# BAILLIE GIFFORD FUNDS SERVICES LLC X-17A-5 (2024-05-30) — Broker-dealer annual report - Company: BAILLIE GIFFORD FUNDS SERVICES LLC - Form: X-17A-5 - Filed: 2024-05-30 - Period: 2024-03-31 - Accession: 0001604870-24-000001 - CIK: 1604870 - File #: 8-69448 - Type: Broker-dealer - Material weakness: No - Auditor: CITRIN COOPERMAN & COMPANY, LLP - Auditor location: FLORHAM PARK, NJ - Contact: JANICE PARISE - Phone: 2127514422 - Email: jparise@dfppartners.com - Website: dfppartners.com - Signed by: DAVID SALTER (CHIEF EXECUTIVE OFFICER) Original filing: https://www.sec.gov/Archives/edgar/data/1604870/000160487024000001/bgfssfc3.31.2024.pdf --- {0}------------------------------------------------ **UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549** # **ANNUAL REPORTS FORM X-17A-5 PART III** OMB APPROVAL OMB Number: ϯϮϯϱͲϬϭϮϯ Expires: EŽǀ͘ϯϬ͕ϮϬϮϲ Estimated average burden hours per response: SEC FILE NUMBER 8-69448 **FACING PAGE Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934** FILING FOR THE PERIOD BEGINNING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ AND ENDING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ MM/DD/YY MM/DD/YY **A. REGISTRANT IDENTIFICATION** NAME OF FIRM: \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ TYPE OF REGISTRANT (check all applicable boxes): ܆ Broker-dealer ܆ Security-based swap dealer ܆ Major security-based swap participant ܆ Check here if respondent is also an OTC derivatives dealer ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (No. and Street) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (City) (State) (Zip Code) PERSON TO CONTACT WITH REGARD TO THIS FILING \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (Name) (Area Code – Telephone Number) (Email Address) **B. ACCOUNTANT IDENTIFICATION** INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing\* \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (Name – if individual, state last, first, and middle name) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (Address) (City) (State) (Zip Code) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ (Date of Registration with PCAOB)(if applicable) (PCAOB Registration Number, if applicable) **FOR OFFICIAL USE ONLY** 04/01/23 03/31/24 Baillie Gifford Funds Services LLC ■ Calton Square, 1 Greenside Row Edinburgh UK EH1 3AN Janice Parise (212) 751-4422 JParise@dfppartners.com Citrin Cooperman & Company, LLP 180 Park Avenue Suite 200 Florham Park New Jersey 07932 11/02/2005 2468 \* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable. **Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.** {1}------------------------------------------------ #### OATH OR AFFIRMATION | David Salter | swear (or affirm) that, to the best of my knowledge and belief, the | |-------------------------------------------------------------------------------|------------------------------------------------------------------------------------| | tinancial report pertaining to the firm of Baillie Gifford Funds Services LLC | , as of | | 3/34 | , 2 024 | | | НОВНОГ ОПОСУ ДИДЕРИЯ ОКАВШИЙ ВОНА ДОСА МОГО МОГОВЫ ИВРИОТ И ПОДРЕСНИ ПРОДОЖДЕ СОДУ | partner, officer, drector, or equivalent person, as the case may proprietary interest in any account classified solely as that of a customer. JANICE PARISE Notary Public, State of New York No. 41-4968956 Qualified in Queens County mission Expires July 9, 2020 | Signature: | DocuSigned by: | | |------------|-----------------|--| | Title: | A5D9AEA69448447 | | Chief Executive Officer Nota v Public #### This filing\*\* contains (check all applicable boxes): - (a) Statement of financial condition. - - □ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X). - □ (d) Statement of cash flows. - □ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity. - □ (f) Statement of changes in liabilities subordinated to claims of creditors. - □ (g) Notes to consolidated financial statements. - ا - □ (i) Computation of tangible net worth under 17 CFR 240.18a-2. - | |} Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3. - | | |k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable. - O (I) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3. - [ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3. - | (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable. - ച (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and thereserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist. - □ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition. - @ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.18a-7, as applicable. - [ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - □ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - (t) Independent public accountant's report based on an examination of the statement of financial condition. - [] [u] Independent public accountant's report based on an examination of the financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable. - □ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-S or 17 CFR 240.18a-7, as applicable. - | {w} Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable. - | as applicable. - | (y) Report describing any material inadequacies found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k). - (z) Other: - \*\*To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e//3) or 17 CFR 240.180-7(d)(2), as applicable. {2}------------------------------------------------ Statements of Financial Condition March 31, 2024 and 2023 (With Report of Independent Registered Public Accounting Firm Thereon) {3}------------------------------------------------ #### Contents | Report of Independent Registered Public Accounting Firm | ന | |---------------------------------------------------------|------| | Managers' and Company Information | ব | | Statements of Financial Condition | 5 | | Notes to the Statements of Financial Condition | 6-10 | {4}------------------------------------------------ ![](_page_4_Picture_0.jpeg) ## **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** To the Member and Management Baillie Gifford Funds Services LLC ### **Opinion on the Financial Statements** We have audited the accompanying statements of financial condition of Baillie Gifford Funds Services LLC as of March 31, 2024 and 2023, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Baillie Gifford Funds Services LLC as of March 31, 2024 and 2023, in conformity with accounting principles generally accepted in the United States of America. #### **Basis for Opinion** These financial statements are the responsibility of Baillie Gifford Funds Services LLC's management. Our responsibility is to express an opinion on Baillie Gifford Funds Services LLC's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to Baillie Gifford Funds Services LLC in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. rovide a reasonable basis for our We have served as Baillie Gifford Funds Services LLC's auditor since 2022. 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EŽƚĞƐƚŽƚŚĞ^ƚĂƚĞŵĞŶƚƐŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ #### DĂƌĐŚϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ #### ϭͿ EĂƚƵƌĞŽĨƵƐŝŶĞƐƐ ĂŝůůŝĞ 'ŝĨĨŽƌĚ &ƵŶĚƐ ^ĞƌǀŝĐĞƐ >> ;ƚŚĞ͞ŽŵƉĂŶLJ͟Ϳ ŝƐ Ă ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJ ŽĨ ĂŝůůŝĞ 'ŝĨĨŽƌĚ KǀĞƌƐĞĂƐ >ŝŵŝƚĞĚ ;͞'K͟ Žƌ ƚŚĞ ͞WĂƌĞŶƚ͟Ϳ͕ Ă ǁŚŽůůLJ ŽǁŶĞĚ ƐƵďƐŝĚŝĂƌLJ ŽĨ ĂŝůůŝĞ 'ŝĨĨŽƌĚΘŽ͘;͞'͟ͿĂŶĚŝƐĞĐŽŶŽŵŝĐĂůůLJĚĞƉĞŶĚĞŶƚŽŶŝƚƐWĂƌĞŶƚƚŽƐƵƐƚĂŝŶŝƚƐŽƉĞƌĂƚŝŽŶƐ͘ dŚĞŽŵƉĂŶLJǁĂƐĨŽƌŵĞĚŽŶ&ĞďƌƵĂƌLJϭϰ͕ϮϬϭϰĂƐĂůŝŵŝƚĞĚůŝĂďŝůŝƚLJĐŽŵƉĂŶLJŝŶĞůĂǁĂƌĞ͕ h^ƚŽĂĐƚĂƐĚŝƐƚƌŝďƵƚŽƌŽĨƐĞĐƵƌŝƚŝĞƐŵĂŶĂŐĞĚĂŶĚĂĚǀŝƐĞĚďLJ'K͘KŶDĂƌĐŚϮ͕ϮϬϭϱ͕ƚŚĞ &ŝŶĂŶĐŝĂů/ŶĚƵƐƚƌLJZĞŐƵůĂƚŽƌLJƵƚŚŽƌŝƚLJ;͞&/EZ͟ͿĂƉƉƌŽǀĞĚƚŚĞƌĞŐŝƐƚƌĂƚŝŽŶŽĨƚŚĞŽŵƉĂŶLJ͘ dŚĞŽŵƉĂŶLJŝƐƌĞŐŝƐƚĞƌĞĚĂƐĂďƌŽŬĞƌͲĚĞĂůĞƌǁŝƚŚƚŚĞ^ĞĐƵƌŝƚŝĞƐĂŶĚdžĐŚĂŶŐĞŽŵŵŝƐƐŝŽŶ ;͞^͟ͿĂŶĚŝƐĂŵĞŵďĞƌŽĨ&/EZ͘ dŚĞ ƉƌŝŵĂƌLJ ďƵƐŝŶĞƐƐ ŽĨ ƚŚĞ ŽŵƉĂŶLJ ŝƐ ƚŽ ĂĐƚ ĂƐ ŐĞŶĞƌĂů ĚŝƐƚƌŝďƵƚŽƌ ŽĨ ĂŝůůŝĞ 'ŝĨĨŽƌĚ h^ DƵƚƵĂů WƵďůŝĐ KĨĨĞƌ &ƵŶĚƐ ;ƚŚĞ͞&ƵŶĚƐ͟Ϳ͕ ǁŚŝĐŚ ĂƌĞ KƉĞŶ ŶĚĞĚ /ŶǀĞƐƚŵĞŶƚ ŽŵƉĂŶŝĞƐ ƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌ ƚŚĞ/ŶǀĞƐƚŵĞŶƚŽŵƉĂŶLJĐƚŽĨϭϵϰϬĂŶĚ ƌĞŐŝƐƚĞƌĞĚƵŶĚĞƌƚŚĞ^ĞĐƵƌŝƚŝĞƐ ĐƚŽĨϭϵϯϯ͘dŚĞŽŵƉĂŶLJĚŽĞƐŶŽƚŚŽůĚĨƵŶĚƐŽƌƐĞĐƵƌŝƚŝĞƐĨŽƌ͕ŽƌŽǁĞŵŽŶĞLJŽƌƐĞĐƵƌŝƚŝĞƐ ƚŽ͕ ĐƵƐƚŽŵĞƌƐ Žƌ ƉĞƌĨŽƌŵ ĐƵƐƚŽĚŝĂů ƐĞƌǀŝĐĞƐ ĂŶĚ͕ ĂĐĐŽƌĚŝŶŐůLJ͕ ĐůĂŝŵƐ ĞdžĞŵƉƚŝŽŶ ĨƌŽŵ ZƵůĞ ϭϱĐϯͲϯ ŽĨ ƚŚĞ ^ĞĐƵƌŝƚŝĞƐ džĐŚĂŶŐĞ Đƚ ŽĨ ϭϵϯϰ͘ dŚĞ &ƵŶĚƐ ǁĞƌĞ ƌĞŐŝƐƚĞƌĞĚ ƵŶĚĞƌ ƚŚĞ ^ĞĐƵƌŝƚŝĞƐĐƚŽĨϭϵϯϯǁŝƚŚƚŚĞ^͘ZĞŐŝƐƚƌĂƚŝŽŶǁĂƐŐƌĂŶƚĞĚŽŶƉƌŝůϮ͕ϮϬϭϱ͘ dŚĞŽŵƉĂŶLJĂůƐŽĂĐƚƐĂƐĚŝƐƚƌŝďƵƚŽƌŽĨƉƌŝǀĂƚĞŝŶǀĞƐƚŵĞŶƚ ĨƵŶĚƐ ;ƚŚĞ͞' WƌŝǀĂƚĞ&ƵŶĚƐ͟Ϳ ƐƉŽŶƐŽƌĞĚ ĂŶĚ ĂĚǀŝƐĞĚ ďLJ 'K ĂŶĚͬŽƌ ŝƚƐ ĂĨĨŝůŝĂƚĞƐ ƚŚĂƚ ĂƌĞ ŶŽƚ ƌĞŐŝƐƚĞƌĞĚ ƵŶĚĞƌ ƚŚĞ ^ĞĐƵƌŝƚŝĞƐĐƚŽĨϭϵϯϯ͘dŚĞŽŵƉĂŶLJŝƐĂůƐŽƌĞŐŝƐƚĞƌĞĚ͕ŝŶƚŚĞh<͕ƵŶĚĞƌƚŚĞŽŵƉĂŶŝĞƐĐƚ ϮϬϬϲĂƐŚĂǀŝŶŐĂh<ƐƚĂďůŝƐŚŵĞŶƚ͕ŐŝǀĞŶĂƚŽŵƉĂŶŝĞƐ,ŽƵƐĞŽŶ &ĞďƌƵĂƌLJϭϰ͕ϮϬϭϰ͘ {8}------------------------------------------------ ## EŽƚĞƐƚŽƚŚĞ^ƚĂƚĞŵĞŶƚƐŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ;ĐŽŶƚŝŶƵĞĚͿ #### DĂƌĐŚϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ #### ϮͿ ^ƵŵŵĂƌLJŽĨ^ŝŐŶŝĨŝĐĂŶƚĐĐŽƵŶƚŝŶŐWŽůŝĐŝĞƐ #### ĂͿ ĂƐŝƐŽĨWƌĞƐĞŶƚĂƚŝŽŶ dŚĞ ŽŵƉĂŶLJ͛Ɛ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ ŚĂǀĞ ďĞĞŶ ƉƌĞƉĂƌĞĚ ŝŶ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ h͘^͘'ĞŶĞƌĂůůLJĐĐĞƉƚĞĚĐĐŽƵŶƚŝŶŐWƌŝŶĐŝƉůĞƐ;͞h^'W͟Ϳ͕ǁŚŝĐŚƌĞƋƵŝƌĞŵĂŶĂŐĞŵĞŶƚ ƚŽŵĂŬĞĞƐƚŝŵĂƚĞƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐĂŶĚƚŚĂƚŵĂLJĂĨĨĞĐƚƚŚĞƌĞƉŽƌƚĞĚĂŵŽƵŶƚƐŽĨĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ ĂŶĚ ĚŝƐĐůŽƐƵƌĞ ŽĨ ĐŽŶƚŝŶŐĞŶƚ ĂƐƐĞƚƐ ĂŶĚ ůŝĂďŝůŝƚŝĞƐ Ăƚ ƚŚĞ ĚĂƚĞ ŽĨ ƚŚĞ ĨŝŶĂŶĐŝĂů ƐƚĂƚĞŵĞŶƚƐ͘ ĐƚƵĂů ƌĞƐƵůƚƐ ŵĂLJ ĚŝĨĨĞƌ ĨƌŽŵ ƚŚŽƐĞ ĞƐƚŝŵĂƚĞƐ͘ &ƵŶĐƚŝŽŶĂů ĂŶĚ ƉƌĞƐĞŶƚĂƚŝŽŶĂůĐƵƌƌĞŶĐLJŝƐĚĞĞŵĞĚƚŽďĞh^ĚŽůůĂƌƐ;͞h^͟Ϳ͘ #### ďͿ ZĞůĂƚĞĚWĂƌƚLJdƌĂŶƐĂĐƚŝŽŶƐ KŶ &ĞďƌƵĂƌLJ Ϯϳ͕ ϮϬϭϱ͕ ƚŚĞ ŽŵƉĂŶLJ ĂŶĚ 'K ĞŶƚĞƌĞĚ ŝŶƚŽ ĂŶ džƉĞŶƐĞ ^ŚĂƌŝŶŐ ŐƌĞĞŵĞŶƚ͘ /Ŷ ĂĐĐŽƌĚĂŶĐĞ ǁŝƚŚ ƚŚĞ džƉĞŶƐĞ ^ŚĂƌŝŶŐ ŐƌĞĞŵĞŶƚ͕ ƚŚĞ ŽŵƉĂŶLJ ǁŝůů ƌĞŝŵďƵƌƐĞ 'K ŽŶ Ă ŵŽŶƚŚůLJ ďĂƐŝƐ ĨŽƌ Ă ƉƌŽƉŽƌƚŝŽŶĂů ƐŚĂƌĞ ŽĨ ĐŽƐƚƐ ďŽƌŶĞ ďLJ 'K ŝŶ ƌĞůĂƚŝŽŶƚŽĂĐƚŝǀŝƚŝĞƐƉĞƌĨŽƌŵĞĚďLJƐƚĂĨĨǁŽƌŬŝŶŐĨŽƌƚŚĞŽŵƉĂŶLJ͘ /Ŷ ĂĚĚŝƚŝŽŶ͕ ƚŚĞ džƉĞŶƐĞ ^ŚĂƌŝŶŐ ŐƌĞĞŵĞŶƚ ŝŶĐŽƌƉŽƌĂƚĞƐ ƚŚĞ ƐĞƌǀŝĐĞƐ ƚŚĞ ŽŵƉĂŶLJ ƉƌŽǀŝĚĞƐƚŽ'K͘ƉůĂĐĞŵĞŶƚƐĞƌǀŝĐĞƐĨĞĞĞƋƵŝǀĂůĞŶƚƚŽĂůůŽĨƚŚĞŽŵƉĂŶLJ͛ƐĞdžƉĞŶƐĞƐ͕ ĞdžĐůƵĚŝŶŐĨŝŶĂŶĐŝŶŐĐŽƐƚƐ͕ŝƐĐŚĂƌŐĞĚƚŽ'KŽŶĂŵŽŶƚŚůLJďĂƐŝƐŝŶĐůƵĚŝŶŐĂŵĂƌŬͲƵƉŽĨ ϭϬй͘ #### ĐͿ ŽŶĐĞŶƚƌĂƚŝŽŶŽĨƌĞĚŝƚZŝƐŬ dŚĞŽŵƉĂŶLJŵĂŝŶƚĂŝŶƐŝƚƐĐĂƐŚĂĐĐŽƵŶƚƐŝŶƚǁŽĐŽŵŵĞƌĐŝĂůďĂŶŬƐ͘dŚĞŽŵƉĂŶLJĚŽĞƐ ŶŽƚ ĐŽŶƐŝĚĞƌ ŝƚƐĞůĨ ƚŽ ďĞ Ăƚ ƌŝƐŬ ǁŝƚŚ ƌĞƐƉĞĐƚ ƚŽ ŝƚƐ ĐĂƐŚ ďĂůĂŶĐĞƐ ǁŚŝĐŚ Ăƚ ƚŝŵĞƐ ŵĂLJ ĞdžĐĞĞĚ&ĞĚĞƌĂůůLJŝŶƐƵƌĞĚůĞǀĞůƐ͘ #### ϯͿ ŵŽƵŶƚĚƵĞĨƌŽŵWĂƌĞŶƚ /ŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞdžƉĞŶƐĞ^ŚĂƌŝŶŐŐƌĞĞŵĞŶƚ͕ ƚŚĞƌĞŝƐΨϭ͕Ϭϲϭ͕ϬϭϯĂŶĚΨϰϬϬ͕ϮϰϵĚƵĞ ĨƌŽŵ'KƚŽƚŚĞŽŵƉĂŶLJĂƐŽĨDĂƌĐŚϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯƌĞƐƉĞĐƚŝǀĞůLJ͕ǁŚŝĐŚŝƐŝŶĐůƵĚĞĚŶĞƚ ŝŶ ƵĞ ĨƌŽŵ WĂƌĞŶƚ ŽŶ ƚŚĞ ^ƚĂƚĞŵĞŶƚƐ ŽĨ &ŝŶĂŶĐŝĂů ŽŶĚŝƚŝŽŶ͘ dŚŝƐ ŝƐ ĚƵĞ ƚŽ ƚŚĞ LJĞĂƌͲĞŶĚ ĐĂůĐƵůĂƚĞĚ ƉůĂĐĞŵĞŶƚ ƐĞƌǀŝĐĞ ĨĞĞ ĞdžĐĞĞĚŝŶŐ ƚŚĞ ƉĂLJŵĞŶƚƐ ŽŶ ĂĐĐŽƵŶƚ ƌĞĐĞŝǀĞĚ ĨƌŽŵ 'K ĚƵƌŝŶŐƚŚĞLJĞĂƌĂƐĞdžƉůĂŝŶĞĚŝŶŶŽƚĞϮď͘ {9}------------------------------------------------ #### Notes to the Statements of Financial Condition (continued) #### March 31, 2024 and 2023 #### 4) Amount due to Parent In accordance with the Expense Sharing Agreement, certain costs borne by BGO are to be reimbursed by the Company. For the years ended March 31, 2024 and 2023, \$0.00 and \$640,152 is due to BGO and these amounts are included net in Due to Parent on the Statements of Financial Condition. This is due to year-end calculated costs borne by BGO due for reimbursement exceeding the payments on account paid to BGO by the Company during the year as explained in note 2b. #### Affiliated Parties ട് For the years ended March 31, 2024 and 2023, \$7,244,249 and \$7,130,964 respectively of direct expenses were recharged to the Company by BGO, of which, \$145,372 and \$51,275 respectively is due to affiliates. #### 6) Income Taxes The Company was organized as a single-member limited liability company but elected to be treated as a corporation for federal and state tax purposes. The Company files its federal and state income tax returns, where applicable, on a corporate basis. The tax years that remain subject to examination by the tax authorities are 2021 through 2023. Deferred tax assets and liabilities are recognized for all future tax consequences attributable to "temporary differences" between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period that includes the enactment date. The Company evaluates deferred tax assets periodically to determine if they are realizable. Factors in the determination include the performance of the business including the ability to generate capital gains from a variety of sources and tax planning strategies. If, based on available information, it is more likely than not that deferred income tax assets will not be realized, then a valuation allowance must be established with a corresponding charge to net income. {10}------------------------------------------------ ## EŽƚĞƐƚŽƚŚĞ^ƚĂƚĞŵĞŶƚƐŽĨ&ŝŶĂŶĐŝĂůŽŶĚŝƚŝŽŶ;ĐŽŶƚŝŶƵĞĚͿ #### DĂƌĐŚϯϭ͕ϮϬϮϰĂŶĚϮϬϮϯ #### ϲͿ /ŶĐŽŵĞdĂdžĞƐ;ĐŽŶƚŝŶƵĞĚͿ dŚĞŽŵƉĂŶLJƌĞĐŽƌĚƐůŝĂďŝůŝƚŝĞƐĨŽƌƵŶĐĞƌƚĂŝŶƚĂdžĨŝůŝŶŐƉŽƐŝƚŝŽŶƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ&ŝŶĂŶĐŝĂů ĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĂƌĚ ;͞&^͟ͿĐĐŽƵŶƚŝŶŐ^ƚĂŶĚĂƌĚƐŽĚŝĨŝĐĂƚŝŽŶ ;͞^͟ͿdŽƉŝĐϳϰϬ͕ /ŶĐŽŵĞdĂdžĞƐ͕ǁŚĞƌĞŝƚŝƐŵŽƌĞͲůŝŬĞůLJͲƚŚĂŶͲŶŽƚƚŚĂƚƚŚĞƉŽƐŝƚŝŽŶǁŝůůŶŽƚďĞƐƵƐƚĂŝŶĂďůĞƵƉŽŶ ĂƵĚŝƚ ďLJ ƚĂdžŝŶŐ ĂƵƚŚŽƌŝƚŝĞƐ͘ dŚĞƐĞ ůŝĂďŝůŝƚŝĞƐ ĂƌĞ ƌĞͲĞǀĂůƵĂƚĞĚ ƌŽƵƚŝŶĞůLJ ĂŶĚ ĂƌĞ ĂĚũƵƐƚĞĚ ĂƉƉƌŽƉƌŝĂƚĞůLJďĂƐĞĚƵƉŽŶĐŚĂŶŐĞƐŝŶĨĂĐƚƐŽƌůĂǁ͘dŚĞŽŵƉĂŶLJŚĂƐŶŽƵŶƌĞĐŽƌĚĞĚůŝĂďŝůŝƚŝĞƐ ĨƌŽŵƵŶĐĞƌƚĂŝŶƚĂdžĨŝůŝŶŐƉŽƐŝƚŝŽŶƐ͘ dŚĞŽŵƉĂŶLJΖƐĞĨĨĞĐƚŝǀĞƚĂdžƌĂƚĞǁŽƵůĚďĞĂĨĨĞĐƚĞĚƚŽƚŚĞĞdžƚĞŶƚƚŚĞƌĞǁĞƌĞƵŶƌĞĐŽŐŶŝnjĞĚ ƚĂdž ďĞŶĞĨŝƚƐ ƚŚĂƚ ĐŽƵůĚ ďĞ ƌĞĐŽŐŶŝnjĞĚ͘ dŚĞƌĞ ĂƌĞ ŶŽ ƉŽƐŝƚŝŽŶƐ ĨŽƌ ǁŚŝĐŚ ŝƚ ŝƐ ƌĞĂƐŽŶĂďůLJ ƉŽƐƐŝďůĞƚŚĂƚƚŚĞƚŽƚĂůĂŵŽƵŶƚŽĨƵŶƌĞĐŽŐŶŝnjĞĚƚĂdžďĞŶĞĨŝƚǁŝůůƐŝŐŶŝĨŝĐĂŶƚůLJŝŶĐƌĞĂƐĞǁŝƚŚŝŶ ƚŚĞŶĞdžƚϭϮŵŽŶƚŚƐ͘ dŚĞ ŽŵƉĂŶLJ͛Ɛ ƉŽůŝĐLJ ĨŽƌ ĐůĂƐƐŝĨLJŝŶŐ ŝŶƚĞƌĞƐƚ ĂŶĚ ƉĞŶĂůƚŝĞƐ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƵŶƌĞĐŽŐŶŝnjĞĚ ŝŶĐŽŵĞ ƚĂdž ďĞŶĞĨŝƚƐ ŝƐ ƚŽ ŝŶĐůƵĚĞ ƐƵĐŚ ŝƚĞŵƐ ĂƐ ŝŶƚĞƌĞƐƚ ĞdžƉĞŶƐĞ ĂŶĚ ŽƉĞƌĂƚŝŶŐ ĞdžƉĞŶƐĞ͕ ƌĞƐƉĞĐƚŝǀĞůLJ͘EŽƐŝŐŶŝĨŝĐĂŶƚŝŶƚĞƌĞƐƚŽƌƉĞŶĂůƚŝĞƐŚĂǀĞďĞĞŶƌĞĐŽƌĚĞĚĚƵƌŝŶŐƚŚĞLJĞĂƌƐĞŶĚĞĚ DĂƌĐŚϯϭ͕ϮϬϮϰĂŶĚDĂƌĐŚϯϭ͕ϮϬϮϯ͕ƌĞƐƉĞĐƚŝǀĞůLJ͘ dŚĞŽŵƉĂŶLJĂůƐŽŚĂƐƌĞŐŝƐƚƌĂƚŝŽŶƐŝŶƚŚĞhŶŝƚĞĚ<ŝŶŐĚŽŵ;͞h<͟ͿĂŶĚƚŚĞƌĞĨŽƌĞŝƐĂĚƵĂůƚĂdž ƌĞƐŝĚĞŶƚ͕ǁŝƚŚŝƚĨŝůŝŶŐƚĂdžŝŶďŽƚŚƚŚĞhŶŝƚĞĚ^ƚĂƚĞƐ;͞h^͟ͿĂŶĚh<͕ǁŝƚŚƌĞƐŝĚƵĂůƚĂdžƉĂŝĚƚŽ ƚŚĞh<ŝĨĂƉƉůŝĐĂďůĞĂĨƚĞƌh^ĨŝůŝŶŐƐĂƌĞĨŝŶĂůŝƐĞĚ͘,ŝƐƚŽƌŝĐĂůůLJ͕ƚŚĞh<ĨŝůŝŶŐƐŚĂǀĞŚĂĚάŶŝůƚĂdž ůŝĂďŝůŝƚŝĞƐĚƵĞƚŽĂůŽǁĞƌƚĂdžƌĂƚĞƚŚĂŶƚŚĞh^͘&ƌŽŵƉƌŝůϭ͕ϮϬϮϯ͕ƚŚĞh<ĐŽƌƉŽƌĂƚŝŽŶƚĂdžƌĂƚĞ ŝŶĐƌĞĂƐĞĚĨƌŽŵϭϵйƚŽϮϱйĂŶĚƉĂLJŵĞŶƚƐŚĂǀĞďĞĞŶŵĂĚĞĚƵƌŝŶŐƚŚĞLJĞĂƌƚŽ,ŝƐDĂũĞƐƚLJ͛Ɛ ZĞǀĞŶƵĞ ĂŶĚ ƵƐƚŽŵƐ ;͞,DZ͟Ϳ ŐŝǀĞŶ ƚŚŝƐ ĐŚĂŶŐĞ͘ ƵĞ ƚŽ ƐƚĂƚĞ ƚĂdž ĐƌĞĚŝƚƐ ŽǀĞƌͲĂĐĐƌƵĂůƐ ďĞŝŶŐƌĞůĞĂƐĞĚŝŶƚŚĞĐƵƌƌĞŶƚLJĞĂƌ͕ǁĞĚŽŶŽƚĞdžƉĞĐƚƚŽŚĂǀĞĂh<ƚĂdžůŝĂďŝůŝƚLJŝŶƌĞůĂƚŝŽŶƚŽ ƚŚĞLJĞĂƌĞŶĚĞĚDĂƌĐŚϯϭ͕ϮϬϮϰ͘ ### ϳͿ KĨĨͲĂůĂŶĐĞ^ŚĞĞƚZŝƐŬĂŶĚƌĞĚŝƚZŝƐŬ dŚĞ ŽŵƉĂŶLJĂĐƚƐĂƐŐĞŶĞƌĂůĚŝƐƚƌŝďƵƚŽƌ ŽĨ ƚŚĞ&ƵŶĚƐĂŶĚ ' WƌŝǀĂƚĞ &ƵŶĚƐ͘ ZĞĐĞŝƉƚƐĂŶĚ ƉĂLJŵĞŶƚƐĨŽƌŵƵƚƵĂůĨƵŶĚƐŚĂƌĞƐƐŽůĚŽƌƌĞĚĞĞŵĞĚĂƌĞŵĂĚĞĚŝƌĞĐƚůLJƚŽ͕ŽƌďLJ͕ƚŚĞŝƐƐƵĞƌƐ Žƌ ƚŚĞŝƌ ĂŐĞŶƚƐ͘ dŚĞƌĞ ŝƐ ŶŽ ŽĨĨͲďĂůĂŶĐĞ ƐŚĞĞƚ ƌŝƐŬ ĂƐƐŽĐŝĂƚĞĚ ǁŝƚŚ ƚŚĞƐĞ ƚƌĂŶƐĂĐƚŝŽŶƐ ĂƐ ĐƵƐƚŽŵĞƌƐ ǁŝůů ĚĞĂů ĚŝƌĞĐƚůLJ ǁŝƚŚ ƚŚĞ &ƵŶĚƐ ĂŶĚ ƚŚĞ ŽŵƉĂŶLJ ĚŽĞƐ ŶŽƚ ŚŽůĚ Žƌ ƚƌĂŶƐĨĞƌ ĐƵƐƚŽŵĞƌĨƵŶĚƐ͘ ### ϴͿ ŽŵŵŝƚŵĞŶƚƐĂŶĚŽŶƚŝŶŐĞŶĐŝĞƐ /ŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨďƵƐŝŶĞƐƐ͕ǀĂƌŝŽƵƐĐůĂŝŵƐĂŶĚůĂǁƐƵŝƚƐŵĂLJďĞďƌŽƵŐŚƚďLJŽƌĂŐĂŝŶƐƚ ƚŚĞŽŵƉĂŶLJ͘ƐŽĨƚŚĞĞŶĚŽĨƚŚĞLJĞĂƌ͕ƚŚĞƌĞǁĞƌĞŶŽƐƵĐŚĐůĂŝŵƐŽƌůĂǁƐƵŝƚƐďƌŽƵŐŚƚďLJŽƌ ĂŐĂŝŶƐƚƚŚĞŽŵƉĂŶLJ͘ {11}------------------------------------------------ #### Notes to the Statements of Financial Condition (continued) #### March 31, 2024 and 2023 #### 9) Net Capital Requirement As a FINRA registered broker-dealer, the Company is subject to the SEC Uniform Net Capital Rule ("Rule 15c3-1") of the Securities Exchange Act of 1934, which requires the maintenance of minimum net capital. Under Rule 15c3-1, the Company is required to maintain minimum net capital equal to the greater of \$5,000 and 6 2/3% of aggregate indebtedness. The ratio of aggregate indebtedness to net capital, both as defined, shall not exceed 15 to 1, and that equity capital may not be withdrawn, or cash dividends paid if the resulting net capital ratio would exceed 10 to 1. At March 31, 2024, The Company had net capital of \$1,847,458, which was \$1,839,488 above its required net capital of the greater of \$5,000 or 6 2/3% of aggregated indebtedness. The ratio of aggregate indebtedness to net capital was 0.06471 to 1 at March 31, 2024. #### 10) Subsequent Events The Company has performed an evaluation of events that have occurred subsequent to March 31, 2024, and through May 28, 2024, the date of the filing of this report. There have been no material subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the financial statements as of March 31, 2024. Source: SEC EDGAR via Adviser Search (https://search.stillhousedata.com). Agents: see https://search.stillhousedata.com/llms.txt.