Patagonia International Investments LLP

(Registration number: OC417858)
Balance Sheet as at 31 December 2024

The financial statements of Patagonia International Investments LLP (registered number OC417858) were approved by the Board and authorised for issue on 26 September 2025. They were signed on behalf of the limited liability partnership by:

......................................... Greenock Trust Company Limited as Trustee of The Patagonia Investments Trust Designated member

Patagonia International Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

1	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

General information and basis of accounting

The limited liability partnership is incorporated in England & Wales under the Limited Liability Partnership Act
2000. The address of the registered office is given on the limited liability partnership information page.

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are presented in US Dollars which is the functional currency of the LLP and rounded to the nearest $1.

Members' remuneration and division of profits

The SORP recognises that the basis of calculating profits for allocation may differ from the profits reflected through the financial statements prepared in compliance with recommended practice, given the established need to seek to focus profit allocation on ensuring equity between different generations and populations of members.

Consolidation of the results of certain subsidiary undertakings, the provision for annuities to current and former members, pension scheme charges, the spreading of acquisition integration costs and the treatment of long leasehold interests are all items which may generate differences between profits calculated for the purpose of allocation and those reported within the financial statements. Where such differences arise, they have been included within other amounts in the balance sheet.

Members' fixed shares of profits (excluding discretionary fixed share bonuses) and interest earned on members' balances are automatically allocated and, are treated as members' remuneration charged as an expense to the profit and loss account in arriving at profit available for discretionary division among members.
The remainder of profit shares, which have not been allocated until after the balance sheet date, are treated in these financial statements as unallocated at the balance sheet date and included within other reserves.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through profit or loss if the shares are publicly traded or their fair value can otherwise be measured reliably. Other investments are measured at cost less impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Members' interests

Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.

Patagonia International Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

2	Particulars of employees

The average number of persons employed by the limited liability partnership during the year was 0 (2023 - 0).

3	Investments held as fixed assets

	2024 $	2023 $
Shares in group undertakings and participating interests	321,547	339,060
Other investments	556,450	515,868
	877,997	854,928

Shares in group undertakings and participating interests

	Subsidiary undertakings $	Total $
Cost
At 1 January 2024	339,060	339,060
Revaluation	(17,513)	(17,513)
At 31 December 2024	321,547	321,547
Net book value
At 31 December 2024	321,547	321,547
At 31 December 2023	339,060	339,060

Other investments

	Other investments $	Total $
Cost
At 1 January 2024	515,868	515,868
Additions	40,582	40,582
At 31 December 2024	556,450	556,450
Net book value
At 31 December 2024	556,450	556,450
At 31 December 2023	515,868	515,868

Patagonia International Investments LLP

Notes to the Financial Statements for the Year Ended 31 December 2024

4

Debtors

	2024  $	2023  $
Other debtors	66,500	66,500
Less non-current portion	(66,500)	(66,500)

5	Current asset investments

	2024 $	2023 $
Other investments	5,847,627	5,693,160

6	Creditors: Amounts falling due within one year

	2024 $	2023 $
Other creditors	4,963,809	4,963,809

7	Loans and other debts due to members

	2024 $	2023 $
Money owed to members by the LLP in respect of profits	1,828,155	1,656,628

In the event of winding up, amounts in ‘Loans and other debts due to members’ would rank after other creditors who are unsecured.

There are no such restrictions or limitations existing on the ability of the members to reduce the amount of ‘Members’ other interests’.