ACCOUNTS - Final Accounts

Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:

Registered number: 10512473

HENDERSON PARK HP ADVISORS LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

HENDERSON PARK HP ADVISORS LIMITED

COMPANY INFORMATION

Director	C R Power


Registered number	10512473


Registered office	1st Floor
	42-44 Grosvenor Gardens
	London
	United Kingdom
	SW1W 0EB


Independent auditors	Price Bailey LLP
	Chartered Accountants & Statutory Auditors
	Tennyson House
	Cambridge Business Park
	Cambridge
	CB4 0WZ

HENDERSON PARK HP ADVISORS LIMITED

CONTENTS

	Page
Strategic Report	1
Director's Report	2 - 3
Independent Auditors' Report	4 - 7
Statement of Income and Retained Earnings	8
Balance Sheet	9
Statement of Cash Flows	10
Notes to the Financial Statements	11 - 20

HENDERSON PARK HP ADVISORS LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The director presents the strategic report, the directors report, and the financial statements for Henderson Park HP Advisors Ltd for the year ended 31 December 2024.

Business review

The principal activity of the company continues to be the provision of operational and administrative support to various Funds. The results of the year and the financial position at the year ended 31 December 2024 were considered satisfactory by the director.
Going concern
The Company has sufficient cash reserves. As it provides operational and administrative support services to Funds which has ongoing contracts for the provision of investment advisory services for the foreseeable future, it is envisaged that the advisory services are to be maintained at a level that the related income will continue to exceed costs during the next twelve months.
On this basis, the director believes that the company will be able to meet its liabilities as they fall due for the foreseeable future.

Principal risks and uncertainties

The Company acts as a cost centre and recharges all of its costs in full plus a margin across various Funds.
Continuation of income relies on Fund performance, the director believes the business will continue to recover all costs for the foreseeable.

Financial key performance indicators

Due to the cost-plus margin nature of the company, the director continually measures costs against budgets and monitors the receivables closely. The director also has access to the liquidity position and key performance indicators of the Funds, thus is able to consistently measure the performance and actively manage the company liquidity and profitability.

This report was approved by the board on 26 September 2025 and signed on its behalf.

C R Power

Director

Page 1

HENDERSON PARK HP ADVISORS LIMITED

DIRECTOR'S REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Director presents his report and the financial statements for the year ended 31 December 2024.

Principal activity

The principal activity of the company continued to be the provision of operational and administrative support to Funds.

Results and dividends

The profit for the year, after taxation, amounted to £643,477 (2023 - £686,715).

Director

The Director who served during the year was:

C R Power

Director's responsibilities statement

The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in accordance with applicable law and regulations.

Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Director is required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The director expects the company to continue to provide consistent returns by continuing to receive ongoing revenue lines from the Funds.
Although there are planned disposals of investments within certain funds, this will be offset against future growth in revenue forecast from new funds, for which the Capital Partnership within Group is already raising capital.

Page 2

HENDERSON PARK HP ADVISORS LIMITED

DIRECTOR'S REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

The Director at the time when this Director's Report is approved has confirmed that:

∙so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There are no events subsequent to the 31 December 2024 that would have a material impact on these financial statements.

Auditors

The auditors, Price Bailey LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 September 2025 and signed on its behalf.

C R Power

Director

Page 3

HENDERSON PARK HP ADVISORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS LIMITED

Opinion

We have audited the financial statements of Henderson Park HP Advisors Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Income and Retained Earnings, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its profit for the year then ended;

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

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Director is responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 4

HENDERSON PARK HP ADVISORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Strategic Report and the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Strategic Report and the Director's Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

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

∙certain disclosures of Director's remuneration specified by law are not made; or

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

Responsibilities of directors

As explained more fully in the Director's Responsibilities Statement set out on page 2, the Director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 5

HENDERSON PARK HP ADVISORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of the company not complying with the applicable laws and regulations including fraud in particular those that could have a material impact on the financial statements. This included those regulations directly related to the financial statements, including financial reporting, tax legislation and distributable profits. In relation to the industry this included GDPR and employment law.
The risks were discussed with the audit team and we remained alert to any indications of non-compliance throughout the audit. We carried out specific procedures to address the risks identified. These included the following:
Reviewing minutes of Board meetings, correspondence with their regulators, agreeing the financial statement disclosures to underlying supporting documentation, enquiries of management including those responsible for the key regulations. To address the risk of management override of controls, we carried out testing of journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business. We also assessed management bias in relation to the accounting policies adopted and in determining significant accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.
The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Page 6

HENDERSON PARK HP ADVISORS LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Paul Cullen FCCA (Senior Statutory Auditor)

for and on behalf of

Price Bailey LLP

Chartered Accountants

Statutory Auditors

Tennyson House

Cambridge Business Park

Cambridge

CB4 0WZ

29 September 2025

Page 7

HENDERSON PARK HP ADVISORS LIMITED

STATEMENT OF INCOME AND RETAINED EARNINGS

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover	4	14,751,246	13,152,491
Administrative expenses		(13,905,769)	(12,270,425)
Operating profit		845,477	882,066
Tax on profit	7	(202,000)	(195,351)
Profit after tax		643,477	686,715



Retained earnings at the beginning of the year	2,223,370	1,536,655
Profit for the year	643,477	686,715
Retained earnings at the end of the year	2,866,847	2,223,370

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of income and retained earnings.

The notes on pages 11 to 20 form part of these financial statements.

Page 8

HENDERSON PARK HP ADVISORS LIMITED

REGISTERED NUMBER: 10512473

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Investments	8		-		7
Current assets
Debtors: amounts falling due within one year	9	12,782,791		7,142,608
Cash at bank and in hand	10	1,772,352		240,240
		14,555,143		7,382,848
Creditors: amounts falling due within one year	11	(11,688,295)		(5,159,484)
Net current assets			2,866,848		2,223,364

Net assets			2,866,848		2,223,371

Capital and reserves
Called up share capital	12	1	1
Profit and loss account	13	2,866,847	2,223,370
		2,866,848	2,223,371

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

C R Power

Director

Date: 26 September 2025

The notes on pages 11 to 20 form part of these financial statements.

Page 9

HENDERSON PARK HP ADVISORS LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			£	£

Cash flows from operating activities
Profit for the financial year	643,477	686,715
Adjustments for:
Taxation charge	202,000	195,351
Decrease/(increase) in debtors	3,935,584	(4,332,293)
(Increase) in amounts owed by groups	(9,575,767)	(1,243,527)
Increase/(decrease) in creditors	11,915,917	(1,022,308)
(Decrease)/increase in amounts owed to groups	(5,384,115)	1,415,417
Corporation tax (paid)	(204,991)	(205,220)
Net cash generated from operating activities	1,532,105	(4,505,865)

Cash flows from investing activities
Income from investments	7	-
Net cash from investing activities	7	-

Net increase/(decrease) in cash and cash equivalents	1,532,112	(4,505,865)
Cash and cash equivalents at beginning of year	240,240	4,746,105
Cash and cash equivalents at the end of year	1,772,352	240,240

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,772,352	240,240
	1,772,352	240,240

Page 10

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Henderson Park HP Advisors Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 1st Floor, 42-44 Grosvenor Gardens, London, SW1W 0EB, United Kingdom.
Monetary amounts in these financial statements are rounded to the nearest £.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

2.3

Going concern

The Company has sufficient cash reserves. As it provides operational and administrative support
services to the Fund, which has ongoing contracts for the provision of investment advisory services
for the foreseeable future. It is envisaged that the advisory services are to be maintainted at a level
that the related income will continue to exceed costs during the next twelve months. On this basis the
Director believes that the company will be able to meet its liabilities as they fall due for at least twelve
months from the date of approval of these financial statements.
Accordingly, the going concern basis has been adopted in preparing the Director's report and financial statements.

Page 11

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

2.5

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of turnover can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

Revenue is derived from the provision of operational and administrative support to various Funds and is charged and fixed margins.

Page 12

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.9

Debtors

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

2.10

Cash and cash equivalents

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

In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

2.11

Creditors

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

2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Page 13

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments (continued)

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Page 14

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.12

Financial instruments (continued)

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates.
The critical accounting estimate or judgement applied by the Director which has a significant impact on the amounts disclosed in the financial statements is as follows:
- Recoverability of debtors

Page 15

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Turnover

The whole of the turnover is attributable to the provision of operational and administrative support to Funds.

Analysis of turnover by country of destination:

					2024	2023
					£	£

United Kingdom	-	113,484
Rest of Europe	2,576,985	2,674,458
Rest of the world	12,174,261	10,364,549
	14,751,246	13,152,491

Fees payable to the Company's auditors for the audit of the Company's financial statements

11,000

9,250

Wages and salaries	5,266,591	5,471,008
Social security costs	666,755	736,376
Cost of defined contribution scheme	139,615	159,764
	6,072,961	6,367,148

The average monthly number of employees, including directors, during the year was 28 (2023 - 31).

Page 16

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	202,000	195,891
Adjustments in respect of previous periods	-	(540)

Total current tax	202,000	195,351

Profit on ordinary activities before tax

845,477

882,066

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)	211,369	220,517
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	-	56
Other differences leading to an increase (decrease) in the tax charge	(9,369)	(11,036)
Group relief	-	(14,186)
Total tax charge for the year	202,000	195,351

There were no factors that may affect future tax charges.

Page 17

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2024	7
	Disposals	(7)
	At 31 December 2024	-

As at 31 December 2024, the company has a 100% owned US Subsidiary, Henderson Park US LLC in which it holds,10 shares of Common Stock authorised with a par value of $1.00 per unit. (2023: 10 shares of Common Stock with a par value of $1.00 per unit). Henderson Park HP Advisors UK Limited (the “Sole Member”) owns one hundred percent of the Common Units, to date, all of the Common Units remain unpaid.

Debtors

					2024	2023
					£	£


Trade debtors	480,604	921,314
Amounts owed by group undertakings	11,122,468	1,546,701
Other debtors	752,091	76,504
Prepayments and accrued income	427,628	4,598,089
	12,782,791	7,142,608

10.	Cash and cash equivalents
		2024	2023
		£	£

	Cash at bank and in hand	1,772,352	240,240

Page 18

HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	43,199	735
Amounts owed to group undertakings	7,919,231	2,535,117
Corporation tax	75,441	78,431
Other creditors	24,932	26,794
Accruals and deferred income	3,625,492	2,518,407
	11,688,295	5,159,484

12.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

1 (2023 - 1) Ordinary share of £1	1	1

13.

Reserves

Profit and loss account

The profit and loss accounts represents cumulative profits and losses less dividends paid.

14.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £139,615 (2023: £159,764). Contributions totalling £24,932 (2023: £26,794) were payable to the fund at the balance sheet date and are included in creditors.

15.

Related party transactions

The company has taken advantage of the exemption afforded by FRS 102 not to disclose transactions
or balances with other wholly owned members of the group.
During the year the Company received advisory fees totalling £14,751,246 (2023: £13,152,491) from funds and entities under similar control to the Company. At the year end £8,236,285 (2023: £1,546,701) was held in debtors as amounts owed from the funds.

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HENDERSON PARK HP ADVISORS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Controlling party

The immediate holding company is Henderson Park HP Advisors (Holdings) Limited, a Company incorporated in England and Wales.
The ultimate holding company is Henderson Park Global Advisors LLC, a company incorporated in Puerto Rico.

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