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| Registered number: 01830771
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED COMPANY INFORMATION
DIRECTORS | I R Williams
| M H Williams
| M E Langlotz
| M R Williams (resigned 24 October 2024)
COMPANY SECRETARY | M H Williams
REGISTERED NUMBER | 01830771
REGISTERED OFFICE | Suite 10
| 4th Floor Amp House
| Dingwall Road
| Croydon
| CR20 2LX
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| 10 Temple Back
| Bristol
| BS1 6FL
BANKERS | Arbuthnot Latham & Co Limited
| The Senate
| Ground Floor
| Southernhay Gardens
| Exeter
| EX1 1UG
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED CONTENTS
| Page
Strategic report | 1
Directors' report | 2 - 3
Directors' responsibilities statement | 4
Independent auditors' report | 5 - 8
Statement of income and retained earnings | 9
Statement of financial position | 10
Notes to the financial statements | 11 - 23
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025
INTRODUCTION
The Group concentrated on managing private client portfolios, Personal Pension Plans, Self Invested Personal Pensions and Gold, Equity Property and Global Macro Funds, as well as acting as Personal Equity Plan and Individual Savings Account managers.
BUSINESS REVIEW
The Firm has seen a reduction in fee income mainly as a result of the fall in the value of assets in the Gold Fund due to a sharp fall in the prices of the shares in that Fund together with the closure of the Equity Fund. To counter this the Firm has moved to dramatically reduce costs by a reduction in headcount and a move to much cheaper offices in Croydon. In terms of future earnings we are already seeing a rebound in the market prices of Gold Mining shares and we expect this to continue. In addition the Company has a new business line in marketing and managing a specialist pension product which carries significant benefits over a standard UK SIPP. We expect this to generate significant revenues going forward.
PRINCIPAL RISKS AND UNCERTAINTIES
The company also undertook an Internal Capital Adequacy and Risk Assessment Process (ICARA) and one of the main elements of the process was to undertake a detailed assessment of the risks facing the business and to set out how those risks are mitigated with the objective to identify, monitor and, if proportionate, reduce all material potential harms that may result from the firm's business.
FINANCIAL KEY PERFORMANCE INDICATORS
The principal key performance indicators that the directors monitor to manage the business and the risks it takes are fee income (which is in turn driven by the level of funds and assets under management), return on assets and the capital adequacy requirements stipulated by the FCA. Achievement against these indicators have been as follows: KPI Achievement Fee income £725,893 Pre tax return on assets Loss but see above (and 2025 includes significant non recurring costs) Capital adequacy requirements Compliant at year end
OTHER KEY PERFORMANCE INDICATORS
The principal non financial key performance indicators are considered to be regulatory factors (complaints, breaches, errors), staff turnover and satisfaction, and environmental footprint. Regulatory factors - the company is up to date with the submissions of FCA returns and any complaints have been actioned as required in accordance with FCA rules. The level of errors were minimal. Staff turnover and satisfaction - the target of low staff turnover has been achieved and the firm continues to monitor staff satisfaction to ensure that levels remain high. Environmental footprint - the firm continues to seek to minimise its environmental footprint wherever possible including though the utilisation of electronic and other modern technology. This report was approved by the board on 23 January 2026 and signed on its behalf.
I R Williams Director
Page 1
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors present their report and the financial statements for the year ended 30 September 2025.
PRINCIPAL ACTIVITY
The principal activity of the company during the year was that of fund and investment managers and advisers.
RESULTS AND DIVIDENDS
The loss for the year, after taxation, amounted to £287,113 (2024:loss £162,318). No dividends were paid during the year (2024: £Nil).
DIRECTORS
The directors who served during the year were:
I R Williams
M H Williams
M E Langlotz
M R Williams (resigned 24 October 2024)
FUTURE DEVELOPMENTS
The company will continue to focus on developing its various income streams whilst keeping operating costs under control. In particular, the Company now has a new business line in marketing and managing a specialist pension product which carries significant benefits over a standard UK SIPP. We expect this to generate significant revenues going forward.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the year end.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 2
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 This report was approved by the board and signed on its behalf.
I R Williams Director
Date: 23 January 2026
Suite 10
4th Floor Amp House
Dingwall Road
Croydon
CR20 2LX
Page 3
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors 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 the directors 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 Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Company'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 Company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions. Page 4
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED
OPINION
We have audited the financial statements of Charteris Treasury Portfolio Managers Limited (the 'Company') for the year ended 30 September 2025, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position 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). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 30 September 2025 and of its loss 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.
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company 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.
CONCLUSIONS RELATING TO GOING CONCERN
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 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.
OTHER INFORMATION
The other information comprises the information included in the Annual Report and Financial Statements other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report and Financial Statements. 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. Page 5
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED (CONTINUED)
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the 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 Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 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 ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit.
RESPONSIBILITIES OF DIRECTORS
As explained more fully in the Directors' Responsibilities Statement set out on page 4, the directors 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 directors 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 directors are responsible for assessing the Company'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 directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 6
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED (CONTINUED)
AUDITORS' 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 Auditors' 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: ∙the nature of the industry and sector, control environment, and business performance including the design of remuneration policies; ∙results of enquiries with management, the directors in relation to their own identification and assessment of the risks of irregularities within the entity; ∙management’s incentives and opportunities for fraudulent manipulation of the Financial Statements (including the risk of override of controls); and ∙any matters we identified having obtained and reviewed the company’s documentation of their policies and procedures relating to: identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to year-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. We identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulatory principles, specifically those established by the Financial Conduct Authority. Other areas that we considered included data protection legislation and employment law. Our procedures to respond to risks identified included the following: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue; ∙Enquiring of Directors and management concerning actual and potential litigation and claims; ∙Performing procedures to confirm material compliance with the requirements of the above regulations; ∙Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙Reviewing minutes of Director meetings; and ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of Page 7
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED (CONTINUED) journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias. With regard to the risks of non-compliance with laws and regulations and breaches of UK regulatory principles, specifically those established by the Financial Conduct Authority, we considered the extent to which non-compliance might have a material effect on the Financial Statements. Our work included: ∙Gaining an understanding current activities, the scope of authorisation and the effectiveness of control environment; ∙reading any relevant correspondence with the Financial Conduct Authority; ∙reviewing registers maintained regarding any complaints, errors and breaches; and ∙discussions with management and the compliance staff. We also communicated identified laws and regulations and potential fraud risks to all members of the engagement team and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. 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 Auditors' Report.
USE OF OUR REPORT
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 Auditors' 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. Simon Morrison FCA (Senior statutory auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 23 January 2026 Page 8
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED STATEMENT OF INCOME AND RETAINED EARNINGS FOR THE YEAR ENDED 30 SEPTEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 725,893 | 936,056
Cost of sales |  | (22,972) | (60,651)
Gross profit |  | 702,921 | 875,405
Administrative expenses |  | (987,885) | (1,036,016)
Operating loss | 5 | (284,964) | (160,611)
Interest receivable and similar income |  | 70 | -
Interest payable and similar expenses | 10 | (2,219) | (1,470)
Loss before tax |  | (287,113) | (162,081)
Tax on loss | 11 | - | (237)
Loss after tax |  | (287,113) | (162,318)
Retained earnings |  |  |
- as previously stated |  | 86,754 | 268,074
- correction of a prior period error |  | - | (19,002)
At the beginning of the year as restated |  | 86,754 | 249,072
Loss for the year |  | (287,113) | (162,318)
Retained earnings at the end of the year |  | (200,359) | 86,754
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of income and retained earnings.
The notes on pages 11 to 23 form part of these financial statements.
Page 9
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED REGISTERED NUMBER:01830771 STATEMENT OF FINANCIAL POSITION AS AT 30 SEPTEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
FIXED ASSETS |  |  |  |  |
Tangible assets | 13 |  | 4,849 |  | 105
|  |  | 4,849 |  | 105
CURRENT ASSETS |  |  |  |  |
Debtors: amounts falling due within one year | 14 | 235,297 |  | 332,354 |
Cash at bank and in hand | 15 | 98,442 |  | 102,439 |
|  | 333,739 |  | 434,793 |
Creditors: amounts falling due within one year | 16 | (88,947) |  | (143,144) |
NET CURRENT ASSETS |  |  | 244,792 |  | 291,649
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 249,641 |  | 291,754
PROVISIONS FOR LIABILITIES |  |  |  |  |
Other provisions | 18 |  | - |  | (30,000)
NET ASSETS |  |  | 249,641 |  | 261,754
CAPITAL AND RESERVES |  |  |  |  |
Called up share capital | 19 |  | 450,000 |  | 175,000
Profit and loss account | 20 |  | (200,359) |  | 86,754
|  |  | 249,641 |  | 261,754
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
I R Williams
Director
Date: 23 January 2026
The notes on pages 11 to 23 form part of these financial statements. Page 10
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
1. | GENERAL INFORMATION
Charteris Treasury Portfolio Managers Limited is a company, incorporated in England and Wales. The registered office is Suite 10, 4th Floor Amp House, Dingwall Road, Croydon, CR20 2LX. The principal activity of the company during the year was that of investment managers and advisers. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
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 management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d). This information is included in the consolidated financial statements of Charteris Holdings Limited as at 30 September 2025 and these financial statements may be obtained from Companies House.
| 2.3 | GOING CONCERN
The directors have concluded that the accounts should be prepared on a going concern basis. Whilst the company incurred a loss for the year the directors have taken measure to return the company to profitability and also the 2025 financial statements included significant non recurring expenditure. The loss for the year was offset by a further injection of share capital and as a result the net assets of the company increased during the year. The company also has positive net assets and cash and the directors also ensure that the company continues to hold adequate capital resources in order to remain compliant with the FCA's capital adequacy rules. For these reasons, the directors have assessed this basis and have deemed it to be reasonable.
| 2.4 | FOREIGN CURRENCY TRANSLATION
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of transaction. Exchange gains and losses are recognised in the Statement of income and retained earnings. Page 11
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.5 | REVENUE
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Comprises revenue recognised by the company in respect of fees and commission earned during the year, exclusive of Value Added Tax.
| 2.6 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
| 2.7 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.8 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.9 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 12
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.10 | TAXATION
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.11 | INTANGIBLE ASSETS
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Goodwill relating to acquired funds under management | - |  | 20% straight line
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CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.12 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation 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. 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:
|  |  |  | Leasehold property improvements | - | Over the period of the lease
|  |  |  | Fixtures, fittings and equipment | - | 25-33% straight line
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.
| 2.13 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
| 2.16 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss. Page 14
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.17 | FINANCIAL INSTRUMENTS
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings
3. | JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. Management do not consider there to be estimates of assumptions that pose a significant risk of causing a material adjustment to the carrying amount of assets and liabilities within the next financial year, other than the other provision. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Investment management fees | 663,079 | 818,388
| Commissions on investments | 62,814 | 117,668
|  | 725,893 | 936,056
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 725,893 | 936,056
|  | 725,893 | 936,056
Page 15
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
5. | OPERATING LOSS
| The operating loss is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 2,206 | 560
| Exchange differences | 181 | 229
| Other operating lease rentals | 24,127 | 45,236
6. | AUDITORS' REMUNERATION
| During the year, the Company obtained the following services from the Company's auditors:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 15,575 | 17,000
| The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.
7. | EMPLOYEES
| Staff costs, including directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 247,912 | 386,194
| Social security costs | 18,266 | 40,579
| Cost of defined contribution scheme | 4,059 | 4,650
|  | 270,237 | 431,423
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Management and administrative staff | 7 | 8
| Key management personnel The total amount of employee benefits (including employer national insurance and pension contributions) received by key management personnel was £194,007 (2024: £228,551).
Page 16
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
8. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 124,167 | 205,334
| Company contributions to defined contribution pension schemes | 1,188 | 1,698
|  | 125,355 | 207,032
| During the year retirement benefits were accruing to 2 directors (2024:2) in respect of defined contribution pension schemes.
| The highest paid director received remuneration of £42,500 (2024:£60,000).
| The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £NIL (2024:£NIL).
9. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 70 | -
|  | 70 | -
10. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | - | 2
| Other interest payable | 2,219 | 1,468
|  | 2,219 | 1,470
Page 17
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
11. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | - | (1,088)
| Adjustments in respect of previous periods | - | 1,451
|  | - | 363
| TOTAL CURRENT TAX | - | 363
| DEFERRED TAX |  |
| Origination and reversal of timing differences | - | (166)
| Adjustments in respect of prior periods | - | 40
| TOTAL DEFERRED TAX | - | (126)
| TAXATION ON PROFIT ON ORDINARY ACTIVITIES | - | 237
Page 18
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 11.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024:higher than) the standard rate of corporation tax in the UK of 25% (2024:25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (287,113) | (162,081)
| Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024:25%) | (71,778) | (40,520)
| EFFECTS OF: |  |
| Fixed asset differences | 327 | -
| Expenses not deductible for tax purposes, other than goodwill amortisation and impairment | 2,746 | 934
| Loss carry back | - | 1,432
| Adjustments to tax charge in respect of prior periods | - | 363
| Adjustments to tax charge in respect of previous periods - deferred tax | - | 40
| Deferred asset tax not recognised | 68,705 | 37,988
| TOTAL TAX CHARGE FOR THE YEAR | - | 237
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
The company has tax losses carried forward which may reduce future tax liabilities. Page 19
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
12. | INTANGIBLE ASSETS
|  | Goodwill relating to acquired funds under managem't
|  | £
| At 1 October 2024 | 172,083
| Disposals | (172,083)
| At 30 September 2025 | -
| At 1 October 2024 | 172,083
| On disposals | (172,083)
| At 30 September 2025 | -
| NET BOOK VALUE |
| At 30 September 2025 | -
| At 30 September 2024 | -
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CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
13. | TANGIBLE FIXED ASSETS
|  | Leasehold property improvem'ts | Fixtures, fittings and equipment | Total
|  | £ | £ | £
| COST OR VALUATION |  |  |
| At 1 October 2024 | - | 14,485 | 14,485
| Additions | 2,850 | 4,100 | 6,950
| At 30 September 2025 | 2,850 | 18,585 | 21,435
| DEPRECIATION |  |  |
| At 1 October 2024 | - | 14,380 | 14,380
| Charge for the year on owned assets | 1,306 | 900 | 2,206
| At 30 September 2025 | 1,306 | 15,280 | 16,586
| NET BOOK VALUE |  |  |
| At 30 September 2025 | 1,544 | 3,305 | 4,849
| At 30 September 2024 | - | 105 | 105
14. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 20,698 | 32,705
| Amounts owed by group undertakings | 77,834 | 68,354
| Other debtors | 10,321 | 1,383
| Prepayments and accrued income | 126,444 | 229,912
|  | 235,297 | 332,354
15. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 98,442 | 102,439
|  | 98,442 | 102,439
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CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 6,475 | 25,013
| Other taxation and social security | 30,750 | 54,682
| Other creditors | - | 1,106
| Accruals and deferred income | 51,722 | 62,343
|  | 88,947 | 143,144
17. | FINANCIAL INSTRUMENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| FINANCIAL ASSETS |  |
| Financial assets measured at fair value through profit or loss | 98,442 | 102,439
| Financial assets measured at fair value through profit or loss comprise cash at bank.
18. | PROVISIONS
|  | Other provision
|  | £
| At 1 October 2024 | 30,000
| Charged to profit or loss | 170,000
| Utilised in year | (200,000)
| AT 30 SEPTEMBER 2025 | -
Page 22
CHARTERIS TREASURY PORTFOLIO MANAGERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025
19. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 450,000 (2024:175,000) £1 Ordinary shares of £1.00 each | 450,000 | 175,000
Ordinary shares have full rights in the company with respect to voting, dividends and distributions. During the year, the Company issued 275,000 (2024: Nil) £1 Ordinary Shares at par.
20. | RESERVES
Profit and loss account This reserve includes all current and prior period retained profit and losses.
21. | PENSION COMMITMENTS
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,059 (2024: £4,650). Contributions of £Nil (2024: £1,005) were payable to the fund at the reporting date and are included in creditors.
22. | COMMITMENTS UNDER OPERATING LEASES
| At 30 September 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 25,350 | 15,502
| Later than 1 year and not later than 5 years | - | 630
|  | 25,350 | 16,132
23. | CONTROLLING PARTY
The immediate parent and ultimate holding company is Charteris Holdings Limited. The ultimate controlling party of this company is Mr I R Williams. Copies of the financial statements of Charteris Holdings Limited can be obtained from the registered office of the company.
Page 23