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Registered number: OC309959
| FINANCIAL STATEMENTS
| FOR THE YEAR ENDED 31 MARCH 2026
| OLDFIELD PARTNERS LLP
OLDFIELD PARTNERS LLP |  |
INFORMATION
Designated Members R J Oldfield
Oldfield & Co. (London) Limited
LLP registered number OC309959
Registered office 134 Buckingham Palace Road London SW1W 9SA
Independent auditor Menzies LLP Chartered Accountants 4th Floor 95 Gresham Street London EC2V 7AB
OLDFIELD PARTNERS LLP |  |
CONTENTS
| Page
Members' report | 1 - 2
Independent auditor's report | 3 - 5
Consolidated statement of comprehensive income | 6
Consolidated statement of financial position | 7 - 8
LLP statement of financial position | 9 - 10
Consolidated reconciliation of Members' interests | 11
LLP reconciliation of Members' interests | 12
Consolidated statement of cash flows | 13
Notes to the financial statements | 14 - 25
OLDFIELD PARTNERS LLP |  |
MEMBERS' REPORT FOR THE YEAR ENDED 31 MARCH 2026 The Members present their annual report together with the audited financial statements of Oldfield Partners LLP (the "LLP") and its subsidiaries (the "Group") for the year ended 31 March 2026. Principal activities The principal activity of the LLP is that of managing investment portfolios. The LLP is regulated by the Financial Conduct Authority. Designated Members R J Oldfield and Oldfield & Co. (London) Limited were designated members of the LLP and the Group throughout the period. Policy regarding Members' drawings and the subscription and repayment of amounts subscribed or otherwise contributed by Members The Members' drawing policy allows each Member to draw a proportion of their profit share, subject to the cash requirements of the business. Members' capital requirements are linked to the financing requirement of the limited liability partnership. There is no opportunity for appreciation of the capital subscribed. Just as incoming Members introduce their capital at par, so the retiring Members are repaid their capital at par. MIFIDPRU 8 disclosures In accordance with the rules of the Financial Conduct Authority, the LLP has made available information on its risk management objectives and policies on its regulatory capital requirements and resources. This information is available on application to the LLP's business address or on the LLP's website www.oldfieldpartners.com. Going concern The Members have considered carefully the LLP’s accounting and reporting obligations and have provided a full note regarding going concern considerations in note 4 to the financial statements. Outlook The LLP is committed to the style of investment known as ‘value investing’, the principal feature of which is a focus on companies which have low valuations in terms of price-earnings ratios, price-cash flow ratios and price-book ratios, and often relatively high dividend yields and free cash flow yields. Over the very long term value investing has been shown to improve the chances of outperformance, but there can be long phases in which the opposite is the case. During the last year investment performance in funds managed by the firm has been uniformly strong. President Trump’s announcements in early April 2025 about tariffs, and subsequent announcements, have been the trigger for investors with very high allocations to the US, and to growth areas in the US and elsewhere, to diversify. Share prices in companies in, generally, relatively traditional businesses, trading at moderate or low valuations, have been the beneficiaries. Our portfolios continue to have low average valuations and we believe the upside remains considerable. During recent months we have seen increased interest in our approach. Our objective is, as always, to do well for our clients, and we are optimistic about the outlook for the next several years. Members' responsibilities statement The Members are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations. Page 1
OLDFIELD PARTNERS LLP |  |
MEMBERS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 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 (United Kingdom Accounting Standards and applicable law). 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 LLP and the Group and of the profit or loss of the Group for that 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; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The Members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP and the Group's transactions and disclose with reasonable accuracy at any time the financial position of the Group and to 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 the Companies Act 2006) Regulations 2008). They are also responsible for safeguarding the assets of the LLP and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of information to auditor Each of the persons who are Members at the time when this Members' report is approved has confirmed that: ∙so far as that Member is aware, there is no relevant audit information of which the Group's auditor is unaware, and ∙that Member has taken all the steps that ought to have been taken as a Member in order to be aware of any relevant audit information and to establish that the Group's auditor is aware of that information. Auditor Under section 487(2) of the Companies Act 2006 as applied to LLPs by the 2008 Regulations, Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to Members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. This report was approved by the Members and signed on their behalf by:
R J Oldfield Designated Member | R S Garstang Managing Partner On behalf of Oldfield & Co. (London) Limited (a designated member)
Date: 23 June 2026 | Date: 23 June 2026
Page 2
OLDFIELD PARTNERS LLP |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OLDFIELD PARTNERS LLP
Opinion
We have audited the financial statements of Oldfield Partners LLP (the 'LLP') and its subsidiaries (the 'Group') for the year ended 31 March 2026, which comprise the Consolidated statement of comprehensive income, the Consolidated statement of financial position, the LLP statement of financial position, the Consolidated statement of cash flows, the Consolidated Reconciliation of Members' interests, the LLP Reconciliation of Members' interests 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 Group's and of the LLP's affairs as at 31 March 2026 and of the Group's 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 Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 Group's or the LLP'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 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 3
OLDFIELD PARTNERS LLP |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OLDFIELD PARTNERS LLP (CONTINUED)
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 by the LLP, or returns adequate for our audit have not been received from branches not visited by us; or ∙the LLP 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' responsibilities statement set out on page 1, 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 Group's and the LLP'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 Group or the LLP or to cease operations, or have no realistic alternative but to do so.
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 Auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: The Group is subject to laws and regulations that directly affect the financial statements including financial reporting legislation. We determined that the following laws and regulations were most significant including: ∙Companies Act 2006 (as applied by The Limited Liability Partnerships (Accounts and Audit) Regulations 2008) ∙Financial Reporting Standard 102 ∙Financial Conduct Authority, including Prudential sourcebook for Banks, Building Societies and Investment Firms ∙Securities and Exchange Commission ∙Ontario Securities Commission ∙UK employment legislation ∙UK health and safety legislation; and ∙General Data Protection Regulations We assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. We understood how the Group is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures. We corroborated our inquiries through our review of relevant documentation. Page 4
OLDFIELD PARTNERS LLP |  |
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OLDFIELD PARTNERS LLP (CONTINUED) The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. No issues were identified in this area. We assessed the susceptibility of the Group financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included: ∙Identifying and assessing the design effectiveness of the controls which management has in place to prevent and detect fraud; ∙Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; ∙Challenging assumptions and judgments made by management in its significant accounting estimates; and ∙Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. As a result of the above procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: ∙Posting of unusual journals and complex transactions; or ∙The use of management override of controls to manipulate results, or to cause the Group to enter into transactions that are not in its best interests. 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. This 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 for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditor's report.
Use of our report
This report is made solely to the LLP's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, as applied by Part 12 of The Limited Liability Partnerships (Accounts and Audit) (Applications of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP'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 LLP and the LLP's members, as a body, for our audit work, for this report, or for the opinions we have formed. Sarah Hallam FCA (Senior statutory auditor) for and on behalf of Menzies LLP Chartered Accountants Statutory Auditor 4th Floor 95 Gresham Street London EC2V 7AB 24 June 2026 Page 5
OLDFIELD PARTNERS LLP |  |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2026
| 2026 | 2025
Note | £ | £
Turnover | 5 | 5,006,186 | 6,465,592
Gross profit |  | 5,006,186 | 6,465,592
Administrative expenses |  | (3,292,617) | (4,278,011)
Other operating income |  | 76,452 | -
Fair value movements |  | 5,136 | 402
Operating profit | 6 | 1,795,157 | 2,187,983
Interest receivable and similar income | 10 | 19,489 | 60,818
Profit before tax |  | 1,814,646 | 2,248,801
Tax on profit | 11 | (9,745) | (2,969)
Profit before members' remuneration and profit shares |  | 1,804,901 | 2,245,832
Profit for the year before members' remuneration and profit shares |  | 1,804,901 | 2,245,832
Members' remuneration charged as an expense |  | (1,313,586) | (1,896,740)
Profit for the financial year available for discretionary division among members |  | 491,315 | 349,092
Other comprehensive income for the year |  |  |
Currency translation differences |  | (8,014) | (7,893)
Other comprehensive income for the year |  | (8,014) | (7,893)
Total comprehensive income for the year |  | 483,301 | 341,199
Profit for the year attributable to: |  |  |
Owners of the LLP |  | 491,315 | 349,092
|  | 491,315 | 349,092
The total comprehensive income for the year of £483,301 (2025: £341,199) was attributable to the owners of the LLP.
The notes on pages 14 to 25 form part of these financial statements.
Page 6
OLDFIELD PARTNERS LLP REGISTERED NUMBER:OC309959 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Fixed asset investments | 12 |  | 336 |  | 36,697
|  |  | 336 |  | 36,697
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 1,924,150 |  | 1,972,207 |
Bank and cash balances |  | 1,575,168 |  | 989,498 |
|  | 3,499,318 |  | 2,961,705 |
Creditors: amounts falling due within one year | 14 | (820,065) |  | (585,002) |
Net current assets |  |  | 2,679,253 |  | 2,376,703
Total assets less current liabilities |  |  | 2,679,589 |  | 2,413,400
Provisions for liabilities |  |  |  |  |
Other provisions | 16 | (130,000) |  | (130,000) |
|  |  | (130,000) |  | (130,000)
Net assets |  |  | 2,549,589 |  | 2,283,400
Page 7
OLDFIELD PARTNERS LLP REGISTERED NUMBER:OC309959 |  |
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability |  |  | 1,712,000 |  | 1,712,000
Other amounts |  |  | 116,071 |  | -
|  |  | 1,828,071 |  | 1,712,000
Members' other interests |  |  |  |  |
Other reserves classified as equity |  | 721,518 |  | 571,400 |
|  |  | 721,518 |  | 571,400
|  |  | 2,549,589 |  | 2,283,400
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 13 |  | (206,376) |  | (366,433)
Loans and other debts due to members | 17 |  | 1,828,071 |  | 1,712,000
Members' other interests |  |  | 721,518 |  | 571,400
|  |  | 2,343,213 |  | 1,916,967
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
R J Oldfield | R S Garstang
Designated Member | Managing Partner On behalf of Oldfield & Co. (London) Limited (a designated member)
Date: 23 June 2026 | Date:23 June 2026
The notes on pages 14 to 25 form part of these financial statements. Page 8
OLDFIELD PARTNERS LLP REGISTERED NUMBER:OC309959 |  |
LLP STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 12 |  | 116,242 |  | 116,242
|  |  | 116,242 |  | 116,242
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 13 | 1,978,323 |  | 1,972,207 |
Bank and cash balances |  | 1,292,966 |  | 622,085 |
|  | 3,271,289 |  | 2,594,292 |
Creditors: amounts falling due within one year | 14 | (746,868) |  | (535,351) |
Net current assets |  |  | 2,524,421 |  | 2,058,941
Total assets less current liabilities |  |  | 2,640,663 |  | 2,175,183
Provisions for liabilities |  |  |  |  |
Other provisions | 16 | (130,000) |  | (130,000) |
|  |  | (130,000) |  | (130,000)
Net assets |  |  | 2,510,663 |  | 2,045,183
Page 9
OLDFIELD PARTNERS LLP REGISTERED NUMBER:OC309959 |  |
LLP STATEMENT OF FINANCIAL POSITION (CONTINUED) AS AT 31 MARCH 2026
|  | 2026 |  | 2025
Note |  | £ |  | £
Represented by: |  |  |  |  |
Loans and other debts due to members within one year |  |  |  |  |
Members' capital classified as a liability |  |  | 1,712,000 |  | 1,712,000
Other amounts |  |  | 116,071 |  | -
|  |  | 1,828,071 |  | 1,712,000
Members' other interests |  |  |  |  |
Other reserves classified as equity brought forward |  | 333,183 |  | 3,097,926 |
Profit for the year available for discretionary division among members |  | 682,592 |  | 333,183 |
Other movements in other reserves |  | (333,183) |  | (3,097,926) |
Other reserves classified as equity carried forward |  |  | 682,592 |  | 333,183
|  |  | 682,592 |  | 333,183
|  |  | 2,510,663 |  | 2,045,183
Total members' interests |  |  |  |  |
Amounts due from members (included in debtors) | 13 |  | (206,376) |  | (366,433)
Loans and other debts due to members | 17 |  | 1,828,071 |  | 1,712,000
Members' other interests |  |  | 682,592 |  | 333,183
|  |  | 2,304,287 |  | 1,678,750
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
R J Oldfield | R S Garstang
Designated Member | Managing Partner On behalf of Oldfield & Co. (London) Limited (a designated member)
Date: 23 June 2026 | Date:23 June 2026
The notes on pages 14 to 25 form part of these financial statements. Page 10
OLDFIELD PARTNERS LLP |  |
CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2026
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Other reserves | Total | Members' capital (classified as debt) | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £
Amounts due to members |  |  | 1,713,000 | - | 1,713,000 |
Amounts due from members |  |  |  | (324,379) | (324,379) |
Balance at 1 April 2024 | 3,328,127 | 3,328,127 | 1,713,000 | (324,379) | 1,388,621 | 4,716,748
Members' remuneration charged as an expense | - | - | - | 1,896,740 | 1,896,740 | 1,896,740
Profit for the year available for discretionary division among members | 349,092 | 349,092 | - | - | - | 349,092
Members' interests after profit for the year | 3,677,219 | 3,677,219 | 1,713,000 | 1,572,361 | 3,285,361 | 6,962,580
Other division of profits | (3,097,926) | (3,097,926) | - | 3,097,926 | 3,097,926 | -
Currency translation differences | (7,893) | (7,893) | - | - | - | (7,893)
Repayment of capital | - | - | (1,000) | - | (1,000) | (1,000)
Drawings | - | - | - | (4,983,923) | (4,983,923) | (4,983,923)
Other movements | - | - | - | (52,797) | (52,797) | (52,797)
Amounts due to members |  |  | 1,712,000 | - | 1,712,000 |
Amounts due from members |  |  |  | (366,433) | (366,433) |
Balance at 31 March 2025 | 571,400 | 571,400 | 1,712,000 | (366,433) | 1,345,567 | 1,916,967
Members' remuneration charged as an expense | - | - | - | 1,313,586 | 1,313,586 | 1,313,586
Profit for the year available for discretionary division among members | 491,315 | 491,315 | - | - | - | 491,315
Members' interests after profit for the year | 1,062,715 | 1,062,715 | 1,712,000 | 947,153 | 2,659,153 | 3,721,868
Other division of profits | (333,183) | (333,183) | - | 333,183 | 333,183 | -
Currency translation differences | (8,014) | (8,014) | - | - | - | (8,014)
Drawings | - | - | - | (1,445,514) | (1,445,514) | (1,445,514)
Other movements | - | - | - | 74,873 | 74,873 | 74,873
Amounts due to members |  |  | 1,712,000 | 116,071 | 1,828,071 |
Amounts due from members |  |  |  | (206,376) | (206,376) |
Balance at 31 March 2026 | 721,518 | 721,518 | 1,712,000 | (90,305) | 1,621,695 | 2,343,213
Page 11
OLDFIELD PARTNERS LLP |  |
LLP RECONCILIATION OF MEMBERS' INTERESTS FOR THE YEAR ENDED 31 MARCH 2026
| EQUITY Members' other interests | DEBT Loans and other debts due to members less any amounts due from members in debtors | Total members' interests
| Other reserves | Total | Members' capital (classified as debt) | Other amounts | Total | Total
| £ | £ | £ | £ | £ | £
Amounts due to members |  |  | 1,713,000 | - | 1,713,000 |
Amounts due from members |  |  |  | (324,379) | (324,379) |
Balance at 1 April 2024 | 3,097,926 | 3,097,926 | 1,713,000 | (324,379) | 1,388,621 | 4,486,547
Members' remuneration charged as an expense | - | - | - | 1,896,740 | 1,896,740 | 1,896,740
Profit for the year available for discretionary division among members | 333,183 | 333,183 | - | - | - | 333,183
Members' interests after profit for the year | 3,431,109 | 3,431,109 | 1,713,000 | 1,572,361 | 3,285,361 | 6,716,470
Other division of profits | (3,097,926) | (3,097,926) | - | 3,097,926 | 3,097,926 | -
Repayment of capital | - | - | (1,000) | - | (1,000) | (1,000)
Drawings | - | - | - | (4,983,923) | (4,983,923) | (4,983,923)
Other movements | - | - | - | (52,797) | (52,797) | (52,797)
Amounts due to members |  |  | 1,712,000 | - | 1,712,000 |
Amounts due from members |  |  |  | (366,433) | (366,433) |
Balance at 31 March 2025 | 333,183 | 333,183 | 1,712,000 | (366,433) | 1,345,567 | 1,678,750
Members' remuneration charged as an expense | - | - | - | 1,313,586 | 1,313,586 | 1,313,586
Profit for the year available for discretionary division among members | 682,592 | 682,592 | - | - | - | 682,592
Members' interests after profit for the year | 1,015,775 | 1,015,775 | 1,712,000 | 947,153 | 2,659,153 | 3,674,928
Other division of profits | (333,183) | (333,183) | - | 333,183 | 333,183 | -
Drawings | - | - | - | (1,445,514) | (1,445,514) | (1,445,514)
Other movements | - | - | - | 74,873 | 74,873 | 74,873
Amounts due to members |  |  | 1,712,000 | 116,071 | 1,828,071 |
Amounts due from members |  |  |  | (206,376) | (206,376) |
Balance at 31 March 2026 | 682,592 | 682,592 | 1,712,000 | (90,305) | 1,621,695 | 2,304,287
There are no existing restrictions or limitations which impact the ability of the members of the LLP to reduce the amount of Members' other interests.
Page 12
OLDFIELD PARTNERS LLP |  |
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2026
|  |  | 2026 | 2025
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 491,315 | 349,092
Adjustments for: |  |
Members' remuneration charged as an expense | 1,313,586 | 1,896,740
Interest receivable | (19,489) | (60,818)
Taxation charge | 9,745 | 2,969
(Increase)/decrease in debtors | (37,127) | 914,176
Increase/(decrease) in creditors | 217,565 | (456,002)
Increase in provisions | - | 130,000
Net fair value (gains) recognised in P&L | (5,136) | (402)
Corporation tax received/(paid) | 7,753 | (3,453)
Foreign exchange | (8,014) | (7,893)
Net cash generated from operating activities before transactions with members | 1,970,198 | 2,764,409
Cash flows from investing activities |  |
Sale of unlisted and other investments | 41,497 | -
Interest received | 19,489 | 60,818
Foreign exchange on investments | - | 830
Net cash from investing activities | 60,986 | 61,648
Cash flows from financing activities |  |
Drawings | (1,445,514) | (4,984,116)
Members' capital repaid | - | (1,000)
Net cash used in financing activities | (1,445,514) | (4,985,116)
Net increase/(decrease) in cash and cash equivalents | 585,670 | (2,159,059)
Cash and cash equivalents at beginning of year | 989,498 | 3,148,557
Cash and cash equivalents at the end of year | 1,575,168 | 989,498
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 1,575,168 | 989,498
| 1,575,168 | 989,498
The notes on pages 14 to 25 form part of these financial statements.
Page 13
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
1. | General information
Oldfield Partners LLP is a limited liability partnership incorporated in England and Wales and domiciled in the United Kingdom. The address of its registered office and principal place of business is disclosed on the information page. The nature of the LLP's operations and principal activities is set out in the Members' Report. 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 and the requirements of the Statement of Recommended Practice "Accounting by Limited Liability Partnerships". The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3). The LLP has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. Parent LLP disclosure exemptions In preparing the separate financial statements of the parent LLP, advantage has been taken of the following disclosure exemptions available in FRS 102: ∙No Statement of cash flows has been presented for the parent LLP; ∙Disclosures in respect of the parent LLP's financial instruments have not been presented as equivalent disclosures have been provided in respect of the LLP as a whole; and ∙No disclosures have been given for the aggregate remuneration of the key management personnel of the parent LLP as their remuneration is included in the totals for the LLP as a whole. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the LLP and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 14
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.3 | Foreign currency translation
Functional and presentation currency The LLP's functional and presentational currency is Sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.4 | Revenue
Turnover represents amounts receivable for managing investment portfolios and advisory fees. Fees are charged as a percentage of the portfolios under management or advice. Fees are invoiced in arrears on a monthly or quarterly basis and are included in the Statement of Comprehensive Income as the service is provided.
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds. Page 15
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.8 | Taxation on Corporate subsidiaries
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 LLP and the Group operate and generate income.
| 2.9 | Members' participation rights
Members' participation rights are the rights of a Member against the LLP that arise under the Members' agreement (for example, in respect of amounts subscribed or otherwise contributed, remuneration and profits). Members' participation rights in the earnings or assets of the LLP are analysed between those that are, from the LLP's perspective, either a financial liability or equity, in accordance with Section 22 of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', and the requirements of the Statement of Recommended Practice, 'Accounting by Limited Liability Partnerships'. A Member's participation right results in a liability unless the right to any payment is discretionary on the part of the LLP. Amounts subscribed or otherwise contributed by Members, for example Members' capital, are classed as equity if the LLP has an unconditional right to refuse payment to Members. If the LLP does not have such an unconditional right, such amounts are classified as liabilities. Where profits are automatically divided as they arise, the LLP does not have an unconditional right to refuse payment. The amounts arising that are due to Members are in the nature of liabilities. They are therefore treated as an expense in the Statement of Comprehensive Income in the relevant year. To the extent that they remain unpaid at the year end, they are shown as liabilities in the Statement of Financial Position. Conversely, where profits are divided only after a decision by the LLP, so that the LLP has an unconditional right to refuse payment, such profits are classed as an appropriation of equity rather than as an expense. They are therefore shown as a residual amount available for discretionary division among Members in the Statement of Comprehensive Income and are equity appropriations in the Statement of Financial Position. All amounts due to Members that are classified as liabilities are presented in the Statement of Financial Position within 'Loans and other debts due to Members' and are charged to the Statement of Comprehensive Income within 'Members' remuneration charged as an expense'. Amounts due to Members that are classified as equity are shown in the Statement of Financial Position within 'Members' other interests'. Loans and debts due to Members rank equally with debts due to unsecured creditors in a winding up. Members drawings are classified as financing activities within the Statement of Cash Flows, because they represent costs of obtaining financial resources or claims on cash flows by the providers of capital to the LLP.
| 2.10 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 16
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 2.Accounting policies (continued)
| 2.11 | 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.
| 2.12 | Financial instruments
The Group 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 Group's Statement of financial position when the Group 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 Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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. Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
3. | Judgements 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. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The key estimates and assumptions used in these consolidated accounts are set out below. Provisions for dilapidations A dilapidation provision has been recognised in the financial statements in respect of leased office premises. The provision requires judgement and estimation and has been calculated based on historical experience of costs incurred together with an inflationary increase in those costs. Page 17
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
4. | Going concern
A single institutional client accounts for a very large proportion of the LLP’s revenues and the LLP would be seriously impacted by the loss of this client or reduction in the size of its portfolio. The LLP makes every effort to mitigate this risk by good reporting and frequent dialogue with the client. If the LLP were to lose a significant part or all of these assets under management, the Members, in particular the individual Designated Member, intend to add sufficient members’ capital to the LLP to ensure that it continues in business in the foreseeable future, with the ability to maintain operations and remunerate staff and working members appropriately while the LLP rebuilds its client base. The Members have considered whether the significance of this client dependency represents a material uncertainty about the LLP’s ability to continue as a going concern. The Members do not believe there is material uncertainty about the solvency of the business and its ability to continue, in view of its present balance sheet and profitability, and in view also of the intention by Members to add to capital if necessary. The Members have concluded that the going concern basis continues to be appropriate for the preparation of the financial statements. The LLP carries out scenario analysis as part of the annual ICARA process, in accordance with FCA requirements, and will continue to monitor very closely the risk of loss of the major client and, were this to occur, the intention of Members to add capital as necessary in order to provide continuity in the LLP’s activities.
5. | Turnover
The whole of the turnover is attributable to rendering of services in relation to the one principal activity of the Group. An analysis of turnover by geographical market is given below: Analysis of turnover by country of provenance:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| United Kingdom | 4,235,296 | 4,030,692
| Rest of Europe | 396,547 | 1,225,088
| Rest of the world | 374,343 | 1,209,812
|  | 5,006,186 | 6,465,592
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Exchange differences | (4,316) | (3,581)
| Other operating lease rentals | 174,346 | 172,667
Page 18
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
7. | Auditor's remuneration
| During the year, the Group obtained the following services from the LLP's auditors:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Fees payable to the LLP's auditors for the audit of the consolidated and LLP's financial statements | 27,900 | 26,750
| Fees payable to the LLP's auditors in respect of: |  |
| Other assurance services | 1,650 | 1,600
| Taxation compliance services | 2,020 | 1,950
| All other services | 15,530 | 14,387
8. | Employees
| Staff costs were as follows:
|  | Group | Group | LLP | LLP
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Wages and salaries | 923,591 | 1,013,548 | 855,638 | 972,191
| Social security costs | 119,335 | 128,073 | 113,662 | 124,035
| Cost of defined contribution scheme | 67,713 | 78,816 | 67,713 | 78,816
|  | 1,110,639 | 1,220,437 | 1,037,013 | 1,175,042
| The average monthly number of persons employed during the year was as follows:
|  |  | Group | Group | LLP | LLP
|  |  | 2026 | 2025 | 2026 | 2025
|  |  | No. | No. | No. | No.
|  | Administrative | 2 | 2 | 2 | 2
|  | Portfolio Management and Sales | 7 | 10 | 6 | 9
|  |  | 9 | 12 | 8 | 11
Page 19
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
9. | Information in relation to members
|  |  |  |  | 2026 | 2025
|  |  |  |  | Number | Number
| The average number of members during the year was | 13 | 14
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| The amount of profit attributable to the member with the largest entitlement was | 209,245 | 1,077,189
| The above is calculated from the prior year profit available for discretionary division, being allocated in the current year, plus the Members' remuneration charged as an expense in the current year.
10. | Interest receivable
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Other interest receivable | 19,489 | 60,818
|  | 19,489 | 60,818
11. | Taxation on corporate subsidiaries
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Foreign tax |  |
| Foreign tax on income for the year | 9,745 | 2,969
| Total current tax | 9,745 | 2,969
Page 20
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026 11.Taxation on corporate subsidiaries (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2025 - lower than) the standard rate of corporation tax chargeable in the UK of 25% (2025 - 25%). The differences are explained below:
|  |  |  |  | 2026 | 2025
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 9,118 | 18,883
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2025 - 25%) | 2,280 | 4,721
| Effects of: |  |
| Higher rate taxes on overseas earnings | 7,465 | (1,752)
| Total tax charge for the year | 9,745 | 2,969
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
12. | Fixed asset investments
| Group
|  | Unlisted investments
|  | £
| Cost or valuation |
| At 1 April 2025 | 36,697
| Disposals | (41,497)
| Revaluations | 5,136
| At 31 March 2026 | 336
Page 21
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
| LLP
|  | Investments in subsidiary companies
|  | £
| Cost or valuation |
| At 1 April 2025 | 116,242
| At 31 March 2026 | 116,242
| Subsidiary undertakings
| The following were subsidiary undertakings of the LLP:
| Name | Registered office | Class of shares | Holding
| Oldfield Partners US LLC | c/o The Corporation Trust Company, 1209 Orange Street, Wilmington, Delaware 19801, USA | Ordinary | 100%
| Overstone CCF Management Limited | c/o Northern Trust International Fund Administration Services (Ireland) Limited, George's Court, 54-62 Townsend Street, Dublin 2, Ireland | Ordinary | 100%
Page 22
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
13. | Debtors
|  | Group | Group | LLP | LLP
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Trade debtors | 1,408,944 | 1,295,001 | 1,408,944 | 1,295,001
| Other debtors | 25,590 | - | 25,363 | -
| Prepayments and accrued income | 283,240 | 310,773 | 337,640 | 310,773
| Amounts due from members | 206,376 | 366,433 | 206,376 | 366,433
|  | 1,924,150 | 1,972,207 | 1,978,323 | 1,972,207
14. | Creditors: Amounts falling due within one year
|  | Group | Group | LLP | LLP
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Trade creditors | 76,789 | 41,511 | 76,622 | 35,039
| Amounts owed to group undertakings | - | - | 8,446 | 13,719
| Corporation tax | 18,418 | 920 | - | -
| Other taxation and social security | 396,090 | 276,433 | 396,090 | 276,433
| Other creditors | 63,058 | 55,978 | - | -
| Accruals and deferred income | 265,710 | 210,160 | 265,710 | 210,160
|  | 820,065 | 585,002 | 746,868 | 535,351
15. | Financial instruments
|  | Group | Group
|  | 2026 | 2025
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 336 | 36,697
| Financial assets measured at fair value through profit or loss comprised of unlisted investments.
Page 23
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
16. | Provisions
| Group and LLP
|  | Dilapidations
|  | £
| At 1 April 2025 | 130,000
| At 31 March 2026 | 130,000
| The provisions in the Group and LLP relate to dilapidation provisions for previously leased properties.
17. | Loans and other debts due to members
|  | Group | Group | LLP | LLP
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Members' capital treated as debt | 1,712,000 | 1,712,000 | 1,712,000 | 1,712,000
| Other amounts due to members | 116,071 | - | 116,071 | -
|  | 1,828,071 | 1,712,000 | 1,828,071 | 1,712,000
| Loans and other debts due to members rank equally with debts due to ordinary creditors in the event of a winding up.
18. | Commitments under operating leases
| At 31 March 2026 the Group had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group | LLP | LLP
|  | 2026 | 2025 | 2026 | 2025
|  | £ | £ | £ | £
| Not later than 1 year | 120,822 | 389,453 | 120,822 | 389,453
| Later than 1 year and not later than 5 years | 196,867 | 58,750 | 196,867 | 58,750
|  | 317,689 | 448,203 | 317,689 | 448,203
| The comparative has been amended to take into account the break clause available in the property lease.
Page 24
OLDFIELD PARTNERS LLP |  |
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2026
19. | Related party transactions
| At the balance sheet date, Oldfield & Co. (London) Ltd, of which the LLP is an associate, owed the LLP £236,677 (2025: £329,272) in respect of trading. The LLP paid a total of £69,021 (2025: £254,644) in respect of management charges from Oldfield & Co. (London) Ltd. Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the LLP. The total compensation payable to key management personnel was £515,256 (2025: £484,020), relating to Members’ remuneration charged as an expense in the current year, plus £149,612 (2025: £1,382,215) relating to the prior year discretionary division of profit which was allocated in the current year.
20. | Controlling party
There is not considered to be one controlling party.
| 21. | Analysis of net debt (Group)
|  |  | At 1 April 2025 | Arising from cash flows | Other non-cash changes | At 31 March 2026
|  |  | £ | £ | £ | £
| Cash at bank and in hand | 989,498 | 585,670 | - | 1,575,168
| Net debt (before members' debt) | 989,498 | 585,670 | - | 1,575,168
| Loans and other debts due to members |  |  |  |
| Members' capital | (1,712,000) | - | - | (1,712,000)
| Other amounts due to members | - | - | (116,071) | (116,071)
| Net debt | (722,502) | 585,670 | (116,071) | (252,903)
Page 25