The directors present the strategic report for the year ended 30 September 2025. This report provides a fair, balanced and understandable overview of the firm’s business model, strategy, performance, principal risks and future prospects, and should be read alongside the audited financial statements.

Patronus Partners Ltd continues to operate two divisions: Patronus Markets and Patronus Wealth. Both divisions delivered resilient performance during the year.

Patronus Wealth had another strong year, achieving meaningful strategic progress across client acquisition, service development and investment performance. The number of discretionary portfolios increased by approximately 70% over the period, following the appointment of a new Investment Director late in the prior year. Assets under management doubled, driven by both new client inflows and investment gains. Revenues generated by the division now make a significant and growing contribution to the firm’s overall revenue mix, consistent with the strategy outlined in previous updates.

During the year, the number of investment mandates expanded from the existing core portfolios to include multi-manager portfolios that utilise third party active managers to construct portfolios and this is where much of the growth has come from, as many clients welcomed the opportunity to diversify their investments with Patronus.

Investment performance in both the core and the multi-manager portfolios has been extremely strong over the period compared to their respective benchmarks and our industry peer group. We have always tried to build portfolios with genuine diversification qualities, whether that be from uncorrelated return streams from diversified alpha strategies or having exposure to asset classes outside the core staples of bonds and equities. For example, in the current year our exposure to precious metals was a key driver of our relative and absolute returns. While investment performance in any single period is of little consequence to the longer-term outcomes, we understand that a strong year is helpful in solidifying the asset base we already have and improving our success in attracting new clients in the future in an industry where referrals are the highest quality source of new clients.

As we look forward, we face a world where geo-political uncertainty remains extremely elevated and pockets of excess are visible in certain asset markets. To this end, we aim to remain vigilant, to allow us to reposition portfolios as required as events unfold but more importantly to remain well diversified enough to allow us to successfully navigate those events as they occur. The future cannot be predicted and being positioned for what you don’t know is the key to long-term investment success. We believe the current suite of mandates is comprehensive enough to meet the vast majority of our clients’ investment objectives, but we will continue to develop what we have and innovate where we see opportunities and unmet needs going forward.

Patronus Markets remained active throughout the year despite challenges in the domestic equity markets. UK large‑cap equities delivered mid‑teens gains year‑to‑date by September, but smaller company liquidity remained subdued and London saw muted IPO activity, with AIM experiencing a contraction in listings. Against that backdrop, our execution only clients continued to trade selectively and remained engaged, resulting in a highly satisfactory outcome for the year.

Outlook

In 2026, we will celebrate our eleventh year in business - an achievement in a highly regulated and competitive sector. With increasing confidence in our business mix and momentum, we intend to invest selectively in both people and technology. Our priorities are recruiting individuals who buy into the firm’s strategy, values and client‑first culture as well as enhancing operational efficiency through technology thereby further improving the quality and breadth of our client service and product offering.

Most importantly, we thank our valued clients for their loyalty, support and referrals. We also extend our gratitude to the Operations and Compliance team for their tireless work from onboarding through to continuous monitoring. As a small firm, the client experience remains highly personal and bespoke, something that we believe differentiates us from our peers and remains at the core of all our strategic decision making.

As required by the Financial Conduct Authority, Patronus has prepared an Internal Capital Adequacy and Risk Assessment (ICARA), which assesses capital resources alongside key risks to clients, markets and the Firm, and documents appropriate mitigations and our wind‑down plan.

Market Risk: The company does not deal on its own account, so market risk is minimal. The only market risks Patronus might face relate to the short-term investment of surplus cash and any potential associated currency risk, which is negligible.

Liquidity Risk: We maintain sufficient liquid resources to manage cash‑flow timing differences and fluctuations in fee income, including holding appropriate cash balances.

Concentration Risk: While a relatively small number of clients contribute a meaningful proportion of revenue, we are not dependent on any single client or connected group. Ongoing diversification of revenue streams and active business development mitigates undue concentration.

Operational and Cyber Risk: As with all financial services firms, operational resilience—including cybersecurity, data protection, business continuity and third‑party oversight—remains a priority. Controls are reviewed regularly and enhanced where necessary.

Regulatory/Conduct Risk: We continue to monitor regulatory developments and maintain policies, training and quality assurance processes to support fair client outcomes and compliance with applicable requirements.

Day‑to‑day oversight of risks and operations is undertaken by the Board. The Company does not have permission for proprietary trading and does not risk its own capital in financial markets.

In our eleventh full year of operation, the business remains robust. Gross turnover was £11.8 million (–16% year‑on‑year) but net turnover increased to £2.6 million, evidencing continued improvement in the revenue mix and operating leverage.

The current financial year has begun well. As we enter our eleventh year, we are increasingly recognised in our chosen markets. With strong compliance and operational foundations, we are well positioned for top‑line growth and selective service expansion.

The Directors consider that, in good faith, they have acted to promote the success of the Company for the benefit of its members as a whole, having regard to the matters set out in section 172 of the Companies Act 2006. In doing so, the Board has:

• considered the long‑term consequences of decisions, including the appointment of a new Investment Director and the expansion of investment mandates;

• had regard to the interests of employees by maintaining a flat structure, encouraging open communication, providing training and supporting hybrid working;

• fostered relationships with clients and suppliers through personal engagement, timely service and fair dealing;

• considered the impact of operations on the community and environment, including minimising paper use, recycling, utilising local suppliers and maintaining a staff‑led annual charitable donation (Alzheimer’s Society in 2025);

• upheld high standards of business conduct consistent with FCA expectations;

• and acted fairly between members.

On behalf of the board

The directors present their annual report and financial statements for the year ended 30 September 2025.

The principal activities of the company continued to be that of execution only and investment management services for retail, professional and institutional clients.

The results for the year are set out on page 10.

Dividends declared during the year amounted to £503,460 (2024: £410,200). The directors do not recommend payment of a final dividend (2024: £nil).

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

The auditor, UHY Hacker Young, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 and then apply them consistently;

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

• 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 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.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Patronus Partners Limited (the 'company') for the year ended 30 September 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, 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 company's affairs as at 30 September 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.

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 company 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 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 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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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.

As explained more fully in the directors' responsibilities statement, 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.

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.

Based on our understanding of the Company and the industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the Company, which were contrary to applicable laws and regulations including fraud, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to inflated revenue and profit.

Audit procedures performed included: review of the financial statement disclosures to underlying supporting documentation, enquiries of management and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above 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. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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 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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Patronus Partners Limited is a private company limited by shares incorporated in England and Wales. The registered office is 68 King William Street, London, EC4N 7HR.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention (with the exception of investments, which are measured at fair value). The principal accounting policies adopted are set out below.

Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Revenue comprises commissions and fees received for execution only and advisory stockbroking, funding positions and discretionary investment management services.

Revenue from execution only and advisory stockbroking represents gross fees and dealing commissions, and is recognised at the point of trade execution. Commission on transactions payable to brokers and settlement agents is recognised as cost of sales.

Gross funding income, being the management fee charged on positions held open overnight, is accrued on a daily basis, calculated based upon the closing price of the underlying open position.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and other short-term liquid investments with original maturities of three months or less.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

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

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company 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 and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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

An analysis of the company's turnover is as follows:

Exchange differences recognised in profit or loss during the year, except for those arising on financial instruments measured at fair value through profit or loss, amounted to £910 (2024 - £835).

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights on redemption. Class A, B, C and D shares carry no rights to receive notice of, attend or vote at general meetings. Dividends may be paid to holders of one or more classes of shares to the exclusion of the other(s) or to all classes of shares, in each case at the same or differing rates, as determined by ordinary resolution of the directors. Each shares ranks equally for any distribution of capital made on a winding up or otherwise. The shares are not redeemable.

During the year, 2 Ordinary shares and 2 Alphabet shares were issued at par value.

Also during the year, 10,000 C shares were equally converted into A, B and D shares.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The remuneration of key management personnel is as follows.

The directors are considered to be key management personnel.

The ultimate controlling parties are three of the four company directors.

The immediate parent undertakings of the company are Tomarch Limited, Jessells Limited and Jezcap Limited, which are the personal companies for three of the company directors. Each parent undertaking owns 33.33% of the issued share capital.

The firm is categorised as a non-SNI MIFIDPRU investment firm and its own funds requirement is therefore the higher of:

1. £75k

2. Fixed overhead requirement

3. K-factor requirement (which is calculated using a number of quantitative exposure and activity metrics)

The firm’s business model is such that the fixed overhead requirement is the binding requirement, although all metrics are calculated, recorded, and reported to the FCA.

As at 30 September 2025 the firm’s regulatory capital position was as follows:

Own Funds                                      £865k

Own Funds Requirement             £369k

Surplus                                            £496k

The firm is further required to maintain core liquid assets equivalent to at least one third of the fixed overhead requirement. As at 30 September 2025, the firm held £898k of core liquid assets against a basic requirement of £369k. The firm estimates its capital and liquidity requirements through the internal capital adequacy and risk assessment (“ICARA”) process, which maps to the firm’s risk profile, business operations, and strategy.