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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
COMPANY INFORMATION
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The OxFORD Group (the "Group") comprises The OxFORD Asset Management Company Limited (the "Company") and OxFORD Asset Management LLP (the "LLP"). The Company is the holding company and managing member of, and also provides services to, the LLP. The principal activity of the LLP is to provide investment advisory and management services to OxFORD Logismos Fund Limited and OxFORD Epilego Fund Limited (the "Funds") and separately managed account (“SMA”) clients.
The sole shareholder of the Company is also a director of the Company who is actively involved in its management. As a result, he is conversant with the performance and financial position of the business and, consequently, only limited details are provided in this review.
The Group provides discretionary portfolio management and other services to the Funds and SMA clients. The Group has continued its focus on research and development of investment strategies and has invested in them accordingly.
The Group will continue to focus on research and development of investment strategies and expects to continue to increase assets under management.
The Group continues to go through a period of transformation as it continues to research, develop and implement investment strategies. Although the directors are comfortable with the performance of the Group’s investment strategies, there is no certainty that this will continue in the future.
A key element to the Group’s success is the staff that it recruits. The Group strives to provide an intellectually stimulating and collaborative work environment with enviable office facilities and location. The ability to recruit and retain staff may be adversely impacted if the Group’s investment strategies experience a period of underperformance and if assets under management do not eventually increase to a viable level. As the Group operates on limited assets under management as it researches, develops and implements investment strategies, the Group will require additional capital in the forthcoming period to continue to support the business during this period of transformation, which the shareholder is committed to providing
The Group considers a number of financial indicators in judging its performance, including assets under management, returns and fees generated and cost levels. The Group recognises that its prospects and performance cannot be measured solely by reference to financial indicators. While non-financial measures are typically more subjective in nature, the directors consider such aspects as the effectiveness of the staff who deliver the Group's research efforts, the impact of the changing economic and regulatory environment on the Group's business and the nature and composition of investors in the funds it manages.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The directors' focus is on the long-term success of the Group. They consider that this depends on delivering consistent strong performance for the funds it advises for the benefit of their investors, while maintaining a reputation for operating high standards of business conduct. This requires the Group to maintain a first-class team of committed employees, working with state-of-the-art infrastructure, supported by input from a range of professional industry service providers and other suppliers. Key to this is building long term relationships with all parties involved with the Group. Success in this objective is seen as benefiting both the Group and its employees.
This report was approved by the board on 19 December 2025 and signed on its behalf.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The profit for the year, after taxation and minority interests, amounted to £301,409 (2024 - loss £3,864,515).
The directors have not recommended a dividend to the shareholders in respect of the year ended 31 March 2025 (2024: £nil).
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Information on the Group's engagement with suppliers, customers and others is given in the Group Strategic Report.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditor, Blick Rothenberg Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
FOR THE YEAR ENDED 31 MARCH 2025
We have audited the financial statements of The OxFORD Asset Management Company Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Group Statement of Comprehensive Income, the Group and Company Balance Sheet, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity 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 Group 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 directors' 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 Group's or the Parent Company'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 directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The directors 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.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OXFORD ASSET MANAGEMENT COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OXFORD ASSET MANAGEMENT COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
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 Group 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 noncompliance with laws and regulations, our procedures included the following: enquiring of the Director and management concerning the Group’s policies with regards identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; enquiring of the Directors and management concerning the Group’s policies detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; enquiring of the Directors and management concerning the Group’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 Group 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 Group. The key laws and regulations we considered in this context included the UK Companies Act 2006 and the Financial Services and Markets Act 2000. 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 Group 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 Financial Conduct Authority (‘the FCA’). The subsidiary (Oxford Asset Management LLP) was authorised and regulated by the FCA throughout the period. Our procedures to respond to risks identified 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 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.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE OXFORD ASSET MANAGEMENT COMPANY LIMITED (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company'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 Company and the Company'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
WC2B 5AH
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 19 December 2025.
The notes on pages 15 to 24 form part of these financial statements.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 24 form part of these financial statements.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The OxFORD Asset Management Company Limited is a private company incorporated in the United Kingdom and registered in England and Wales at OxAM House, 6 George Street, Oxford, OX1 2BW.
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.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102.
Turnover has increased as compared to the prior year due to greater fees being earned. The decrease in operating losses is directly attributable to those fees, with administrative expenses flat year on year.
The directors have prepared forecasts which indicate the scale of the support required and the shareholder has expressed his willingness to provide such additional funding as may be required to support the business for a period of at least twelve months from the date of signing of these financial statements. The directors therefore have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future and have concluded that it is appropriate to prepare the accounts on a going concern basis.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
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 assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
The Group holds but does not actively trade in financial instruments. The financial instruments that it holds 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 Group 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 Group'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 Group has primarily short term receivables and payables, its net current asset position is a reasonable measure of its liquidity at any given time.
The Group's functional and presentational currency is pound sterling.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Exchange gains and losses are recognised in the Profit and Loss account.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2.Accounting policies (continued)
The Company currently operates a compensation scheme for its employees. Deferred bonus amounts are tracked to the performance of the fund for a defined period, after which amounts will be paid to employees under the terms of the agreement. As the fund is not a group entity, the scheme is not treated as a share-based payment scheme under FRS 102. Accordingly, the liability to the employees is recognised at the expected value of the payment and subsequently remeasured according to changes in the expected payout, including those arising from the changes in the fund’s value.
In estimating the value of the Group’s contingent liabilities, the directors have considered the range of possible outcomes and the legal advice given of the likelihood of these events occurring.
The turnover and operating profit for the year was derived from the Group's principal continuing activity which was carried out wholly within the United Kingdom.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
8.Taxation (continued)
The Company has an unrecognised deferred asset relating to timing differences of £4,138,991 (2024: £ 4,462,400), including elements relating to unrelieved tax losses carried forward of £2,850,447 (2024: £3,690,789) and pensions and other unpaid remuneration of £1,454,477 (2024: £787,709).
Deferred tax has been calculated at the substantively enacted rate of tax at the balance sheet date of 25% (2024: 25%). Due to uncertainty over the timing and nature of future taxable profits that would lead to the deferred tax asset being realised, the asset has not been recognised.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the parent Company for the year was £
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Group makes contributions into an independently administered pension scheme on behalf of its employees. The pension cost charge represents contributions payable by the Group to the fund and amounted to £2,039,468 (2024: £1,395,011). Contributions totalling £nil (2024 £nil) were payable to the fund at the balance sheet date.
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THE OXFORD ASSET MANAGEMENT COMPANY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
The Company's directors consider Dr Andre Stern to be the ultimate controlling party.
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