REGISTERED NUMBER: OC427505 (England and Wales)

REPORT OF THE MEMBERS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2026

FOR

ANSOR LLP

Page

General Information

1

Report of the Members

2

Report of the Independent Auditors

4

Income Statement

7

Other Comprehensive Income

8

Balance Sheet

9

Reconciliation of Members' Interests

10

Cash Flow Statement

12

Notes to the Cash Flow Statement

13

Notes to the Financial Statements

15

DESIGNATED MEMBERS:

P N Marson

E Ainsworth

P J Strafford

REGISTERED OFFICE:

50 Hans Crescent

London

SW1X 0NA

REGISTERED NUMBER:

OC427505 (England and Wales)

AUDITORS:

Hillier Hopkins LLP

Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP

The members present their report with the financial statements of the LLP for the year ended 31 March 2026.

PRINCIPAL ACTIVITY

The LLP provides investment advice and monitoring services to investment funds.

The LLP is authorised and regulated by the Financial Conduct Authority.

DESIGNATED MEMBERS

The designated members during the year under review were:

P N Marson

E Ainsworth

P J Strafford

RESULTS FOR THE YEAR AND ALLOCATION TO MEMBERS

The profit for the year before members' remuneration and profit shares was £4,602,912 (2025 - £3,725,604 profit).

MEMBERS' INTERESTS

Members are permitted to make drawings in anticipation of profits which will be allocated to them. the amount of such drawings is set at the beginning of each financial year, taking into account the anticipated cash needs of the LLP.

New members are required to subscribe a minimum level of capital and in subsequent years members are invited to subscribe for further capital, the amounts of which is determined by the performance and seniority of those members. On retirement, capital is repaid to members.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties faced by the LLP is that revenues from investment advisory and monitoring services are insufficient to meet the expenses of the partnership.

KEY PERFORMANCE INDICATORS

The key performance indicators that are relevant to the ongoing performance and monitoring of the LLP, in line with the risk and uncertainties as noted above are as follows:

(i) ensuring that the partnership has sufficient income to cover its costs.

(ii) ensuring that the partnership satisfies all regulatory capital requirements imposed by the Financial Conduct Authority.

MEMBERS' RESPONSIBILITIES STATEMENT

The members are responsible for preparing the Report of the Members and the financial statements in accordance with applicable law and regulations.

Legislation applicable to limited liability partnerships 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 legislation applicable to limited liability partnerships 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 of the profit or loss of the LLP 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 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 LLP will continue in business.

The members are responsible for keeping adequate accounting records that are sufficient to show and explain the LLP's transactions and disclose with reasonable accuracy at any time the financial position of the LLP and enable them to ensure that the financial statements comply with the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. They are also responsible for safeguarding the assets of the LLP and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the members are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the LLP's auditors are unaware, and each member has taken all the steps that he ought to have taken as a member in order to make himself aware of any relevant audit information and to establish that the LLP's auditors are aware of that information.

AUDITORS

The auditors, Hillier Hopkins LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE MEMBERS:

P N Marson - Designated member

23 July 2026

Opinion

We have audited the financial statements of Ansor LLP (the 'LLP') for the year ended 31 March 2026 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Reconciliation of Members' Interests, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, 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 LLP's affairs as at 31 March 2026 and of its profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006 as applied to LLPs 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the LLP in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 members are responsible for the other information. The other information comprises the information in the Report of the Members, but does not include the financial statements and our Report of the Auditors thereon.

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.

In connection with our audit of the financial statements, 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 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Companies Act 2006 as applied to LLPs requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

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

Responsibilities of members

As explained more fully in the Members' Responsibilities Statement set out on page two, 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 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 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 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 a Report of the Auditors 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:

Irregularities, including fraud, are instances of non compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

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

- the nature of the industry and sector, control environment and business performance including the remuneration incentives and pressures of key management;

- the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management. We consider the results of our enquiries of management, about their own identification and assessment of the risks of irregularities;

- any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non compliance;

- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non compliance with laws and regulations;

- the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. We focused on laws and regulations that could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006 and relevant tax legislation.

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 Report of the Auditors.

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 to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008. Our audit work has been undertaken so that we might state to the LLP's members those matters we are required to state to them in a Report of the Auditors 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.

Simon Speller FCA (Senior Statutory Auditor)

for and on behalf of Hillier Hopkins LLP

Radius House

51 Clarendon Road

Watford

Hertfordshire

WD17 1HP

23 July 2026

TURNOVER

3

6,566,973

5,005,254

Administrative expenses

1,969,875

1,279,650

4,597,098

3,725,604

Other operating income

5,814

-

OPERATING PROFIT and

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

4,602,912

3,725,604

PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS

4,602,912

3,725,604

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

4,602,912

3,725,604

FIXED ASSETS

Tangible assets

7

8,680

3,309

Investments

8

4

4

8,684

3,313

CURRENT ASSETS

Debtors

9

1,318,549

437,601

Cash at bank

222,276

527,873

1,540,825

965,474

CREDITORS

Amounts falling due within one year

10

212,051

181,412

NET CURRENT ASSETS

1,328,774

784,062

TOTAL ASSETS LESS CURRENT LIABILITIES

and

NET ASSETS ATTRIBUTABLE TO MEMBERS

1,337,458

787,375

LOANS AND OTHER DEBTS DUE TO MEMBERS

12

1,037,458

487,375

MEMBERS' OTHER INTERESTS

Capital accounts

300,000

300,000

1,337,458

787,375

TOTAL MEMBERS' INTERESTS

Loans and other debts due to members

12

1,037,458

487,375

Members' other interests

300,000

300,000

1,337,458

787,375

The financial statements were approved by the members of the LLP and authorised for issue on 23 July 2026 and were signed by:

P N Marson - Designated member

E Ainsworth - Designated member

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2025

300,000

-

300,000

Profit for the financial year available for discretionary division among members

-

4,602,912

4,602,912

Members' interests after profit for the year

300,000

4,602,912

4,902,912

Other divisions of profit

-

(4,602,912

)

(4,602,912

)

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2026

300,000

-

300,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

487,375

Amount due from members

-

Balance at 1 April 2025

487,375

787,375

Profit for the financial year available for discretionary division among members

-

4,602,912

Members' interests after profit for the year

487,375

5,390,287

Other divisions of profit

4,602,912

-

Drawings on account and distributions of profit

(4,052,829

)

(4,052,829

)

Amount due to members

1,037,458

Amount due from members

-

Balance at 31 March 2026

1,037,458

1,337,458

EQUITY

Members' other interests

Members'

capital

(classified

as

Other

equity)

reserves

Total

£

£

£

Balance at 1 April 2024

-

-

-

Profit for the financial year available for discretionary division among members

-

3,725,604

3,725,604

Members' interests after profit for the year

-

3,725,604

3,725,604

Other divisions of profit

-

(3,725,604

)

(3,725,604

)

Introduced by members

300,000

-

300,000

Drawings on account and distributions of profit

-

-

-

Balance at 31 March 2025

300,000

-

300,000

DEBT

TOTAL

Loans and other debts due to

MEMBERS'

members less any amounts due

INTERESTS

from members in debtors

Other

amounts

Total

£

£

Amount due to members

147,219

Amount due from members

-

Balance at 1 April 2024

147,219

147,219

Profit for the financial year available for discretionary division among members

-

3,725,604

Members' interests after profit for the year

147,219

3,872,823

Other divisions of profit

3,725,604

-

Introduced by members

-

300,000

Drawings on account and distributions of profit

(3,385,448

)

(3,385,448

)

Amount due to members

487,375

Amount due from members

-

Balance at 31 March 2025

487,375

787,375

Cash flows from operating activities

Cash generated from operations

2

3,751,509

3,608,535

Net cash from operating activities

3,751,509

3,608,535

Cash flows from investing activities

Purchase of tangible fixed assets

(4,277

)

(2,347

)

Purchase of fixed asset investments

-

(2

)

Net cash from investing activities

(4,277

)

(2,349

)

Cash flows from financing activities

Transactions with members and former

members

Payments to members

(4,052,829

)

(3,385,448

)

Contributions by members

-

300,000

Net cash from financing activities

(4,052,829

)

(3,085,448

)

(Decrease)/increase in cash and cash equivalents

(305,597

)

520,738

Cash and cash equivalents at beginning of year

3

527,873

7,135

Cash and cash equivalents at end of year

3

222,276

527,873

1.	CLASSIFICATION OF SHARE OF PROFITS IN THE CASH FLOW STATEMENT

The drawings by the members are classified in the cash flow statements as a distribution within financing activities.

2.	RECONCILIATION OF PROFIT FOR THE FINANCIAL YEAR BEFORE MEMBERS' REMUNERATION AND PROFIT SHARES AVAILABLE FOR DISCRETIONARY DIVISION AMONG MEMBERS TO CASH GENERATED FROM OPERATIONS

2026

2025

£

£

Profit for the financial year before members' remuneration and profit shares available for discretionary division among members

4,602,912

3,725,604

Depreciation charges

(1,094

)

813

Loss on disposal of fixed assets

-

236

4,601,818

3,726,653

Increase in trade and other debtors

(880,948

)

(207,122

)

Increase in trade and other creditors

30,639

89,004

Cash generated from operations

3,751,509

3,608,535

3.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 March 2026

31.3.26

1.4.25

£

£

Cash and cash equivalents

222,276

527,873

Year ended 31 March 2025

31.3.25

1.4.24

£

£

Cash and cash equivalents

527,873

7,135

4.	ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Other

non-cash

At 1.4.25

Cash flow

changes

At 31.3.26

£

£

£

£

Net cash

Cash at bank

527,873

(305,597

)

222,276

527,873

(305,597

)

222,276

Net funds (before

members' debt)

527,873

(305,597

)

-

222,276

Loans and other debts

due to members

Other amounts

due to members

(487,375

)

4,052,829

(4,602,912

)

(1,037,458

)

Net funds/(debt)

40,498

3,747,232

(4,602,912

)

(815,182

)

1.	STATUTORY INFORMATION

Ansor LLP is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

The members have assessed going concern for at least twelve months from approval, and the accounts are prepared on a going concern basis.

Preparation of consolidated financial statements

The financial statements contain information about Ansor LLP as an individual LLP and do not contain consolidated financial information as the parent of the group. The LLP holds investments in the subsidiary undertakings detailed in note 8. These have been excluded from consolidation on the ground of immateriality as permitted under section 405(2) Companies Act 2006.

Critical accounting judgements and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including, expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.

The critical accounting estimates or judgements applied by the members which have a significant impact on the amounts disclosed in the financial statements are as follows:

a. Recoverability of debtors

b. Assessment of provisions

c. Valuation of provisions

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised in the period in which the service was provided in line with service agreements.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on reducing balance

Investments

Fixed asset investments are non quoted investments measured at cost less impairment.

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The LLP operates a defined contribution pension scheme. Contributions payable to the LLP's pension scheme are charged to profit or loss in the period to which they relate.

The assets of the scheme are held separately from those of the LLP in an independently administered fund. Pension payments recognised as an expense during the year amounted to £88,828 (2025: £11,976). No amounts were due in respect of the pension at year end (2025: £nil).

Division and distribution of profits

Where profits are divided only after a decision by the LLP or its representative, 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 Profit and Loss Account and are equity appropriations in the Balance Sheet.

The LLP divides profits after a decision by the LLP and these amounts are shown as available for discretionary division among members in the Profit and Loss Account.

3.

TURNOVER

The turnover and profit for the financial year before members' remuneration and profit shares are attributable to the one principal activity of the LLP.

An analysis of turnover by class of business is given below:

2026

2025

£

£

Investment advisory services

6,566,973

5,005,254

6,566,973

5,005,254

An analysis of turnover by geographical market is given below:

2026

2025

£

£

United Kingdom

6,566,973

5,005,254

6,566,973

5,005,254

4.	EMPLOYEE INFORMATION

2026

2025

£

£

Wages and salaries

1,021,834

501,684

Social security costs

145,299

62,224

Other pension costs

88,828

11,976

1,255,961

575,884

The average number of employees during the year was as follows:

2026

2025

Operational

12

4

5.	OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2026

2025

£

£

Other operating leases

74,514

90,276

Depreciation - owned assets

(1,094

)

812

Loss on disposal of fixed assets

-

236

Auditors remuneration

20,000

-

6.	INFORMATION IN RELATION TO MEMBERS

2026

2025

£

£

The amount of profit attributable to the member with the largest entitlement was

1,535,397

1,242,929

2026

2025

The average number of members during the year was

3

3

7.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2025

13,955

Additions

4,277

At 31 March 2026

18,232

DEPRECIATION

At 1 April 2025

10,646

Charge for year

(1,094

)

At 31 March 2026

9,552

NET BOOK VALUE

At 31 March 2026

8,680

At 31 March 2025

3,309

8.	FIXED ASSET INVESTMENTS

Unlisted

investments

£

COST

At 1 April 2025

and 31 March 2026

4

NET BOOK VALUE

At 31 March 2026

4

At 31 March 2025

4

The LLP's investments at the Balance Sheet date in the share capital of companies include the following:

Ansor GP Member 1 Limited

Registered office: 85 Great Portland Street, London, W1W 7LT

Nature of business: LLP Member

%

Class of shares:

holding

Ordinary

100.00

Ansor GP Member 2 Limited

Registered office: 5 South Charlotte Street, Edinburgh, EH2 4AN

Nature of business: LLP Member

%

Class of shares:

holding

Ordinary

100.00