Limited Liability Partnership registration number OC411984 (England and Wales)
TRIBE IMPACT CAPITAL LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
TRIBE IMPACT CAPITAL LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
D Scott
E Lawson
LLP registration number
OC411984
Registered office
52 Jermyn Street
London
SW1Y 6LX
Auditor
Gerald Edelman LLP
73 Cornhill
London
EC3V 3QQ
London
EC3V 3QQ
TRIBE IMPACT CAPITAL LLP
CONTENTS
Page
Members' report
1 - 2
Members' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Reconciliation of members' interests
10 - 11
Statement of cash flows
12
Notes to the financial statements
13 - 22
TRIBE IMPACT CAPITAL LLP
MEMBERS' REPORT
FOR THE PERIOD ENDED 31 MARCH 2024
- 1 -

The members present their annual report and financial statements for the period ended 31 March 2024.

Principal risks and uncertainties

The principal activity of the limited liability partnership (LLP) is that of Portfolio Investment Management, which aims to produce a positive impact on society and the environment as well as financial returns.

 

The business is subject to a number of risks inherent to the industry in which it operates.

 

The LLP has identified the volatility of markets as a particular risk. An extreme fall in the equity markets would depress the value of assets under management and therefore revenues. However, the LLP believes the focus on social and environmental outcomes, as well as the defensive positioning of many of the portfolios, will enable it to withstand any severe downturn.

 

Operational and reputational risks are also important as the business involves a large degree of human action. These risks are mitigated through careful hiring, staff training, policies and practices, as well a clear mission: making investment more sustainable.

 

The LLP faces minimal credit risks as revenue is generated from clients’ assets, which we have visibility over.

 

The LLP remains optimistic about the forthcoming year and its business strategy remains focussed on clients: helping them to get more out of their wealth.

 

There have been no significant adverse events since the Statement of Financial Position date.

 

Further details on the risks associated with the business, as well as its capital adequacy, are published in Tribe's Public disclosures available on the LLP's website at https://tribeimpactcapital.com/legal-and-regulatory/.

Development and Performance

Despite the market volatility over the past two year, we have worked hard to generate the impact and investment returns for our clients during the period. As a result, we have continued to add to our front office as well as our research and operations capacity, to support the continued growth and demand for our services.

We are acutely aware of the many socio-economic challenges facing our society and planet, from geo-political aggression through to concerns around inflation and economic growth. However, Tribe’s operational capacity and resilience have been strengthened. In fact, during a period where much of our market and competitors have seen reductions in activity, the assets invested across our strategies continued their in 2023, for the seventh consecutive year.

 

The firm has a very differentiated offering, linking clients’ beliefs and values and the impact they want to create with their financial requirements. We continue to be encouraged by the very positive reaction from clients, advisers and from the industry where we have been recognised for our portfolio performance, employee offering and innovation.

 

The growth in revenue figures is reflective of what we expected and in line with our planning, as we continue to build a quality long term business. We expect this growth rate to continue over the coming years.

 

The members are very satisfied with the results for the year and look to the future with confidence.

 

The results for the year and the financial position of the LLP are shown in the financial statements. The profit after tax for the year was £221,253. This is in line with expectations. The net assets at 31 March 2024 for LLP were £1,040,379.

 

The LLP continues its advocacy work with various industry bodies and initiatives, including the UN Principles for Responsible Investment, the UN Environment Programme Finance Initiative (UNEPFI), Science Based Targets initiative (SBTI) and HM Treasury’s Women in Finance Charter. Tribe is also proud to be a certified B Corporation and remain ranked in the top 10% globally.

The business is well capitalised and the partners will continue to contribute more capital as is required to build and grow the business in a sustainable manner.

TRIBE IMPACT CAPITAL LLP
MEMBERS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 2 -
Going Concern

At the time of approving the LLP’s financial statements it is the designated members' judgement that the LLP has sufficient resources to continue trading for the foreseeable future.

 

Therefore the designated members continue to adopt the going concern basis in preparing the financial statements.

Members' drawings and the subscription and repayment of members' capital

During the year end 31 March 2024, the members repayment of capital was £572,300 (2023: £1,064,710).

Members' drawings, contributions and repayments

A member's drawing policy is determined from time to time by the Management Board in line with the financial strength of the business.

 

A member's capital requirement is linked to the financial requirement of the business. There is no opportunity for appreciation of capital subscribed.

Designated members

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

D Scott
E Lawson
Auditor

The auditor, Gerald Edelman LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Statement of disclosure to auditor

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

 

Approved by the members on 23 July 2024 and signed on behalf by:
23 July 2024
E  Lawson
Designated Member
TRIBE IMPACT CAPITAL LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 31 MARCH 2024
- 3 -

The members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership for that period. In preparing these financial statements, the members are required to:

 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRIBE IMPACT CAPITAL LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRIBE IMPACT CAPITAL LLP
- 4 -
Opinion

We have audited the financial statements of Tribe Impact Capital LLP (the 'limited liability partnership') for the period ended 31 March 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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:

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 limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' 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 limited liability partnership’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 members 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 auditor's report thereon. The members are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

TRIBE IMPACT CAPITAL LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIBE IMPACT CAPITAL LLP
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

 

Responsibilities of members

As explained more fully in the members' responsibilities statement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

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 the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

We planned our audit so that we have a reasonable expectation of detecting material misstatements in the financial statements resulting from irregularities, fraud or non-compliance with law or regulations.

The extent to which the audit was considered capable of detecting irregularities including fraud

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

Audit response to risks identified

Fraud due to management override

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

TRIBE IMPACT CAPITAL LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRIBE IMPACT CAPITAL LLP
- 6 -

Irregularities and non-compliance with laws and regulations

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

The test nature and other inherent limitations of an audit, together with the inherent limitations of any accounting and internal control system, mean that there is an unavoidable risk that even some material misstatements in respect of irregularities may remain undiscovered even though the audit is properly planned and performed in accordance with ISAs (UK). Furthermore, the more removed that laws and regulations are from financial transactions, the less likely that we would become aware of non-compliance. Our examination should therefore not be relied upon to disclose all such material misstatements or frauds, errors or instances of non-compliance that might exist. The responsibility for safeguarding the assets of the company and for the prevention and detection of fraud, error and non-compliance with law or regulations rests with the directors.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Hemen Doshi FCCA
Senior Statutory Auditor
For and on behalf of Gerald Edelman LLP
23 July 2024
Chartered Accountants
Statutory Auditor
73 Cornhill
London
EC3V 3QQ
TRIBE IMPACT CAPITAL LLP
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD ENDED 31 MARCH 2024
- 7 -
Period
Year
ended
ended
31 March
30 April
2024
2023
Notes
£
£
Turnover
3
2,940,907
2,628,145
Administrative expenses
(2,725,434)
(2,627,475)
Operating profit
4
215,473
670
Interest receivable and similar income
8
5,780
-
Profit for the financial period before members' remuneration and profit shares available for discretionary division among members
221,253
670

The profit and loss account has been prepared on the basis that all operations are continuing operations.

TRIBE IMPACT CAPITAL LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 MARCH 2024
- 8 -
Period
Year
ended
ended
31 March
30 April
2024
2023
£
£
Profit for the financial period available for discretionary division among members
221,253
670
Other comprehensive income
-
-
Total comprehensive income for the period
221,253
670
TRIBE IMPACT CAPITAL LLP
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 9 -
31 March 2024
30 April 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
13,612
13,949
Current assets
Debtors
10
1,210,833
793,604
Cash at bank and in hand
444,258
1,017,974
1,655,091
1,811,578
Creditors: amounts falling due within one year
11
(628,324)
(559,256)
Net current assets
1,026,767
1,252,322
Total assets less current liabilities and net assets attributable to members
1,040,379
1,266,271
Represented by:
Members' other interests
Members' capital classified as equity
2,108,612
2,555,757
Other reserves classified as equity
(1,068,233)
(1,289,486)
1,040,379
1,266,271
The financial statements were approved by the members and authorised for issue on 23 July 2024 and are signed on their behalf by:
23 July 2024
E  Lawson
Designated member
Limited Liability Partnership registration number OC411984 (England and Wales)
TRIBE IMPACT CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 10 -
Current financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2024
£
£
£
Members' interests at 1 May 2023
2,555,757
(1,289,486)
1,266,271
Profit for the period available for discretionary division among members
-
221,253
221,253
Members' interests after profit for the period
2,555,757
(1,068,233)
1,487,524
Introduced by members
125,155
-
125,155
Repayments of capital
(572,300)
-
(572,300)
Members' interests at 31 March 2024
2,108,612
(1,068,233)
1,040,379
TRIBE IMPACT CAPITAL LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 11 -
Prior financial year
EQUITY
TOTAL
Members' other interests
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
2023
£
£
£
Members' interests at 1 May 2022
2,268,142
(1,290,156)
977,986
Profit for the period available for discretionary division among members
-
670
670
Members' interests after profit for the year
2,268,142
(1,289,486)
978,656
Introduced by members
1,352,325
-
1,352,325
Repayments of capital
(1,064,710)
-
(1,064,710)
Members' interests at 31 March 2023
2,555,757
(1,289,486)
1,266,271
TRIBE IMPACT CAPITAL LLP
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
14
(122,254)
(142,626)
Investing activities
Purchase of tangible fixed assets
(10,097)
(7,115)
Interest received
5,780
-
Net cash used in investing activities
(4,317)
(7,115)
Financing activities
Capital introduced by members (classified as equity)
125,155
1,352,325
Repayment of capital or debt to members
(572,300)
(1,064,710)
Net cash (used in)/generated from financing activities
(447,145)
287,615
Net (decrease)/increase in cash and cash equivalents
(573,716)
137,874
Cash and cash equivalents at beginning of period
1,017,974
880,100
Cash and cash equivalents at end of period
444,258
1,017,974
TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Limited liability partnership information

Tribe Impact Capital LLP is a limited liability partnership incorporated in England and Wales. The registered office is 52 Jermyn Street, London, SW1Y 6LX.

 

The limited liability partnership's principal activities are disclosed in the Members' Report.

1.1
Reporting period

The entity's reporting period is for 11 months from 1 May 2023 to 31 March 2024. The comparative figures are for 12 months period ended 30 April 2023.

1.2
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the limited liability partnership. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.3
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the limited liability partnership has adequate resources to continue in operational existence for the foreseeable future. Thus the members continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

If, at the balance sheet date, completion of contractual obligations is dependent on external factors (and thus outside the control of the Limited Liability Partnership), then revenue is recognised only when the event occurs. In such cases, costs incurred up to the balance sheet date are carried forward as work in progress.

1.5
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A member's participation rights including amounts subscribed or otherwise contributed by members, for example members' capital, are classed as liabilities unless the LLP has an unconditional right to refuse payment to members, in which case they are classified as equity.

TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

Where there exists an asset and liability component in respect of an individual member’s participation rights, they are presented on a gross basis unless the LLP has both a legally enforceable right to set off the recognised amounts, and it intends either to settle on a net basis or to settle and realise these amounts simultaneously, in which case they are presented net.

Once an unavoidable obligation has been created in favour of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
33.33% reducing balance
Computer equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Impairment of fixed assets

At each reporting period end date, the limited liability partnership reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the limited liability partnership estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

 

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The limited liability partnership has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the limited liability partnership's statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the limited liability partnership after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the limited liability partnership is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits and post retirement payments to members

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The LLP is making an annual contribution to employees personal pension in line with the auto-enrolment percentages. There LLP has no post retirement provision for the members.

1.13
Leases

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

1.14
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.15

Allocation of profits and drawings

Members from time to time make drawings. The level and timing of these distributions is determined by management taking into account the LLP's cash requirements. The LLP has no right to demand repayment of drawings except to the extent that they exceed the LLP's cumulative undistributed profit. Drawings are therefore treated as dividend profit and charged as an expense, except for drawings in excess of profit which are shown as a debt due from members.

The division among members of any residual profits for a financial period is at the discretion of the designated members, and these amounts are classified as equity. Should the LLP make a loss, the members have no obligation to reimburse the LLP, and the loss is therefore shown as a debit balance within other reserves, classified as equity.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 18 -
3
Turnover

An analysis of the limited liability partnership's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Fees from services provided
2,940,907
2,628,145
2024
2023
£
£
Other significant revenue
Interest income
5,780
-

All turnover was generated within the United Kingdom.

4
Operating profit
2024
2023
Operating profit for the period is stated after charging:
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
891
10,309
Research and development costs
108,391
95,206
Depreciation of owned tangible fixed assets
10,434
8,524
Operating lease charges
205,094
161,104
5
Auditor's remuneration
2024
2023
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
11,000
8,034
6
Employees

The average number of persons (excluding members) employed by the partnership during the period was:

2024
2023
Number
Number
Administrative staff
15
16
TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,153,562
1,229,804
Social security costs
120,673
144,896
Pension costs
82,578
79,688
1,356,813
1,454,388
7
Information in relation to members
2024
2023
Number
Number
Average number of members during the period
25
22
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
5,780
-
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
5,780
-
TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 20 -
9
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 May 2023
1,621
41,055
42,676
Additions
2,703
7,394
10,097
At 31 March 2024
4,324
48,449
52,773
Depreciation and impairment
At 1 May 2023
798
27,929
28,727
Depreciation charged in the period
1,320
9,114
10,434
At 31 March 2024
2,118
37,043
39,161
Carrying amount
At 31 March 2024
2,206
11,406
13,612
At 30 April 2023
823
13,126
13,949
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
84,878
28,415
Other debtors
12,190
25,563
Prepayments and accrued income
940,965
509,226
1,038,033
563,204
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
172,800
230,400
Total debtors
1,210,833
793,604
TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 21 -
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
385,172
145,680
Other taxation and social security
49,479
129,371
Other creditors
23,575
7,781
Accruals and deferred income
170,098
276,424
628,324
559,256
12
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
82,578
79,688

The limited liability partnership operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the limited liability partnership in an independently administered fund.

13
Operating lease commitments
Lessee

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2024
2023
£
£
Within one year
192,000
192,000
Between two and five years
304,000
480,000
496,000
672,000
14
Cash absorbed by operations
2024
2023
£
£
Profit for the period
221,253
670
Adjustments for:
Investment income recognised in profit or loss
(5,780)
-
Depreciation and impairment of tangible fixed assets
10,434
8,524
Movements in working capital:
Increase in debtors
(417,229)
(148,404)
Increase/(decrease) in creditors
69,068
(3,416)
Cash absorbed by operations
(122,254)
(142,626)
TRIBE IMPACT CAPITAL LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2024
- 22 -
15
Analysis of changes in net funds
1 May 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
1,017,974
(573,716)
444,258
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