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Registered number: 12515508 HENDERSON PARK HP ADVISORS (HOLDINGS) LTD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD COMPANY INFORMATION
Director | Charles Power
Company secretary | Aztec Financial Services (Jersey) Limited
Registered number | 12515508
Registered office | 42-44 Grosvenor Gardens
| London
| England
| SW1W 0EB
Independent auditors | Price Bailey LLP
| Chartered Accountants & Statutory Auditors
| Tennyson House
| Cambridge Business Park
| Cambridge
| CB4 0WZ
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD CONTENTS
| Page
Group Strategic Report | 1
Director's Report | 2 - 3
Independent Auditors' Report | 4 - 7
Consolidated Profit and Loss Account | 8
Consolidated Statement of Comprehensive Income | 9
Consolidated Balance Sheet | 10
Company Balance Sheet | 11
Consolidated Statement of Changes in Equity | 12
Company Statement of Changes in Equity | 13
Consolidated Statement of Cash Flows | 14
Consolidated Analysis of Net Debt | 15
Notes to the Financial Statements | 16 - 30
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD GROUP STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2024
Introduction
The director presents the group strategic report, the directors report and the financial statements for Henderson Park HP Advisors (Holdings) Ltd, (the ‘company’) and its subsidiaries (collectively “the group”) for the year ended 31 December 2024.
Business review
The principal activity of the group is to provide operational and administrative support to Funds. The results for the year and the financial position at the year-end were considered satisfactory by the directors. The group has sufficient cash reserves. As the group provides operational and administrative support services to the 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 group 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 directors report and financial statements.
Principal risks and uncertainties
The company acts as a cost centre and recharges costs to the funds. Continuation of income relies on fund performance. The director believes the business will continue with no significant impact.
Financial key performance indicators
Due to the cost-plus nature of the business the director measures costs against budgets and the director has set key performance indicators to manage the business and measure fund performance. Each of these key performance indicators are frequently reviewed and actively managed. The performance of the group is continuously monitored on a monthly basis, to ensure it remains profitable and is a key indicator of the business success. The current year profit before tax for the group of £2,314,476 (2023: £1,965,306) is a measurement that illustrates the success of this KPI. A strong reserve position is a key indicator of the strength of the business. The current year reserves position of the group of £6,359,702 (2023: £4,661,423) is a measurement of the success of this KPI.
This report was approved by the board and signed on its behalf.
Charles Power Director
Date: 6 February 2026
Page 1
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD 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.
Director's responsibilities statement
The director is responsible for preparing the Group Strategic Report, the Director's Report and the consolidated 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 the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the director is required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Principal activity
The principal activity of the group continued to be the provision of operational and administrative support to Funds.
Results and dividends
The profit for the year, after taxation, amounted to £1,785,712 (2023 - £1,522,494). The result for the year is in accordance with the director's expectations and are satisfied with the result.
Director
The director who served during the year was:
Charles Power
Future developments
The director continues to expect the company to return improving results by continuing revenue lines for the foreseeable future. Page 2
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD 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 and the Group'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 and the Group's auditors are aware of that information.
Post balance sheet events
On 19th February 2025, Henderson Park HP Advisors (Holdings) Limited acquired 100% of the shares in Henderson Park Advisors Spain SL, establishing a wholly owned subsidiary. The principal activity of the subsidiary is to provide Advisory Services. As of 1st December 2025, Henderson Park Advisors Luxembourg Sarl is no longer providing AIFM services. The AIFM services have been outsourced to Royalton Partners. Henderson Park Advisors Luxembourg Sarl’s AIFM licence has been surrendered with the CSSF, with deregulation to proceed imminently.
Auditors
The auditors, Price Bailey LLP, will be deemed reappointed in accordance with section 485 of the Companies Act 2006. This report was approved by the board and signed on its behalf.
Charles Power Director
Date: 6 February 2026
Page 3
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) LTD
Opinion
We have audited the financial statements of Henderson Park HP Advisors (Holdings) Ltd (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Profit and Loss Account, the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity 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 Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the Parent 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. Page 4
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) LTD (CONTINUED)
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.
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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the Parent Company 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. Page 5
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) LTD (CONTINUED)
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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.
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 Group 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. 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 (HOLDINGS) LTD INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HENDERSON PARK HP ADVISORS (HOLDINGS) LTD (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 (Senior Statutory Auditor) for and on behalf of Price Bailey LLP Chartered Accountants Statutory Auditors Tennyson House Cambridge Business Park Cambridge CB4 0WZ 9 February 2026 Page 7
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024
| 2024 | 2023
Note | £ | £
Turnover | 4 | 26,515,019 | 20,980,646
Gross profit |  | 26,515,019 | 20,980,646
Administrative expenses |  | (24,200,543) | (19,015,340)
Operating profit | 5 | 2,314,476 | 1,965,306
Tax on profit | 8 | (528,764) | (442,812)
Profit for the financial year |  | 1,785,712 | 1,522,494
Profit for the year attributable to: |  |  |
Owners of the parent |  | 1,785,712 | 1,522,494
|  | 1,785,712 | 1,522,494
The notes on pages 16 to 30 form part of these financial statements.
Page 8
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  |  | 2024 | 2023
|  |  | Note | £ | £
Profit for the financial year |  | 1,785,712 | 1,522,494
Other comprehensive income |  |  |
Currency translation differences |  | (113,615) | 12,618
Other comprehensive income for the year |  | (113,615) | 12,618
Total comprehensive income for the year |  | 1,672,097 | 1,535,112
Profit for the year attributable to: |  |  |
Owners of the parent Company |  | 1,785,712 | 1,522,494
|  | 1,785,712 | 1,522,494
Total comprehensive income attributable to: |  |  |
Owners of the parent Company |  | 1,672,097 | 1,535,112
|  | 1,672,097 | 1,535,112
The notes on pages 16 to 30 form part of these financial statements.
Page 9
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD REGISTERED NUMBER: 12515508 CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | 698,775 |  | 160,399
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 20,615,460 |  | 12,388,742 |
Cash at bank and in hand | 12 | 3,013,222 |  | 1,239,874 |
|  | 23,628,682 |  | 13,628,616 |
Creditors: amounts falling due within one year | 13 | (17,967,755) |  | (9,127,592) |
Net current assets |  |  | 5,660,927 |  | 4,501,024
Net assets |  |  | 6,359,702 |  | 4,661,423
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 101 |  | 101
Share premium account | 16 |  | 525,096 |  | 525,096
Foreign exchange reserve | 16 |  | (40,668) |  | 72,947
Other reserves | 16 |  | 26,182 |  | -
Profit and loss account | 16 |  | 5,848,991 |  | 4,063,279
Equity attributable to owners of the parent Company |  |  | 6,359,702 |  | 4,661,423
|  |  | 6,359,702 |  | 4,661,423
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Charles Power
Director
Date: 6 February 2026
The notes on pages 16 to 30 form part of these financial statements. Page 10
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD REGISTERED NUMBER: 12515508 COMPANY BALANCE SHEET AS AT 31 DECEMBER 2024
|  | 2024 |  | 2023
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Investments | 10 |  | 506,860 |  | 506,860
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 11 | 712,084 |  | 93,209 |
|  | 712,084 |  | 93,209 |
Creditors: amounts falling due within one year | 13 | (229,089) |  | (167,150) |
Net current assets/(liabilities) |  |  | 482,995 |  | (73,941)
Net assets |  |  | 989,855 |  | 432,919
Capital and reserves |  |  |  |  |
Called up share capital | 15 |  | 101 |  | 101
Share premium account | 16 |  | 525,096 |  | 525,096
Profit and loss account brought forward |  | (92,278) |  | (39,434) |
Profit/(loss) for the year |  | 556,936 |  | (52,844) |
Profit and loss account carried forward |  |  | 464,658 |  | (92,278)
|  |  | 989,855 |  | 432,919
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
Charles Power
Director
Date: 6 February 2026
The notes on pages 16 to 30 form part of these financial statements. Page 11

|  | HENDERSON PARK HP ADVISORS (HOLDINGS) LTD |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
|  | Called up share capital | Share premium account | Foreign exchange reserve | Other reserves | Profit and loss account | Total equity
|  | £ | £ | £ | £ | £ | £
| At 1 January 2023 | 100 | - | 60,329 | - | 2,540,785 | 2,601,214
| Profit for the year | - | - | - | - | 1,522,494 | 1,522,494
| Currency translation differences | - | - | 12,618 | - | - | 12,618
| Contributions by and distributions to owners |  |  |  |  |  |
| Shares issued during the year | 1 | 525,096 | - | - | - | 525,097
| At 1 January 2024 | 101 | 525,096 | 72,947 | - | 4,063,279 | 4,661,423
| Profit for the year | - | - | - | - | 1,785,712 | 1,785,712
| Currency translation differences | - | - | (113,615) | - | - | (113,615)
| Contributions by and distributions to owners |  |  |  |  |  |
| Recognition of a Legal reserve | - | - | - | 10,365 | - | 10,365
| Recognition of a NWT Reserve | - | - | - | 15,817 | - | 15,817
| At 31 December 2024 | 101 | 525,096 | (40,668) | 26,182 | 5,848,991 | 6,359,702
| The notes on pages 16 to 30 form part of these financial statements.
Page 12

HENDERSON PARK HP ADVISORS (HOLDINGS) LTD COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2024
| Called up share capital | Share premium account | Profit and loss account | Total equity
| £ | £ | £ | £
At 1 January 2023 | 100 | - | (39,434) | (39,334)
Loss for the year | - | - | (52,844) | (52,844)
Contributions by and distributions to owners |  |  |  |
Shares issued during the year | 1 | 525,096 | - | 525,097
At 1 January 2024 | 101 | 525,096 | (92,278) | 432,919
Profit for the year | - | - | 556,936 | 556,936
At 31 December 2024 | 101 | 525,096 | 464,658 | 989,855
| The notes on pages 16 to 30 form part of these financial statements.
Page 13
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024
|  |  | 2024 | 2023
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,785,712 | 1,522,494
Adjustments for: |  |
Depreciation of tangible assets | 24,084 | 23,456
Taxation charge | 528,764 | 442,812
(Increase) in debtors | (8,226,718) | (7,249,024)
Increase in creditors | 8,840,163 | 404,302
Corporation tax (paid) | (502,582) | (452,140)
Foreign exchange | (113,615) | 12,618
Net cash generated from operating activities | 2,335,808 | (5,295,482)
Cash flows from investing activities |  |
Purchase of tangible fixed assets | (562,460) | (83,057)
Net cash from investing activities | (562,460) | (83,057)
Cash flows from financing activities |  |
Issue of ordinary shares | - | 525,097
Net cash used in financing activities | - | 525,097
Net increase/(decrease) in cash and cash equivalents | 1,773,348 | (4,853,442)
Cash and cash equivalents at beginning of year | 1,239,874 | 6,093,316
Cash and cash equivalents at the end of year | 3,013,222 | 1,239,874
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,013,222 | 1,239,874
| 3,013,222 | 1,239,874
The notes on pages 16 to 30 form part of these financial statements.
Page 14
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD CONSOLIDATED ANALYSIS OF NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2024
| At 1 January 2024 | Cash flows | At 31 December 2024
| £ | £ | £
Cash at bank and in hand | 1,239,874 | 1,773,348 | 3,013,222
| 1,239,874 | 1,773,348 | 3,013,222
The notes on pages 16 to 30 form part of these financial statements.
Page 15
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
1. | General information
Henderson Park HP Advisors (Holdings) Limited is a private company, limited by shares, incorporated in England and Wales. The address of the registered office is 42-44 Grosvenor Gardens, London, England, SW1W 0EB. 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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and 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 Group management to exercise judgement in applying the Group's accounting policies (see note 3). The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Profit and Loss Account from the date on which control is obtained. They are deconsolidated from the date control ceases. Page 16
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.3 | 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 Consolidated Profit and Loss Account within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'. On consolidation, the results of overseas operations are translated into Sterling at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.
| 2.4 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue 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 revenue is recognised: Rendering of services Revenue 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 revenue can be measured reliably; ∙it is probable that the Group 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. Page 17
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.5 | Operating leases: the Group as lessee
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | Interest income
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | Pensions
Defined contribution pension plan The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Group in independently administered funds.
| 2.9 | 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 income 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 and the Group operate and generate income.
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 18
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Office equipment | - | Between 20 - 33% per annum
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | 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.
| 2.13 | 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 Consolidated 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 Group's cash management.
| 2.14 | 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.
| 2.15 | Financial instruments
Financial instruments are recognised in the Group's Balance Sheet when the Group 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. Page 19
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) 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 Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 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. Basic financial liabilities Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors 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. Page 20
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 2.Accounting policies (continued)
| 2.15 | Financial instruments (continued)
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 assets Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group 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 Group 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 Group's contractual obligations expire or are discharged or cancelled.
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
The directors consider there to be no significant judgement in applying accounting policies and no key sources of estimation. Page 21
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Operational and administrative support to Funds | 26,515,019 | 20,980,646
Analysis of turnover by country of destination:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Rest of the world | 26,515,019 | 20,980,646
|  | 26,515,019 | 20,980,646
5. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Exchange differences | (144,628) | 66,521
| Other operating lease rentals | 161,140 | 160,050
6. | Auditors' remuneration
| During the year, the Group's auditors remuneration was £26,000 (2023 - £28,000) of which £18,750 (2023 - £18,750) was in respect of the group's financial statements.
Page 22
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
7. | Employees
| Staff costs were as follows:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Wages and salaries | 16,937,647 | 13,600,132
| Social security costs | 1,911,406 | 1,298,559
| Cost of defined contribution scheme | 569,902 | 420,943
|  | 19,418,955 | 15,319,634
| The average monthly number of employees, including the director, during the year was as follows:
|  |  | Group | Group | Company | Company
|  |  | 2024 | 2023 | 2024 | 2023
|  |  | No. | No. | No. | No.
|  | Administration | 39 | 34 | - | -
|  | Directors | 1 | 1 | 1 | 1
|  |  | 40 | 35 | 1 | 1
8. | Taxation
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 528,764 | 442,812
| Total current tax | 528,764 | 442,812
| Deferred tax |  |
| Total deferred tax | - | -
| Tax on profit | 528,764 | 442,812
Page 23
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 8.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is lower than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 2,314,476 | 1,965,306
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%) | 578,619 | 491,327
| Effects of: |  |
| Other differences leading to an increase (decrease) in the tax charge | (49,855) | (48,515)
| Total tax charge for the year | 528,764 | 442,812
Page 24
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
9. | Tangible fixed assets
| Group
|  | Office equipment
|  | £
| Cost |
| At 1 January 2024 | 214,001
| Additions | 566,132
| Exchange adjustments | (3,672)
| At 31 December 2024 | 776,461
| Depreciation |
| At 1 January 2024 | 53,602
| Charge for the year on owned assets | 26,395
| Exchange adjustments | (2,311)
| At 31 December 2024 | 77,686
| Net book value |
| At 31 December 2024 | 698,775
| At 31 December 2023 | 160,399
Page 25
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
10. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2024 | 506,860
| At 31 December 2024 | 506,860
| Subsidiary undertakings
| The following were subsidiary undertakings of the Company:
| Name | Registered office | Class of shares | Holding
| Henderson Park HP Advisors Limited | 1st Floor 42-44 Grosvenor Gardens, London, United Kingdom, SW1W 0EB | Ordinary | 100%
| Henderson Park Advisors Ireland Limited | 32 Molesworth Street, Dublin 2, D02Y512 | Ordinary | 100%
| Henderson Park Advisors Germany GmbH | Westendstraße 28, 60325, Frankfurt am Main | Ordinary | 100%
| Henderson Park Advisors (Luxembourg) S. àr.l. | 48, Rue de Bragance, L-1255, Luxembourg | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
| Name | Aggregate of share capital and reserves | Profit
|  | £ | £
| Henderson Park HP Advisors Limited | 2,866,848 | 643,476
| Henderson Park Advisors Ireland Limited | 600,847 | 292,392
| Henderson Park Advisors Germany GmbH | 434,577 | 143,786
| Henderson Park Advisors (Luxembourg) S. àr.l. | 795,425 | 166,163
Page 26
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
11. | Debtors
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade debtors | 643,626 | 1,030,597 | - | -
| Amounts owed by group undertakings | 14,689,471 | 1,072,980 | 712,084 | 93,209
| Other debtors | 3,392,254 | 4,175,689 | - | -
| Prepayments and accrued income | 1,890,109 | 6,109,476 | - | -
|  | 20,615,460 | 12,388,742 | 712,084 | 93,209
12. | Cash and cash equivalents
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Cash at bank and in hand | 3,013,222 | 1,239,874
|  | 3,013,222 | 1,239,874
13. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2024 | 2023 | 2024 | 2023
|  | £ | £ | £ | £
| Trade creditors | 152,765 | 238,771 | - | -
| Amounts owed to group undertakings | 946,415 | - | 174,649 | 95,882
| Corporation tax | 75,441 | 78,971 | - | -
| Other taxation and social security | 702,655 | 449,076 | - | -
| Other creditors | 6,891,128 | 1,500,786 | 16,057 | -
| Accruals and deferred income | 9,199,351 | 6,859,988 | 38,383 | 71,268
|  | 17,967,755 | 9,127,592 | 229,089 | 167,150
Page 27
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
14. | Financial instruments
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Financial assets |  |
| Financial assets measured at fair value through profit or loss | 3,013,222 | 1,239,874
| Financial assets measured at fair value through profit or loss comprise cash at bank and in hand.
15. | Share capital
|  |  |  |  | 2024 | 2023
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 101 (2023 - 101) Ordinary shares of £1.00 each | 101 | 101
Page 28
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
16. | Reserves
Share premium account The share premium is the excess money received for issued shares above the par value. Foreign exchange reserve The foreign exchange reserve represents he cumulative translation gains and losses arising on the consiolidation of the company's subsidiaries. Other reserves The following reserves are relating to Henderson Park Advisors (Luxembourg) S.a.r.l.: Legal reserve: The legal reserve is a statutory, non-distributable reserve required under Luxembourg company law. Each year, the Company must allocate at least 5% of its annual net profit to this reserve until it reaches 10% of the subscribed share capital. The purpose of the legal reserve is to strengthen the Company’s equity base and protect creditors. Once the reserve reaches the 10% threshold, no further allocations are required. NWT reserve: The NWT reserve was created in line with Article 8a of the Luxembourg NWT Law, which allows a company to reduce its annual NWT liability if it allocates an amount equal to 5x the tax reduction to a special non-distributable reserve. This reserve must be maintained for 5 years, after which it can be released. The rationale for creating this reserve is simply to optimise the Company’s annual NWT charge while reinforcing the equity position of the AIFM. Profit and loss account The profit and loss accounts represents realised profits and losses to dates less distributions made to shareholders.
17. | Pension commitments
The Group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension cost charge represents contributions payable by the Group to the fund and amounted to £569,902 (2023 - £420,943). Contributions totalling £24,932 (2023 - £26,794) were payable to the fund at the balance sheet date and are included in creditors. Page 29
HENDERSON PARK HP ADVISORS (HOLDINGS) LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
18. | Commitments under operating leases
| At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  | Group | Group
|  | 2024 | 2023
|  | £ | £
| Not later than 1 year | 777,503 | 595,756
| Later than 1 year and not later than 5 years | 2,792,608 | 2,673,169
| Later than 5 years | 687,829 | 1,829,164
|  | 4,257,940 | 5,098,089
19. | 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.
20. | Controlling party
The immediate and ultimate holding company is Henderson Park Global Advisors LLC, a Company incorporated in the Commonwealth of Puerto Rico.
Page 30