THE HENOCQ LAW TRUST ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 Charity Registratlon No. 1167312
THE HENOCQ LAW TRUST CONTENTS Paye REFERENCE AND ADMINISTRATIVE DgfAILS TRUSTEES, REPORT INDEPENDENT EXAMINER'S REPORT srATEMENT OF FINANCIAL AcTIVlEs BALANCE SHEEr NOTES TO THE FINANCIAL STATEMENTS 9-15
THE HENOCQ LAW TRUST REFERENCE AND ADMINisfRATIVE DAlLs Charity Number 1167312 Trustees Deborah Law Ronald Henocq Franziska Wllles Roderlck Smith Principal Address 92 Webster Road London SE16 4DF Independent Examlners Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers CAF Bank Limited io st Brfde Street London EC4A 4AD Sollcltors Veale Wasbrough Vizards LLP (VWV) 24 King William Street London EC4R 9AT Investment advlsors Edison Wealth Management 22A St James's Square London SWIY 4JH
THE HENOCQ LAW TRUST TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2025 The Trustees of the charity present thelr statutory report together wlth the accounts of The Henocq Law Trust C'the Trust,) for the year to 31 December 2025. The accounts have been prepared In accordance with the accounting pollcles set out on pages 9 to 11 of the attached accounts and comply with the Trusvs Trust Deed, appllcable laws, accountlng standards (United Klngdom Generally Accepted Accountlng PractiTr) and Accounting and Reporting by Charities.. Statement of Recommended Practice appIlble to charities preparfng their accounts in accordan wlth the Financial Reporting Standard applioble in the Unlted Kingdom arKI Republlc of Ireland IFRS 102). INTRODUCTION The Trust was established by a Trust Deed dated 21 January 2016 and confirmation of registratlon wlth the Charity Commi55ion was recelved on 24 May 2016 - Charlty Registration Number 1167312. The Trust was founded by the settlor Deborah Law and Ronald Henocq, alongslde the other original Trustees Roderick Srnbth and Franziska Willers, and was establbshed by an initial gift of ten pounds from Deborah Law, in the year 2016. The Twst dces not actively fundralse and instead has been funded over the year5 by substantial gifts to the Trust made by the Henocq Law family. The legacy of the Henocq Law Trust is a lasting trfbute to Peter and Anne Law, the parents of Deborah Law and seeks to contlnue the Charable work In accordance wlth Its objectlves through Caful stewardshlp of Its existing resources. AcrIvrriES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES Activities and specific objectives The Trust's charitable objective a5 expressed In Its charitable objects is: "Such charftsble purposes (according to the law of England and Wales) as the Trustees think fit from time to tlme". The Trust carries Out these objects by fundlng.. Organlsations Idenufied by the Trustees as acuve In the ffeld Df the environment, arts and humanitsrian need; and Individual scholarships for educatlon and research in the priority areas. Savlng the planet, humanitarian needs and arts and culture are fundamentsl to publlc concern and need. The Trustees have chosen to priorftlse these three areas because the blggest challenges faong humanity today are environrnental and humanltarian and working towards education and solutions in these areas brings benefit to humanity as a whole. The art5 play a major role in advanang sustainability arKI therefore the Trust a150 chose to prloritise this area. Objectives and activities for the publlc beneflt The Trust's sole actlvlty Is maklng grants to charitable (xganisatlons, fulllng thelr aim to help people and the environment they live in. The Trustees have conflrmed that they have referred to the gUIdan contalned In the Charity Commlsslon's general guidance on public beneflt when reviewlng the Trust's aims and objectlves, managlng the TnJ5t's assets and conslderlng applications for finanaal assIstan. The Trustees a in correspondence with all of the organisations that the Trust supports arKI we re1ve individual pOrtS from all recbplents of our grants to ensure that our grants deliver publlc benefit. We ensure the public benefit 15 met by monitoring the attivities of the recipients of our sUPPOrt.
THE HENOCQ LAW TRUST TRUSTEES. REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2025 AcrIvrriES, SPECIFIC OBJECTIVES AND RELEVANT POLICIES (CONTINUED) Grant maklng policy and aims The Trust has established its grant maknng pollcy to achieve Its objects for the publlc beneflt to seek a world which is sustainable for all and to improve the quality of people's lives. In order to award fundlng, the Trustees carry out research as to which OrganIsaOn5 and eduCaon bcK11e5 have the most Impact. For example, In a55essing whlch envlronmentsl organlsatlons to SUPPOrt the Envlronmental Funders NeorkS 'Inslghts from UK Environment Sector, report was consulted and used as a gulde. In this report, 92 charltable organisations conducbng environmental work responded to questions and the report detailed whld) were the envlronmental organisations accomplishing the most. From this report the Trustees deaded to fund number of the most effectSve environmentsl organlzatlons induding Greenpeace, Friends of the Earth and the Royal Society for the Protectlon of Birds. ACHIEVEMENTS AND PERFORMANCE During the year to 31 December 2025, the Trust Invested In listed Investments managed by Edlson Wealth Management. During the year to 31 Dember 2025, a *ries of awards have en made Sup[rtIng varylng sizes of organisations, fulfilling our alms to help people and the environment they live In. These grants are set out In Note 4.1 to the Account5. We are very pleased that these grants have been able to help small and large organisations Operang In the arts and the protection of the envlronmentft prOmong human rights and providing humanitsrian aid. FINANCIAL REVIEW Results for the year A summary of the year's results tan be found on page 7 of thls report and accounts. Incorne amounted to £51,562 (2024.. £33,977. £51,562 was derived from Ilsted Investments and bank Interest receivable (2024.. £33,977). Expendlture amount to £815,875 (2024.. £812,660). This balan comprised £40,845 (2024: £42,286) relating to investment manager fees and £775,030 (2024 £770,380) spent on charltable activities including grants and associated support costs. The accounts for 2025 show a net decrease In funds of £376,81912024: £450,540) after accoUnng for net gains on listed investments of £387,494 (2024.. £328,149). The Trusvs listed investments had a market value of £4,127,800 at 31 December 2025 (2024.. £4,613,645). Cash held by investment managers amounted to £159,951) (2024.. £55,978) brlnging the to131 value of Investments to £4,287,751 {2024'. £4,669,623). The total net assets In the balanTr sheet amounted to £4,304,753 (2024: £4,681,572) and the Trusvs fvnds are unrestrirted. It 15 confirmed that the Trust's funds and andpated Income for the coming year are adequate to fulfll the plann& charitable activities of the Trust. Reserves policy The Trust has no committed expenditure, overheads or running costs and therefore it is not necessary to maintain reserves. The Trust does not pledge awards In advan and only allocates monles trom its available Invested funds. At 31 December 2023, the free reserves of the Trust amounted to £4,304,753 (2024.. £4,681,572}, whlch the Trustee5 believe is suffiaent in the above context.
THE HENOCQ LAW TRUST TRUSTEES. REPORT {CONTINUED) YEAR ENDED 31 DECEMBER 2025 FINANCIAL REVIEW (CONTINUED) Investment policy The Trust's listed investments are managed by Edi Wealth Management. The Trustees alm to make slgnlflcant distributlons In the future vla the CAF cash account usually in t0 equal yearly payments. The amount may vary depending on whether appropriate organlsations and projects can be found to fund or if irKleed the objectives of the Trust change. The Trust w111 also make regular payment to RIVA (Resldencies in Vlsual Arts, a charity whose Trustees are also Trustees of The Henocq Law Trust) to meet the rental cost5 of RIVA'S premises. The spendlng Fdicy of the Trust15 Something that has evolv8J over tlme. In future, the Trustees may opt to make larger slngle contributions. In the longer term, the Trustee5 may dedde to embark on a pollcy of 5pendlng down the capital completely but not for the next ten years. The investment portfollo should be Invested withln ethlcal con*raints as detailed In the Investment Mandate. GOVERNANCE, sfRucfvRE AND MANAGEMENT Appolntment of Trustees and key management personnel The Tnjst does not have employees andls managed by the founding orlginal Trustee5 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 glven their me freely and no Trustee remuneratlon was paid in the year. A new Trustee or new Trustees may be appointed at any time (elther by way of replament or addition). Trusiees Serve for three years after which they may put themselves forward for re-appointment. The Trustee Board shall consist of at least two persons but {unles5 Otherwise determined by the Trustees) there shall te no maximum number of Trust&s that may be appointed. A Trustee may be appointed or dlscharged by a resolutlon of a meeUng of the Trustees, provlded that a memorandum declaring such appointment or dlscharge shall be signed as a deed, either at the meeting by the person presiding or in some other manner directed by the meeting and afffected by two persons present at the meeting. The Trustee5 meet as often as It needs to be effectlve, at least On a year and meetings take place physically or vla vldeo or telephone conferen. Throughout the yearTrustees rernaln In contact and correspond via emall and telephone. At Trustees, meetings, the Trustees agree the board strategy and areas of activity, Including consldering grant making, Investment, reserves and rlsk management polldes and performance. Rlsk management The Trustees have considered the major rlsk5 to which the Trust Is exposed and have revlewed those rlsk5 arKI established Systems and prtxedures tr) manage those risks.
THE HENOCQ LAW TRUST TRusfEES' REPORT (CONT114UED) YEAR ENDED 31 DECEMBER 2025 Risk management {continued) The major operatnal rlsk is the extent to which our grants SuCcSfUl meet the Trusf5 obiecbves. The Tmsts manage this risk by rdaining Trukn ofsuffjcienl expertise and 5kn11 and gaining thlce Trom eyrts in the fie so as tc engjre thatour grants conlnue to meet our charttsble obiecbve5. TnJ5tee5 are contlnualty uplated by recipients as to their grant's use ant1 effecb'veness, and any funding is revÈewed on an annual basis. ststemert of Trust, rÈspDnslbllltles The Trnstees are responsible for preparing theTrustees' re¢t and accouftts In accordan with appiKabk law and United ngd( Accountino Standards (United Kingdom Generalty ACpted Accounting PraLticel. The law applicalleto ChaTleS In England znd Wales requires the Trustees to prepa acttsjnts foreach finaKial year which give a true and fair vW of the state of affairs of the TWSL and of the incorning resource5 and appllcatlon of r(rCeS of the Trust for that pethjd. In prepartng these accounts, the Truts a wulr8J sekrt sultaile accounting Olcie5 and then apply them consi5tenlJy". obseNe the rnethcés and prinapks In AccOunftg and Reporting by Charities.. ststent of R0Mmend Practice applicab to charities pparIng ther aCCOLtnts in accordance with the Hnancfjal RepTht6ng Standard pplicabk to the United lQngdom and Republic of Ireland IFRS 1021. make judgements and e5b"mate5 that are reas3b[e aThl prudent; State whetherapplicable United Kingdom aCConting slandards have been fdlw&l, subiect toany mthrtal departures disdijsed and exJained ln the accounts: and prepare the accouftts on the goSng collrn ba>5 unt5 it Is inapproprvote to pre9Jme that the Tru will continue in operation. The Ttustees are [nsible for keeping pr¢per aCntIng records that disclrjse with reagMabte accurary at any the financial of the Trnsi. and enable them to ensure that the accounts comply with the ChantTes Act 2011, appficable Charlty 1cOUnts and ReFQrts) Regulations an(J the provwns cf the govemlng docjments. They are also resJKJnSible for saftguarding the aetS of the Trug aNI fortswng reasonable 5tep5 for the prevention and detectton of fraud and other irrwJutsrib"es. PLANS FOR THE FiilliRE The Hen1 Law Tnjst aims to cement relationship5 wlth recipients rf grants whi maintslning an open mind to 5UPPOrt other oryanisations with our chartsble objettNes. 5hJned on behalf of the Tru*s: Trustee . Trustee Ronald Henocq AppTh& by the Trnstees on......... 2026
THE HENOCQ LAW TRUST INDEPENDENT EXAMINER'S REPORT TO THE TRusfEES OF THE HENOCQ LAW TRusr I report to the trustees ¢Jn my examination of the accounts of The Henlocq Law Trust (the Charity) for the year ended 31 Dember 2025, which comprbse the Statement of Flnancial Activities, the Balance Sheet and related note5. This report is made to the Trustees, as a body, in accordan wlth the terms of my engagement. My work has been undertaken so that I might carry out an Independent Examlnation of the financlal statement5 In accordan with the General Dlrections given by the Charity Commissioners. To the fulle extent permitted by law, I do not accept or assume responsibility to anyone other than the Charlty and the Charity's Trustees a5 a tKJy for my work or for thls report. Responsibilities and basis of report As the tharity trustees of the Charity you are responsible for the preparation of the accounts in accordan wlth the requbrements of the Charities Att 2011 ('the Act,). I report in respert of my examination of the Charity's accounts carrled out under sectlon 145 of the 2011 Act and in carrying out my examination I have followed all applicable Dlrethons given by the Charity Commlsslon under sectlon 145{5)(b) of the ALt. Independent examlner's statement I have completed my examination. I conflrm that no materlal Matte have corlle to my attention In connection with the examlnation giving me cause to believe that In any material respect.. aCCnting records were not kept in re5pert of the Charlty as reqUId by sectlon 130 of the Act,. or the accounts do not accord with those records; or the accounts do not comply wbth the applicable requirements concerning the form and content of •• accounts set out in the Charities (Accounts and Rewrtsl 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 examinaon. I have no COnrn$ and have come acr055 no other matters In connection wlth the examination to whlch attention should be drawn Sn thls report In order to enable a proper understsndlng of the accounts to be reached, Greg Stevenson FCA Knox Cropper LLP Chartered Accountsnts 65 Leadenhall Street London EC3A 2AD L7'BF 2026
THE HENOCQ LAW TRUST srATEMENT OF FINANCXAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2025 unre 2025 Fu 2024 Income from Donations and grants Investments, income and interest re1vable 51,562 33,977 Totsl income 51,562 33,977 Expenditure on Raising funds Investment management fees Charltable activities 40,845 775,030 42,286 770,380 Totsl expenditure 815,875 812,666 Net expendlture Gain5lllosses) on Investrnents 1764,313) 387,494 {778,689) 328,149 Net movement in funds {376,8191 (450,540) Reconciliation of funds Fund balarKe5 brought forward 4,681,572 5,132,112 Fund balances carried foThvard £4,304,753 £4,681,572 The note5 on pages 9 to 15 form part of these finandal statements. The statement of financlal activities includes all gains and losse5 recognlsed in the perlod. All Sncome and eXpendIre derive from continuing actlvities,
THE HENOCQ LAW TRusr BALANCE SHE AS AT 31 DECEMBER 2025 Flxed assets Investments 4,287,751 4,669,6 Curyent assds Deblors Cash at LkHnk and In haThJ 130 21,342 130 16.139 21.472 16,269 Credits)rs: afflounts falling éue ithin one lear {4.47D) (4,320) Net Curnt Assets 17.002 11,949 Tctsl assets less current Irabili E4,304,7Y3 £4,681,572 Income funds Unr&ra funds io 4,304,753 4,681,572 £4,304,753 £4.681,572 pbknl I The financial statements We aprVed by the Trusts on ..................... 2026 De4. L4S Trustee Deb)rah Law Ronald Hen0 notes on page5 9 tc$ 15 f¢m ofthese finanobl staten*nts.
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES Charity Information The Henocq Law Tru51 15 an unincortx)rated Trust. Its principal pla of business is 92 Webster Road, London, SE16 4DF. 1.1 Accounting convention The financlal statements have been prepared in accordance with Accounting and Reportlng by Charitles.. ststement of Recommended Practice applicable to Charities preparing their accounts In accordance with the Financlal Reporting Standard appllcable in the UK and Republic of Ireland {FRS 102) {effective I January 20191 and the Charities Act 2011. The Charity constitutes a public benefit entity as deflned by FRS 102. The financlal staternents have been prepared to glve a 'true and fair, view and have departed from the charleS (Accounts and Reports) Regulations 2008 only to the extent required to provlde a'true and fair, view. Thls departure has involved following Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charftles preparing their accounts In accordan with the Flnancial Reporbng Standard appllcoble in the UK and RÈpubllc of Ireland (FRS 102) issued in October 2019 rather than the Accounting and Repong by Charlties: Statement of Recommended Pract1 effectlve from I April 2005 which has since been withdrawn. The financial statements are prepared In sterlingi wh1ch Is the functlonal currency of the Chadty. The financlal statements have been prepared under the historical cost conventlon, with items recryJnised at cost or transaction value unless otherwise stated In the relevant notes to these accounts. 1.2 Golng concern At the time of approvlng the financlal statements, the Trustees have a reasonable expectstion that the Charlty has adequate reSoUrS to continue in Operatial exISten for the foreseeable future. The Charity Ss not an operatlonal Charity having staff and ovetheads but make5 orants and donadons from Its investment Income. The Trustees have assessed whether the use of the going concern assumption Is approprfate In preparing these aoUnt5. The Trustees have made thls assessment in respect to a period of one year from the date of approval of these accounts. The Trustees of the Trust have concluded that there are no material UnrtaIntleS related to events or conditions that may cast Significant doubt on the ability of the Trust to continue as a golng concern. The Trustees are of the opinion that the Trust will have suffiaent resouros to meet its Ilabllitie5 as they fall due. 1.3 Charitable funds General ftjnds are unrestricted funds which are available for use at the dlscretion of the Trustees In furtheran of the general objectives of the Charlty and which have not been deslgnated for other purposes. 1.4 Income Income is recognised once the tharbty has entitlement to the income, It Is probable that the Income will be reived, and the amount of Income recelvable be measured reliably. All income Ss stated gross of any exndIture. Donatlons are recognised when the Trust has confirmation of both the amount and the settlement date. In the event of donation5 pledged but not recelved, the amount Is acuued for where the receipt is consldered probable. In the event that the donation Is subjett to conditions that require a level of performance before the Trust is entided to the funds, the income Is deftrred and not recogni5ed until either the condition5 are fully met, or the fulfllment of these condition5 are wholly within the control of the Trust and it Is probable that these conditions wlll be fulfilled in the reporting perlod.
THE HENOCQ LAWTRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (CONTINUED) 1.4 Income (continued) Dividends and dlstributions from investment funds are recognlsed On the div1dendldlstribu0n has been declared and notification has been received of the amount due. Notional distributions which are reinvested by Investrnent Fund5 which are Accumulation Funds are not taken into account as income because the di5tribuUon is rK)t received by the Charity. Instead, the reinvested amounts Increase the value of the Investment Funds and this is reflerted In the realised and unreallsed gains of the Charity. The CharitV5 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 galns in respect of these fund5. Interest on funds held on deposit is included when receiwable 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 ognISed once there is a legal or constructive obligatlon to make payment to a third party, it is probable that settlement will be required and the amount of the obllgation can be measured reliably. Expendlture comprlses the follng. a) Expenditurt on raising funds includes fees pabd to Investment managers In connectlon with advl on and management of the Trust's listed Investments. b) Expenditure on charitable activities compri5e5 grants payable. Grants payable are Included in the Statement of financlal activitbes when approved and when the intended reciplent has either reiVed the funds or been informed of the decision to make the donation and has satisfied all related condltions. Grants approved and cornmunicated but not paid at the end of the financlal year are accrued for. Grants where the beneficiary has not been Informed or has to meet certain conditions before the grant 15 released are not accrued for but are noted as finanaal commitments in the notes to the accounts. l expenditure Is stated inclusbve of irrecoverable VAT. 1,6 Allocation of support and governance costs Support costs represent Indirert charltable expendlture. In order to carry out the primary purposes of the Trust it is necessary to provide support in the forrn of admlni5trative services. Governance costs comprise the costs involvlng the publlc accountablllty of the Trust {Including audlt Cl)5ts) and costs in respect of its Comphlan with regulation and good practi. Support costs and governanTr costs are appOoned dlrectly to the one charitable activity. 1.7 Fixed asset investments Investments are a form of basic financlal instrument and are initially recoyjnised at their transartion value and subsequenuy measured at thelr fair value as at the balan sheet date using the closing quoted market pr1. The Ststement of Financlal Activlties Includes the net galns and losses arising on di5P05als durlng the year and fair value adjustments at the year end. 1.8 Taxation The Henocq Law Trust is a reglstered Charlty and is not Ilable to income or capltal galn5 tsxes on its present actiwties. 1.9 Debtors Debtors are recognised at their *ttlement amount, less any prov15ion for non-recoverablllty. Prepayments are valued at the amount prepaid. 10-
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 ACCOUNTING POLICIES (CONTINUED) 1.10 Cash at bank and In hand and short term deposlts Trsh 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 month5 but less than one year have been disclosed as short term deposits. 1.11 Credltors Creditors are recognlsed where the Charity has a present obligatlon resulting from a past event that wlll probably result in the transfer of fund5 to a thlrd party and the amount due to setue the obllgation be measured or estimated reliably. Credltors are usually recognised at thelr settlement amount. 1.12 Fund structure The unrestricted Income fund represents fijnds avallable for the genernl tharitable purposes of the Tru* at the discreb'on of the Trustees. 1.13 Critical accountlng estimates and areas of Judgement There are no areas In the accounts requiring the Trustees to make slgnlflcant I1geMentS and eMates. DONATIONS AND GRANTS 2025 2024 Gifted Investments (see Note 51 INVEsfMENTS 2025 2024 Incorne from Ilsted Investments Bank interest Brokers interest 44,877 83 27,374 76 £51,562 £33,977 CHARITABLE ACTivrriES 2025 2024 Grants14.1) Suptx)rt costs14.2) 759,500 755,000 £775,030 £770,380
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL sfATEMEiirs YEAR ENDED 31 DECEMBER 2025 CHARrrABLE ACTIVITIES (CONTINUED) 4.1 Grants payable 2025 2024 Grants during the year comprise.. 350 Org (2 payments (2024.. 2 payments)) Britlsh Red Cross Soaety12 payments) Bug Life Bumblebee Trust BUtteY conservaOn {2024'. 2 payment5) Cllent Earth12 payments12024'. 2 payments)) CND Coleman Project Space Compassionate Revolution (Extlnrtion Rebellion) 12 payments (2024.. 4 payments)) Environment Investigation Agerry (3 payments) Freedom from Torture Friends of the Earth (2 payments {2024: 2 payments)) Froglife Trust GreeNpeal2 tYments12024'. 2 payments)) Kew Gardens Knepp Wildland London Symphony Orchestra Mederins San5 Frontieres13 payments {2024'. 2 payments) Orchestra of the Age of Enllghtenment People's Trust for ErKlangered Specles Plantyifr Resldencies In Visual Arts12 payments (2024.. 3 payments)) Royal Society for the Protethon of Bards {2 payments12024: 2 payments)) South Downs National Park SuNival International Unicef (3 payments {2024'. 2 payments) Wildfowl and Wedands Trust Wlldllfe Trusts12 payments) woodlar Tru5t12024,' 2 payments) 70,000 io,o(10 5,000 5,000 10,000 loo,000 500 8,000 30,000 10,000 5,000 5,000 15,000 I,000 10,000 24,000 1,000 loo,000 5,000 70,000 15,000 30,(X)O 15,000 1,000 loo,000 5,000 loo,000 15,000 5,000 15,000 30,000 25,000 3,000 5,000 26,000 40,000 25,000 5,000 15,000 40,000 5,000 80,000 21,000 15,000 40,000 20,000 5,000 80,000 15,000 15,000 20,000 £759,500 £755,000 12-
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL STATEMETr¥tS YEAR ENDED 31 DECEMBER 2025 CHARITABLE ACTIVITIES (CONTINUED) 4.2 Supportcosts The breakdown of support costs and how these are allocated bethen Governance and Charitsble Attlvlties is shovvn in the table below. Governance costs 2025 Charitable activities 2025 Total Total 2024 2023 Cost type.. Bank charges Studio rental costs IndekEndent ExaminaOn fees 60 11,000 11,000 11,000 £4,530 £1 i,O(x) £15,530 £15,380 TRusfEES AND RELATED PARTY TRANSACTIONS Durfng the year to 31 December 2023, a Trustee, Deborah Law, donated £1,053,286 to the Charity In the form of shares to the Trust. No dOnaonS have been made in the current or preceeding year and there were no conditions attached to this donation. Studio rent payable to a Trustee, Ronald Henocq, by the Charlty for the year ended 31 Dember 2025 was £11,000 {2024.' £11,000). Durlng the year the Charity paid grant5 totalllng £15,000 12024.. £26,000) to Residenoes in Visual Arts (RIVAI, a charfty (Charity Reglstration Number 10967561, of which two of the Trustees, Deborah Law and Ronald Henocqi are also Trustees of The Henocq Law Trust. Ln accordance with the Charlty's policy, Trustees wlthdraw from decisions when a confllct of interest arises. No Trustee5 reTrived any remuneratlon or lburSeMent of expenses In elther this year or the prevlous year. EMPLOYEES There were no employees during the year or the prevlous year, 13-
THE HENOCQ LAW TRUST NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2025 FIXED ASSET INVESTMENTS 2025 2024 (a) Quoted Investments at Market Value Cash with Investment Managers 4,127,800 159,951 4,613,645 Totsl Investments £4,287,751 £4,669,623 {b) Movement in Investments Market value a5 at l January 2025 Additions Dlsposals Investment galnsl(lossesl 4,613,645 3,196,592 (4,069,931) 387,494 5,019,358 2,338,306 (3,072,168) 328,149 Market value at 31 December 2025 £4,127,800 £4,613,645 Cost at 31 DeCeMr 2025 £3,764,238 £4,248,356 Quoted Investments wlth more than 50/0 of market value, whlch are considered to be mateal. Aegon Short Dated Cllmate Transition Amundi MSCI Emerging Markets M&G European Sustainable Parfs Alllgned Equity PIMCO GIS Global Bond I Inc SPDR S&P 500 ucrrs EfF Stewart Investors Asia Pacific Sustainable B Pirtet Global Sustainable l ACC 6.56 5.02 5.91 14.87 17.62 7.91 5.90 The carrying amount of flnanclal assets measured at fair value through Income and expenditure wSthln nvestments is E4,613,645 (2023.. £5,019,358} DEBTORS 2025 2024 Tax recoverable on iriterest Transaction tharges due from Investment Manager5 115 15 115 15 £130 £130 14
THE HENOCQ LAW TRusr NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2025 CREDThORS: amounts falllng due within one year 2025 2024 Independent Examination fees 4,430 4,320 10. NET ASSEfs BETWEEN FUNDS Unrestrlcted Total 2025 Flxed Assets CUrnt Asset5 Current Liabilities 4,287,751 21,472 4,287,751 21,472 £4,304,753 £4,304,753 Unrestrlcted Total 2024 Flxed Assets Current Assets Current Liabillties 4,669,623 16,269 4,669,623 16,269 £4,681,572 £4,681,572 11. TAXATION The Hell(q Law Trust 15 a registered charity arKI is potentially exempt from tsxation in respect of Income and capltal ga1ns received wlthln the categories covered by Part Il of the Corporation Tax Act 2010 or Section 256 of the Taxatlon of Chargeable Galns Art 1992 to the extent that sud) Income or gains are applied to charitable purpose5. 15-