REGISTERED NUMBER: OC309761 (England and Wales)

MEMBERS' REPORT AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MARCH 2025

FOR

METHODOLOGY ASSET MANAGEMENT (UK) LLP

Page

General Information

1

Members' Report

2

Report of the Independent Auditors

4

Income Statement

6

Balance Sheet

7

Reconciliation of Members' Interests

8

Cash Flow Statement

10

Notes to the Cash Flow Statement

11

Notes to the Financial Statements

13

DESIGNATED MEMBERS:

A F C Bonnet

M Lehtimaki

REGISTERED OFFICE:

7 Clifford Street

London

W1S 2FT

REGISTERED NUMBER:

OC309761 (England and Wales)

AUDITORS:

TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

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

PRINCIPAL ACTIVITY

The principal activity of the LLP in the year under review was that of fund management and advisory services.

DESIGNATED MEMBERS

The designated members during the year under review were:

A F C Bonnet

M Lehtimaki

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £1,026,278 (2024 - £1,593,526 profit).

MEMBERS' INTERESTS

Any capital profits earned by the LLP are allocated to members, as determined by the managing member, after

current or foreseen liabilities or expenses of the corporate member, as well as the amount to be retained in the

LLP for prudent management needs and regulatory requirements, have been allocated to the corporate member.

In the event the LLP has insufficient profits in any accounting year to satisfy the allocation to the corporate

member, the amount that is not satisfied shall be carried forward and then paid as soon as sufficient profits are

available. Any income losses of the LLP in any accounting year shall be allocated to the corporate member.

Any member may at any time, with the agreement of the managing member, make a capital contribution to the

LLP. A member may not remove all or part of his/her contributed capital, except in the event of his/her

withdrawal from the LLP. In the event of such a withdrawal, the LLP shall repay all amounts outstanding to the

credit of the withdrawing members' capital account, according to the provisions of the LLP agreement. The

managing member may from time to time return part, but not all, of the credit amounts of memberS capital

accounts.

The payment of any drawing to members is discretionary and determined by the managing member.

STATEMENT OF MEMBERS' RESPONSIBILITIES

The members are responsible for preparing the Members' Report 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;

-	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 or she ought to have taken as a member in order to make himself or herself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

M Lehtimaki - Designated member

25th July 2025

Opinion

We have audited the financial statements of Methodology Asset Management (UK) LLP (the 'LLP') for the year ended 31st March 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, 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 31st 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 Members' Report, 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.

Responsibilities of members

As explained more fully in the Statement of Members' Responsibilities set out on page two, 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.

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

We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant frameworks which are directly relevant so specific assertions in the financial statements are those that relate to the reporting framework (UK GAAP and the Companies Act 2006) and the relevant tax compliance regulations in the UK.

We understood how the company is complying with those frameworks by making enquiries of management and those responsible for legal and compliance procedures. We corroborated our enquiries through review of board minutes and discussions with those charged with governance.

We assess the susceptibility of the company's financial statements to material misstatement, including how fraud might occur, by discussion with management from various parts of the business to understand where they considered there was a susceptibility to fraud. We considered the procedures and controls that the company has established to prevent and detect fraud, and how these are monitored by management, and also any enhanced risk factors such as performance targets.

Based on our understanding, we designed our audit procedures to identify any non-compliance with laws and regulations identified in the paragraphs above.

We also performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias

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.

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.

Richard Gillespie FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

Suite 4

2nd Floor

New Kings Court

Eastleigh

SO53 3LG

25th July 2025

TURNOVER

3

1,554,321

3,587,132

Cost of sales

206,153

1,442,623

GROSS PROFIT

1,348,168

2,144,509

Administrative expenses

332,017

563,042

OPERATING PROFIT

5

1,016,151

1,581,467

Interest receivable and similar income

10,127

12,059

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

1,026,278

1,593,526

CURRENT ASSETS

Debtors

7

1,754,425

2,548,851

Cash at bank and in hand

844,071

1,006,798

2,598,496

3,555,649

CREDITORS

Amounts falling due within one year

8

1,496,579

1,915,545

NET CURRENT ASSETS

1,101,917

1,640,104

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,101,917

1,640,104

LOANS AND OTHER DEBTS DUE TO MEMBERS

9

277,917

816,104

MEMBERS' OTHER INTERESTS

Capital accounts

824,000

824,000

1,101,917

1,640,104

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

9

277,917

816,104

Members' other interests

824,000

824,000

Amounts due from members

7

(18,757

)

-

1,083,160

1,640,104

The financial statements were approved by the members of the LLP and authorised for issue on 25th July 2025 and were signed by:

M Lehtimaki - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1st April 2024

824,000

-

824,000

Profit for the financial year available for discretionary division among members

-

1,026,278

1,026,278

Members' interests after profit for the year

824,000

1,026,278

1,850,278

Other divisions of profit

-

(1,026,278

)

(1,026,278

)

Drawings on account and distributions of profit

-

-

-

Balance at 31st March 2025

824,000

-

824,000

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

816,104

Amount due from members

-

Balance at 1st April 2024

816,104

1,640,104

Profit for the financial year available for discretionary division among members

-

1,026,278

Members' interests after profit for the year

816,104

2,666,382

Other divisions of profit

1,026,278

-

Drawings on account and distributions of profit

(1,583,222

)

(1,583,222

)

Amount due to members

277,917

Amount due from members

(18,757

)

Balance at 31st March 2025

259,160

1,083,160

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1st December 2022

824,000

-

824,000

Profit for the financial year available for discretionary division among members

-

1,593,526

1,593,526

Members' interests after profit for the year

824,000

1,593,526

2,417,526

Other divisions of profit

-

(1,593,526

)

(1,593,526

)

Introduced by members

-

-

-

Drawings on account and distributions of profit

-

-

-

Balance at 31st March 2024

824,000

-

824,000

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

2,266,841

Amount due from members

(51,263

)

Balance at 1st December 2022

2,215,578

3,039,578

Profit for the financial year available for discretionary division among members

-

1,593,526

Members' interests after profit for the year

2,215,578

4,633,104

Other divisions of profit

1,593,526

-

Introduced by members

51,263

51,263

Drawings on account and distributions of profit

(3,044,263

)

(3,044,263

)

Amount due to members

816,104

Amount due from members

-

Balance at 31st March 2024

816,104

1,640,104

Cash flows from operating activities

Cash generated from operations

2

1,410,368

2,521,856

Net cash from operating activities

1,410,368

2,521,856

Cash flows from investing activities

Interest received

10,127

12,059

Net cash from investing activities

10,127

12,059

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(1,583,222

)

(3,044,263

)

Contributions by members

-

51,263

Net cash from financing activities

(1,583,222

)

(2,993,000

)

Decrease in cash and cash equivalents

(162,727

)

(459,085

)

Cash and cash equivalents at beginning of year

3

1,006,798

1,465,883

Cash and cash equivalents at end of year

3

844,071

1,006,798

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

Profit share is used as the basis for determining cash generated from operations.

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

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

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

1,026,278

1,593,526

Increase / (decrease) owed to groups

(424,897

)

1,671,467

Finance income

(10,127

)

(12,059

)

591,254

3,252,934

Decrease/(increase) in trade and other debtors

813,183

(723,787

)

Increase/(decrease) in trade and other creditors

5,931

(7,291

)

Cash generated from operations

1,410,368

2,521,856

3.	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 31st March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

844,071

1,006,798

Period ended 31st March 2024

31.3.24

1.12.22

£

£

Cash and cash equivalents

1,006,798

1,465,883

4.	ANALYSIS OF CHANGES IN NET FUNDS

Other

non-cash

At 1.4.24

Cash flow

changes

At 31.3.25

£

£

£

£

Net cash

Cash at bank

and in hand

1,006,798

(162,727

)

844,071

1,006,798

(162,727

)

844,071

Net funds (before

members' debt)

1,006,798

(162,727

)

-

844,071

Loans and other debts

due to members

Other amounts

due to members

(816,104

)

1,583,222

(1,045,035

)

(277,917

)

Net funds

190,694

1,420,495

(1,045,035

)

566,154

5.	MAJOR NON-CASH TRANSACTIONS

Other non-cash changes consist of profit for the financial period before members remuneration and profit share available to members of £1,026,278.

1.	STATUTORY INFORMATION

Methodology Asset Management (UK) LLP is registered in England and Wales. The LLP's registered number

and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£) to the nearest pound.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the point at which the service is delivered. Any amounts received in advance are treated as a liability until the service is delivered.

Financial instruments

Financial assets

The LLP's financial assets comprise basic financial instruments, being trade and other receivables and cash

balances, that are categorised as being debt instruments measured at amortized cost.

Cash is represented by deposits with financial institutions repayable without penalty on notice of no more than 24 hours.

Trade and other receivables are measured initially at transaction price and thereafter at the undiscounted

amount expected to be received, which is net of any impairment.

Financial assets are derecognised when contractual rights to the cash flows from the financial asset expire or

are settled, or when substantially all the risks and rewards of ownership have been transferred.

An impairment loss is measured as the difference between an asset's carrying amount and the amount that the Partnership would receive for the asset if it were to be sold at the reporting date.

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.

Financial liabilities

The LLP's financial liabilities comprise basic financial instruments, being trade and other payables that are

categorised as financial liabilities measured at amortised cost. These are initially recognised at transaction price and thereafter at the undiscounted amount expected to be paid.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Loans payable are measured at amortised cost using the effective interest rate method. The unwinding of any discount is taken to profit or loss as interest expense and the unamortised balance is included in reserves.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

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.

Going concern

Based on predicted revenue and expenses for the next twelve months the designated members have a reasonable expectation that the LLP has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements have been prepared on the going concern basis.

Member participation rights

Profits attributable to members are determined, allocated and divided between members during the year. To the extent that these profits remain unpaid at the year end, they are shown as loans and other debts due to members in the Statement of Financial Position.

Members' capital is only repaid to outgoing members in accordance with the provision in the Members' Deed. The capital is replaced by capital contributions from existing or new members, and as such it is accounted for as equity in accordance with FRS 102

3.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by geographical market is given below:

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Rest of World

1,554,321

3,587,132

1,554,321

3,587,132

4.	EMPLOYEE INFORMATION

The LLP had no employees in the reporting period (2024: Nil)

5.	OPERATING PROFIT

The operating profit is stated after charging:

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

Foreign exchange differences

25,366

177,504

Auditors remuneration

13,500

13,810

6.	INFORMATION IN RELATION TO MEMBERS

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

£

£

The amount of profit attributable to the member with the largest entitlement was

260,001

412,000

Period

1.12.22

Year Ended

to

31.3.25

31.3.24

The average number of members during the year was

5

5

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade debtors (see note 11)

1,726,361

2,540,563

Amounts due from members

18,757

-

Other debtors

8,414

6,384

VAT

-

629

Prepayments

893

1,275

1,754,425

2,548,851

Trade debtors relate 100% to the Methodology Group Capital Management Limited, which is the parent company of Methodology Capital Management (UK) Limited, a member of Methodology Asset Management (UK) LLP.

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.25

31.3.24

£

£

Trade creditors

5,652

1,236

Amounts owed to group undertakings

1,468,589

1,893,486

VAT

590

-

Other creditors

-

1,126

Accrued expenses

21,748

19,697

1,496,579

1,915,545

9.

LOANS AND OTHER DEBTS DUE TO MEMBERS

31.3.25

31.3.24

£

£

Amounts owed to members in respect of profits

277,917

816,104

Falling due within one year

277,917

816,104

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling parties of the LLP are the members acting under the LLP agreement. Methodology Capital Management (UK) Limited holds 68% of the voting rights of the LLP.

Methodology Capital Management (UK) Limited is a fully owned subsidiary of Methodology Group Capital Management Limited, a company registered in the Cayman Islands. Methodology Capital Management (UK) Limited is a company incorporated in England and Wales (Company Number 05275432).

11.	RELATED PARTY TRANSACTIONS

Methodology Capital Management (UK) Limited

During the year Methodology Asset Management (UK) LLP paid £210,000 (2024 - £1,694,399) for recharged expenses and services provided by Methodology Capital Management (UK) Limited.

At the end of the year, an amount of £1,468,589 (2024 - £1,893,486) was owed to Methodology Capital Management (UK) Limited.

Methodology Group Capital Management Limited

During the year Methodology Asset Management (UK) LLP received £1,554,321 (2024 - £3,587,132) for services provided to Methodology Group Capital Management Limited.

At the end of the year, an amount of £1,726,361 (2024 - £2,540,563) was owed by Methodology Group Capital Management Limited.