THE HENOCQ LAW TRusr ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Charity Registration No. 1167312 KNOX CROPPER chartered accountants
THE HENOCQ LAW TRusr CONTENTS Page REFERENCE AND ADMINIThATIVE DAILs TRusfEES' REPORT INDEPENDE EXAMINER'S REPORT rATEMENT OF FINANCIAL AcrIvrrIES BALANCE SHE CASHFLOW sfATEME NOTES TO THE FINANaAL gfATEMENTS 10-16
THE HENOCQ LAW TRUST REFERENCE AND ADMINISTRATIVE DETAILS Charity Number 1167312 Trustees Deborah Law Ronald Henocq Franziska Willes Roderick Smith Principal Address 92 Webster Road London SE16 4DF Independent Examiners Knox Cropper LLP 65 Leadenhall Strt London EC3A 2AD Bankers CAF Bank Limited 10 St Bride Street London EC4A 4AD Solicitors Brecher LLP 4th Flcrf)r 64 North Row London WIK 7DA Investment advisors Edison Wealth Management 22A St James's Square London SWIY 4JH
THE HENOCQ LAWTRusr TRusfEES' REPORT YEAR ENDED 31 DECEMBER 2024 The Trustees of the charity Psent their statutory report together with the accounts of The Henocq Law Trust ("the Trust,? for the year to 31 December 2024. The accounts have bn prepared in accordance with the accounting policies set out on pages 10 to 12 of the attached accounts and comply with the Trusys Trust Deed, applicable laws, accounting standards (United Kingdom Generally Accepted Accounting Practi) and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Stsndard applicable in the United Kingdom and Republic of Iland (FRS 102). INTRODUCTION The Trust was established by a Trust Dd dated 21 January 2016 and confirmation of registration with the Charity Commission was reiVed on 24 May 2016 - Charity Registration Number 1167312. The Trust was founded by the settlor Deborah Law and Ronald Henocq, alongside the other original Trustees Roderick Smith and Franziska Willers, and was established by an initial gift of ten pounds from Deborah Law, in the year 2016. The Trust does not actively fundraise and instead has been funded over the years by substantial gifts to the Trust made by the Henocq Law family. The legacy of the Henocq Law Trust is a lasting tribute to Peter and Anne Law, the parents of Deborah Law and seeks to continue the charitable work in accordance with its objectives through careful stewardship of its existing resource5. ACTIVITIES, SPECIFIC OBJEcfIvES AND RELEVANT POLICIES Activities and specific objectives The Trust's charitable objettive as expressed in its charitable objects is: "Such charitable purposes (according to the law of England and Wales) as the Trustees think fit from time to time.. The Trust carries out these objects by funding: Organisations identified by the Trustees as active in the field of the environment, arts and humanitarian need; and Individual scholarships for education and research in the priority areas. Saving the planet, humanitarian needs and arts and culture are fundamentsl to public conrn and need. The Trustees have chosen to prioritise these three areas because the biggest challenges facing humanity today are environmental and humanitarian and working towards education and 501utions in these areas brings benefit to humanity as a whole. The arts play a major role in advancing sustsinability and therefore the Trust also chose to prioritise this area. Objectives and activities for the public benefit The Trust's sole activity is making grants to charitable organisations, fulling their aim to help people and the environment they live in. The Trustees have confinned that they have referred to the guidan contained in the Charity Commission's general guidance on public benefit when reviewing the Trusys aims and objectives, managing the Trust's assets and considering applications for financial assistan. The Trustees are in Corresponden with all of the organisations that the Trust SUPPOrt5 and we receive individual reports from all recipients of our grants to ensure that our grants deliver public benefit. We ensure the public benefit is met by monitoring the activities of the recipients of our support.
THE HENOCQ LAW TRusr TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024 AcrIvrrIES, SPECIFIC OBJEcmiES AND RELEVANT POLICIES (CONTINUED) Grant making policy and aims The Trust has established its grant making policy to achieve its objects for the public benefit to seek a world which is sustainable for all and to improve the quality of people's lives. In order to award fundingi the Trustees carry out research as to which organisations and education bodies have the m05t impact. For example, in assessing which environmentsl organisations to support the Environmental Funders Networks 'Insights from UK Environment Sectorf report was consulted and used as a guide. In this report, 92 charitable organisations conducting environmental work resp)nded to questions and the report detailed which were the environmental organisations accomplishing the most. From this report the Trustee5 decided to fund a number of the most effective environmental organizations including Grnpea, Friends of the Earth and the Royal Society for the Protection of Birds. ACHIEVEMENTS AND PERFORMANCE During the year to 31 December 2024, the Trust invested in listed investsnents managed by Edison Wealth Management. During the year to 31 December 2024, a series of awards have bn made supporting varying sizes of organisations, fulfilling our aims to help people and the environment they live in. These grants are set out in Note 4.1 to the Accounts. We are very pleased that these grants have been able to help small and large organisation5 operating in the arts and the protection of the environment, promoting human rights and providing humanitarian aid. FINANCIAL REVIEW Results for the year A summary of the yearfs results can be found on page 7 of this report and accounts. Income amounted to £33,977 (2023: £1,073,811, of which £1,053,286 was derived from donations) and £33,977 was derived from listed investments and bank interest receivable (2023.. £20,525). Expenditure amount to £812,666 (2023.. £668,529). This balan comprised £42,286 (2023: £46,679) relating to investment manager fees and £770,380 (2023 £621,850) spent on charitable activities including grants and associated support Costs. The accounts for 2024 show a net decrease in funds of £450,540 (2023: increase of £768,220) after accounting for net gains on listed investments of £328, 149 (2023: £362,938). The Trust's listed investments had a market value of £4,613,645 at 31 Dmber 2024 (2023: £5,019,358). Cash held by investment manager5 amounted to £55,978) (2023: £103,415) bringing the total value of investsnents to £4,669,623 (2023: £5,122,773). The total net assets in the balan sheet amounted to £4,681,572 (2023: £5,132,112) and the Twst's funds are unrestricted. It is confirmed that the Trusys funds and anticipated income for the coming year are adequate to fulfil the planned charitable acknvities of the Trust. Reserves policy The Trust has no committed expenditure, overhead5 or running costs and therefore it is not necessary to maintain reserves. The Trust does not pledge awards in advan and only allocates monies from its available invested funds. At 31 December 2023, the free reseNes of the Trust amounted to £4,681,572 (2023: £5,132,112), which the Trustees believe is sufficient in the above context.
THE HENOCQ LAW TRusr TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024 FINANCIAL REVIEW (coKfINUED) Investment policy The Trust's listed investsnents are managed by Edi50n Wealth Management. The Trustees aim to make significant distributions in the future via the CAF cash account usually in two equal yearly payments. The amount may vary depending on whether appropriate organisations and projects can be found to fund or if indeed the objectives of the Trust change. The Trust will also make regular payment to RIVA (Residencies in Visual Arts, a charity whose Trustees are also Trustees of The Henocq Law Trust) to meet the rental costs of RIVA'S premises. The spending policy of the Trust is something that has evolved over time. In futu, the Trustees may opt to make larger single contributions. In the longer term, the Trustee5 may decide to embark on a policy of spending down the capital completely but not for the next ten years. The investment portfolio should be invested within ethical constraints as detailed in the investment Mandate. GOVERNANCE, STRUCTURE AND MANAGEMENT Appointment of Trustees and key management personnel The Trust d5 not have employees and is managed by the founding original Trustees who are listed on page I, with the founding members being responsible for the day-to-day running of the Trust and are considered to be key management personnel. All Trustees have given their time freely and no Trustee remuneration was paid in the year. A new Trustee or new Trustees may be appointed at any time (etther by way of replacement or addition). Trustees serve for three years after which they may put themselves fOard for re-appointment. The Trustee Board shall consist of at least persons but (unless otherwise detennined by the Trustees) there shall be no maximum number of Trustees that may be appointed. A Trustee may be appointed or discharged by a resolution of a mtIng of the Trustees, provided that a memorandum declaring such appointment or discharge shall be signed as a deed, either at the meeting by the person presiding or in some other manner directed by the meeting and affected by two persons present at the meeting. The Trustees meet as often as It needs to be effective, at least On a year and meetings take pla physically or via video or telephone conference. Throughout the yearTru5tee5 maIn in contact and correspond via email and telephone. At Trustees, meetings, the Trustees agree the board strategy and areas of activity, including considering grant making, investment, reserves and risk management policies and performance. Risk management The Trustees have considered the major risks to which the Trust is exposed and have reviewed those risks and established systems and procedures to manage those risks.
THE HENOCQ LAW TRusr TRusfEES' REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Risk management (continued) The major operational risk is the extent to which our grants 5ucce55fully meet the Trusts objectives. The Trustees manage this risk by retaining Trustees of sufficient expertise and skill and gaining advice from experts in the field so as to ensure that our grants continue to meet our charitable objettives. Trustees are continually updated by recipients as to their grant'5 use and effectiveness, and any funding is reviewed on an annual basis. statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustee5' rep)rt and accounts in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Actrpted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare accounts for each financial year which give a true and fair view of the stste of affair5 of the Trust and of the incoming resources and application of resources of the Trust for that period. In preparing these accounts, the Trustees are required select suitable accounting policies and then apply them consistently: observe the methods and principles in Accounting and Reporting by Charities: Ststement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable United Kingdom accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and prepare the accounts on the going concern basis unless it is inappropriate to presume that the Trust will continue in operation. The Trustees are responsible for k*ping proper accounting records that disclose with asOnable accuracy at any time the financial position of the Trust and enable them to ensure that the accounts comply with the Charities Att 2011, applicable Charity (Accounts and Reports) Regulations and the provisions of the governing documents. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. PLANS FOR THE FUTURE The Henocq Law Trust aims to cement relationships with the recipients of grants whilst maintaining an open mind to support other organisations with our charitable objectives. Slgned on behalf of the Trustees: Trust Trustee Deborah Law Ronald Henocq Approved by the Trustee5 on...... ..2025
THE HENOCQ LAW TRusr INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HENOCQ LAW TRusr I report to the trustees on my examination of the accounts of The Henlocq Law Twst (the Charity) for the year ended 31 December 2024, which comprise the Ststement of Financial Activities, the Balance Sht and related notes. This report is made to the Trustees, as a body, in accordan with the temis of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordan with the General Direttion5 given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume reswnsibility to anyone other than the Charity and the Charity's Trustees as a body for my work or for this report. Responsibilities and basis of report As the charity trustees of the Charity you are reskx)nsible for the preparation of the accounts in accordance with the requirements of the Charities Att 2011 ('the ACV). I rewrt in respect of my examination of the Charity's accounts carried out under settion 145 of the 2011 Art and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confimi that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect: accounting records were not kept in respect of the Charity as required by section 130 of the Act. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements conmIng the fonn and content of accounts set out in the Charities (Accounts and Rewrts) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no cOnrnS and have come across no other matters in connection with the examination to which attention should be drawn in this rewrt in order to enable a proFer understanding of the accounts to be reached. 65 Leadenhall Street London EC3A 2AD Greg Stevenson FCA Knox Cropper LLP Chartered Accountants S1*-iwLy 2025
THE HENOCQ LAW TRUST srATEMENT OF FINANCIAL AcrIvrrIES INCLUDING INCOME AND EXPENDrruRE ACCOUNT YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds 2024 2023 Not Income from Donations and grants Investments, income and interest receivable 1,053,286 20,525 33,977 Total income 33,977 1,073,811 Expenditure on Raising funds Investment management fees Charitable activities 42,286 770,380 46,679 621,850 Total expenditure 812,666 668,529 Net expenditure Gains/(105ses) on investments (778,689) 328,149 405,282 362,938 Net movement in funds (450,540) 768,220 Reconciliation of fvnds Fund balances brought forward 5,132,112 4,363,892 Fund balances carried forward £4,681,572 £5,132,112 The notes on page5 10 to 16 fomi part of these financial statements. The 5tstement of financial activities indudes all gains and losses recognised in the period. All income and expenditure derive from continuing activities.
THE HENOCQ LAW TRUST BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Notes Fixed assets Investments 4,669,623 5,122,773 Current assets Debtors Cash at bank and in hand 130 16,139 2,729 13,210 16,269 15,939 Creditors: amounts falling due within one year (4,320) (6,600) Net Current Assets 11,949 9,339 Totsl assets less current liabilities £4,681,572 £5,132,112 Income funds Unrestricted funds 10 4,681,572 5,132,112 £4,681,572 £5,132,112 The financial statements were approved by the Trustee5 On ................... ..2025 Trustee Trustee Deborah Law Ronald Henocq The notes on pages 10 to 16 form part of these financial statements.
THE HENOCQ LAW TRusr srATEMENT OF CASH FLOWS YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Net Cash Provlded by (used in) Operating Activities Cash flows from investing activities: Dividends and interest from investments Movement in Investment Managerfs Cash Proceeds from sale of investments Gift of Investments Purchase of investments (812,347) 384,188 33,977 47,437 3,072,168 20,525 (12,952) 3,225,564 (1,053,286) (2,564,150) 2,338,306 Net cash provided by (used in) investing activities 815,276 (384,299) Change in cash and cash equivalents in the reporting period 2,929 (111) Cash and cash equivalents at the Winning of the repong period 13,210 13,321 Cash and cash equivalents at the end of the reporting period £16,139 £13,210 Reconciliation of net incomel(expenditure) to net cash flow from operating activities 2024 2023 Net incomel(expenditure) for the reporting period: (as per statement of financial acttvtties) (Gains)ILosses on Investments Dividends and interest from investsnents (Increase)/decrease in debtors Increasel(decrease) in creditors (450,540) (328,149) (33,977) 2,599 2,280 768,220 (362,938) (20,525) (2,729) 2,160 Net cash provided by (used in) operating activities £(812,347) £384,188 Analysis of changes in net funds At 01/0112024 Cashflows At 3111212024 Cash at bank £13,210 £2,929 £16,139
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POUCIES Charity Information The Henocq Law Trust is an unincorwrated Trust. Its principal pla of business 15 92 Webster Road, London, SE16 4DF. 1.1 Accounting convention The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practi applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective I January 2019) and the Charities Act 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared to gtve a 'true and fairf view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent qUired to provide a 'true and fair, view. This departure has involved following Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effettive from I April 2005 which ha5 Sin bn withdrawn. The financial statements are prepared in sterling, which 15 the functional cUrnc¥ of the Charity. The financial statements have bn prepared under the historical cost convention, with items recognised at cost or transaction value unless Otherwise stated in the relevant notes to these accounts. 1.2 Going concern At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate reSoUrS to continue in operational existence for the foreseeable future. The Charity is not an operational Charity having staff and overheads but makes grants and donations from its investment income. The Trustees have assessed whether the use of the going conrn assumption is appropriate in preparing these accounts. The Trustees have made this assessment in respect to a period of one year from the date of approval of these accounts. The Trustee5 of the Trust have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the Tw5t to continue as a going concern. The Trustees are of the opinion that the Trust will have sufficient reSoUrS to meet its liabilities as they fall due. 1.3 Charltable funds General funds are unrestricted funds which are available for use at the discretion of the Trustee5 in furtheran of the general objectives of the Charity and which have not been designated for other purposes. 1.4 Income Income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. All income is stated gross of any expenditure. Donations are recognised when the Trust has confirmation of both the amount and the settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that the donation is subject to conditions that require a level of performan before the Trust Is entitled to the funds, the income is deferred and not recognised until 10-
either the condition5 are fully met, or the fulfllment of these conditions are wholly within the control of the Trust and it is probable that these condttions will be fulfilled in the reporting pericKI.
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) 1.4 Income (continued) Dividends and distributions from investment funds are recognised once the dividendldistribution has been declared and notification has been received of the amount due. Notional distributions which are reinvested by Investment Funds which are Accumulation Funds are not taken into account as income because the distribution 15 not received by the Charity. Instead, the reinvested amounts increase the value of the Investment Funds and thi5 is reflected in the realised and unrealised gains of the Charity. The Charity's investment income and investment gains are all credited to the same unrestricted reserve and therefore there is no requirement to separate out the income from the gains in respect of these funds. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Trust; this is normally upon notification of the interest paid or payable by the bank. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure comprises the following: a) Expenditure on raising funds includes fees paid to investment managers in connection with advice on and management of the Trust's listed investments. b) Expenditure on charitable attivities comprises grants payable. Grants payable are included in the statement of financial activities when approved and when the intended recipient has either received the funds or been informed of the decision to make the donation and has satisfied all related conditions. Grants approved and communicated but not paid at the end of the financial year are accrued for. Grants where the beneficiary has not bn informed or has to meet certain conditions before the grant is released are not accrued for but are noted as financial commitments in the note5 to the accounts. All expenditure is stated inclusive of irrecoverable VAT. 1.6 Allocation of support and governance costs Support Costs represent indirect charitable expenditure. In order to carry out the primary purposes of the Trust it is neSary to provide support in the fomi of administrative seNIs. Governance costs comprise the costs involving the public accountabilty of the Trust (including audit Costs) and costs in respect of its Complian with regulation and good prattice. Support costs and governance costs are apportioned directly to the one charitable activity. 1.7 Fixed asset investments Investments are a fomi of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balan sheet date using the closing quoted market price. The Statement of Financial Activities includes the net gain5 and losses arising on disposals during the year and fair value adjustments at the year end. 1.8 Taxation The Henocq Law Trust is a registered Charity and is not liable to income or capitsl gains taxes on its present activities. 1.9 Debtors Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. 12-
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) 1.10 Cash at bank and in hand and short term deposits Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acqui51tion. Deposits of more than three months but less than one year have been disclosed as short temi detYJ5its. 1.11 Creditors Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are usually recognised at their settlement amount. 1.12 Fund structure The unrestricted income fund represents funds available for the general charitsble purpose5 of the Trust at the discretion of the Trustees. 1.13 Critical accounting estimates and areas of judgement There are no areas in the accounts requiring the Trustees to make significant judgements and estimates. DONATIONS AND GRANTS 2024 2023 Gifted Investments Note 5) £1,053,286 INVESTMENTS 2024 2023 Income from listed investments Bank interest Brokers interest 27,374 76 15,625 92 £33,977 £20,525 CHARITABLE ACTIVITIES 2024 2023 Grants (4.1) Support Costs (4.2) 755,000 604,250 £770,380 £621,850 13-
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 CHARITABLE ACTIvrrIES (CONTINUED) 4.1 Grants payable 2024 2023 Grants during the year comprise: 350 Org (2 payments) British Red Cross Society Bug Life Bumblebee Trust Butterfly Conservation (2 payments (2023: 2 payments)) Client Earth (2 payments (2023: 2 payments)) Compassionate Revolution (Extinction Rebellion) (4 payments (2023: 2 payments)) Environment Investigation Agency Freedom from Torture Friends of the Earth (2 payments (2023: 2 payments)) Froglife Trust Greenpea (2 payments (2023: 2 payments)) Kew Gardens Knepp Wildland (2023: 2 payments)) London Symphony Orchestra Matts Gallery Medecins Sans Frontieres (2 payments) Orchestra of the Age of Enlightenment People's Trust for Endangered Species Plantlife Residencie5 in Visual Arts (3 payments {2023: 3 payments)) Royal Society for the Protection of Birds (2023: 2 payments)) South Downs National Park Survival International (2023: 3 payments)) Unicef (2 payments) Wildfowl and Wetlands Trust Wildlife Trusts Woodland Trust (2 payments) 30,000 10,000 5,000 5,000 15,000 100,000 5,000 5,000 15,000 100,000 30,000 15,000 1,000 loo,000 5,000 100,000 15,000 5,000 15,000 20,000 15,000 75,000 5,000 loo,000 25,000 15,000 1,000 30,000 25,000 3,000 5,000 26,000 20,000 5,000 80,000 15,000 15,000 20,000 25,000 3,750 5,000 24,500 15,000 5,000 120,000 15,000 £755,000 £604,250 14-
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2024 CHAIUTABLE ACTIVITIES (CONTINUED) 4.2 Support costs The breakdown of support costs and how these are allocated between Governance and Charitable Activities is shown in the tsble below. Governance costs 2024 Charitable activities 2024 Total Total 2024 2023 Cost type: Bank charges studio rental costs Audit fees Over provision of accountancy fees in previous year 60 60 11,000 4,320 60 11,000 6,600 (60) 11,000 4,320 £4,380 £11,000 £15,380 £17,600 TRUSTEES AND RELATED PARTY TRANSAcfIoNS During the year to 31 December 2023, a Trustee, DeLx)rah Law, donated £1,053,286 to the Charity in the form of shares to the Trust. No donation has b*n made in the current year and there were no conditions attached to this donation. Studio rent payable to a Trustee, Ronald Henocq, by the Charity for the year ended 31 Dember 2024 was £11,000 (2023: £11,000). During the year the Charity paid grants totalling £26,000 (2023: £24,500) to Residencies in Visual Arts (RIVA), a charity (Charity Registration Number 1096756), of which two of the Trustees, Deborah Law and Ronald Henocqi are also Trustees of The Henocq Law Trust. In accordan with the Charity's policy, Trustees Withdraw from decisions when a conflict of interest arises. No Trustees r1Ved any remuneration or reimbursement of expenses in either this year or the previous year. EMPLOYEES There were no employees during the year or the previous year. 15-
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 FIXED ASSEf INVESTMENTS 2024 2023 (a) Quoted Inveslrnent5 at Market Value Cash with Investment Managers Total Investments 4,613,645 55,978 5,019,358 103,415 £4,669,623 £5,122,773 (b) Movement in Investments Market value as at l January 2024 Gifted Investsnents Additions Disposals Investment gainsl(losses) 5,019,358 4,264,548 1,053,286 2,564,150 (3,225,564) 362,938 2,338,306 (3,072,168) 328,149 Market value at 31 December 2024 £4,613,645 £5,019,358 Cost at 31 December 2024 £4,248,356 £4,700,050 Quoted Investments with more than 5 % of market value, which are considered to be material. Schroder ISF Global Sustainable Growth CT UK Social Bond I Acc Royal London Sustainable Leaders Trust C Acc Wellington Global Impact Bond N PIMCO GIS Global Bond I Inc SPDR S&P 500 UCFrs ErF Stewart Investors Asia Pacific Sustainable B Pictet Global Sustsinable I ACC 9.30 5.48 10.67 6.62 10.05 10.96 5.08 9.60 The carrying amount of financial a55ets measured at fair value through income and expenditure within investments is £4,613,645 (2023: £5,019,358) DEBTORS 2024 2023 Insurance due from RIVA Tax recoverable on interest Transaction charges due from Investrnent Managers 514 1,651 564 115 15 130 2,729 16-
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2024 CREDrroRS: amounts falling due within one year 2024 2023 Audit fees Independent Examination fees 6,600 4,320 4,320 6,600 10. NET ASSETS BETWEEN FUNDS Unrestricted Total 2024 Fixed Assets Current Assets Current Liabilities 4,669,623 16,269 4,669,623 16,269 £4,681,572 £4,681,572 Unrestricted Totsl 2023 Fixed Assets Current Assets Current Liabilities 5,122,773 15,939 5,122,773 15,939 £5,132,112 £5,132,112 11. TAXATION The Henocq Law Trust is a registered charity and is potentially exempt from taxation in respect of income and capital gains received within the categories covered by Part II of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to charitable purposes. 17-