Company registration number 04277937 (England and Wales)
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
COMPANY INFORMATION
Directors
E Finlay
W Jagger
K Thorpe
(Appointed 23 April 2025)
R Handler
(Resigned 9 April 2025)
Company number
04277937
Registered office
5th Floor
5 Young Street
London
W8 5EH
Auditor
Deloitte LLP
1 New St Square
London
EC4A 3HQ
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 7
Independent auditor's report
8 - 11
Group statement of comprehensive income
12
Group balance sheet
13
Company balance sheet
14
Group statement of changes in equity
15
Company statement of changes in equity
16
Group statement of cash flows
17
Notes to the financial statements
18 - 33
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report of Partners Capital Investment Group Limited (the "Company") for the year ended 31 December 2024.

Fair review of the business

The business activities during the year through 31 December 2024 were in line with the Company’s expectations. The loss for year, after taxation, amounted to £21,436 (2023: £29,041 profit), which is a result of the loss recorded in the Company. Group turnover for the year of £70,757,558 (2023: £51,119,891), which comprises management, performance and commitment fees as a result of asset management services attributed to the Subsidiary, has increased predominately due to stronger client performance and thus higher performance fees earnt. Administrative expenses are predominately attributed to the Subsidiary’s business activities. At year end, the Group had net assets of £12,642,891 (2023: £6,209,157). The directors consider these to be the key performance indicators of the Company.

Principal risks and uncertainties

Financial risk management objectives and policies

The objective of financial risk management is to plan, organise and perform sufficient actions to provide reasonable assurance that the group's overall objectives and goals will be met; and to limit the risk of adverse events occurring to a level that is acceptable to the members.

 

The group identifies and manages its key financial risks by means of a risk management policy that is appropriate to its size while preserving its effectiveness. Key parts of the policy to manage financial risk, including operational risk, are:

 

 

The group does not hedge any of its financial risks.

 

Exposure to price risk

The group does not take positions itself and hence does not expose itself to price risk, except to the extent that balances are maintained in foreign currencies where required for the proper operation of the business. Any foreign exchange risk arising out of this is monitored by senior management and regulatory capital is maintained to cover the assessed risk of adverse changes in rates. At 31 December 2024 the group maintained a net long position in euro denominated balances of approximately £764,326, a net long position in Canadian dollar denominated balances of approximately £33,387 and a net long position in US dollar denominated balances of approximately £1,341,375.

 

Exposure to credit risk

The group does not generally extend credit to its clients or counterparties, although exposure does arise when performance fees or commissions become payable. Adherence to agreed credit terms is monitored closely by senior management and regulatory capital is maintained to cover assessed risk of default. The group also maintains an exposure in connection with funds held on current and deposit accounts with its bankers.

 

Exposure to liquidity risk

The group assesses its exposure to liquidity risk as part of its ICARA process and maintains regulatory capital to cover the assessed risk of adverse changes in the value of the firm's assets, including its illiquid assets, of which the most significant are fixtures and office equipment net of depreciation totalling approximately £491,438, a rent deposit of £1,168,478, and approximately £1,070,301 of weighted prepayments.

 

Exposure to cash flow risk

The group seeks to maintain at all times sufficient funds in readily accessible accounts with its bankers to meet its liabilities when they fall due. Details of the balances are given in the balance sheets on pages 13 & 14. In accordance with the FCA rules the group maintains capital equivalent to one quarter of its estimated projected annual fixed overhead expenditure to ensure that the group's affairs could be wound up in an orderly manner should the need arise (there is no current intention or expectation for such an eventuality).

 

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Section 172 statement

This Statement focuses on how the Directors of the Company have had regard, during the year, to the matters set out in Section 172(1) (a) to (f) of the Companies Act 2006 (the “Act”) when performing their respective duties under Section 172 of the Act to promote the success of the Company.

 

During the financial year ending 31st December 2024 (the “Relevant Period”), the Directors have acted in the way that they considered, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In the performance of its duties, the Board has, amongst other matters, considered the long-term consequences of its decisions and engaged with, and listened to the views of, the Company’s key stakeholders so as to build trust, and with a view to ensuring that it fully understands the potential impacts of the decisions it makes. Prior to making key decisions, the Board identifies and considers competing stakeholder interests, priorities and views through regular committee meetings with key stakeholders to ensure that such decisions are fair and balanced and consistent with the Board’s wider duty to promote the long-term success of the Company.

 

The Company forms part of a wider group, the parent of which, Partners Capital Investment Group, LLP (“PCIG”), is registered in, and subject to the laws of the State of Delaware in the United States. Consequently, the PCIG main Board and its various sub-committees have overarching decision making authority for the Partners Capital group (including the Company) where matters are of group wide significance. PCIG’s decision making framework seeks to take into consideration broader stakeholder issues, which ensures that stakeholder consideration with respect to decisions at the Company level flows naturally from the broader group’s governance framework.

 

As a firm, we are committed to maintaining high standards of business conduct and our culture encourages our people to always act with integrity. Our group wide policies and procedures, governance framework, code of ethics and ongoing staff training programme all support this.

 

Clients

 

Our clients are key to ensuring the long-term success of the Company and, as a result, they will always be a key focus and priority for the Company. We are dedicated to serving our clients and to ensuring that we treat them fairly. We seek to provide quality investment advisory and discretionary management services to sophisticated clients so that they can achieve their long-term investment objectives. We strive to develop a deep relationship with each client to fully understand their objectives and we engage continuously to ensure that we are delivering on their expectations and adapting our advice as those objectives evolve.

 

During the relevant period, we have conceived of and/or launched several new investment pooled vehicles focused on specific investment strategies that are of interest in view of the current investment climate, thereby broadening our clients’ ability to gain exposure to relevant markets and ensuring that our offering expands in line with the evolving investment landscape.

 

Employees

 

Our people drive the success of our business and enable us to deliver for our clients and broader stakeholders. Our leadership team gives significant focus to our People Strategy and related policies to ensure that they are fit for our organisation and are aligned with best practice across the industry. We regularly engage with our employees through surveys, networking and firm-wide events so we can continue to attract, retain and develop diverse talented individuals who are aligned to our culture.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

Our meritocracy is enabled by fostering a truly inclusive and collaborative culture. Diverse perspectives, backgrounds and experiences are valued and encouraged. This is embodied in the way we do business. We continue to engage with team members via surveys and forums to receive feedback on our culture, leadership and the Firm. This feedback enables the revaluation of goals and strategic priorities.

 

From a compensation perspective, we have an attractive compensation structure, which applies consistently across the business globally. A key element of the firm’s compensation structure is our Profit Share Plan which provides team members with a Firm-funded means of investing in our Pooled Vehicles, aligning incentives with the performance of Partners Capital investments.

 

Regulator

The Company’s subsidiary, Partners Capital LLP, is regulated by the United Kingdom’s Financial Conduct Authority (“FCA”) and engages with the FCA in an open and transparent manner. The firm’s Compliance team are primarily responsible for engaging with regulators on compliance activities, monitoring, regulatory engagement and developments.

 

Suppliers

 

We value the relationship we have with all of those who supply goods and services to the firm and acknowledge that they are fundamental to our business success. We seek to use highly reputable suppliers across all areas of our business and our preferred supplier list consists of trusted partners with whom we have established methods of working together, ensuring we deliver for all our relevant stakeholders. We seek to act as a trusted partner to all our suppliers by ensuring that we pay promptly for goods or services received and comply with all relevant contractual obligations to which we are subject. Each relevant department engages with their respective suppliers and are responsible for managing their respective relationships, including ensuring that appropriate service level agreements and key performance indicators are in place and that these are closely monitored to ensure that service delivery standards are met.

 

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

Society and ESG

 

Partners Capital has implemented a Sustainable Investing Policy which describes our principles-based approach to Sustainable Investing and the integration of sustainability risk factors into our investment decision making. It explains why we believe that assessing the ESG integration approaches of those third-party asset managers with whom we invest, engagement with them to improve their practices and the deployment of capital into impactful opportunities help us generate better investment outcomes for our clients while at the same time having a positive effect on society and the environment.

Our Policy includes five pillars:

 

 

 

 

 

These five pillars help us to deliver positive outcomes as a business by: contributing to financial outperformance for our clients, encouraging adoption of best practice ESG integration in financial markets through our relationships with those third-party asset managers with whom we invest, and through the allocation of capital to those companies and sectors contributing to sustainability trends.

Partners Capital is a signatory to the UN-supported Principles for Responsible Investment and is a member of the Institutional Investors Group on Climate Change (IIGCC).

 

Future developments

 

The directors expect the general level of activity to remain consistent with 2024 in the forthcoming year.

On behalf of the board

K Thorpe
Director
21 August 2025
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Principal activities

The principal activity of the Company continued to be that of a holding company. The principal activity of the group continued to be that of providing its clients with access to world-class investment opportunities on favourable terms, typically reserved for institutional investors, by aggregating their collective pool of capital alongside other leading professional service firms.

Results and dividends

The results for the year are set out on page 12.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

E Finlay
W Jagger
K Thorpe

Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the Company's ability to continue as a going concern, including its financial position and future cash flows. The Company does not have external debt and is generating revenue from its core operations. Based on this, the directors are satisfied that the Company has adequate resources to continue operating for the foreseeable future.

Qualifying third party indemnity provisions

The Company has made qualifying third party indemnity provisions for the benefit of its directors which were made during the year and remain in force at the date of this report.

Auditor

Deloitte LLP were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
Energy and carbon report

The company is required by the Companies Act 2006 to disclose the group's energy use. The figures include the energy usage of Partners Capital LLP as this entity would be obliged to disclose usage if reporting on its own.

2024
2023
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
199,020
214,726
2024
2023
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 2 - indirect emissions
- Electricity purchased
41.21
44.46
Total gross emissions
41.21
44.46
Intensity ratio
Tonnes CO2e per full-time employee
0.24
0.28
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Protocol Corporate Accounting and Reporting Standard.

 

Scope 2 emissions consist only of electricity usage from buildings. Total electricity usage has been obtained over a 12 month period from supplier invoices. Emissions have been calculated using the 2024 UK Government’s Conversion Factors for Company Reporting. The group leased one site during the reporting period that is included in the SECR. Gas usage is not sub-metered by floor but by building as a whole. Therefore, it is not feasible to obtain an accurate figure for the group's gas usage throughout the year. All of the group's activities are based in the UK.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Measures taken to improve energy efficiency

The group is concerned about energy consumption and carbon emissions and wishes to utilise the mandatory SECR legislation as a foundation for identifying ways of saving energy and reducing carbon emissions. More efficient air conditioning units were installed towards the end of 2023 which has resulted in the energy savings noted above.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
Statement of directors' responsibilities

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

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

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

 

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Matters covered in the strategic report

The truegroup has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of future developments and information in relation to the group's financial risk management and objectives.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information. This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

On behalf of the board
K Thorpe
Director
21 August 2025
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARTNERS CAPITAL INVESTMENT GROUP LIMITED
- 8 -
Report on the audit of the financial statements
Opinion

In our opinion the financial statements of Partners Capital Investment Group Limited (the ‘parent company’) and its subsidiary (the ‘group’):

 

 

 

We have audited the financial statements which comprise:

 

 

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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

 

We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (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 directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARTNERS CAPITAL INVESTMENT GROUP LIMITED
- 9 -

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

 

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 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.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

In preparing the financial statements, the directors are responsible for assessing the group's or the parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

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.

 

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARTNERS CAPITAL INVESTMENT GROUP LIMITED
- 10 -
Extent to which the audit was considered capable of detecting irregularities, including fraud

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

 

We considered the nature of the group’s and parent company’s industry and its control environment, and reviewed the group’s and parent company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the group’s business sector.

 

We obtained an understanding of the legal and regulatory frameworks that the group and parent company operates in, and identified the key laws and regulations that:

 

 

 

We discussed among the audit engagement team regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

 

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

.

In addition to the above, our procedures to respond to the risks identified included the following:

 

 

 

 

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

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

 

 

 

In the light of the knowledge and understanding of the group and of the parent company and their environment obtained in the course of the audit, we have not identified any material misstatements in the strategic report or the directors’ report.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARTNERS CAPITAL INVESTMENT GROUP LIMITED
- 11 -
Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

 

 

 

 

 

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Kelly de Gersigny (Senior statutory auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London, United Kingdom
21 August 2025
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
2024
2023
Notes
£
£
Turnover
3
70,757,558
51,119,891
Cost of sales
(45,340)
(44,978)
Gross profit
70,712,218
51,074,913
Administrative expenses
(70,776,914)
(51,068,913)
Operating (loss)/profit
4
(64,696)
6,000
Interest receivable and similar income
8
43,260
23,041
(Loss)/profit before taxation
(21,436)
29,041
Taxation on (loss)/profit
9
-
0
-
0
(Loss)/profit for the financial year
20
(21,436)
29,041
Other comprehensive income
-
-
Total comprehensive (loss)/income for the year
(21,436)
29,041
(Loss)/profit for the financial year is all attributable to the owners of the parent company.

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

The notes on pages 18 to 33 form part of these financial statements.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 13 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
10
73,254
-
0
Tangible assets
11
491,438
626,062
564,692
626,062
Current assets
Debtors falling due after more than one year
13
1,978,579
1,125,217
Debtors falling due within one year
13
27,915,684
18,513,829
Cash at bank and in hand
14,644,806
3,635,226
44,539,069
23,274,272
Creditors: amounts falling due within one year
15
(27,363,436)
(17,691,177)
Net current assets
17,175,633
5,583,095
Total assets less current liabilities
17,740,325
6,209,157
Creditors: amounts falling due after more than one year
16
(4,497,434)
-
Provisions for liabilities
Provisions
1.13
(600,000)
-
0
(600,000)
-
Net assets
12,642,891
6,209,157
Capital and reserves
Called up share capital
18
14,416,755
7,961,585
Other reserves
19
105,007
105,007
Profit and loss reserves
20
(1,878,871)
(1,857,435)
Total equity
12,642,891
6,209,157

The notes on pages 18 to 33 form part of these financial statements.

The financial statements were approved by the board of directors and authorised for issue on 21 August 2025 and are signed on its behalf by:
21 August 2025
K Thorpe
Director
Company registration number 04277937 (England and Wales)
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 14 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
12
18,692,432
5,962,783
Current assets
Debtors falling due after more than one year
13
1,168,478
1,125,217
Debtors falling due within one year
13
2,159
-
0
1,170,637
1,125,217
Creditors: amounts falling due within one year
15
(7,220,177)
(878,842)
Net current (liabilities)/assets
(6,049,540)
246,375
Net assets
12,642,892
6,209,158
Capital and reserves
Called up share capital
18
14,416,755
7,961,585
Other reserves
105,007
105,007
Profit and loss reserves
20
(1,878,870)
(1,857,434)
Total equity
12,642,892
6,209,158

The notes on pages 18 to 33 form part of these financial statements.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £21,436 (2023: £29,041 profit).

The financial statements were approved by the board of directors and authorised for issue on 21 August 2025 and are signed on its behalf by:
21 August 2025
K Thorpe
Director
Company registration number 04277937 (England and Wales)
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
7,961,584
105,007
(1,886,476)
6,180,115
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
29,041
29,041
Issue of share capital
18
1
-
-
1
Balance at 31 December 2023
7,961,585
105,007
(1,857,435)
6,209,157
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(21,436)
(21,436)
Issue of share capital
18
6,455,170
-
-
6,455,170
Balance at 31 December 2024
14,416,755
105,007
(1,878,871)
12,642,891

The notes on pages 18 to 33 form part of these financial statements.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
Share capital
Other reserves
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
7,961,584
105,007
(1,886,475)
6,180,116
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
29,041
29,041
Issue of share capital
18
1
-
-
1
Balance at 31 December 2023
7,961,585
105,007
(1,857,434)
6,209,158
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
(21,436)
(21,436)
Issue of share capital
18
6,455,170
-
-
6,455,170
Balance at 31 December 2024
14,416,755
105,007
(1,878,870)
12,642,892

The notes on pages 18 to 33 form part of these financial statements.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
25
4,747,041
(1,222,070)
Income taxes paid
(3,442)
-
0
Net cash inflow/(outflow) from operating activities
4,743,599
(1,222,070)
Investing activities
Purchase of intangible assets
(90,160)
-
Purchase of tangible fixed assets
(141,166)
(120,852)
Proceeds from disposal of tangible fixed assets
-
37,304
Interest received
43,260
23,041
Net cash used in investing activities
(188,066)
(60,507)
Financing activities
Proceeds from issue of shares
18
6,455,170
1
Net cash generated from financing activities
6,455,170
1
Net increase/(decrease) in cash and cash equivalents
26
11,010,703
(1,282,576)
Cash and cash equivalents at beginning of year
3,635,226
5,030,330
Effect of foreign exchange rate changes on cash held
(1,123)
(112,528)
Cash and cash equivalents at end of year
14,644,806
3,635,226

The notes on pages 18 to 33 form part of these financial statements.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
1
Accounting policies
Company information

Partners Capital Investment Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 5th Floor, 5 Young Street, London, W8 5EH.

 

The group consists of Partners Capital Investment Group Limited and its subsidiary, Partners Capital LLP.

1.1
Accounting convention

These financial statements have been prepared in accordance 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 company. Monetary amounts in these financial statements are rounded to the nearest £1.

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

The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:

 

Under Companies Act 2006, s454 on voluntary basis, the directors can amend these financial statements if they subsequently prove to be defective.

1.2
Basis of consolidation

The consolidated financial statements incorporate those of Partners Capital Investment Group Limited and its subsidiary (i.e. an entity that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). All financial statements are made up to 31 December 2024.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3
Going concern

The financial statements have been prepared on a going concern basis. The directors have considered the Company's ability to continue as a going concern, including its financial position and future cash flows. The Company does not have external debt and is generating revenue from its core operations. Based on this, the directors are satisfied that the Company has adequate resources to continue operating for the foreseeable future.

1.4
Turnover

Turnover represents amounts receivable for asset management services provided, net of VAT, where applicable, including management fees, performance fees and commitment fees. Management fees are earned and recognised on an accruals basis having regard to the quantum of assets under management during the year. Performance fees and commitment fees are recognised when earned in accordance with the group's contractual arrangements with its clients. The group works closely with its parent company in providing services to clients and the group's entitlement to revenue is based on an assessment of the respective contributions of the group and its parent to the worldwide services performed.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 19 -
1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
Straight line over 4 years
1.6
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:

Leasehold improvements
Straight line over the duration of the lease term
Fixtures, fittings & equipment
Straight line over 2 to 5 years, depending on the type of equipment

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 profit or loss.

1.7
Fixed asset investments

Fixed asset investments are stated at cost less provision for diminution in value.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 20 -
1.8
Impairment of fixed assets

At each reporting end date, the group 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 group estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

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.

1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments' of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the balance sheet when the group 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 trade and other debtors, amounts owed by group undertakings, accrued income 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.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 21 -
1.10
Financial instruments (continued)
Impairment of financial assets

Financial assets 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 group 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 group after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, accruals and loans from fellow group companies, 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.

 

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 22 -
1.12
Taxation

The tax expense represents the sum of the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.13
Provisions

Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event. It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

 

The group recorded a provision of £600,000 in estimated dilapidation costs related to vacating the existing office premises at 5 Young Street at the end of lease date, April 2026.

 

The effect of the time value of money is not material and therefore the provision is not discounted.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

 

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 group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

 

Employee Profit Share Scheme

The Employee Profit Share Scheme is administered by the immediate parent undertaking, Partners Capital Investment Group, LLP, and the amount is recharged to the group based on the value awarded to participating employees of the group.

 

The profit-sharing amount is determined annually and approved by management. Twenty-five percent of the profit share award is paid to eligible employees in cash via payroll in the month of May of the year following the profit share award.

 

Seventy-five percent of the profit share award is invested into the profit share plan during the second quarter following the year of the profit share award, through a Partners Capital pooled vehicle. This portion is paid out in three tranches (each 25% of the total award, adjusted for performance of the plan's investments) according to the vesting schedule, beginning in May of the following year.

 

Profit-sharing expenses are recognised in profit or loss when the group has a present legal or constructive obligation to make the payment as a result of past service provided by the employee, and when a reliable estimate of the obligation can be made.

1.15
Retirement benefits

The group operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to profit or loss in the year they are payable.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 23 -
1.16
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.

Incentives received to enter into an operating lease are credited to profit or loss, to reduce the lease expense, on a straight-line basis over the period of the lease.

 

Incentives given to a sub-lessee to enter into an operating lease are debited to profit or loss, in order to reduce the lease income, on a straight-line basis over the period of the lease.

1.17
Foreign exchange

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors 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.

Critical judgements

There were no critical accounting judgements that would have a significant effect on the amounts recognised in the financial statements.

Key sources of estimation uncertainty

There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 24 -
3
Turnover

An analysis of the group's turnover is as follows:

Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
47,285,776
24,725,489
European Union
18,002,522
20,129,554
Rest of the World
5,469,260
6,264,848
70,757,558
51,119,891
4
Operating profit
2024
2023
£
£
Operating profit for the year is stated after charging:
Exchange losses
471,455
486,533
Depreciation of owned tangible fixed assets
275,790
303,039
Amortisation of intangible assets
16,906
-
Execution errors
45,340
44,978
Operating lease charges
2,093,674
1,491,219
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
25,000
6,000
Audit of the financial statements of the company's subsidiary
120,000
23,000
145,000
29,000
For other services
All other non-audit services
15,000
8,000

 

In the current year the non-audit services relate to client assets assurance work. In the prior year this related to the preparation of the financial statements.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 25 -
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Management and administration
175
159
0
0

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
53,915,789
36,908,780
-
0
-
0
Social security costs
3,450,767
2,739,316
-
-
Pension costs
1,234,756
1,072,187
-
0
-
0
58,601,312
40,720,283
-
0
-
0
7
Directors' remuneration
In accordance with UK statute, the following information is provided concerning directors' remuneration.
During the year, remuneration paid to directors for qualifying services amounted to £9,149,679 (2023: £3,736,035) including amounts paid to the highest paid director of £5,451,684 (2023: £1,462,439).
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
43,260
23,041
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 26 -
9
Taxation

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(21,436)
29,041
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
(4,073)
5,518
Unutilised tax losses carried forward
4,073
(5,518)
Taxation charge
-
-

 

10
Intangible fixed assets
Group
Software
£
Cost
At 1 January 2024
-
0
Additions
90,160
At 31 December 2024
90,160
Amortisation and impairment
At 1 January 2024
-
0
Amortisation charged for the year
16,906
At 31 December 2024
16,906
Carrying amount
At 31 December 2024
73,254
At 31 December 2023
-
0
The company had no intangible fixed assets at 31 December 2024 or 31 December 2023.
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 27 -
11
Tangible fixed assets
Group
Leasehold improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
1,028,883
2,819,964
3,848,847
Additions
37,198
103,968
141,166
At 31 December 2024
1,066,081
2,923,932
3,990,013
Depreciation and impairment
At 1 January 2024
697,636
2,525,149
3,222,785
Depreciation charged in the year
104,723
171,067
275,790
At 31 December 2024
802,359
2,696,216
3,498,575
Carrying amount
At 31 December 2024
263,722
227,716
491,438
At 31 December 2023
331,247
294,815
626,062
Company
Fixtures, fittings & equipment
£
Cost
At 1 January 2024 and 31 December 2024
660,549
Depreciation and impairment
At 1 January 2024 and 31 December 2024
660,549
Carrying amount
At 31 December 2024
-
0
12
Fixed asset investments
Group
Company
2024
2023
2024
2023
£
£
£
£
Investment in subsidiary
-
0
-
0
18,692,432
5,962,783

In the opinion of the directors, the aggregate value of the company's investment in subsidiary undertakings is not less than the amount included in the balance sheet. There were additions in the year of £12,729,649.

 

The subsidiary undertaking is Partners Capital LLP, registered in England and Wales with its registered office being the same as that of the company. The company is a member of Partners Capital LLP and contributed all of Partners Capital LLP's equity capital and controls its affairs. Partners Capital LLP's business is the provision of investment management services.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
12
Fixed asset investments
(Continued)
- 28 -
Movements in fixed asset investments
Company
Shares in subsidiary
£
Cost or valuation
At 1 January 2024
5,962,783
Additions
12,729,649
At 31 December 2024
18,692,432
Carrying amount
At 31 December 2024
18,692,432
At 31 December 2023
5,962,783
13
Debtors
Group
Company
2024
2023
2024
2023
as restated
Amounts falling due within one year:
£
£
£
£
Trade debtors
496,739
646,036
-
0
-
0
Corporation tax recoverable
2,159
-
0
2,159
-
0
Amounts owed by group undertakings
15,179,038
8,195,605
-
-
Other debtors
574,457
456,499
-
0
-
0
Prepayments
1,330,503
1,306,454
-
0
-
0
Accrued income
10,332,788
7,909,235
27,915,684
18,513,829
2,159
0
Amounts falling due after more than one year:
Other debtors - rental deposit
1,168,478
1,125,217
1,168,478
1,125,217
Prepayments and accrued income
810,101
-
0
-
0
-
0
1,978,579
1,125,217
1,168,478
1,125,217
Total debtors
29,894,263
19,639,046
1,170,637
1,125,217

The amounts owed by group undertakings are unsecured, interest-free and repayable upon demand.

 

The other debtors due after more than one year relate to a rental deposit on a lease with an expiry date in April 2026.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 29 -
14
Loans and overdrafts
Group
Company
2024
2023
2024
2023
as restated
£
£
£
£
Amounts due to directors and LLP members
8,418,317
7,505,969
-
0
-
0
Payable within one year
8,418,317
7,505,969
-
0
-
0

In the event of a winding up, the amounts due to directors and LLP members would rank along side other creditors. The balance here is included within the other creditors amount in note 15. The loans are interest free and unsecured.

15
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
as restated
£
£
£
£
Trade creditors
419,078
711,597
-
0
-
0
Amounts owed to group undertakings
7,220,177
877,559
7,220,177
877,559
Corporation tax payable
-
0
1,283
-
0
1,283
Other taxation and social security
588,403
1,390,695
-
-
Other creditors
12,392,699
9,898,841
-
0
-
0
Accruals
6,743,079
4,811,202
-
0
-
0
27,363,436
17,691,177
7,220,177
878,842

The amounts owed to group undertakings are unsecured, interest-free and repayable upon demand.

16
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
£
£
£
£
Accruals
4,497,434
-
0
-
0
-
0
17
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit and loss in respect of defined contribution schemes
1,234,756
1,072,187

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 30 -
18
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A ordinary shares of £1 each
14,416,754
7,961,584
14,416,754
7,961,584
B ordinary shares of £1 each
1
1
1
1
14,416,755
7,961,585
14,416,755
7,961,585

The company has two classes of ordinary shares. A shares carry the right to participate equally in any distributions in respect of dividends and capital (including on a winding up) and are not redeemable. They do not carry voting rights.

 

B shares carry the right to participate equally in any distributions in respect of dividends and capital (including on a winding up) and are not redeemable. Each B share carries one vote.

 

6,455,170 A class shares were issued during the year.

19
Other reserves
2024
2023
Group and company
£
£
At the beginning and end of the year
105,007
105,007

Reserves provided for by the Articles of Association are £105,007 (2023: £105,007).

20
Profit and loss reserves
Group
Company
2024
2023
2024
2023
£
£
£
£
At the beginning of the year
(1,857,435)
(1,886,476)
(1,857,434)
(1,886,475)
(Loss)/profit for the year
(21,436)
29,041
(21,436)
29,041
At the end of the year
(1,878,871)
(1,857,435)
(1,878,870)
(1,857,434)
21
Key management personnel compensation

Key management personnel includes the directors and disclosure of their compensation has been included in note 7 to the financial statements.

 

In addition, key management personnel other than directors received compensation of £18,356,884 (2023: £13,489,226).

 

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 31 -
22
Operating lease commitments
Lessee

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

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
1,142,376
1,142,376
1,142,376
1,142,376
Between two and five years
328,072
1,470,448
328,072
1,470,448
1,470,448
2,612,824
1,470,448
2,612,824

The lease agreements relating to these commitments are in the name of the company. However, all expenses and income related thereto are incurred and received by the subsidiary.

23
Related party transactions

Group

As part of a corporate restructure which completed in 2024, USD denominated loans that were historically advanced by Partners Capital Investment Group, LLP and Partners Capital Investment Group (Holdings), LLP, to both key management personnel and employees of the group, were transferred to the company and then reassigned, such that the new lending entity became Partners Capital LLP. The outstanding balance of the loans reassigned in February 2024 was equivalent to £6,274,479, of which £2,609,328 relates to key management personnel of the group. The reassigned loans were then settled by the key management personnel and employees of the group in July 2024. In addition, existing loans advanced historically by Partners Capital LLP to key management personnel of the group for an amount outstanding of £849,220 were settled in February 2024. In July 2024, historical USD denominated loans amounting to the equivalent of £25,769,010, of which £25,482,900 relates to key management personnel of the group, were reassigned to the company by affiliated entities within the parent group, and then settled upon completion of the restructuring in July 2024.

 

For disclosure of key management personnel compensation of the group, refer to note 21.

 

Company

As part of a corporate restructure which completed in 2024, USD denominated loans that were historically advanced by Partners Capital Investment Group, LLP and Partners Capital Investment Group (Holdings), LLP, to both key management personnel and employees of Partners Capital LLP and the company, were transferred to the company and then reassigned, such that the new lending entity became Partners Capital LLP. The outstanding balance of the loans reassigned in February 2024 was equivalent to £6,274,479, of which £1,076,701 relates to key management personnel of the company. The reassigned loans were then settled by the key management personnel and employees of Partners Capital LLP and the company in July 2024. Furthermore, in July 2024, historical USD denominated loans amounting to the equivalent of £25,769,010, of which £9,824,940 relates to key management personnel of the company, were reassigned to the company by affiliated entities within the parent group, and then settled upon completion of the restructuring in July 2024.

 

Detailed disclosure in relation to intragroup transactions relating to the corporate restructure have been excluded based on the exemption adopted in accordance with FRS 102, Section 33.

PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 32 -
24
Controlling party

The immediate parent undertaking of the company is Partners Capital Investment Group, LLP, an entity registered in the USA. Its registered office is Federal Reserve Plaza, 600 Atlantic Avenue, 30th Floor, Boston MA 02210, USA.

 

The ultimate controlling party is Partners Capital Holdings, LLP, a company registered in the USA and for whom there is no overall controller. This is the smallest and largest group for which consolidated accounts are prepared. Copies are available by writing to Partners Capital Holdings, LLP, Federal Reserve Plaza, 600 Atlantic Avenue, 30th Floor, Boston MA 02210, USA.

25
Cash generated from/(absorbed by) group operations
2024
2023
as restated
£
£
(Loss)/profit after taxation
(21,436)
29,041
Adjustments for:
Interest income
(43,260)
(23,041)
Amortisation and impairment of intangible assets
16,906
-
Depreciation and impairment of tangible fixed assets
275,790
303,039
Foreign exchange
1,123
112,528
Increase in provisions
600,000
-
Movements in working capital:
Increase in debtors
(10,253,058)
(2,746,092)
Increase in creditors
14,170,976
1,102,455
Cash generated from/(absorbed by) operations
4,747,041
(1,222,070)
26
Analysis of changes in net funds - group
1 January 2024
Cash flows
Exchange rate movements
31 December 2024
£
£
£
£
Cash at bank and in hand
3,635,226
11,010,703
(1,123)
14,644,806
PARTNERS CAPITAL INVESTMENT GROUP LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 33 -
27
Prior period adjustment

In prior periods, the group incorrectly accounted for the employee profit share scheme. The directors have quantified the adjustments for both the current and prior periods, and, accordingly, has restated the previously recorded other creditors and amounts owed by group undertakings. The impact of the employee profit share adjustment was a £3,467,325 increase in 1 January 2023 amounts owed by group undertakings and other creditors. The impact for the year ended 31 December 2023 was a £4,833,769 increase in other creditors and amounts owed by group undertakings.

As previously reported
Prior year adjustment
After adjustment
£
£
£
Group balance sheet as at 31 December 2023
Other creditors
(5,065,072)
(4,833,769)
(9,898,841)
Amounts owed by group undertakings
3,361,836
4,833,769
8,195,605
Group balance sheet as at 1 January 2023
Other creditors
(5,546,715)
(3,467,325)
(9,014,040)
Amounts owed by group undertakings
845,109
3,467,325
4,312,434
28
Events after the reporting date

In July 2025, an agreement was executed between the subsidiary and a client, which obliged the subsidiary to incur a cost of $500,000 to compensate that client in relation to a trade execution issue. This amount is net of the anticipated insurance reimbursement.

 

Further in July 2025, a new wholly owned subsidiary of the Company was incorporated in Switzerland as Partners Capital Switzerland Sarl, in the form of a limited liability company with registration number CHE-298.103.305.

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