THE HENOCQ LAW TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 Charfty Reglstrntlon No. 1167312
THE HENOCQ LAW TRusr CoEpIr5 Page REFERENCE AND ADMINisfKATNE DAlLs TRUSfEES' REPORT AUDET REPORT ATEMEW OF FINANCIAL ACllVrnES BALANCE SHE io CASHFLOW ATEME li NOTES TO THE FINANCIAL sfATEMEKrs 12-18
THE HENOCQ LAW TRusr REFERENCE AND ADMINIRATIvE DETAILS Chaiity Number 1167312 Trustees Delah Law RCld Her( Franziska Willes R¢)Jerid( Smith Prlncipal Address 92 Webster Rood London SE16 4DF Auditors Knox Croprer LLP 65 Leadenhall Street London EC3A 2AD Bankers CAF Bank knmited 10 St Brtde Street London EC4A 4AD Solldto Brecher LLP 4th Aoor 64 North Row Lond WIK 7DA Investment advlsors Edi50n Wealth Management 22A St James's 94uare LorKlon SWIY 4JH
THE HENOCQ LAW TRusr TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2023 The Trustees of charity wet ststutory reFJt tc4Jether the accounts of The Henow Law Trust C'the Trusv? for the year to 31 Decemter 2023. The accounts have tEen wepared in accordan with the accountirvj w)licies set out on pages 12 to 14 of the attachd ac(x)unts and CoMY with the Trusvs Twst De, appliCae laws, accounting standards (United "ngdom Generally Atpted Accountirrfj Practice) aThJ Accountsng and Retx)rbng by Charltles.. Statement of Recommended Prartice awlicable to Chariti preFh3rirKJ their accounts in accordan with the Financlal RertIng StaThYard applicable in the unit kn"ngth)m Republic of Ireland (FRS 102). INTRODucfioN The Trust wa5 establ1s by a Trust Deed dat[ 21 January 2016 and ccffifimiatlon of reglstrauon w¢th the Charity Commis5K)n wa5 r&eived 24 May 2016- Charity Registrat Number 1167312. The Trust was fouThJ8J ty the setuor Detxjrah Law arKI Ronald HerKxq, aloryskle the other orlglnal Trustees Rcxjerick Smith and Franziskh Willets, and was estsblished by an initial gift of ten Found5 from Deah LAW, in the year 2016. The Trust (ts not acknvely fundraise and instead has funded over the years by substanllal gifts to the Trust ma¢k by the HencKq Law family. The legacy of the Hen{Q Law Trust is a lasting tribute to Peter arKI Anne Law, the parents of DeLKJrah Law and seek5 to ccffltinue the charitable work In accordarKe th its objectives through careful stewardship of its exlsting resrCeS. ACTNMES, speciFIC OBJEcfIvES AND RELEVANT POLICIES Actlvltles and speclflc ¢)bjectlves The Trust's charitable objective as eXpred In Its dritate objects Is: "Such charitsble purp)ses {accordlng to the kiw of ErrfJlaThJ and Wale5) a5 the Trustees think fit from time to b'me". The Trust carfes out th objects ty fundlng: Oigani5ation5 Identlfied ty the TrLtstees as actfve In the flekj of the en¥ArCMent, arts and humanltadan need,. and Indivldual sdK)larshlF6 for ojucatlon researth In the pri(¥lty afeas. Saving the anet, humanltsrian needs and arts aThJ ojlture are fundamentsl to putAic cotxem and ne&Y. The Tnjstees have chosen to wiorttise these three areas the kn"g chalknges facing humanity today are environmentsl and humanitarian and workn'ng towards education and solutior¢s in these areas brings benefit to humanity as a whole. The arts play a major role In afvarKiTrJ sUStainalIty ar therefore the Trust alx) chose to prioritise thi5 area. Objertlves and activitles lor the publk benefft The Trust's sole artivity Is maklrKJ grants to (haritsile organitions, fulllng their alm tr) help Feople and the environment they live in. The Trustees have confirm1 that they have referred to the guidan contalned In the Charty Commlsslon's general guidance on public trEnefit Wh wewing the Trusys aims aThJ objectives, managing the Trust's assets considering aFWicati(s for (inarla1 assiStae. The Trust are in Corresponden all of the organisations that the Tnjst suppKxts and we receive individual repL)rts from all redpients of our grants to ensure that wr grants delNer pub11c LEnefit. We ensure the putlic benefit is met by monikning the acbvits.es of the lpients of our sJprx)rL
THE HENOCQ LAW TRusr TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2023 AcfiviTIES SPECIFIC OBJEcfIvES AND RELEVANT POLICIES {CONTINUED) Grant makin9 policy and aims The Trust has established its grant maknrYJ p)licy to achieve its objects for the pU1C benefit to seek a worfd which is Sustainable for all aj to improve the quality of wples lives. In order to award funding, the Trustee5 carry wt researth as to whoch organisab and aluCaOn tN)Jie5 have the most Impart. For example. in a5sesslng which environmentsl organisations to gjpport the Env¢ronmentsl Funders Networks 'Insights from UK Environment Sertorf re[ was csUIted aThJ used as a gui(. In this reFK)rt 92 charitable organisats'ons coThJucting enVirMental work respb)nded to qLstiOns and the report detalled which were the environmental (xganisakn"ons accomplishing the nKSt. From this rewrt the Trustees decid&1 to ftjnd a number of the most effective enVirOnntal Ly9aniZati( IndL#Jiro Greenpea. Friends of the Earth and the Royal Sc£iety for the Protettion of Birds. ACHIEVEMENTS AND PERFORMANCE During the year to 31 DemIr 2023, Trust Inlestal In Ilstsj Investments managed by Edig)n Wealth Management. A gnIficant donation of Investments by the TtUStees Wa5 paid into the Trust's investfflent account. During the year to 31 D&emr 2023, a series of awards have t7 made gjpportlng varylng 4zes of organi5ats'on5, fulfillirg our aims to help rwple the enV1ment they live In. These grants are set out In Note 4. 1 to the Accounts. We are very pleased that these grants have ae to help small arKi large ganISab0ns operatin9 in the arts and the protection of the envlronment, promots"TrJ human rlghts ar pmMdirYJ humanitsrian aid. FINANCIAL REVIEW Results for the year A summary of the year's rwlts can be ftr1 on page 9 of thls repcrt a1 accounts. Income amounted to £1,073,811 (2022.. £16,829). of whlch £1,053,286 was derived from donatlons12022: £Nil) and E20,525 was deriv&1 from listed InveStts and bank interest weivable (2022.. £16,829). ExndItUre anUnt to £668,529 (2022: £606,042). This balan compn.sed £46,67912022'. £49,641)relating to Investmert manager fee5 and £621,850 (2022 £556.401) ¥tnt on charitable artivities including grants and assoclated suppyt costs. The accounts for 2023 show a net increase in funds of £768,220 (2022.. dase of £1,249,689} after accounting for net gains on Ilst&l investments of £362,938 (2022: losses of £660,476). The Trust's 11sted Investments had a market value of E5,019,358 at 31 Dember 2023 (2022: E4,264,5481. Cash held by investment managers amounted to £103,415) (2022: £,463) tNlnging the total value of Inv&ments to £5,122,773 {2022.' £4,355,011). The total net assets in the balance sheet to £5.132,112 {2022: £4,363,892) and the Tnjsts fvnd5 are unrestrictaj. It Ss confirmed that the Tnjst's funds aThJ anti0pal Income for the comirwJ year are a(Èquate to fulfil tt planned tharitatrAe acbviues crf the TrusL Reseryes pollcy The Trust has rK) Committ eXpmY1tUre, overhe•Js or runnlThJ costs arml it Is not necessary to maintain reseNes. The Trust does not pdge awards In thaiKe arMI only allwates mcffties from Its available invested ftjnds. At 31 December 2023, the free rerves of the Trust arrnted to £5,132,112 (2022.. E4,363.892), whid) the Trustees believe is sufficient in above contexL
THE HENOCQ LAW TRUST TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW (CONTINUED) Investment pollcy The Trust's listed InvestTh are manag&Y by EdIn Wealth Management. The Trustees aim to make y9nificant distillti0rts in ftrture via the CAF cash accryjnt Usually in two equal yearly payments. The amount may vary deF[KIllYj on whether appropriate organisatsons and pro1 can be found to fund or if ithd the objectives of the Twst thange. The Trust will also make regular payment to RIVA (RedenCieS In Visval Arts, a tharity whose Trustees are also Trustee5 of The Hencw Law Trust) to meet the rentrl costs of RIVA'S premises. The spending policy of the Trust is x•mething that has erfolved over time. In fvtsJ, the TNstees may opt to make larger slngle contributsons. In the lorvJer term, theTru&ees may to embark on o pollcy of *ndlng down the capitsl completely but fcf the nexi ten year5. The investment rtfOliO should be Invested wlthin ethical ccnstraints a5 dets111 In ihe Investment Mandate. GOVERNANCE, sfRvcnJRE AND MANAGEMENT Appointment of Trustee5 and key management personnel The Trust does not have emJoyees and Is managed by the founding gInal Trustees who are Ilsted on page , wlth the fouThJing memters hn9 reswngble for the day-ttrday running of the Trust and are considered to be key management Fewnnel. ljl Trustee5 have given thelr tlme frY aTrJ Trustee remuneraticv) was paid In the year. A new Trustee or new Trtee$ nkly te apwnbj at any time (either by way of re[lament or a(Allon), Trustees Serve for three years after which they may put themselves forward for re-appoinlment. The Trustee )ard shall Const of at least two persons t)ut {unless i)therwise detem)iwJ ty the Trustees) there slN411 be no maximum number of Trustees that may app(Mnted. A Trustee may be appinted or dischargay IN a rtr4)IUti of a meetlng of the Trustees, prOvId that memorandum declaring such ap.ntment or dixharge thall be signed as a deed, either at the meets'ng by the person presiding or in some other manner direrted by the meeb"w and affected by tsyo rErsons present at the meetlng. The Trustees rnt as often as it needs to be effective, at least Or a year and meeting5 tske Pla physically or via video or tdephone conference. ThrcxKJhout the yearTrustee5 rna1n in contatt and correstx)nd via email and telephone. At Tru5tees' etirj5, the Trustees agree the toard strategy and areas of artivity, includlng consldering grant mak'Fng. irwestment, reseNes and risk managent polIcS and performan. Risk management The Trustees have constdered the major rtsks to whith the Trustls eXSeI and have review&1 those rlsks and estsblished systems and procojures to manage tFx)5e risk
ThE HENOCQ LAW TRiisr TRusfEES' REPORT (CONTINUED) YEAR EPIDED 31 DECEMBER 2023 Rlsk managemfjrt (t¢•ntlnued) The major operational risk is the ex to whlch our grants successfully meet the Trusts objLxtives. The Trustees markige this risk by retsining TTUStees of AffKient exFertise and skill and gaining advi from experts in the field $0 as to ensure that our grants cthrytinue to meet our charitsble objedives. Trustees are continually updated by redpknts as to their granvs Lse and efftIve, any fvndlryj Is revi&¥ed on an annual basis. ststement of Trustees, responslbllltles The Tnjstees are re5wnsible for preparing the repyjrt and accounts in KCOrdan with applicable law and United Kingdom Accounting Stsndards (United ngd¢)rn Generally Accepted Accounting Practice). The law applicaljle to charities in arwj Wales rWUl tre Tnjstees to [ryre Kcounts for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resour and application of reScA1r of the Tn& that FerKKI. In pparIrKj these acc(yJnts, the Trustees a re]uired Selt suitsble acuMJntiThJ Olcies arKI ttr appty ttrthi consistenty: observe the methods ar prfnoples In AccourtlrKJ arLI ReFK)rt6ng by charleS. Strtement of Recommended Practice applicable to charities preparing their accounts in rdan with the Financial Rep)tting Stsndard applicable to United Kingdom aThl Rewblic Ireland (FRS 102); make Judgements aTrJ estims that are reable aTrJ wud. stste whether athicable Unltsl Kingdom acc¥)untlng stsndards have been followeAI, subJ&t to any mrlal departures dixk6ed and explained In the acrounts; a1 ppare the accounts C the goir¥J concern l>asis unless It ts Inapprowlate to prewme that the Trust wlll contlnue In operatlon. The TrnAst are reS[ble for Wng proper accountlThJ reoyds that dt5dose wlth reasonable accuracy at any t5me the financial the Trust and enat4e then to ensure that the acccwnts comply with the Charfties Art 2011, applkable Charity ((nts aThJ Repjts) Regulation5 afKI the provisions of the governing d¢xuments. They are also reswnsible for s3feguardirKJ the aSts of the Trust and hen for tsn9 reasonable steps for the prentIon and dettI rf fra1 and otrr irregulare5. PLANS FOR THE FimiRE The Henocq Law Trust alms to cement relatI5p5 the reclpients (rf grants whilst malntslnlng an open mind to suprort other organisations with our charitsble objective5. SIgnl on behalf of the Trustees: a(4 L IAJ Trustee Deborah Law R{wld F*r Approved by the Tnjstees on....... ..... ......... ..............2024
THE HENOCQ LAW TRusr XNDEPENDENT AUDrroR'S REPORT TO THE TRusfEES OF THE HENOCQ LAW TRusr Opinion We have aL¥lited the finala1 statements of The Hencq Law Tnjst (the 'thaiity? for the year ended 31 December 2023 which comprise the statement of finarKial adivities, the bala[ sheet, the statement of cash flows and notes to the finarrial statements, indudirKJ a summary of significant accwnting kKJlioes. The financial reporting frarnework that has tttn applied in thw'r preparati( is applicable law and United Kingdom Accounting Standards, induding Financial Reting Standard 102, Financial Rep)rtirrtJ Standard aFplicable in the UK and Republic of Irela1 (United .nffl Gervally Acpt Accwnting Practre). In our opinion, the finandal ststements: give a tnje ènd fair view of the state of d)aritVs affairs as at 31st December 2023 and of Its Incom1Th2 resources and apatr"on of resources for the year then ended,. have tken property prepared in acCtsn with Unrted [ck)M fnerally ACpted Accountir¥4 Practi. and have been tKeparal In acctythrKe with a)arib'es Art 2011. Basls for oplnlon We cOuCted our audit in aCCCdan with lntunatnaI Standards on Audiling (UK) IISAS (UK}) and applicable kiw. Our responsibilibes under those stsrKlards are further descri in the ALHJitor's responsibilities for the audit of the financial statements sethon of our retKsrt. We are Indeent of the charity in accordan wlth the ethical requlrements that are relevant lo our aLMJit of the firkinoal statemwts in the UK induding the FRC's Ethical Standard, and we have fulfilled our other ethical respNJnsibilib"es in accordan wlth these requirements. We believe that the aLthJit we have Cthid 15 gjffioent arKI appropnate to provide a basis for our opinion. Concluslons relatlng to golng concem In auditing the financial statements, we have ccrfKluded that the trust$, use of the concern basls of au[l.[j in the weparalion of the finaal ststents Is appropriate. Based on the work we have perform8J, we have not identifial any material unrtaltieS relating to events or condits'ons tha¢ indiv¢dually or cltiVY, may cast slgnificant dbt on the charity's ability to conllnue as going concwn for a of at least iwdve months from when the finanaal statements are authorised for i55ue. Our restK)ngbilib'es and the reSp)ntlitIeS of the trustee5 respect to golrvj cc4)cem are described In the relevant sections of this repJrt. other InfoTmatlon The other information comprlses the InformatK)n Incl in ihe annual reEKsrt, other than the finandal statements and cwr audit5 reF4Xt thff. The trustees are res&KN)Lle for the inftThation. Our opinicfft on the financial statements cte5 rbx c{Trr the othu inftxmatlon and we do not express any fom of aSsUrare (Dndu90n thweon. In connertDn with our audit of the financial statements, our restx)nsibility 15 to read the other information and, in doing 50, con%der whether the other information is materially iFK0nStffflt with the financ1 ststements, or our knowledge obtained in the audit, or otherwise appea to te malerially misstated. If we identify such material inconsistencies or appant material misstatements, are reyuired to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have perfmed, we ((Ude that there is a material misststement of this other informafjon, we are required to rewrt that fact We have rK)thing to reFth in this reganj.
THE HENOCQ LAW TR INDEPENDENT AUDrroR'S REPORT TO THE TRuEE5 OF THE HENOCQ LAW TRU Matters on which we are requlred to report by exceptlon We have nothing to retK)rt in restkrt of the fdlowirKJ matters in relaticfft to whKh the Charities {Accounts and Reports) Regulations 2008 require us to rert to you if, in our opinion: the information given in the findnclal gatents is ir£0nsistet in any material resp with the trusW' rert,. or suffldent accounting records have teen keF¢.' or the finatKial statements are in agreement wilh the accountirvJ records; or we have not reiVed all the inforrnatn and exF4anatlons rg]uire for our audlt. Responslbllltles of trustees As eXained more fully in the trustees. resp)nslbllltles ststement set out Foge 4, the tnjstees are responslble for the preparation of the financial statements and Satisfi that they give a true and falr view, and for such Internal control as the trustees (kterniine is necessary to enatje pparatIOn of finanoal statements thal are free from matenal mi55tatemen¢ whether dL to fraud or error, In preparing the ftnancbal statements, the trustees are res[K$ble for asSeng the charty'5 abillty to continue as a going conrn, disclostry, as applicable, matters relatey to going cor(em and ugng the 90ing concem bas15 of accoUnn9 unless the trustees elther Intend to Ilquldate the charity or to cease owations, or have no wllstic alternative but to do so. Audltor's responslbllltles for the audlt of the flnandal statements We have been app(inted as auditor under section Iq4 of the Charities Act 2011 and Pt in aCcOrdae wlth the kt and relevant regulatI)S made or haviThJ effect thereurKler. Our obiertives a to obtsln reascae aSSUrar abjut ihe fInala1 statements as a whde are free from material mi55tstemenl, whether due to fraLKI iy error, arKI to issue an auditor's report that includes our opinbon. Reasonable assurance is a hh level of aS9Jran, but is not a guarantee that an audit conducted In ccordance with ISAS {UKI will always dett a material misststement when it ex15ts. Misststements can arise from fraud or error and are consi¢kred Mateal if, irKJividually or in the aggregate, they could reanablY te extected to InfllnCe the economic decisiors of users tsken on the ba5 of these financial statements. Irregularities, Idir0 fraud, are InstarKes c rnTraynFA1an vlth laws aThJ r83ulations. We (*gn prOdureS n line with our restSIbilItIes, outllned atNe, to detett mateiial misstatements in re5pert of irregularities, Including fraud. Tr eXtt to which our pr(teOU a capaue tt"4 irregularitie5, inclLKJing traud is detailed below.. We obtain8J an urnlerstanding of the18Jal aTrY regukitcry framewcffks that ère apICable to the Chaty a1 detemined that the most Snificant a the Ststement of Recornmend Prartice'Accounting and Reporting by Charitr'es. (SORP), in acC[¥dan with the FinarKial Rerth'TrJ Stsndar(l awlicate In the UK (FRS 1021 and the (harities Act 2011. We how the Charity is comF4wng with those frameworks tommuniration with those changed with govemance, together with the revieN of the atI5 dOcu[TEnt rK)licies and syoc8Jure& The Charity 15 required to comply wbth charity law and, ba our knowle(kJe of Its activbties, we ithntified that the requirements relats'ng to the invesiment of funds was of key significance.
THE HENOCQ LAW TRusr INDEPENDENf AUDrroR'S REPORT TO THE TRusfEES OF THE HENOCQ LAW TRusr Audltorfs responsibllltles for the audit of the flnandal statements (Contlnued) The audit team, which is experienced in the audit of charitses, considered the Charitys susceptibillty to material misstatement arKI how fraLbJ may ¢xcur. Our consKlerations included the dsk of management overrhde of controls. Our approach was to check that the inccwne frrmn donations were prowly hlentified and accuratsly disclosed, that expenditu compli&J with the control prcredures and was appropriately charged. We confimed the movements on the investments and the bank accounts. We also Wbewed journal adjustsments and unusual transartions for management override and consider&J the identification and dlsclosure of lat& party transactbns. The are Inhent limltstions In the audr( prJu dexribed aiy)ve and, the further removed non- Complian with laws and regulations is from the events and (ransactions reflected in the financkl statements, the le55 likely we woukl ttcome aware of it. The risk of not detecting a materol mlsststement due to fraud Is hlgher than the r6sk of not detKtirKJ one Ulting from error, as fraud may involve deliberate cOnalment by, for example, for9ery or intent1 misrepresentations, or through collusion. A further descrlptlon of our nsibIlItIeS for the alKI of the finarthl ststeffents 6$ Iccated on the Flnancial Rep)rting Council's website at: vwhv.frc.ory.uklauditwnslbilltles. Thls description fomis part of our aLKJitorfs report. Use of our report This reFQrt is made solety to the charfvs trustee5, as a ly)ty, In accordance wlth Part 4 of the Charltles (Accounts and Reports) Regulath)ns 2008. Our aLKif( work has been urKlertaken, 9) that we might state to the charlty's trustees those matters we are required to stste to them in an auditorfs rep)rt and for no other purFose. To the fulW extent permitted by law, we do not accept or assume reswnsibility to anyone other than the charity and the charity's trustees as a t4)dy, for our aLKlit work, for this rerort or for the opinions we have ft)rml. Knox Cropper LLP Chartered Accountsnts and SLitutory 65 Leadenhall Street London EC3A 2AD 21st OCtor 2024 Knox Cropper LLP is elKJible for apwintment as audltor of the tharity by virtue of Its eligibility for app)intment as auditor of a ccrfnpany Ur sth 1212 of the Companies Act 2(.
THE HENOCQ LAW TRiIST srATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDMIRE ACCOUNT YEAR ENDED 31 DECEMBER 2023 Un 2023 nds 2022 Income from Donations and grants InveStmts, Income arKI interest re1Valle 1,053,286 20,525 16,829 Total income 1,073,811 16,829 Expenditure on Raislng funds Investment ffjanagemt fees Charitable artivities 46,679 621,850 49,641 556,401 Total expendlture 668,529 606,042 Net expendlture (Gainslllosses on investments 405,282 362,938 {589,213) {660,476) Net movement In fund5 768,220 {1,249,689) Reconciliation of funds Fund balan brought forward 4,363,892 5,613,581 Fund balances catrled fOard £5,132,112 £4,363,892 The notes on pages 12 to 18 fr)rm tkirt of these finanaal *aterrthts. The statement of finandal activities all galns and rerognlsoj In the clI. l income and exFenditure from Ctinuing actitr"es.
THE HENOCQ LAW TRusr BALANCE SHEEr AS AT 31 DECEMBER 2023 Investments 5,122,773 4,355,011 Debtors Cash at bank and in hand 1729 13.210 13,321 15,939 13,321 Credltors: amounts falliThJ due wlthin one year (6,6CKI) (4,440) Net Current Assets 9,339 8,881 Total assets less oJrrent1Salx'litles £5,132,112 £4,363,892 Income funds Unrestricted fur#Js io 5.132,112 4,363,892 £5,132,112 £4,363,892 The finandal Statsffnts wwe apwoved by tre TnJst*s on . Is ..2024 Oel, Trustee Deborah Law Ral HerK The notes on pages 12 to 18 fM part d these finarKial statemets. 10-
THE HENOCQ LAW TRUST STATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Net tssh Provided by (used In) Operating Activities Cash flows from Investing activities: Dividends and interest from investments Movement In Investmert Mawer's Cash Proceeds from sale of investments Glft of Investments PrChaSe of investments 384,188 {604,2421 20,525 112,952} 3,225,564 (1,053,286) 2,564,150 16,829 21,849 3,970,289 Net cash provided by (used In) Investing actlvldes {384,299} 459,763 Change In cash and cash equlvalents In the reportlng perlod (iii) (144,4791 Gish and cash equlvalents at t*glnnlrwJ of the reFQrtlng perlod 13,321 157,800 Cash and equlvalents at the end of the reportlng perlod £13,210 £13,321 Recondllatlon of net Incomel(expendlture) to net cash flow from operating •Ctlvltles 2023 2022 Net Incomel(expendlture) tor the reportlng perlod.. (as ststement of financial activities) (Gains)IL0s5e5 on Investments Dividends and Interest from inveslments (Increa5e)Idecrease in debtors Increaselldecrease) In llitorS 768,220 (362,938) (20,525) {2,729} (1.249,689) 660,476 (16,829) Net cash provlded by (used In) i>peratlng actlvltles £384,188 £{604,2421 Analysls of changes in net funds At OII0112023 Cashllows At 3111212023 Cash at tonk £13.321 £(iii) £13,210
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Charlty Infonnation The Hencw Law Trust is an unlncorForated T. Its prindpal of Is 92 Webster Road, London, SE16 4DF. 1,1 Accountlng convention The financial staterllents have en prepared in aca)rda[e with Accounting and Reporting by Charities.. ststemenl of Recommend&1 Practice appliCae to (fvritie5 weparing ther ac(x)unts in aCcOr¢Jan with the FinarKial RepK)rting Standard applIG3b in the UK and RepU1C of Ireland IFRS 102) leffectbve I January 2019) and the Ctwrities kt 2011. The financial ststements have tEen Prepar to give a 'tnJe and fairf view and have departed from the Charities (Accounts and RewKts) Regulats"ons 2LK)8 only to the extent required to provide a 'true and falr, vlew. This departure has invdved followirvj AccountiThJ and RertIng by Charbties: Statement of Recommended Practice aF¥)licable to charib.es preparing their accounts in accordance with the Financial Rep)rting Standard applicatAe in the UK arKI Republic of Ireland (FRS 1021 issu$ In October 2019 rather than the Accountsng and Rep)ttsTrJ by Charitr"es: stateMt of R0MMerI8j Prartice effective from I April 2005 whh has nce been %wthdrawn. The flnanclal statements are prepared In sterlirrfj, whlch Is the funcuonal currency of the Charity. The financial ststements have been pparts under the historical c05t convent+on, wth items recognlsed at cost or transactlon valL unlw otherwise stated in relevant notes to these Kcounts. 1,2 Going concern Al the time of approving the finandal statements, the Trustees Iwve a reasonable expertatr'on that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charlty is not an Orerab'onal tharity havlNJ stsff and overtd5 make5 grants and donauons from its investment IrKome. The Trustees have assessed whether the use of the Conrn assumption is appropriate in preparing these accounts. Tr Twstees have made thls assessment in respect to a perfod of one year from the date of approvol of these acCnts. The Trustees of the Trijsi have condLJed that there are maten.al urtain'es related to events or corKlition5 ihat may cast sKJnific3nt (t)ubt on the a.Ity of the Trust to continue as a golng concern. The Tnjstees are of the OrMni that the Trust will have sufficient resources to meet its lialx'lities as they fall due. 1.3 Charltable funds General funds are unr1C fuNts whith are avallable fLY use at the dlsuetr.on of the Trustees In furtheratKe of the general obiectwe5 of the Charity arKI whith have not bn designat for other purpDSes. 1.4 Income Income Is recconbsed 0e ttE Charity has to the irKome, It 15 wobat4e that the Income will be recved, and the amount of IroMe recavaLle can be mSUred rellabty. All inLume 15 stated gro of any exFRnditure. Donations are recognlsed when the Tnrt ha5 confimtion of b)th the amunt and the settlement date. In the event of donations tledged trt not 1J, the èmount is accrued where the elpt Is considered probable. In the event that the ¢k)nation is gjbjert to conditions that require a level of performance tefore the Trust is entitled to the fvrKJs. the Irome is deferred and not recognised unts'l either the conditions are fully me¢ or the fvlfilment of these condits.ons are wholly within the control of the Trust and it is probable that these cmjiticffts will futfilled in the pOrting peri(xJ. 12-
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL sfATEMEKtS YEAR ENDED 31 DECEMBER 2023 ACCOiINTING POLICIES (COPMNUED) 1.4 Income (continued) Dividends and distributr.ons from inVestmt fijnds are rÈwnlsed orKe the dividerwdi5tribution has tken declared and mty'ficatn ha5 been r1Ved of anw)unt dLE. NOtiCal distributions which are inVested by Investment Funds which are Accumulaticn FurKJs are not taken into account as income because the distribution is rK>t r1Ved by the Charrty. Instead. the reinvested arrK)unts incTease the value of the Investment Funds and this is reflerted iri the realil and unrealised gains of the Charity. The Charity's investnnt income and investment 9ains are all credited to the same unrestricted reserye and therefore there is m requirement to separate t the income from the gairts in re5peLt of these funds. Interest on fund5 hekj on dewgt is induded when reCeiVae a1 the arrK)unt can be measured rellaY by the Trust,. this is nomially UFon not1f1GItn of the interest paid cw payate by the bank. 1.5 Expenditure ExndItUre is recojnlsed ce there Is a legal or constructlve obligafjon to make payment to a thlrd party, It Is prObae that settlement 11 tE repuired and the an¥)unt of the obligation can measured relbably. Expendbture comtylses the fc41owing: a) ExpEnditLFre on ralsirwj funds indudes f&s pèhl to invesfftnt managers In connection with advice on arKJ management of the Tru5 list&1 investments. bl Extnditure on CharItae actwits'e5 ccrfnprise5 grants payable Grants payable are induded In the statement of finanaal KtNities when apprd and when the inten1 reopient ha5 either Teceived the funds or i inform& of thasion to make the donatton and has satisfied all related conditions. Grants approved a1 communirated Ixjt not pald at end of the finandal year are accrued for. Grants where the tsnefioary has tten infom)ed or has to meet certain conditions before the grant is releas&J are not accrued for but a not&1 as financlal commitments In the notes to the accounts. All expeTrJlture Is sta1 IT1ve cl Irreroverat4e VAT. 1.6 Allocatlon of support and governance costs Suprort Costs represent indiiect Charitse expnditure. In order to carry out the prlmary puryw of the Trust it is rtcessary to provide suppwJrt in the form of administrative 5ceS. GovwnarKe cosis COMlse the costs InvdwrJ the publlc acCnLl11ty of the TnJ5t (Indudlng audit costs) a1 casts In resp*rt of bts (C[10n with regulallcm and gcoj acti. Supwrt CC6ts and gcwernare co&5 are atpJtlon&J dlrectty to the one charltabfe athty. 1.7 Flxed asset Investments Investments are a form of basic finarKlal Instrument and a initially recognlsed at their transaction value and subsequently measured at thr fair value as at the balan sheet date u51ng the c105ing quoted market prlce. The Statement of FinarKial Acb"wb"es indudes the net gai[ arbd l¢)55es arisng on disp)sals during the year and fair value adjustments at the year end. 1.8 Taxatlon The Henocq Law Trust is a r831stered arity aThl Is rb)t lialAe tv irKome or capital galns tsxes on Its present actiwties. 1.9 Debtors Debtors a rec(gnised at their settlement amounL less any provision for non-recoverats'lity. paYrnents are valued at anKwnt wepakl. 13
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL STATEMEKts YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES (COIMNVED) 1.10 Cash at bank and in hand and short terni deposits Cash at bank and in hand represents accounts aThJ Instnjments that are available on demand or have a maturity of less than three months from date of acquisib'on. DeFK)sits of more than three months but less than one year have teen dik 05 thort temi dqx)%'ts. l. I I Credltors Credilors are rec(Jnised where the has a prew)t oblKJation resultirwj frc#n a past event that will probatY result in the transfer of funds to a third paty and the amount due to settye the otrAigation can be measured or estimated rdioty. Cr8JitLYS are usually r&L¥JniSh at thar settlement annt. 1.12 Fund structure The unrestrirted irKome fund represents funds avallable for the general charltatde purSeS of the Trust at the dIScretiL of the Trusts. 1.13 Crltlcal accountlng estlmates and areas of Jud9ement There are no areas in the acCnts rUlrIng the Trustee5 to make 4gnificant Jgernents arKI estimates. DONATIONS AND GRANTS Gtfted Investments {see Note 5) £1,053,286 INVEsfMENTS 2023 2022 Income from listed Investrrents Bank interest okers Interest 15.625 92 4,808 16,056 122 814 163 £20,525 £16,829 CHARITABLE AcfivITIES 2023 2022 Grants (4.1) Supw)rt C05ts14.2) 604,250 541,120 £621,850 £556,401 14-
THE HENOCQ LAW TRiisr NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACTIVITIES (CONTINUED) 4.1 Grants payable 2023 2022 Grants during the year comprise: 350 Org (2022: 2 payments) Britr'sh Red Cross knlety Bug Ljfe BumbleW Twst Butterfiy conservat1( {2 toyments (2022: 2 payts)) Client Earth12 payments (2022.. 2 payments)) Compassionate Revolution (2 paYmts) Environment Investigatson Agency Free(kJm fiom TcAture (2022.. 2 paYts) Friends of Earth12 payments) Froglife Trust Global Actson Greenpa (2 payments12022.. 2 paynEnts)) Knepp Wildland12 payments) London Symphony Orchestra Matts Gallery Medeclns Sans Fronte5 Orchestra of the Age of Enlightenment People's Trust for Endangered Spkrles Plantlbfe ResiderKies In Visual Atts (3 paYmts (2022: 7 payments) Royal Society of Wildlife Royal Society for the ProtectKJn of &'rd5 (2022: 2 payments) South tkiwn5 National Park SOS Children's Villa Species Recovwy Trust SuNival Intemabonal (3 paymwts (2022.. 2 payments)) Unicef Wildfowl and Wedands TrLtst Wildlife Trust (2022: 2 payments) Wocyjland Tnjst 25, 120 5,000 5,000 5,000 14,000 l(KJ,(KJO 5,000 20,000 2,000 10,000 5,000 5,000 100,c()o 5,000 5,000 15,COJ iOO,(KJO 20,O¢XJ J5,fD) 75,OCQ 5,000 loo,000 25,000 15,000 1,000 15,000 5,000 25,000 5,000 25,000 3,750 24,5( 15,( 15,000 5,000 50,CKJO 30,000 5,000 5,000 5,000 40,000 5,000 5,000 30,000 120,000 £604,250 £541,120 15
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 CHARITABLE ACllVmES (CONTINUED) 4.2 Support costs The breakdown of supw costs and these a all(tal lkn&n (knrnan and tharitsble Acb'vities is shown in the tabie telow. Governance costs 2023 Charltsble activities 2023 Totsl Totsl 2023 2022 Cost ty. Bank tharges Studio rentsl costs Audit fees Over provision of accountsry fees In prouS year 60 11,000 6,600 160) 81 i 1,000 Ii,CM)O {60) £6,6 £ii,(A)J £17,(0 £15,281 TRusfEES AND RELATED PARTY TRANSACTIONS During year to 31 Demter 2023, a Twstee, Detorah Law, ¢knnateJ £1,053,28612022'. £NIII to the Charity in the form of shares to Twst. There were no conditlons attached to this donation. Studlo rent payable to a Trvstee. R(aId Heq, by the Charity for the year ended 31 Dernber 2023 was £I1,00012022: £11,000). During the year the Charity paid grants totalling £24,500 {2022: £50,OLXJ) to Residencies in Vlsual Arts IRIVA), a charity (Charlty Registratr"c Number 10967561, of whlch tr40 of the Trustees, DetKJrah Law aThJ Ronald Henoo4, are also Trustees of The HerKKq Law Trust. In accordance with the Charity's pcAlcy. TnJstees witlKlraw from deci5ton5 when a conflirt of interest arlses. No Trustees received any remuwation CY reiMburseMt of expenses in either this year or the txeviou5 year. EMPLOYEES There were Tr) emr4oyee5 durirrfj the year the preOu$ year. 16-
THE HENOCQ LAW TRiisr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 FIXED Ass INVESTMErirs 2023 2022 (a) Quoted Investments at Market ValL Cash with Investment Managers Total Investments 5,019,358 103 415 4.264,548 E5,122,773 £4,355.011 (b) Movement irb Investments Market value as at l january 2023 Gifted Investmts Addittons Dlsposa15 Investment gainsl(Ic65es) 4.264,548 1,053,286 2,564,150 {3.225,564) 362,938 5,346,109 3,549,204 {3,970,289) (660,476) Market value at 31 Dember 2023 £5,019,358 £4,264,548 Cost at 31 Dmber 2023 £4,71X),050 £4,076,195 Quoted InveStrts with nre than 5% of mat valtE, whlth a ccffjsldereJJ to be material. Royal Mint ReS[sIt ScKJrc8J Physlcal Gold Erc Janus Hendemn Global SustsinatAe Equity l Acc Dlmensional Funds Hc GILthI Su5talnablllty C(Ke Equty FuTrJ SchrcKier ISF Glotol SustsinatAe Growth Ninety One Global Environment Fund M&G Global Susts1nae Paris AJign&J CT UK Soclal Bond I Responsible UK Equity 2 kc Royal Sustsinable Lea¢kn TrLtst C Acc 5.98 5.58 5.61 5.62 5.21 5.10 5.07 8.65 10.20 The caryi'ng amount of financlal assets mea5ur&l at fair value thrcrtKJh income and eynditure withln Investments is £5,019,35812022.' £4,264,548) DEBTORS 2023 2022 Insurènce due from RIVA Tax recoverable on interest Transacti dwrges due from InveStMt Mana4vs 514 1,651 564 2,729 17-
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2023 CREDITORS: amounts falling due wlthln one year 2023 2022 Audit f5 Accountancy fees 6,600 10, NEf ASSEfs BEfwEEN FUNDS Unrtstrltt¢d Totsl 2023 xtrj Assets Current Assets rrent Uak41ities 5,122,773 15,939 5,122,773 15,939 £5.132,112 E5,132,112 Unrestrlcted Totsl 2022 Fixed Assets CurrLy)t Assets Currwt 31¢tIeS 4,355,011 13,321 4,355,011 13,321 £4,363.892 £4,363,892 11. TAXATION The Herq Law Tntst is a rw'stued thartty and is tentiallY exempt from tsxats'on in resFett of IoMe and capitsl gains received wtthin the rate9) coveral ty Part 11 of the Corporation Tax Act 2010 or Sectbn 256 of the TaxatIC of Chargeat4e Gains kt 1992 to extent that SLKh income or gains are applied to tharitatAe wrp)ses. 18