Registered number: OC309959
INFORMATION
CONTENTS
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.
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.
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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:
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OLDFIELD PARTNERS LLP
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:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the 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.
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.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF OLDFIELD PARTNERS LLP (CONTINUED)
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.
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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.
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.
for and on behalf of
Chartered Accountants
Statutory Auditor
4th Floor
95 Gresham Street
EC2V 7AB
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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LLP STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
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LLP STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the Members and were signed on their behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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CONSOLIDATED RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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LLP RECONCILIATION OF MEMBERS' INTERESTS
FOR THE YEAR ENDED 31 MARCH 2026
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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
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:
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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.
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.
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:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
11.Taxation on corporate subsidiaries (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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