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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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MARYLEBONE PARTNERS LLP
INFORMATION
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MARYLEBONE PARTNERS LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The members present their annual report together with the audited financial statements of Marylebone Partners LLP (the "LLP") for the year ended 31 March 2025.
Principal activities
The principal activity of Marylebone Partners LLP (the “LLP”) is the provision of discretionary investment management services.
Designated Members
Daniel Higgins was a designated member of the LLP throughout the period.
Robert Elliott and Olivia Macdonald remained members following their resignations as designated members on 2 July 2024 and 1 June 2025, respectively. Angela Ledbury was appointed as a designated member of the LLP on 1 June 2025, having been a member prior to this date.
Members
In addition to the members noted above David Haysey, Marc Jonas, Stuart Roden, Nicholas Tombleson, Majedie Investments plc, James Bloomer and Arjun Menon were members of the LLP throughout the period.
Robert Elliott and Olivia Macdonald remained members following their resignations as designated members on 2 July 2024 and 1 June 2025, respectively.
Members' capital and interests
Details of changes in members' capital for the year ended 31 March 2025 are set out in the Reconciliation of members' interests.
Policies for members’ profits, drawings, bonuses, and transfers from equity to debt, subscriptions and repayment of members’ capital are governed by the Limited Liability Partnership Agreement (the “Agreement”) dated 1 November 2021 and subsequently restated on 25 January 2023. In summary, the Executive Committee determines the capital contribution to be made by each member which shall be repayable only on winding-up or except as specifically provided in the Agreement. The Executive Committee has discretion to determine the level of each member’s drawings and each member is allowed to withdraw amounts standing to the credit of their Distribution Account.
Going concern
Members have a reasonable expectation, based on the assessment of the LLP’s financial position and resources, that the LLP will continue in operational existence for the foreseeable future and meet its debts as they fall due. Therefore the LLP continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Subsequent to the year end, Brown Advisory, an independent investment and strategic advisory firm, is in advanced conversations with the LLP to acquire the LLP's interests to build a leading endowment-style offering for clients based outside of the U.S. Up to the date of financial statements, the transaction is not complete and subject to regulatory approval. Members confirms the LLP intends to operate under it’s current legal and regulatory structure for at least 12 months from the date of the financial statements.
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MARYLEBONE PARTNERS LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
Disclosure of information to auditor
Each of the persons who are members at the time when this Members' report is approved has confirmed that:
∙so far as that member is aware, there is no relevant audit information of which the LLP's auditor is unaware, and
∙that member has taken all the steps that ought to have been taken as a member in order to be aware of any relevant audit information and to establish that the LLP's auditor is aware of that information.
This report, incorporating the Strategic report, was approved by the members, in their capacity as company directors, on 24 July 2025 and signed on their behalf by:
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MARYLEBONE PARTNERS LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 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 for the LLP's financial statements 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;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the entity 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 to enable them to ensure that the financial statements comply with the Limited Liability Partnerships (Accounts and Audit) (Application of the 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.
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MARYLEBONE PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARYLEBONE PARTNERS LLP
We have audited the financial statements of Marylebone Partners LLP (the 'LLP') for the year ended 31 March 2025, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Reconciliation of members' interests and the related notes, 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).
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 LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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.
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MARYLEBONE PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARYLEBONE PARTNERS LLP (CONTINUED)
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 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.
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MARYLEBONE PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARYLEBONE PARTNERS LLP (CONTINUED)
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.
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 identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud, and non- compliance with laws and regulations, our procedures included the following: enquiring of the Designated Members concerning the LLP’s policies with regards identifying, evaluating and complying with laws and regulations and whether the Designated Members are aware of any instances of non-compliance; enquiring of the Designated Members concerning the LLP’s policies for detecting and responding to the risks of fraud and whether the Designated Members have knowledge of any actual, suspected or alleged fraud; enquiring of the Designated Members concerning the LLP’s policies 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 Companies Act 2006 as applied to limited liability partnerships by The Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the applicable rules of the Financial Conduct Authority, United Kingdom taxation laws and anti-money laundering legislation. As a result of performing the above, we identified the manipulation of revenues, compliance with the rules of the Financial Conduct Authority and override of controls by the designated members as particular focus areas. 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 or the inadvertent receipt of client monies; enquiring of the Designated Members in relation to any potential litigation and claims; and, in addressing the risk of fraud through override of controls, testing the appropriateness of journal entries and other adjustments and assessing whether the judgements made in making accounting estimates are indicative of potential bias, although in the LLP’s case there are no particularly significant accounting estimates. An additional focus area was the risk of fraud linked to revenue recognition. 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; obtaining third party confirmations of inputs used in revenue calculations; and performing recalculations of revenue earned during the year with reference to the respective management agreements. There are inherent limitations in our audit procedures described above. The more removed that laws and
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MARYLEBONE PARTNERS LLP
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MARYLEBONE PARTNERS LLP (CONTINUED)
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 Designated Members 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 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 Auditor's 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 by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications 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 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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants
Statutory Auditor
16 Great Queen Street
Covent Garden
WC2B 5AH
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MARYLEBONE PARTNERS LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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MARYLEBONE PARTNERS LLP
REGISTERED NUMBER: OC381480
BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the members and were signed on their behalf on
The notes on pages 13 to 20 form part of these financial statements.
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MARYLEBONE PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2025
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MARYLEBONE PARTNERS LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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MARYLEBONE PARTNERS LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Marylebone Partners LLP (“the LLP”) is a Limited Liability Partnership incorporated in the United Kingdom. The address of its registered office is 1 Giltspur Street, Farringdon, London, United Kingdom, EC1A 9DD.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" published in December 2021.
Management do not consider there to be any significant accounting estimates or any material judgemental areas in applying the accounting policies.
As outlined in the Report of the Members, although the environment in financial markets is challenging, the Members have a reasonable expectation, based on their assessment of the LLP’s financial position and resources, that the LLP will continue in operational existence for the foreseeable future and meet its debts as they fall due. Therefore they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Subsequent to the year end, Brown Advisory, an independent investment and strategic advisory firm, is in advanced conversations with the LLP to acquire the LLP's interests to build a leading endowment-style offering for clients based outside of the U.S. Up to the date of financial statements, the transaction is not complete and subject to regulatory approval. Management confirms the LLP intends to operate under it's current legal and regulatory structure for at least 12 months from the date of the financial statements. Short-term employee benefits such as salaries and compensated absence are recognised as an expense in the year employees render services to the company. A liability is recognised at each balance sheet date to the extent that employee holiday allowance has been accrued but not taken, the expense being recognised as staff costs in profit and loss.
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
No provision for taxation is made in the LLP’s financial statements as any liability arising is assessable directly on the individual members.
Functional and presentation currency
Transactions and balances
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The LLP does not trade in financial instruments and all such 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. 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 only has short term receivables and payables, its net current asset position after taking account of amounts due to members is a reasonable measure of its liquidity at any given time.
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
Members’ rights to participate in the profits or losses, or assets of the LLP are analysed between those that give rise to, from the LLP’s perspective, either a financial liability or equity, in accordance with Section 11 and 12, ‘of FRS 102 - Financial Instruments: Disclosure and Presentation’ and Section 22 of FRS 102 ‘Members’ Shares in Co-operative Entities and Similar Instruments’. Members’ different participation rights are analysed separately into liability and equity elements. Where the LLP has a contractual obligation to deliver cash or another financial asset to the member, the capital is treated as debt. Where the LLP has an unconditional right to avoid delivering cash or other financial assets to a member in respect of such amounts (i.e. repayment of the member’s capital is discretionary), it is treated as equity.
(i) Members’ remuneration Non-discretionary amounts becoming due to members in respect of participation rights in the profits of the LLP for an accounting period that give rise to liabilities are presented as an expense within the income statement (within the heading Members’ remuneration charged as an expense). Amounts becoming due to members in respect of equity participation rights, following a discretionary division of profits, are debited directly to equity in the accounting period in which the division occurs. (ii) Members’ interests Such amounts are not presented as an expense within the income statement. A discretionary division of profits that takes place after the balance sheet date is a non-adjusting event under section 32 of FRS 102, ‘Events after the balance sheet date’.
The whole of the turnover is attributable to the principal business activity.
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
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MARYLEBONE PARTNERS LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
Please refer to note 2.2 for disclosure of subsequent events.
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