Limited Liability Partnership registration number OC398922 (England and Wales)
THORNBRIDGE INVESTMENT MANAGEMENT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
THORNBRIDGE INVESTMENT MANAGEMENT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
P T Hall
J A Bedford
LLP registration number
OC398922
Registered office
13 Austin Friars
London
EC2N 2HE
Auditor
Azets Audit Services
2nd Floor, Regis House
45 King William Street
London
EC4R 9AN
THORNBRIDGE INVESTMENT MANAGEMENT LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Independent auditor's report
3 - 5
Statement of comprehensive income
6
Balance sheet
7
Reconciliation of members' interests
8
Statement of cash flows
9
Notes to the financial statements
10 - 15
THORNBRIDGE INVESTMENT MANAGEMENT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The members present their annual report together with the audited financial statements of Thornbridge Investment Management LLP (the "LLP") for the year ended 31 March 2025.

Principal activities

The principal activity of the LLP is the provision of investment management services and appointed representative services.

Policy with respect to members' drawings and subscription and repayment of members' capital
Members are permitted to make drawings in anticipation of profits which will be allocated to them in line with the membership agreement dated 28 January 2016 and amended on 11 January 2021. The amount of such drawings is set by the designated members, taking into account the anticipated cash needs of the LLP and the members percentage share as stated in the LLP agreement.
Repayment of capital will be at the discretion of the members.
Details of changes in members' capital in the year ended 31 March 2025 are set out in the reconciliation of members' interests.
Designated members

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

P T Hall
J A Bedford
MIFIDPRU 8 disclosures
As at 31st March 2024, the LLP was classified by the Financial Conduct Authority ("FCA") as a non-Small & Non-Interconnected ("non-SNI") firm and has documented the disclosures required by the FCA under MIFIDPRU 8 and SYSC 19G. These are available from the LLP's website at www.thornbridge.com.
Approved by the members on 25 June 2025 and signed on behalf by:
25 June 2025
P T Hall
Designated Member
THORNBRIDGE INVESTMENT MANAGEMENT LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

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

Company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) requires the members to prepare financial statements for each financial year. Under that law the members have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice. Under company law (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership and of the profit or loss of the limited liability partnership 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 limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time the financial position of the limited liability partnership and enable them to ensure that the financial statements comply with the Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

THORNBRIDGE INVESTMENT MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF THORNBRIDGE INVESTMENT MANAGEMENT LLP
- 3 -
Opinion

We have audited the financial statements of Thornbridge Investment Management LLP (the 'limited liability partnership') for the year ended 31 March 2025 which comprise the statement of comprehensive income, the balance sheet, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including 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 limited liability partnership's affairs as at 31 March 2025 and of its profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership 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 limited liability partnership’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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The members 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.

THORNBRIDGE INVESTMENT MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORNBRIDGE INVESTMENT MANAGEMENT LLP
- 4 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships requires us to report to you if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, 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 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 members are responsible for assessing the limited liability partnership'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 limited liability partnership 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 is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

THORNBRIDGE INVESTMENT MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF THORNBRIDGE INVESTMENT MANAGEMENT LLP
- 5 -

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 and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

- Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;

- Reviewing minutes of meetings of those charged with governance;

- Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection;

- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

- Performing audit work over the risk of management bias and 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 indicators of potential bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied 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 limited liability partnership'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 limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Ravi Hungsraz (Senior Statutory Auditor)
For and on behalf of
25 June 2025
Azets Audit Services
Chartered Accountants
Statutory Auditor
THORNBRIDGE INVESTMENT MANAGEMENT LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
2025
2024
Notes
£
£
Turnover
2
10,734,005
9,647,865
Cost of sales
(8,093,600)
(7,078,799)
Gross profit
2,640,405
2,569,066
Administrative expenses
(1,569,981)
(1,697,694)
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
1,070,424
871,372

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

THORNBRIDGE INVESTMENT MANAGEMENT LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
7
60,176
80,574
Current assets
Debtors
8
1,171,937
1,473,353
Cash at bank and in hand
1,457,628
1,229,417
2,629,565
2,702,770
Creditors: amounts falling due within one year
9
(1,468,922)
(1,776,989)
Net current assets
1,160,643
925,781
Total assets less current liabilities and net assets attributable to members
1,220,819
1,006,355
Represented by:
Loans and other debts due to members within one year
Other amounts
-
14,793
Members' other interests
Members' capital classified as equity
14
485,000
485,000
Other reserves classified as equity
14
735,819
506,562
1,220,819
1,006,355
The financial statements were approved by the members and authorised for issue on 25 June 2025 and are signed on their behalf by:
25 June 2025
P T Hall
Designated member
Limited Liability Partnership Registration No. OC398922
THORNBRIDGE INVESTMENT MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Members' interests at 1 April 2024
485,000
506,562
991,562
14,793
14,793
1,006,355
Profit for the financial year available for discretionary division among members
-
1,070,424
1,070,424
-
-
1,070,424
Members' interests after profit for the year
485,000
1,576,986
2,061,986
14,793
14,793
2,076,779
Other divisions of profits
-
(841,167)
(841,167)
841,167
841,167
-
Drawings
-
-
-
(855,960)
(855,960)
(855,960)
Members' interests at 31 March 2025
485,000
735,819
1,220,819
-
-
1,220,819
THORNBRIDGE INVESTMENT MANAGEMENT LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 9 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
14
1,090,633
1,076,642
Investing activities
Purchase of tangible fixed assets
(6,462)
(5,824)
Net cash used in investing activities
(6,462)
(5,824)
Financing activities
Drawings from members
(855,960)
(904,636)
Net cash used in financing activities
(855,960)
(904,636)
Net increase in cash and cash equivalents
228,211
166,182
Cash and cash equivalents at beginning of year
1,229,417
1,063,235
Cash and cash equivalents at end of year
1,457,628
1,229,417
THORNBRIDGE INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 10 -
1
Accounting policies
Limited liability partnership information

Thornbridge Investment Management LLP is a limited liability partnership (LLP) registered in England, with its registered office at 13 Austin Friars, London, England, EC2N 2HE.

1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2021, together 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 limited liability partnership. Monetary a mounts in these financial statements are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the LLP's accounting policies.

The following principle accounting policies have been applied:

1.2
Going concern

The Members have prepared this report on a going concern basis, which contemplates continuity of their normal business activities and the realisation of assets and the settlement of liabilities in the ordinary course of business. They are of the opinion that the LLP has adequate resources and reserves available to continue its operational activities for the next 12 months from approving these financial statements having reviewed the LLP's budgets and forecasts. This, combined with their strong client relationships and experienced team, lead them to the opinion that the going concern principle should be adopted in the preparation of the financial statements.

1.3
Revenue
Revenue represents fees receivable (net of value added tax) during the period for investment management and appointed representative services. Management fees and performance fees are recognised when receivable.
1.4
Members' remuneration
A member's discretionary share in the profit or loss for the year is accounted for as an allocation of profits. Non-discretionary allocations are accounted for as members' remuneration charged as an expense and recognised in the profit and loss account. Profits or losses that remain unallocated at the balance sheet date are included in other reserves.

Once an unavoidable obligation has been created in favor of members through allocation of profits or other means, any undrawn profits remaining at the reporting date are shown as ‘Loans and other debts due to members’ to the extent they exceed debts due from a specific member.

1.5
Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated deprecation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
THORNBRIDGE INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 11 -
Deprecation is provided on the following basis:
Leasehold improvements
over the life of the lease
Office equipment
3 years
Fixtures and fittings
4 years

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 the profit and loss account.

1.6
Financial instruments
All financial instruments arise directly from operations. All trade and other debtors are initially recognised at transaction value, as none contain in substance a financing transaction. Thereafter trade and other debtors are reviewed for impairment where there is objective evidence based on observable data that the balance may be impaired. The LLP does not hold collateral against its trade and other receivables so its exposure to credit risk is the net balance of trade and other debtors after allowance for impairment.
The LLP's cash holdings comprise on demand balances only. All cash is held with banks with strong external credit ratings.
Trade and other creditors and accruals are initially recognised at transaction value as none represent a financing transaction. They are only derecognised when they are extinguished.
As the LLP predominantly has short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2
Turnover

The whole of the turnover is attributable to the LLP's principal activity.

All turnover arose within the United Kingdom

3
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
1,788
(466)
Depreciation of owned tangible fixed assets
26,860
26,667
Operating lease charges
55,000
88,097
THORNBRIDGE INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
4
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor and associates:
£
£
For audit services
Audit of the financial statements of the LLP
15,000
13,500
For other services
Audit-related assurance services
3,500
1,500
All other non-audit services
2,500
2,000
6,000
3,500
5
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2025
2024
Number
Number
11
12

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
742,751
728,192
Social security costs
82,494
84,068
Pension costs
19,977
18,639
845,222
830,899
6
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
2
2
2025
2024
£
£
Profit attributable to the member with the highest entitlement
421,167
452,949
THORNBRIDGE INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
7
Tangible fixed assets
Leasehold improvements
Office equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 April 2024
184,119
120,933
48,572
353,624
Additions
-
6,462
-
6,462
At 31 March 2025
184,119
127,395
48,572
360,086
Depreciation and impairment
At 1 April 2024
123,160
110,645
39,245
273,050
Depreciation charged in the year
16,531
6,144
4,185
26,860
At 31 March 2025
139,691
116,789
43,430
299,910
Carrying amount
At 31 March 2025
44,428
10,606
5,142
60,176
At 31 March 2024
60,959
10,288
9,327
80,574
8
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
201,258
136,449
Other debtors
171,118
725,928
Prepayments and accrued income
799,561
610,976
1,171,937
1,473,353
9
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
434,548
879,427
Other taxation and social security
4,233
26,722
Other creditors
246,568
50,403
Accruals and deferred income
783,573
820,437
1,468,922
1,776,989
THORNBRIDGE INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
10
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Other amounts due to members
-
14,793
Loans and other debts due to members rank equally with debts to ordinary creditors in the event of a winding up.
11
Operating lease commitments
Lessee

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

2025
2024
£
£
Within one year
76,627
80,521
Between two and five years
138,139
214,766
214,766
295,287
12
Related party transactions

During the year, Seven Compliance LLP, a partnership under common control, charged consultancy fees of £6,000 (2024: £6,500) to the LLP. The balance outstanding as at 31 March 2025 in respect of this arrangement was £nil (2024: £400).

13
Ultimate controlling party

The LLP is controlled by its designated members.

14
Cash generated from operations
2025
2024
£
£
Profit for the year
1,070,424
871,372
Adjustments for:
Depreciation and impairment of tangible fixed assets
26,860
26,667
Movements in working capital:
Decrease/(increase) in debtors
301,416
(823,214)
(Decrease)/increase in creditors
(308,068)
1,001,817
Cash generated from operations
1,090,633
1,076,642
THORNBRIDGE INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 15 -
15
Analysis of changes in net funds
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
1,229,417
228,211
1,457,628
Loans and other debts due to members:
- Other amounts due to members
(14,793)
14,793
-
Balances including members' debt
1,214,624
243,004
1,457,628
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