Limited Liability Partnership registration number OC304800 (England and Wales)
JK INVESTMENT MANAGEMENT LLP
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
JK INVESTMENT MANAGEMENT LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
FH Kirkpatrick
JK Investment Management Services Ltd
LLP registration number
OC304800
Registered office
Bury House
3 Bury Street
Guildford
Surrey
GU2 4AW
Auditor
MGI Midgley Snelling LLP
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
JK INVESTMENT MANAGEMENT LLP
CONTENTS
Page
Members' report
1 - 3
Independent auditor's report
4 - 6
Statement of comprehensive income
7
Statement of financial position
8
Reconciliation of members' interests
9 - 10
Statement of cash flows
11
Notes to the financial statements
12 - 17
JK INVESTMENT MANAGEMENT LLP
MEMBERS' REPORT
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 1 -

The members present their annual report and financial statements for the year ended 30 November 2025.

Principal activities

The principal activity of the limited liability partnership continued to be that of providing discretionary investment management and advisory services.

Review of the Business

The results for the year and financial position of the LLP are as shown in the financial statements. The profit for the year before members' remuneration and profit shares was £633,019 (2024: £662,313).

The LLP manages two funds, JK Global Opportunities Fund and JK Japan Fund ("the Funds"), which continue to be authorised by the Central Bank of Ireland as Irish UCITS Funds, and segregated accounts.

Principal risks and uncertainties

The principal risks relate to the performance of the Fund and other client investment assets that the LLP manages as this is the key determinant of profitability. Fees generated are related to the assets under management which are affected by performance and subscriptions and redemptions.

The LLP is exposed to operational risks, including IT system failure, fraud and human error. The LLP considers it has minimised the above risks by way of: a robust IT disaster recovery and contingency plan; appropriate infrastructure; suitable internal controls and segregation of duties. Compliance with applicable laws and regulations is also vital, and the LLP utilises third party advisers to reduce the risk of non-compliance to an acceptably low level.

Other risks, such as price, interest rate, foreign exchange and credit and liquidity risk are considered to have minimal potential impact.

Going concern

The business has ongoing investment management and advisory contracts which generate regular cash inflow. Fee income exceeded expenses in the year to 30 November 2025, and the LLP is operating currently at above break-even on its management fees. The LLP has no external financing and a sufficient liquid working capital base, and will continue to be able to meet its liabilities as they fall due. The business has undertaken an Internal Capital Adequacy and Risk Assessment which indicates that it is sufficiently well capitalised to continue to operate for the foreseeable future.

The members conclude that there are no material uncertainties that may cast significant doubt about the LLP's ability to continue as a going concern. Accordingly, the financial statements are prepared on the going concern basis.

Pillar 3 Disclosures

Certain public disclosures as required by the Financial Conduct Authority can be found on the firm's website at www.jkim.co.uk.

Members' capital, drawings, contributions and repayments

Members' capital is determined by the regulatory capital requirements of the Financial Conduct Authority, the regulatory requirements of the Central Bank of Ireland, and to meet any working capital needs of the LLP, and the limited liability partnership agreement relating to the LLP (the "Partnership Agreement").

No member shall have the right to withdraw or receive back any part of the amount standing to the credit of their capital contribution account. Capital will not be repaid to outgoing members if the LLP considers it to be imprudent to do so, or such payment would cause the LLP to breach its capital resources requirements of the Financial Conduct Authority.

In order to maintain Common Equity Tier One capital of £225,000 under Financial Conduct Authority requirements, any outgoing capital will be made good by existing or new partners.

Members may make drawings in anticipation of profit allocations. Profit allocations are determined by the designated members on a discretionary basis.

JK INVESTMENT MANAGEMENT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 2 -
Designated members

The designated members who held office during the year and up to the date of signature of the financial statements were as follows:

FH Kirkpatrick
JK Investment Management Services Ltd
Future developments

The LLP continues to concentrate on marketing and performance of the Funds, as well as developing and marketing other products. It is the Members’ intention to grow the business and increase profitability.

With regard to Brexit, the Funds continue to be marketed in the United Kingdom under the Temporary Marketing Permissions Regime. The funds have a landing slot later in 2026 to transition to the Overseas Fund Regime, allowing the funds to continue to be promoted in the United Kingdom.

Auditor

The auditor, MGI Midgley Snelling LLP will be proposed for re-appointment by a resolution put to the members.

Statement of members' responsibilities

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 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 members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the limited liability partnership at the end of the financial year and of its profit or loss for the period. In preparing these financial statements, the members are required to:

- select suitable accounting policies and then apply them consistently;

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

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the limited liability partnership will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the limited liability partnership’s transactions and disclose with reasonable accuracy at any time its financial position 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 limited liability partnership and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

Each of the members in office at the date of approval of this annual report confirms that:

- so far as the members are aware, there is no relevant audit information of which the limited liability partnership's auditor is unaware, and

- the members have taken all the steps that they o ught to have taken as members in order to make themselves aware of any relevant audit information and to establish that the limited liability partnership's auditor is aware of that information.

JK INVESTMENT MANAGEMENT LLP
MEMBERS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 3 -
Approved by the members on 17 March 2026 and signed on behalf by:
17 March 2026
FH Kirkpatrick
Designated Member
JK INVESTMENT MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF JK INVESTMENT MANAGEMENT LLP
- 4 -
Opinion

We have audited the financial statements of JK Investment Management LLP (the 'limited liability partnership') for the year ended 30 November 202 5 which comprise the statement of comprehensive income, the statement of financial position, the reconciliation of members' interests, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

- give a true and fair view of the state of the limited liability partnership's affairs as at 30 November 2025 and of its profit 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 as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the limited liability partnership in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the members' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the limited liability partnership’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.

Other information

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, 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.

JK INVESTMENT MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JK INVESTMENT MANAGEMENT LLP
- 5 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 as applied to limited liability partnerships 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

- we have not received all the information and explanations we require for our audit.

Responsibilities of members

As explained more fully in the members' r esponsibilities s tatement, the members are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the members are responsible for assessing the limited liability partnership's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the members either intend to liquidate the limited liability partnership or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

In planning and designing our audit tests, we identify and assess the risks of material misstatements within the financial statements, whether due to fraud or error. Our assessment of these risks includes consideration of the nature of the industry and sector, the control environment and the business performance along with the results of our enquiries of management, about their own identification and assessment of the risks of irregularities. We are also required to perform specific procedures to respond to the risk of management override.

As a result of this assessment, we considered the opportunities and incentives that may exist within the limited liability partnership for fraud and identified that the greatest area of risk was in relation to management override and completeness of income.

We have obtained an understanding of the legal and regulatory frameworks that the limited liability partnership operates in from discussions with the members and our knowledge of the limited liability partnership and its industry sector. We have focused on the provisions of those laws and regulations that have 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, Financial Conduct Authority and local tax legislation.

JK INVESTMENT MANAGEMENT LLP
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF JK INVESTMENT MANAGEMENT LLP
- 6 -

We performed the following audit procedures after consideration of the above risks which included the following:

- enquiry of management, those charged with governance, around actual and potential litigation and claims;

- enquiry of relevant entity personnel, including those within tax and compliance functions, to identify any known or suspected instances of non‑compliance with laws and regulations, together with a review of relevant legal correspondence;

- review of sales data to assess whether revenue has been recognised appropriately in the financial statements in line with contracts and underlying agreements, including performing cut‑off testing for around the year end;

- performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;

- reviewing minutes of meetings of those charged with governance; and

- reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.

The engagement partner has assessed that all engagement team members were made aware of the relevant laws and regulations and potential fraud risks and were reminded to remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. The risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

Use of our report

This report is made solely to the limited liability partnership's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the limited liability partnership's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the limited liability partnership and the limited liability partnership's members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Squires BEng FCA (Senior Statutory Auditor)
For and on behalf of MGI Midgley Snelling LLP, Statutory Auditor
Chartered Accountants
Ibex House
Baker Street
Weybridge
Surrey
KT13 8AH
18 March 2026
JK INVESTMENT MANAGEMENT LLP
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
1,465,718
1,478,742
Administrative expenses
(1,065,866)
(1,058,247)
Other operating income
1.7
226,161
232,891
Operating profit
626,013
653,386
Interest receivable and similar income
6
7,006
8,927
Profit for the financial year before members' remuneration and profit shares available for discretionary division among members
633,019
662,313

The statement of comprehensive income has been prepared on the basis that all operations are continuing.

There were no items of comprehensive income for the current or prior year other than the profit for the financial year.

The notes on pages 12 to 17 form part of these financial statements.

JK INVESTMENT MANAGEMENT LLP
STATEMENT OF FINANCIAL POSITION
AS AT
30 NOVEMBER 2025
30 November 2025
- 8 -
2025
2024
Notes
£
£
£
£
Current assets
Debtors
7
227,746
192,453
Cash at bank
832,235
910,112
1,059,981
1,102,565
Creditors: amounts falling due within one year
8
(255,030)
(225,590)
Net current assets
804,951
876,975
Represented by:
Loans and other debts due to members within one year
Amounts due to members
579,951
651,975
Members' other interests
Members' capital classified as equity
225,000
225,000
804,951
876,975
Total members' interests
Loans and other debts due to members
9
579,951
651,975
Members' other interests
225,000
225,000
804,951
876,975
The financial statements were approved by the members and authorised for issue on 17 March 2026 and are signed on their behalf by:
17 March 2026
FH Kirkpatrick
Designated member
Limited Liability Partnership Registration No. OC304800
The notes on pages 12 to 17 form part of these financial statements
JK INVESTMENT MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 9 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2025
£
£
£
£
£
£
Amounts due to members
651,975
Members' interests at 1 December 2024
225,000
-
225,000
651,975
651,975
876,975
Profit for the financial year available for discretionary division among members
-
633,019
633,019
-
-
633,019
Members' interests after profit for the year
225,000
633,019
858,019
651,975
651,975
1,509,994
Allocation of profit for the financial year
-
(633,019)
(633,019)
633,019
633,019
-
Drawings
-
-
-
(772,006)
(772,006)
(772,006)
Other movements
-
-
-
66,963
66,963
66,963
Members' interests at 30 November 2025
225,000
-
225,000
579,951
579,951
804,951
The notes on pages 12 to 17 form part of these financial statements
JK INVESTMENT MANAGEMENT LLP
RECONCILIATION OF MEMBERS' INTERESTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 10 -
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Members' capital (classified as equity)
Other reserves
Total
Other amounts
Total
Total
2024
£
£
£
£
£
£
Amounts due to members
475,415
Members' interests at 1 December 2023
225,000
-
225,000
475,415
475,415
700,415
Profit for the financial year available for discretionary division among members
-
662,313
662,313
-
-
662,313
Members' interests after profit for the year
225,000
662,313
887,313
475,415
475,415
1,362,728
Allocation of profit for the financial year
-
(662,313)
(662,313)
662,313
662,313
-
Drawings
-
-
-
(600,000)
(600,000)
(600,000)
Other movements
-
-
-
114,247
114,247
114,247
Members' interests at 30 November 2024
225,000
-
225,000
651,975
651,975
876,975
The notes on pages 12 to 17 form part of these financial statements
JK INVESTMENT MANAGEMENT LLP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
12
620,160
650,324
Investing activities
Interest received
7,006
8,927
Net cash generated from investing activities
7,006
8,927
Financing activities
(Decrease)/increase in amount due to members for services provided
66,963
114,247
Payment in respect of members' drawings
(772,006)
(600,000)
Net cash used in financing activities
(705,043)
(485,753)
Net (decrease)/increase in cash and cash equivalents
(77,877)
173,498
Cash and cash equivalents at beginning of year
910,112
736,614
Cash and cash equivalents at end of year
832,235
910,112
The LLP has no borrowings and therefore no net debt reconciliation has been presented.
The notes on pages 12 to 17 form part of these financial statements
JK INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 12 -
1
Accounting policies
Limited liability partnership information

JK Investment Management LLP is a limited liability partnership incorporated in England and Wales. The registered office and place of business is Bury House, 3 Bury Street, Guildford, Surrey, GU2 4AW.

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 January 2019, together with Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in pounds, which is the functional currency of the LLP. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the members have a reasonable expectation that the LLP has ongoing investment management and advisory contracts which generate regular cash inflow. Fee income exceeded expenses in the year to 30 November 202 5, and the LLP is operating currently at above break-even on its management fees.

The LLP has no external financing and a sufficient liquid working capital base, and will continue to be able to meet its liabilities as they fall due. The business has undertaken an Internal Capital Adequacy and Risk Assessment which indicates that it is sufficiently well capitalised to continue to operate for the foreseeable future.

The members conclude that there are no material uncertainties that may cast significant doubt about the LLP's ability to continue as a going concern. Accordingly, the financial statements are prepared on the going concern basis.

1.3
Turnover

Turnover represents fees receivable for investment management and investment advisory services provided during the year to two funds based in Ireland and to a UK based charity. Turnover is recognised on an accruals basis when the LLP obtains the right to consideration in exchange for its performance of services and is measured at the fair value of the consideration received or receivable, excluding rebates and VAT.

1.4
Financial instruments

The limited liability partnership has only basic financial instruments.

Financial instruments are recognised in the statement of financial position when the limited liability partnership becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

JK INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 13 -
Financial assets

F inancial assets, comprise debtors and cash at bank balances. Debtors are initially measured at transaction price and thereafter at the amount of cash or other consideration expected to be received. Any impairment loss is recognised in the statement of comprehensive income.

Cash is 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 creditors.

Impairment of financial assets

Financial assets are assessed for indicat ions of impairment at each reporting period end date.

Impairment loss is measured as the difference between an asset's carrying amount and the best estimate of its recoverable amount, which is an approximation of the amount that the LLP would receive for the asset if it were to be sold at the statement of financial position date.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the limited liability partnership transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities

F inancial liabilities comprise trade creditors, accruals and deferred income. They are initially recognised at transaction price and thereafter at the amount of cash or other consideration to be paid.

Trade creditors 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. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the limited liability partnership’s obligations expire or are discharged or cancelled.

1.5
Taxation

The taxation payable on the LLP profits is the personal liability of the individual members consequently neither LLP taxation nor related deferred taxation arising in respect of the LLP are accounted for in these financial statements.

1.6
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting period end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting period end date. Gains and losses arising on translation are included in the statement of comprehensive income.

JK INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
1
Accounting policies
(Continued)
- 14 -
1.7

Members' profit/(loss) allocations and capital

Profit allocations are discretionary and are recognised when formally approved by the members. Members' drawings are repayable to the LLP until such time as profits that offset the drawings are formally allocated to the Members.

Allocations made to Members which are not considered discretionary are accrued as an expense in the profit and loss account.

No member shall have the right to withdraw or receive back any part of the amount standing to the credit of their capital contribution account. Capital will not be repaid to outgoing members if the LLP considers it to be imprudent to do so, or such payment would cause the LLP to breach capital resources requirements of the Financial Conduct Authority. Capital contributions are therefore classified as equity in accordance with the LLP SORP.

In the event the LLP incur s losses, such losses shall be allocated amongst the Members in the proportions in which they share profits of the LLP as determined by the Partnership Agreement.

1.8

Research payments

With effect from the year ended 30 November 2018 and in accordance with new regulatory requirements, the costs of research are borne by the LLP. They are recovered from the f und s to which the LLP provides investment management services. The recovery from the fund s is recorded as other operating income and the costs are included in administrative expenses. These amounts are equal and opposite. Any difference between amounts paid by the fund s and costs incurred by the LLP are recorded within debtors and as deferred income on the statement of financial position.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the 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 business has ongoing investment management and advisory contracts which generate regular cash inflow. Fee income exceeded expenses in the year to 30 November 2025, and the LLP is operating currently at above breakeven on its management fees. The LLP has no external financing and a sufficient liquid working capital base, and will continue to be able to meet its liabilities as they fall due. The business has undertaken an Internal Capital Adequacy and Risk Assessment process which indicates that it is sufficiently well capitalised to continue to operate for the foreseeable future. Accordingly, the financial statements are prepared on the going concern basis.

No other significant judgements were required in the process of applying the accounting policies.

There are no sources of estimation uncertainty that may have a significant effect on the amounts recognised in the financial statements.

3
Turnover
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
448,489
407,564
Ireland
1,017,229
1,071,178
1,465,718
1,478,742
JK INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
3
Turnover
(Continued)
- 15 -
2025
2024
£
£
Other significant revenue
Interest income
7,006
8,927
Research credits
226,161
232,891

Turnover represents fees receivable for investment management and investment advisory services provided during the year to two funds based in Ireland and to a UK based charity.

4
Auditor's remuneration
2025
2024
Fees payable to the LLP's auditor:
£
£
For audit services
Audit of the financial statements of the LLP
11,000
10,500

The auditor received remuneration in respect of non-audit services during the period of £9,680 (2024: £9,360).

5
Information in relation to members
2025
2024
Number
Number
Average number of members during the year
3
3
2025
2024
£
£
Profit attributable to the member with the highest entitlement
316,510
331,157

The LLP does not have any employees, Administration services are provided to the LLP by JK Investment Management Services Limited for which a charge is made to the LLP.

6
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
7,006
8,927

Investment income includes the following:

Interest on financial assets
7,006
8,927
JK INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 16 -
7
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
83,450
79,966
Other debtors
2,441
1,352
Prepayments and accrued income
141,855
111,135
227,746
192,453
8
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
11,325
5,944
Other taxation and social security
813
-
Deferred income
193,866
175,947
Accruals
49,026
43,699
255,030
225,590
9
Loans and other debts due to members
2025
2024
£
£
Analysis of loans
Amounts falling due within one year
579,951
651,975

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

No restrictions or limitations exist on the ability of the members to reduce the amount of Members other interests.

10
Related party transactions

The LLP has been charged for services tota l ling £777,606 (20 24: £785,709) in the year by the member JK Investment Management Services Limited. At the year end, £206,932 was due to (20 24: £139,968) JK Investment Management Services Limited and are due on demand. The two other members SMH Jones and FH Kirkpatrick each own 50% of JK Investment Management Services Limited.

Management and performance fees tota l ling £1,017,229 (20 24: £1,071,178) have been earned from JK Funds PLC, a company based in Ireland in which the members F H Kirkpatrick and S MH Jones have a material interest. At the year end, £83,450 (20 24: £79,966) was due from JK Funds PLC. These amounts are due for repayment within 30 days.

11
Ultimate controlling party

S MH Jones and F H Kirkpatrick (the founder members) are considered to be the ultimate controlling part ies of the LLP. See note 5 for disclosure of their share of profit.

JK INVESTMENT MANAGEMENT LLP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2025
- 17 -
12
Cash generated from operations
2025
2024
£
£
Profit after taxation
633,019
662,313
Adjustments for:
Investment income recognised in profit or loss
(7,006)
(8,927)
Movements in working capital:
Increase in debtors
(35,293)
(3,357)
Increase/(decrease) in creditors
11,521
(15,016)
Increase in deferred income
17,919
15,311
Cash generated from operations
620,160
650,324
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