Registration number: OC310342

Chikara Investments LLP

Contents

Limited liability partnership information	1
Members' Report	2 to 3
Statement of Members' Responsibilities	4
Independent Auditor's Report	5 to 8
Financial Statements	9 to 18
Profit and Loss Account	9
Balance Sheet	10
Statement of Changes in Members’ Interests	11
Cash Flow Statement	13
Notes to the Financial Statements	14

Chikara Investments LLP

Limited liability partnership information

Designated members

James Tollemache Richard Aston

Members

Chikara Investment Services Limited Andrew Draycott

Registered office

31-32 St James's Street 5th Floor London SW1A 1HD

Solicitors

Schulte Roth & Zabel International LLP One Eagle Place London SW1Y 6AF

Auditors

EVMS Partners LLP Chartered Accountants 45 Ludgate Hill London EC4M 7JU

Chikara Investments LLP

Members' Report for the period from 1 January 2024 to 31 March 2025

The members present their report and the financial statements for the period from 1 January 2024 to 31 March 2025.

Principal activity

The principal activity of the limited liability partnership is to provide fund management services. The LLP is regulated by the Financial Conduct Authority (FCA).

Designated members

The members who held office during the period were as follows:

James Tollemache

Richard Aston

Members' drawings and the subscription and repayment of members' capital

Members share profits and losses in accordance with agreed profit sharing agreement.

Members' capital and drawings are determined by the regulatory capital requirements of the FCA and any trading needs of the LLP. Members' capital is not repayable except where allowed under FCA rules.

Results for the year and allocation to members

The profit for the period available for discretionary division among members was £233,716 (year to 31 December 2023: £nil) after members' remuneration charged as an expense of £155,833 (year to 31 December 2023: £3,659,640).

Public disclosures

The firm has documented the disclosures required by the FCA under MIFIDPRU 8. These are available on the firm's website.

Disclosure of information to the auditors

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditors are aware of that information. The members confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Chikara Investments LLP

Members' Report for the period from 1 January 2024 to 31 March 2025

Reappointment of auditors

Blick Rothenberg Audit LLP resigned as the LLP's auditors and EVMS Partners LLP were appointed to fill the casual vacancy arising. EVMS Partners LLP has indicated its willingness to continue in office and the designated members will propose a motion re-appointing them at a meeting of members.

Approved by the Board on 17 July 2025 and signed on its behalf by:

......................................... James Tollemache Designated member

Chikara Investments LLP

Statement of Members' Responsibilities for the period from 1 January 2024 to 31 March 2025

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

The Limited Liability Partnerships (Accounts & Audit) (Application of Companies Act 2006) Regulations 2008 require 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 Company law as applied to LLPs 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 year. In preparing these financial statements, the members are required to:

•	select suitable accounting policies and then apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Partnership will continue in business.

The members are responsible for keeping adequate accounting records that 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 to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, and in accordance with the requirements of the Statement of Recommended Practice Accounting by Limited Liability Partnerships (issued January 2017). 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.

These responsibilities are exercised by the Board on behalf of the members.

Chikara Investments LLP

Independent Auditor's Report to the Members of Chikara Investments LLP

Opinion

We have audited the financial statements of Chikara Investments LLP (the ‘limited liability partnership’) for the period from 1 January 2024 to 31 March 2025, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Members’ Interests, Cash Flow Statement, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

•	give a true and fair view of the state of the limited liability partnership's affairs as at 31 March 2025 and of its profit for the period 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.

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 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 entity's ability to continue as a going concern for a period of at least twelve months from when the original 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 included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

Chikara Investments LLP

Independent Auditor's Report to the Members of Chikara Investments LLP

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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 requires us to report to you if, in our opinion:

•	adequate accounting records have not been kept by the limited liability partnership, or returns adequate for our audit have not been received from branches not visited by us; or
•	the limited liability partnership 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 4, 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 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.

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

Chikara Investments LLP

Independent Auditor's Report to the Members of Chikara Investments LLP

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our precedures included the following: enquiring of management concerning the LLP's policies with regards to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of management concerning the LLP's policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of management concerning the LLP's poliices in relation to the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations; discussing among the engagement team where fraud might occur in the financial statements and any potential indicators of fraud; and obtaining an understanding of the legal and regulatory framework that the LLP operates in and focusing on those laws and regulations that had a direct effect on the financial statements or that had a fundamental effect on the operations of the LLP. The key laws and regulations we considered in this context included the UK Companies Act 2006, as applied to limited liability partnerships, applicable tax legislation and the relevant rules of the Financial Conduct Authority (FCA).

One particular focus area was the risk of fraud through management override of controls. Our procedures to respond to risks identified included the following: performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; reviewing the bank statements of the LLP for evidence of any large or unusual activity which may be indicative of fraud; enquiring of management in relation to any potential litigation and claims; and testing the appropriateness of journal entries and other adjustments.

Another focus area was non-compliance with the rules of the FCA. The LLP was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identifed included the following: reviewing correspondence between the LLP and the FCA, performing analytical review to detect receipts of client money and remaining alert to the possibility of accidental receipt of client monies; and discussion of regulatory matters with the appointed officers of the LLP.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Chikara Investments LLP

Independent Auditor's Report to the Members of Chikara Investments LLP

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 to limited liability partnerships by the Limited Liability Partnerships (Accounts & 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

......................................
Philip Vipond (Senior Statutory Auditor)
For and on behalf of EVMS Partners LLP, Statutory Auditor

45 Ludgate HillLondon
EC4M 7JU

21 July 2025

Chikara Investments LLP

Profit and Loss Account for the Period from 1 January 2024 to 31 March 2025

	Note	15 months ended 31 March 2025 £	Year ended 31 December 2023 £
Turnover		4,933,354	7,761,483
Administrative expenses		(4,596,479)	(4,101,843)
Operating profit	3	336,875	3,659,640
Other interest receivable and similar income		52,674	-
Profit for the period before members' remuneration and profit shares		389,549	3,659,640
Members' remuneration charged as an expense		(155,833)	(3,659,640)
Profit for the period available for discretionary division among members		233,716	-

Turnover and operating profit derive wholly from continuing operations.

The limited liability partnership has no recognised gains or losses for the period other than the results above.

Chikara Investments LLP

(Registration number: OC310342)
Balance Sheet as at 31 March 2025

	Note	31 March 2025 £	31 December 2023 £
Current assets
Debtors	6	404,727	946,938
Cash and short-term deposits		2,610,829	2,738,727
		3,015,556	3,685,665
Creditors: Amounts falling due within one year	7	(1,077,583)	(1,256,129)
Net assets attributable to members		1,937,973	2,429,536
Represented by:
Loans and other debts due to members
Members' capital classified as a liability		100,000	-
Other amounts	9	(2,791)	713,986
		97,209	713,986
Members’ other interests
Members' capital classified as equity		1,607,048	1,715,550
Other reserves		233,716	-
		1,840,764	1,715,550
		1,937,973	2,429,536
Total members' interests
Loans and other debts due to members		97,209	713,986
Equity		1,840,764	1,715,550
		1,937,973	2,429,536