Registered Company No: 06451283
Reglstergd Charity No.. 1133206
Huo Family Foundation (UK) Limited
Annual report and financial statements
for the year ended 31 December 2023

Huo Family Foundation (UK) Limited
Contents
Charity details
Trustees, annual report
strategic report
Independent auditors, report
9-11
Statement of financial activities
12
Balance sheet
13
Cash flow ststement
14
Notes to the financial statements
15-27

Huo Family Foundation (UK) Limited
Charity details
Tru8teo8
Yan Huo (Chairman)
Xue Fang
Philip Michaels IResi9ned on 8th September 20231
Sam Lowe
Yu Qiao
Nancy Montmarquet (Appointed on 8th September 20231
Registered offi¢0
Third Floor
20 Old Bailey
London
EC4M 7AN
Independent auditors
Pricewaterhousecoopers LLP
1 Embankment Place
London
WC2N 6RH
Investment manag¢r
Partners Capital LLP
5 Young Street
5th Floor
London W8 5EH
Bankers
Citibank. N.A.
41 Berkeley Square
London
W1J SAN
J. P. Morgan
1 Knightsbridge
London
SW1X 7LX
Barclays Bank PIC
1 Churchill Place
London
E14 5HP
Accountants
Moore Kingston Smith LLP
9 Appold Street
London
EC2A 2AP
Solleltors
Withers LLP
20 Old Bailey
London
EC4M 7AN
Status
Huo Family FoLJndation IUKI Limited is a private limited Company, company number 06451283. It is
registered in the United Kingdom as a charity, number 1133208.

Huo Family Foundation (UK) Limited
Trustees, annual report
for the year ended 31 December 2023
The trustees, who ara also the directors of Huo Family Foundation IUKI Limited I the Foundation"). present
their report lincluding thèir slralegic report) and audited financial stslements for the year ended 31 December
2023. which have been prepared in accordance with thè Charities SORP IFRS 1021 s8cond edition - effective
January 2019. the Companies Act 2006 and the Charities Act 2011, and appliGable accounting standards in
the United Kingdom.
The Foundation details on page 1 form part of this report.
The following information is shown in the strategic report instead of trustees, report under $414CI111 i.e. Review
of a¢livities. review of transactions and financial position, year review of 2023, investment poli¢y and
performance, policy statement on reserves, grant making, future plans for development, PLJblic benefit
slalement, internal control and mitigation of major risk, slalemenl of trustees, responsibilities and independent
auditors.
Governing documonts
The Foundation is a charitable Company limited by shares governed by ils Memorandum and Articles of
Association as amended on 4 December 2019. It was incorporated on 12 December 2007 and registered with
the Charity Commission as a charity on 9 December 2009.
The Huo Family Foundation, a charity registered in the USA, owns the entire issued share capital of the
Foundation. The Huo Family Foundation is a non-slock corporation incorporated in the Slate of Delaware and
established exclusively for charitable PLJrposes. Yan Huo. Xue Fang and Philip Michaels are common trkjstees
of both the Huo Family Foundation and the Foundation.
Objects and strategy
The objects of the Foundation are such exclusively charitable purposes as the trustees may in their absolute
discretion detemine.
The Foundation has been 8slablished as a grant making charity and the trustees intend to make grants primarily
lo charities that support the advancement of arl, education and scientific research for the public b8n8fit.
The Iruslees have referred lo the guidance contained in the Charity Commission's general guidance on public
benefit, as required by Section 17 of the Charities Act 2011, whèn reviewing the obje¢ls and strategy of the
Foundation and in planning future aclivilies. In particular. the IrLJStees consider how planned activities will
contribute to the strategy of the Foundation. The trustees are of the view that the current grant levels meet th8
charitable objectives of the Foundation.
Appolntmont of trustee$
As per the Articles of Association, the trustees shall be appointed by ordinary rèsolution of the sole shareholéer.
The number of trustees shall not be less than two bul is not subject lo any maximum number. A trustee is
elected to servè the time that he or she is appointed or. in absence of such an appointment, until r&moved or
retirement.
When selecting new Trustees, individuals are sought who can provide strong governance, oversight, and
valuable skills. A skills audit of the board is undertaken to identify any gaps in expertise., and diversity is also
considered lo ensure the board reflects the community it serves. Onc¢ appointed, Trustees are provided with
a comprehensive induction which covers the Foundation's mission, slrat&gy, and current projects.

Huo Family Foundation (UK) Limited
Trustees, annual report
for the year ended 31 December 2023 (continued)
Trustee Induction and training
New Iruslees are briefed on their legal obligations uncser charity and company law. the content of the
Memorandum and Articles of Association, the decision-making processes of the Foundation and the
Foundation's future plans and objectives. The trustees are kept updal8d on any changes to their obligations
and responsibilities.
Organlsation
The trustees are responsible lor the strategic direction and policy of the Foundation and make all decisions in
relation to the Foundation. In furtherance of this, the trustees meet as and when required. The trustees may
delegate any ol their powers or functions lo a 00￿mittee of two or more trustees, but the terms of delegation
musl be agreed in advance.
The Foundation has granted an indemnity lo one or more of its trustees against liability in respect of
proceedings brought by third parties, subject to the conditions set out in section 234 of the Companies Act
2006. Such qualifying Ihird-party ind&mnity provision remains in force during the financial year and as at the
date of approving the Trustees, Report.
Fundraising activltles
The Charities (Protection and Social Investment) Act 2016 requires Charities to make a ststement regarding
fundraising activities. The legislation defines fundraising as 'soliciling or otherwise procuring money or other
property for charitable purposes,. In relation lo this slalemenl, the Foundation does not undertake widespread
fundraising from the gen$ral public and does not employ professional fundraisers lo do so. The Foundation is
Iher&fore not bound by any regulatory scheme and does not consider il necessary to comply with any voluntary
code of practice. The Foundation does not have policies in relation lo fundraising activities nor do we consider
it necessary to design specific policies and procedures to monitor activities. The Foundation has not received
any complaints relating to the subject of fundraising activities.
Advl$ors
The names and addresses of th8 Fokjndation's advisors are shown on page 1.
STRATEGIC REPORT
Reviaw of a¢tivltl&s
The Foundation's mission is to support 8dLJcation. communities and the pursuit of knowledge. Ils current areas
of focus are the arts. education, scientific research and public policy.
In 2023, the Foundation continued its commitment to provide funding to charitable organisalions that support
its mission, with a full list of beneficiaries shown in note 4 on page 20. In 2023 the Foundation published monthly
interviews with some of its beneficiaries to highlight their work. The Foundation also released its third annual
Impact Report, giving an in-depth review of its work.
Through ils grants, the Foundation hopes lo improve the prospects of individuals, and to support the work of
organisations seeking lo ensure a safe and prosperous future for all society.

Huo Family Foundation (UK) Limited
Trustees, annual report
for the year ended 31 December 2023 (continued)
The impact of the Foundation's grant giving is monitored Glosely. The mission is lo support education,
communities and the pursuit of knowledge. When each grant 15 made the anticipated output, outcome and
impact of ea¢h programmè is agreed. Formal reports are receivod from each grant beneficiary on an annual
LTrasis and shared with trustees. Additionally grant beneficiaries are invited lo meet in p8rson to discuss progress
with the executive team and, from time to lime, present a report lo the trustees al a board meeting. An Impact
Report is prepared annually and this is published on the Foundation's website.
Review of transactions and financial position
During the year, total income was US$22,744,460 {2022.' US$26,459.2131. This is represented by investment
income of US$2,612,526 12022. US$1.349.7041, donations of US$16,000.000 12022.. US$20,000,0001 from
Yan Huo, one of the Iruslees of the Foundation (refer to Note 16 for additional informalionl, gift aid on that
donation of US$4.000,000 12022.. US$5,000,0001, and donations of US$131,934 12022.. US$109,5091 from
Faculty Road Limited, an entity under the same management.
The nel movement in funds for th& year, as shown in the slalemenl of financial activities. amounted lo a surplus
of US $26,756.24912022'. US $4,959,005).
The value of the Foundation's net assets al 31 December 2023 is US$208.066,78612022.. US$181,310,5371.
Tho Foundation has received donation income of US$16,ODO,000 and gift aid on that income of US$4,000,000
after the year end, in January 2024.
2023 Review
In 2023, the Foundation continued to support charitable institutions that are championing educational
excellence, artistic brilliance and social impact. The Foundation made grant payments lo a number of museums
and galleries in London.. The British Museum, The Courtau1d Gallery, National Gallery, Natural History Museum
and the Royal Academy of Arts. Additionally, it made grant commitments lo the Tate Galleries, Royal Opera
House, London Symphony Orchestra, Donmar Warehouse, National Theatre and The Old Vic. and made its
first grant to the Mtslropolitan Museum of Art.
The Foundation continued lo support organisalions that seek to provide an excellent education to all. Through
its funding of Teach for China and grant payments lo Teach for All, Teach First and Youth Communication it
helped lo enable these charities lo strive for societies wh8re educational opportunities and outcomes are not
determined by a child's socilieconomic ststus.
Further, in its support of scholarships and fellowships at Fudan University and payments lo Columbia
University, the Foundation created opportunities lor post-graduate study. Additionally. the Foundation made a
grant payment to the Oxford Internet Institute to support research into the impact of digital technology on
adolescent brain development.
Investmont policy and porfomiance
In accordan¢8 with the Memorandum and Articles of Association, the trustees have the power lo invèst in such
stocks, shares and investments as they see fil. The trustees can delegate the management of investments to
a financial expert only on the terms set in the Articles of Association.

Huo Family Foundation {UK) Limited
Trustees, annual report
for the year ended 31 December 2023 (continued)
The Trustees have established a Financé Commltt88, comprising a subset of trustees and Partners Capital
LLP, an investment manager. The Finance Committee has sel out a porffolio asset allocation of publi¢ and
private equities, hedgè funds. real assets and private and publi¢ debt, which are invested by Partners Capital
LLP and th& Iruslees of the Foundation.
The Finance Committee reviews on a quarterfy basis, the consolidated performances of the total investment
portfolio and is actively engaged with Partners Capital LLP on tactical asset allocation and rebalancing based
on market conditions.
The Finance Committee also reviews the Foundation's cash flow and forèign exchange exposures of its cash
balances and grant liabilities.
During the financial year, the portfolio increased its value by US$22,882,01612022.' USS5,968,1871. This is
comprised of net additions of US$4,684,71312022.. US$18,905,672}, nel gain on investments USS18,197,303
{2022'. US$12,937,485 nel losses).
Pollcy statemont on reserves
The policy of the trustees is lo maintain sufficient reserves in order to fulfil future expected funding requirements
of projects that extend over several years. In determining the appropriate level ol reserves, the trustees lake
into account the nature of the Foundation i.e. one-off giving as well as mulli-y&ar grants in the form of
endowments and scholarships. as well as potential fluclualion of ils income stream in future years. Th8 policy
is reviewed on an annual b8SIS.
Having regard lo these considerations, taking into account ils foreseeable activity level and general operating
environment, the Foundation currently largels fre& reserves representing the available cash balances lo
sufficiently meet the upcoming year's grant payments and operating expenses which is expected lo be
approximately US$11,600,000 for 2024. As al 31 D&c&mber 2023, this balance was US$7,459,913 12022..
US$8.216.2081. As al 31 December 2023, the Foundation has US$17,924,079 in investment - pending
selllemenl, of which US$17.393,409 has been received in Q1 2024 to ensure the Foundation me&ls the grants
payable and expected operational expenses in 2024.
The Foundation's investments ar6 currently held primarily in liquid assets that ¢ou1d be called upon should the
need arise. The Iruslees b8lieve the Foundation's reserves are suffiGienl lo meet fLJlure needs while leaving
some flexibility to evalLJate new grant proposals and make new Commitments. The Foundation's long-lerm plan
is to aim for grant expenditure of at least 5Q/o of its assets each year, or more where resources allow, and lo
maintsin the real term value of the fund for future grant making activity.
As at 31 December 2023, the Foundation has reserves of US$208,066,78612022'. US$181,310,5371, which 15
an increase of US$ 26.756,249, relative to last year en(t. This difference was primarily driven by donation
income in the year, as well as investment performance, offset by grants awarded and operational expenses
throughout the year.
Grant maklng
The Iruslees review applications and appeals, and then distribute funds in furtherance of the Foundation's
charitable objects. During the year, the Foundation awarded grants of US$12,969,44412022.' US$6.981.2021,
which excludes support ¢osts of US$932,77612022'. US$832,7311. The FoLJndation does not accept unsolicited
grant applications from the public.

Huo Family Foundation (UK) Limited
Trustees, annual report
for the year ended 31 December 2023 (continued)
Plans for future developments
In the coming year, the Foundation plans lo provide charitsble support in accord8nce with its objectives and
strategy as described on page 2. Its current area of focus are education, the arts, scientific research and public
policy.
Public benefit statèment
In shaping our objectives for the year and planning our activities, the trustees have considered the Charity
Commission's guidance on public benefit, including 'public benefit.. running a charity IPB21'. The trustees
confirm that they have complied with the duty in s¢¢tion 17 of the Charities Act 2011 to have due regard to
publi¢ benefit guidance published by the Charity Commission.
The Foundation plans to provide charitable support for the public benefit in accordance with its objectives and
slralegy a5 described on pag& 2. This is done through donations lo charities and other organisations that
support the advan¢ement of art and education for the public benefit.
Internal controls and the mitigatlon of major risks
The Iruslees have identified and reviewed the major risks of the Foundation such as investment performance.
the Foundation's cash flow position. foreign exchange movements and a cyber attack and have established
internal controls to mitigate these risks.
The Foundation maintains a diversified investment portfolio, which has an inv&stment objective of achieving a
real retLJrn target of 4Qlo. The Finance Committee meet quarterly to review ils market risk exposure is in lin
with the objective, as well as assess its asset allocation between liquid and illiquid investments for liouidily risk.
Material GBP denominated liabilities. from grants awarded, are hedged lo ensure the Foundation's liabilities
have little to no currency risk. The currency risk is monitored and reported on a quarterly basis lo the Board.
The Iruslees confirm that the controls implemented are appropriate to the size of the Foundation and the nature
of its operations.
Statement of trustees, responsibilitles
The trustees Iwho are also directors of Huo Family Foundation IUKI Limited the purposes of company lawl are
responsible for preparing the Trustees, Annual Report (including the Strategic Report) and the financial
slalements in accordance with applicable law and regulation.
Company law requires the truslees to prtrpare financial statements for eaGh financial year. Under that law the
trusteès have prepared the financial sta18ments in 8c¢ordance with United Kingdom Accounting Standards,
comprising FRS 102 "The Financial Reporting Stsndard applicable in the UK and Republic of Ireland,, and
applicable law (United Kingdom Generally Accepted Accounting Praclicel. Under company law the trustees
must not approve the financial statements unless they are satisfied Ihal they give a true and fair view of the
stale of the affairs of the charitable company and of the incoming resources and application of resources,
including the income and expenditure, of the charitable company for that period. In preparing these financial
statements, the trustees are r&qLJired lo.
select suitsble accounting policies and then apply them consistently.,

Huo Family Foundation {UK) Limited
Trustees, annual report
for the year ended 31 December 2023 (continued)
observe the methods and principles in the Slalemenl of Recommended Practice.. Accounting and
Reporting by Charilies120191',
make judgments and eslimales that are reasonable and prudent;
stale whether applicable UK Accounting Standards, comprising FRS 102. have been followed. subject
to any material departures disclosed and explained in the fin8n¢ial slalemenls., and
prepare the financia5 statements on the going concern basis Ljnless it is inappropriate lo presume that
the Gharitable Gompany will continue in business.
The trustees are responsible for keeping adequ8te accounting records that are sufficient lo show and explain
the charitsble company's transactions and disclose with reasonable accuracy at any time the financial position
of the charitable comp8ny and enable them lo ensure that the financial statements comply with the Companies
Act 2006. They are also responsible for safegLJarding the assets of the charitable company and hence for taking
reasonable steps for the prevention and detection of fraud and other irregularitiès.
The trustees are responsible for the maintenance and integrity of the charitable company s website. Legislation
in the United Kingdom governing the preparation and dissemination of f1nan¢ial statements may differ from
legislation in other jurisdictions.
In so far as the trustees are aware..
a) there is no relevant audit information of which the company's auditors are unaware., and
bl the Iruslees have taken all the steps that he ought to have taken as a trustee in order lo make himself
aware ol any relevant audit information and to establish that the company's auditors are aware of that
information.
Eoualily, diversity and inclusion are important valuès of the Foundation. This is reflected in the make-up of the
Board, staff appointments and the sele¢lion of grant beneficlaries. The Iruslees seek to treat each stsff member
and grant beneficiary fairly and the same, respecting them for their age. race gender, cultural background. skills
bèliefs. sexual orientation and career experiences.
The Iruslees are kept up lo date on their obligations by regular briefings from the Foundation's external
advisers, and guidance from the Charity Commission.
Independent audltors
The auditor Pricewaterhousecoopers LLP is d&emed to be re-appointed under section 487 121 of the
Companies Act 2006. A resolution lo re-appoint Pricewaterhousecoopers LLP will be proposed al the annual
general meeting.
The Trustees, annual report is approved by the trustees of the Foundation. The strategic report, which forms
part of the Trustees. annual report, is approved by the trustees in their capacity as trustees in company law of
the charity.

Huo Family Foundation (UK) Limited
Trustees, annual report
for the year ended 31 December 2023 (continued)
The Trustees. Report, Including thè Strategic Rèport, was approved and authoris•d by the board of
trustees and signed on their behalf by-.
Yan Huo
Trustaa
Dale.. 13 September 2024

Huo Family Foundation (UK) Limited
Independent auditors, report
to the members of Huo Family Foundation (UK) Limited
Report on the audit of the financial statements
Opinion
In our opinion, Huo Family Foundation IUKI Limited's financial statements Ith& ￿nanCIaL statem8nts"I'.
give 8 true and fair view of the State ol the charitable company's affair5 as at 31 December 2023 and of ils
incoming resources and application of r9sources, including its income and expenditure, and cash flow5, for the
year then ended..
have bèen properly prepared in 8ecordanTr with United Kingdom Generally AC￿pted A￿ountIng Practice
(United Kingdom Aecounting Standards, including FRS 102'Th8 Financial Reporting Standard applicable in the
UK and Republic of Ireland and applicable lawl., and
have been prèpared in accordance with the requirements of the Companie5 Act 2006.
We have audit8d thè financial slaternènts, included within the Annual ReFK)rt 8nd Financial Statern8nts Ithe'Annual
Report'l. which comprise.. the Balance sh8et as at 31 December 2023., the Statement of financial activitles lincorporating
the incomè and expenditure account) and Statement of cash flows for the yÈ8r then ended.. 8nd the notes to thg financial
statement5, which include a description of significant accounting policies.
Basis for opinion
We conducted our audit in accordan￿ with International Standard5 on Auditing IUKI I'ISAS IUKI") and applicable law.
Our responsibilit185 under ISAS IUKI are further described in the Auditors, responsibilities lor the audit of the financial
statements section of our rèport. We believe that the audit evidence wa have obtained is sufficient and appropriate to
provide a basis for our opinion.
Independence
We remained independent of the charitable company in accorcsance with the 8thical requirement5 that a￿ relevant to our
8udit of the finan¢i81 stataments in the UK, which includes the FRC'5 Ethical Standard we have fulfi118d our other
ethical responsibilitles in accordance with these requiremgnts.
Conclusions relating to going con¢arn
B8S8d on the work we have performed. we hav8 not identified any material uncertaint18s relating lo events or conditions
that, individually or collectively. may Cast significant doubt on the eharitable company's ability to continue as a going
concern lor a period of at lèast twelve rnonths from the dale on whieh the finan¢i81 statements are authorised lor issue.
In auditing the financial stat8mènts, we have concludèd that the tru5t8e5' use of the going concern basis of accounting in
the preparation of thè financial slatemènls is appropriat8.
However, b8causè not all futur8 8V8nts or conditions C8n be predicted, this conclusion is not a guarantee a8 to thè
charitable company's ability to continu& as a going concem.
Our responsibilities and the responsibllllies ol the trustèes with respeGI lo golng concern 8re descritsed in tha relevant
88Ctions of this report.
Reportlng on other information
The other inforrn8tion comprises 811 of tha information in the Annual Report other than the financial statements and our
auditois, report thereon. The trustees are responsible for the othèr information. Our opinion on th8 financial statem8nts
does not cover the other information and. accordingly, we do not expr85s an audit opinion or. except to the exlenl
othemise explicitly stated in thi5 report, any lonm of assuran￿ thereon.
In connection with our audit ol the financial statements, our r8sponsibilily is to read the other information and, in doing $0,
nsider whether the other information is m8terially Incon$￿tent with the financi815tatements or our knowledge obtained
in the audit, or otherwise appears to be mat8rially misslaled. If we identify an apparent material inconsistency or material
misstateffl8nt, we are required to perform procedures to conclud8 whether there 15 a material mis5t8lement of th8
rinancial statements or 8 material misstatemènt ol the other information. If. based on the work we have performed. we

Huo Family Foundation (UK) Limited
Independent auditors, report
to the members of Huo Family Foundation (UK) Limited
conclude that there is a material tnisstatement ol this othar Inlorrn8tion, we arè required to ￿port that fact. Wè have
nothing to report based on these responsibilities.
With respect to the Strategic Report and Trustees. annual r8POrt. we also considered wh8ther the disclosures required by
the UK Companies Act 2QK)6 and Charities Act 2011 have been included.
Based on our work undertaken in the cours& of the audit. the Companies Act 2006 requires us 8150 to report certain
opinions and matt8rs as described below.
Strategic Report and Trustees. annual report
In our opinion. based on the work undertaken in the course of the audit the information gIV8n in the Strategic Report and
the Trustees. annual report for the period ended 31 December 2023 is consistent with the financial slat8ments and h8S
been prepared in accordance with applicable legal requir6menls.
In light of the knowledge 8nd understanding ol the oharltable cotnpany and Its environment obtained in Ihg course of thè
audit. we did not idenlify any material misstalem8nts in the Strategic Report and thè Trustees. annual report.
Responsibilitios for the flnancial statèments and the audlt
Responsibilities of the trustees for the financial slatem8nls
As explain8d more fully in the Statemènt ol trustees. responsibilities. the trustees Iwho a￿ also the directors of the
charitab18 company for the purposes of company lawl ar8 responsibl8 for the Preparation of the financial statements in
ocordance with the applicable framework and for being satisfied that they give a true and lair view. The trust8es are also
responsible for such internal control as they determine is necess8ry to enable the preparation of financial stalem8nts that
are fre8 from material tnisstalement, whether due to fraud 01 error.
In preparing Ihg financial statements, th8 trustees are responsible for ass8ssing the ¢haritable company's ability to
continue as a going concern, disclosing, as applicable, rnatt8rs related to going ooncern and using the going concein
basis of accounling unless the trustees eithér intend to liquidate th8 charitab18 company or to cease operations, or have
no realistic alternative but to do so.
Auditors, responsibilities for the audit of the financi81 slalemenls
Our obieclive5 are lo obtain reasonable assurancè about wh8ther the financial statements as a whole ar8 free from
material misstatement. whether du8 to fraud or èrror. and to issue an auditors, report that includes our opinion.
Reasonable assurance is a high level of assurance, but is not 8 guarantee that an audit conducted in accordance with
ISAS IUKI will always delect a material misstatement wh8n Il exists. Misstatemènts can 81ise Irorn fraud or error and are
considered material if, individually 01 in the aggregate. they could reasonably be &xpected to influence the economic
decisions of usèrs taken on the basis of these fin8ncial slalements.
Irregulaiities, including fraud, are instances of non-compliance with 18ws and regulations. We design procedur85 in Ilne
with our responsibilities, outlined above, to detect material misstatement5 In respect of br￿gularitIes. including fraud. The
extenl lo which our procedures are cap8b18 of detecting Irregularities, Including fraud. is detailed below.
Based on our understanding of thé charitable company its induslrylenvironrn8nt, we idèntified that the princip81 risks
of non-compli8nce with laws and regulations related to the Charities Act 2011. and we consider8d the exlenl to which
non-compliance might have a material effect on the financial statements. We also considered those laws and regulations
that have a direct impact on the financial statements such 85 the Companies Act 2006. We evaluated rnanagemenl'5
inc8ntives and opportuniti8s for fraudulent manipulation of the fin8ncial statements lincluding the risk ol overiide of
controls), and det8rmined that the principal risks were related lo posting inappropriate journals lo manipulate financial
results or Con￿81 th8 misappropriation of ass8t5 and potential management bias in accounting estimal85. Audit
procedures p8rtormed by the en9ag8ment team included..
idèntifying and testing jOLJmal entries. in particularjournal entries posted with unusual awount combinations to
incotne or expenditure a¢couNts".
obtaining independ8nt confirfflations ol cash balances and material investrnènt valuations as at 31 De￿rnber
2023..
testin9 the recognition ol grant 8xp6ndilure in line with tarms of the grant awards.,
10

Huo Family Foundation {UK) Limited
Independent auditors, report
to the members of Huo Family Foundation (UK) Limited
enquiring ol management and the board of trustees, inc1udin9 consideration of any known or suspected
instart￿s of non-complian￿ with laws regulation and fraud",
reading minutes of meetings ol the board of trustees.,
as$es5illg significant accounting judgetnènts and estimates, particularly those relatèd to the valuation of
investments in debt and equity sècurities.. and
assessing financial statement rlisclosur88, and lesling to supporting documentstion, lor cornpliance with
applicable law5 and ￿gULatIOnS.
Th8ie are inherent litnitations in the audit procedures described above. We 8r8 less likely to become aware of instancès
of non-compliance with laws and regulations that are not closely related to events and trans8Ctions ￿fieCted in financial
statement5. Aso, the risk of not detecting 8 material misstatement due to fraud is higher than the risk of not det8cling one
r8sulting from error, as fraud rnay involve deliberate con¢ealm8nt by, for example, forgery or intentional
miS￿preSentatiOnS or through collusion.
A furthèr description of our responsibilities lor the audit of the financial statements is Iwated on the FRC'S website at..
w.Irc.org.uklauditorsresponsibilities. This d8scriplion forms part of our 8uditors' report.
Use oflhis ￿pOrt
This report, including the opinions. ha5 been p￿pared for and only for thè charitable company's m9mbers as a body in
accordance with Chapter 3 of Part 16 of the Cornpanies Act 2006 and for no other purpos8. We do not, in giving these
opinions. accept or assume r8sponsibilily for any other purpose or to any other person to whom this report is shown t)r
into whosè hands it may come 3av8 where expressly agreed by our prior consent in writing.
Other required reporting
Companlas Act 2006 exception roporting
Under the Companies Act 2006 we are required to report to you rf. in our opinion..
we havg not obtained all the information and explanations we reouir8 for our audit., or
dèquate accounting records hav8 not been kept or returns adequate for our audit have not been reoeiv6iJ
from branches not visited by us", or
Certain disclosures ol trustees. rèmuneration specified by law a￿ not rnade,. or
the financial sl818mÈnts are not in agreement with the accounting records and retums.
We have no 8xceptions to rgPDrt arising from this ￿spOnsibl11ty.
CA
08ni&l Chan (Senior Statutory Auditor)
lor and on behalf of Pric8WaterhouseCoopers LLP
Chartered Accountants and Statutory Audilots
London
13 September 2024

Huo Family Foundation (UK) Limited
Statement of financial activities
for the year ended 31 December 2023
(incorporating the income and expenditure account)
2023
2022
Notes
Unrestricted
Funds
us$
Unrestricted
Fund$
us$
Ineome from:
Donations
Investments
20,131,934
2,612,526
25,109,509
1,349,704
Total
22,744,460
26,459,213
Expendlture on:
Charitable activities
Raising funds
113,902,220)
1299,2361
17,793,933}
1288,5481
Total
14 201,456
8,082,481
Nel gainslllossesl on investments
Net gains on cash and cash eouival8nts
18,197,303
112,937.4851
86,421
Nèt Incomo
26,826.728
5,439,247
other recognised losses
Foreign exchange losses
170,479)
{480,2421
Not movemènt in funds
26,756,249
4,959,005
Fund balances brought forward at 1 January
Fund balan¢gs carrl&d forward at 31 Dacemb•r
181,310,537
176,351.532
208,066,786
181,310,537
All of the Foundation's activities are derived from continuing operations.
The Foundation has no re¢ognised gains and losses other than those shown above and therefore no separate
income and expenditure account has been presented.
The notes on pages 15 to 27 fomi part of the financial slalements.
Hu¢ Family Found8tlon IUKI Limited
Registered Company No.. 06451283
Registered Charity No.. 1133206
12

Huo Family Foundation (UK) Limited
Balance sheet
As at 31 December 2023
Notes
2023
us$
2022
us$
Fixed assets
Investments
190,421,108
167,539.092
Current assèts
Debtors
Cash at bank and in hand
Total current a$sots
19,429,587
7.459,913
26,889,500
11,945,687
8,216,208
20,161,895
Credltors.. amounts falling due within one year
10
18.803,8221
13,969.4001
Not current as$èts
18.085,678
16,192,495
Total assets less current liabilities
208,506,786
183,731,587
Creditors.. amounts falling due after more than one year
1440.0001
12,421,050)
Net assots
208,066,786
181,310,537
Th¢ funds of the foundation
Share capital
Unrestricted funds
12
13
208,066,784
181,310,535
Total foundation funds
14
208,066,786
181,310.537
The notes on pages 15 to 27 form parl of the financial statements.
The financial statements on pag6s 12 lo 27 were approved by the trustees on 13th September 2024 and were
signed on 131h Sepl&mber 2024 on their behalf by..
Yan Huo
Trustee
Huo Family Foundation IUKI Limitad
Registered Company No.. 06451283
Regisler&d Charity No.. 1133206

Huo Family Foundation (UK) Limited
Statement of cash flows
for the year ended 31 December 2023
2023
us$
2022
us$
us$
us$
Cash flows from operating activltles
Net cash provided by operatlng activities
1,319,877
20.132,841
Cash flows from investlng activitias
Investment income- bank interest
Investment income - dividends
Capital gain dislribulions
Bank interest and charges
Purchase of investments
Sale of investments
116,158
2,273,081
223,287
13,9851
198,597,587)
93,912,874
53.741
891.758
404,205
13,0431
1100,009, 1891
81,103.516
Nat cash used in invèstlng
activities
12,076,172>
117.559.0121
Change in cash and cash
equivalants
1756,295}
2,S73,829
Cash and cash equivalènts at the
boginning of the year
8,216.208
5.642,379
Cash and cash equlvalants at the
end of year
7459913
8,216,208
Reconciliation of net Incomg to net
cash inflow from operating activitios
2023
us$
2022
us$
Net income
Interest received
Bank interest and charges
Dividend receivable
Capitsl gain distributions
Net Igainslllosses on investments
Foreign exchange losses
IlncreasellDecrease in debtors
Increasel in creditors
26,826,728
1116.1581
3,985
12,273,081)
1223,2871
118.197,3031
170,4791
17,483.8991
2.853,371
5.439,247
153,7411
3,043
1891,758)
{404,2051
12.937,485
1480,2421
1.623.503
1,959,509
Net cash inflow from operating activities
1319 877
20 132,841
Foreign
Exchang¢
Movement
2022
us$
Cash Flows
us$
2023
us$
Analysls of change$ in nèt debt
us$
Cash al bank and in hand
8,216,208
1920,365)
164,070
7,459,913
14

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023
1. Principal accounting policies
Company inforniation
Huo Family Foundallon IUKI Limited is a limited company domiciled and incorporated in England and Wales.
The reglstered office is Third Floor, 20 Old Bailey. London, EC4M 7AN. It is also reglstered as a charty
foundation based in London for giving grants. Registered Charity No.. 1133206.
Accounting Conventlon
The charity conslilules a public benefit entty as defined by FRS 102. These financial $lalemenls have been
prepared in accordance with Charities SORP IFRS 1021 second edition - effective January 2019 applicabSe lo
charities preparing their financial statements in accordance with FRS 102 °The Financial Reporting Stsndard
applicable in the UK and Republic of Ireland. I'FRS 102.1, the Charities Act 2011 and the requirements of the
Companies Act 2006.
The financial statements have been prepared on the historical Cost convention. modified by the recognition of
¢ertain financial assets and liabilities measured at fair value. The princip81 accounting polic¢es adopted are sel
out below.
Functlonal currency
The financial statements are prepared in US$, which is the fijnclional currency of the Foundation, since this IS
the currency of the primary economic environment in which the Foun¢Jation operates. All donations receivable
are expected lo be denominated in US$.
Going ¢on¢em
The Foundation has adequate financlal iesources., specifically, the Foundation has set aside the cash needed
to pay grants and operating expenses for the upcorning year and the Foundation's investments are currently
held primarily in liquid a5se15 th81 could be called upon should the need arise. The trustees have discretion
over the Foundation's grant making. As a consequence. the trustees believe Ihal the Foundaliori Is well placed
lo manage Ils business risks succe55fully.
The Iruslees have a reasonable expectation that the Foundation has adequate resources to continue in
operational existence for the foreseeable future. Accordingly, the going concern basis has been adopted in
preparing these financial statements.
In¢ome
Income, which includes both donations and gift aid, is credited to the ststement of financial activities on a
receivable basis and valued on date of receipt. Investment income is stsled inclusive of recoverable taxation.
Dividends are recognised when declared, whereas interest is recognised on an accruals basis as earnl.
15

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
1. Principal aceountlng policies Icontinuedl
Exp•nditur8
Liabilities are recognised as expenditure when there is a legal or Gonslructive obligation Gommilling the
Foundation lo the expenditure.
Grants, both single and mulli-year, are r￿ognISed in the financial statements as liabilities after they have been
approved by the Iruslees, the recipients have been notified and there are no further terms and conditions to be
fulfilled which are within the control of the Foundation. In these circumstances there is a valid expectation by
the recipients that they will receive the grant. even if the recipients musl meet further reporting conditions, which
are not considered performanc& obligations.
Governance costs includg those costs associated with meeting the constilulional and stalulory rèquirements
of the Foundation and ar& included with support costs allocated lo the Foundation's charitable activity.
Management fees included within support costs Comprise of re-charged costs from Faculty Road Limited under
a service agreement which are recognised on the basis laid out in the 'Key accountin9 eslimales and
assumptions, section below. No support costs are allocated lo raising funds.
Invg$tm•nts
The Foundation has elected lo apply tho provisions of Section 11 and Section 12 of UK GAAP FRS102 in full.
All investments are at fair value through the Statement of Financia1 Activities upon initial recognition and are
measured al subsequent reporting dales al fair value.
The fair value of listed security investments is bid value. The fair value of unlisted investments uses valuation
techniques determined by the trustees on the advice of the Investment Manager Partners Capital LLP. These
valuations are on Ihe basis of the latest information available from the relevant fund manager.
Purchases and sales of investments are accounted for on a trade dale basis.
Investment gains and losses
Nel gains and losses on investments includes both realised and unrealised gainsllosses during the financial
year.
Realised gains and losses are calculated based on the average share price during thè year being reported on.
All 9ains and losses are taken to the Statement of Financial Activities as they arise.
Foreign curren¢i¢s
Transactions in foreign currencies arts translated into US$ at the rate of exchange ruling at the dale of the
transaction. Assets and liabilities in foreign currencies are translated into US$ at the rate of exchange ruling at
the balan¢e sheet date. Exchange differences are chargedlcredited lo the statement of financial activities and
hence are laktrn into account in arriving at the net movement in ftjnds.
16

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
1. Prlncipal accountlng policies {contlnuad)
Financial instruments
The Foundation has elected lo apply the provisions of Section 11 'Basic Financial Instruments, and Section 12
'Olher Financial Instruments Issues, of FRS 102 to all of its financial instruments.
Financia1 instruments are reco9nised in the Foundation's balance sheet when the foundation becomes party lo
the conlraclual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the fin8n¢ial statements. when
there is a legally enforceablfj right to sel off the recognised amounts and there is an intention to settle on a nel
basis or lo realise the asset and sellle the liability simultaneously.
Basic financial assets
Basic financial assets. which include trade and other receivables and cash and bank balances, are initially
measured at transa¢tion price including Iransa¢lion costs and are subsequently carried al amortised cost using
the effective interest method.
Other financial assets
Other financial assets. including investments in equity instruments which are not subsidiaries, associates or
joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are
subsequently carried at fair value and the changes in fair value are recognised in The Statement of Financial
Activities.
Impalrmènt of financial as$¢t$
Financial assets, other than those held al fair value through Slalemenl of Financial Activities, are assessed for
indicators of impairment al each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that
occurred after the initial recognition of the financial asset, the estimated future ¢ash flows have been affected.
The impaimenl loss is recognised in the Statement of Financial Activities.
Dorecognition of flnanclal assets
Financial assets are derecognised only when the conlraclual rights lo the cash flows from the asset expire, or
when it transfers the financial asset and substantially all the risks and rewards of ownership lo another entity.
Finan¢i81 liabllltles
The Foundation recognises grants payable at the point the grant offer is made.. any grants unpaid al the year-
end are presgnted within creditors until drawn down.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of
business from suppliers. Accounts payable are classified as curr&nl liabilities if payment is due within one year
or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction
price and subsequently measured at amortised cost using the effective interest method.
17

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
1. Prlnclpal accounting policies Icontinuedl
Derecognition of flnanclal Ilabilltie5
Financial liabilities arè derecognised when. and only when, the Foundation's obligations are discharged,
cancelled. or they expire.
Derivatives
Derivatives ar8 comprised of foreign currency hedging instruments that are initially recognised al fair value at
the date a derivative contract is entered into and are subsequently measured lo fair value al each reporting
end dale.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative
fair value is recognised as a financial liability.
Fund accounting
The unrestricted fund comprises general funds, which may be used towards meeting the charitable objects of
the Foundation al the discretion of the trustees, and share capital.
Cash at bank and in hand
Cash at bank and in hand includes cash in hand, deposits held at call with banks, other short-lerm liquid
investments with original malurilies of throe months or less.
Taxation
The Foundation is a registered charity, and therefore is not liable for income tax or corporation tsx on income
derived from ils charitsble activities, as il falls within the various exemptions available lo registered charities.
VAT is included within expenditure where it is not recoverable. However, tax on investment income may be
due in the US on an annual basis. as the Huo F8mily Foundation IUKI Limited is controlled by Huo Family
Foundation. a charity registered in the USA.
Judgements and key sources of estimation un¢ertalnty
In the application of the Foundation's accounting policies, the trustees are required to make judgements,
estimates and assumptions about the Carrying amount of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical oxperience and other
factors that are considèred to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo acGounting
eslimales are recognised in the period in which the estimate is revised where the revision affects only that
period. or in the period of the revision and future periods where the revision affects both current and future
periods.
18

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
1. Principal accounting policias Icontinuedl
Critical Judgèments In applying the Foundatlon's accounting policles
The trustees do not consider granl reporting requirements within grant agreements lo be grant perfom)ance
related conditions as defined by the Charities SORP. Grant payables are not discounted due lo the effect of
discounting being immaterial lo the financial statements.
K¢y A¢eounting estimates and a$$umptions
The main e81imale that has a significant risk of Causing a material adjuslmenl lo the carrying amount of assets
and liabilities within the next financial year is related to the valuatlDn of the Foundation's investments and, in
particular, those classified as Level 2 and Level 3 of the fair value hierarchy. Explanation of the method for
determining the valuation of investments is included within the investrnenls accounting policy above and within
note 8.
Management fees comprise of re-charged Costs from Faculty Road Limited under a service agre8menl lor staff
lime and oul-of-pockel expenses. These are re-charged based on an estimate of the percentage of stsff lime
spent on the Foundation's activities in line with the methods prescribed by the Charities SORP. Details of this
allocation are included in Note 5.
2. Donations
2023
Unrestricted
Funds
us$
2022
Unrestricted
Funds
us$
Monetary donations
Gift aid recoverable
16,131,934
4,000,000
20,109,509
s,000,000
20.131.934
25 109.509
In the year, monetary donations of US$16,000,00012022.. US$20,000,DOOI represent donations received from
Yan Huo, one of the trustees of the Foundation. Included within the monetary donations balance is US$131,934
12022= US$109.5091 which represents donab'ons received from Faculty Road Limited, a related party company.
3. Investment Incom¢
2023
us$
2022
us$
Bank interest receivable
Dividend receivable
Capital gain distribution
116,158
2,273,081
223,287
53,741
891,758
404,205
2,612,526
1,349,704
Disclosures in relation to the risks arising from financial instruments and how these are managed by the
Foundation are included within note 8.
19

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
4. Charitablè activities and raising funds
Charitable actlvities
2023
us$
10,000,000
500,000
494.768
494,768
383,585
318,216
275,000
255,723
247,384
2022
us$
The Melropolilan Museum of Art
Teach for China
The National Theatr8
The Old Vic
Royal Opera House
Tate Galleries
Fudan University
London Symphony Orchestra
The Donmar Warehouse
Teach First
The Courtauld Institute
Teach for All
British Museum
The National Gallery
Natural History Museum
Science Museum
Royal Academy of Arts
Youth Comrnuni¢ation
Help Musicians
Theatre Development Trust
Support costs (Note 51
500.000
363,000
422,273
95,000
1,814,998
1.059,424
750,000
546,361
309,924
309,251
267.821
242,000
150,000
65,575
65.575
832,731
932.776
13,902,220
7,793,933
AII 912022.. 171 grants made payable during the year were lo inslilLJtions.
In 2022. the Foundation made two grants payable to The Courtauld Institute and Tate Galleries. which are
presented combined per institute above.
Ralslng funds
2023
us$
2022
us$
Advisory and operating fees
Bank interest and charges
Investment management profession81 fees
Overseas lax on investment income
37,381
3,985
119,785
138.085
37,500
3,043
227,901
20.104
299.236
288,548
20

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
S. Support costs
2023
us$
2022
us$
Accountsncy fees
Audil fees
Event
Legal fees
Consultancy expenses
Management fees
Tax fees
65.136
98,804
49,786
34,954
47,083
79,822
71,760
67,904
70,245
439,101
25,656
630,277
9,835
Total governance costs
888 792
801.571
Advertising and promotion
Insurance
Office expenses
13,443
12,195
18,346
4,062
11,871
15,227
932,776
832,731
6. Nat income
Nel income for the year is slated after charging..
2023
us$
2022
us$
Auditors. remun&ration lexcluding VATI
Audit
Tax advisory services
78.997
14.100
72.595
93,097
72,595
7. Staff costs, trusteos. remuneration and Kèy Management Personnel
No staff were employed by the Foundation during the year12022'. none), hence the trustees are the only key
management personnel.
The trustees received no remuneration in respect of their services lo the Foundation during the year12022'.
US$nill. There were expenses paid by Yan Huo on behalf of the Foundation amounting to $nil which were
reimbursed during the year12022.' US$5,326)-
21

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
8. Inv¢?tm¢nt¥
2023
us$
2022
us$
Movement in market value
Opening market value
Additions al cost
Disposal proceeds
Net gainslllossesl on investments
Closing market value
167,539,092
98,597,587
193.912,8741
18,197,303
190,421,108
161,570.904
100,009,189
181,103,516)
12,937,485
167,539,092
Nel gainslllossesl on investments includes both realised and unre81ised gains and losses during the financial
year.
Realised gains and losses are calculated based on the average share price during the year being reported on.
Investments included in the following asset ¢lasses'.
2023
us$
2022
us$
Global Equitiesl11
Private Debt
Private Equity
Hedge Fund
Other real assets
33,667.140
21,333,213
29,141,875
102,901,713
3,377,167
fj90,421,108
32,811.326
17,189,452
20,233,468
93,919,254
3,385,592
167,539,092
111 Equities asset class includes Capula Tail Risk Fund Ltd, which is a hedge fund with long only equities
exposure.
The historic cost of these investments is US$170,415.35512022.. US$155,211,5671.
Analysis of fair value hierarchy..
2023
us$
2022
us$
Level 2
Level 3
155,526,779
34,894,329
142,354,770
25.184.322
190.421.108
167,539,092
22

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
8. Invostmants Iconlinu&dl
Investments included in the above tsble with a market value grealer than S /0 of the lolal portfolio market value
are as follows..
2023
us$
2022
us$
Capula Mulli Strategy Fund Ltd
Capula Tail Risk Fund Ltd
Partners Capital Greyhawk Cayman Feeder Fund
Partners Capital Phoenix Fund 11 Ltd
Capula Global Relative Value Fund Ltd
42,148,440
21.542,476
37.784,563
14,985,522
11,903,735
17,184,779
37,707,287
16,946,843
43,090,092
123,727.851
119.565.886
Markèt risks
The Foundation's exposure lo market risks is in line with ils inveslrnent objective of achieving a real return
target of 4/. To achieve this aim, the Foundation maintains a diversified portFolio invested across asset
classes, both liquid and illiquid. To manage the level of risk within the portfolio across asset classes. the
Foundation utilises a risk metric based on expected bela lo equity markets, we called this beta "equivalent nel
equity b818'.
The Foundation's portfolio is, as set out in the investment policy statement, managed lo a risk level, as
represented by equivalent net equity bela, of c. 650/0. This means the portfolio has a risk level similar lo a
portfolio 65010 invested in public equities and 350/0 in cash. Accordingly, the Foundation's Portfolio is expected
to have significanl mark-to-market volatility in pursuit of the return target. If equity markets were lo decline by
100/0, we would expect the Foundation's portfolio lo decline by 6.50/0.
In addition, the Foundation invests in illiquid assets. Ov&r the long term. the Foundation aims lo build a private
markets portfolio representing 500/ts of the total portfolio value in order lo maximisè investment returns. This
portfolio will take several years to build, and the current allocation is significanlSy lower. The Foundation
acknowledges that additional risks relating to accurate valuations, cash flow requirements and underlying
illiquidity exist within private ass&1 classe5 and holds sufficient liquid ass&ls lo meet any resulting capital calls
andlor grant payments.
Currency risks
The Foundation lakes a long-lerm view lo risks arising from currency exposure. The Foundation's exposure lo
non-USD denominated investments is comparatively small and, as a result the Foundation does not hedge
foreign c￿r￿nCY exposure within the investment portfolio. How8v8r, once grants have been awarrjed, any
material G8P denominated liabilities resLJlting from grants are hedged to ensure the Foundation's liabilities
have little lo no curroncy risk. The currency risk is monitored and reported on a quarterly basis to the Board.
Crèdlt rlsks
The carrying amounts stated above represent the Foundation's maximum exposure lo credit risk. Therefore.
further dis¢losure is not required.
23

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
9. Dèbtor$
2023
us$
2022
us$
Amounts falling due within one year
Investmenls-Pending selllement
Inveslmenl.in-Iransil
Prepayments, a¢¢rued income and other debtors
17,924,079
1.500,000
5.508
11.944.D95
1.592
19,429,587
11,945,687
10. Creditors: amounts falling due within one year
2023
us$
2022
us$
Trade creditors
Grants payable
Accruals and deferred income
329,263
8,225,076
249,483
172,628
3,663,802
132,970
8 803,822
3.969,400
11. Creditors.. amounts falling due after more than one year
2023
us$
2022
us$
Grants payable
440,000
2,421,050
Due in one lo years
DLJe within two to five years
265,000
175,000
2.181,050
240,000
440,000
2,421,050
2023
us$
2022
us$
Opening grants payable
Grants awarded
Grants p8id
Foreign exchange
6.084,8S2
12,969,443
110,527,628)
138,409
4,120,295
6,961,202
14.802,4001
1194,2451
Closing grants payable
8 665,076
6,084,852
24

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
12. Share capital
2023
us$
2022
us$
Allottod and ¢all•d up
2 Ordinary share of £1 each
13. Unrestricted funds
Other
re¢ognl$od
income
31
1 January
2023
us$
Docember
2023
us$
Income
Expenditure
us$
us$
us$
Share
capital
Unreslri¢led
funds
181,310,535
22,744,460
114.201,4561
18,213,245
208.066,784
Total
181,310,537
22,744,460
14.201,456
18,213,245
208,066,786
Other
recognised
expense
31
December
2022
us$
1 January
2022
us$
Income
us$
Expenditure
us$
us$
Share
capital
Unrestricted
funds
176,351,530
26,459.213
18,082,481)
113,417,727)
181,310,53S
Totsl
176,351,532
26,459,213
8.082,481
13,417,727
181.310,537
14. Total foundation funds
2023
Unrestricted
Funds
us$
2022
Unrestricted
Funds
us$
Fund balances al 31 December are represented by-.
Investments
Debtors
Cash at bank and in hand
Creditors.. amounts falling due within one year
Creditors.. amounts falling due after more than one year
190,421,108
19,429,587
7,459,913
18.803,8221
1440,0001
167,539,092
11,945,687
8,216,208
13.969,4001
12.421,0501
208,066,786
181,310,537
25

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
15. Raconciliation of movements in funds
2023
us$
2022
us$
Net movements in funds
26,756,249
4.959,005
Net addition to funds
26,756,249
4,959,005
Opening funds
181,310.537
176,351,532
Closing funds
208,066,786
181,310,537
16. Related party tran$a¢tion$
During the year, the Foundalion received a donation of US$16,000.00012022.' USS20,000,0001 from Yan Huo,
a Iruslee of the Foundation.
The Foundation paid a total of US$nil 12022.. US$375,0001 lo Princeton University, where Yan Huo was
Trustee during 2023. No new grants were awarded lo Princeton University in 2023 and there is no oulslanding
amount payable at the year end to Princeton University12022'. US$nill.
In 2023, the Foundation paid US$290,000 12022.. US$335,0001 and awarded grants of US$275,000 12022-.
US$95,0001 to Fudan University, where Yan Huo is a Trustee with the oulslanding amount payable al year end
being US$705,00012022'. US$720,0001.
The Foundation awarded grants of US$10,000,000 12022." US$nill lo The Metropolitan Museum of Arl l The
Mel") in 2023. Subsequent to the grant awarded, Yan Huo was appointed as a Trustee lo The Mel. There is an
outstanding amount of US$5.000,00012022.. US$nil} payable al the year end to The Mel.
Further, the Foundation awarded and paid grants of US$500,000 12022.. US$500,0001 lo Teach for China,
where Xue Fang was a Director during the year. There is no oulslanding amount payable al the end of the year
lo Teach for China USSnil12022.. Ussnill.
During the year, Faculty Road Limited paid expenses on behalf of the Foundation amounting to US$37.542
12022.. US $1231, which were reimbursed during the year.
Yan Huo and Xue Fang were Directors of Faculty Road Limited during 2023. The Foundation has a service
agreement with Faculty Road Limited for the procurement of adminislralive services lo the Foundation. The
total charge by Faculty Road Limilgd was US$667,819 12022.. US$439,1011'. the amount of oulslanding
payrllenl included within Gredilors al 31 Decemb&r 2023 was US$319,891 12022.. US$160,5431. During the
year, the Foundation received a donation of US$128,27712022.. US$109,509} from Faculty Road Limited. an
entity controlled by the same management.
A Deed of Covenant exists be￿een the Huo Family Foundation and Faculty Road Limited which so far as
lawful will allow Faculty Road Limited to make a donation lo the Foundation which is equal to the dislribLJtsble
profits. For the year ended 31 December 2023, further distributable profit5 lor Faculty Road Limited not already
donated during 2023 were US$3,657 12022.. US$7,4151 and il was agreed lo be paid out lo the Huo Family
Foundation in 2024.
26

Huo Family Foundation (UK) Limited
Notes to the financial statements
for the year ended 31 December 2023 (continued)
16. Related party transactions Icontinuedl
The Foundation made additional subscriptions lo the same fee-free share Class of the Capula Tail Risk Fund
Ltd, Capula Global Relative Value Fund Ltd and Capula Mulli Strategy Fund Ltd in 2023.
17. Ultimata Controlling party
The ultimate controlling party is the Huo Family Foundation a charity registered in Delaware, USA. It owns
1 OOVO of the Huo Family Foundation IUKI Limited and il has no other assets. Yan Huo, Xue Fang and Nancy
Monlmarquet are also trustees of the US entity.
18. Post balan¢e sheet events
Subsequent to the year end, in January 2024. a further donation of US$16,000,000 has been received from
Yan Huo, grft aid of US$4,000,000 is recoverable on this. FLJrther, the Foundation has received the
US$17,393.409 in investment- pending Settlement amount which has subsequently been used lo meet grants
payable and operational expenses as well as invested in multiple asset classes.
27