2021-12-31-accounts - Huo Family Foundation (UK) Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

					2021	2020
				Notes
					Unrestricted	Unrestricted
					Funds	Funds
					US$	US$
Income from:
Donations Investments					25,158,465 3,227,385	25,049,321 813,613
Total					28,385,850	25,862,934
Expenditure on:
Charitable activities Raising funds					(6,135,375) (1,160,666)	(7,243,172) (1,363,032)
Total					~7296 041	~6606,204
Net gains on investments					18,497,126	21,512,291
Net Income					39,586,935	38,769,021
Other mcognised		gains and losses
Foreign exchange gains/(losses)					41,361	(307,381)
Net movement	in funds				39,628,296	38,461,640
Fund balances	brought		forward at 1 January		138,723,236	98,261,596
Fund balances	carried		forward at 31 December		176,351,532	136,723,236

			Notes	2021	2020
				US$	US$
Fixed assets
Investments			8	161,570,904	117,441,433
Current assets
Debtors Cash at bank and in hand Total current assets				13,569,190 5,842,379 19,211,569	18,116,273 8847,804 26,964,167
Creditors: amounts		falling due within one year	10	(2,096,784)	(5,465,740)
Net current assets				17,114,785	21,498,427
Total assets less	current liabilities			178,885,689	138,939,860
Creditors: amounts		falling due after more than one year		(2,334,157)	(2,216,624)
Net assets				176,351,532	136723,236
The funds ofthe	foundation
Share capital			12	2	2
Unrestricted funds			13	176,351,530	136,723,234
Total foundation	funds		14	176,351,532	136,723,236

for the year end	ed 31	Dece	mb	er 2021
				2021		2020
		US$		US$	US$	US$
Cash flows from operating activities
Net cash provided by/(used activities	in) operating			19,204,988		(3,758,977)
Cash Flow from Investing activities
Investment income —bank interest Investment income —dividends Capital gain distributions		3,143 2,985,242 239,000			28,861 784,752
Bank interest and charges Purchase ofinvestments Sale ofinvestments		(5,543) (60,497,258) 34,864,913			(36,732) (30,177,529) 35,348,920
Net cash (used in)/provided investing activities	by			(22,410,503)		5,948,272
Change in cash at bank and hand	in			(3,205,515)		2,189,295
Cash at bank and in hand at beginning ofthe year	the			8,847,894		6,658,599
Cash at bank and in hand at	the
end ofyear				5,642,379		8,847,894
Reconciliation ofOperating Profit to net Cash inflow/(outflow) from Operating Activities				2021 US$		2020 US$
Net income Interest received Bank interest and charges Dividend receivable Capital gain distributions Net gains on investments Foreign exchange gains/(losses) Decrease/(increase) in debtors Decrease in creditors				39,586,935 (3,143) 5,541 (2,985,242) (239,000) (18,497,126) 41,361 4,547,084 (3,251,422)		38,769,021 (28,861) 36,732 (784,752) (21,512,291) (307,381) (17,897,281) (2,034,164)
Net cash inflow/(oufflow) from activities	operating			19,204,988		(3,758,977)
Analysis ofchanges in net debt		2020			Foreign	2021
		US$		Cash Flows	Exchange	US$
					Movement
Cash at bank and in hand		8,847,894		(3,355,844)	150,329	5,642,379
			13

	2021	2020
	USS	US$
Bank interest receivable Dividend receivable Capital gain distribution	3,143 2,985,242 239,000	28,861 784,752
	3,227,385	813,613

	2021	2020
	US$	US$
Fudan University Teach for China Hong Kong University of Oxford Absolute Return for Kids Royal Opera House London Symphony Orchestra Limited The Royal National Theatre The Old VicTheatre The Courtauld Institute OfArt Fund Tate Gallery of Millbank The Musicians Benevolent Fund Theatre Development Trust Policy Exchange Columbia University Imperial College ofScience King's College London Science Museum Group Pro Bono Economics (PBE) Royal Academy ofArts Emergency Fund Youth Communication Support costs (Note 5)	1,200,000 1,000,000 968,783 355,478 276,911 276,911 276,911 276,911 206,544 170,903 138,456 138,456 136,723 712,388	150,000 500 1,254,855 2,500,000 1,248,651 1,239,430 125,528 62,410 62,108 50,000 549,690
	6,135,375	7,243,172

Raising funds
		2021	2020
		US$	USS
Advisory and operating fees Bank interest and charges Investment management professional Overseas tax on investment income	fees	38,372 5,541 1,101,857 14,896	65,067 36.732 1,175,673 85,560
		1,160,666	1,363,032

				2021	2020
				US$	US$
Accountancy fees Audit fees Legal fees Consultancy expenses Management fees Tax fees				39,884 77,152 20,412 58,546 468,243 20,576	29,842 56,573 34,682 317,739 76,401
Total governance	costs			684,813	515,237
Advertising and promotion Insurance Office expenses				2,502 9,242 15,831	27,053 7,400
				712,388	549,690
6. Net income
Nst income for the year is stated after charging.
				2021	2020
				US$	US$
Auditors' remuneration		(excluding	VAT)
-Audit				64,293	47,144

	2021	2020
Movement in market value	US$	US$
Opening market value Additions at cost Disposal proceeds Net gains on investments Closing market value	117,441,433 60,497,258 (34,864,913) 18 497,126 161,570,904	101,100,533 30,177,529 (35,348,920) 21,512,291 117,441,433

Net gains on investments	includes	includes	gains/losses	during the financial year.	during the financial year.
Investments included in	the following asset classes:
				2021	2020
				US$	US$
Equitiesi'i Private Debt Private Equity Hedge Funds Real Assets —liquid				91,454,009 17,535,220 13,270,203 34,686,667 4,624 805	86,994,459 25,915,074 1,579,909 2951,991
			161,570,904		117,441,433
«i Equities asset class includes		Capula Tail Risk Fund, which is	a hedge fund with long only equities exposure.
The historic cost ofthese	investments is US$120,845,897(2020:US$95,071,025)
Analysis offair value hierarchy:

				2021	2020
				US$	US$
Level 1
Level 2 Level 3				135,637,541 25.933,363	113,207,083 4 234 350
				161,570,004	117,441,433
Investments included in the are as follows:		above table with a market value greater than 5%ofthe total			portfolio market value
				2021	2020
				US$	US$
Capula Partners Partners Capula Partners	Tail Risk Fund Capital Greyhawk Cayman Capital Phoenix Fund li Ltd Global Relative Value Fund - Capital Greyhawk Cayman		Feeder Fund A1 Class A Feeder Fund A	51,443,171 31,296,054 17,535,220 16,633,288	43,188,241 27,899,173 20,939,951 6,328,947

0.Creditors: amount	s falling due within one year
		2021	2020
		US$	US$
Trade creditors Grants payable Accruals snd deferred	income	185,047 1,786,137 125,600	63,863 4,781,367 600,510
		2,096,784	5,465,740

		2021	2020
		US$	US$
Grants	payable	2,334,157	2,216,624
Due in one to two years Due within two to five years		1,086,152 1,248,005	1,216,624 1,000,000
		2,334,157	2,216,624
		2021	2020
		U6$	U6$
Opening Grants Grants Foreign	grants payable awarded paid exchange	6,997,991 5,422,987 (8,331,295) 30,612	9,451,035 6,693,482 (9,354,399) 207,873
Closing	grants payable	4,120,295	6,997,991

						2021	2020
						US$	US$
Allotted and called up
1 (2020: 1)ordinary		share ofR1
13.Unrestricted	funds
		1 January 2021 US$	Income US$		Expenditure US$	Other recognised income US$	31 December 2021 US$
Share
capital
Unrestricted funds	136,723,234		28,385,850		(7,296,041)	18,538,487	176,351,530
Total	136,723,230		2~,385,8 0		~296,044	18,538,487	176,351,532
		1January 2020 US$	Income US$		Expenditure US$	Other recognised income US$	31 December 2020 US$
Share
capital
Unrestricted funds		98,261,594	25,862,934		(8,606,204)	21.204,910	136,723,234
Total		98,261,596	25862,934		~0606204	21204910	131!723236
14. Total foundation		funds
						2021	2020
						Unrestricted	Unrestricted
						Funds	Funds
						US$	US$
Fund balances at	31 December are		represented	by:
Investments Debtors Cash at bank and Creditors: amounts Creditors: amounts	in hand falling due within falling due after		one year more than one year			161,570,904 13,569,190 5,642,379 (2,096,784) (2,334,157)	117,441,433 18,116,273 8,847,894 (5,465,740) (2,216,624)
						176,351,532	136,723,236
					24