2022-12-31-accounts - Huo Family Foundation (UK) Limited

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(incorporatin	g t	he income and expenditure accoun	t)
				2022	2021
			Notes
				Unrestricted	Unrestricted
				Funds	Funds
				US$	US$
Income from:
Donations				25,109,509	25,158,465
Investments				1,349,704	3,227,385
Total				26,459,213	28,385,850
Expenditure on:
Charitable activities				(7,793,933)	(6,135,375)
Raising funds				(288,548)	(1,160,666)
Total				~8,082,481	~1,298,041
Net (losses)/gains		on investments	8	(12,937,485)	18,497,126
Net Income				5,439,247	39,586,935
Other recognised		gains and losses
Foreign exchange		(losses)/gains		(480,242)	41,361
Net movement	in	funds		4,959,005	39,628,296
Fund balances	brought forward at 1 January			176,351,532	136,723,236
Fund balances	carried forward at 31 December			181,310,537	176,351,532

for the year end	ed	31	December	2022
				2022		2021
			US$	US$	US$	US$
Cash flows from operating activities
Net cash provided by operating		activities		20,132,841		19,204,988
Cash flows from investing activities
Investment income —bank interest			53,741		3,143
Investment income —dividends			891,758		2,985,242
Capital gain distributions			404,205		239,000
Bank interest and charges Purchase ofinvestments Sale ofinvestments			(3,043) (100,009,189) 81,103,516		(5,543) (60,497,258) 34,864,913
Net cash used in investing activities				(17,559,012)		(22,410,503)
Change in cash at bank and in hand				2,573,829		(3,205,515)
Cash at bank and in hand at the beginning ofthe year				5,642,379		8,847,894
Cash at bank and in hand at the
end ofyear				8,216,208		5,642,379
Reconciliation of net income	to	net		2022		2021
cash inflow from operating activities				US$		US$
Net income				5,439,247		39,586,935
Interest received				(53,741)		(3,143)
Bank interest and charges				3,043		5,541
Dividend receivable				(891,758)		(2,985,242)
Capital gain distributions				(404,205)		(239,000)
Net losses/(gains) on investments				12,937,485		(18,497,126)
Foreign exchange (losses)/gains Decrease in debtors				(480,242) 1,623,503		41,361 4,547,084
Increase/(decrease) in creditors				1,959,509		(3,251,422)
Net cash inflow from operating	activities			20,132,841		19,204,988
					Foreign
Analysis ofchanges in net	debt		2021 US$	Cash Flows US$	Exchange Movement US$	2022 US$
Cash at bank and in hands			5,642,379	2,903,097	(329,268)	8,216,208

Charitable activities
			2022	2021
			US$	US$
Teach First - Grants - Royal Academy ofArts The Courtauld Institute OfArt Fund Teach For All The British Museum Teach for China Hong Kong Royal Opera House Covent Garden Foundation The National Gallery			1,814,998 876,505 750,000 546,361 500,000 363,000 309,924	206,544 1,000,000
Natural History Museum Tate Gallery of Millbank Science Museum Group			309,251 270,491 267,821	170,903
Royal Academy ofArts Emergency Fund The Courtauld Institute ofArt in support ofthe Edvard Tate Gallery - Tate Gallery UK		Munch	242,000 182,919 151,782
Youth Communication			150,000
Fudan University The Musicians Benevolent Fund Theatre Development Trust University of Oxford Absolute Return for Kids Royal Opera House London Symphony Orchestra Limited The Royal National Theatre The Old Vic Theatre Policy Exchange			95,000 65,575 65,575	1,200,000 138,456 138,456 968,783 355,478 276,911 276,911 276,911 276,911 136,723
Support costs (Note 5)			832,731	712,388
			7,793,933	6,135,375
All 17(2021: 13)grants made payable	during the year	were to institutions.
Raising funds
			2022	2021
			US$	US$
Advisory and operating fees Bank interest and charges Investment management professional Overseas tax on investment income	fees		37,500 3,043 227,901 20,104	38,372 5,541 1,101,857 14,896
			288,548	1,160,666

				2022	2021
				US$	US$
Accountancy fees Audit fees Event Legal fees Consultancy expenses Management fees Tax fees				47,083 79,822 71,760 67,904 70,245 439,101 25,656	39,884 77,152 20,412 58,546 468,243 20,576
Total governance	costs			801,571	684,813
Advertising and promotion Insurance Office expenses				4,062 11,871 15,227	2,502 9,242 15,831
				832,731	712,388
6. Net income
Net income for the	year is stated after charging:
				2022	2021
				US$	US$
Auditors' remuneration		(excluding	VAT)
- Audit				72,595	64,293

US$Nil). There were expenses paid by Yan Huo on b eimbursed during the year (2021:US$Nil). . Investments	ehalf ofthe Foundation amounting to $	5,326 which were
	2022	2021
	US$	US$
Movement in market value
Opening market value Additions at cost Disposal proceeds Net (losses)/gains on investments	161,570,904 100,009,189 (81,103,516) (12,937,485)	117,441,433 60,497,258 (34,864,913) 18,497,126
Closing market value	167,539,092	161,570,904

nvestm	ents included in the following asset cl	asses:
		2022	2021
		US$	US$
Global Private Private Hedge Other	Equitiesi'i Debt Equity Fund real assets	32,811,326 17,189,452 20,233,468 93,919,254 3,385,592	91,454,009 17,535,220 13,270,203 34,686,667 4,624,805
		167,539,092	161,570,904

			167,539,092	167,539,092	167,539,092	161,570,904
Investments included in are as follows:		the	above table with a market value greater than 5%ofthe total			portfolio market value
					2022	2021
					US$	US$
Capula	Multi Strategy	Fund			37,784,563
Capula Partners Partners Capula	Tail Risk Fund Capital Greyhawk Cayman Capital Phoenix Fund II Ltd Global Relative Value Fund			Feeder Fund	14,985,522 11,903,735 17,184,779 37,707,287	51,443,171 31,296,054 17,535,220 16,633,288
					119565,886	116,907,733

urther disclosure is no . Debtors	t required.		. ,
		2022	2021
Amounts falling due	within one year	US$	US$
Investments-Pending settlement Other debtors Prepayments and accrued income		11,944,095 1,592	13,500,000 48,138 21,052
		11945 687	13,569190

10.Creditors: amounts	falling due within one year
		2022	2021
		US$	US$
Trade creditors Grants payable Accruals and deferred	income	172,628 3,663,802 132,970	185,047 1,786,137 125,600
		3,969,400	2,096,784
11.Creditors: amounts	falling due after more than one year
		2022	2021
		US$	US$
Grants payable		2,421,050	2,334,157
Due in one to two years Due within two to five years		2,181,050 240,000	1,086,152 1,248,005
		2,421,050	2,334,157
		2022	2021
		US$	US$
Opening grants payable Grants awarded Grants paid Foreign exchange		4,120,295 6,961,202 (4,802,400) (194,245)	6,997,991 5,422,987 (8,331,295) 30,612
Closing grants payable		6,084,852	4,120,295
12.Share capital
		2022	2021
		US$	US$
Allotted and called up
1 Ordinary share off1 each

							Other	31
		1 January 2022 US$	Income US$		Expenditure US$		recognised expenditure US$	December 2022 US$
Share
capital
Unrestricted funds		176,351,530	26,459,213		(8,082,481)		(13,417,727)	181,310,535
Total		178351,532	26459213		~8082481	~13417727		181,310537
							Other	31
		1 January 2021	Income		Expenditure		recognised income	December 2021
		US$	US$		US$		US$	US$
Share
capital
Unrestricted funds		136,723,234	28,385,850		(7,296,041)		18,538,487	176,351,530
Total	136,723,236		28,385,850		~2974610,		18,538,487	176,351,532
4.Total foundation		funds
							2022	2021
						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 one year falling due after more than one				year	167,539,092 11,945,687 8,216,208 (3,969,400) (2,421,050)		161,570,904 13,569,190 5,642,379 (2,096,784) (2,334,157)
						181,310,537		176,351 532