ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Unaudited
2020

VERVE PARTNERS HOLDINGS LIMITED - Company Information

Caseware UK (AP4) 2021.0.152 2021.0.152 2021-12-312021-12-312021-12-312021-01-01falseMarketing66falsefalse 06774021 2021-01-01 2021-12-31 06774021 2020-01-01 2020-12-31 06774021 2021-12-31 06774021 2020-12-31 06774021 2020-01-01 06774021 c:Director1 2021-01-01 2021-12-31 06774021 c:Director2 2021-01-01 2021-12-31 06774021 c:Director3 2021-01-01 2021-12-31 06774021 c:Director4 2021-01-01 2021-12-31 06774021 c:Director5 2021-01-01 2021-12-31 06774021 c:Director6 2021-01-01 2021-12-31 06774021 c:RegisteredOffice 2021-01-01 2021-12-31 06774021 d:Buildings d:ShortLeaseholdAssets 2021-01-01 2021-12-31 06774021 d:FurnitureFittings 2021-01-01 2021-12-31 06774021 d:CurrentFinancialInstruments 2021-12-31 06774021 d:CurrentFinancialInstruments 2020-12-31 06774021 d:Non-currentFinancialInstruments 2021-12-31 06774021 d:Non-currentFinancialInstruments 2020-12-31 06774021 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 06774021 d:CurrentFinancialInstruments d:WithinOneYear 2020-12-31 06774021 d:ShareCapital 2021-01-01 2021-12-31 06774021 d:ShareCapital 2021-12-31 06774021 d:ShareCapital 2020-01-01 2020-12-31 06774021 d:ShareCapital 2020-12-31 06774021 d:ShareCapital 2020-01-01 06774021 d:SharePremium 2021-01-01 2021-12-31 06774021 d:SharePremium 2021-12-31 06774021 d:SharePremium 2020-01-01 2020-12-31 06774021 d:SharePremium 2020-12-31 06774021 d:SharePremium 2020-01-01 06774021 d:ForeignCurrencyTranslationReserve 2021-01-01 2021-12-31 06774021 d:RetainedEarningsAccumulatedLosses 2021-01-01 2021-12-31 06774021 d:RetainedEarningsAccumulatedLosses 2021-12-31 06774021 d:RetainedEarningsAccumulatedLosses 2020-01-01 2020-12-31 06774021 d:RetainedEarningsAccumulatedLosses 2020-12-31 06774021 d:RetainedEarningsAccumulatedLosses 2020-01-01 06774021 c:OrdinaryShareClass1 2021-01-01 2021-12-31 06774021 c:OrdinaryShareClass1 2021-12-31 06774021 c:OrdinaryShareClass1 2020-12-31 06774021 c:OrdinaryShareClass2 2021-01-01 2021-12-31 06774021 c:OrdinaryShareClass2 2021-12-31 06774021 c:OrdinaryShareClass2 2020-12-31 06774021 c:OrdinaryShareClass3 2021-01-01 2021-12-31 06774021 c:OrdinaryShareClass3 2021-12-31 06774021 c:OrdinaryShareClass3 2020-12-31 06774021 c:FRS102 2021-01-01 2021-12-31 06774021 c:Audited 2021-01-01 2021-12-31 06774021 c:FullAccounts 2021-01-01 2021-12-31 06774021 c:PrivateLimitedCompanyLtd 2021-01-01 2021-12-31 06774021 d:Subsidiary1 2021-01-01 2021-12-31 06774021 d:Subsidiary1 1 2021-01-01 2021-12-31 06774021 d:Subsidiary2 2021-01-01 2021-12-31 06774021 d:Subsidiary2 1 2021-01-01 2021-12-31 06774021 d:Subsidiary3 2021-01-01 2021-12-31 06774021 d:Subsidiary3 1 2021-01-01 2021-12-31 06774021 d:Subsidiary4 2021-01-01 2021-12-31 06774021 d:Subsidiary4 1 2021-01-01 2021-12-31 06774021 d:Subsidiary5 2021-01-01 2021-12-31 06774021 d:Subsidiary5 1 2021-01-01 2021-12-31 06774021 d:Subsidiary6 2021-01-01 2021-12-31 06774021 d:Subsidiary6 1 2021-01-01 2021-12-31 06774021 c:Consolidated 2021-12-31 06774021 c:ConsolidatedGroupCompanyAccounts 2021-01-01 2021-12-31 06774021 2 2021-01-01 2021-12-31 06774021 6 2021-01-01 2021-12-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 06774021

VERVE PARTNERS HOLDINGS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

VERVE PARTNERS HOLDINGS LIMITED

COMPANY INFORMATION

DIRECTORS	N G Brown
	A G Cooper
	A J Dexter
	A Harper-Tee
	D J Packford
	G D Westmore


REGISTERED NUMBER	06774021


REGISTERED OFFICE	7 Bell Yard
	London
	WC2A 2JR

VERVE PARTNERS HOLDINGS LIMITED

CONTENTS

	Page
Group strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Consolidated statement of comprehensive income	9
Consolidated statement of financial position	10
Company statement of financial position	11
Consolidated statement of changes in equity	12
Company statement of changes in equity	13
Consolidated Statement of cash flows	14 - 15
Consolidated analysis of net debt	15
Notes to the financial statements	16 - 30

VERVE PARTNERS HOLDINGS LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

INTRODUCTION

We are pleased to report that 2021 saw us continue to grow profitably at an impressive rate of 29% at the top line.
This enabled us to invest in our team, enter new markets by expanding our international reach to better serve our international clients, and develop new products and propositions.

We have remained on a growth path in 2022, which has seen us, for example: significantly invest in our team at all levels, launch our ignite@Verve proposition and enter the Asia Pacific region with a hub based in Sydney.

BUSINESS REVIEW

Overview
Verve’s heritage is in community panels for market research. We consider ourselves:

∙To be experts in culture, communities and smart digital insight

∙To produce inspiring insight and bringing it to life enabling our clients to make better business decisions

∙To put customers at the heart of our clients’ businesses to enable better business decision making - this in an environment in which customer habits and behaviours are evolving at a rate ever faster than historically.

Verve operate across the globe with hubs in North America, the UK, Romania, Africa and most recently, Australia.

Our growth in 2021 placed us in the UK’s Market research Society’s list of Top 20 fastest growing market research agencies.

Into 2022

We have continued to invest in our business by:

∙Expanding our strategic insight offering:
- We launched our ignite@Verve proposition, which aims to deliver a deeper understanding of consumer behaviour in the context of changing culture
- Have invested in behavioural science, social intelligence and user experience capability

∙Expanding our international reach, opening a hub in Sydney

∙Expanding our geographic reach in the UK with the opening of a hub in Manchester

∙Launching a global advanced quant and analytics practice, a global centre of research innovation, and market sector practices such as our TMT practice in North America

Page 1

VERVE PARTNERS HOLDINGS LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

PRINCIPAL RISKS AND UNCERTAINTIES

We see the key external risks to our and our stakeholders’ businesses in the immediate and medium term to be economic and political instability, caused by factors such as international political turmoil and conflicts and continued pandemic fallout, which has resulted in cost inflation and the onset of recession across many markets. Verve considers that the following attributes of our business will give some resilience in the face of this:

∙A revenue stream, of which in excess of 90% is repeat or part of research programmes in nature, as opposed to ad-hoc

∙A largely ‘blue-chip’ diverse client base, which enables us to have a portfolio effect across it

∙Our investment in strength, breadth and depth across our team, enabling us to continue to produce quality work for a diverse range of clients across a broad range of competencies and geographies

∙Operating in geographies such as our centres of operational and research excellence in South Africa and Romania, enabling us to be cost competitive, whilst retaining quality in our service offerings.

∙Strong cash conversion, such that at the end of 2021 we had a net cash position in excess of £2 million.

FINANCIAL KEY PERFORMANCE INDICATORS

Verve’s revenue has grown in the year by 29% (2021 £10.5m), following 23% growth in 2020 (£8.1m).

This was predominantly in the UK and Europe both through retention of and growth from existing clients and winning new ones.

Verve continued to invest in our team with an increase in average headcount of 20% (Average employees per month of 102 in 2021 vs 85 in 2020).

Our cash conversion rate of 100% in 2021 produced a closing net cash position of £2.3m. This strong cash position has helped enable us to continue to invest in 2022 in new market and product entry and build further capabilities and strengths in our team across geographies.

This report was approved by the board on 28 September 2022 and signed on its behalf.

A Harper-Tee

Director

Page 2

VERVE PARTNERS HOLDINGS LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the 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 Company and the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RESULTS AND DIVIDENDS

The profit for the year, after taxation, amounted to £1,545,246 (2020: £830,053).

DIRECTORS

The directors who served during the year were:

N G Brown

A G Cooper

A J Dexter

A Harper-Tee

D J Packford

G D Westmore

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

POST BALANCE SHEET EVENTS

There have been no significant events affecting the Group since the year end.

Page 3

VERVE PARTNERS HOLDINGS LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

AUDITORS

The auditors, Bishop Fleming LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

A Harper-Tee

Director

Date: 28 September 2022

7 Bell Yard

London

WC2A 2JR

Page 4

VERVE PARTNERS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS HOLDINGS LIMITED

OPINION

We have audited the financial statements of Verve Partners Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2021, which comprise the Group Statement of comprehensive income, the Group and Company Statements of financial position, the Group Statement of cash flows, the Group and Company Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 December 2021 and of the Group's profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the 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.

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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 this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 5

VERVE PARTNERS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS HOLDINGS LIMITED (CONTINUED)

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Group 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 its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.

We have nothing to report in respect of the following matters in relation to which 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 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 3, 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.

Page 6

VERVE PARTNERS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS HOLDINGS LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have considered the following:

∙The nature of the industry and sector, control environment and business performance;

∙Results of our enquires of management and directors in relation to their own identification and assessment of the risks of irregularities within the Group and Company; and

∙Any matters we identified having obtained and reviewed the Group and Company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or noncompliance with laws and regulations.

As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the areas of high risk to be in relation to revenue recognition. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override.
We have also obtained an understanding of the legal and regulatory frameworks that the Group and Company operates in, focussing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures within the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Financial Reporting Standard 102 and UK tax legislation. In addition we considered the provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for the Company’s ability to operate or avoid a material penalty. These included safeguarding regulations, health and safety regulations; employment legislation; and data protection laws.
Our audit procedures performed to respond to the risks identified included, but were not limited to:

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;

∙Discussions with management, including consideration of known or suspected instances of non compliance with laws and regulation and fraud;

∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud

∙Reviewing board minutes;

∙Identifying and testing journal entries, evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud; and
Challenging assumptions and judgements made by management in their significant accounting estimates.

Page 7

VERVE PARTNERS HOLDINGS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VERVE PARTNERS HOLDINGS LIMITED (CONTINUED)

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

OTHER MATTERS

The prior year comparative figures were not audited.

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 so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Ria Burridge FCCA (Senior statutory auditor)

for and on behalf of

Bishop Fleming LLP

Chartered Accountants

Statutory Auditors

10 Temple Back

Bristol

BS1 6FL

29 September 2022

Page 8

VERVE PARTNERS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

	2021	Unaudited 2020
Note	£	£


Turnover	4	10,508,518	8,149,898
Cost of sales		(2,745,415)	(1,843,340)
Gross profit		7,763,103	6,306,558
Administrative expenses		(5,991,920)	(5,500,668)
Other operating income	5	82,577	210,314
Operating profit	6	1,853,760	1,016,204
Interest receivable and similar income	10	1,320	96
Interest payable and similar expenses	11	(33,111)	(47,880)
Profit before tax		1,821,969	968,420
Tax on profit	12	(276,723)	(138,367)
Profit for the financial year		1,545,246	830,053

There were no recognised gains and losses for 2021 or 2020 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 16 to 30 form part of these financial statements.

Page 9

VERVE PARTNERS HOLDINGS LIMITED

REGISTERED NUMBER:06774021

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		Unaudited 2020
Note		£		£

Fixed assets
Tangible assets	13		104,030		75,883
			104,030		75,883
Current assets
Debtors: amounts falling due within one year	15	3,498,286		3,021,795
Cash at bank and in hand	16	2,509,098		1,177,234
		6,007,384		4,199,029
Creditors: amounts falling due within one year	17	(3,603,216)		(3,277,321)
Net current assets			2,404,168		921,708
Total assets less current liabilities			2,508,198		997,591
Creditors: amounts falling due after more than one year	18		(136,667)		(176,667)
Provisions for liabilities
Deferred tax	19	(4,929)		-
			(4,929)		-
Net assets			2,366,602		820,924

Capital and reserves
Called up share capital	20	2,794	2,739
Share premium account	21	2,981,668	2,981,284
Foreign exchange reserve	21	41,558	41,565
Profit and loss account	21	(659,418)	(2,204,664)
		2,366,602	820,924

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Harper-Tee

Director

Date: 28 September 2022

The notes on pages 16 to 30 form part of these financial statements.

Page 10

VERVE PARTNERS HOLDINGS LIMITED

REGISTERED NUMBER:06774021

COMPANY STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		Unaudited 2020
Note		£		£

Fixed assets
Investments	14		1,119		1,071
Current assets
Debtors: amounts falling due within one year	15	2,781,458		3,181,038
Creditors: amounts falling due within one year	17	(201,875)		(601,846)
Net current assets			2,579,583		2,579,192
Total assets less current liabilities			2,580,702		2,580,263


Net assets			2,580,702		2,580,263

Capital and reserves
Called up share capital	20	2,794	2,739
Share premium account	21	2,981,668	2,981,284
Profit and loss account	21	(403,760)	(403,760)
		2,580,702	2,580,263

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

A Harper-Tee

Director

Date: 28 September 2022

The notes on pages 16 to 30 form part of these financial statements.

Page 11

VERVE PARTNERS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Share premium account	Foreign exchange reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2020	2,728	2,981,254	-	(3,034,717)	(50,735)

Profit for the year	-	-	-	830,053	830,053
Currency translation differences	-	-	41,565	-	41,565
Shares issued during the year	11	30	-	-	41

At 1 January 2021	2,739	2,981,284	41,565	(2,204,664)	820,924

Profit for the year	-	-	-	1,545,246	1,545,246
Currency translation differences	-	-	(7)	-	(7)
Shares issued during the year	55	384	-	-	439
At 31 December 2021	2,794	2,981,668	41,558	(659,418)	2,366,602

The notes on pages 16 to 30 form part of these financial statements.

Page 12

VERVE PARTNERS HOLDINGS LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Share premium account	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2020	2,728	2,981,254	(403,760)	2,580,222
Profit for the year	-	-	-	-
Shares issued during the year	11	30	-	41

At 1 January 2021	2,739	2,981,284	(403,760)	2,580,263
Profit for the year	-	-	-	-
Shares issued during the year	55	384	-	439
At 31 December 2021	2,794	2,981,668	(403,760)	2,580,702

The notes on pages 16 to 30 form part of these financial statements.

Page 13

VERVE PARTNERS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

			2021	Unaudited 2020
			£	£

Cash flows from operating activities
Profit for the financial year	1,545,246	830,053
Adjustments for:
Depreciation of tangible assets	43,191	86,225
Loss on disposal of tangible assets	(781)	-
Interest paid	33,111	47,880
Interest received	(1,320)	(96)
Taxation charge	276,723	138,367
(Increase) in debtors	(543,141)	(815,492)
Increase in creditors	187,226	450,245
Corporation tax (paid)/received	(18)	-
Net cash generated from operating activities	1,540,237	737,182

Cash flows from investing activities
Purchase of tangible fixed assets	(71,323)	(50,235)
Sale of tangible fixed assets	781	-
Interest received	1,320	96
Net cash from investing activities	(69,222)	(50,139)
Cash flows from financing activities
Issue of ordinary shares	395	41
New secured loans	-	200,000
Repayment of loans	(23,333)	-
Other new loans	-	83,080
Repayment of other loans	(83,080)	-
Interest paid	(33,111)	(47,880)
Net cash used in financing activities	(139,129)	235,241
Net increase in cash and cash equivalents	1,331,886	922,284

Page 14

VERVE PARTNERS HOLDINGS LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

		2021	2020
		£	£


Cash and cash equivalents at beginning of year	1,177,234	213,333
Foreign exchange gains and losses	(22)	41,617
Cash and cash equivalents at the end of year	2,509,098	1,177,234

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	2,509,098	1,177,234
	2,509,098	1,177,234

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2021


At 1 January 2021	Cash flows	At 31 December 2021
£	£	£

Cash at bank and in hand	1,177,234	1,331,864	2,509,098
Debt due after 1 year	(176,667)	40,000	(136,667)
Debt due within 1 year	(118,746)	66,217	(52,529)
	881,821	1,438,081	2,319,902

The notes on pages 16 to 30 form part of these financial statements.

Page 15

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	GENERAL INFORMATION

Verve Partners Holding Limited (Company registration number 06774021) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 7 Bell Yard, London, England, WC2A 2JR.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

BASIS OF CONSOLIDATION

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

GOING CONCERN

The Company's business activities, together with the factors likely to affect its future development, performance and position are set out in the Director's report.
The Company's forecasts and projections, taking account of the continued possible impact of COVID-19 in trading performance, show that the company should be able to operate within the level of its current facilities.
Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 16

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

2.4

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

2.5

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.6

OPERATING LEASES: THE GROUP AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 17

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

2.7

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated statement of comprehensive income in the same period as the related expenditure.

2.8

INTEREST INCOME

Interest income is recognised in profit or loss using the effective interest method.

2.9

FINANCE COSTS

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.10

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.11

PENSIONS

DEFINED CONTRIBUTION PENSION PLAN

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Group in independently administered funds.

Page 18

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

2.12

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.13

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Short-term leasehold property	-	20%	per annum
				Fixtures and fittings	-	33%	per annum and 20% per annum

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.14

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 19

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.ACCOUNTING POLICIES (continued)

2.15

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.16

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Consolidated statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.17

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.18

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.19

FINANCIAL INSTRUMENTS

The Group only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Preparation of the financial statements requires management to make significant judgments and estimates.
Income from fixed term or fixed scope agreements is recognised in accordance with the progress through the contract at the reporting date. The directors consider the way in which services are delivered over the period of the agreement in determining this position.

Page 20

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Market research services	10,508,518	8,149,898
	10,508,518	8,149,898

Analysis of turnover by country of destination:

					2021	Unaudited 2020
					£	£

United Kingdom	9,009,708	6,672,258
Rest of the world	1,498,810	1,477,640
	10,508,518	8,149,898

5.	OTHER OPERATING INCOME
		2021	Unaudited 2020
		£	£

Government grants receivable	82,577	210,314
	82,577	210,314

	Exchange differences	46,323	49,418
	Other operating lease rentals	59,735	282,552

Page 21

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

7.	AUDITORS' REMUNERATION
		2021	Unaudited 2020
		£	£

Fees payable to the Group's auditor and its associates for the audit of the Group's annual financial statements

12,000

FEES PAYABLE TO THE GROUP'S AUDITOR AND ITS ASSOCIATES IN RESPECT OF:
Taxation compliance services	1,750	1,500
All other services	3,000	4,250
	4,750	5,750

8.	EMPLOYEES
	Staff costs, including directors' remuneration, were as follows:

Group	Group	Company	Company
2021	Unaudited 2020	2021	Unaudited 2020
£	£	£	£


Wages and salaries	4,461,158	3,932,896	8,692	9,247
Social security costs	351,510	303,772	-	-
Cost of defined contribution scheme	95,780	65,539	-	-
	4,908,448	4,302,207	8,692	9,247

The average monthly number of employees, including the directors, during the year was as follows:

Group	Group	Company	Company
2021	Unaudited 2020	2021	Unaudited 2020
No.	No.	No.	No.

102	85	6	6

Page 22

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

9.	DIRECTORS' REMUNERATION
		2021	Unaudited 2020
		£	£

Directors' emoluments	437,781	290,555
Group contributions to defined contribution pension schemes	2,634	2,630
	440,415	293,185

	During the year retirement benefits were accruing to 2 directors (2020: 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £213,552 (2020: £153,512).
	The value of the Group's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £1,316 (2020: £1,314).

10.	INTEREST RECEIVABLE
		2021	Unaudited 2020
		£	£

	Other interest receivable	1,320	96
		1,320	96

11.	INTEREST PAYABLE AND SIMILAR EXPENSES
		2021	Unaudited 2020
		£	£

Bank interest payable	-	532
Other loan interest payable	33,111	45,030
Other interest payable	-	2,318
	33,111	47,880

Page 23

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

CORPORATION TAX
Current tax on profits for the year	205,144	18
	205,144	18

TOTAL CURRENT TAX	205,144	18

DEFERRED TAX
Origination and reversal of timing differences	91,637	162,630
Changes to tax rates	(20,810)	(24,134)
Adjustments in respect of prior periods	752	(147)
TOTAL DEFERRED TAX	71,579	138,349


	TAXATION ON PROFIT ON ORDINARY ACTIVITIES	276,723	138,367

Profit on ordinary activities before tax

1,821,969

968,420

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020: 19%)	346,174	184,000
EFFECTS OF:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	205	119
Capital allowances for year in excess of depreciation	(2,192)	666
Adjustments to tax charge in respect of prior periods	752	(147)
Non-taxable income	(69,397)	(22,136)
Remeasurement due to changes in tax rates	1,181	(24,135)
TOTAL TAX CHARGE FOR THE YEAR	276,723	138,367

Page 24

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12.TAXATION (CONTINUED)

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

The UK corporation tax rate will rise from 19% to 25% in 2023 and this was substantively enacted on 24 May 2021. Accordingly, this rate will be used to measure any deferred tax assets and liabilities in future reporting periods.

13.	TANGIBLE FIXED ASSETS
	Group

	Short-term leasehold property	Fixtures and fittings	Total
	£	£	£
COST OR VALUATION
At 1 January 2021	75,524	186,773	262,297
Additions	-	71,323	71,323
Disposals	(75,524)	(16,777)	(92,301)
Exchange adjustments	-	442	442
At 31 December 2021	-	241,761	241,761
DEPRECIATION
At 1 January 2021	74,216	112,198	186,414
Charge for the year on owned assets	1,308	41,883	43,191
Disposals	(75,524)	(16,777)	(92,301)
Exchange adjustments	-	427	427
At 31 December 2021	-	137,731	137,731
NET BOOK VALUE
At 31 December 2021	-	104,030	104,030
At 31 December 2020	1,308	74,575	75,883

Page 25

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

14.	FIXED ASSET INVESTMENTS

	Company

		Investments in subsidiary companies
		£
	COST OR VALUATION
	At 1 January 2021	1,071
	Additions	48
	At 31 December 2021	1,119

SUBSIDIARY UNDERTAKINGS
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

Verve Partners Limited	(1)	Ordinary	100%
Verve Partners Holdings (Australia) Limited (Dormant)	(2)	Ordinary	100%
Verve North America, Inc	(3)	Ordinary	100%
Verve Noth America (Canada), Inc	(4)	Ordinary	100%
Verve Partners Ventures Limited (Dormant)	(2)	Ordinary	100%
Verve Insights Africa (Pty) Ltd	(5)	Ordinary	100%

The registered office address of the subsidiary entities are as follows:
1: 1 Paris Garden, London, England, SE1 8ND
2: 7 Bell Yard, London, England, WC2A 2JR
3: Verve North America, Inc- 444 W Lake St, Suite 1700, Chicago, IL 60606
4. 65 Queen Street West, Suite 700, Toronto, Ontario, M5H 2M5, Canada
5. Workshop 17 Firestation, 16 Baker Street, Rosebank, Johannesburg, 2196
All subsidiaries are held directly.

Page 26

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

15.

DEBTORS

Group	Group	Company	Company
2021	Unaudited 2020	2021	Unaudited 2020
£	£	£	£


Trade debtors	2,361,921	1,745,417	-	-
Amounts owed by group undertakings	-	-	2,781,458	3,181,038
Other debtors	278,983	423,005	-	-
Prepayments and accrued income	857,382	786,723	-	-
Deferred taxation	-	66,650	-	-
	3,498,286	3,021,795	2,781,458	3,181,038

Amounts owed by group undertakings are non-interest bearing and repayable upon demand.

16.	CASH AND CASH EQUIVALENTS
		Group	Group	Company	Company
		2021	Unaudited 2020	2021	Unaudited 2020
		£	£	£	£

Cash at bank and in hand	2,509,098	1,177,234	-	-
	2,509,098	1,177,234	-	-

17.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
		Group	Group	Company	Company
		2021	Unaudited 2020	2021	Unaudited 2020
		£	£	£	£

Bank loans	40,000	23,333	-	-
Other loans	-	83,080	-	-
Trade creditors	1,000,843	464,561	-	-
Amounts owed to group undertakings	-	-	69	69
Corporation tax	205,144	18	-	-
Other taxation and social security	416,262	507,531	-	-
Other creditors	530,767	819,901	200,029	600,000
Accruals and deferred income	1,410,200	1,378,897	1,777	1,777
	3,603,216	3,277,321	201,875	601,846

Amounts owed to group undertakings are non-interest bearing and repayable upon demand.

Page 27

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

18.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
		Group	Group	Company	Company
		2021	Unaudited 2020	2021	Unaudited 2020
		£	£	£	£

Bank loans	136,667	176,667	-	-
	136,667	176,667	-	-

19.	DEFERRED TAXATION
	Group

	2021	Unaudited 2020
	£	£

At beginning of year	66,650	204,999
Charged to profit or loss	(71,579)	(138,349)
AT END OF YEAR	(4,929)	66,650

		Group	Group
		2021	Unaudited 2020
		£	£

Accelerated capital allowances	(6,040)	4,229
Tax losses carried forward	-	21,550
Short term timing differences	1,111	40,871
	(4,929)	66,650

20.	SHARE CAPITAL
		2021	Unaudited 2020
		£	£

ALLOTTED, CALLED UP AND FULLY PAID

2,068 (2020: 2,068) Ordinary 'A' shares of £1.00 each	2,068	2,068
694 (2020: 650) Ordinary 'B' shares of £1.00 each	694	650
3,242 (2020: 2,100) Ordinary 'C' shares of £0.01 each	32	21

	2,794	2,739

Page 28

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

20.SHARE CAPITAL (CONTINUED)

During the year 978 Ordinary 'C' shares were issued at nominal value. Additionally, during the year 164 Ordinary 'C' shares were issued with aggregate consideration of £385. Furthermore, during the year 44 Ordinary 'B' shares were issued at nominal value.

21.

RESERVES

Share premium account

The share premium account includes any premiums received on issue of share capital.

Foreign exchange reserve

The foreign exchange reserve is the unrealised cumulative net gains and losses on the translation of net assets and results of subsidiary undertakings which have a functional currency other than the Pound Sterling.

Profit and loss account

The profit and loss account includes all current and prior period accumulated profits and losses.

22.

SHARE BASED PAYMENTS

The Company has granted share options under the Enterprise Management Scheme since the year ended 31 December 2009. The options can be exercised within a 10 year period at the weighted average exercise price of £1.00 per share option for 'B' shares and £1.23 per share option for 'C' shares.
During the year Nil (2020: Nil) Class 'B' and Nil (2020: Nil) Class 'C' share options were issued.
During the year 44 (2020: Nil) Class 'B' and 1,142 (2020: 1,039) Class 'C' share options were exercised.
During the year Nil (2020: Nil) Class 'B' and Nil (2020: Nil) Class 'C' share options lapsed.
At 31 December 2021 129, (2020: 173) Class 'B' and 28,474 (2020: 29,616) Class 'C' share options were outstanding.

23.	PENSION COMMITMENTS

The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £95,780 (2020: £65,539). Contributions totalling £12,462 (2020: £12,306) were payable to the fund at the reporting date and are included in creditors.

Page 29

VERVE PARTNERS HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

	Not later than 1 year	14,850	32,226
		14,850	32,226

25.	RELATED PARTY TRANSACTIONS
	The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, not to disclose related party transactions with group companies. The directors N Brown and G Westmore have a charge over all intellectual property.

26.	CONTROLLING PARTY

The Company is controlled by A G Cooper, a director and shareholder of the company.

Page 30