## 

## 

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





## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 



## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 




## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 



## 

## 

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





## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 


## 




## 

## 

## 

## 

|Charitable<br>activities||||||
|---|---|---|---|---|---|
|||||2022|2021|
|||||US$|US$|
|Teach First - Grants - Royal Academy ofArts<br>The Courtauld<br>Institute<br>OfArt Fund<br>Teach For All<br>The British Museum<br>Teach for China Hong Kong<br>Royal Opera House Covent Garden<br>Foundation<br>The National<br>Gallery||||1,814,998<br>876,505<br>750,000<br>546,361<br>500,000<br>363,000<br>309,924|206,544<br>1,000,000|
|Natural<br>History Museum<br>Tate Gallery of Millbank<br>Science Museum<br>Group||||309,251<br>270,491<br>267,821|170,903|
|Royal Academy ofArts Emergency<br>Fund<br>The Courtauld<br>Institute ofArt in support ofthe Edvard<br>Tate Gallery - Tate Gallery<br>UK|||Munch|242,000<br>182,919<br>151,782||
|Youth Communication||||150,000||
|Fudan<br>University<br>The Musicians<br>Benevolent<br>Fund<br>Theatre Development<br>Trust<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 Theatre<br>The Old Vic Theatre<br>Policy Exchange||||95,000<br>65,575<br>65,575|1,200,000<br>138,456<br>138,456<br>968,783<br>355,478<br>276,911<br>276,911<br>276,911<br>276,911<br>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<br>and operating<br>fees<br>Bank interest and charges<br>Investment<br>management<br>professional<br>Overseas tax on investment<br>income||fees||37,500<br>3,043<br>227,901<br>20,104|38,372<br>5,541<br>1,101,857<br>14,896|
|||||288,548|1,160,666|





## 

## 

## 

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



## 

## 

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





## 

## 

## 

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



|||2022|2021|
|---|---|---|---|
|||US$|US$|
|Level|1|||
|Level <br>Level|2<br> 3|142,354,770<br>25,184,322|135,637,541<br>25,933,363|
|||167,539,092|161,570,904|



||||167,539,092|167,539,092|167,539,092|167,539,092|161,570,904|
|---|---|---|---|---|---|---|---|
|Investments<br>included<br>in <br>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 <br>Partners<br>Partners<br>Capula|Tail Risk Fund<br>Capital Greyhawk<br>Cayman<br>Capital Phoenix Fund<br>II Ltd<br> Global Relative Value Fund||||Feeder Fund|14,985,522<br>11,903,735<br>17,184,779<br>37,707,287|51,443,171<br>31,296,054<br>17,535,220<br>16,633,288|
|||||||119565,886|116,907,733|





## 

## 

## 

## 

## 

## 

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





## 

## 

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





## 

## 

## 

||||||||Other|31|
|---|---|---|---|---|---|---|---|---|
|||1 January<br>2022<br>US$|Income<br>US$||Expenditure<br>US$||recognised<br>expenditure<br>US$|December<br>2022<br>US$|
|Share|||||||||
|capital|||||||||
|Unrestricted<br>funds||176,351,530|26,459,213||(8,082,481)||(13,417,727)|181,310,535|
|Total||178351,532|26459213||~8082481|~13417727||181,310537|
||||||||Other|31|
|||1 January<br>2021|Income||Expenditure||recognised<br>income|December<br>2021|
|||US$|US$||US$||US$|US$|
|Share|||||||||
|capital|||||||||
|Unrestricted<br>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<br>Debtors<br>Cash at bank and<br>Creditors: amounts<br>Creditors: amounts|in hand<br>falling due within one year<br>falling due after more than one||||year|167,539,092<br>11,945,687<br>8,216,208<br>(3,969,400)<br>(2,421,050)||161,570,904<br>13,569,190<br>5,642,379<br>(2,096,784)<br>(2,334,157)|
|||||||181,310,537||176,351 532|



## 



## 

## 

## 


## 



## 

## 

## 

## 

## 

## 

##