Limited Liability Partnership registration number OC390593 (England and Wales)
BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated Members
Bridges Ventures Holdings Limited
Bridges Ventures (General Partners) Limited
LLP registration number
OC390593
Registered office
38 Seymour Street
London
UK
W1H 7BP
BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
CONTENTS
Page
Members' report
1
Members' responsibilities statement
2
Statement of Comprehensive Income
3
Balance Sheet
4
Notes to the financial statements
5 - 7
BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The Designated Members of Bridges Property Alternative Fund III (General Partner) LLP (“the Partnership”) present their report along with the financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the Partnership is to act as General Partner of Bridges Property Alternatives Fund III LP (“the Fund”). The Fund commenced paying a priority profit share to the Partnership on 2 April 2015, the point at which its Investment Period began.

Review of the Business

The Partnership made neither a profit nor a loss, nor did it have any other recognised gains or losses for the year ended 31 March 2025 (31 March 2024: £nil), which is in line with the Designated Members’ expectations.

Members' drawings, contributions, and repayments

The Limited Liability Partnership Agreement establishes policies for Members’ drawings, subscriptions for and the repayment of Members’ capital.

No Member is entitled to interest on their capital.

No capital contributions were subscribed to the Partnership by its Members in the year, and no capital was repaid to them. No drawings are paid, or expected to be paid, to the Members.

Designated Members

The Designated Members during the year were:

Bridges Ventures Holdings Limited
Bridges Ventures (General Partners) Limited

Provision of Designated Members’ insurance

Professional Indemnity and Directors’ and Officers’ liability insurance for the Designated Members is provided through a policy taken out by Bridges Fund Management Limited ("the ultimate parent undertaking").

Risk management

The Designated Members consider only one risk to be material to the business – liquidity risk.

The objective of the Partnership in managing liquidity risk is to ensure it can meet its financial obligations as and when they fall due. The Partnership expects to meet its financial obligations through operating cash flows, to the extent that these are not met on its behalf by the Partnership’s ultimate parent undertaking.

Small LLPs exemption

This report has been prepared in accordance with the special provisions relating to small LLP s within Part 15 of the Companies Act 2006.

Approved by the Designated Members and signed on their behalf by:
Paul Richings
6 October 2025
For and on behalf of Bridges Ventures Holdings Limited,
as Designated Member of Bridges Property Alternative Fund III (General Partner) LLP.
BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
MEMBERS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -

The Designated M embers 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 Designated M embers to prepare financial statements for each financial year. Under that law the Designated M embers 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 Designated M embers 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 Partnership and of the profit or loss of the Partnership for that period. In preparing these financial statements, the Designated M embers 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 Partnership will continue in business.

The Designated M embers are responsible for keeping adequate accounting records that are sufficient to show and explain the P artnership’s transactions and disclose with reasonable accuracy at any time the financial position of the P artnership 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 P artnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
31 March 2025
31 March 2024
Notes
£
£
Turnover
1.3
745,037
1,606,782
Administrative expenses
1.4
(745,037)
(1,606,782)
Result for the financial year before members' remuneration and profit shares
-
0
-
0

The notes on pages 5 to 7 form part of these financial statements.

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing.

BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 4 -
31 March 2025
31 March 2024
Notes
£
£
Current assets
Debtors
4
48,724
189
Cash at bank and in hand
1.7
2,803
1,395
51,527
1,584
Creditors: amounts falling due within one year
5
(51,525)
(1,582)
Net assets attributable to members
2
2
Represented by:
Members' capital classified as equity
2
2
2
2

The notes on pages 5 to 7 form part of these financial statements.

For the financial year ended 31 March 2025 the Partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to small limited liability partnerships.

The Designated Members acknowledge their responsibilities for complying with the requirements of the Act as applied to limited liability partnerships with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the Designated Members and authorised for issue on 6 October 2025 and are signed on their behalf by:
Paul Richings
6 October 2025
For and on behalf of Bridges Ventures Holdings Limited,
as Designated Member of Bridges Property Alternative Fund III (General Partner) LLP.
Limited Liability Partnership registration number OC390593 (England and Wales)
BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
1
Accounting policies
General Information

Bridges Property Alternatives Fund III (General Partner) LLP is a limited liability partnership incorporated in England and Wales on 27 January 2014. The registered office is 38 Seymour Street, London, UK, W1H 7BP.

The limited liability partnership's principal activities are disclosed in the Members' Report.

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 as applicable to Limited Liability Partnerships subject to the small LLPs regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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 pound.

The financial statements have been prepared under the historical cost convention.

Basis of preparation

The Partnership is exempt by virtue of s400 of the Companies Act 2006 from the requirement to prepare group accounts, as it is included within the consolidated financial statements of the ultimate parent undertaking.

As the Partnership is a subsidiary owned equally by Bridges Ventures Holdings Limited and Bridges Ventures (General Partners) Limited, the Designated Members have taken advantage of the exemption contained in FRS102 section 33 and have therefore not disclosed transactions with entities which form part of the group (or investees of the group qualifying as related parties). The consolidated financial statements of the ultimate parent undertaking, within which the Partnership is included, can be obtained from the address given in Note 6.

1.2
Going concern

The Partnership’s ultimate parent undertaking has undertaken to provide such funds as necessary to meet ongoing administrative expenses, therefore the Designated Members have a reasonable expectation that the Partnership has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Designated Members continue to adopt the going concern basis in preparing the financial statements.

1.3
Turnover

Turnover, which excludes value added tax, represents Priority Profit Share received, recognised on an accruals basis, net of rebates paid to certain Limited Partners of the Fund. All income is earned from UK continuing operations.

1.4

Administrative Expenses

Expenses are accounted for on an accruals basis and charged through the Statement of Comprehensive Income.

1.5
Taxation

Taxation has not been recorded in these financial statements, as any tax liabilities that may arise are borne directly by the Members.

BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 6 -
1.6
Members' participating interests

The Members' participation rights are the rights of a member against the Partnership that arise under the m embers' agreement.

The Members' participation rights in the earnings or assets of the Partnership are analysed between those that are, from the Partnerships' perspective, either a financial liability or equity, in accordance with section 22 of FRS 102. A M ember's participation rights including amounts subscribed or otherwise contributed by M embers, for example the M embers' capital, are classed as liabilities unless the Partnership has the unconditional right to refuse payment to M embers, in which case they are classified as equity.

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.

1.8
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at the transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Basic financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.

2
Judgements and key sources of estimation uncertainty

In the application of the Partnership’s accounting policies, the Designated Members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Having considered the nature of the Partnership’s business, key sources of income and expenditure, Balance Sheet items and the Partnership’s accounting policies, the Designated Members do not believe there are any critical accounting judgements or key sources of estimation uncertainty.

3
Employees

The Partnership had no employees during the financial year (31 March 2024: None).

BRIDGES PROPERTY ALTERNATIVES FUND III (GENERAL PARTNER) LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 7 -
4
Debtors
31 March 2025
31 March 2024
£
£
Amounts owed by members
2
2
Amounts owed by related party
5,769
-
Amounts owed by ultimate parent undertaking
42,953
187
48,724
189
5
Creditors: amounts falling due within one year
31 March 2025
31 March 2024
£
£
Amounts owed to related party
51,525
1,582
6
Immediate and ulitmate parent undertaking

In the opinion of the Designated Members, the immediate parent undertakings are Bridges Ventures Holdings Limited and Bridges Ventures (General Partners) Limited. The ultimate parent undertaking is Bridges Fund Management Limited.

The Partnership is a subsidiary owned equally by Bridges Ventures Holdings Limited and Bridges Ventures (General Partners) Limited, both of which are registered in England and Wales and operate in Great Britain. Copies of the financial statements of these companies can be obtained from 38 Seymour Street, London, W1H 7BP.

7
Subsequent events

There are no subsequent events to report.

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