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|||Page(s)|
|---|---|---|
|Charity details|||
|Trustees'<br>annual<br>report||2 —7|
|Independent<br>auditors'|report|8 —10|
|Statement<br>offinancial|activities||
|Balance shcot||12|
|Cash flow statement||13|
|Notes to the financial|statements|14—26|





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||||||2021|2020|
|---|---|---|---|---|---|---|
|||||Notes|||
||||||Unrestricted|Unrestricted|
||||||Funds|Funds|
||||||US$|US$|
|Income from:|||||||
|Donations<br>Investments|||||25,158,465<br>3,227,385|25,049,321<br>813,613|
|Total|||||28,385,850|25,862,934|
|Expenditure<br>on:|||||||
|Charitable<br>activities<br>Raising funds|||||(6,135,375)<br>(1,160,666)|(7,243,172)<br>(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|





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||||Notes|2021|2020|
|---|---|---|---|---|---|
|||||US$|US$|
|Fixed assets||||||
|Investments|||8|161,570,904|117,441,433|
|Current assets||||||
|Debtors<br>Cash at bank and<br>in hand<br>Total current assets||||13,569,190<br>5,842,379<br>19,211,569|18,116,273<br>8847,804<br>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<br>funds|||13|176,351,530|136,723,234|
|Total foundation|funds||14|176,351,532|136,723,236|





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





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





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



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





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



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





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|Net gains on investments|includes|includes|both realised and unrealised|gains/losses|during the financial year.|during the financial year.|
|---|---|---|---|---|---|---|
|Investments<br>included<br>in|the following asset classes:||||||
||||||2021|2020|
||||||US$|US$|
|Equitiesi'i<br>Private Debt<br>Private<br>Equity<br>Hedge Funds<br>Real Assets —liquid|||||91,454,009<br>17,535,220<br>13,270,203<br>34,686,667<br>4,624 805|86,994,459<br>25,915,074<br>1,579,909<br>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<br>is US$120,845,897(2020:US$95,071,025)||||||
|Analysis offair value hierarchy:|||||||



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



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



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





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|||||||2021|2020|
|---|---|---|---|---|---|---|---|
|||||||US$|US$|
|Allotted and called up||||||||
|1 (2020: 1)ordinary||share ofR1||||||
|13.Unrestricted|funds|||||||
|||1 January<br>2021<br>US$|Income<br>US$||Expenditure<br>US$|Other<br>recognised<br>income<br>US$|31<br>December<br>2021<br>US$|
|Share||||||||
|capital||||||||
|Unrestricted<br>funds|136,723,234||28,385,850||(7,296,041)|18,538,487|176,351,530|
|Total|136,723,230||2~,385,8 0||~296,044|18,538,487|176,351,532|
|||1January<br>2020<br>US$|Income<br>US$||Expenditure<br>US$|Other<br>recognised<br>income<br>US$|31<br>December<br>2020<br>US$|
|Share||||||||
|capital||||||||
|Unrestricted<br>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<br>Debtors<br>Cash at bank and <br>Creditors: amounts<br>Creditors: amounts|in hand<br>falling due within <br>falling due after||one year<br> more than one year|||161,570,904<br>13,569,190<br>5,642,379<br>(2,096,784)<br>(2,334,157)|117,441,433<br>18,116,273<br>8,847,894<br>(5,465,740)<br>(2,216,624)|
|||||||176,351,532|136,723,236|
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