses two 
distinct business lines: River Global, a wholly owned 
and operated active equities asset management 
business, together with a structured 30% equity 
interest in Parmenion, a digital platform business.
Assets under management increased from the £2,409 
million reported at the end of September 2023 to 
£2,779 million as at the end of September 2024. 
Results for the year ended 30 September 2024 show an 
operating loss of £3.3m (after adjusting for discontinued 
operations and exceptional items) and an overall loss 
of £2.5m. This result maintained the trajectory we 
had previously outlined towards run rate profitability.
Nearly €400m was added to the Group’s assets 
under management in a fund raising to mark the 
commencement of the joint venture referenced in 
our interim results in June 2024. Founder clients 
invested in two former River Global badged funds now 
managed by Jonathan Knowles, previously one of 
the top equity fund managers for Capital International 
Group – one of the largest asset managers in the 
world. The revenue share for River Global in respect 
of the initial founder assets is relatively small but 
arrangements for future third party funds are expected 
to be more remunerative. Given that Jonathan 
Knowles and supporting employees of his firm, 
Compound Equity Group, operate under the existing 
River Global regulatory and operational framework 
to manage what were previously small, unprofitable 
funds, the arrangement capitalises on existing 
infrastructure and is revenue enhancing from outset.
Overall, assets under management for the River Global 
Group at the end of September 2024 demonstrated a 
notable increase for the financial year as a whole. This 
included a new business win of over £100m into the 
Company’s UK Opportunities Fund in June 2024. 
The Group was notified in October 2024 that it had 
been appointed to manage a substantial mandate for 
a UK institution with funding for that mandate due to 
take place in April 2025. This win was not included in 
our budget planning and would therefore have made a 
positive contribution in the year ahead. Unfortunately, 
however, the Group was terminated as manager in 
December 2024 by a US institution for whom the 
Group has managed two portfolios for some six years. 
The assets under management (c.£200m) and 
revenues (c.£1m) relating to the UK and US institutions 
essentially offset each other leaving the Group no worse 
but no better off on an on-going basis as a result.
Elsewhere, headwinds continue to batter the active 
equity asset management industry with some £20bn 
in outflows from active equity funds over the financial 
year 2023 to 2024. The Group is not immune to 
this and has seen some £230m of outflows in the 
period from 1 October 2024 to end January 2025.
PERFORMANCE
Investment performance of the Group’s equities open 
end funds measured at the end of the financial year 
to September 2024 remains strong with over 50% of 
funds (by assets under management) outperforming 
peers over both the five year and ten year time 
horizon. Over three years, investment performance 
has been weaker with 45% of funds (by assets under 
management) outperforming peers; the second half 
of this financial year has clearly been challenging. 
ACTIVE EQUITIES AUM WALK: 
30 SEP 23 TO 30 SEP 24 (£M)
Open-ended funds
Other mandates
Investment companies/trusts
Opening 
AUM
Ocean 
Dial 
Acquisition
Compound 
initial 
flows 
Market/
Perf
Closing 
AUM
+£370m
1,760
582
£2,409m
166
(936)
520
Redemptions
Gross
inflows
337
283
1,887
639
£2,779m
253

7
 AssetCo plc | Report and Financial Statements 2024
2. BUSINESS REVIEW
MUTUAL FUND AUM BREAKDOWN BY IA SECTOR QUARTILE RANKINGS
10 year
5 year
3 year
1 year
6 month
3 month
1 month
43%
41%
45%
20%
12%
21%
21%
5%
29%
13%
24%
51%
50%
1 month
3 month
6 month
1 year
3 year
5 year
10 year
4th quartile
3%
51%
63%
22%
27%
5%
21%
3rd quartile
30%
10%
24%
45%
29%
41%
12%
2nd quartile
0%
19%
1%
13%
45%
12%
23%
1st quartile
67%
21%
12%
20%
0%
42%
43%
Source: Performance data produced by RGI data and risk systems
AUM splits/proportions are for applicable AUM where strategy/fund has existed for required time frame and has an applicable benchmark
The information above is disclosed in order to allow shareholders to assess the current performance of our investment strategies. While historical investment 
performance is not an indicator of future investment performance, the long term track records of our strategies give shareholders an indication of the sustainability 
of our investment performance across different investment cycles. Performance data is sourced from: FE Analytics for IA Sector Peer Group performance. B share 
class (net of management fees) performance is used since share class launch for all funds. For any fund performance prior to the launch of these share classes, 
performance is chain linked with the next highest paying fee share class back to the earliest date.
23%
12%
42%
27%
45%
22%
1%
63%
10%
19%
30%
3%
Over the last few years, the performance of global 
equity markets has been increasingly dominated by a 
small number of mega-cap stocks that have benefitted 
from escalating price momentum as they become ever 
larger percentages of global indices, drawing in passive 
and index-following capital and even some active 
managers who fear missing out on the growth themes 
that they represent. Investors have been overtly focused 
on price momentum to the exclusion of other factors 
and as a result of this many investor portfolios have 
become increasingly concentrated in a narrow range 
of stocks and the themes that these stocks represent. 
Consequently, the breadth of market returns is now 
nearly as narrow as it was in 1999-2000. In addition, 
the dominance of mega-caps has led to increasing 
underperformance of mid and smaller sized companies, 
a trend that is a global, not just a regional phenomenon. 
These factors represent a headwind for the performance 
of our range of funds, but we remain committed to 
our beliefs as active managers and we are confident 
that, as markets broaden out and interest rates are 
reduced, our portfolios will deliver for our clients. 
Our confidence is grounded in our strong investment 
teams, led by experienced managers, that offer 
differentiated portfolios invested with conviction 
and that are based on clearly defined investment 
processes. It is therefore pleasing to note that in 
the first quarter of the current financial year, the 
percentage of our funds outperforming the competition 
over a three year period has improved to 64%. 
12%

8
AssetCo plc | Report and Financial Statements 2024
2. BUSINESS REVIEW CONTINUED
RE-STRUCTURING AND INTEGRATION
Substantial progress was made in business integration 
during the year with all equity asset management 
activities (other than Ocean Dial) consolidated under 
River Global Investors LLP. Following a recent approval 
from the FCA for a change of permissions we hope to 
be able to progress integration of Ocean Dial’s business 
in the near future. Centralised trading supported by a 
centralised middle office function was also implemented 
in January 2024 substantially streamlining and 
simplifying operational processes.
Progress with asset management integration also 
enabled us to appoint SVM Asset Management as 
Authorised Corporate Director covering all the UK open-
end funds for the Group. This once again centralised 
and rationalised activities, enabling us to bring in-house 
most of the activities and revenues previously falling to 
third parties. 
Agreement was reached for the consolidation of 
back-office services (those of Depositary, Custodian 
and Transfer Agency) under a single provider for our 
UK funds. This brings operational efficiencies and the 
major part of this, being consolidation to State Street 
of Custodial/Depositary services for the Group’s open-
end funds, completed successfully on 24 February. This 
delivers savings both to the Group and to our clients. It 
will also allow us to complete the exercise of re-branding 
all of our operational entities and funds.
Completion of the current rationalisation program 
in full will result in considerable simplification 
across our business. This will in turn give us more 
scope to align our cost base to reflect on-going 
trading conditions and therefore prospective 
revenues in the current financial year. 
Consolidation of the Group’s legacy fund range has 
progressed well. We managed and marketed 17 open-
ended funds at the beginning of the financial year and 
by year end that had been focused into 14 funds by 
winding up or merging smaller, uneconomic funds. 
The clearer focus that a narrower range of larger funds 
brings us increases the effectiveness of our marketing 
effort, delivers better value for clients and reduces or 
eliminates our need to subsidise less economic funds.
One legacy of integration is the various corporate 
structures that remain from previous activities. During 
the year, we reduced the number of corporate entities 
within the Group by some 40%. Further simplification is 
planned before the end of the current financial year. 
Highlights of our continued move to a lower cost 
operating model for the active equities business include:
•	
Headcount (measured as full time equivalent) for the 
active equities business has moved from 74.7 at the 
start of the financial year (including Ocean Dial on a 
pro forma basis) to 54.6 at end September 2024 – a 
27% reduction.
•	
Funds consolidated from 17 to 14.
•	
Corporate entities reduced by 40%.
•	
Premises costs reduced by £268,000 pa after year 
end (rising to a saving of £335,000 pa next year).
Our simplified operating model enables greater and 
more effective interaction across our various teams and 
significantly simplifies the support requirements for our 
business – as well as delivering explicit cost savings in 
its own right.
“ Assets under management 
for the River Global Group 
at the end of September 
2024 demonstrated a 
notable increase, including 
a new business win of 
over £100m into the UK 
Opportunities Fund.”

9
 AssetCo plc | Report and Financial Statements 2024
2. BUSINESS REVIEW CONTINUED
DIGITAL PLATFORM – PARMENION 
Parmenion had assets under management or advice 
of £12.6bn as at 30 September 2024 (including the 
business of EBI which it acquired in 2022) which 
compares favourably to £10.6bn at the same time 
the previous year. Operating profit for the combined 
businesses was £15.5m at their December 2023 year 
end which again compares favourably to the previous 
year’s result of £11.9m. Revenue generated by the 
combined businesses over the year to end December 
2023 amounted to £48.6m. Overall, EBITDA more than 
tripled in the three years to end December 2023.
Parmenion continues to garner awards from across 
the spectrum of investment platform providers, 
including “Best model portfolio service 2024” (for its 
EBI business) at the Professional Adviser Awards 
2024 and first place in 6 out of 11 categories in the 
Defaqto platform service review 2024. It is Defaqto 5 
Star rated and Defaqto Gold Service rated amongst 20 
Defaqto ratings covering all aspects of its business.
Parmenion serviced 1,570 financial advisory 
firms as at end December 2023 and continues 
to add functionality to its proprietary technology, 
importantly adding a new Platform Switch Service 
in 2023 which facilitates the process of transitioning 
to Parmenion for financial advisory firms. 
More generally, Panmure noted in a research note 
published in October 2023 that “the attractions of 
the long-term structural growth opportunities in the 
investment platform market remain. The addressable 
market remains vast, at c.£3trn and growing, with 
penetration of said market around 31%, leaving 
plenty to go for. Structural trends, including an ageing 
population and regulatory change, are encouraging 
saving as the burden of responsibility for saving for 
retirement shifts from employer to employee. Given 
the number of structural growth drivers, savings 
products, such as ISAs, remain popular, and SIPPs 
are growing in number due to the flexibility they 
provide. As the popularity of these products grows, so 
does that of the investment platforms, key providers 
of these products to the wider UK market.”
OCEAN DIAL ACQUISITION
We announced the acquisition of Ocean Dial Asset 
Management in March 2023 and, having worked to 
secure regulatory approvals in both UK and India, 
completed the acquisition process on 2 October 2023.
Ocean Dial’s current business is the management of the 
assets of the India Capital Growth Fund Limited which, 
as announced on acquisition on 2 October 2023, had 
a net asset value of c.£166m (at 22 September 2023) 
generating an annualised run rate revenue (based on 
market cap) for the Group of c.£1.9m. Ocean Dial’s 
contribution illustrates the vibrancy of the Indian stock 
market and the continued attractions of investing in this 
dynamic economy. 
The Board of the India Capital Growth Fund, working 
closely with Ocean Dial and River Global, managed 
a biennial redemption option with higher redemption 
levels than expected but with a resulting shareholder 
base which is almost entirely retail based and free of 
discount players. The Fund traded at a premium for a 
period shortly thereafter and was able to issue c.£10m 
in new shares. As at 30 September 2024, the Fund had 
an updated net asset value of c.£176m generating an 
annualised run rate revenue (based on market cap) for 
the Group of c.£1.99m which is, of course, subject to 
the volatility of the Indian stock market.
The acquisition was earnings enhancing for the Group 
and it is anticipated that further synergies will be 
achievable as we integrate the business and capitalise 
on the operating model we have established with the 
Fund Board. 
CORPORATE RATIONALISATION
In October 2023, we announced an agreement 
in principle to dispose of our interest in River 
and Mercantile Infrastructure LLP (“RMI”). In the 
event, the agreement envisaged at the time did 
not reach completion, but a more straightforward 
disposal of our interest was concluded in 
May 2024. The business generated a loss for 
the year to September 2024 of £0.3m.

10
AssetCo plc | Report and Financial Statements 2024
2. BUSINESS REVIEW CONTINUED

11
 AssetCo plc | Report and Financial Statements 2024
2. BUSINESS REVIEW CONTINUED
Gary Marshall
Chief Financial and Operating Officer
5 March 2025
Year to end Sep 2024
Year to end Sep 2023
Business type
AuM (£m)
Gross annualised 
revenue net of rebates 
(£’000)
Weighted average fee 
rate, net of rebates 
(bp)
Weighted average fee 
rate, net of rebates 
(bp)
Wholesale
1,887
9,992
53
60 
Institutional
639
2,397
38
37
Investment Trust
253
2,501
99
1033 
Total
2,779
14,890
54
59 
ANNUALISED REVENUE BREAKDOWN BY BUSINESS TYPE (AS AT 30 SEPTEMBER 2024) 
The reduction in fee rate for the wholesale funds business reflects the near €400m in additional fund assets that 
were raised as part of the “joint venture” with Compound Equity Group referenced earlier. As noted, initial founder 
assets for this joint venture (which include Jonathan Knowles own capital) have been onboarded at a low fee rate. 
Fee rates elsewhere for the Group’s open-ended funds have not moved significantly. 
This table excludes the Group’s interest in Parmenion which had assets under management or advice of £11.1bn, 
generating revenues of £43.2m as at 31 December 2023 (financial year end of Parmenion) and assets under 
management or advice of £13bn as at 31 December 2024. 
•	
Wholesale refers to the active equity assets which are held and managed in mutual funds distributed by the 
Group.
•	
Institutional refers to the active equity assets which are held and managed in separate accounts on behalf of 
institutional clients of the Group.
•	
Investment Trust refers to the active equity assets which are held and managed in investment trusts which are 
clients of the Group.
The following table shows the fee rates by business type as at financial year end September 2024 compared to that 
for the previous year:
3. Includes Ocean Dial Asset Management (acquired 2 October 2023) on a pro-forma basis

12
AssetCo plc | Report and Financial Statements 2024
3.	 STRATEGIC REPORT
INTRODUCTION
The Directors present their Strategic Report on the 
Group for the year ended 30 September 2024. 
REVIEW OF THE BUSINESS
A review of the business is contained in the 
Chairman’s statement on page 2 and in the 
Business Review on page 6 and is incorporated 
into this report by cross-reference.
STRATEGY
The Group’s strategy is to identify high-quality asset 
and wealth management businesses which can be 
added to the AssetCo stable and improved by working 
alongside our experienced management team to 
improve their capabilities, distribution and reach. 
Our key areas of focus include being a responsible 
company and manager, meeting the needs of clients 
and investors and to expand through a combination 
of selective acquisitions and organic growth. 
KEY PERFORMANCE INDICATORS (KPIs)
The financial key performance indicators for the year ended 30 September 2024 were as follows:
As at end September
2024
2023
Movement
Active Equities Assets under Management
£2,779m
£2,409m 
+£370m 
Total assets (balance sheet)
£60.5m 
£72.3m
-£11.8m
Annualised revenue4
£14.9m
£13.9m
+£1.0m
Profit/Loss for the year 
(i.e. including exceptionals and discontinued business)
-£2.5m
-£26.7m
+£24.2m
Operating profit/loss for continuing business 
excluding exceptionals5 for the year 
-£3.3m
-£7.7m
+£4.4m
Investment performance6 (1 year)
33%
49%
-16% points
Investment performance6 (3 year)
45%
81%
-36% points
Investment performance6 (5 year)
54%
53%
+1% points
4. Monthly revenue at date shown (which excludes Ocean Dial) annualised (i.e. x 12)
5. Operating profit/loss here is defined as revenue plus other income for continuing business less other administrative expenses but excluding exceptional and other 
one-off costs and exceptional gains/losses – see Notes 8 & 9. 
6. % active equity mutual fund AuM in 1st or 2nd quartile when compared to competitor funds in relevant Investment Association sectors.
Context for the movement in above KPIs is given in the Chairman’s Statement (in relation to profit and loss) and in 
the Business Review (in relation to the movement in AUM, annualised revenue and the investment performance). 
The reduction in total assets (balance sheet) follows mainly from the losses incurred during the year together with 
cash outflow relating to acquisitions (see note 22). 

13
 AssetCo plc | Report and Financial Statements 2024
3. STRATEGIC REPORT
ALTERNATIVE PERFORMANCE MEASURES (“APMS”) 
The Group uses non-GAAP APMs as detailed below to provide users of the annual report and accounts with 
supplemental financial information that helps explain its results, recognising the fact that certain acquired businesses 
may have contributed to the results for only part of the financial year.
The calculation of these APMs has been defined above; the reasons for their use are as follows:
APM
Reason for use
Assets under 
Management 
This is a standard industry measure of the scale of our active equity business. Revenues 
in that business are typically derived as a percentage of assets under management 
making it key to the profitability of the business. 
Annualised revenue
Given that AssetCo is in the business of acquiring and/or integrating businesses, this 
may occur at different points during the financial year. Consequently, the full year’s 
revenues as disclosed in the statutory accounts may not give a clear picture of what 
“business as usual” might look like. Annualised revenues, as defined, allow us to 
aggregate revenues across all business units and present a consolidated picture on 
a consistent basis. In practice, the actual outturn is dependent upon actual business 
experience during the year so this is not a forecast.
Operating profit/loss 
for continuing business 
excluding exceptionals 
for the year
Much as above, exceptional costs (such as those incurred in re-structuring or integrating 
business after acquisition) obscure the “business as usual” picture. Excluding them from 
operating profit/loss allows a better assessment of the underlying business profitability. A 
reconciliation of this number to statutory continuing operations operating loss is provided 
in note 8 of the financials.
Investment performance
Investment performance relative to competitor funds is a standard industry measure of 
the competitiveness of the investment funds marketed by the Group. One, three and five 
year measurement periods are considered representative.

14
AssetCo plc | Report and Financial Statements 2024
3. STRATEGIC REPORT CONTINUED
RISK MANAGEMENT AND 
INTERNAL CONTROLS
The Board is responsible for the Company’s system of 
internal controls and for reviewing the effectiveness of 
the Company’s risk management framework. 
During the reporting period, the Board has continued to 
review the Company’s risk management framework and 
maintains a risk register which assesses risks facing the 
Group. The Board regularly reviews the risk register and 
obtains assurance from the Executive Team as to the 
effectiveness of the risk management framework. 
The sale of loss-making businesses has allowed 
the Group to focus on its active equities business 
and has helped to strengthen the risk management 
framework following the integration of the Group’s 
operating businesses in line with its target operating 
model. The Group’s risk management framework 
is designed to manage rather than eliminate the 
risk of failure to achieve business objectives and 
can provide only reasonable and not absolute 
assurance against material misstatement or loss.
The Company has established procedures for planning 
and monitoring the operational and financial performance 
of the Group, as well as compliance with applicable laws 
and regulations. These procedures include: 
•	
clear responsibilities for financial controls and 
the production of timely financial management 
information; 
•	
the control of key financial risks through clearly laid 
down authorisation levels and proper segregation of 
accounting duties; 
•	
the regular review of business updates, cash flows 
and cash balances by management and the Board.

15
 AssetCo plc | Report and Financial Statements 2024
3. STRATEGIC REPORT CONTINUED
PRINCIPAL RISKS AND UNCERTAINTIES 
The Directors continuously monitor the business and markets to identify and deal with risks and uncertainties as 
they arise. Set out below are the principal risks which we believe could materially affect the Group’s ability to achieve 
its strategy. The risks are not listed in order of significance.
Risk
Responsibility and Principal Control
Profitability and Dividends
Profitability remains a key focus for the Group. Delays 
in profitability in the longer term could threaten the 
Group’s ability to trade on a going concern basis, 
impact the Board’s ability to fund growth and 
acquisitions as well as the ability to pay dividends.
Board/Executive Team
The exit from Rize and RMI, both loss making businesses, 
has helped the Group to focus its resources on its active 
equities business. The Group continues to cut costs. The 
Group is focused on achieving run-rate profitability and 
the Board monitors costs and cash management carefully 
to this end. In particular, cash forecasts are regularly 
provided to the Board for the purposes of monitoring 
the position against regulatory capital requirements.
Distribution
Corporate actions such as acquisitions and 
business re-structuring can disturb existing clients 
while discouraging new ones. The reduction in 
the overall size of the market for active equity 
asset management has also made increasing 
assets under management more difficult. 
Board/Distribution
Distributors and markets are carefully 
targeted and client relationships monitored 
to identify and mitigate the risk of loss. 
Performance and Product
Sustained under-performance or investment style 
drift could lead to client redemptions as could 
situations where a fund is considered out-of-date 
in its positioning or no longer fit for purpose. 
Board/Product/Investment Team
The Group continually monitors and develops its product 
suite to ensure that it remains competitive and attractive. 
The Investment Team, in conjunction with Investment Risk, 
continually monitor fund performance against targets, 
including style, taking corrective action where necessary.
Loss of Key People
The Group has managed most departures on a 
planned basis but going forwards will need to ensure 
continued retention of key staff if it is to manage 
client, consultant and regulatory expectations.
Board/Remuneration Committee
The Board reviews succession planning for all senior 
executives. Senior executives are subject to extended 
notice periods (between six and twelve months). The 
Group seeks to offer attractive terms as well as a 
flexible working environment. The Group operates a 
Restricted Share Plan and continues to examine ways 
to incentivise and retain senior partners and key staff.
Economic Conditions
As an equity specialist the business remains 
vulnerable to any material fall in equity markets.
Board/Executive Team
The Group seeks to manage an appropriate 
balance of fixed and variable costs. In the event of 
a sustained economic downturn, the Group would 
seek to take early action to cut fixed costs.
Systems and Controls
Operating multiple systems across multiple 
subsidiary and associate companies increases 
the risk of control failure. Managing multiple 
service providers also generates challenges.
Board/Operations
The Group has developed a detailed controls framework 
to create a consistent, harmonised approach. The 
Group has consolidated to a single operating model 
as well as seeking to rationalise service providers.

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AssetCo plc | Report and Financial Statements 2024
3. STRATEGIC REPORT CONTINUED
ENVIRONMENTAL SOCIAL AND GOVERNANCE 
In pursuing its strategy, the Company is committed 
to a responsible business approach that delivers 
positive outcomes and sustainable long-term value 
to its stakeholders. In this regard the Company has 
developed an Environmental Social and Governance 
policy (the “ESG Policy”).
We are committed to a responsible business approach 
that delivers positive outcomes and sustainable long-
term value to all our stakeholders and particularly to our 
clients. At the heart of this is our ESG Policy which is 
incorporated into all our decision-making processes. 
In framing our ESG Policy we are focused on our clients 
concerns and needs. We will endeavour to engage with 
our clients to understand and accommodate their ESG 
requirements in terms of the services we provide. 
Our ESG Policy is not static, it will continue to evolve 
as our business changes and we will continually look 
to improve our ESG Policy in the light of best market 
practice and the expectations of our stakeholders. 
ENVIRONMENTAL 
We strive to reduce the impact of our business 
activities on the environment. This includes 
reducing our energy, carbon, water and waste 
footprint as a business. The Company does not 
currently fall under the scope of Streamlined 
Energy and Carbon Reporting requirements.
SOCIAL 
We expect to be a responsible member of the 
community and a force for positive change. We 
endeavour to contribute to the community through 
philanthropic partnerships, paid internships and 
encouraging employee volunteering. 
GOVERNANCE 
Commensurate with the size of the AssetCo business, 
we embrace high standards of integrity, transparency 
and corporate governance. We foster a culture of 
inclusion, diversity of thought and background (including 
improving our gender balance) and equal opportunity 
across our business. We treat our staff with integrity 
and respect. We are a values-led business and look to 
attract, develop and retain the best talent. 
MEMBERSHIP AND REPORTING 
Our ESG agenda is supported by the activities 
of our operating businesses. This includes the 
adoption of the United Nations-backed Principles 
for Responsible Investment (“UNPRI”) by key 
subsidiaries and by becoming signatories to the 
UK Stewardship Code, to which both River Global 
Investors and SVM Asset Management have 
been accepted by the Financial Reporting Council 
(“FRC”) as signatories. A number of the investment 
products managed by River Global Investors have 
a clear ESG focussed investment process. 
We are continuing to evolve our ESG policies 
across the Group with the operation of a 
Sustainability and Stewardship Committee 
to oversee progress in this area. 
ACQUISITIONS AND SERVICE PROVIDERS 
Our strategy as a business is largely predicated on 
acquisitions. In terms of businesses acquired we will 
look to ensure that they have or adopt policies and 
initiatives which are consistent with our ESG Policy. 
Likewise, we expect all significant service providers to 
AssetCo and its businesses to have in place policies 
which are consistent with our ESG Policy.

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 AssetCo plc | Report and Financial Statements 2024
OUR STAKEHOLDERS: S.172 STATEMENT 
DUTY TO PROMOTE THE SUCCESS OF THE COMPANY
Section 172(1) of the Companies Act 2006 requires 
Directors to act in the way they consider, in good faith, 
would be most likely to promote the success of the 
Company for the benefit of its members as a whole, and 
in doing so have regard (amongst other matters) to: 
•	
the likely consequences of any 
decision in the long-term; 
•	
the interests of the Company’s employees; 
•	
the need to foster the Company’s business 
relationships with suppliers, customers and others; 
•	
the impact of the Company’s operations on 
the community and the environment; 
•	
the desirability of the Company 
maintaining a reputation for high 
standards of business conduct; and 
•	
the need to act fairly between 
members of the Company. 
This Section 172 Statement sets out how the Directors 
have discharged this duty. 
In order for the Company to succeed in the long-
term, the Board must build and maintain successful 
relationships with a wide range of stakeholders. The 
Board recognises that the long-term success of the 
Company is dependent on how it works with a number 
of important stakeholders. 
3. STRATEGIC REPORT CONTINUED
The Board’s decision-making process considers 
both risk and reward in the pursuit of delivering the 
long-term success of the Company. As part of the 
Board’s decision-making process, the Board considers 
the interests of a broad range of the Company’s 
stakeholders. The Board considers that its primary 
stakeholders are clients, employees, shareholders, 
suppliers and service providers, and regulators. 
The Board fulfils its duties in collaboration with the 
senior management team, to which day-to-day 
management has been delegated. The Board seeks 
to understand stakeholder groups’ priorities and 
interests. The Board listens to stakeholders through a 
combination of information provided by management 
and also by direct engagement where appropriate. The 
following overview provides further insight into how the 
Board has had regard to the interests of our primary 
stakeholders, while complying with its duty to promote 
the success of the Company in accordance with Section 
172 of the Companies Act 2006.

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AssetCo plc | Report and Financial Statements 2024
3. STRATEGIC REPORT CONTINUED
Our key stakeholders
How we engage with them
Clients
The Company through its 
subsidiaries aims to provide 
investment products that 
meet the needs of clients and 
put those needs first. 
Our distribution teams have a busy client engagement schedule and maintain 
contact with our clients through regular meetings, reporting and written 
communication. This helps us to understand our clients’ needs. 
Members of the senior management team meet directly with key clients to 
understand the views of our clients and to ensure that we continue to meet our 
clients’ expectations. 
Client engagement feeds into our regulated subsidiaries assessment that products 
and services are fit for purpose and offer fair value in line with the UK regulator’s 
consumer duty obligations. 
Employees
The Company’s employees 
are senior experienced 
professionals. It is of the 
utmost importance to the 
Board that we have a culture 
that attracts and retains 
talented employees. 
The Group’s senior management team is engaged directly with its operating 
subsidiaries and regularly participates in face-to-face meetings at management 
level where open discussion is encouraged. Our subsidiaries have strong 
leadership and management teams who engage with colleagues in a number 
of ways, including all employee calls and colleague network groups. 
We value our diverse workforce and seek inclusion at all levels, with colleague 
surveys providing actionable insights to how we can improve this. 
The senior management team has focussed on withdrawing from loss 
making businesses, the integration of newly acquired businesses into the 
Group and the restructuring of certain group functions to better align with 
business needs. During this process, due consideration has been given to 
all stakeholders, including colleagues, shareholders and our clients.
The Group is proud to support the development of colleagues 
through training, study leave and support as well as contributing to 
our community through the support of a number of charities.
Shareholders
The ongoing support of our 
shareholders is vital in helping 
us deliver our long-term 
strategic objectives. 
The Board engages with the Company’s shareholders in a number of ways which 
include the AGM and one-to-one meetings and telephone conversations. Our 
AGM allows shareholders the opportunity to engage directly with the Board. 
The Chairman, and CFOO regularly meet (in person and virtually) the Company’s 
major shareholders to discuss the financial performance of the Company. 
Matters discussed with shareholders include strategy, 
its execution and the generation of returns.

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 AssetCo plc | Report and Financial Statements 2024
3. STRATEGIC REPORT CONTINUED
Our key stakeholders
How we engage with them
Suppliers and service providers 
The Company places 
reliance on external third-
party suppliers and service 
providers for certain activities 
and services.
The Company is committed to the highest standards of business conduct. 
The selection process and engagement with these parties is undertaken by senior 
management. We ensure that there is an appropriate framework of oversight of 
our key third-party suppliers. Regular meetings are held with key third-party service 
providers and issues escalated to senior management where required. Material 
supplier selection is reported to the Board and significant issues or risks related to 
suppliers will be escalated to the Board.
As described above, a key focus has been on the integration of the newly acquired 
businesses into the Group. Suppliers and service providers have been reviewed by 
senior management during this period as part of this project. 
REGULATORS
The Group operates in the UK and is subject to the 
oversight of the Financial Conduct Authority. River 
Global Investors is also registered with the US Securities 
and Exchange Commission. We have a conduct-led 
culture that encourages our people to act with integrity 
at all times.
The Company is AIM listed and complies with the AIM 
Rules. We engage with our regulators through the 
Group’s legal and compliance function by way of regular 
mandatory reporting as well as any ad hoc interactions 
required by our regulators.
COMMUNITY AND THE ENVIRONMENT
Due regard is given to the impact of the Company’s 
operations on the community and environment through 
the activities of its subsidiaries overseen by the senior 
management team.
Sustainable investing is a key focus for the Group’s 
businesses. River Global and SVM are signatories to 
UNPRI and the FRC’s Stewardship Code. 
The Group aims to make an impact within the 
communities it operates in through supporting charitable 
activities undertaken by employees through a GAYE 
payroll scheme, volunteering leave, and colleague-
selected charity partners. The Group have also 
supported The Switch, an organisation providing Work 
Experience placements for students in Tower Hamlets 
for over 30 years to provide real life experiences of the 
world of work and to broaden career aspirations. 
Pages 12 to 19 constitute the strategic report which 
was approved by the Board on 5 March 2025 and 
signed on its behalf by;
Gary Marshall
Chief Financial and Operating Officer
5 March 2025
Company Registration Number: 04966347

20
AssetCo plc | Report and Financial Statements 2024
4.	 BOARD OF DIRECTORS
CHAIRMAN –
MARTIN GILBERT
Martin was appointed to the Board on 25 
January 2021 as the Company’s Chairman.
Martin Gilbert has a long history in asset and wealth 
management. He co-founded Aberdeen Asset 
Management PLC in 1983 and was chief executive 
officer from 1991 to 2017. During that period Aberdeen 
Asset Management PLC grew, through a combination 
of organic growth and strategic acquisition, to 
become one of the world’s leading independent 
asset managers with £308 billion of AUM. In 2017 
Aberdeen Asset Management PLC merged with 
Standard Life plc, to become Standard Life Aberdeen 
plc. On merging, Standard Life Aberdeen plc was the 
biggest UK-based asset management company and 
the second biggest in Europe. Martin was co-chief 
executive officer and subsequently vice chairman 
until he retired from Standard Life Aberdeen plc in 
September 2020. Martin is chairman of Revolut Ltd, 
Toscafund and an independent director of Glencore 
plc, alongside a number of other directorships. 
SKILLS AND COMPETENCIES
Martin brings substantial experience and knowledge 
of the financial services and asset management 
sector. He is an experienced leader, having been 
the CEO of Aberdeen Asset Management PLC. 
Martin’s breadth of experience in the financial 
services sector, understanding of the diverse issues 
faced when building an asset management group 
through acquisitions and his strong leadership style 
allow him to lead an effective Board and are vital to 
the Company’s long-term sustainable success.
CHIEF FINANCIAL AND OPERATING OFFICER – 
GARY MARSHALL
Gary was appointed to the Board on 11 
October 2022 as the Company’s Chief 
Financial and Operating Officer. 
Gary has worked in the financial services industry 
since 1983, initially in life assurance but for over 30 
years in asset management. He joined Aberdeen 
Asset Management PLC in 1997 following Aberdeen’s 
acquisition of Prolific Financial Management and held 
a variety of roles leading up to being Head of EMEA 
and UK Regions for Standard Life Aberdeen before 
retiring from that company in 2021. In his capacity 
as regional head, Gary served as Chief Executive for 
regulated operating subsidiaries based in UK and 
in Europe; he also served as Chief Executive and 
Head of Americas for Aberdeen from 2010 to 2014, 
based in Philadelphia. Gary brought a strong finance 
perspective to his previous roles and developed a 
deep understanding of the operational complexities 
of running a multinational asset management 
business from years spent managing and integrating 
acquired businesses. Gary is a qualified actuary. 
SKILLS AND COMPETENCIES
Gary has extensive asset management experience 
having held a number of senior roles in a large, 
well regarded asset management group. He has 
in-depth expertise in finance, operations and 
regulatory compliance. Gary’s operational expertise 
and his experience of integrating businesses 
is vital to the Group’s strategy and the long-
term sustainable success of the Company.

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 AssetCo plc | Report and Financial Statements 2024
3. BOARD OF DIRECTORS
SENIOR INDEPENDENT DIRECTOR 
AND CHAIRMAN OF THE 
REMUNERATION COMMITTEE – 
JONATHAN DAWSON 
Jonathan joined the Board as senior independent 
director on 15 June 2022 on completion of the 
acquisition of River and Mercantile Group PLC, where 
he had been chairman for a number of years. 
He is a graduate of the universities of St Andrews 
and Cambridge and started his career in the Ministry 
of Defence before joining Lazard, the investment 
bank, where he spent over 20 years. He left Lazard 
in 2005 and co-founded Penfida Limited, the leading 
independent corporate finance adviser to pension 
fund trustees which is now part of the XPS Group. 
Jonathan previously served as a non-executive 
director and chair of the remuneration committee 
of National Grid plc until July 2022. Other previous 
appointments include non-executive directorships 
of Galliford Try plc, National Australia Group Europe 
Limited and Standard Life Investments (Holdings) 
Limited. He also served as senior independent director 
of Next plc and Jardine Lloyd Thompson Group plc. 
SKILLS AND COMPETENCIES
Jonathan has significant financial services, pensions 
and non-executive experience. He brings innovative 
perspective and independent oversight to the Board. 
Jonathan’s breadth of experience, knowledge of 
the business of River and Mercantile and strong 
corporate governance expertise contribute to 
the effective operation of the Board and long-
term sustainable success of the Company.
NON-EXECUTIVE DIRECTOR 
AND CHAIRMAN OF THE AUDIT COMMITTEE –
TUDOR DAVIES 
Tudor was appointed to the Board on 23 
March 2011 and was Chair of AssetCo until 
the re-admission and change in April 2022 
when Martin Gilbert took over the role. 
Tudor has over 20 years of experience in the 
repositioning of several Plc’s, as Chair, Chief Executive 
and Non-Executive Director, and was formerly a partner 
with Arthur Young (a predecessor firm of Ernst & Young 
LLP) specialising in corporate finance and recovery. 
SKILLS AND COMPETENCIES
Tudor brings substantial experience to the 
Board and his knowledge of the turnaround of 
businesses allow him to bring a financial and 
strategic perspective to a broad range of subjects 
in support of the Board and its Committees.
NON-EXECUTIVE DIRECTOR – 
CHRISTOPHER MILLS
Christopher was appointed to the 
Board on 23 March 2011. 
Christopher is chief executive officer of Harwood 
Capital Management Limited and chief executive 
and investment manager of North Atlantic Smaller 
Companies Investment Trust plc. He relinquished his 
role as Chairman of the Audit Committee to Tudor 
Davies when the latter became non-executive.
SKILLS AND COMPETENCIES
Christopher has significant asset management 
experience, having established a successful 
asset management business, Harwood Capital. 
He is a highly regarded investor and draws on 
this experience in support of the Board.


GOVERNANCE

24
AssetCo plc | Report and Financial Statements 2024
5.	 DIRECTORS’ REPORT
INTRODUCTION
The Directors present their annual report and the 
audited consolidated financial statements of the 
Company and the Group for the year ended 30 
September 2024.
PRINCIPAL ACTIVITIES AND BUSINESS REVIEW 
The Company’s principal activity is to act as a 
holding company for a group of wealth and asset 
management companies. AssetCo plc is a public 
limited company registered and domiciled in England 
and Wales with registered number 04966347. The 
Company is listed on AIM and is subject to the 
AIM Rules. The Group operates principally in the 
United Kingdom. A review of the business is set out 
in the Strategic Report on pages 12 to 19, which 
is incorporated by reference into this report.
DIRECTORS
The Directors who were in office during the year, and 
up to the date of signing the financial statements, were 
as follows:
Martin Gilbert (Chairman)
Peter McKellar (Deputy Chairman) – resigned 
30 April 2024
Gary Marshall (CFOO)
Jonathan Dawson (Senior Independent Director)
Tudor Davies (Non-Executive) 
Christopher Mills (Non-Executive) 
The company secretary is Gordon Brough.
In accordance with best practice, all Directors will offer 
themselves for re-election at the AGM. 
RESULTS 
The financial statements are set out on pages 46 to 99.
DIVIDEND
Your Board decided against the payment of a dividend 
this year in light of adverse trading conditions.
CAPITAL STRUCTURE
The primary objective of the Company’s capital 
management is to ensure that capital is available to 
allocate to the business that maximises shareholder 
value. The proposed share reorganisation is intended to 
assist with this by better aligning shareholders interests 
with the Group’s two main business interests. 
Full details of the authorised and issued capital, together 
with details of the movements in the Company’s issued 
share capital during the year, are shown in note 30. 
FINANCIAL RISK MANAGEMENT
See note 3 to the financial statements.
RESEARCH AND DEVELOPMENT 
No expenditure has been incurred during the year in 
respect of the Group’s own research and development 
activities.
FUTURE DEVELOPMENTS
The outlook for the Group is set out in the Chairman’s 
Statement.

25
 AssetCo plc | Report and Financial Statements 2024
5. DIRECTORS’ REPORT
DIRECTORS’ SHAREHOLDINGS AND INTERESTS
The beneficial interests of the Directors in the shares of the Company were as follows: 
At 30 September 2024 
No.
At 30 September 2023 
No.
Martin Gilbert
8,892,500
7,283,300
Peter McKellar7
3,938,410
3,938,410
Gary Marshall
414,592
414,592
Jonathan Dawson 
347,810
347,810
Tudor Davies8
2,073,920
2,073,920
Christopher Mills9
26,964,500
20,638,420
7. Resigned 30 April 2024
8. Tudor Davis has been treated as being interested in shares held by Cadoc Limited, a company of which he is a director, but which is controlled by other members 
of his family.
9. Christopher Mills, as chief executive and a member of Harwood Capital LLP, is deemed to have an interest in the 26,964,500 shares owned by various funds 
associated with Harwood Capital LLP.
No Director had a material interest in any significant contract (other than a service contract) with the Company or 
any subsidiary company at any time during the year. 
CONFLICTS OF INTEREST
A director has a statutory duty to avoid a situation in which they have or could have a conflict of interest or possible 
conflict with the interests of the Company. 
The Company has adopted a policy relating to the handling by the Company of matters that represent conflicts of 
interest or possible conflicts of interest involving the directors. Where a conflict of interest or potential conflict of 
interest is identified, only directors that are not involved in the conflict or potential conflict may participate in any 
discussions or authorisation process. 
SUBSTANTIAL SHAREHOLDINGS 
At 28 February 2025 the company secretary has been notified, in accordance with Chapter 5 of the Disclosure 
Guidance and Transparency Rules sourcebook as issued by the Financial Conduct Authority, of the following 
interests in 3% or more in the ordinary share capital of the Company:
No. of shares
% of issued 
share capital
Harwood Capital LLP 
26,964,500
18.7%
Punter Southall Group Ltd 
12,745,800
8.8%
Martin Gilbert
8,892,500
6.2%
Hargreaves Lansdown Asset Management Limited
8,497,458
5.9%
Somers
7,170,960
4.9%
A J Bell Securities
5,272,306
3.7%
Dowgate Capital
5,144,654
3.5%
Interactive Investor
4,456,828
3.1%
 

26
AssetCo plc | Report and Financial Statements 2024
5. DIRECTORS’ REPORT CONTINUED
SHARE BUY-BACK 
At the annual general meeting in 2024, the Company 
was granted the authority by its shareholders 
to buy back its own shares up to a maximum 
of 14,247,407. The Company did not exercise 
this authority during the financial period under 
review. However the Company holds 5,354,770 
shares in treasury from previous purchases. 
POLITICAL DONATIONS 
The Group made no political donations or contributions 
during the year.
ENERGY AND CARBON REPORTING
The Company does not currently fall under the 
scope of Streamlined Energy and Carbon Reporting 
requirements.
BUSINESS COMBINATIONS AND DISPOSALS 
Business combinations and disposals during the year 
are discussed in note 22. 
POST BALANCE SHEET EVENTS 
Three notable events took place following the year 
end which are described in note 35 (“Post Balance 
Sheet Events”) being a revision to the lease for London 
premises, consolidation of service provision and the 
issue of a circular to shareholders in AssetCo plc 
recommending a share re-organisation and the re-
naming of the Company to River Global PLC.
GOING CONCERN
The Group is currently loss making, albeit with a 
trajectory that evidences improving operational losses 
over time and which affords a pathway to profitability. 
Against this background, the Directors have given 
careful consideration to the going concern assumption 
on which the Group’s accounts have been prepared. 
Having carefully considered the Group’s operational 
and regulatory cash requirements, the Directors have 
concluded that the Group has adequate financial 
resources to continue operating for the 12 months 
from the date of signing these financial statements. 
On that basis the Directors have continued to adopt 
the Going Concern basis of accounting in preparing 
the consolidated Group and Company accounts. 
Further detail is set out in note 2 to the accounts. 
STATEMENT OF DIRECTORS’ 
RESPONSIBILITIES IN RESPECT OF THE 
FINANCIAL STATEMENTS
The Directors are responsible for preparing the Annual 
report and the financial statements in accordance with 
applicable law and regulation.
Company law requires the Directors to prepare financial 
statements for each financial year. Under that law the 
Directors have prepared the Group and the Company 
financial statements in accordance with UK-adopted 
international accounting standards.
Under company law, directors must not approve the 
financial statements unless they are satisfied that 
they give a true and fair view of the state of affairs of 
the Group and Company and of the profit or loss of 
the group for that period. In preparing the financial 
statements, the Directors are required to:
•	
select suitable accounting policies and 
then apply them consistently;
•	
state whether applicable UK-adopted international 
accounting standards have been followed, 
subject to any material departures disclosed 
and explained in the financial statements;
•	
make judgements and accounting estimates 
that are reasonable and prudent; and
•	
prepare the financial statements on 
the going concern basis unless it is 
inappropriate to presume that the Group 
and Company will continue in business.
The Directors are responsible for safeguarding the 
assets of the Group and Company and hence for taking 
reasonable steps for the prevention and detection of 
fraud and other irregularities.
The Directors are also responsible for keeping adequate 
accounting records that are sufficient to show and 
explain the Group’s and Company’s transactions and 
disclose with reasonable accuracy at any time the 
financial position of the Group and Company and enable 
them to ensure that the financial statements comply 
with the Companies Act 2006.

27
 AssetCo plc | Report and Financial Statements 2024
5. DIRECTORS’ REPORT CONTINUED
The Directors are responsible for ensuring the annual 
report and the financial statements are made available 
on a website. Financial statements are published on 
the company’s website in accordance with legislation 
in the United Kingdom governing the preparation 
and dissemination of financial statements, which 
may vary from legislation in other jurisdictions. The 
maintenance and integrity of the company’s website 
is the responsibility of the Directors. The Directors 
responsibility also extends to the ongoing integrity of the 
financial statements contained therein.
DIRECTORS’ CONFIRMATIONS
In the case of each Director in office at the date the 
Directors’ report is approved:
•	
so far as the Director is aware, there is no relevant 
audit information of which the Group’s and 
Company’s auditors are unaware; and
•	
they have taken all the steps that they ought to have 
taken as a Director in order to make themselves 
aware of any relevant audit information and to 
establish that the Group’s and Company’s auditors 
are aware of that information.
DIRECTORS’ LIABILITY INSURANCE 
The Company has entered into deeds of indemnity for 
the benefit of each Director of the Company in respect 
of liabilities to which they may become liable in their 
capacity as director of the Company and any company 
in the Group. Those indemnities are qualifying third 
party indemnity provisions for the purposes of S. 234 
of Companies Act 2006 and have been in force from 
15 April 2022 (or, if later, the date of the Director’s 
appointment) up to the date of approval of the financial 
statements and will continue to be in force.
INDEPENDENT AUDITORS 
During the year the incumbent auditors BDO LLP 
were replaced by approval of the Board with Moore 
Kingston Smith LLP. In accordance with section 
489(4) of the Companies Act 2006, a resolution 
to reappoint Moore Kingston Smith LLP will be 
proposed at the annual general meeting.
CORPORATE GOVERNANCE 
The Company’s statement of corporate governance 
can be found on pages 28 to 33 of these financial 
statements. The Corporate Governance Statement 
forms part of this Report of the Directors and 
is incorporated by cross-reference. The Board 
confirms that it has complied with the requirements 
of the Quoted Companies Alliance Corporate 
Governance Code for small and mid-sized publicly 
traded companies, save as disclosed below. 
ANNUAL GENERAL MEETING 
The resolutions to be proposed at the forthcoming 
Annual General Meeting are set out in the formal notice 
of the meeting as set out on pages 100 to 105. 
RECOMMENDATION 
The Board considers that the resolutions to be 
proposed at the Annual General Meeting are in the 
best interests of the Company and it is unanimously 
recommended that shareholders support these 
proposals as the Board intends to do in respect of their 
own holdings. 
APPROVAL OF ANNUAL REPORT 
The Corporate Governance Report, the Strategic Report 
and the Directors’ Report were approved by the Board 
on 5 March 2025.
By order of the Board 
Gary Marshall 
Chief Financial and Operating Officer
5 March 2025 
Company Registration Number: 04966347

28
AssetCo plc | Report and Financial Statements 2024
6.	 CORPORATE GOVERNANCE REPORT
Dear Shareholder,
The Board recognises the value of good corporate 
governance in ensuring the long-term sustainable 
success of the Company. In accordance with AIM 
Rule 26, the Company chooses to report against the 
Quoted Companies Alliance Corporate Governance 
Code for small and mid-sized publicly traded companies 
(the “QCA Code 2018”). The QCA has implemented a 
number of enhancements to its Code which will apply 
from next year and we expect to report on these in next 
year’s Accounts.
The following Report sets out the Company’s 
governance arrangements and describes how the 
ten principles of the QCA Code have been addressed 
and provides the disclosures indicated by the Code. 
The Board has reviewed the Corporate Governance 
disclosures and believes that the Group complies with 
the principles and disclosures required by the QCA 
Code, except as otherwise disclosed below.
Martin Gilbert
Chairman
5 March 2025
QCA CODE COMPLIANCE
The Company has adopted the QCA Code. The 
disclosures below describe in detail how we have 
applied the QCA Code and where our practices differ 
from the expectations of the QCA Code. A formal 
statement on our compliance with the QCA Code is set 
out in the Directors’ Report at page 24.
1.	 Establish a strategy and business model which 
promote the long term value for Shareholders 
The Business Review set out on page 6 and 
Strategic Report set out on page 12 describe 
the business model and business objectives 
which when read with the Chairman’s Statement 
describe the past year’s activity and the desired 
future prospects of the Group. Further detail of the 
strategy is included in the Directors’ Report. The 
principal risks and uncertainties which may impact 
the Group’s ability to achieve its strategy are set out 
on page 15. 
2.	 Seek to understand and meet Shareholders’ 
needs and expectations
The Company, through its Chairman, has regular 
contact with its institutional Shareholders to 
understand their needs and expectations. 
Christopher Mills is the CEO of the company’s 
largest shareholder and where appropriate provides 
feedback to the Board on that shareholder’s view of 
the Company’s performance. The Board supports 
the principle that the Annual General Meeting should 
be used to communicate with private Shareholders 
and encourages them to participate. 
	
Shareholders can access corporate, regulatory, 
news and share capital information on the 
Company’s website at www.assetco.com. Enquiries 
can be directed to the Board using the corporate 
e-mail: info@assetco.com
3.	 Take into account wider stakeholder and social 
responsibilities and their implications for long 
term success
Details of the Board’s consideration of its 
stakeholders is set out on pages 17 to 19 
(Section 172 Statement). 
4.	 Embed effective risk management, considering 
both opportunities and threats, throughout the 
organisation
The Board considers regularly the risks relating to 
the Company’s activities. 
	
Details of the current risks and uncertainties facing 
the Company are set out in the Strategic Report on 
pages 12 to 19 of this document. 
	
Details of the approach to internal controls and 
risk management are also set out in the Strategic 
Report. The Company does not currently have 
an internal assurance function and has appointed 
a third party to undertake this work on a case-
by-case basis. The Board will continue to review 
the risk management framework and assess its 
effectiveness. 
 
5.	 Maintain the Board as a well-functioning 
balanced team led by the Chair 
	
The composition of the Board is considered to be 
appropriate in terms of the current development 
of the Company’s business strategy. There is an 
appropriate balance between executive and non-
executive directors, one of which was considered by 
the board to be independent during the accounting 
period. There are four Board Committees. The 
terms of reference for each is available on the 
Company’s website at www.assetco.com. 

29
 AssetCo plc | Report and Financial Statements 2024
6. CORPORATE GOVERNANCE REPORT
	
Details of meeting frequency and attendance are 
set out below. All Board members are expected to 
attend the Company’s regular board meetings and 
relevant Board Committee meetings and to ensure 
that they have sufficient time to allocate to their 
role. Each Board member has confirmed that he 
has sufficient time to perform the role effectively. 
6.	 Ensure that between them the Directors have 
the necessary up-to-date skills and capabilities 
	
The Directors (biographical details in respect 
of which are set out on pages 20 to 21 of this 
document) have a wide range of qualifications and 
expertise which is considered appropriate in terms 
of the implementation of the Company’s strategy. 
The Board fosters an attitude of independence of 
character and judgement. The Company Secretary 
advises the Board on all governance matters. All 
Directors have access to the Company Secretary 
and the General Counsel’s services and advice. 
While the Board is satisfied that its Directors have 
the appropriate skills and expertise, no disclosure is 
provided detailing the steps Directors take to keep 
their skills up to date. The Board values diversity 
and expects to improve its gender balance once 
financial conditions improve.
7.	 Evaluate Board performance based on 
clear and relevant objectives, seeking 
continuous improvement
	
The Board has been focussed on the 
implementation of the Company’s strategy and the 
completion of several corporate transactions. In the 
circumstances, the Board has not undertaken a 
formal evaluation process of its effectiveness during 
the period but expects to do so later in 2025.
8.	 Promote a corporate culture that is based on 
ethical values and behaviours
	
The Board, in developing the Company through 
the implementation of its strategy, will promote 
a positive corporate culture, and desired ethical 
behaviours within the Company, and communicate 
these across the Group. Integrity is key to the 
Group’s success and is fundamental to the 
development of a conduct led culture across the 
Group. The Group has a suite of policies which 
underpin the Board’s expectations of ethical values 
and behaviours which it seeks to promote across 
the business. In order to do so, the Group employs 
a series of measures including the embedding 
of conduct and ethical standards within training 
modules which are required to be undertaken by 
all employees and regular “all hands” briefings 
where cultural values are reinforced, examples 
of the Board’s expectations showcased, and 
achievements celebrated. The Collective Network 
has been established as an informal network for 
staff promoting ethical values and celebrating 
diversity and inclusion: it reports on events and 
business updates monthly.
9.	 Maintain governance structures and processes 
that are fit for purpose and support good 
decision-making by the Board 
	
The Board is responsible for the Company’s 
system of internal controls and reviewing its 
effectiveness. The procedures for planning and 
monitoring the operation and performance of 
the Company, as well as its compliance with 
applicable law and regulations, are set out below 
under “Corporate Governance”. The Board has 
formally approved a schedule of matters reserved 
for the Board and requires various matters to be 
escalated from its operating subsidiaries. The role 
of Executive Chairman and Senior Independent 
Director is clearly understood and is operating 
satisfactorily, further disclosure will be included 
on the Company’s website in due course.
10.	Communicate how the Company is governed 
and is performing by maintaining a dialogue with 
Shareholders and other relevant stakeholders
	
The principal method of communicating the 
Company’s corporate governance process and 
principles is the Annual Report which is being 
sent directly to Shareholders and is available on 
the Company’s website at www.assetco.com. 
The Annual General Meeting also provides an 
opportunity for Shareholders to address corporate 
governance matters. Details of the role of the 
Board’s committees and work undertaken is 
described below.

30
AssetCo plc | Report and Financial Statements 2024
6. CORPORATE GOVERNANCE REPORT CONTINUED
CORPORATE GOVERNANCE 
LEADERSHIP AND STRATEGY
The Board is responsible for matters of strategy, 
performance, budgeting and resources as well as 
setting standards of conduct and accountability. The 
Board has delegated authority for the day to day running 
of the business to the Senior Executive Team.
The Board has provided the Group with entrepreneurial 
leadership and is responsible for the long-term 
sustainable success of the Company for the benefit 
of its shareholders. The Board has regard for its 
other stakeholders, including employees, clients, 
shareholders, suppliers and service providers and 
regulatory authorities. Further detail of this is set out in 
the Section 172 Statement on pages 17 to 19. 
During the period, the Board has focussed on the 
development and execution of the Company’s 
strategy. A significant focus has been on the 
development of, and execution of, acquisition 
opportunities, the integration of those businesses 
and the reduction of costs in those businesses. 
The Board has reviewed and challenged the annual 
budget during the period. The Board receives regular 
reports on the progress of the implementation of cost 
reduction strategies and the integration of the active 
equity businesses onto a single operating model. The 
Board regularly reviews the resources required for the 
Group’s size and complexity. 
BOARD COMPOSITION 
The Board comprises two Executive Directors and three 
Non-Executive Directors. 
No individual or group of individuals dominate the Board 
or its decision making.
The Board considers Jonathan Dawson to be an 
independent director for the purposes of the QCA Code 
during the reporting period. Jonathan Dawson is the 
Senior Independent Director. 
Details of the skills and competencies brought by each 
Director are set out below their respective biographies 
(see pages 20 to 21). 
All Directors are required to stand for re-election on 
an annual basis at the Company’s annual general 
meeting in accordance with the Company’s Articles of 
Association. 
The Board, through the Nomination Committee, will 
continue to review the Board’s composition to ensure 
that the skills and experience of Directors support the 
growth of the Company and the achievement of its 
strategic objectives. In doing so, Board diversity will be 
actively considered.
The Board has determined that it has the appropriate 
balance of skills and experience to enable it to effectively 
lead the Company.
BOARD AND COMMITTEE ATTENDANCE 
During the year, the Board held six scheduled meetings, which included meetings to approve specific 
transactions as well as meetings to approve the Company’s full and half year results. Board and Committee 
Member attendance at meetings is set out below:
BOARD ATTENDANCE
Director
Board
Audit
Remuneration
Nominations
Martin Gilbert
6/6
n/a
1/2
0/0
Christopher Mills
4/6
3/5
1/2
0/0
Jonathan Dawson
6/6
5/5
2/2
0/0
Gary Marshall
6/6
n/a
n/a
n/a
Tudor Davies
5/6
5/5
2/2
0/0

31
 AssetCo plc | Report and Financial Statements 2024
6. CORPORATE GOVERNANCE REPORT CONTINUED
COMMITMENT
The Board requires all Directors to devote sufficient 
time to their duties and use their best endeavours to 
attend all meetings. The Directors’ appointment letters 
or service contracts (as applicable) set out a minimum 
time commitment, which for a non-executive director 
includes attendance at six board meetings per annum, 
attendance at the AGM and additional meetings as 
required. The Board is satisfied that each Director has 
sufficient time to undertake their duties effectively.
GOVERNANCE FRAMEWORK
The Company, consistent with the early stages of 
the implementation of its business strategy, has a flat 
management structure. 
The terms of reference of each Board Committee has 
been reviewed, updated and approved. 
The Board continues to review the governance 
arrangements across the Group which are evolving as 
part of the consolidation and integration work following 
the completion of acquisitions.
OPERATION OF THE BOARD
The Board meets regularly: typically six times a year 
and on an ad-hoc basis to consider specific items of 
business as the need arises. 
The Chairman, in conjunction with the Executive 
Directors and Company Secretary, sets the agenda 
for each Board meeting. Management information 
is delivered ahead of each Board meeting and a 
comprehensive set of papers is circulated before Board 
meetings. The decisions of the Board are formally 
minuted. 
All Directors have access to the Company Secretary’s 
services and advice.
On certain matters in the year, the Board has sought 
external advice. 
CONFLICTS OF INTEREST
The Board takes action to identify and manage conflicts 
of interest. Where conflicts of interest arise, the relevant 
Director would declare their interest in the matter and 
recuse themselves from the discussion and any related 
decision. 
DELEGATION OF AUTHORITY 
The Board is responsible for setting strategy, purpose 
and the direction of the Company. The Board has 
delegated to the Senior Executive Team authority for the 
day to day running of the business and specific authority 
(as set out in the terms of reference of each committee) 
to the Audit, Remuneration, Nomination and Disclosure 
Committees (the “Committees”). The remit of each 
Committee is described below. 

32
AssetCo plc | Report and Financial Statements 2024
6. CORPORATE GOVERNANCE REPORT CONTINUED
AUDIT COMMITTEE
COMMITTEE COMPOSITION
The Audit Committee comprises all the Non-Executive 
Directors and is chaired by Tudor Davies. The 
Committee members have a mix of financial and sector 
experience. The Committee received information and 
support from the Executive Directors as well as the 
Company Secretary in performing its duties.
THE COMMITTEE’S RESPONSIBILITIES
The Audit Committee is focused on the key areas of 
financial integrity, internal controls and risk management. 
This includes: 
•	
review of the financial statements 
and Annual Report; 
•	
consideration of the external audit report 
and management representation letter; 
•	
going concern review; 
•	
review of the audit plan and audit engagement letter; 
•	
review of the auditor’s fees and non-audit services;
•	
review of the risk management and internal controls; 
•	
review of the interim results; and 
•	
meetings with the auditors with and 
without management present. 
The Audit Committee monitors the relationship with the 
auditors, Moore Kingston Smith LLP, to ensure that the 
auditors’ independence and objectivity are maintained. 
As part of its review the Committee monitors the 
provision of non-audit services by the external auditors. 
The auditors prepare an audit plan for the full-year 
financial statements. The audit plan sets out the 
scope of the audit, areas of special focus and audit 
timetable. This plan is reviewed and agreed in advance 
by the Audit Committee. Following the audit of the 
annual financial statements, the auditors present 
their findings to the Audit Committee for discussion. 
Matters of material estimates and judgement are 
regularly discussed and are detailed in note 4; ‘Critical 
accounting estimates and judgements’.
REVIEW OF ACTIVITIES DURING THE YEAR 
During the year ended 30 September 2024 the Audit 
Committee met five times. The Committee considered: 
•	
Proposals regarding a change in Auditor including 
potential candidates and candidate submissions
•	
The Auditor’s year-end audit plan;
•	
The annual report and financial statements for the 
year-ended 30 September 2023 and the interim 
results for the current period to ensure they were 
fair, balanced and understandable;
•	
Significant accounting judgments and estimates;
•	
Risk management reporting
•	
Internal control systems
•	
Cost reduction proposals
•	
Going concern;
•	
Impairments of investments, goodwill and other 
assets; and 
•	
Acquisition accounting for Ocean Dial Asset 
Management Limited.

33
 AssetCo plc | Report and Financial Statements 2024
6. CORPORATE GOVERNANCE REPORT CONTINUED
REMUNERATION COMMITTEE
COMMITTEE COMPOSITION
The Remuneration Committee comprises all the Non-
Executive Directors and is chaired by Jonathan Dawson. 
As the Company is not listed on the Main Market, it 
is not subject to the requirements of the Large and 
Medium-sized Companies and Groups (Accounts and 
Reports) (Amendment) Regulations 2013.
THE COMMITTEE’S RESPONSIBILITIES
The Remuneration Committee is tasked with ensuring 
that Directors and senior employees are provided with 
an appropriate package of incentives and rewards that 
align personal reward with increased shareholder value 
over both the short and longer term. This includes:
•	
Determining the framework or policy for 
remuneration for the Company’s Executive 
Directors and senior management;
•	
Setting targets for any performance 
related pay schemes;
•	
Overseeing any long term incentive 
share schemes; and 
•	
Overseeing major changes in 
employee benefit structures. 
REVIEW OF ACTIVITIES DURING THE YEAR
During the year ended 30 September 2024 the 
Remuneration Committee met twice. The Committee 
considered matters related to compensation terms for 
existing and new employees, variable compensation 
awards and severance terms. 
NOMINATIONS COMMITTEE
COMMITTEE COMPOSITION
The Nomination Committee comprises all the Non-
Executive Directors and is chaired by Martin Gilbert.
THE COMMITTEE’S RESPONSIBILITIES
The Nomination Committee is responsible for reviewing 
the structure, size and composition of the Board and 
identifying and nominating, for the approval of the 
Board, candidates to fill vacancies on the Board as and 
when they arise. This includes:
•	
Responsibility for identifying and nominating for 
approval of the Board candidates to fill Board 
vacancies;
•	
Evaluating the balance of skills, knowledge and 
experience on the Board;
•	
Considering succession planning for directors and 
senior executives; and
•	
Reviewing the time requirements for Board 
positions.
REVIEW OF ACTIVITIES DURING THE YEAR
The Nomination Committee did not meet during the 
year.
DISCLOSURE COMMITTEE
The Disclosure Committee is responsible for determining 
whether information concerning the Company or its 
shares constitutes inside information which should be 
disclosed to the market and includes the timing of such 
disclosures and the approval of the content of such 
disclosures. The Disclosure Committee is comprised of 
Martin Gilbert, Peter McKeller (resigned 30 April 2024), 
Gary Marshall and Gordon Brough, the Company’s 
general counsel. The Disclosure Committee meets on 
an ad-hoc basis as required. 
The terms of reference for each Committee is 
available on the Company’s website at www.
assetco.com. The entity has taken the exemption 
from SECR disclosures given the size, and has 
not reported on scope 1, 2 or 3 emissions.
The Committees are provided with sufficient 
resources to discharge their duties, including 
access to external advisers where required.

34
AssetCo plc | Report and Financial Statements 2024
7.	 REMUNERATION 
	
COMMITTEE REPORT
The following represents the Directors’ Remuneration 
Report for the year to 30 September 2024. As the 
Company is listed on the Alternative Investment 
Market (‘AIM’) we have a number of obligations 
regarding disclosure which are covered in full in this 
report and elsewhere. Our aim is to demonstrate that 
our remuneration policy is aligned to the needs of 
the business and attuned to shareholders’ interests 
by promoting the long-term success of the firm and 
delivery of its strategic plan.
COMMITTEE COMPOSITION
The Remuneration Committee comprises all the Non-
Executive Directors and is chaired by Jonathan Dawson. 
THE COMMITTEE’S RESPONSIBILITIES
The Remuneration Committee is tasked with ensuring 
that Executive Directors and senior employees are 
provided with an appropriate package of incentives 
and rewards that align personal reward with increased 
shareholder value over both the short and longer term. 
This includes:
•	
Determining the framework or policy for 
remuneration for the Company’s Executive 
Directors and senior management;
•	
Setting targets for any performance related 
pay schemes;
•	
Overseeing any long-term incentive share 
schemes; and 
•	
Overseeing major changes in employee 
benefit structures.
COMPENSATION AND BENEFIT STRUCTURE
The Group’s main compensation and benefit 
arrangements are broadly common across all 
employees. The components are:
FIXED PAY
Basic Salary which is paid monthly in arrears.
BENEFITS
The Group provides access to a range of core and 
flexible benefits. Whilst the intention is to harmonise 
these across the Group we currently operate a small 
number of pension arrangements: a contributory 
pension scheme of 5% of basic salary with Company 
matching, a non-contributory scheme of 10% of basic 
salary, or an equivalent allowance. Insured benefits 
consisting of Life Assurance (typically 4x basic salary) 
and Income Protection (typically 66.67% of basic salary) 
are also part of the core benefits offering. Employees 
benefit from 30 days annual leave, in addition to public 
holidays, and can elect to opt in to private medical 
insurance for themselves with the opportunity to add 
dependants at their own cost.
DISCRETIONARY BONUS
A discretionary cash bonus is considered at the 
financial year end. Consideration includes the Group’s 
overall performance along with delivery of individual 
performance against objectives including contribution 
to team and approach to risk management. Partners 
and employees of River Global Investors LLP, who 
comprise the portfolio management team of one of 
the main equity asset management subsidiaries of the 
Group, instead participate in a profit share arrangement 
which allocates a fixed percentage of revenues from the 
portfolios that they manage to a profit sharing pool from 
which all salaries and any discretionary bonus is paid 
once certain allocated costs have been deducted. A 
somewhat similar revenue sharing arrangement applies 
for certain other portfolio managers.
ANNUAL SALARY REVIEW
The Group has remained loss making throughout the 
year and, accordingly, it was determined that targeted 
increases would only be awarded to individuals who 
had taken on additional responsibilities or to better align 
them with market/peer group comparators.
DISCRETIONARY BONUS
Recognising the challenging operating conditions, 
discretionary bonuses were awarded only to a targeted 
number of employees either in recognition of an 
exceptional contribution or to motivate and retain key 
individuals. For more junior staff an award of (typically) 
£1,000 was made to reflect the efforts and contribution 
to change made across the organisation during the year.

35
 AssetCo plc | Report and Financial Statements 2024
7. REMUNERATION COMMITTEE REPORT
RESTRICTED SHARE PLAN
The Company announced the adoption of a Restricted Share Plan at the beginning of November 2023. The Plan 
is designed primarily with longer term retention of critical staff in mind and recognises the fact that the challenging 
operating conditions provide limited scope for other more immediate rewards. It is intended to be both simple 
and transparent, without pre-conditions that are either complex to measure or monitor, or capable of becoming 
misaligned with a developing business. The simple incentive of alignment with a rising share price was considered 
to be the most compelling performance incentive. There have been no new awards under the Restricted Share Plan 
during the year. The Committee has considered terms for those retiring or exiting employees who were previously 
awarded restricted shares as the need has arisen.  
DIRECTORS’ REMUNERATION FOR THE YEAR ENDED 30 SEPTEMBER 2024
Director
Salary
£
Pension
£
Bonus
£
Total
£
LTIP/Share plan
£
Martin Gilbert
23,333 
–
–
23,333 
–
Peter McKellar
23,333 
–
–
23,333 
–
Gary Marshall10
125,000 
12,500 
–
137,500 
61,000
Jonathan Dawson
40,000 
–
–
40,000 
–
Tudor Davies
40,000 
–
–
40,000 
–
Christopher Mills
40,000 
–
–
40,000 
–
10. Full time employee.
An IFRS 2 accounting charge of £61,000 (2023: £9,000) was accrued in the year ended 30 September 2024 
relating to the portion of the Restricted Share Plan awarded in November 2023 to Gary Marshall.

36
AssetCo plc | Report and Financial Statements 2024
8.	 INDEPENDENT AUDITORS’ REPORT 	
	
TO THE MEMBERS OF ASSETCO PLC
OPINION
We have audited the financial statements of AssetCo 
plc (the ‘Parent Company’) and its subsidiaries (the 
‘Group’) for the year ended 30 September 2024 which 
comprise the Consolidated Income Statement, the 
Consolidated Statement of Comprehensive Income, 
the Consolidated and Company Statements of 
Financial Position, the Consolidated and Company 
Statements of Changes in Equity, the Consolidated 
and Company Statements of Cash Flows and notes 
to the financial statements, including significant 
accounting policies. The financial reporting framework 
that has been applied in the preparation of group and 
parent company financial statements is applicable 
law and UK adopted International Accounting 
Standards, and as regards the parent company 
financial statements, as applied in accordance 
with the provisions of the Companies Act 2006. 
In our opinion:
•	
the financial statements give a true and fair view 
of the state of the Group’s and of the parent 
Company’s affairs as at 30 September 2024 and of 
the Group’s loss for the year then ended;
•	
the Group financial statements have been 
properly prepared in accordance with UK adopted 
International Accounting Standards;
•	
the parent Company financial statements have been 
properly prepared in accordance with UK adopted 
International Accounting Standards and as applied 
in accordance with the provisions of the Companies 
Act 2006; and 
•	
the financial statements have been prepared 
in accordance with the requirements of the 
Companies Act 2006.
BASIS FOR OPINION
We conducted our audit in accordance with International 
Standards on Auditing (UK) (ISAs (UK)) and applicable 
law. Our responsibilities under those standards are 
further described in the Auditor’s Responsibilities for the 
audit of the financial statements section of our report. 
We are independent of the Group in accordance with 
the ethical requirements that are relevant to our audit 
of the financial statements in the UK, including the 
FRC’s Ethical Standard as applied to listed entities, 
and we have fulfilled our other ethical responsibilities 
in accordance with these requirements. We believe 
that the audit evidence we have obtained is sufficient 
and appropriate to provide a basis for our opinion. 
AN OVERVIEW OF THE SCOPE OF OUR AUDIT
Our Group audit adopted a risk-based approach 
after obtaining an understanding of the Group and 
its environment, including the Group’s system of 
internal control, and assessing the risks of material 
misstatement in the financial statements. We conducted 
individual statutory audits on the significant components 
included in the consolidation. These audits were 
performed to their own individual materiality, either by 
the group audit engagement team or by component 
audit teams under the direction of the respective 
Responsible Individuals. The results of these audits were 
considered in forming our opinion on the group financial 
statements.
For the significant components within our audit scope, 
we evaluated the controls in place by performing 
walkthroughs over the financial reporting systems 
identified as part of our risk assessment. We also 
reviewed the accounts production process and 
addressed critical accounting matters. We then 
undertook substantive testing on significant classes of 
transactions and material account balances.
For non-significant components that were not subject 
to their own statutory audit, we performed sufficient 
substantive analytical review and other procedures 
as considered necessary to enable us to express our 
opinion on the Group financial statements. 
We also addressed the risk of management override 
of internal controls across all entities within the scope 
of our audit, including assessing whether there was 
evidence of bias by the directors that may have 
represented a risk of material misstatement.

37
 AssetCo plc | Report and Financial Statements 2024
8. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC
KEY AUDIT MATTERS
Key audit matters are those matters that, in our professional judgement, were of most significance in our 
audit of the financial statements of the current period and include the most significant assessed risks of 
material misstatement (whether or not due to fraud) we identified, including those which had the greatest 
effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the 
engagement team. These matters were addressed in the context of our audit of the financial statements as 
a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 
A description of each matter is included below.
Description
How our scope addressed this matter
Revenue recognition - Group
Revenue is a significant item in the Group’s 
consolidated Income Statement and impacts 
several key performance indicators, strategic 
measures, and management judgments. 
For the year ended 30 September 2024, the 
Group reported total revenue of £13.9 million 
(2023: £15 million). ISA (UK) 240 requires 
auditors to presume that there is a risk of fraud 
in revenue recognition. We therefore identified 
revenue recognition as a key audit mater
Our audit work included, but was not restricted to: :
•	
Gaining an understanding of the company’s revenue 
recognition policies and procedures for each revenue stream 
and understanding the design and implementation of relevant 
controls.
•	
Confirming that the company’s accounting policy for revenue 
recognition complied with the requirements of IFRS 15.
•	
Obtaining and reviewing SOC 2 reports where appropriate, to 
assess the effectiveness of controls at service organisations 
that impact the revenue recognition process.
•	
Independently obtaining Assets Under Management data, 
commitments and rates prevalent in respective management 
or marketing fee arrangements directly from 3rd party fund 
administrators.
•	
Confirming all management fee income is recorded by 
reconciling the fee income with AUM records.
•	
Performing proof in total checks in respect of revenue falling 
under asset management agreements.
•	
Confirming any amounts to be deferred/accrued to the 
relevant balance sheet breakdowns, as well as substantively 
testing these balances. and
•	
Performing substantive testing on cut off either side of the 
period end.
KEY OBSERVATIONS:
Based on the results of our audit procedures, we did not identify 
any material misstatements in revenue recognition. We concluded 
that revenue was recognised in accordance with the Group’s 
revenue recognition accounting policy and the requirements of 
IFRS 15.

38
AssetCo plc | Report and Financial Statements 2024
8. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC CONTINUED
Description
How our scope addressed this matter
Impairment of goodwill and intangible assets – Group
The Directors are required to make an 
assessment to determine whether there 
are impairment indicators relating to the 
Group’s goodwill and intangible assets.
At the reporting date, the Group reported 
goodwill of £10.1million (2023: £9.9 million), 
as detailed in note 20, making this a 
significant component of the Consolidated 
Statement of Financial Position.
The Group also reported other intangible 
assets of £6.3million (2023: £3.6 million), 
making this a significant component of the 
Consolidated Statement of Financial Position.
The Group operates multiple trading 
subsidiaries, which are grouped into two 
distinct Cash Generating Units (CGUs) 
within the organisation. The performance 
of these individual operating segments may 
exhibit variability due to factors such as 
market conditions, economic fluctuations, 
and competitive dynamics. Variations in 
segment performance could impact the 
recoverability of goodwill and other intangible 
assets associated with each CGU.
Given the significance of these judgements to 
the financial statements, we identified valuation 
of intangible assets as a key audit matter.
Our audit work included, but was not restricted to:
•	
Critically assessing impairment workings prepared by 
management that cover all operating segments and 
challenging the management assumptions underpinning the 
forecasts. We performed sensitivity analysis and tested other 
elements of the calculations to ensure that management’s 
assumptions were appropriate.
•	
Confirming that management’s impairment assessment had 
been performed in accordance with the requirements of IAS 
36.
•	
Considering the impact of our going concern review on this 
area and ensuring that the forecasts used for impairment and 
going concern reviews were consistent.
•	
Reviewing the disclosures around significant estimates and 
judgements in the financial statements to ensure they were 
consistent with the basis for the impairment assessment and 
in accordance with the disclosure requirements of IAS 36.
•	
Testing the mathematical accuracy of the models.
KEY OBSERVATIONS
Based on our audit work performed, we considered the inputs 
and management’s assessment made in the impairment 
of goodwill and intangible assets to be appropriate and in 
accordance with the requirements of IAS 36.

39
 AssetCo plc | Report and Financial Statements 2024
8. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC CONTINUED
Description
How our scope addressed this matter
Impairment of Investments in subsidiaries - Company
The Directors are required to make an 
assessment to determine whether the 
carrying value of the Parent Company’s 
investments in subsidiaries is recoverable.
The Company had investments in 
subsidiaries of £37.6million as at 30 
September 2024 (30 September 2023: 
£38.1million), as detailed in note 21.
The process for assessing whether impairment 
exists under UK-adopted international 
accounting standards is complex. Determining 
the value in use through forecasting cash 
flows, selecting the appropriate discount 
rate, and applying other assumptions can 
be highly judgmental and significantly impact 
the results of the impairment review.
An impairment totalling £2.1m in relation to 
investment in subsidiaries was recognised 
in the year-ended 30 September 2024.
Due to the material impairment recorded 
during the reporting period and the complex 
nature of this process, we identified impairment 
of investments as a key audit matter.
Our audit work included, but was not restricted to:
•	
Comparing the carrying value of the subsidiaries to 
management’s projected cashflows used in discounted cash 
flow models generated by the Company’s subsidiaries
•	
Critically assessing the cash flow models prepared by the 
client and challenging management on key assumptions.
•	
Critically assessing the appropriateness of 
the discount rates and long-term growth rate 
assumptions prepared in line with our benchmarks, 
as assessed by our internal valuation specialists.
•	
Assessing the disclosures made by the client in the 
Company financial statements to ensure they were in 
accordance with the relevant disclosure requirements.
•	
Reviewing the calculations and assumptions 
made by management and critically assessing 
the fair value calculations of purchase price 
allocation and whether this was reasonable.
KEY OBSERVATIONS
Based on our audit, we concluded that the carrying 
value of the Company’s investments is not materially 
misstated at year end and that management’s impairment 
assessment is appropriate and in accordance with 
the relevant financial reporting requirements.

40
AssetCo plc | Report and Financial Statements 2024
8. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC CONTINUED
OUR APPLICATION OF MATERIALITY
The scope and focus of our audit was influenced by 
our assessment and application of materiality. We 
define materiality as the magnitude of misstatement 
that could reasonably be expected to influence the 
readers and the economic decisions of the users of the 
financial statements. We use materiality to determine 
the scope of our audit and the nature, timing and extent 
of our audit procedures and to evaluate the effect of 
misstatements, both individually and on the financial 
statements as a whole. 
Due to the nature of the Group and its activities, we 
considered gross assets to be the focus for the users of 
the financial statements, accordingly this consideration 
influenced our judgement of materiality. Based on our 
professional judgement, for the Group, we determined 
materiality to be £600k, which represents 1% of gross 
assets. For the Parent Company, we determined 
materiality to be £540k, also based on 1% of gross 
assets, but limited to 90% of group materiality.
On the basis of our risk assessment, together with our 
assessment of the overall control environment, our 
judgement was that performance materiality (i.e. our 
tolerance for misstatement in an individual account or 
balance) for the Group and Parent Company was 50% 
of materiality, namely £300k and £270k respectively.
We agreed to report to the Audit Committee all 
audit differences in excess of £30k for the Group 
and £27k for the Parent Company, as well as 
differences below that threshold that, in our view, 
warranted reporting on qualitative grounds. We 
also reported to the Audit Committee on disclosure 
matters that we identified when assessing the 
overall presentation of the financial statements.
CONCLUSIONS RELATING TO GOING CONCERN
In auditing the financial statements, we have concluded 
that the directors’ use of the going concern basis of 
accounting in the preparation of the financial statements 
is appropriate. Our evaluation of the directors’ 
assessment of the Group and Parent Company’s 
ability to continue to adopt the going concern basis of 
accounting included, but was not limited to:
•	
Comparing performance for the year ended 30 
September 2024 to the previous reporting period 
and obtaining explanations for significant variances.
•	
Critically assessing projected revenue by reference 
to signed contracts and or other evidence to 
support inclusion of this revenue in the projections
•	
Comparing projected costs incurred to historic 
levels and against committed development projects
•	
Critically assessing management’s sensitivity 
analysis to identify key variables and considering 
any further plausible downside scenarios that could 
impact the going concern assessment
•	
Critically assessing management’s ability to prepare 
accurate forecasts by comparing the forecast 
prepared for the 2023/24 financial period and 
comparing it to the actual results for the financial 
period ended 30 September 2024 
•	
Considered adequacy of disclosures around the 
use of going concern given the findings of the work 
performed above.
Based on the work we have performed, we have not 
identified any material uncertainties relating to events 
or conditions that, individually or collectively, may cast 
significant doubt on the Group and Parent Company’s 
ability to continue as a going concern for a period of at 
least twelve months from when the financial statements 
are authorised for issue. 
Our responsibilities and the responsibilities of the 
directors with respect to going concern are described in 
the relevant sections of this report.

41
 AssetCo plc | Report and Financial Statements 2024
8. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC CONTINUED
OTHER INFORMATION
The other information comprises the information 
included in the annual report, other than the financial 
statements and our auditor’s report thereon. The 
directors are responsible for the other information 
contained within the annual report. Our opinion on 
the financial statements does not cover the other 
information and, except to the extent otherwise explicitly 
stated in our report, we do not express any form of 
assurance conclusion thereon. 
Our responsibility is to read the other information and, 
in doing so, consider whether the other information 
is materially inconsistent with the financial statements 
or our knowledge obtained in the course of the audit 
or otherwise appears to be materially misstated. If 
we identify such material inconsistencies or apparent 
material misstatements, we are required to determine 
whether there is a material misstatement in the financial 
statements themselves. If, based on the work we 
have performed, we conclude that there is a material 
misstatement of this other information, we are required 
to report that fact.
We have nothing to report in this regard. 
OPINIONS ON OTHER MATTERS PRESCRIBED 
BY THE COMPANIES ACT 2006
In our opinion the part of the directors’ remuneration 
report to be audited has been properly prepared in 
accordance with the Companies Act 2006.
In our opinion, based on the work undertaken in the 
course of the audit:
•	
the information given in the Strategic Report and the 
Directors’ Report for the financial year for which the 
financial statements are prepared is consistent with 
financial statements; and
•	
the Strategic Report and the Directors’ Report have 
been prepared in accordance with applicable legal 
requirements. 
MATTERS ON WHICH WE ARE REQUIRED TO 
REPORT BY EXCEPTION
In the light of the knowledge and understanding of the 
Group and the Parent Company and their environment 
obtained in the course of the audit, we have not 
identified material misstatements in the Strategic Report 
or the Directors’ Report. 
We have nothing to report in respect of the following 
matters where the Companies Act 2006 requires us to 
report to you if, in our opinion:
•	
adequate accounting records have not been kept 
by the Parent Company, or returns adequate for our 
audit have not been received from branches not 
visited by us; or
•	
the Parent Company financial statements and the 
part of the directors’ remuneration report to be 
audited are not in agreement with the accounting 
records and returns; or
•	
certain disclosures of directors’ remuneration 
specified by law are not made; or
•	
we have not received all the information and 
explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors’ Responsibilities 
statement set out on page 26, the directors are 
responsible for the preparation of the financial 
statements and for being satisfied that they give a 
true and fair view, and for such internal control as 
the directors determine is necessary to enable the 
preparation of financial statements that are free from 
material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors 
are responsible for assessing the Group’s and the 
parent Company’s ability to continue as a going 
concern, disclosing, as applicable, matters related 
to going concern and using the going concern basis 
of accounting unless the directors either intend to 
liquidate the Group or the parent Company or to cease 
operations, or have no realistic alternative but to do so. 

42
AssetCo plc | Report and Financial Statements 2024
8. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC CONTINUED
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from 
material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. 
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance 
with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or 
error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the 
economic decisions of users taken on the basis of these financial statements. 
A further description of our responsibilities is available on the FRC’s website at https://www.frc.org.uk/library/
standards-codes-policy/audit-assurance-and-ethics/auditors-responsibilities-for-the-audit/
This description forms part of our auditor’s report. 
EXPLANATION AS TO WHAT EXTENT THE AUDIT WAS CONSIDERED CAPABLE OF DETECTING 
IRREGULARITIES, INCLUDING FRAUD
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in 
line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including 
fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.
The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the 
financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of 
material misstatement due to fraud, through designing and implementing appropriate responses to those assessed 
risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the 
primary responsibility for the prevention and detection of fraud rests with both management and those charged with 
governance of the company.
Our approach was as follows:
•	
We obtained an understanding of the legal and regulatory requirements applicable to the Group and considered 
that the most significant are the Companies Act 2006, UK adopted International Accounting Standards, the 
rules of the Alternative Investment Market, the rules of the Financial Conduct Authority (where applicable) and 
UK taxation legislation;
•	
We obtained an understanding of how the Group complies with these requirements by discussions with 
management and those charged with governance;
•	
We assessed the risk of material misstatement of the financial statements, including the risk of material 
misstatement due to fraud and how it might occur, by holding discussions with management and those charged 
with governance;
•	
We inquired of management and those charged with governance as to any known instances of non-compliance 
or suspected non-compliance with laws and regulations, and reviewed minutes of the meetings of the Board 
and the various Committees; and
•	
Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-
compliance with laws and regulations. This included making enquiries of management and those charged with 
governance and obtaining additional corroborative evidence as required.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of 
instances of non-compliance with laws and regulations that are not closely related to events and transactions 
reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher 
than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, 
forgery or intentional misrepresentations, or through collusion.

43
 AssetCo plc | Report and Financial Statements 2024
8. INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF ASSETCO PLC CONTINUED
USE OF OUR REPORT
This report is made solely to the Company’s members, 
as a body, in accordance with Chapter 3 of Part 16 of 
the Companies Act 2006. Our audit work has been 
undertaken for no purpose other than to draw to the 
attention of the Company’s members those matters 
which we are required to include in an auditor’s report 
addressed to them. To the fullest extent permitted 
by law, we do not accept or assume responsibility to 
any party other than the Company and Company’s 
members as a body, for our work, for this report, or for 
the opinions we have formed.
Jonathan Russell
Senior Statutory Auditor
for and on behalf of Moore Kingston Smith LLP, 
Statutory Auditor
5 March 2025
6th Floor
9 Appold Street
London
EC2A 2AP


FINANCIAL STATEMENTS

46
AssetCo plc | Report and Financial Statements 2024
9.	 CONSOLIDATED 
INCOME STATEMENT
	
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Note
2024
£’000
2023
£’000
CONTINUING OPERATIONS
Revenue
5
13,845
14,979
Cost of sales
(491)
–
Gross profit
13,354
14,979
Other income
7
2,648
2,321
Impairment of financial assets
–
(1,467)
Other administrative expenses
(21,380)
(28,069)
Total administrative expenses
8
(21,380)
(29,536)
Other gains
9
166
122
Operating loss
10
(5,212)
(12,114)
Finance income
13
293
74
Finance costs
14
(105)
(510)
Finance income/(loss)
188
(436)
Share of results of associate
23
–
(352)
Loss before tax
(5,024)
(12,902)
Income tax credit
16
2,898
195
Loss for the year
(2,126)
(12,707)
Loss attributable to:
Owners of the parent
(2,126)
(12,707)
Loss for the period attributable to continuing operations
(2,126)
(12,707)
DISCONTINUED OPERATIONS
Loss from discontinued operation (attributable to equity holders 
of the company)
6
(326)
(13,992)
Total loss attributable to the owners of the parent during the year
(2,452)
(26,699)
Continuing operations loss per ordinary share attributable to the owners 
of the parent during the year
Basic – pence
17
(1.48)
(9.06)
Diluted – pence
17
(1.48)
(9.06)
Discontinued operations loss per ordinary share attributable to the owners 
of the parent during the year
Basic – pence
17
(0.23)
(9.98)
Diluted – pence
17
(0.23)
(9.98)
Total loss per ordinary share attributable to the owners of the parent 
during the year
Basic – pence
17
(1.71)
(19.04)
Diluted – pence
17
(1.71)
(19.04)

47
 AssetCo plc | Report and Financial Statements 2024
Note
2024
£’000
2023
£’000
Loss for the year
5
(2,452)
(26,699)
Total comprehensive loss for the year
(2,452)
(26,699)
Attributable to:
Owners of the parent
(2,452)
(26,699)
Total comprehensive loss for the year
(2,452)
(26,699)
10.	CONSOLIDATED STATEMENT OF 
COMPREHENSIVE INCOME
	
FOR THE YEAR ENDED 30 SEPTEMBER 2024

48
AssetCo plc | Report and Financial Statements 2024
Note
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Assets
Non-current assets
Property, plant and equipment
18
75
98
–
–
Right-of-use assets
19
766
1,534
–
–
Goodwill and intangible assets
20
16,446
13,495
–
–
Deferred tax asset
31
1,546
–
–
–
Investments in subsidiaries
21
–
–
37,560
38,122
Investment in associates
23
27,049
24,626
27,221
24,797
Total non-current assets
45,882
39,753
64,781
62,919
Current assets
Trade and other receivables
24
5,821
5,807
3,003
2,502
Financial assets at fair value through profit and loss
25
93
13
79
–
Current income tax receivable
28
–
1,159
–
–
Cash and cash equivalents
26
8,727
25,573
3
3,698
Total current assets
14,641
32,551
3,085
6,200
Total assets
60,523
72,304
67,866
69,119
Liabilities
Non-current liabilities
Lease liabilities
19
290
950
–
–
Deferred tax liabilities
31
1,546
905
–
–
Total non-current liabilities
1,836
1,855
–
–
Current liabilities
Trade and other payables
27
4,631
14,347
10,419
13,233
Lease liabilities
19
569
697
–
–
Current income tax liabilities
28
368
1,465
343
1,437
Total current liabilities
5,568
16,507
10,762
14,670
Total liabilities
7,404
18,362
10,762
14,670
Shareholders’ equity
Issued share capital
30
1,493
1,493
1,493
1,493
Share premium
30
209
209
209
209
Capital redemption reserve
30
653
653
653
653
Merger reserve
30
43,063
43,063
43,063
43,063
Other reserve
30
612
95
612
95
Retained earnings
7,089
8,429
11,074
8,936
Total equity
53,119
53,942
57,104
54,449
Total equity and liabilities
60,523
72,304
67,866
69,119
The Company has elected to take the exemption under section 408 of the Companies Act 2006 not to present the 
Company income statement. The profit of the Company for the year was £1,026,000 (2023 loss: £31,655,000). The 
notes on pages 50 to 99 are an integral part of these consolidated financial statements. The financial statements 
were authorised for issue by the board of directors and were signed on its behalf by Gary Marshall.
Gary Marshall
Chief Financial and Operating Officer
5 March 2025
11.	CONSOLIDATED AND COMPANY’S 
STATEMENT OF FINANCIAL POSITION
	
AS AT 30 SEPTEMBER 2024

49
 AssetCo plc | Report and Financial Statements 2024
12.	CONSOLIDATED STATEMENT 
OF CHANGES IN EQUITY
	
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Share
capital
£’000
Share
premium
£’000 
Capital
redemption
reserve
£’000 
Merger
reserve
£’000
Other
reserve
£’000
Retained
earnings
£’000 
Total
£’000
Non-
controlling
interest
£’000 
Total
equity
£’000 
Balance at 
30 September 2022
1,493
–
653 43,063
–
43,139
88,348
(1,094) 87,254
Loss for the year
–
–
–
–
– (26,699) (26,699)
– (26,699)
Total comprehensive income 
for the year
–
–
–
–
– (26,699) (26,699)
– (26,699)
NCI transfer on sale of 
Rize ETF Limited
–
–
–
–
–
(1,094)
(1,094)
1,094
–
IFRS2 share scheme charge
–
–
–
–
95
(95)
–
–
–
Shares bought for treasury
–
–
–
–
–
(6,815)
(6,815)
–
(6,815)
Treasury shares used to settle 
conversion of loan notes
–
209
–
–
–
1,791
2,000
–
2,000
Dividends paid
–
–
–
–
–
(1,798)
(1,798)
–
(1,798)
Balance at 
30 September 2023
1,493
209
653 43,063
95
8,429
53,942
–
53,942
Loss for the year
–
–
–
–
–
(2,452)
(2,452)
–
(2,452)
Total comprehensive income 
for the year
–
–
–
–
–
(2,452)
(2,452)
–
(2,452)
IFRS2 share scheme charge
–
–
–
–
517
–
517
–
517
Treasury shares used to settle 
Ocean Dial Asset Management 
Limited acquisition (note 22)
–
–
–
–
–
1,112
1,112
–
1,112
Balance at 
30 September 2024
1,493
209
653 43,063
612
7,089
53,119
–
53,119

50
AssetCo plc | Report and Financial Statements 2024
Share
capital
£’000 
Share
premium
£’000 
Capital
redemption
 reserve
£’000 
Merger
reserve
£’000 
Other
reserve
£’000 
Profit
and loss
account
£’000 
Total
 Equity
£’000 
Balance at 30 September 2022
1,493
–
653
43,063
–
47,434
92,643
Loss for the year
–
–
–
–
–
(31,655)
(31,655)
Total comprehensive income 
for the year
–
–
–
–
–
(31,655)
(31,655)
Shares bought for treasury
–
–
–
–
–
(6,836)
(6,836)
IFRS 2 share scheme charge
–
–
–
–
95
–
95
Treasury shares used to settle 
conversion of loan notes
–
209
–
–
–
1,791
2,000
Dividends paid
–
–
–
–
–
(1,798)
(1,798)
Balance at 30 September 2023
1,493
209
653
43,063
95
8,936
54,449
Profit for the year
1,026
1,026
Total comprehensive income 
for the year
–
–
–
–
–
1,026
1,026
IFRS 2 share scheme charge
–
–
–
–
517
–
517
Treasury shares used to settle 
Ocean Dial Asset Management 
Limited acquisition (note 22)
–
–
–
–
–
1,112
1,112
Balance at 30 September 2024
1,493
209
653
43,063
612
11,074
57,104
13.	COMPANY STATEMENT OF 
CHANGES IN EQUITY
	
FOR THE YEAR ENDED 30 SEPTEMBER 2024

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 AssetCo plc | Report and Financial Statements 2024
14.	CONSOLIDATED AND COMPANY’S 
STATEMENT OF CASH FLOWS
	
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Notes
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Cash flows from operating activities
Cash (outflow) from continuing operations
32
(8,230)
(11,201)
(3,616)
(270)
Corporation tax received/(paid)
1,159
(137)
–
–
Net cash (outflow) from Continuing Operations
(7,071)
(11,338)
(3,616)
(270)
Net cash inflow/(outflow) from Discontinued 
Operations
(326)
266
–
–
Net cash (outflow) from total operations
(7,397)
(11,072)
(3,616)
(270)
Cash flows from investing activities
Net cash (paid)/received from acquisitions
22
(1,822)
2,801
–
–
Payments for deferred consideration (SVM)
22
(7,000)
–
–
–
Dividends received
–
–
–
5,000
Finance income
13
293
74
–
–
Finance costs
14
(105)
(14)
–
–
Proceeds from sale of investment at fair value through 
profit and loss
(79)
24
(79)
–
Purchase of property, plant and equipment
18
–
(114)
–
–
Purchase of intangibles
20
(39)
–
–
–
Net cash (outflow)/inflow from investing activities
(8,752)
2,771
(79)
5,000
Cash flows from financing activities
Shares issued for cash
30
–
209
–
209
Dividends paid
–
(1,798)
–
(1,798)
Lease payments
(697)
(630)
–
–
Payments for treasury shares
–
(6,837)
–
(6,837)
Net cash (outflow) from financing activities
(697)
(9,056)
–
(8,426)
Net change in cash and cash equivalents
(16,846)
(17,357)
(3,695)
(3,696)
Cash and cash equivalents at beginning of year
25,573
43,066
3,698
7,394
Exchange differences on translation
–
(136)
–
–
Cash and cash equivalents at end of year
26
8,727
25,573
3
3,698

52
AssetCo plc | Report and Financial Statements 2024
1. LEGAL STATUS AND ACTIVITIES
AssetCo Plc (“AssetCo” or the “Company”) is the Parent Company of a group of companies (“the Group”) which 
offers a range of investment services to private and institutional investors. The Company is a public limited company, 
incorporated and domiciled in the United Kingdom under the Companies Act 2006 and is listed on the Alternative 
Investment Market (“AIM”) of the London Stock Exchange. The address of its registered office is 30 Coleman Street, 
London, EC2R 5AL.
The financial statements have been presented in sterling to the nearest thousand pounds (£000) except where 
otherwise indicated.
These financial statements were authorised for issue by the Board of Directors on 5 March 2025.
2. SIGNIFICANT ACCOUNTING POLICIES
The principal accounting policies applied in the preparation of these consolidated financial statements, which have 
been applied consistently with those applied in the previous year, are set out below.
A. BASIS OF PREPARATION
The financial statements comply with AIM Rules and have been prepared in accordance with UK-adopted 
International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to 
companies reporting under those standards. The financial statements are prepared using the historical cost 
convention modified by revaluation of financial assets and financial liabilities held at fair value through profit and loss. 
The accounting policies which follow set out those policies which apply in preparing the financial statements for the 
year ended 30 September 2024.
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of financial statements requires management to make estimates and assumptions that affect the 
amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenue 
and expenses during the year. The nature of estimation means the actual outcomes may differ from the estimates. 
Further details on the critical accounting estimates used and judgements made in preparing these financial 
statements can be found in note 4.
NEW AND AMENDED STANDARDS ADOPTED BY THE COMPANY AND GROUP
The following new and revised Standards and Interpretations have been issued and are effective for the current 
financial period of the Company:
•	
Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2
•	
Definition of Accounting Estimates – Amendments to IAS 8
•	
Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12
The application of the other revised Interpretations, Amendments and Annual Improvements did not have any 
material impact on the amounts reported for the period and prior years but may affect the accounting for future 
transactions or arrangements.
15.	NOTES TO THE FINANCIAL 
STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024

53
 AssetCo plc | Report and Financial Statements 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
The following IFRS and IFRIC Interpretations have been issued but have not been applied by the Company in 
preparing these financial statements as they are not as yet effective and in some cases had not yet been adopted 
by the UK. The Company intends to adopt these Standards and Interpretations when they become effective, rather 
than adopt them early.
•	
Non-current Liabilities with Covenants – Amendments to IAS 1 and Classification of Liabilities as Current or 
Non-current – Amendments to IAS 1
•	
Lease Liability in a Sale and Leaseback – Amendments to IFRS 16
•	
Supplier Finance Agreements – Amendments to IAS 7 and IFRS 7
•	
IFRS S1 General Requirements for Disclosure of Sustainability-related Financial Information and IFRS S2 
Climate-related Disclosures
•	
Lack of Exchangeability – Amendments to IAS 21
•	
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture – Amendments to IFRS 10 
and IAS 28
The directors do not expect that the adoption of the Standards listed above will have a material impact on the 
Company in future periods.
A number of IFRS and IFRIC interpretations are also currently in issue which are not relevant for the Company’s 
activities and which have not therefore been adopted in preparing these financial statements.
GOING CONCERN
The Group is currently loss making, albeit with a trajectory that evidences improving operational losses over time 
and which affords a pathway to profitability. Against this background, the Directors have given careful consideration 
to the going concern assumption on which the Group’s accounts have been prepared. Having carefully considered 
the Group’s operational and regulatory requirements, the Directors have concluded that the Group has adequate 
financial resources to continue operating for the 12 months from the date of signing these financial statements. 
On that basis the Directors have continued to adopt the Going Concern basis of accounting in preparing the 
consolidated Group and Company accounts.
As part of this review, the Directors have prepared projections rolling forward more than two years from the date 
of signing for the Company and Group under several scenarios from growth to stressed environments. The latter 
includes a fall of 30% in assets under management over the 2025 financial year. Although such a stress would 
necessitate management actions these actions were identified by management and subjected to challenge, with 
the Group demonstrating its ability to continue as a going concern well beyond the required 12 months from the 
date of signing if such a stress and subsequent actions were taken by the Group. Modelling projections were 
subject to challenge and review to ensure that appropriate stresses were applied to the projections with key drivers 
to the stress scenarios taking account of the principal risks and uncertainties identified in the Risk Management 
section of the Strategic Report on page 12. For the purpose of this assessment, management made conservative 
assumptions regarding future growth. The ability to achieve cost saving measures and the reasonableness of 
the stress testing applied was considered in the light of those assumptions. Sensitivity analysis and modelling to 
take account of specific one-off risks to the Group and Company was undertaken in line with the principal risks 
and uncertainties.
15. NOTES TO THE FINANCIAL STATEMENTS

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AssetCo plc | Report and Financial Statements 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
In the event that profitability is not achieved, there will be an increased risk to the going concern assessment in 
subsequent reporting periods. The Group is required to hold a minimum level of regulatory capital together with a 
buffer of at least a 10% at all times. As at 31 January 2025, the regulatory capital requirement for the Group was just 
over £4.5m.
The Directors also acknowledge less resilience within the Group to one-off shocks and macroeconomic events while 
losses continue. Principal risks and uncertainties are set out in the Strategic Report on page 12. Current initiatives, 
outlined in the Chairman’s Statement and Business Review, will deliver further cost savings and the Directors 
are committed to additional cost saving initiatives as necessary to respond to future business developments. 
Should there be a need for additional capital, the directors have the option of seeking to raise additional capital, 
of considering potential partnerships or of re-structuring the business.
B. PRINCIPLES OF CONSOLIDATION AND EQUITY ACCOUNTING
SUBSIDIARIES
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls 
an entity where the Group is exposed to, or has rights to, variable returns from its involvement with the entity and 
has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully 
consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that 
control ceases.
The acquisition method of accounting is used to account for business combinations by the Group (note 22).
Inter-company transactions, balances and unrealised gains on transactions between Group companies are 
eliminated. Unrealised losses are also eliminated, unless the transaction provides evidence of an impairment of the 
transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency 
with the policies adopted by the Group.
INVESTMENT IN ASSOCIATED COMPANIES
Associates are all entities over which the Group has significant influence but not control or joint control. This is 
generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates 
are accounted for using the equity method of accounting where the investments are initially recognised at cost and 
adjusted thereafter to recognise the Group’s share of post-acquisition profits or losses of the investee in profit or 
loss, and the Group’s share of movements in other comprehensive income of the investee in other comprehensive 
income. Dividends received from associates are recognised as a reduction in the carrying value of the investment. 
The Company recognises the holding in associates at cost.
The Company and Group recognises interest received on loan instruments held in the investee company as other 
income. The Group holds loan notes in the corporate owner of its associate, Parmenion. These loan notes carry 
a coupon of 10%. The accounting for this interest is set out in note 7. There are no repayment dates for the loan 
notes until 2050 and the Group carries the loans at amortised cost.
ACCOUNTING POLICY CHOICE FOR NON-CONTROLLING INTERESTS
The Group recognises non-controlling interests in an acquired entity either at fair value or at the non-controlling 
interest’s proportionate share of the acquired entity’s net identifiable assets. This decision is made on an acquisition-
by-acquisition basis. For the non-controlling interests in Rize ETF Limited, the Group elected to recognise the 
non-controlling interests at the proportionate basis of the acquired net identifiable assets. See note 2 for the Group’s 
accounting policies for business combinations.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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 AssetCo plc | Report and Financial Statements 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
C. REVENUE RECOGNITION
IFRS 15 specifies the requirements that an entity must apply in order to measure and recognise revenue and its 
related cash flows. The core principle of the standard is that an entity should recognise revenue at an amount that 
reflects the consideration to which the entity expects to be entitled in exchange for transferring promised goods or 
services to a customer.
The standard includes a five-step model for recognising revenue as follows: Identifying the contract with the 
customer; identifying the relevant performance obligations of the contract; determining the amount of consideration 
to be received under the contract; allocating the consideration to the relevant performance obligation; and 
accounting for the revenue as the performance obligations are satisfied.
The Group’s primary source of income is made up as follows:
MANAGEMENT FEES
Gross management fees from investment management activities. These fees are generally based on an agreed 
percentage, as per the management contract, of the AUM and are recognised in the same period in which it is 
provided. Under the requirements of IFRS 15 revenue is presented net of rebates.
MARKETING FEES
Marketing fees are from marketing thematic ETFs. These marketing fees are generally based on an agreed 
percentage, as per the contract, of the AUM and are recognised in the same period in which it is provided. Services 
are provided to the Manager of the ETF funds as a Marketing Agent for the funds and as such recognised at the 
time that services are provided.
For all revenue streams, the Group acts as principal and therefore recognises revenue gross with any related 
expenses presented in Administrative expenses.
SEGMENTS
The Group had three operating segments for the year ended 30 September 2024; Active Equities, Infrastructure 
Asset Management, and Digital Platform. In the Active Equities and Infrastructure Asset Management segments, 
assets are managed by the Group. The Digital Platform is operated via an associated company.
The Group had four segments for the year ended 30 September 2023; Active Equities, Infrastructure Asset 
Management, Exchange Traded Funds and Digital Platform. in the Active Equities and Infrastructure Asset 
Management segments, assets are managed by the Group. In Exchange Traded Funds, the Group did not take 
part in the management as our focus is on providing clients with access to the funds in particular themed sectors. 
The Digital Platform is operated via an associated company.
D. OTHER ITEMS IN THE INCOME STATEMENT
OTHER INCOME
Other income consists primarily of interest on loan notes held by way of investment in associate companies.
OTHER GAINS OR LOSSES
The Group includes in this heading those items such as movement on fair value investments.
EXCEPTIONAL ITEMS
Exceptional items are those items which are outside the normal course of business, whether income or cost, 
which are material by nature or amount and which are not expected to recur. Specific costs included are; one-off 
redundancy costs relating to the Group’s restructuring plans, specific one-off retention bonuses issued by River and 
Mercantile Group PLC prior to its acquisition and a one-off provision with regards to the infrastructure business.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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AssetCo plc | Report and Financial Statements 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
E. FOREIGN CURRENCY TRANSLATION
FUNCTIONAL AND PRESENTATION CURRENCY
Items included in the financial statements of each of the Company’s businesses are measured using the currency of 
the primary economic environment in which the entity operates (“the functional currency”). The financial statements 
are presented in sterling (£), which is the Company’s and the Group’s functional and presentation currency. There 
has been no change in the Company’s functional or presentation currency during the year under review.
FOREIGN OPERATIONS TRANSLATION
The financial statements are prepared in sterling. Income statements of foreign operations are translated into sterling 
at the average exchange rates for the year and balance sheets are translated into sterling at the exchange rate ruling 
on the balance sheet date. Foreign exchange gains or losses resulting from such translation are recognised through 
other comprehensive income.
OTHER TRANSACTIONS AND BALANCES
Other foreign currency transactions are translated into the functional currency using the exchange rates prevailing at 
the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions 
and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign 
currencies, other than those held in foreign operations, are recognised in the income statement.
F. SEGMENT REPORTING
Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating 
decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing 
performance of the operating segments, has been identified as the board of directors.
G. INTANGIBLE ASSETS
GOODWILL
Goodwill is measured as described in note 22 Business Combinations. Goodwill arising on acquisition of 
subsidiaries is not amortised but it is tested for impairment annually, or more frequently if events or changes in 
circumstances indicate that it might be impaired and is carried at cost less accumulated impairment losses. Gains 
on the bargain purchase of an entity, where the purchase consideration is less than the fair value of net assets 
acquired, is taken to the income statement at the time of acquisition. Gains and losses on the disposal of an entity 
include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to 
those cash-generating units or groups of cash-generating units that are expected to benefit from the business 
combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which 
goodwill is monitored for internal management purposes, being the legal entity (note 20).
BRANDS
Separately acquired brands are shown at historical cost. Brands acquired in a business combination are recognised 
at fair value at the acquisition date. They have a finite useful life and are subsequently carried at cost less 
accumulated amortisation and impairment losses.
Amortisation on assets is calculated using the straight-line method to write down their cost to their residual values 
over their estimated useful lives over 5 – 10 years.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
SOFTWARE
Costs incurred on internally developed computer software are initially recognised at cost, and when the software 
is available for use, the costs are amortised on a straight-line basis over an estimated useful life of between two 
and five years. Initial research costs and planning prior to a decision to proceed with development of software are 
recognised in the Consolidated statement of comprehensive income when incurred on acquisition.
CUSTOMER RELATIONSHIPS
Intangible assets are recognised where client relationship contracts are either separately acquired or acquired with 
investment managers who are employed by the Group. These are initially recognised at cost and are subsequently 
amortised on a straight-line basis over their estimated useful economic life. Separately acquired client relationship 
contracts are amortised over 11 years.
WEBSITE DEVELOPMENT
Development costs payable to third parties that are directly attributable to the design and testing of new features 
of websites used by Group companies are capitalised when those costs are expected to generate future economic 
benefits. No internal costs in relation to website development are capitalised. Capitalised development costs are 
recorded as intangible assets and amortised from the point at which the asset is ready for use.
Amortisation on website development costs is calculated using the straight-line method to write down their cost to 
their residual values over their estimated useful lives over a maximum of 10 years.
Costs associated with maintaining software programmes are recognised as an expense as incurred.
H. FINANCIAL INSTRUMENTS
FINANCIAL ASSETS
Investments and other financial assets
Classification
The Group classifies its financial assets in the following measurement categories:
•	
those to be measured subsequently at fair value (either through other comprehensive income or through profit 
or loss); and
•	
those to be measured at amortised cost.
The classification depends on the Company’s business model for managing the financial assets and the contractual 
terms of the cash flows. For assets measured at fair value, gains and losses will be recorded either in profit or loss 
or in other comprehensive income.
For investments in equity instruments that are not held for trading, this will depend on whether the Group has made 
an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other 
comprehensive income (FVOCI).
Recognition and de-recognition
Regular way purchases and sales of financial assets are recognised on trade date being the date on which the 
Group commits to purchase or sell the asset). Financial assets are derecognised when the rights to receive cash 
flows from the financial assets have expired or have been transferred and the Group has transferred substantially all 
the risks and rewards of ownership.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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AssetCo plc | Report and Financial Statements 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not 
at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the 
financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the group’s management has elected 
to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of 
fair value gains and losses to profit or loss following the de-recognition of the investment. Dividends from such 
investments continue to be recognised in profit or loss as investment income when the group’s right to receive 
payments is established.
Changes in the fair value of financial assets at FVPL are recognised in investment income in the statement of profit 
or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at 
FVOCI are not reported separately from other changes in fair value.
Trade receivables
Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the 
effective interest method.
The Group has applied the IFRS 9 simplified approach to measuring expected credit losses for trade receivables. 
Under this approach a provision is made for lifetime expected credit losses for the trade receivable. For calculation 
of expected credit losses, the trade receivables are grouped based on the number of days past due. Expected 
credit losses on trade receivables that are not past due are primarily based on actual credit losses from recent years.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held on call with banks and holdings in short-term money 
market funds managed by third party managers.
FINANCIAL LIABILITIES
A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another 
entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially 
unfavourable to the Company.
An equity instrument is a contract that evidences a residual interest in the assets of an entity after deducting all of 
its liabilities. Financial liabilities and equity instruments are classified according to the substance of the contractual 
arrangements entered into. Financial liabilities are classified as such in the balance sheet.
Finance costs and gains or losses relating to financial liabilities are included in the income statement. 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.
Trade payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective 
interest method. Trade payables represent amounts owed to suppliers for professional services, utilities, office 
supplies and any other goods provided to the Group.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
I. EQUITY
ISSUED SHARE CAPITAL
Ordinary shares are classified as equity. Costs directly attributable to the issue of new shares or options are shown 
in equity as a deduction, net of tax, from the proceeds.
SHARE PREMIUM
The share premium account represents the excess over nominal value of the fair value of consideration received for 
equity shares, net of expenses of the share issue.
PURCHASE OF OWN SHARES
Where the Company purchases the Company’s equity instruments (for example, as the result of a share buy- 
back), and the shares are cancelled, the consideration paid, including any directly attributable incremental costs 
(net of income taxes), is deducted from equity attributable to the owners of AssetCo plc and the relevant amount 
transferred to a capital redemption reserve.
Where the Company purchases the Company’s equity instruments for the purpose of holding them as treasury 
shares then the amount is transferred to retained earnings. Any incidental costs arising on purchase of Treasury 
shares are recognised in the profit and loss account immediately.
On 28 September 2022 the Company was granted authority by shareholders to purchase up to 10% of 
the outstanding ordinary shares in the Company. By 30 September 2024 the Company has held 5,354,770 
(2023: 8,283,027) shares with a nominal value of £53,548 (2023: £82,830) for an aggregate consideration of 
£3,775,257 (2023: £4,887,995).
MERGER RESERVE
A merger reserve arises when the Company issues equity in respect of acquiring 90% or more of the equity in 
another entity. As required by the Companies Act 2006 the excess over the par value of the shares is credited to 
Merger Reserve rather than Share Premium.
OTHER RESERVES
Other reserves represent the amount of share capital which may become issuable when shares vest under the 
Company’s LTIP (see note 30).
J. DIVIDENDS
Dividends payable are recognised as a liability in the year in which they are authorised. An interim dividend 
is recognised when it is approved and paid and a final dividend is recognised when it has been approved by 
shareholders at the annual general meeting. Dividends receivable are recognised on the date given by the investee 
company as the ex- dividend date.
K. EARNINGS PER SHARE
BASIC EARNINGS PER SHARE
Basic earnings per share is calculated by dividing:
•	
the profit attributable to owners of the Company, excluding any costs of servicing equity other than 
ordinary shares;
•	
by the weighted average number of ordinary shares outstanding during the financial year, adjusted for bonus 
elements in ordinary shares issued during the year and excluding treasury shares.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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AssetCo plc | Report and Financial Statements 2024
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
DILUTED EARNINGS PER SHARE
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into 
account:
•	
the after-income tax effect of interest and other financing costs associated with dilutive potential ordinary shares; 
and
•	
the weighted average number of additional ordinary shares that would have been outstanding, assuming the 
conversion of all dilutive potential ordinary shares.
L. LEASES
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the 
net present value of the following lease payments:
•	
Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
•	
Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the 
commencement date;
•	
Amounts expected to be payable by the Company under residual value guarantees;
•	
The exercise price of a purchase option if the Company is reasonably certain to exercise that option; and
•	
Payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.
Lease payments to be made under reasonably certain extension options are also included in the measurement of 
the liability.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily 
determined, the lessee’s incremental borrowing rate is used, being the rate that the individual lessee would have to 
pay to borrow the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic 
environment with similar terms, security and conditions.
Right-of-use assets are measured at cost comprising the following:
•	
The amount of the initial measurement of lease liability;
•	
Any lease payments made at or before the commencement date less any lease incentives received;
•	
Any initial direct costs; and
•	
Restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset’s useful life and the lease term on a 
straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is 
depreciated over the underlying asset’s useful life.
Payments associated with short-term leases of equipment and vehicles and all leases of low-value assets are 
recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 
12 months or less.
The main leasing activities undertaken by the Company are rental of office buildings in the UK.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
M. BUSINESS COMBINATIONS
The acquisition method of accounting is used to account for all business combinations, regardless of whether 
equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary 
comprises the:
•	
fair values of the assets transferred;
•	
liabilities incurred to the former owners of the acquired business;
•	
equity interests issued by the Group;
•	
fair value of any asset or liability resulting from a contingent consideration arrangement; and
•	
fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are, with limited 
exceptions, measured initially at their fair values at the acquisition date. The Group recognises any non-controlling 
interest in the acquired entity, on an acquisition-by-acquisition basis, either at fair value or at the non-controlling 
interest’s proportionate share of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred. The excess of the:
•	
consideration transferred;
•	
amount of any non-controlling interest in the acquired entity; and
•	
acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net 
identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the 
net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a 
bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted 
to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, 
being the rate at which a similar borrowing could be obtained from an independent financier under comparable 
terms and conditions.
Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial 
liability are subsequently re-measured to fair value, with changes in fair value recognised in profit or loss.
If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held 
equity interest in the acquiree is re-measured to fair value at the acquisition date. Any gains or losses arising from 
such re-measurement are recognised in profit or loss.
N. PROPERTY, PLANT AND EQUIPMENT
All property, plant and equipment is stated at historical cost less depreciation. Historical cost includes expenditure 
that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, 
only when it is probable that future economic benefits associated with the item will flow to the company and the 
cost of the item can be measured reliably. The carrying amount of any replaced parts is derecognised. All other 
repairs and maintenance are charged to the income statement during the financial year in which they are incurred.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Depreciation on assets is calculated using the straight-line method to write down their cost to their residual values 
over their estimated useful lives as follows:
Leasehold improvements	
Remaining life of the lease
Fixtures and fittings	
3 – 5 years
Computer equipment	
5 years
The residual values and useful lives of assets are reviewed, and adjusted if appropriate, at each balance sheet date.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is 
greater than its estimated recoverable amount.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are 
recognised within operating profit in the income statement.
O. INCOME TAXES
The income tax expense or credit for the period is the tax payable on the current period’s taxable income, based 
on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities 
attributable to temporary differences and to unused tax losses.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the 
end of the reporting period in the countries where the Company and its subsidiaries and associates operate and 
generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations 
in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation 
authority will accept an uncertain tax treatment. The Group measures its tax balances either based on the most 
likely amount or the expected value, depending on which method provides a better prediction of the resolution of 
the uncertainty.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the 
tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, 
deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is 
also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business 
combination that, at the time of the transaction, affects neither accounting nor taxable profit nor loss. Deferred 
income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end 
of the reporting period and are expected to apply when the related deferred income tax asset is realised or the 
deferred income tax liability is settled.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those 
temporary differences and losses.
Deferred tax assets and liabilities are offset where there is a legally enforceable right to offset current tax assets and 
liabilities and where the deferred tax balances relate to the same taxation authority.
Current and deferred 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, the tax is also recognised in other comprehensive 
income or directly in equity respectively, that future taxable profit will be available against which the temporary 
differences can be utilised.
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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
P. EMPLOYEE BENEFITS
LONG TERM INCENTIVE PLAN (“LTIP”)
The Group operated an LTIP until 5 July 2022 at which date it was cancelled.
RESTRICTED SHARE PLAN (“RSP”)
On 7 November 2023 certain employees were granted an award that vests over 3 years. Due to conditions that 
existed in the year, the charge for the RSP has commenced in the prior financial year ended 30 September 2023 
and will be spread over the life of the award. Details of this award can be found in note 34.
PENSION CONTRIBUTIONS – DEFINED CONTRIBUTION SCHEME
For defined contribution schemes, the Group pays contributions to publicly or privately administered pension 
insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once 
the contributions have been paid. Contributions to defined contribution schemes are recognised in the income 
statement during the year in which they become payable.
Q. TERMINATION BENEFITS
Termination benefits are payable when an employment is terminated by the Group before the normal retirement 
date, or whenever an employee accepts voluntary redundancy in exchange for these benefits. The Group 
recognises termination benefits when it is demonstrably committed to either terminating the employment of current 
employees according to a detailed formal plan without possibility of withdrawal or providing termination benefits as 
a result of acceptance of an offer of voluntary redundancy. Benefits falling due more than twelve months after the 
balance sheet date are discounted to their present value.
R. ACCRUED INCOME
Material income earned from, but not yet invoiced to, customers in the financial year is included within prepayments 
and accrued income where receipt of such income is virtually certain.
3. FINANCIAL RISK MANAGEMENT
A. FINANCIAL RISK FACTORS
The risks of the business are measured and monitored continuously by the Board which has in place procedures 
and policies covering specific areas namely credit, market and liquidity risk. We set out below how we approach 
each area.
CREDIT RISK
Credit risk is the risk that a counterparty defaults on their contractual obligations which may result in financial loss 
to the Group. The Group holds no collateral as security against any financial asset. Credit risk arises principally from 
the Group’s fee receivables, other receivables, loan notes and cash balances.
The banks and short-term money market funds with whom the Group deposits cash and cash equivalent balances 
are monitored, including their credit ratings. The credit risk is limited as balances are held with reputable banks with 
credit ratings of triple B and above, as disclosed in note 26; short-term money market funds are rated AAAm or 
equivalent.
The Group manages its credit risk through monitoring the aging of receivables and the credit quality of the 
counterparties with which it does business. The ageing of these is provided in note 29.
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3. FINANCIAL RISK MANAGEMENT CONTINUED
The Group has two main types of receivables: revenue related and loan notes in respect of its investment in 
associate. For revenue receivables, the Group proactively manages the invoicing process to ensure that invoices 
are sent out on a timely basis and has procedures in place to chase for payment at pre-determined times after the 
dispatch of the invoice to ensure timely settlement. For receivables due from loan notes in respect of its investment 
in associate, the Group has rigorous procedures for monitoring its investment which include regular review of 
monthly management accounts from the associated entity and regular dialogue with that entity’s management.
There is no schedule of repayment in place. In all cases, detailed escalation procedures are in place to ensure that 
senior management are aware of any problems at an early stage.
MARKET RISK PRICING RISK
Pricing risk arises where the fair value or future cash flows of financial instruments will fluctuate because of changes 
in market prices other than those from interest rate risk or currency risk. The Group is at an early stage in its 
development of an Asset and Wealth Management business and the current exposure to pricing risk is immaterial.
CURRENCY RISK
The Company and Group transacts principally in sterling. The Company’s and Group’s exposure to currency risk is 
detailed in note 29.
In relation to translation risk, the Group’s current policy is not to hedge the net asset values of the overseas 
investments although, where appropriate and cost-effective facilities are available, local borrowings are utilised to 
reduce the translation risk.
CASH FLOW INTEREST RATE RISK
The Group’s policy on managing interest rate risk is subject to regular monitoring of the effect of potential changes 
in interest rates on its interest cost and income with a view to taking suitable actions should exposure reach 
certain levels.
The Group’s only external borrowing is the lease on its properties where the interest rate is fixed for the life of the 
agreement so there is no sensitivity to interest rate rises. As regards interest income the Group is able to invest 
surplus funds and any interest rate increase will be beneficial.
FINANCIAL ASSETS
The Company holds its surplus funds in short-term bank deposits.
FINANCIAL LIABILITIES
The Group has no material cash flow interest rate risk as it has no material financial liabilities that attract interest. 
Should this situation change then the Group may manage the risk by using floating or fixed interest rate swaps.
LIQUIDITY RISK
Prudent liquidity management implies maintaining sufficient cash and the availability of funding through an adequate 
amount of committed credit facilities. The Group maintains adequate bank balances to fund its operations. See 
note 29 for analysis of the Group’s financial liabilities into relevant maturity groupings based on the remaining period 
at the year-end date to the contractual maturity date.
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3. FINANCIAL RISK MANAGEMENT CONTINUED
B. CAPITAL RISK MANAGEMENT
The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern 
in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital 
structure to reduce the cost of capital. The Group is not subject to externally impaired capital requirements.
The Group owns subsidiary companies which are regulated by the Financial Conduct Authority (“FCA”) and these 
businesses are subject to regulatory capital thresholds. The Group’s internal compliance and finance departments 
in these businesses regularly monitor and report to FCA to ensure the business complies with the capital thresholds 
which apply to them.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to 
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS
Estimates and judgements are continually evaluated and are based on historical experience and other factors, 
including expectations of future events that are believed to be reasonable under the circumstances. This 
note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which 
are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong.
A. CRITICAL ACCOUNTING ESTIMATES
VALUATION OF GOODWILL AND OTHER INTANGIBLE ASSETS
Determining the valuation of goodwill and intangible assets arising from a business combination under IFRS 3 
contains elements of judgement. The Group has acquired customer relationships, acquired brands and computer 
software included within intangible assets as part of the business combinations. The valuation methodology and key 
assumptions in respect of the valuation of these intangible assets can be found in Note 20.
IMPAIRMENT OF GOODWILL AND OTHER INTANGIBLE ASSETS AND RECOVERABILITY OF COMPANY’S INVESTMENT 
IN SUBSIDIARIES
The recognition of goodwill and other intangible assets arising on acquisitions and the impairment assessments 
contain significant accounting estimates. Goodwill is carried at cost less provision for impairment, the carrying value 
is tested annually for impairment, or more frequently if any indicators arise. Other intangible assets are amortised 
over their useful economic life and are assessed for impairment when there is an indication that the asset might 
be impaired. The impairment test of goodwill and other intangible assets includes key assumptions underlying the 
recoverable amounts, the growth rates applied to the future cash flows and the Group’s discount rate. Note 21 sets 
out the estimates used and the sensitivity changes in the key assumptions.
ESTIMATION OF CURRENT TAX PAYABLE AND CURRENT TAX EXPENSE IN RELATION TO AN UNCERTAIN TAX POSITION
The Group’s corporation tax provision for 2024 now stands at £343,000 (2023: £1,442,000) and relates to 
management’s assessment of the amount of tax payable on open positions where the liabilities remain to be agreed 
with relevant tax authorities – principally due to the Grant Thornton litigation which concluded in 2021. Uncertain tax 
items for which the provision is made relates principally to the interpretation applicable to arrangements entered into 
by the Group including the application of carried forward losses before 1 April 2017 derived from HMRC guidance 
on this matter. Due to uncertainty associated with such tax items, it is possible that, on conclusion of open tax 
matters at a future date, the final outcome may differ. Whilst a range of outcomes is possible, management does not 
expect the maximum possible tax payable to exceed £343,000. At a minimum tax payable could be £nil resulting in 
a reduction in liabilities of up to £343,000.
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4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS CONTINUED
B. CRITICAL ACCOUNTING JUDGEMENTS
GOING CONCERN ASSUMPTIONS
Inputs, including stresses, management actions and forecasting all require significant judgement in concluding on 
going concern. These have been set out in more detail in the basis of preparation note on page 53.
ACCOUNTING FOR SUBSIDIARIES & DISCONTINUED OPERATIONS
During the year ended 2023 AssetCo sold its shareholding in Rize ETF Limited.
•	
AssetCo held 68% of the equity of Rize ETF Limited. Whilst the founders of the business had a material stake 
(which could be increased by 5% percentage points in the event of a sales “trigger” being met) there was in 
place a comprehensive shareholder agreement which conferred considerable control to the Group via the 
appointment of Board representation and the way in which key matters had to be agreed, including the ability 
to block resolutions as well as voting patterns and economic dependency. Accordingly, we believe it was 
appropriate to account for Rize as a subsidiary entity.
•	
At the 2023 year-end Rize ETF Limited was considered sold and no longer owned by the Group.
During the 2023 year the Group sold two separate operations classified as Discontinued Operations under IFRS 5. 
These were for the sale of River and Mercantile Asset Management LLC and Rize ETF Limited. River and Mercantile 
Asset Management LLC represented a specific geographic area of business for the Group (being the USA) and 
Rize ETF Limited represented a major line of business for the Group. Both sales completed within the year ended 
30 September 2023 and so qualify as discontinued operations under the standard.
In 2024 AssetCo disposed of its investment in its infrastructure business. The infrastructure business was 
run through two Group companies, River and Mercantile Infrastructure LLP (“LLP”) and River and Mercantile 
Infrastructure GP S.a.r.l. (“GP”). All operations within the LLP have now ceased and the GP has been transferred to 
a 3rd party as part of a share transfer agreement. Consequently, the operations of the Infrastructure business are 
considered discontinued.
Additionally in the year the regulated entity Saracen Fund Managers Limited was sold in a share purchase 
agreement transferring the legal rights and regulatory permissions but with all operating activities retained by the 
Group. Consequently, Saracen is not considered a discontinued operation.
HELD FOR SALE ASSETS
No assets were classified as held for sale by the Group as at 30 September 2024.
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5. SEGMENTAL REPORTING
The core principle of IFRS 8 ‘Operating segments’ is to require an entity to disclose information that enables users 
of the financial statements to evaluate the nature and financial effects of the business activities in which the entity 
engages and the economic environments in which it operates.
Segment information has historically been presented in respect of the Group’s commercial competencies, Active 
equities, Infrastructure asset management, Exchange Traded Funds and its investment in Digital Platforms.
Active equities comprise all equities businesses historically acquired by the Group including RMG, ODAM, Saracen, 
SVM and Revera; Infrastructure Asset Management was the non-equities investment arm of RMG; Exchange Traded 
Funds is Rize ETF and Digital Platforms represents the Group’s investment in the associated company, Parmenion.
The Directors consider that the chief operating decision maker is the Board. Head Office segment comprises the 
Group Board’s management and associated costs and consolidation adjustments.
Intra-segment transactions are disclosed on the face of the segmental report. The amounts provided to the Board 
with respect to net assets are measured in a manner consistent with that of the financial statements. The Company 
is domiciled in the UK.
CHANGES TO SEGMENTAL REPORTING
By 30 September 2023 the US business has been sold alongside Rize ETF Limited. During the 2023 financial 
year the UAE did not generate any revenue and only incurred administrative costs. Consequently for 2023 the 
US business was presented as a Discontinued Operation for the purposes of Segmental reporting. Additionally, 
the Exchange Traded Funds segment (fully encompassed by the now sold Rize ETF Limited) was also moved to 
Discontinued Operations.
Further detail of these Discontinued Operations can be found in note 6.
For the year ended 30 September 2024 Segments have been identified as the Equities Business, Head Office and 
Digital Platforms.
GEOGRAPHICAL ANALYSIS OF REVENUE FOR CONSOLIDATED GROUP
FOR THE YEAR ENDED 30 SEPTEMBER 2024
2024
£’000
2023
£’000
UK
14,368
16,536
US
–
186
14,368
16,722
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5. SEGMENTAL REPORTING CONTINUED
ANALYSIS OF REVENUE AND RESULTS BY COMMERCIAL ACTIVITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Active
equities
£’000
Digital
platform
£’000
Head
office
£’000
Discontinued
Operations
(Infrastructure
Business)
£’000
Total
£’000
Revenue
Management fees
13,845
–
–
523
14,368
Total revenue to external customers
13,845
–
–
523
14,368
Segment result
Operating (loss)/profit
(7,232)
2,423
(403)
(325)
(5,537)
Finance income
293
–
–
3
296
Finance costs
(87)
–
(18)
(4)
(109)
(Loss)/profit before tax
(7,026)
2,423
(421)
(326)
(5,350)
Income tax
–
–
2,898
–
2,898
(Loss)/profit for the year
(7,026)
2,423
2,477
(326)
(2,452)
Segment assets and liabilities
Total assets
30,752
27,049
2,722
–
60,523
Total liabilities
(6,873)
–
(531)
–
(7,404)
Total net assets
23,879
27,049
2,191
–
53,119
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5. SEGMENTAL REPORTING CONTINUED
ANALYSIS OF REVENUE AND RESULTS BY COMMERCIAL ACTIVITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Active
equities
£’000
Infrastructure
asset
management
£’000
Digital
platform*
£’000
Head
office*
£’000
Discontinued
Operations
£’000
Total
£’000
Revenue
Management fees
14,419
560
–
–
186
15,165
Marketing fees
–
–
–
–
1,557
1,557
Total revenue to 
external customers
14,419
560
–
–
1,743
16,722
Segment result
Operating (loss)
(9,415)
(2,413)
–
(2,500)
(2,832)
(17,160)
Finance income
75
–
–
2,213
(6)
2,282
Finance costs
(450)
–
–
(60)
6
(504)
(Loss) on sale of subsidiary
–
(11,160)
(11,160)
Share of result of associate
–
–
(352)
–
–
(352)
(Loss) before tax
(9,790)
(2,413)
(352)
(347)
(13,992)
(26,894)
Income tax
19
(11)
–
187
–
195
(Loss) for the year
(9,771)
(2,424)
(352)
(160)
(13,992)
(26,699)
Segment assets and liabilities
Total assets
40,456
173
–
31,675
–
72,304
Total liabilities
(8,039)
(1,013)
–
(9,310)
–
(18,362)
Total net assets
32,417
(840)
–
22,365
–
53,942
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6. DISCONTINUED OPERATIONS
Within the year ended 30 September 2023 two businesses were sold and were classified as Discontinued 
Operations under IFRS 5. These were River and Mercantile Asset Management LLC and Rize ETF Limited.
Within the year ended 30 September 2024 one business was sold and has been classified as Discontinued 
Operations under IFRS 5. This is the Infrastructure business who’s operating results are shown in note 5.
Under these standards the Discontinued Operations have been separately identified on the face of the Financial 
Statements and have been disclosed below to help the users of the accounts better understand the continuing 
operations of the Group.
2024
£’000
2023
£’000
River and Mercantile Asset Management LLC
–
(470)
Rize ETF Limited
–
(2,362)
River and Mercantile Infrastructure LLP & River and Mercantile Infrastructure GP S.a.r.l.
(326)
–
Loss on disposal
–
(11,160)
(Loss) from discontinued operation (attributable to equity holders of the company)
(326)
(13,992)
OPERATING CASHFLOWS
2024
£’000
2023
£’000
River and Mercantile Infrastructure LLP &
River and Mercantile Infrastructure GP S.a.r.l.
(326)
–
River and Mercantile Asset Management LLC
–
(1,149)
Rize ETF Limited
–
(2,286)
Operating cash (outflow) from Discontinued Operations
(326)
(3,435)
RIVER AND MERCANTILE ASSET MANAGEMENT LLC
2023
£’000
Revenue
Management fees
186
Total revenue to external customers
186
Operating expenses
(656)
Operating (loss)
(470)
Finance income
–
(Loss) before tax
(470)
Income tax
–
(Loss) for the year
(470)
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6. DISCONTINUED OPERATIONS CONTINUED
RIZE ETF LIMITED
2023
£’000
Revenue
Marketing fees
1,635
Total revenue to external customers
1,635
Operating expenses
(3,997)
Operating (loss)
(2,362)
(Loss) before tax
(2,362)
Income tax
–
(Loss) for the year
(2,362)
DISPOSAL COSTS
The disposal of River and Mercantile Asset Management LLC (“LLC”) and Rize ETF Limited (“Rize”) resulted in a net 
loss totalling £11,160,000 in the year ended 30 September 2023. This is broken down as follows:
For the year ended 30 September 2023:
LLC
£’000
Rize
£’000
Total
£’000
Fair value of consideration received
440
4,779
5,219
Impairment of existing intangible assets
–
(16,924)
(16,924)
Disposal of net assets/(liabilities) on sale
(99)
644
545
Total gain/(loss) on disposal
341
(11,501)
(11,160)
NCI transfer on sale of Rize ETF Limited
–
(1,094)
(1,094)
341
(12,595)
(12,254)
The deferred consideration for the LLC constitutes an agreed percentage of future revenues up to 30 June 2025 
estimated at $139,000 before discount.
The deferred consideration for Rize includes both a cash and earn-out element. Given the uncertainty and lack of 
Group control over the ability to earn a consideration on the earn-out element, no value has been ascribed to this. 
In addition, there was a deferred cash element of £2,650,000 payable 18 months from completion. This has been 
discounted present value using a rate of 14.65%. NCI of £1,094,000 was recognised within retained earnings upon 
the sale of Rize.
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7. OTHER INCOME
2024
£’000
2023
£’000
Interest on loan notes held in associate
2,423
2,214
Other income
225
107
Total other income
2,648
2,321
INTEREST ON LOAN NOTES HELD IN ASSOCIATE
As set out in note 23 the Group has acquired a 30% equity interest in Parmenion Capital Partners LLP via a 
corporate entity, Shillay TopCo Limited. A large part of the Group’s total investment is held by way of loan notes.
During the financial year the Group recognised £2,423,000 (2023: £2,214,000) of interest on those loan notes and 
this is reflected in other income.
8. ADMINISTRATIVE EXPENSES AND EXCEPTIONAL ITEMS
Exceptional items recognised in the income statement in the current and prior period were:
2024
£’000
2023
£’000
Restructuring costs
1,881
2,967
Provision against doubtful debt
–
1,467
One-off recognition of deferred tax asset (note 31)
(1,805)
–
Provision releases for corporation tax
(1,094)
–
Exceptional items
(1,018)
4,434
Administrative expenses can be broken down as follows:
Exceptional items within administrative expenses
1,881
4,434
Acquisition costs
–
152
Disposal Costs Rize and LLC
–
201
Share-based payment expense and social security
568
104
Other administrative expenses
18,931
24,645
Total administrative expenses
21,380
29,536
Restructuring costs include salaries of employees being made redundant from the point of notice of redundancy, 
severance costs and costs associated with the implementation of the new target operating model. The provision 
against doubtful debt is against the receivables due from the Partners of the Infrastructure business, repayable 
through future profits. As noted, this was fully written off in the current year with no impact on the income statement.
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8. ADMINISTRATIVE EXPENSES AND EXCEPTIONAL ITEMS CONTINUED
A further breakdown of administrative costs has been provided below to show staff costs, amortisation and 
depreciation. The remaining administrative costs consist of office facilities, technology and communication, market 
data, research and other related operational costs:
2024
£’000
2023
£’000
Staff costs (note 12)
10,825
15,429
Amortisation and depreciation
920
684
Administrative costs
9,635
13,423
Total administrative expenses
21,380
29,536
Reconciliation of ‘Operating loss for continuing business excluding exceptionals’.
The table below reconciles statutory losses to the Strategic Report’s KPI for Operating loss for continuing business 
excluding exceptionals:
2024
£’000
2023
£’000
Continuing operations: Operating loss
(5,212)
(12,114)
Adjusted for:
Exceptional items
1,881
4,434
Operating loss for continuing business excluding exceptionals for the year
(3,331)
(7,680)
Finance income
293
2,288
Finance cost
(105)
(510)
Income tax
2,898
195
Adjusted for tax related exceptional items
(2,899)
–
(Loss)/profit for the year after excluding Exceptional items and Discontinued Operations
(3,144)
(5,707)
9. OTHER GAINS AND LOSSES
2024
£’000
2023
£’000
Gain on disposal of fair value investments
166
122
166
122
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10. OPERATING LOSS AND PROFIT
Operating (loss)/profit is stated after charging the following:
2024
£’000
2023
£’000
Depreciation of property plant and equipment (note 18)
23
28
Depreciation of right-of-use assets (note 19)
675
865
Amortisation of intangible assets (note 20)
1,716
661
Loss on foreign exchange differences (note 14)
21
212
Fees payable to the Company’s auditors:
– For the audit of the parent Company and the consolidated financial statements
190
295
– audit fees re: subsidiaries
223
260
– audit-related assurance services
73
10
Staff costs (note 12)
10,825
15,429
11. DIRECTORS’ EMOLUMENTS
Salary and fees
Restricted Share Plan
Total
Director
2024
£’000
2023
£’000
2024
£’000
2023
£’000
2024
£’000
2023
£’000
Martin Gilbert
23
83
–
–
23
83
Peter McKellar
23
72
–
–
23
72
Campbell Fleming
–
98
–
–
–
98
Gary Marshall
138
138
61
9
199
147
Jonathan Dawson
40
60
–
–
40
60
Tudor Davies
40
55
–
–
40
55
Christopher Mills
40
45
–
–
40
45
Mark Butcher
–
25
–
–
–
25
Aggregate fees and emoluments
304
576
61
9
365
585
An IFRS 2 accounting charge of £61,000 (2023: £9,000) was accrued in the year ended 30 September 2024 
relating to the portion of the Restricted Share Plan awarded in November 2023 to Gary Marshall (note 34).
Pension allowances paid to current directors were £12,500 (2023: £24,000). The highest paid director received 
aggregate emoluments, including awards under the share- based payments charge, of £199,000 (2023: £138,000).
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12. STAFF COSTS
The monthly average number of staff employed by the Group and Company (including executive directors) was:
Group
2024
No.
Group
2023
No.
Company
2024
No.
Company
2023
No.
Active equities
70
92
–
–
Infrastructure asset management
4
6
–
–
Exchange Traded Funds (discontinued operation)
–
14
–
–
Head office
9
13
9
13
83
125
9
13
The costs incurred in respect of these employees were:
Continuing operations:
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Wages and salaries
8,820
13,473
538
1,306
Social security costs
1,040
1,408
82
159
Share-based payments
568
113
–
26
Other pension costs
397
435
–
13
10,825
15,429
620
1,504
Wages and salaries include termination payments of £458,000 (2023: £1,095,000). These amounts are reflected in 
the total exceptional restructuring costs set out in Note 8.
Employee benefit obligations
The Group’s subsidiaries have defined contribution pension schemes in place. The pension contribution charge in 
2024 amounted to £397,000 (2023: £435,000).
13. FINANCE INCOME
Finance income from continuing operations was:
2024
£’000
2023
£’000
Interest income
293
74
293
74
14. FINANCE COSTS
Finance costs from continuing operations were:
2024
£’000
2023
£’000
Lease liability finance charge
65
90
Finance costs on bonds and letters of credit
19
208
Loss on foreign exchange
21
212
105
510
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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15. GROUP AND COMPANY DIVIDENDS
The Group has not declared any interim or final dividends with respect to the financial year to September 2023 
or 2024.
In respect of the financial year to 30 September 2022 an interim dividend of 1.3p per share was paid in 
December 2022 and amounted to £1,798,000 (2021: £nil). The dividend was not recognised as a liability at 
30 September 2022 as it was not approved and paid until after the period end.
16. INCOME TAX
2024
£’000
2023
£’000
Current tax
Provision release for corporation tax enquiry
(1,094)
–
Current tax on (loss)/profits for the year
–
11
Total current tax expense/(credit)
(1,094)
11
Deferred tax
Continuing operations
(1,805)
(199)
Discontinued operations
–
(7)
Total deferred tax (credit)/expense
(1,805)
(206)
Income tax (credit)/expense
(2,898)
(195)
The tax on the Group’s loss before tax differs from the theoretical amount that would arise using the standard tax 
rate applicable to the profits of the consolidated entities as follows:
2024
£’000
2023
£’000
(Loss) before tax continuing operations
(5,024)
(12,902)
(Loss) before tax discontinued operations
(326)
(13,992)
Total (loss) before tax
(5,350)
(26,894)
Tax credit at a standard rate of 25% (2023: 22%)
(1,338)
(5,917)
Factors affecting tax charge for the year:
Provision release
(1,094)
–
Expenses not deductible for tax purposes
3,222
4,416
Income not taxable for tax purposes
(2,648)
(3,491)
Other short-term timing differences
(264)
(184)
Tax losses used
(326)
–
Movement in unrecognised deferred tax
(450)
4,981
(2,898)
(195)
The rate applicable from 1 April 2023 increased to 25%, resulting in a pro-rata rate for the prior period of 22%. 
Deferred taxes at the reporting date have been measured using these enacted tax rates and reflected in these 
financial statements.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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17. LOSS & EARNINGS PER SHARE
BASIC
Basic earnings per share is calculated by dividing the loss attributable to owners of the parent by the weighted 
average number of Ordinary Shares in issue during the year. The weighted average number of shares is calculated 
by reference to the length of time shares are in issue taking into account the issue date of new shares and any 
buybacks (see note 30).
2024
2023
(Loss) from continuing operations – £000
(2,126)
(12,707)
(Loss) from discontinued operations – £000
(326)
(13,992)
Total (loss) attributable to owners of the parent
(2,452)
(26,699)
Weighted average number of ordinary shares in issue – no.
143,446,157 140,364,398
Basic loss per share from continuing operations – pence
(1.48)
(9.06)
Basic loss per share from discontinued operations – pence
(0.23)
(9.98)
Total basic loss per share
(1.71)
(19.04)
DILUTED
Diluted earnings per share is calculated by adjusting the weighted average number of Ordinary Shares in issue 
assuming conversion of all dilutive potential Ordinary Shares.
2024
2023
(Loss) from continuing operations – £000
(2,126)
(12,707)
(Loss) from discontinued operations – £000
(326)
(13,992)
Total (loss) attributable to owners of the parent
(2,452)
(26,699)
Weighted average number of ordinary shares in issue – no.
143,446,157 140,364,398
Diluted loss per share from continuing operations – pence
(1.48)
(9.06)
Diluted loss per share from discontinued operations – pence
(0.23)
(9.98)
Total diluted loss per share
(1.71)
(19.04)
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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18. PROPERTY, PLANT & EQUIPMENT
CONSOLIDATED GROUP
Leasehold
improvements
£’000
Fixtures and
fittings
£’000
Computer
equipment
£’000
Total
£’000
Cost
At 1 October 2022
2
8
68
78
Acquisition of subsidiary
68
38
137
243
Additions
17
–
–
17
Disposals
(1)
–
–
(1)
At 30 September 2023
86
46
205
337
Acquisition of subsidiary
–
–
–
–
Additions
–
–
–
–
Disposals
(13)
–
(24)
(37)
At 30 September 2024
73
46
181
300
Accumulated depreciation
At 1 October 2022
1
8
37
46
Acquisition of subsidiary
17
36
127
180
Charge for the year
4
–
24
28
Disposals
–
–
(15)
(15)
At 30 September 2023
22
44
173
239
Acquisition of subsidiary
–
–
–
–
Charge for the year
8
1
14
23
Disposals
(13)
–
(24)
(37)
At 30 September 2024
17
45
163
225
Net book value at 30 September 2024
56
1
18
75
Net book value at 30 September 2023
64
2
32
98
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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19. RIGHT OF USE ASSETS AND LEASE LIABILITY
CONSOLIDATED GROUP
Right of use asset
£’000
Cost:
At 1 October 2022
411
Additions
2,175
Write offs
(411)
At 30 September 2023
2,175
Additions
–
Adjustments
(156)
At 30 September 2024
2,019
Accumulated depreciation:
At 1 October 2022
187
Charge for the year
865
Write offs
(411)
At 30 September 2023
641
Charge for the year
675
Write offs
(63)
At 30 September 2024
1,253
Net book value at 30 September 2024
766
Net book value at 30 September 2023
1,534
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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AssetCo plc | Report and Financial Statements 2024
19. RIGHT OF USE ASSETS AND LEASE LIABILITY CONTINUED
Lease liability
£’000
Lease liability:
At 1 October 2022
294
Additions
2,160
Write offs
(254)
Payments made
(630)
Interest charge
76
At 30 September 2023
1,646
Additions
–
Adjustments
(156)
Payments made
(618)
Dilapidation payments
(78)
Interest charge
65
At 30 September 2024
859
Of which:
Current lease liabilities
569
Non-current liabilities
290
At 30 September 2024
859
The Group’s leases relating to office accommodation with terms of more than one year are recognised as a right of 
use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. The 
weighted average incremental borrowing rate applied to the leases was between 5% and 6%. On 20thOctober 2022 
the Coleman Street lease agreements were renegotiated and extended, leading to a full write down of the existing 
lease balances held and recognition of the new lease agreements effective from 14thJanuary 2023. An adjustment 
totalling £156,000 was made during the year in relation to the dilapidations calculation for Coleman Street. 
Dilapidation payments totalling £78,000 were made in relation to the 2nd floor of Coleman Street whose lease was 
not renewed and ended in January 2024.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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20. GOODWILL & INTANGIBLE ASSETS
Group
Goodwill
£’000
Customer 
relationships
£’000
Software
£’000
Brand
£’000
Website 
development
£’000
Total
£’000
Cost
At 1 October 2022
20,435
2,400
1,250
650
112
24,847
Acquisition of business
6,340
200
–
50
–
6,590
Additions
–
–
–
–
12
12
Disposal of business
(16,860)
–
–
(150)
(124)
(17,134)
Cost at 30 September 2023
9,915
2,600
1,250
550
–
14,315
Acquisition of business
208
3,600
–
–
–
3,808
Additions
–
–
39
–
–
39
Cost at 30 September 2024
10,123
6,200
1,289
550
–
18,162
Accumulated amortisation
At 1 October 2022
–
64
98
60
25
247
Acquisition of business
–
–
–
–
–
–
Impairment
11,860
–
–
–
–
11,860
Charge for the year
–
232
340
89
12
673
Disposal of business
(11,860)
–
–
(64)
(37)
(11,961)
Amortisation at 30 September 2023
–
296
438
85
–
819
Charge for the year
–
534
297
66
897
Amortisation at 30 September 2024
–
830
735
151
–
1,716
Net book value at 
30 September 2024
10,123
5,370
554
399
–
16,446
Net book value at 
30 September 2023
9,915
2,304
812
465
–
13,496
Software and website development are internally generated and have finite lives as set out in Note 2. Amortisation of 
all intangible assets is included in administrative expenses in the income statement.
Goodwill is allocated to the Group’s cash-generating units and due to the operational merging of various equities 
businesses in the Group, now only distinguishes between the recently acquired Ocean Dial Asset Management 
Limited goodwill and remaining equities business goodwill:
2024
£’000
2023
£’000
Saracen Fund Managers Limited and Revera Asset Management Limited
–
3,575
SVM
–
6,340
Previously acquired equities businesses now under a single CGU
9,915
–
Ocean Dial Asset Management Limited
208
–
Total
10,123
9,915
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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AssetCo plc | Report and Financial Statements 2024
20. GOODWILL & INTANGIBLE ASSETS CONTINUED
IMPAIRMENT REVIEW
Goodwill is reviewed annually for impairment and its recoverability has been assessed at 30 September 2024 by 
comparing the carrying amount of the CGUs to their expected recoverable amount, estimated on a value-in-use 
basis. The value-in-use of each CGU has been calculated using discounted cash flow projections based on the 
most recent budgets and forecasts maintained by the Group. The most recent budgets prepared are part of the 
annual planning process for the year ending 30 September 2025 and are then extrapolated over the next four years 
so that the budgets and forecasts cover a period of five years. Cash flows are then extrapolated beyond the five-
year budget and forecasted into perpetuity using an expected long-term growth rate, with the long-term growth rate 
considered reasonable compared with budget and any forecasted growth.
Consolidated assessment: As at 30 September 2024 headroom exists in the calculations in respective recoverable 
amounts of these CGUs over the carrying amounts of the goodwill allocated to them. On this basis the Directors 
have concluded that there is no impairment required to the goodwill balances as at 30 September 2024.
Company assessment: As at 30 September 2024 the Company was deemed to require an impairment in some of 
its investments in subsidiaries as set out in note 21.
Merger of CGU’s
During both the 2023 and 2024 financial years, work has been undertaken to reorganise the operating structure 
of the Group. As such several previously separably identifiable CGU’s are now considered to be merged for 
the financial year 2024 and impairment testing has aggregated the operating components of these previously 
identifiable CGU’s.
Key inputs
Modelling was performed to support both discounted cash flow (DCF) and net present value (NPV) methodologies. 
The overall approach to impairment reviews for 2024 represents a more conservative approach with a reduction in 
expected revenue growth in all cases vs. prior year modelling.
Key DCF inputs included: Forecasting revenue driven by AUM. Modelling for the years ended 30 September 2023 
and 2024 took the approved budgets as a starting point. Revenue growth was modelled to be broadly flat for the 
financial years ending 2024 and 2025 with a subsequent annual growth rate of 2%. Costs were grown at 2% p.a. 
where applicable, notably below current inflation rates, primarily due to expected future cost saving measures 
and a strategy throughout the business to manage costs. The discount rate applied for the analysis was 13.75% 
(2023: 14.65%) based on the risk-free rate of interest and specific risks relating to the Group.
Key NPV inputs included; A broad spectrum of third party transaction and trading data was analysed (both current 
and historical). It is noted that industry trading multiples have fallen in the period based on peer group share price 
analysis and this was incorporated into the relevant modelling. This data was compared with the relevant cash 
generating units and businesses in the Group to select appropriate and conservative valuation multiples after taking 
into account any identified free cash and estimated costs to realise these prices.
21. INVESTMENTS IN SUBSIDIARIES
Company shares in group undertakings:
2024
£’000
2023
£’000
At 1 October
38,122
69,921
Additions in the year
1,508
9,073
Impairment
(2,070)
(40,872)
At 30 September
37,560
38,122
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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21. INVESTMENTS IN SUBSIDIARIES CONTINUED
Investments in Group undertakings are recorded at cost, which is the fair value of the consideration paid, less any 
impairment. In the year the additions relate to shares to the value of £1,112,000 issued by the Company in relation 
to the acquisition of Ocean Dial Asset Management Limited and £396,000 with respect to the share award detailed 
in note 34. The impairment in the year of £2,070,000 relates to River and Mercantile Group Limited following a 
review of its carrying value to the Company making use of modelling assumptions outlined within note 20.
In the year ended 30 September 2023 an impairment was recognised in relation to the Company’s investment in 
River and Mercantile Group Limited for £18,880,000, and in relation to Revera Asset Management for £241,000. As 
noted in note 20 a review of goodwill and intangible assets was conducted for the year ended 30 September 2023 
and as a result of this testing it was considered appropriate to impair the values of these investments to the higher of 
their net realisable value or value in use. The methodology for this modelling has been set out in note 20.
The subsidiaries of AssetCo plc as at 30 September 2024 are as follows:
Name of Company
Note
Proportion
held
Class of
shareholding
Nature of business
River and Mercantile Group Limited
1
100%
Ordinary
Investment management
River Global Holdings Limited
1
100%
Ordinary
Holding company
River Global Services Limited
1
100%
Ordinary
Service company
River and Mercantile Group Trustees Limited
1
100%
Ordinary
Dormant service company
River and Mercantile US Holdings Limited
1
100%
Ordinary
Holding company for the
US business
River Global Investors LLP
1
100%
Ordinary
Investment management
company
Revera Asset Management Limited
2
100%
Ordinary
Investment management
SVM Asset Management Holdings Limited
2
100%
Ordinary
Investment management
SVM Asset Management Limited
2
100%
Ordinary
Investment management
SVM Investment Management Limited
2
100%
Ordinary
Dormant
SVM Investment Managers Limited
2
100%
Ordinary
Dormant
River Global LLP
1
100%
Ordinary
Dormant
AAMCO Limited
1
100%
Ordinary
Dormant
AssetCo Asset Management Limited
1
100%
Ordinary
Dormant
AssetCo Investment Management Limited
1
100%
Ordinary
Dormant
Notes:
1.	 Incorporated, registered and having their principal places of business in the United Kingdom with their registered 
offices being 30 Coleman Street, London, EC2R 5AL.
2.	 Incorporated, registered and having their principal place of business in the United Kingdom with their registered 
office being 7 Castle Street, Edinburgh EH2 3AH.
All subsidiary undertakings are included in the consolidation of the Group.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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22. BUSINESS COMBINATION
SUMMARY OF ACQUISITIONS
SVM Asset Management Holdings Limited
On 31 October 2022 AssetCo plc announced the completion of the acquisition of the entire share capital and 100% 
voting rights of SVM Asset Management Holdings Limited (“SVM”). SVM is an active equities fund management 
Group based in Edinburgh.
Final settlement of the deferred consideration for SVM was made in December 2023 totalling £7,000,000.
Details of the purchase consideration are as follows:
SVM
£’000
Cash paid
2,216
Convertible loan notes issued
9,000
Fair value adjustment to loan notes
(173)
Total consideration
11,043
The fair value of assets and liabilities recognised as a result of the acquisition were as follows:
SVM
£’000
Cash
5,017
Trade and other receivables
444
Plant and equipment
2
Right-of-use assets
–
Trade payables
(238)
Other payables
(565)
Lease liability
–
Corporation tax liability
(145)
Total net assets recognised on acquisition
4,515
Fair value adjustments
Intangible assets: brand
50
Intangible assets: customer relationships
200
Deferred tax liability
(62)
Net identifiable assets/(liabilities) acquired
4,703
Goodwill
6,340
Net assets acquired
11,043
Other than fair value adjustments in respect of intangible assets acquired there were no fair value adjustments to the 
book values of assts and liabilities acquired.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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22. BUSINESS COMBINATION CONTINUED
ACQUIRED RECEIVABLES
The fair value of acquired trade receivables was £444,000 and no loss allowance has been recognised on acquisition.
REVENUE AND PROFIT CONTRIBUTION
The business was accounted for from the date of acquisition (31 October 2023). Had the business been 
consolidated from the start of the period, this would have increased the Group’s consolidated revenue by £249,000 
and operating losses by £101,000 for the year. The revenues of the business for the 12 months to 30 September 
2023 were £3,058,000 and the operating losses for the 12 months to 30 September 2023 was £1,108,000.
CONVERTIBLE LOAN
The terms of the £9,000,000 loan were for loan notes with a nominal value of £9 million, unsecured and carrying 
a coupon of 1%. The reduction in nominal value of the loan notes represents a fair value adjustment to reflect the 
difference in the 1% coupon and a market interest rate. The first £2 million of loan notes were convertible into 
AssetCo ordinary shares in certain circumstances, at market value, up to 31 December 2022 with the remainder 
convertible into AssetCo ordinary shares, at £1.45 per share, up to 31 December 2023. If not converted the loan 
notes were repayable at nominal value on 31 December 2023. As announced on 20 March 2023 the SVM vendors, 
following an extension of their conversion option date to 28 February 2023, duly exercised their option to convert 
the first £2 million of loan notes into AssetCo ordinary shares. The market price agreed was 68.7p per share and 
led to the issue to the SVM vendors of 2,911,208 AssetCo ordinary shares which were satisfied by the transfer of 
shares from those held in treasury. As set out in Companies Act 2006 the difference between the average purchase 
price of these shares and the agreed issue price is taken to share premium.
Ocean Dial Asset Management Limited
On 2nd October 2023 AssetCo plc completed its acquisition of the entire share capital and 100% voting rights 
of Ocean Dial Asset Management (“ODAM”). ODAM is an active equities fund manager of the fund India Capital 
Growth Fund (“IGC”).
Details of the purchase consideration are as follows:
ODAM
£’000
Cash paid
2,464
Shares paid
556
Deferred shares (paid 30 January 2024)
556
Total consideration
3,576
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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22. BUSINESS COMBINATION CONTINUED
The fair value of assets and liabilities recognised as a result of the acquisition are as follows:
ODAM
£’000
Cash
642
Trade and other receivables
211
Plant and equipment
2
Trade payables
(76)
Other payables
(111)
Total net assets recognised on acquisition
668
Fair value adjustments
Intangible assets: customer relationships
3,600
Deferred tax liability
(900)
Net identifiable assets/(liabilities) acquired
2,700
Goodwill
208
Net assets acquired
3,576
ACQUIRED RECEIVABLES
The fair value of acquired receivables was £211,000, primarily made up of accrued income and no loss allowance 
has been recognised on acquisition.
CUSTOMER RELATIONSHIPS & MANAGEMENT CONTRACTS
The initial recognition of the management contract held by Ocean Dial was calculated based on a Multi-period 
Excess Earnings Method (“MEEM”), estimating a useful life of 12 years for the contract. Management developed 
a cash flow forecast based on expectations from the year of acquisition making use of historical analysis and 
management experience in the industry. Revenue growth was estimated on a conservative basis of 2% per 
Annum offset by a biennial AUM redemption of incrementally larger severity over the years (increasing from 2.5% 
to 30% redemptions by 2035) representing the shareholders biennial continuation vote; based on management 
experience, historical analysis of previous voting results and increased probability of redemptions over time. An 
assumed weighted average cost of capital of 19% was applied, a premium relative to the wider Group’s business 
reflecting the size and equity risk premium associated with the Ocean Dial Business. A deferred tax liability has been 
recognised in respect of this asset.
REVENUE AND PROFIT CONTRIBUTION
The business was accounted for from the date of acquisition (2nd October 2023). This is the first working day of 
the financial year of the Group and consequently the revenue and operating results of the Group would have been 
unaffected by accounting for the acquisition from 1st October 2023.
Revenue for the 12 months ended 30 September 2024 was £1,926,000 and contributing £1,049,000 to the profit 
before tax of the Group.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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 AssetCo plc | Report and Financial Statements 2024
22. BUSINESS COMBINATION CONTINUED
PURCHASE CONSIDERATION – CASH OUTFLOW
Outflow of cash to acquire subsidiaries, net of cash acquired
2024
£’000
2023
£’000
Cash consideration
2,464
2,216
Less: balances acquired
(642)
(5,017)
Net outflow/(inflow) of cash – investing activities
1,822
(2,801)
Deferred consideration paid for acquisitions – SVM
7,000
–
Total paid/(received) in year relating to acquisitions
8,822
(2,801)
ACQUISITION-RELATED COSTS
Directly attributable acquisition related costs for ODAM were £25,000 including those not directly attributable to the 
issue of shares. Incidental costs are included in administrative expenses in the income statement.
Acquisition-related costs for the year ended 30 September 2023 were £205,000 which were not directly attributable 
to the issue of shares and are included in administrative expenses in the income statement.
23. GROUP INTEREST IN ASSOCIATES
Total
£’000
Equity
£’000
Restated
Loan notes
£’000
Balance at 30 September 2022
22,765
352
22,413
Share of operating results for 2023
(352)
(352)
–
Interest earned in the year
2,213
–
2,213
Closing balance at 30 September 2023
24,626
–
24,626
Share of operating results for 2024
–
–
–
Interest earned in the year
2,423
–
2,423
Closing balance at 30 September 2024
27,049
–
27,049
On 1 October 2021 AssetCo acquired an effective 30% interest in the equity of Parmenion Capital Partners LLP, via 
a Guernsey-registered corporate structure. AssetCo is a shareholder in the holding company for this group, Shillay 
TopCo Limited.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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23. GROUP INTEREST IN ASSOCIATES CONTINUED
The tables below provide summarised information of the associate. The information disclosed reflects the amounts 
presented in the unaudited financial statements of the relevant associate and not the AssetCo plc share of those 
amounts. They have been amended to reflect adjustments made by the Company when using the equity method, 
including fair value adjustments and modifications for differences in accounting policy.
UNAUDITED SUMMARISED BALANCE SHEET
Shillay TopCo Limited
30 September 2024
£’000
Shillay TopCo Limited
30 September 2023
£’000
Total current assets
23,189
31,657
Non-current assets
104,293
107,752
Total current liabilities
(9,050)
(18,772)
Total non-current liabilities
(127,496)
(128,216)
Net liabilities
(9,064)
(7,579)
UNAUDITED SUMMARISED STATEMENT OF COMPREHENSIVE INCOME
Shillay TopCo Limited
30 September 2024
£’000
Shillay TopCo Limited
30 September 2023
£’000
Revenue
49,448
40,761
Expected profit for the period
(1,714)
921
Net Asset Adjustment
–
(9,095)
Total comprehensive income
(1,714)
(8,174)
Equity interest (%)
30%
30%
Equity interest
(514)
(2,452)
Share of operating results
–
(352)
SHILLAY TOPCO LIMITED MOVEMENT IN NET ASSETS FOR THE YEAR ENDED 30 SEPTEMBER 2023
The Shillay TopCo Limited (Shillay) accounts for the year ended 31 December 2022 were the first set of consolidated 
accounts for the entity. These accounts were approved and signed on 28thJune 2023. This accounting period 
was also the first accounting period in which the purchase price allocation and any resulting tax positions were 
calculated in respect of its acquisitions of Parmenion Capital Partners LLP and EBI Portfolios Limited. As a result 
of finalising these positions for the 2022 consolidated accounts for the Shillay group net assets were reduced by 
£9.1m primarily as a result of adjustments for uplifts in goodwill recognised on acquisition and the recognition of 
additional deferred tax liabilities.
SHARE OF OPERATING RESULTS
The AssetCo Group has recognised this adjustment in its accounts for the year ended September 2023, reducing 
the value of its equity investment by its share of these losses down to a value of £nil.
It is important to note that this adjustment reflects a finalisation of accounting positions for the December 2022 year 
end for Shillay TopCo Limited and has no bearing on the underlying performance of its investment in Parmenion. 
Further losses recognised by Shillay TopCo Limited will not be recognised in the AssetCo PLC accounts and are 
presented at £nil value.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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24. TRADE AND OTHER RECEIVABLES
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Trade receivables
329
377
–
–
Other receivables
2,836
2,767
2,478
2,174
Amounts due from Group undertakings
–
–
363
258
Prepayments and accrued income
2,656
2,662
162
70
5,821
5,806
3,003
2,502
Due to their short-term nature, the carrying value of trade and other receivables is considered to be substantially 
equal to its fair value.
Trade and other receivables, including accrued income, held in other currencies amounted to £487,000 
(2023: £503,000). They include £2,478,000 (2023: £2,158,000) in relation to deferred consideration for the sale of 
Rize ETF Limited.
The carrying value of trade receivables and accrued income forms part of the Group’s overall exposure to credit risk. 
The Group does not hold any collateral as security.
As of 30 September 2024, trade and other receivables of £nil (2023: £nil) were impaired, and all trade receivables 
were aged less than 30 days. The amount of the provision was immaterial (2023: immaterial). No trade receivables 
were written off during the year (2023: £nil).
Amounts relating to accrued income total £1,816,000 (2023: £2,194,000). All balances are accrued for in the period 
they are earned and performance obligations are met and there were no adjustments to revenue recognised with 
respect to prior year balances.
25. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Seeded funds
93
13
79
–
93
13
79
–
The Group uses capital to invest in its own products as seed investments and they are recognised under the existing 
accounting policy as assets held at fair value through profit and loss. The fair value of the Group’s investment in its 
funds is derived from the fair value of the underlying investments some of which are not traded in an active market 
and therefore the investment is classified as Level 2 under IFRS 13 Fair Value Measurement.
AMOUNTS RECOGNISED IN PROFIT OR LOSS
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Fair value (losses)/gains on equity investments
–
–
–
–
Dividends received recognised in finance income
–
–
–
–
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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26. CASH AND CASH EQUIVALENTS
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Cash at bank and in hand
8,727
25,573
3
3,698
Cash and cash equivalents
8,727
25,573
3
3,698
Cash and cash equivalents
UK sterling
8,385
24,971
3
3,698
US dollars
284
302
–
–
Euros
57
297
–
–
Australian dollars
1
3
–
–
8,727
25,573
3
3,698
Balances are held with reputable banks with credit ratings of triple B and above or in short-term money market 
funds rated AAAm or equivalent.
27. TRADE AND OTHER PAYABLES
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Trade payables
804
655
4
–
Other payables
748
1,046
–
712
Other taxation and social security
429
242
22
26
Amounts due to Group undertakings
–
–
10,231
5,495
Deferred consideration
–
7,000
–
7,000
Accruals
2,650
5,403
162
–
4,631
14,346
10,419
13,233
Due to their short-term nature, the carrying value of trade and other payables approximates to their fair value. Trade 
and other payables held in other currencies amounted to £552,000 (2023: £152,000).
Deferred consideration outstanding at 30 September 2023 represents loan notes payable with respect to the 
acquisition of SVM which were paid in December 2023.
The amount due to Group undertakings recognised in the Company’s trade and other payables is due to River 
Global Holdings Limited and is for the purpose of providing working capital. It is interest-free, unsecured and 
repayable on demand.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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28. CURRENT TAXATION
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Tax receivable
–
1,159
–
–
Tax (payable)
(368)
(1,465)
(343)
(1,437)
Corporation tax (payable)
(368)
(304)
(343)
(1,437)
In the prior year, corporation tax payable was made up of a payable balance of £1,465,000 and a receivable balance 
of £1,159,000. The receivable related to tax payments made by a Group subsidiary in prior years and was fully 
repaid in the year.
There is no corporation tax charge arising in the current year. As referred to in note 4 there is some uncertainty 
around the treatment of certain items in the tax return and the matter remains open however the provision made for 
this as at 30 September 2024 is £343,000 (2023: £1,442,000).
29. FINANCIAL ASSETS AND LIABILITIES
The following tables illustrate the categorisation and carrying value of financial assets and liabilities as at 
30 September 2024. Credit risk is also discussed in note 3. It should be noted that Loans to associates has been 
included in the financial assets table to reflect the nature of the loan as a financial asset.
FINANCIAL ASSETS
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Trade receivables
329
377
–
–
Other receivables
5,072
5,429
2,478
2,174
Amounts due from Group undertakings
–
–
363
258
Cash and cash equivalents
8,727
25,573
3
3,698
Financial assets at amortised cost
14,128
31,379
2,844
6,130
Financial assets held as investments in associates
27,049
24,626
27,221
24,797
Financial assets at fair value through profit and loss
93
13
–
–
41,270
56,018
30,065
30,927
FINANCIAL LIABILITIES AT AMORTISED COST
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Trade payables
804
655
4
–
Other payables
748
1,047
–
93
Accruals
2,650
5,403
159
–
Intercompany payables
–
–
10,231
5,492
Lease liability
859
1,646
–
–
5,061
8,751
10,394
5,585
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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29. FINANCIAL ASSETS AND LIABILITIES CONTINUED
MATURITY ANALYSIS OF FINANCIAL LIABILITIES
The following disclosures show the maturity profile of contractual undiscounted cash flows of financial liabilities as at 
30 September 2024:
Trade
payables
£’000
Other
payables
and accruals
£’000
Lease liability
and accruals
£’000
Deferred
Considerations
£’000
Total
£’000
2024
Due in one year or less
804
3,398
569
–
4,771
Due in more than one year
–
–
290
–
290
2023
Due in one year or less
655
6,450
697
7,000
14,802
Due in more than one year
–
–
1,091
–
1,091
CURRENCY RISK
The Company and Group has performed sensitivity testing on the fair value of the Group and Company’s financial 
instruments of a 10% movement in sterling against all other currencies from the closing rates as at 30 September 
2024, with all other variables remaining constant. The below table sets out the financial assets and liabilities of the 
Group held in foreign currencies. A variation of 10% in sterling against these currencies would result in a £28,000 
(2023: £52,000) impact upon the Group income statement.
Financial
assets
£’000
Financial
liabilities
£’000
Net
£’000
2024
US dollar
757
(499)
258
Euro
70
(53)
17
Australian dollar
2
–
2
829
(552)
277
2023
US dollar
407
(22)
385
Euro
135
(4)
131
Australian dollar
3
–
3
545
(26)
519
Exposures to foreign exchange rates vary during the year depending on the volume of overseas transactions. 
Nonetheless the analysis above is considered to be materially representative of the Group’s exposure to currency 
risk during the year.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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30. EQUITY
SHARE CAPITAL AND SHARE PREMIUM
2024
Shares
2023
Shares
2024
£000
2023
£000
Ordinary shares of £0.01 each (2023: £0.01)
Fully paid
149,292,970
149,292,970
1,493
1,493
The ordinary shares entitle the holder to participate in dividends, and to share in the proceeds of winding up the 
Company in proportion to the number of and amounts paid on the shares held.
MOVEMENT IN ORDINARY SHARES
Number of
shares
No.
Share
capital
£000
Share
premium
£000
Total
£000
Balance at 30 September 2022
149,292,970
1,493
–
1,493
Share premium arising on treasury shares used 
in loan note conversion
–
–
209
209
Balance at 30 September 2023
149,292,970
1,493
209
1,702
Balance at 30 September 2024
149,292,970
1,493
209
1,702
OTHER RESERVES
Capital
redemption
reserve
£’000
Merger
reserve
£’000
Other
reserve
£’000
Total
£’000
Opening balance at 1 October 2022
653
43,063
–
43,716
Share-based payments in relation to LTIP (see note 34)
–
–
95
95
Balance at 30 September 2024 and 2023
653
43,063
95
43,811
Share-based payments in relation to LTIP (see note 34)
–
–
517
517
Balance at 30 September 2024 and 2023
653
43,063
612
43,328
The Company bought back and cancelled 6,532,942 ordinary shares in December 2020. These shares have been 
credited to the Capital Redemption Reserve in the amount of £653,000.
A Merger Reserve arose on the issue of shares to vendors of Saracen Fund Managers Limited rather than share 
premium. This was subsequently added to when the Company completed the acquisition of River and Mercantile 
Group Plc, the consideration for which was wholly settled by the issue of new ordinary shares in AssetCo plc. Under 
section 612 of the Companies Act 2006 the excess over the par value of these shares is accounted for as a Merger 
Reserve rather than as share premium.
As at 30 September 2024 the Group held 5,354,770 of treasury shares (2023: 8,283,027) further described in 
note 2.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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31. DEFERRED TAXATION
DEFERRED TAX LIABILITIES
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Deferred tax liabilities to be settled after more than one year
1,546
745
–
–
Deferred tax liabilities to be settled within one year
–
160
–
–
Total deferred tax liabilities
1,546
905
–
–
The balance comprised temporary differences attributable to:
DEFERRED TAX LIABILITY
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Financial assets at fair value through profit and loss
–
–
–
–
Right-of-use assets
–
31
–
–
Intangible assets
1,546
874
–
–
Deferred tax liability
1,546
905
–
–
DEFERRED TAX ASSETS
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
Deferred tax asset recognised in the year
1,546
–
–
–
Deferred tax asset
1,546
–
–
–
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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31. DEFERRED TAXATION CONTINUED
DEFERRED TAX MOVEMENTS
Group
Financial assets at
fair value through
profit and Loss
£’000
Right-of-use
Assets
£’000
Intangible
Assets
£’000
Unutilised 
tax losses
£’000
Total
£’000
At 1 October 2022
28
45
997
–
1,070
Acquisition of subsidiary
–
–
(21)
–
(21)
Disposal of subsidiaries
–
–
63
–
63
Charged/(credited to profit and loss
(28)
(13)
(165)
–
(206)
At 30 September 2023
–
32
874
–
905
Acquisition of subsidiaries
–
–
900
–
900
Disposal of subsidiaries
–
–
–
–
–
Charged/(credited to profit and loss
–
(32)
(228)
(1,546)
(1,805)
At 30 September 2024
–
–
1,546
(1,546)
–
The recognition of deferred tax assets is based upon whether it is more likely than not that sufficient and suitable 
taxable profits will be available in the future against which the reversal of temporary differences can be deducted. 
For these purposes, taxable profits include taxable temporary differences, such as those that arise in relation to the 
Group’s intangible fixed assets. A deferred tax asset has therefore been recognised up to the value of the deferred 
tax liability thereon. Where the temporary differences relate to losses, the availability of the losses to offset against 
future profitability is also considered. The directors consider that there is no basis on which to recognise additional 
deferred tax assets at 30 September 2024 or 30 September 2023. The unrecognised asset in respect of tax losses 
is set out below.
TAX LOSSES
2024
£’000
2023
£’000
Utilisable tax losses
51,877
55,075
Tax losses recognised in respect to deferred tax liabilities
(6,184)
–
Unused tax losses for which no deferred tax benefit has been recognised
45,693
55,075
Potential tax benefit at 25% (2023: 25%)
11,423
13,769
The unused tax losses were incurred by AssetCo plc, Revera Asset Management Limited, River and Mercantile US 
Holdings Limited and River and Mercantile Group Limited.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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32. RECONCILIATION OF LOSSES AND PROFITS BEFORE TAX TO NET CASH OUTFLOW FROM 
OPERATIONS
Group
2024
£’000
Group
2023
£’000
Company
2024
£’000
Company
2023
£’000
(Loss)/profit for the year before taxation
(5,024)
(12,902)
(68)
(31,655)
Share-based payments
– in respect of LTIP
517
–
122
23
Cash effect of LTIP
–
–
–
–
Share of profits of associate
–
352
–
–
Interest received from associate
(2,423)
(2,213)
(2,423)
(2,213)
Increase in investments
–
–
–
(4,000)
Reduction in fair value of investments
(2)
–
–
–
Gain on disposal of fair value investments
–
–
–
–
Impairment of investments
–
–
2,070
35,871
Proceeds of asset held for resale
–
–
–
–
Bargain purchase
–
–
–
–
Depreciation
23
28
–
–
Amortisation of intangible assets
897
665
–
–
Amortisation of right-of-use assets
768
860
–
–
Finance costs (note 14)
–
510
–
–
Movement in foreign exchange (note 14)
21
(76)
–
–
Finance income (note 13)
(293)
(74)
–
–
Provision against doubtful debt (note 8)
–
1,467
–
–
Provision release for corporation tax
(1,094)
–
(1,094)
–
Dividends from investments
–
–
(492)
(5,000)
Decrease/(increase) in receivables
190
3,841
(501)
(2,468)
(Decrease)/increase in payables
(1,810)
(3,659)
(1,230)
9,171
Cash (outflow)/inflow from continuing operations
(8,230)
(11,201)
(3,616)
(271)
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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33. RELATED PARTY TRANSACTIONS
Related parties comprise the Company’s shareholders, subsidiaries, associated companies, joint ventures and other 
entities over which the shareholders of the Company have the ability to control or exercise significant influence over 
financial and operating decisions and key management personnel.
During the year, the Company entered into the following significant transactions with related parties at prices and on 
terms agreed between the related parties:
INTERCOMPANY BALANCES
2024
£’000
2023
£’000
Amounts payable to River Global Holdings Ltd.
(9,868)
(5,000)
Amounts payable to Revera Asset Management Limited
–
(492)
Amounts payable from River Global Investors LLP
–
156
Amounts payable from River Global Services Limited.
–
102
(9,868)
(5,234)
The balance with River Global Holdings Limited is a current loan, payable on demand within the next year. 
Subsequent to year end, the amount was repaid.
During the year loans payable to Revera Asset Management Limited were forgiven and a gain has been recognised 
in the Company accounts as a non-cash Dividend for £492,000.
As noted within note 23, loan notes totalling £27,049,000 (2023: £24,626,000) are owed to the Company in respect 
of its investment in Parmenion.
KEY MANAGEMENT COMPENSATION
2024
£’000
2023
£’000
Salaries, fees and other employee benefits
304
575
Share-based payments
61
95
365
670
Further details on directors’ emoluments can be found in note 11.
Details of the Directors’ shareholdings in the Company can be found in the Directors’ Report.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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34. SHARE AWARDS
On 6 November 2023 the Group announced that it has put in place a Restricted Share Plan (“RSP”) for a limited 
number of executives, partners and staff. The Plan has awarded rights over up to 5,013,000 ordinary shares in the 
Company, which it is expected would be satisfied from shares currently held in treasury. Vesting of Shares under the 
Scheme is due on 1 October 2026 and is subject to usual provisions for malus, clawback and for apportionment 
or forfeiture in respect of good and bad leavers prior to that date at the discretion of the Board’s Remuneration 
Committee. The fair value of the award made use of a Black Scholes model incorporating market volatility and the 
share price at the date of the award.
As noted in the prior year, a charge for this award was recognised in the year ended 30 September 2023 due to 
conditions attached to those awards.
Share Award
RSP
Award Year
2024
Grant date share price £
0.4
Number of shares outstanding at 30 September 2024
5,013,000
2024
£’000
2023
£’000
Restricted Share Plan Costs
517
95
35. POST BALANCE SHEET EVENTS
New lease arrangement in London: a new lease agreement was entered into just before Christmas 2024 for the 
London-based premises of River Global and AssetCo. This involved surrendering one of the existing floors in the 
premises and consolidating our reduced employee footprint on to a single floor. The revised lease arrangements, 
together with associated savings in rates and service charges etc, deliver a saving of roughly £268,000 per 
annum at time of writing. This saving increases to some £335,000 per annum next year when a fee for the 
partial surrendering rolls off. Refitting costs of some £120K have been incurred in exiting and re-configuring the 
remaining space.
Back office consolidation: we successfully consolidated service provision to State Street on 24thFebruary 2025, 
securing their services as Depositary and Custodian across all of the open-end funds currently managed by the 
Group (barring one ex-Saracen fund which will merge into the River Global umbrella range shortly). State Street have 
also taken on the role of Middle Office service provider for the Group, replacing previous incumbent Bank of New 
York Mellon. State Street have also taken on the role of Transfer Agent for the Group’s River Global badged open-
ended funds. Remaining funds will be merged into the River Global umbrella in a few months time to complete this 
major consolidation exercise. The move brings with it substantial benefits:
•	
Improved service charges for the consolidated fund range, delivering better value to the Group’s fund shareholders.
•	
Improved revenue to the Group by virtue of the Authorised Corporate Director fee that follows from the 
consolidation exercise.
•	
Simplified and improved service offering to fund shareholders.
•	
Near completion of the end goal of a single operating model across the Group, dealing with a single, centralised 
back-office service provider.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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35. POST BALANCE SHEET EVENTS CONTINUED
Proposed share reorganisation: a circular was issued to shareholders of AssetCo plc recommending the approval 
of a proposal to:
•	
Re-organise and sub-divide the Company’s share capital into New A Ordinary Shares and New B shares. The 
New B shareholders would become entitled to the benefits of the Company’s economic interest in Parmenion, 
and the New A Ordinary shareholders would retain the balance of the Company’s economic interest (being its 
active equities asset management business mainly branded River Global).
•	
Admit the New A Ordinary shares and the New B shares to trading on AIM.
•	
Amend the Articles of the Company accordingly.
•	
Change the name of the Company to River Global PLC.
Shareholders will vote on the proposal at a general meeting to be held at 10:00am on 6 March 2025.
Share Reorganisation Note 
This report was signed off on 5 March 2025, the day before the General Meeting of Shareholders convened for 
6 March to consider the proposed Share Reorganisation by the Company. Following the approval of shareholders 
at that meeting, the Company changed its name on 6 March 2025 to River Global PLC and at the same time 
each of its Ordinary Shares was sub-divided into one New A Ordinary Share and one New B Share as described 
in the Circular issued to Shareholders on 28 January 2025. The New A Ordinary Shares and New B Shares were 
admitted to trading on 7 March, prior to the Annual General Meeting of the Company to be held on 31 March 
2025 in accordance with the Notice set out below. References to the Company’s name and to ordinary shares 
below shall be deemed to refer to River Global PLC and to New A Ordinary shares and New B shares respectively. 
The resolutions shall be read accordingly and, in particular, the nominal amounts shown below will be halved in 
recognition of the fact that the nominal value of the New A Ordinary and New B shares is 0.5p each compared to 
1p for current ordinary shares in AssetCo PLC. The New B shares will not have voting rights at this meeting.
15. NOTES TO THE FINANCIAL STATEMENTS CONTINUED

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NOTICE IS HEREBY GIVEN that the Annual General 
Meeting of AssetCo PLC and herein the “Company” 
will be held at 30 Coleman Street London at 10.00 a.m. 
on Monday 31 March 2025. The Annual General 
Meeting is being held to consider and vote on the 
Resolutions below. Resolutions 1 to 9 will be proposed 
as ordinary resolutions and Resolutions 10, 11 and 
12 will be proposed as special resolutions. Voting on 
all Resolutions will be conducted by way of a show 
of hands.
Please carefully read the notes (the “Notes”) to this 
notice of Annual General Meeting (“Notice”). The 
Notes include guidance as to the attendance at the 
Annual General Meeting, how to vote by proxy and 
gives explanations in respect of the Resolutions to be 
proposed at the Annual General Meeting.
ORDINARY RESOLUTIONS
1.	
To receive the Company’s audited accounts for 
the 12 month period ended 30 September 2024, 
together with the Directors’ report, the strategic 
report and the auditor’s report on those accounts.
2.	
To re-elect Martin Gilbert as a Director of the 
Company.
3.	
To re-elect Tudor Davies as a Director of the 
Company.
4.	
To re-elect Christopher Mills as a Director of the 
Company.
5.	
To re-elect Jonathan Dawson as a Director of the 
Company.
6.	
To re-elect Gary Marshall as a Director of the 
Company.
7.	
That Moore Kingston Smith (“MKS”) be re-
appointed as auditors of the Company to hold 
office from the conclusion of this Annual General 
Meeting until the conclusion of the next Annual 
General Meeting at which the accounts are laid 
before the Company.
8.	
That the remuneration of MKS as auditors of the 
Company be determined by the Directors of the 
Company.
9.	
That the Directors of the Company be and are 
hereby generally and unconditionally authorised 
for the purposes of section 551 of the Companies 
Act 2006 (“Act”) to allot ordinary shares in the 
Company or to grant rights to subscribe for or to 
convert any security into ordinary shares in the 
Company (“Rights”) up to an aggregate nominal 
amount of £719,691 such authority to expire 
unless sooner revoked or altered by the Company 
in general meeting at the conclusion of the next 
Annual General Meeting of the Company and 
provided further that the Company may before the 
expiry of this authority make an offer or agreement 
which would or might require ordinary shares to be 
allotted or Rights to be granted after the expiry of 
this authority and the Directors may allot ordinary 
shares or grant rights in pursuance of any such 
offer or agreement as if the authority conferred 
hereby had not expired.
SPECIAL RESOLUTIONS
10.	 That subject to Resolution 9 above being passed, 
the Directors of the Company be and they are 
empowered pursuant to section 570 of the Act 
to allot equity securities (within the meaning of 
section 560 of the Act) wholly for cash pursuant to 
the authority conferred by Resolution 9 as if sub-
section (1) of section 561 of the Act did not apply to 
any such allotment, provided that this power shall 
be limited to the allotment of equity securities:
	
(a)	 in connection with an offer of such securities 
by way of rights to holders of ordinary shares 
in the Company in proportion (as nearly as 
may be practicable) to their respective holdings 
of such ordinary shares, but subject to such 
exclusions or other arrangements as the 
Directors may deem necessary or expedient in 
relation to fractional entitlements or any legal 
or practical problems under the laws of any 
territory, or the requirements of any regulatory 
body or stock exchange; and
	
(b)	 otherwise than pursuant to sub-paragraph (a) 
above up to an aggregate nominal amount 
of £719,691
16.	NOTICE OF ANNUAL 
GENERAL MEETING

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and shall expire at the conclusion of the next 
Annual General Meeting of the Company in 2026, 
and provided further that the Company may 
before the expiry of this authority make an offer or 
agreement which would or might require relevant 
securities to be allotted after the expiry of this 
authority and the Directors of the Company may 
allot equity securities in pursuance of any such offer 
or agreement as if the authority conferred hereby 
had not expired.
11.	 That the Company be and is generally and 
unconditionally authorised for the purposes of 
section 701 of the Act to make one or more market 
purchases (within the meaning of section 693(4) of 
the Act) on the AIM market of the London Stock 
Exchange of its ordinary shares provided that:
	
(a)	 the maximum aggregate number of ordinary 
shares authorised to be purchased is 
14,393,820;
	
(b)	 the minimum price which may be paid for such 
ordinary shares is £0.01 per ordinary share;
	
(c)	 the maximum price which may be paid for an 
ordinary share shall not be more, at the time of 
purchase, than the amount equal to 105 per 
cent. of the average of the middle market 
quotations for an ordinary share as derived 
from the London Stock Exchange for the five 
business days immediately preceding the date 
on which the ordinary share is purchased;
	
(d)	 unless previously renewed, varied or revoked, 
the authority conferred shall expire at the 
conclusion of the next Annual General Meeting 
of the Company in 2026; and
	
(e)	 the Company may make a contract or 
contracts to purchase ordinary shares under 
the authority conferred prior to the expiry of 
such authority which will or may be executed 
wholly or partly after the expiry of such 
authority and may make a purchase of ordinary 
shares in pursuance of any such contract or 
contracts, as if such authority had not expired.
12.	 That a general meeting of the Company (other than 
an AGM) may be called on not less than 14 clear 
days’ notice.
5 March 2025
By order of the Board
Gordon Brough
Company Secretary
Registered Office:
30 Coleman Street
London
EC2R 5AL
Registered in England and Wales No. 04966347
16. NOTICE OF ANNUAL GENERAL MEETING

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16. NOTICE OF ANNUAL GENERAL MEETING CONTINUED
NOTES:
ENTITLEMENT TO ATTEND AND VOTE
1.	 A shareholder (which, if the Share Reorganisation 
considered by shareholders on 6 March has been 
approved, shall mean a holder of New A Ordinary 
shares) who is entitled to attend and vote at the 
meeting is entitled to appoint one or more proxies 
to exercise all or any of the shareholder’s rights to 
attend, speak and vote on their behalf. Such a proxy 
need not also be a shareholder of the Company 
but must attend the meeting in person for the 
shareholder’s vote to be counted.
2.	 Only those members registered on the Company’s 
register of members at:
	
(a)	 6.30 p.m. on 27 March 2025; or
	
(b)	 if the AGM is adjourned, at 6.30 p.m. on the day 
two days prior to the adjourned meeting,
	
shall be entitled to vote at the AGM. Changes to 
the register of members after the relevant deadline 
shall be disregarded in determining the rights of any 
person to vote at the AGM.
WEBSITE GIVING INFORMATION REGARDING THE AGM
3.	 Information regarding the AGM, including a copy of 
this Notice and the information required by section 
311A of the Companies Act 2006, can be found at 
the Company’s website, www.assetco.com.
APPOINTMENT OF PROXIES
4.	 If you are a member of the Company at the time set 
out in Note 2 above, you are entitled to appoint a 
proxy to exercise all or any of your rights to attend, 
speak and vote at the AGM and you should have 
received a form of proxy with this Notice. You can 
only appoint a proxy using the procedures set out in 
these Notes and the notes to the form of proxy.
5.	 A proxy does not need to be a member of the 
Company but must attend the AGM to represent 
you. Details of how to appoint a proxy using the 
form of proxy are set out in the notes to the form 
of proxy.
6.	 You may appoint more than one proxy provided 
each proxy is appointed to exercise rights attached 
to different shares. You may not appoint more than 
one proxy to exercise rights attached to any one 
share. To appoint more than one proxy using a hard 
copy proxy form, please contact the Company’s 
registrars, Computershare Investor Services PLC, 
on 0370 889 3198, to request additional forms 
of proxy.
7.	 A vote withheld is not a vote in law, which means 
that the vote will not be counted in the calculation 
of votes for or against the Resolution. If no voting 
indication is given, your proxy will vote or abstain 
from voting at his or her discretion. Your proxy will 
vote (or abstain from voting) as he or she thinks fit 
in relation to any other matter which is put before 
the AGM.
APPOINTMENT OF PROXY USING HARD COPY 
PROXY FORM
8.	 The notes to the form of proxy explain how to direct 
your proxy to vote on each Resolution or withhold 
their vote.
	
To appoint a proxy using the form of proxy, the form 
must be:
	–
completed and signed;
	–
sent or delivered to Computershare Investor 
Services PLC at The Pavilions, Bridgewater 
Road, Bristol, BS99 6ZZ; and
	–
received by Computershare Investor 
Services PLC no later than 10.00 a.m. on 
27 March 2025.
In the case of a member which is a company, the 
form of proxy must be executed under its common 
seal or signed on its behalf by a duly authorised 
officer of the company or a duly authorised attorney 
for the company.
Any power of attorney or any other authority under 
which the form of proxy is signed (or a duly certified 
copy of such power or authority) must be included 
with the form of proxy.
If you have not received a form of proxy and believe 
that you should have one, or if you require additional 
proxy forms, please contact Computershare 
Investor Services PLC, The Pavilions, Bridgewater 
Road, Bristol BS99 6ZZ on 0370 889 3198.

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APPOINTMENT OF PROXIES THROUGH CREST
9.	 CREST members who wish to appoint a proxy or 
proxies by utilising the CREST electronic proxy 
appointment service may do so for the AGM and 
any adjournment(s) of it by using the procedures 
described in the CREST Manual (available from 
https://www.euroclear.com). CREST personal 
members or other CREST sponsored members, 
and those CREST members who have appointed 
(a) voting service provider(s), should refer to their 
CREST sponsor or voting service provider(s), 
who will be able to take the appropriate action on 
their behalf.
In order for a proxy appointment made by means 
of CREST to be valid, the appropriate CREST 
message (a “CREST Proxy Instruction”) must be 
properly authenticated in accordance with Euroclear 
UK & Ireland Limited’s (“EUI”) specifications and 
must contain the information required for such 
instructions, as described in the CREST Manual. 
The message must be transmitted so as to be 
received by the issuer’s agent (ID number 3RA50) 
by 10.00 a.m. on 27 March 2025 or, in the event 
of an adjournment of the AGM, 48 hours before 
the adjourned AGM. For this purpose, the time of 
receipt will be taken to be the time (as determined 
by the timestamp applied to the message by the 
CREST Applications Host) from which the issuer’s 
agent is able to retrieve the message by enquiry to 
CREST in the manner prescribed by CREST. After 
this time, any change of instructions to proxies 
appointed through CREST should be communicated 
to the appointee through other means.
10.	CREST members and, where applicable, their 
CREST sponsors or voting service providers 
should note that EUI does not make available 
special procedures in CREST for any particular 
message. Normal system timings and limitations 
will therefore apply in relation to the input of CREST 
Proxy Instructions. It is the responsibility of the 
CREST member concerned to take (or, if the 
CREST member is a CREST personal member or 
sponsored member or has appointed (a) voting 
service provider(s), to procure that his or her CREST 
sponsor or voting service provider(s) take(s)) such 
action as shall be necessary to ensure that a 
message is transmitted by means of the CREST 
system by any particular time. In this connection, 
CREST members and, where applicable, their 
CREST sponsors or voting service providers are 
referred, in particular, to those sections of the 
CREST Manual concerning practical limitations of 
the CREST system and timings.
11.	The Company may treat as invalid a CREST 
Proxy Instruction in the circumstances set out in 
Regulation 35(5)(a) of the Uncertificated Securities 
Regulations 2001.
APPOINTMENT OF PROXY BY JOINT MEMBERS
12.	In the case of joint holders, where more than one of 
the joint holders completes a proxy appointment, 
only the appointment submitted by the most senior 
holder will be accepted. Seniority is determined by 
the order in which the names of the joint holders 
appear in the Company’s register of members in 
respect of the joint holding (the first-named being 
the most senior).
CHANGING PROXY INSTRUCTIONS
13.	To change your proxy instructions, simply submit a 
new proxy appointment using the methods set out 
above. This can be done at any time provided it is 
received by Computershare Investor Services PLC 
prior to 10.00 a.m. on 27 March 2025, the start of 
the AGM, however, acceptance of any change to 
your proxy instructions received by Computershare 
Investor Services PLC after 10.00 a.m. on 27 March 
2025, being the time that the proxy vote closes, will 
be at the sole discretion of the Board.
Where you have appointed a proxy using the 
hard-copy form of proxy and would like to change 
the instructions using another hard-copy form of 
proxy, please contact Computershare Investor 
Services PLC, The Pavilions, Bridgewater Road, 
Bristol BS99 6ZZ on 0370 889 3198.
If you submit more than one valid proxy 
appointment, the appointment received last before 
the latest time for the receipt of proxies will take 
precedence.
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TERMINATION OF PROXY APPOINTMENTS
14.	In order to revoke a proxy instruction, you will need 
to inform the Company by sending a signed hard 
copy notice clearly stating your intention to revoke 
your proxy appointment to Computershare Investor 
Services PLC, The Pavilions, Bridgewater Road, 
Bristol BS99 6ZZ. In the case of a member which is 
a company, the revocation notice must be executed 
under its common seal or signed on its behalf by 
a duly authorised officer of the company or a duly 
authorised attorney for the company. Any power 
of attorney or any other authority under which the 
revocation notice is signed (or a duly certified copy 
of such power or authority) must be included with 
the revocation notice.
Such revocation notice must be received by 
Computershare Investor Services PLC no later than 
10.00 a.m. on 27 March 2025. If you attempt to 
revoke your proxy appointment but the revocation 
is received after the time specified then your proxy 
appointment will remain valid.
CORPORATE REPRESENTATIVES
15.	A corporation which is a member can appoint 
one or more corporate representatives who 
may exercise, on its behalf, all its powers as 
a member provided that no more than one 
corporate representative exercises powers over 
the same share.
ISSUED ORDINARY SHARES AND TOTAL VOTING RIGHTS
16.	As at 4 March 2025 (being the last business 
day prior to the publication of this Notice), the 
Company’s issued ordinary share capital comprised 
149,292,970 ordinary shares of 1p each of which 
5,354,770 were held in treasury. Each ordinary share 
(which, if the Share Reorganisation considered by 
shareholders on 6 March has been approved, shall 
mean each New A Ordinary share) carries the right 
to one vote at a general meeting of the Company 
and, therefore, the total number of voting rights in 
the Company as at 4 March 2025 is 143,938,200.
VOTING
17.	Voting on all Resolutions will be conducted by way 
of a show of hands.
COMMUNICATION
18.	Except as provided above, members who have 
general queries about the AGM should use the 
following means of communication (no other 
methods of communication will be accepted):
(a)	 e-mailing our investor relations team at 
info@assetco.com; or
(b)	 calling the dedicated AssetCo plc shareholder 
information line at Computershare 
on 0370 889 3198.
You may not use any electronic address 
provided either:
(a)	 in this Notice; or
(b)	 any related documents (including the form 
of proxy),
to communicate with the Company for any 
purposes other than those expressly stated.
QUESTIONS AT THE AGM
19.	Any member has the right to ask questions of the 
Company. The Company must answer any question 
you ask relating to the business being dealt with at 
the AGM unless:
(a)	 answering the question would interfere unduly 
with the preparation for the AGM or involve the 
disclosure of confidential information; or
(b)	 the answer has already been given on a website 
in the form of an answer to a question; or
(c)	 it is undesirable in the interest of the Company 
or the good order of the AGM that the question 
be answered.
THE RESOLUTIONS EXPLAINED
20.	The following Notes explain the proposed Resolutions:
(a)	 Resolution 1. The Company is required to 
present the accounts together with the Directors 
report and the auditor’s report to the AGM for 
approval.
(b)	 Resolutions 2 to 6. In accordance with the 
Articles of Association of the Company and in 
accordance with best corporate governance 
practice all the Directors are standing for re-
election.
16. NOTICE OF ANNUAL GENERAL MEETING CONTINUED

105
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(c)	 Resolutions 7 and 8. The auditors must 
be re-appointed at each meeting at which 
the accounts are laid, to hold office until 
the conclusion of the next such meeting. 
Resolution 8 gives authority to the Directors in 
accordance with standard practice to determine 
the auditor’s remuneration.
(d)	 Resolution 9. The Directors may only allot 
ordinary shares or grant rights to subscribe for, 
or convert any security into ordinary shares, 
if authorised to do so by shareholders. The 
existing authority to allot ordinary shares 
conferred on the Directors at last year’s Annual 
General Meeting under section 551 of the Act 
expires on the date of the AGM.
	
Resolution 9 seeks to renew the existing 
authority under section 551 of the Act which 
would otherwise expire at the AGM, to give the 
Board authority to allot ordinary shares and 
to grant rights to subscribe for or convert any 
security into ordinary shares up to an aggregate 
maximum normal amount of £719,691 
representing 71,969,100 ordinary shares of 
1 pence each, which represents approximately 
50 per cent. of the issued ordinary share capital 
of the Company (excluding treasury shares). The 
authority granted by this Resolution will expire at 
the earlier of the conclusion of the next Annual 
General Meeting of the Company.
	
The Company is proposing this Resolution 
to give the Directors flexibility to allot ordinary 
shares and to grant rights to subscribe for or 
convert any security into ordinary shares.
(e)	 Resolution 10. Under section 561(1) of the Act, 
if the Directors wish to allot ordinary shares, 
or grant rights to subscribe for, or convert 
securities into ordinary shares, or sell treasury 
shares for cash (other than pursuant to an 
employee share scheme) they must in the first 
instance offer them to existing shareholders 
in proportion to their holdings. There may be 
occasions, however, when the Directors need 
the flexibility to finance business opportunities 
by the issue of new ordinary shares, for 
cash, without a pre-emptive offer to existing 
shareholders. This cannot be done under the 
Act unless shareholders have first waived their 
pre-emption rights. Resolution 12 seeks to 
renew the authority given to the Board which 
would otherwise expire at the forthcoming 
AGM, to allot equity securities for cash on 
a non-pre-emptive basis, (a) pursuant to a 
rights issue, or (b) up to an aggregate nominal 
amount of £719,691 representing 71,969,100 
ordinary shares of 1 pence each (which 
represents approximately 50 per cent. of the 
issued ordinary share capital of the Company 
(excluding treasury shares). The authority 
granted by this Resolution will expire at the 
conclusion of the next Annual General Meeting 
of the Company.
(f)	 Resolution 11. This Resolution will give the 
Company the ability to purchase its own 
ordinary shares up to a specified amount. The 
authority will be limited to market purchases 
of up to 14,393,820 ordinary shares, being 
10 per cent. of the issued ordinary share capital 
(excluding treasury shares).
	
This Resolution sets out the minimum and 
maximum prices that the Company can pay 
for the ordinary shares. The authority will be 
kept under review and the Company will only 
exercise the power to purchase after careful 
consideration and when the Company is 
satisfied that to do so is in the best interests of 
the Company and its shareholders under the 
circumstances. The authority granted by this 
Resolution will expire at the conclusion of the 
next Annual General Meeting of the Company. 
Any ordinary shares purchased would be either 
held as treasury shares or cancelled at the 
discretion of the Directors.
(g)	 Changes made to the Act by the Companies 
(Shareholders’ Rights) Regulations 2009 
increase the notice period required for general 
meetings of the Company to at least 21 clear 
days unless shareholders approve a shorter 
notice period, which cannot however be less 
than 14 clear days (AGMs will continue to be 
held on at least 21 clear days’ notice).
	
Resolution 12 enables the Company to call 
general meetings other than an AGM on at 
least 14 clear days’ notice. The approval will 
be effective until the Company’s next AGM, 
when it is intended that a similar resolution will 
be proposed.
16. NOTICE OF ANNUAL GENERAL MEETING CONTINUED

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17.	GLOSSARY
AGM
Annual General Meeting
Board
The board of directors of the Company
CEO
Chief Executive Officer
Company
AssetCo plc
Covid
Coronavirus
Director
A director of the Company
ETF
Exchange Traded Fund
Group
AssetCo plc and its subsidiaries
Revera or Revera Asset Management
Revera Asset Management Limited
River Global or
River Global Group or RMG
River Global Holdings Limited and its subsidiaries
Rize
Rize ETF Limited
Saracen
Saracen Fund Managers Limited
SVM or SVM Asset Management
SVM Asset Management Limited or its holding company 
SVM Asset Management Holdings Limited

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18.	COMPANY INFORMATION
COMPANY REGISTRATION NUMBER
04966347
REGISTERED OFFICE
30 Coleman Street
London
EC2R 5AL
DIRECTORS
Martin Gilbert (Chairman)
Tudor Davies 
Jonathan Dawson 
Gary Marshall 
Christopher Mills
COMPANY SECRETARY
Gordon Brough
INDEPENDENT AUDITOR
Moore Kingston Smith LLP
6th Floor
9 Appold Street
London 
EC2A 2AP
NOMINATED ADVISER 
AND CORPORATE BROKER
Numis Securities Limited
45 Gresham Street
London
EC2V 7BF
JOINT CORPORATE BROKER
Panmure Liberum Limited 
25 Ropemaker Street
London
EC2Y 9LY
REGISTRAR
Computershare Investor Services PLC
The Pavilions 
Bridgewater Road 
Bristol
BS99 6ZZ
WEBSITE
www.assetco.com


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