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REGISTERED NUMBER: OC346898 (England and Wales)






















Report of the Members and

Financial Statements

for the Year Ended 31 March 2025

for

Lindisfarne Partners LLP

Lindisfarne Partners LLP (Registered number: OC346898)






Contents of the Financial Statements
for the year ended 31 March 2025




Page

General Information 1

Report of the Members 2

Report of the Independent Auditors 4

Statement of Comprehensive Income 7

Balance Sheet 8

Reconciliation of Members' Interests 9

Cash Flow Statement 11

Notes to the Financial Statements 12


Lindisfarne Partners LLP

General Information
for the year ended 31 March 2025







DESIGNATED MEMBERS: W J Beckwith
A Hogarth
P B Baker





REGISTERED OFFICE: 85 Great Portland Street
London
W1W 7LT





REGISTERED NUMBER: OC346898 (England and Wales)





AUDITORS: Anstey Bond LLP
Statutory Auditors &
Chartered Accountants
1 Charterhouse Mews
London
EC1M 6BB

Lindisfarne Partners LLP (Registered number: OC346898)

Report of the Members
for the year ended 31 March 2025

The members present their report with the financial statements of the LLP for the year ended 31 March 2025.

PRINCIPAL ACTIVITY
The principal activity of the LLP in the year under review was that of providing fixed income capital markets services. As of 1 April 2014, the LLP became registered as authorised and regulated by the Financial Conduct Authority (FCA) in its own right, with the firm registration number 583157.

REVIEW OF BUSINESS
The LLP continued to perform well during the year, maintaining a stable financial and operational position consistent with the prior year. Turnover and profitability remained in line with expectations, reflecting the LLP’s ongoing focus on delivering high-quality services to its clients and managing costs effectively.

There were no significant changes to the LLP’s structure or operations during the year. The members are satisfied with the performance and resilience of the business, particularly in the context of ongoing market conditions.

The LLP remains well-positioned in its sector, with a strong client base and a committed team, and continues to generate healthy levels of cash flow to support its operations and future development.

FUTURE DEVELOPMENTS
The Members aim to maintain management policies that will continue to grow the LLP. They believe that the LLP is in a good position to take advantage of any opportunities which may arise in the future. It is the intention of the Members that the business of the LLP will continue for the foreseeable future.

DESIGNATED MEMBERS
The designated members during the year under review were:

W J Beckwith
A Hogarth
P B Baker

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS
The profit for the year before members' remuneration and profit shares was £821,567 (2024 - £1,091,635 profit).

MEMBERS' INTERESTS
The members participate in the profits and losses of the LLP in the proportions set out in the agreement between the members.

Members receive drawings by way of regular monthly payments that take into account the need to maintain sufficient funds to finance working capital and other needs of the business. These drawings are treated as a reduction in the balance due to members. The final division of profits to members is made at the Balance Sheet date.


Lindisfarne Partners LLP (Registered number: OC346898)

Report of the Members
for the year ended 31 March 2025

STATEMENT OF MEMBERS' RESPONSIBILITIES
The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 legislation applicable to limited liability partnerships 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 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 enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs 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 LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS
The auditors, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:





A Hogarth - Designated member


23 July 2025

Report of the Independent Auditors to the Members of
Lindisfarne Partners LLP

Opinion
We have audited the financial statements of Lindisfarne Partners LLP (the 'LLP') for the year ended 31 March 2025 which comprise the Statement of Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Financial Statements, 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 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 LLPs 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 Auditors' 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 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 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 members with respect to going concern are described in the relevant sections of this report.

Other information
The members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs 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.

Report of the Independent Auditors to the Members of
Lindisfarne Partners LLP


Responsibilities of members
As explained more fully in the Statement of Members' Responsibilities set out on page three, 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 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 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 members 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 a Report of the Auditors 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.

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws an regulations, including fraud. We designed audit procedures to respond to the risk recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. There are inherent limitations in the audit procedures described above, 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. We did not identify any key audit matters relation to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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 Report of the Auditors.

Report of the Independent Auditors to the Members of
Lindisfarne Partners LLP


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 to LLPs 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 LLP's members those matters we are required to state to them in a Report of the Auditors 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.




Michael W I Whyke FCA, CF (Senior Statutory Auditor)
for and on behalf of Anstey Bond LLP
Statutory Auditors &
Chartered Accountants
1 Charterhouse Mews
London
EC1M 6BB

23 July 2025


Anstey Bond LLP
1 Charterhouse Mews. London. EC1M 6BB

Lindisfarne Partners LLP (Registered number: OC346898)

Statement of Comprehensive
Income
for the year ended 31 March 2025

31.3.25 31.3.24
Notes £    £   

TURNOVER 857,861 1,126,951

Administrative expenses (40,279 ) (41,015 )
OPERATING PROFIT 4 817,582 1,085,936

Interest receivable and similar income 3,985 5,699
PROFIT FOR THE FINANCIAL YEAR
BEFORE MEMBERS' REMUNERATION
AND PROFIT SHARES AVAILABLE FOR
DISCRETIONARY DIVISION AMONG
MEMBERS




821,567




1,091,635


OTHER COMPREHENSIVE INCOME
Revaluation of Investment - 3,503
OTHER COMPREHENSIVE INCOME
FOR THE YEAR

-

3,503
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

821,567

1,095,138

Lindisfarne Partners LLP (Registered number: OC346898)

Balance Sheet
31 March 2025

31.3.25 31.3.24
Notes £    £   
FIXED ASSETS
Investments 6 9,176 9,176

CURRENT ASSETS
Debtors 7 794,752 848,906
Cash at bank 505,328 706,599
1,300,080 1,555,505
CREDITORS
Amounts falling due within one year 8 (58,621 ) (46,555 )
NET CURRENT ASSETS 1,241,459 1,508,950
TOTAL ASSETS LESS CURRENT LIABILITIES
and
NET ASSETS ATTRIBUTABLE TO
MEMBERS

1,250,635

1,518,126

LOANS AND OTHER DEBTS DUE TO
MEMBERS

9

620,635

888,126

MEMBERS' OTHER INTERESTS
Capital accounts 630,000 630,000
1,250,635 1,518,126

TOTAL MEMBERS' INTERESTS
Loans and other debts due to members 9 620,635 888,126
Members' other interests 630,000 630,000
1,250,635 1,518,126

The financial statements were approved by the members of the LLP and authorised for issue on 23 July 2025 and were signed by:





A Hogarth - Designated member

Lindisfarne Partners LLP (Registered number: OC346898)

Reconciliation of Members' Interests
for the year ended 31 March 2025


EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 April 2024 630,000 - 630,000
Profit for the financial year available for discretionary
division among members

-

821,567

821,567
Members' interests after profit for the year 630,000 821,567 1,451,567
Other divisions of profit - (821,567 ) (821,567 )
Drawings on account and distributions of profit - - -
Balance at 31 March 2025 630,000 - 630,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 888,126
Amount due from members -
Balance at 1 April 2024 888,126 1,518,126
Profit for the financial year available for discretionary
division among members

-

821,567

Members' interests after profit for the year 888,126 2,339,693
Other divisions of profit 821,567 -
Drawings on account and distributions of profit (1,089,058 ) (1,089,058 )
Amount due to members 620,635
Amount due from members -
Balance at 31 March 2025 620,635 1,250,635

Lindisfarne Partners LLP (Registered number: OC346898)

Reconciliation of Members' Interests
for the year ended 31 March 2025

EQUITY
Members' other interests
Members'
capital
(classified
as Other
equity) reserves Total
£    £    £   
Balance at 1 April 2023 630,000 - 630,000
Profit for the financial year available for discretionary
division among members

-

1,091,635

1,091,635
Members' interests after profit for the year 630,000 1,091,635 1,721,635
Other divisions of profit - (1,091,635 ) (1,091,635 )
Drawings on account and distributions of profit - - -
Balance at 31 March 2024 630,000 - 630,000

DEBT TOTAL
Loans and other debts due to MEMBERS'
members less any amounts due INTERESTS
from members in debtors
Other
amounts Total
£    £   
Amount due to members 746,848
Amount due from members -
Balance at 1 April 2023 746,848 1,376,848
Profit for the financial year available for discretionary
division among members

-

1,091,635

Members' interests after profit for the year 746,848 2,468,483
Other divisions of profit 1,091,635 -
Drawings on account and distributions of profit (950,357 ) (950,357 )
Amount due to members 888,126
Amount due from members -
Balance at 31 March 2024 888,126 1,518,126

Lindisfarne Partners LLP (Registered number: OC346898)

Cash Flow Statement
for the year ended 31 March 2025

31.3.25 31.3.24
Notes £    £   
Cash flows from operating activities
Cash generated from operations 12 883,802 627,846
Net cash from operating activities 883,802 627,846

Cash flows from investing activities
Sale of fixed asset investments - 100,000
(Gain)\Loss on revaluation of investment - (3,503 )
Interest received 3,985 5,699
Net cash from investing activities 3,985 102,196

Cash flows from financing activities
Transactions with members and former members
Payments to members (1,089,058 ) (950,357 )
Net cash from financing activities (1,089,058 ) (950,357 )

Decrease in cash and cash equivalents (201,271 ) (220,315 )
Cash and cash equivalents at beginning of
year

13

706,599

926,914

Cash and cash equivalents at end of year 13 505,328 706,599

Lindisfarne Partners LLP (Registered number: OC346898)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

1. STATUTORY INFORMATION

Lindisfarne Partners LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

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

Going concern
The members have, at the time of approving the financial statements, a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

In making this assessment, the members have considered the LLP’s financial position, its cash flow forecasts, and the projected trading performance for a period of at least 12 months from the date of approval of these financial statements. The forecasts and projections, which take into account reasonably possible changes in trading performance, show that the LLP is expected to be able to operate within the level of its current resources and meet its obligations as they fall due.

Based on this review, the members consider it appropriate to prepare the financial statements on a going concern basis.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Income in the year relates to the following services:

2025 2024
Brokerage services 857,861 1,126,951

Revenue recognition
Broking is transacted on an arranging, execution and give-up basis. Revenue is recognised as the spread commission on a trade date basis.

Investment
The fixed asset investment included within the financial statement relates to a lender account being acquired. The asset is recognised at its fair value at the year end date.

Investments in subsidiaries
The fixed asset investment included within the financial statement relates to shares in the acquired funds. The asset is recognised at its fair value at the year end date. Any changes in fair value are subsequently recognised in profit and loss.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Lindisfarne Partners LLP (Registered number: OC346898)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

2. ACCOUNTING POLICIES - continued

Classification of share of profits in the cash flow statement
Discretionary amounts due to members in respect of their participation of rights in the profits of the LLP for the financial year are classed as equity until allocation is approved by the members. The allocation to the members of residual profits for a financial year occurs at the Balance Sheet date. A member's share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profit and losses are included within 'Other reserves'.

Drawings are included as a reduction in the balance due to members.

Allocation of profits and drawings
Discretionary amounts due to members in respect of their participation of rights in the profits of the LLP for the financial year are classed as equity until allocation is approved by the members. The allocation to the members of residual profits for a financial year occurs at the Balance Sheet date. A member's share in the profit or loss for the year is accounted for as an allocation of profits. Unallocated profit and losses are included within 'Other reserves'.

Drawings are included as a reduction in the balance due to members.

Taxation
Members are personally liable for taxation on their share of their profits. Consequently no reserve for taxation is made in these accounts.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Trade and other debtors
Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment. Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

3. EMPLOYEE INFORMATION

There were no staff costs for the year ended 31 March 2025 nor for the year ended 31 March 2024.

The average number of employees during the year was NIL (2024 - NIL).

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.25 31.3.24
£    £   
Auditors' remuneration 7,200 6,200

Lindisfarne Partners LLP (Registered number: OC346898)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

5. INFORMATION IN RELATION TO MEMBERS
31.3.25 31.3.24
£    £   
The amount of profit attributable to the member with the largest entitlement was 620,635 888,126

31.3.25 31.3.24

The average number of members during the year was 4 4

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 April 2024
and 31 March 2025 9,176
NET BOOK VALUE
At 31 March 2025 9,176
At 31 March 2024 9,176

Cost or valuation at 31 March 2025 is represented by:

Shares in
group
undertakings
£   
Valuation in 2024 92
Cost 9,084
9,176

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade debtors 109,122 67,891
Other debtors - 31,312
Prepayments and accrued income 685,630 749,703
794,752 848,906

Lindisfarne Partners LLP (Registered number: OC346898)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.25 31.3.24
£    £   
Trade creditors 51,421 39,554
Other creditors - 1
Accruals and deferred income 7,200 7,000
58,621 46,555

9. LOANS AND OTHER DEBTS DUE TO MEMBERS
31.3.25 31.3.24
£    £   
Amounts owed to members in respect of profits 620,635 888,126

Falling due within one year 620,635 888,126

10. ULTIMATE CONTROLLING PARTY

In the opinion of the designated members of the LLP, there was neither an immediate controlling party nor an ultimate controlling party during the accounting period.

11. RELATED PARTY DISCLOSURES

UCG Finance Limited, the appointed corporate member of the partnership, was bound by an agreement with Lindisfarne Partners LLP, dated 1 March 2020, whereby UCG Finance Limited would be a corporate partner. UCG Finance Limited had a balance of £500,000 (2024: £350,000) as equity and £130,000 (2024: £280,000) as debt.

UCG Finance Limited funds and will continue to fund the working capital of Lindisfarne Partners LLP. Lindisfarne Partners LLP records these transactions as prepayments in the balance sheet, which are recharged to UCG Finance Limited at the year end date. At the year end the amount owed to the partnership in respect of the prepayment was £660,778 (2024: £729,788). In return, UCG Finance Limited receives a profit distribution from Lindisfarne Partners LLP, this amounted to £620,635 (2024: £888,126).

12. RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS'
REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG
MEMBERS TO CASH GENERATED FROM OPERATIONS

31.3.25 31.3.24
£    £   
Profit for the financial year before members' remuneration and profit shares
available for discretionary division among members

821,567

1,091,635
Finance income (3,985 ) (5,699 )
817,582 1,085,936
Decrease/(increase) in trade and other debtors 54,154 (73,455 )
Increase/(decrease) in trade and other creditors 12,066 (384,635 )
Cash generated from operations 883,802 627,846

Lindisfarne Partners LLP (Registered number: OC346898)

Notes to the Financial Statements - continued
for the year ended 31 March 2025

13. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2025
31.3.25 1.4.24
£    £   
Cash and cash equivalents 505,328 706,599
Year ended 31 March 2024
31.3.24 1.4.23
£    £   
Cash and cash equivalents 706,599 926,914


14. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1.4.24 Cash flow changes At 31.3.25
£    £    £    £   
Net cash
Cash at bank 706,599 (201,271 ) 505,328
706,599 (201,271 ) 505,328
Net funds (before
members' debt) 706,599 (201,271 ) - 505,328

Loans and other debts
due to members
Other amounts
due to members (888,126 ) 1,089,058 (821,567 ) (620,635 )
Net debt (181,527 ) 887,787 (821,567 ) (115,307 )

Lindisfarne Partners LLP (Registered number: OC346898)

Notes to the Financial Statements - continued
for the year ended 31 March 2025


15. FCA RISK DISCLOSURES

Background
Lindisfarne Partners LLP (the "firm) is an matched principal investment broker regulated by the Financial Conduct Authority's ("FCA") and subject to disclosures on its risk management policies and procedures in accordance with the Investment Firms Prudential Regime (IFPR) and MIFIDPRU regulations.

These disclosures are published on at least an annual basis and based on the position of Lindisfarne Partners LLP as at 31 March 2025, its financial year end. The disclosures are not subject to audit, except where they are equivalent to those included in the audited financial statements of the company.

Governance Framework
The firm's partners form the governing body providing oversight and take responsibility for the strategic leadership of the partnership, within a framework of good corporate governance and prudent and effective controls enabling risk to be assessed and managed.

The partners constitute the Risk Committee, though as an matched principal broker, the firm faces reduced risks. The partners set the partnerships' strategic aims, ensuring financial and human resources are in place to meet its objectives and regularly review performance.

Lindisfarne Partners LLP is committed to encouraging equality, diversity, and inclusion among its workforce, and eliminating discrimination through policies that promote equal opportunities in the recruitment, training and development its members.

Risk management objectives
The partners of the firm assess the risks faced by the firm on an ongoing basis through its Internal Capital Adequacy and Risk Assessment (ICARA) process, with the aim to operate a defined and transparent risk management framework. These policies and procedures are updated as required

The firm has identified the material risk types to which it is exposed as follows:

Operational Risk
Operational risk is the risk of loss resulting from internal processes which are inadequate or have failed due to human errors, system failures, or external events. The firm is exposed to operational risk within its core business, with the loss of key staff identified as having potential to negatively impact the firm's financial activity and performance.

The firm seeks to manage and mitigate operational risk through continuously improving processes and control, regular internal reporting and encouraging a positive and proactive management and operational risk culture.

Business Risk
Business risk encompasses the exposure to uncertainty in wider economic and competitive environment and the impact on the firm's ability to carry out its stated business plan. The risk is managed with a long-term focus, assisted by appropriate management oversight to maintain high investment performance and trade execution levels for clients.

Concentration Risk
The firm has longstanding and strong relationships with its clients and does not have any direct exposure to a single client or group of connected clients.

Liquidity risk
The risk that the firm is unable to meet its liabilities as they fall due. To manage this risk the firm maintains a surplus of liquidity resources sufficient to meet current operational requirements that can be prudently foreseen as well as reasonable unexpected events on cost effective terms. The firm has resources in excess of its fixed overhead requirements.

Lindisfarne Partners LLP (Registered number: OC346898)

Notes to the Financial Statements - continued
for the year ended 31 March 2025


Capital Adequacy
The firm conducts ongoing reviews of its internal systems and controls to ensure it maintains adequate financial resources to manage and mitigate the identified risks that may result in material harm or result in the winding down of the business. This assessment is performed through daily capital adequacy calculations and its Internal Capital Adequacy and Risk Assessment (ICARA) process.

All capital requirements were met during the year under review

Own Funds Requirement
Lindisfarne Partners LLP regularly assesses its internal capital to ensure it meets the ongoing needs of the firm whilst maintaining a strong capital base to accommodate future developments in the business. At all times the firm ensures that it satisfies the MIFIDPRU 3 requirements that its total Own Funds are greater than 100% of its Own Funds Requirement as laid out under MIFIDPRU 4.3

The firms' own funds requirement for period ending 31 March 2025 was the greater of:

- Permanent minimum capital requirement of 750k GBP but under transition arrangements as outlined in MIFIDPRU/TP 2.18, £470,000 until the end of 2025 and £610,000 to the end of 2026 and £750k from the 1 January 2027.
- Its calculated fixed overhead requirement of £87,000
- K-factor (only K-COH applies) requirement of £30,000
- Market risk requirement of £66,000

At the date of the financial statements the firm had total own funds of £630,000 comfortably exceeding its baseline requirements. A reconciliation of the firms' total own funds to the financial statements is as follows:

Total Own Funds £   

Common Equity Tier 1 Capital 500,000
Additional Tier 1 Capital -
Tier 2 Capital -
Tier 3 Capital 130,000
Total Own Funds 630,000

Loans and other debts due to members 620,635
Members capital accounts 630,000
Amounts due from members -
Total Members Interests per Financial Statements 1,250,635

Lindisfarne Partners LLP's own funds are comprised only of Common Equity Tier 1 items with no deductions from capital.

Further Enquiries
Arthur Hogarth - Head of Compliance
Or Paul Baker
Lindisfarne Partners LLP
85 Great Portland Street
London
W1W 7LT