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Registered number: OC401960












EDGBASTON INVESTMENT PARTNERS LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

 

EDGBASTON INVESTMENT PARTNERS LLP

CONTENTS



Page
Members' report
2 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9 - 10
Reconciliation of members' interests
12
Statement of cash flows
13
Notes to the financial statements
14 - 20


 

EDGBASTON INVESTMENT PARTNERS LLP

INFORMATION




Designated Members

C. Fernando
M Myles
S. Nichols

LLP registered number

OC401960

Registered office

105 Piccadilly
London
W1J 7NJ

Independent auditor

Blick Rothenberg Audit LLP
Chartered Accountants
16 Great Queen Street
Covent Garden
London
WC2B 5AH

Page 1

 

EDGBASTON INVESTMENT PARTNERS LLP
  
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025

The Executive Committee presents its annual report together with the audited financial statements of Edgbaston Investment Partners LLP (the "LLP") for the year ended 31 March 2025
 

Designated Members
 
 
C. Fernando, M Myles and S. Nichols were designated members of the LLP throughout the year. The Executive Committee comprises the designated members, R. Cheung and G. Arrigoni.
 

 
Principal activities and business review
 
 
The principal activity of the LLP is Investment management. The LLP conducts its activities from its headquarters in London. The LLP is authorised and regulated by the Financial Conduct Authority ('FCA').
The LLP is the investment manager of Edgbaston Asian Equity Trust, an unregulated collective investment scheme based in the United States and the Edgbaston Asian Equity (Jersey) Trust, an unregulated collective investment scheme based in Jersey. The LLP also acts as the sub-investment manager of a segregated account domiciled in Ireland. Each of those vehicles specialise in investing in Asia (excluding Japan) equity securities.
As at 31 March 2025, the LLP has assets under management of US$969 million (31 March 2024: US$1,068 million).
 
 
Results
 
 
The profit for the year before members' remuneration amounted to £3,873,760 (2024: £4,520,075).
 
 
Members' capital and interests
 
 
Members' capital is determined by the regulatory capital requirements of the FCA and any trading needs of the LLP. Capital contributed by the corporate member may not be repaid except where allowed under FCA rules. Capital contributed by any member other than the corporate member may be repaid provided that the repayment does not give rise to a violation of the LLP's regulatory capital requirements or the inability of the LLP to meet its legal, financial, insurance or client obligations. Any profits are shared among the members as decided by the Executive Committed, subject to the provisions of the Limited Liability Partnership Agreement ("LLP Agreement"). Policies for Members' drawings, subscriptions and repayment of Members' capital are governed by the LLP agreement.
 

Principal risks and uncertainties
 
 
The Executive Committee has overall responsibility for the establishment and oversight of the LLP’s risk management framework.
The principal risks to the LLP are (i) that the LLP’s investment performance will fail to satisfy client expectations or (ii) clients will choose to invest more of their assets in asset classes other than publicly traded Asian equity securities. Either outcome could lead to decreased assets under management, reduced turnover, and lower profits. The LLP does not utilise forward currency contracts to manage its own financial currency risks or other derivative instruments to reduce the volatility of the earnings in the LLP.
Under normal circumstances, the LLP is not subject to material credit, liquidity or cash flow risks.
The LLP’s investment strategy does not have any direct exposure to Russia or Ukraine. Considering current circumstances, there is no reason to believe that the conflict in Ukraine will materially impact the LLP’s business.



 
 
Page 2

 

EDGBASTON INVESTMENT PARTNERS LLP
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
 
 
Insurance
 
 
The LLP maintains professional indemnity, crime, cyber and Directors and Officers insurance cover at a level the Executive Committee consider appropriate for the business.
 
Future developments
 
 
The Executive Committee aim to maintain the policies which have resulted in the Partnership’s growth in recent periods.
 
Streamlined energy and carbon reporting
 
 
Energy and carbon information is not disclosed because the LLP is a low energy user as defined in the Environment Reporting Guidelines.
 
Public disclosures
 
 
The firm has documented the disclosures required by the FCA under MIFIDPRU 8. These are available from the LLP's website at www.edgbastonip.com
 
 
Members' responsibilities statement
 
 
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 (United Kingdom Accounting Standards and applicable law). 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 LLP and of the profit or loss of the LLP for that period.

In preparing these financial statements, the members are required to:
 
select suitable accounting policies and then apply them consistently;
 
make judgements and accounting estimates that are reasonable and prudent;
 
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
 
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the LLP will continue in business.
 

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and to 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 the Companies Act 2006) Regulations 2008)They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
 




 
Page 3

 

EDGBASTON INVESTMENT PARTNERS LLP
 
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
 
 
 
Disclosure of information to auditor
 
 
Each of the persons who are Executive Committee Members at the time when this members' report is approved has confirmed that:

so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and

that member has taken all the steps that ought to have been taken as an member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
 

Auditor
 
 
The auditorBlick Rothenberg Audit LLPhas indicated its willingness to continue in office. The Executive Committee  will propose a motion re-appointing the auditor at a meeting of the Executive Committee.
 

This report was approved by the Executive Committee on 23 May 2025 and signed on their behalf by:
 
 




C. Fernando
Designated member

M. Myles
Designated member

  

Page 4

 

EDGBASTON INVESTMENT PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGBASTON INVESTMENT PARTNERS LLP
 FOR THE YEAR ENDED 31 MARCH 2025

Opinion
 

We have audited the financial statements of Edgbaston Investment Partners LLP (the 'LLP') for the year ended 31 March 2025, which comprise the statement of comprehensive income, the statement of financial position, the statement of cash flows, the reconciliation of members' interests and the related notes, including a summary of significant accounting policiesThe 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 LLP's affairs as at 31 March 2025 and of its 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, as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

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 LLP 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 Executive Committee's 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 LLP'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 Executive Committee 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 Executive Committee is responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and 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

 

EDGBASTON INVESTMENT PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGBASTON INVESTMENT PARTNERS LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

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:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
we have not received all the information and explanations we require for our audit.

Responsibilities of members
 

As explained more fully in the members' responsibilities statement set out on page 2, the Executive Committee 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 Executive Committee 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 Executive Committee is responsible for assessing the LLP's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Executive Committee either intend to liquidate the LLP or to cease operations, or have no realistic alternative but to do so.

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

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

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and noncompliance with laws and regulations, our procedures included the following: enquiring of management concerning the Group’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the Group’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the Group’s policies in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the Group operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act 2006, as applied to limited liability partnerships, the Financial Services and Markets Act 2000 and applicable tax legislation.
One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the Group for evidence of any large or unusual activity which may be indicative of fraud; enquiring
Page 6

 

EDGBASTON INVESTMENT PARTNERS LLP

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EDGBASTON INVESTMENT PARTNERS LLP (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025

of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.
Another focus area was non-compliance with the rules of the Financial Conduct Authority (‘the FCA’). The LLP was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified included the following: reviewing correspondence between the LLP and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the LLP.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

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 auditor's report.

Use of our report
 

This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.




Shaun Melvin (senior statutory auditor)
for and on behalf of
Blick Rothenberg Audit LLP
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
London
WC2B 5AH
 

2 June 2025
Page 7

 

EDGBASTON INVESTMENT PARTNERS LLP
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Note
£
£

  

Turnover
  
8,843,675
9,709,426

Administrative expenses
  
(5,114,114)
(5,264,776)

Operating profit
 3 
 
3,729,561
 
4,444,650

Unrealised (loss)/gain on investments
  
57,366
(27,096)

Interest receivable and similar income
  
49,835
60,587

Dividend income from securities
  
36,998
41,934

Profit on ordinary activities before taxation
  
 
3,873,760
 
4,520,075

Profit for the year before members' remuneration and profit shares
  
 
3,873,760
 
4,520,075

Profit for the year before members' remuneration and profit shares
  
3,873,760
4,520,075

Members' income profit remuneration charged as an expense
  
(2,098,001)
(2,762,440)

Profit for the financial year available for discretionary division among members
  
 
1,775,759
 
1,757,635

There was no other comprehensive income for 2025 or 2024.

The notes on pages 14 to 20 form part of these financial statements.

Page 8


 
REGISTERED NUMBER:OC401960
EDGBASTON INVESTMENT PARTNERS LLP

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 6 
27,335
52,226

Fixed asset investments
 7 
1,077,534
1,020,168

  
1,104,869
1,072,394

Current assets
  

Debtors
 8 
1,532,804
1,976,894

Cash at bank and in hand
  
1,950,928
1,543,534

  
3,483,732
3,520,428

Creditors: Amounts Falling Due Within One Year
 9 
(723,776)
(997,956)

Net current assets
  
 
 
2,759,956
 
 
2,522,472

Total assets less current liabilities
  
3,864,825
3,594,866

Net assets attributable to members
  
3,864,825
3,594,866


Represented by:
  

Loans and other debts due to members within one year
  

Members' capital classified as a liability
  
150,000
150,000

Other amounts
  
874,833
667,830

  
1,024,833
817,830

Members' other interests
  

Members' capital classified as equity
  
1,500,000
1,500,000

Revaluation Reserve
  
213,421
156,055

Other Reserves

  

1,126,571
1,120,981

  
 
2,839,992
 
2,777,036

  
3,864,825
3,594,866


Total members' interests
  

Amounts due from members (included in debtors)
  
(298,207)
(628,688)

Loans and other debts due to members
 10 
1,024,833
817,830

Members' other interests
  
2,839,992
2,777,036

  
3,566,618
2,966,178


Page 9


 
REGISTERED NUMBER:OC401960
EDGBASTON INVESTMENT PARTNERS LLP
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025

The financial statements were approved and authorised for issue by the members and were signed on their behalf on 23 May 2025.




C. Fernando
M Myles
Designated Member
Designated Member

The notes on pages 14 to 20 form part of these financial statements.

Page 10

EDGBASTON INVESTMENT PARTNERS LLP


 
  
 

RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025









EQUITY
Members' other interests
DEBT
Loans and other debts due to members less any amounts due from members in debtors
Total members' interests
Members' capital (classified as equity)
Revaluation reserve
Other reserves
Total
Members' capital (classified as debt)
Loans and other debts
Total
Total

£
£
£
£
£
£
£
£

Amounts due to members 
150,000
264,755
414,755


Balance at 1 April 2023 
1,500,000
183,151
1,363,760
3,046,911
150,000
264,755
414,755
3,461,666

Members' remuneration
-
-
-
-
-
2,762,440
2,762,440
2,762,440

Profit for the year
 
-
-
1,757,635
1,757,635
-
-
-
1,757,635

Members' interests after profit for the year
1,500,000
183,151
3,121,395
4,804,546
150,000
3,027,195
3,177,195
7,981,741

Allocations
-
-
(2,027,510)
(2,027,510)
-
2,027,507
2,027,507
(3)

Transfer between reserves
-
(27,096)
27,096
-
-
-
-
-

Drawings
 
-
-
-
-
-
(5,015,560)
(5,015,560)
(5,015,560)

Amounts due to members
150,000
667,830
817,830

Amounts due from members
 





(628,688)
(628,688)


Balance at 31 March 2024
1,500,000
156,055
1,120,981
2,777,036
150,000
39,142
189,142
2,966,178

Members' remuneration
-
-
-
-
-
2,098,001
2,098,001
2,098,001

Profit for the year
 
-
-
1,775,759
1,775,759
-
-
-
1,775,759

Members' interests after profit for the year
1,500,000
156,055
2,896,740
4,552,795
150,000
2,137,143
2,287,143
6,839,938

Allocations
-
-
(1,712,803)
(1,712,803)
-
1,712,803
1,712,803
-

Transfer between reserves
-
57,366
(57,366)
-
-
-
-
-
Page 11


EDGBASTON INVESTMENT PARTNERS LLP


 
  
 

RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025


Drawings
 
-
-
-
-
-
(3,273,320)
(3,273,320)
(3,273,320)

Amounts due to members
150,000
874,833
1,024,833

Amounts due from members
 





(298,207)
(298,207)


Balance at 31 March 2025 
1,500,000
213,421
1,126,571
2,839,992
150,000
576,626
726,626
3,566,618

The notes on pages 14 to 20 form part of these financial statements.

The ability of the Members of the LLP to reduce the amount of Members’ other interests is restricted by the regulatory capital requirements of the FCA.

Page 12
 

EDGBASTON INVESTMENT PARTNERS LLP

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
£
£

Cash flows from operating activities

Profit for the financial year
1,775,759
1,757,635

Adjustments for:

Members' remuneration charged as an expense
2,098,001
2,762,440

Depreciation of tangible assets
24,890
22,445

Interest receivable
(86,833)
(102,521)

Decrease in debtors
113,611
276,366

(Decrease)/increase in creditors
(274,180)
127,628

Net fair value (gains)/losses recognised in P&L
(57,366)
27,096

Net cash generated from operating activities

3,593,882
4,871,089


Cash flows from investing activities

Purchase of tangible fixed assets
-
(74,671)

Interest received
49,835
60,587

Dividends received
36,998
41,934

Net cash from investing activities

86,833
27,850

Cash flows from financing activities

Distribution paid to members
(3,273,320)
(5,015,560)

Net cash used in financing activities
(3,273,320)
(5,015,560)

Net increase/(decrease) in cash and cash equivalents
407,395
(116,621)

Cash and cash equivalents at beginning of year
1,543,534
1,660,155

Cash and cash equivalents at the end of year
1,950,929
1,543,534


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,950,929
1,543,534

1,950,929
1,543,534


The notes on pages 14 to 20 form part of these financial statements.

Page 13

 

EDGBASTON INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.Accounting policies

 
1.1

Basis of preparation of financial statements

The LLP is both incorporated and domiciled in England and Wales. The address of its registered office is 105 Piccadilly, London, W1J 7NJ.

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 including the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships (published in December 2021), and the Companies Act 2006 as applied to LLPs. 
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies. The designated members do not consider there to be any key accounting estimates or judgments that materially affect the financial statements.
The members have adopted the going concern basis of accounting in preparing the financial statements. 

The following principal accounting policies have been applied:

 
1.2

Revenue

Revenue comprises the fair value of the sale of services, net of value added tax and rebates. Ongoing investment management fees are recognised when they are earned, based on specific contracts.

 
1.3

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 provided on the following basis:

Office refurbishments
-
3 years
Fixtures and fittings
-
3 years
Office equipment
-
1 to 3 years
Computer equipment
-
1 to 5 years

De minimis amounts of expenditure on fixed assets are depreciated in full, in the month of addition.

  
1.4

Taxation

The LLP is not subject to corporation tax in the UK. Although it could become subject to tax in various countries and/or the U.S. States in which the underlying unitholders of its funds are located, the LLP does not believe that any such liabilities currently apply. As a result, no provision has been made for taxation in respect of the LLP. Tax is assessed on the individual Members and not on the LLP. Each Member is individually liable for any tax liabilities arising out of their interest in the LLP.

 
1.5

Financial instruments

Financial instruments are recognised in the LLP's statement of financial position when the LLP becomes party to the contractual provisions of the instrument.
Page 14

 

EDGBASTON INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.Accounting policies (continued)


1.5
Financial instruments (continued)


Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The LLP's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

 
1.6

Operating leases: the LLP 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 15

 

EDGBASTON INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.Accounting policies (continued)

 
1.7

Foreign currency translation

Functional and presentation currency

The LLP'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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss

  
1.8

Members' profit allocations

The LLP Agreement states that 100% of the LLP's capital profits and 40% of the LLP's income profits accrue to Edgbaston Partners Limited ('Ltd'), a partner in the LLP each year. Capital profits are those arising on the disposal, or part disposal, of any business asset as well as any interest, dividend income or foreign exchange gain or loss derived from LLP capital. As the allocations to Ltd are automatic, these amounts are presented as "Members remuneration charged as an expense". The remaining 60% of the LLP's income profits are allocated to the working Members and employees of the LLP as the Executive Committee shall determine, and are therefore presented as a discretionary allocation at the time the amounts are determined.
At a Board meeting of the Ltd company held on 31st March 2025 a resolution was proposed which would alter the allocation of capital profits from the LLP to the Ltd company. The resolution was subsequently approved by a greater than 75% majority of the shareholders of the Ltd company, resulting in an allocation of 34.6% of the LLP's capital profits accruing to the Ltd Company instead of the usual 40%.

 
1.9

Cash and cash equivalents

Cash and cash equivalents includes balances with banks and investments in money market instruments which are readily convertible, being those with original maturities of three months or less. Cash and cash equivalents are included as the amount expected to be received.


2.


Turnover

Turnover represents the amounts derived from the provision of services which fall within the LLP’s ordinary activities. The LLP has a single principal activity, being the provision of investment management services principally to clients domiciled outside the United Kingdom. Management fees are accrued as earned.
All turnover arose within the United Kingdom.

Page 16

 

EDGBASTON INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

3.


Operating profit

The operating profit is stated after charging:

2025
2024
£
£

Exchange differences
43,848
8,302

Operating lease rentals - land and buildings
266,273
275,451

Auditors' remuneration - audit
18,500
17,500

Auditors' remuneration - CASS limited assurance report
4,750
4,500

Auditors' remuneration - financial statements preparation
2,500
-

Auditors' remuneration - outsourcing
17,550
-


4.


Employees

Staff costs were as follows:


2025
2024
£
£

Wages and salaries
1,745,400
1,838,023

Social security and other costs
337,559
290,056

Pension costs - defined contribution scheme
-
30,000

2,082,959
2,158,079


The average monthly number of persons employed during the year was as follows:


        2025
        2024
            No.
            No.







Staff
12
11


5.


Information in relation to members

2025
2024
Number
Number


The average number of members during the year was
4
4

2025
2024
£
£




The amount of profit attributable to the member with the largest entitlement was
2,098,001
2,762,440


Page 17

 

EDGBASTON INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

6.


Tangible fixed assets





Office refurbishment

£



Cost


At 1 April 2024
454,776



At 31 March 2025

454,776



Depreciation


At 1 April 2024
402,550


Charge for the year
24,891



At 31 March 2025

427,441



Net book value



At 31 March 2025
27,335



At 31 March 2024
52,226


7.


Fixed asset investments





Investments in funds and equities

£



Cost or valuation


At 1 April 2024
1,020,168


Revaluations
57,366



At 31 March 2025
1,077,534




All investments are unlisted. The historic cost of investments is £864,113 (2024: £864,113).

Page 18

 

EDGBASTON INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

8.


Debtors


2025
2024
£
£

Due after more than one year

Other debtors
101,673
101,673

Due within one year

Trade debtors
544,511
646,200

Other debtors
70,237
88,836

Prepayments and accrued income
518,176
511,497

Amounts due from members
298,207
628,688

1,532,804
1,976,894



9.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
107,566
37,461

Other taxation and social security
298,283
319,355

Accruals and deferred income
317,927
641,140

723,776
997,956



10.


Loans and other debts due to members


2025
2024
£
£



Members' capital treated as debt
150,000
150,000

Other amounts due to members
874,833
667,830

1,024,833
817,830

Other amounts due to members relate to undrawn profit allocations.

Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.

Page 19

 

EDGBASTON INVESTMENT PARTNERS LLP

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

11.


Analysis of net debt





At 1 April 2024
Arising from cash flows
Other non-cash changes
At 31 March 2025
£

£

£

£

Cash at bank and in hand

1,543,534

407,395

-

1,950,929

Net debt (before members' debt)
1,543,534
407,395
-
1,950,929

Loans and other debts due to members





Members' capital

(150,000)

-

-

(150,000)

Other amounts due to members
(667,830)

3,273,320

(3,480,323)

(874,833)

Net debt


725,704
3,680,715
(3,480,323)
926,096


12.


Commitments under operating leases

At 31 March 2025 the LLP had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2025
2024
£
£


Not later than 1 year
313,331
458,130

Later than 1 year and not later than 5 years
834,240
1,115,954

Later than 5 years
673,106
935,377

1,820,677
2,509,461


13.


Ownership

Ltd owns the majority interest in the LLP. The Executive Committee exercise control of the LLP pursuant
to the LLP Agreement and as a result, there is no single ultimate controlling party.

Page 20