Registered Company No: 06451283 Reglstered Charlty No". 1133206 Huo Family Foundation (UK) Limited Annual report and financial statements for the year ended 31 December 2024 *AEAPDKQW' 0910912025 COMPANIES HOUSE Huo Family Foundation (UK) Limited Contents Pago(s Charity details Trustees. annual report Strategic report Independent audilors. report 9-11 Stalemenl of financial activities 12 Balance sheet 13 Cash flow slalemenl 14 Notes lo the (Inancial slalements 15-27 Huo Family Foundation (UK) Limited Charity details Trusteos Yan Huo (Chairman} Xue Fang (Resigned on 61n September 2024) Sam L￿e Yu Qiao Nancy Montmarquel Reglstered office Third Flcor 20 Old Bailey London EC4M 7AN Independ•nl audlto Pricewalerhousecoopers LLP 1 Embankment Place London WC2N 6RH Investm•nt manager Partners Capital LLP 5 Young Slreet 5th Floor London W8 SEH Bankors Citibank. N.A. 41 Berkeley Square London W1J SAN J. P. Morgan 1 Knighlsbridgo London SW1X 7LX 8ardays Bank PIC 1 Churchill Place London E14 5HP Accountants Moore Kingston Smith LLP 9 Appold Slreel London EC2A 24P Sollcltors Withers LLP 20 Old Bailey London EC4M 7AN Status Huo Family Foundation (UK) Limited is a private limited company, c, gift aid on thal donation ol US$4.000.000 (2023.. US$4.000,000). donation$ of US$1PJO,000 (2023. US$ nil) from Xue Fang, one of the trustees of the Foundation and donations of US$143,244 {2023: US$131,934) from Faculty Road Limited, ielaled party company. The nel movement in funds for the year, as shown in the statement of financial aclivit*s, amounled lo a surplus of US $36,831,671 12023.. US $26,756,249). The value of the Foundation's net assets al 31 December 2024 is US$244.898,457 (2023.. US$208.066,7861. 2024 Revlew In 2024, the Foundalton continued lo support charitable institutions that are championtng educational excellence, artistic brilliance and S￿la1 impact. The Foundation made grant commitments to a number of museums and galleries in London. National Gallery. Royal Academy of Arts, The Melropolilan Museum ol Art. Tate Galleries, and The Courtauld Instilule of Art. 11 made ils first grants to the Victoria & Albert Museum. National Portrait Gallery. and the Fitzwilliam Museum. The Foundation also made 9rant payments to pertorming arts cenlres in London includin9 Donmar Warehouse, The Old Vic. The National Thealre, Royal Opera House. and the London Syrnphony Orchestra. The Foundation conlinued lo support Ofganisaltons thal seek to provide an excellent educalion lo all. Through 115 funding of Teach for China and granl payments lo Teach for All. Teach First and Youth Communication il helped to enable Ihese tharilies lo strive for socieltes where educational opporlunilies and outcornes are not delemiined by a child's soci*>economic status. Further, in ils support of scholarships and fellowships at Fudan University and payments to Columbia University, Ihe Foundation created opportunitie5 lor post-graduate study. Addilionally. the Foundation made a grant payment to the Oxford Internet Instilule to SUPPDrt research into the impact of digital technology on adolescent brain development. Expanding its support ol research focused on the effects of the usage of digilal technology on brain development. social behaviours and mental health in children and young people, Ihe Foundath)n awarded 11 pilot grants to researchers based at the University of Cambridge. Imperial College London, University of York. Huo Family Foundation (UK) Limited Trustees, annual report for the year ended 31 December 2024 (continued) University of Herttordshire. Queen Mary University of London, King's College London. and the Unr¥ersity of Oxford. Inv•stm•nt pollcy and p•rfomiane• In accordance with the Memorandum and Articles of Association. the Iruslees have the power to invest in such stocks, shales and investments as Ihey see fit. The twslees can delegate the management of investments lo financial expert only on the terms sel in the Articles of Association. The Trustees have established a Finance Committee. c(mprising a subset of Iruslees and Partnefs Capital LLP, an investment mana9ei. The Finance Commrttee has sel out a portfolio asset allocation of public and private equilies, hedge funds. real assets and private public debt, which are invested by Partners Capital LLP and the trustees ol Ihe Foundalion. The Finance Committee reviews on a quarterly basis. the consolKlaled perfOrMar￿e5 of the total investment portfolio and is aclNely engaged with Partr£rs Capilal LLP on Ixlical asset allocalirJn and rebalancing based on market conditions. The Finance Committee also reviews the Foundalion's eAsh Ilow loreign exchange exposures of its cash balances and grant liabililies. Ouring the financial year, the portlolio increased ils value by USS43,0S8.444 (2023., US$22,882,016). This is comprised ol nel additions ol US$24.216.446 {2023.' USY.684,7131 and net gain on investmenls US$18,841,998 {2023'. US$18.197,303). Policy 8tat•m•nt on ro8eN The policy ol the Iruslees is to maintain sufficient reserves in order lo fulfil fulure expected funding requirements ol projects that extend over several years. In deterfflining the appropriate level of fesetves, the trustees take inlo acc¢)unl the nature of the Foundal*)n i.e, oneoff giving as well as multi-year grants in the form of endowments and scholarship5, as well as PDlenlial fluctuation of rts income stream in future years. The policy is reviewed on an annual basis. Having regard to Ihese considerations. taking into ac￿nI its foreseeable aclwity level and general operating environment, the Foundation currently largels free reserves representing the available cash balances lo sulliciently meet the upcoming year'$ grant payments and operating expenses which is expected to be approximately US$13.500,000 for 2025. As 8t 31 Oecember 2024, this balance was US$6,613.82812023'. US$7.459,913). The Foundation has redeemed inveslments in 2025 to ensu￿ the Foundalion meets Ihe grants payable and expected operalional expenses in 2025. The Foundation's investments are currently held primanly in liquid assets thai could be called upon should the need arise. The Iruslees belpve the Foundation's reserves are sufficient to meet fulure needs while leaving some flexibility lo evaluate new grant proposals and make new commilmenls. The Foundalion's long-lerm plan is to aim for grant expendiluie of al least 5% of ils assets each year. or more where resources allow, and lo maintain the real lefm value of the fund for future grant making xtivily. As at 310ecember 2Q24, the Foundation has reserves of US$244.898,45712023'. US$208,066,7861, which is an increase of US$ 36,831,671 relalive to last year end. This difference was primarily driven by donalion income in the year, as well as investment perf￿fflanCe, offsel by gran15 awarded and operalional expenses IhrougtrKlUt the year. Huo Family Foundation (UK) Limited Trustees, annual report for the year ended 31 December 2024 (continued) Grant making The tTU51ees review applications and appeals, and Ihen distribute funds in furtherance of the Foundation's charilable objects, During Ihe year, the Foundalion awarded grants ol US$4,134,316 (2023., US$12.969,444), which excludes support costs of USS1,102,909 (2023.. US$932,778). The Foundalion does nat accept unsolicited grant applications from the public. Plans for lutur• developments In the coming year, the FourKlalion plans lo provide charitable support in accordance with ils objectives and strategy as described on page 2. Its current areas of focus are education, Ihe arts and science. Publ1¢ ben•fit Statement In shaping Ouf objectives for the year and planning our activities, the Iruslees have considered the Charity Commission's guidance on public benefit. including 'public benefit. running a charity (PB21'. The trustees confirm thal they have complied with the duly in section 17 af the Charities Act 2011 lo have due regard to public benefit guidance published by the Charity Commission. The Foundation plans lo provide chaiilable support for the public benefit in accordance with ils objectives and strategy as described on page 2. This is done through donalDns lo charities and other organisations thal support Ihe advancement ol art. educalion and scienlilic research for the publr benefit. Intgrnal ¢ontrol8 and tho mltlgatlon of major rlsks The Ifustees have identified and reviewed the major risks ol Ihe Foundation such as investment performance, the FoundalK)n's cash Ilow position, foreign exchange movements and a ¢ybef-altack and have established internal controls to mitigate Ihe$e risks. The Foundalion malnlalns a diversrfied investrneni Portlolio, which has an investment objeclNe of achieving a real relum laigel of 4% The Finance Commillee meel qvarlerly lo review ils market risk exposure is in line with the 04'eclive. as well as assess ils asset allocation between liquid and illiquid inveslmenls for liquidity risk. In tandem, the Finance Committee review the cash posilion and cashflow projections to ensure Ihe Foundation meets ils grants payable and expeGled operalional expenses for the nexl 12 ¥nonths. Malerial GBP denrjminaled liabilrties, from grants awarded, are hedged to ensure the Foundalion'$ liabilities have lillle lo no currency risk. The currency risk is monitored and reported on a quarterty basis lo the Board. For Ihe continued elfe¢live operation of the Foundation and fulfilling ils charitable purposes, the Foundalion's IT Infrastructure and security soflware is reviewed and mpfoved on a regular basis. The Foundation engages with experts lo identify vulnerabililies and edu¢ate staff on best praclices. The trustees confirm that the controls implemented are appropriate lo Ihe size of the Foundalion and the nature of its operations. St•t•m•nt ol truBte•s' r•8ponslbilitle8 Huo Family Foundation (UK) Limited Trustees, annual report for the year ended 31 December 2024 (continued) The trustees (who are also directors ol Huo Family Foundation (UK) Limited for the purpose5 of company law> are responsible for preparing the Trustees. Annu81 Report (including the Slralegic Report) and the financial slatemenls In accordance with applicable law and fegulation. Company law requires the trustees lo prepare financial statements for each financial year. Under th8t law Ihe trustees have prepared the financial slalemenls in accordance with United Kin9dom Accounting Standards, comprising FRS 102 "The Financial ReportirHJ Standard applicable in the UK and Republic ot Ireland" and applicable law (United Kingdom Generally Accepied Accounting Praclicel. Under company law the trustees musl not approve the fir)ancial ststernenls unless they are satisfied that Ihey give a Irue arKI lair view of the stale of the affairs of Ihe charilable company and of the incoming reSoUr￿S and applicalion of resources, including the income and expendilure, of Ihe charitable Company for that petiod. In preparing these financial sl8lemenls. the Iru51ees are Tequired lo.. se*1 Suitable accounbng policies and then apply them consistently,. observe the methods and principles in the Statement of Recomrnended Practice.. AccLJJnting and Reportin9 by Charities {2019)'. make judgments and estimates thal are reasonable and prudent; state whether applicable UK Accountin9 Standards, comprising FRS 102, have been followed, subject lo any material departures disclosed and explained in the fInar￿la1 slatements: and prepare the financial staternenls on th8 going concern basis unless it is inapproprlale to presume Ihat the chariiable ¢¢mpany will continue in business, The Irustees are responsible for keeping adequate accovnling fecords that a￿ sullicienl lo show and explain the charitable company's Iransaclions and disclose wrth reasonable accuracy al any lime the financial position of the charitable company and enable them lo ensure Ihat the financial statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assels of the charitable company and hence lor taking reasonable steps for the prevention and delectlon of fraud and other irregularities. The Iwslees are responsible for the maintenance and integrity of the charitable cofflpany's website. Legislation In Ihe United Kingdom goveming ihe preparation and dissemination of financial slalemenls may differ Irorn legislation in other iurisdiclions. In so far as the Irustees are aware.. a) there is no relevant audit information of which the ccffipany's auditors are un8wafe,' and b) the Iruslees have taken all the steps Ihal he ought lo have taken as a trustee in order to make hims811 aware of any relevant audit informalion and to eslablish thal Ihe company's auditols 8re aware ol that information. Equality, diversity and inclusion are important values of the Foundation. This is reflected in the make-up of the Board, staff appointrnenls and the selection of grant beneficiartes. The Iruslees seek to Ireat each staff member and grant beneficiary fairly and the same. respecting them lor their age, race gender, cultural background, skills beliefs, sexual orientation and career eXper1er￿S. Huo Family Foundation (UK) Limited Trustees, annual report for the year ended 31 December 2024 (continued) The trustees are kept up to dale on their obligations by regular briefings from the Foundation's exlemal advisers, and guidance from Ihe Charity Commission. Indfrpondent audltors The audrtor PricewalerhouseC¢x)pers LLP is deemed lo be re-appointed under seclion 487 {2} of Ihe Companies Act 2006. A resolution to re-appoint Pricewaterhousecoopers LLP will be proposed al Ihe annual general meeling. 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 Iheir capacity as Irvslees in company law of the charty. Tho Tru•¢•es' Report, Includlng th• Stiatoglc R•port, was approv•d and authori1od by the board of tru8t••8 and $lgn•d on tholr bohalf by: Yan Huo Tru8tO8 Dale.. 0410912025 Huo Family Foundation (UK) Limited Independent audltors, report to the members of Huo Family Foundation (UK) Limited Report on the audlt of the flnancial statements Oplnlon In our opinion. Huo Famrfy Foundalion {UK) Llffllled's linancial slatemen15 Ilhe ￿nancIal glalemenls'l.. 9ive a true and lair view ol Ihe $lale ol Ihe charitable ¢ornpany's alfaifs as al 31 Dgcamber 2024 and ol 51$ incoming fesources and ap￿ication ol T8sources, including ils incorne and expendilure. and cash IIuw5. loi Ihe yoar Ihen ond•d: have b•en property p￿pared in accordance wth Unilod Kingdom Generalty A¢¢epled Account1￿j Pracllce (Uniled KingdthTé Accounting Slandards. Including FRS 102 Yho Financwl Reporting Slanclard aP￿.Cable In Ih UK and Republi¢ ol Ireland. and applicable lawl; and have been piepared in accordance wilh the roqulTem8nts ol Ihe Companies Act 2006. Wo have 8udit•d the linanaal staleme￿8. irtludèd within the Annual iaport ano linancial slalemonls Ilhe "Annual Report'l. vthich comprise.. Ihe 8al•nce sheel a8 al 31 Dgcomber 2024., the Siat8rngnl ol Ilnancial actlvilles {incorporalln9 the Income and expendilufe accounll. Stal8monl ol cash flow¥ IOT the yèar then ended,. and the notes lo the linancial $tal8men15. vknich include a descript￿n ol signillcanl accouniing policies. Basls lor oplnion Wo conducled Iwr audit in aecordanc• with Inlemalional Standards on Audlllng (UKI {'ISAs (UKII and applicabl8 law. Our responsibi1S1ies under ISAS IUKI are lurther described In Ihe AudSlors' rasponsiblllll•s lor the audll ol the linan¢lal sial6menl$ seclian ol our report. Wo believe that Ihe audil evidence we have obialnedlg sullicignl and appfopriale to provide a basis lor our opinion. lrnlependence We remalned independeni ol the chAril•ble ¢ompany in 8ccordan¢e wilh Ihe ethKal requlrornenls Ih81 are relgvanl lo our 8udil ol tho linanclal slalernenls in the UK. wfilch includes the FAC'S Elhlul Slandafd and wo have lullllled our olhor elhlcal ie$pon$ibiliti•s in a¢¢ordan¢e with these requiremtnts. Concluslons relatlng lo golng concern Based on the work we have pertorm•d, w¢ havo not Idenlllied any m•t•fl•l uncertainllgs relalin9 to ev&nlg or corKllllons Ihal, individually or collectively, may casl signillcanl doubl on tha charttable cornpany's ability lo conllnue as a going conc8m lor a period ol )1 leos1 Iwelvg months Ifom the dale on wh￿h Ihe linanual slalemenls a￿ aulhorisèd lof iSSU•. In auditing the linancial siaiemenls, we have concluded Ihal th8 Iruslees, us8 ol the going concern basi8 ol accounlln9 In Ihè preparation ol the linartial slalemènls Is appropriatè. However. because not all fvluffj events or condjllon5 ron be predlcied. this condusion Is not a guarantee as lo Ihe chanlable company's abilty lo wnlinye as a 9olng ¢cYvrn. Our responsibilillos and Ihe responsibilities ol the Irusteos with iaspeet lo going concem are de$cribed in tho relavanl $e¢ilons ol thls report. Reportlng on other Inlormatlon The olhèf inlormalion comprises all ol Ihe inlormalion in Ihe Annual Report olher Ihan the finanoal slalements and our auditors, reporl Ihereon. The Iwsle¢s afe responsible lor Ihe olher information. Our opinion on th8 financial slalernenls oes nol cover the other inlormalion and. accordingly. we do nol express an audil opinion or, except lo Ihe extent otherwise explicitly slaled in this report. any lorm ol assufan¢e Iher80n. In ¢onne¢lion with our 8udit ol Ihe financial stalemenls. our responsibilily is lo read the othèr inloffflal•)n and. In doing so. consider whether the olhol inlormalion is maleiially ifwnsislenl wilh Ihe linan¢ial slalgmonts or our knowledge obtained in the audil, or olheTh¥ise appears lo bo materially rni5$1aled. 11 we idenlily an appa￿nI malèrial incoftsislerw or malerial misslalomoni. we are requir8d lo perform pr￿edureS lo conclude whelhef Ihernlg a malerlal mlsslalemenl ol the linanclal slalèmènls oi a maleflal mi5slalemenl ol ihe other inlormalion. 11, bis&¢J lh• work w• have ￿rfo￿lad, we Huo Family Foundation (UK) Limited Independent auditors, report to the members of Huo Family Foundation (UK) Limited conclude that Ihefe is a maleiial ffiisslalemgnl ol Ihis olhor information. we are required lo report Ihal lact. We havè nolhing lo report based on ihese responsibilities. With respecl lo the Strategic Report and Tiuslees, annual Rport. we also considered whelhtr the disclosures required by Ihe UK Companies Act 2006 and Charilie$ Act 201 I have been inoluded. Based on our wort( undertaken in the ¢ourse of the audit, the Comparues Acl 2006 requlies us algo lo reith certaln opiniorw and Matte￿ E4s des¢ribed bg10w. Strategic Report and Trusl•es'annual rowi In Oui opinion. based on the wort( underlaken in lh6 ¢ourse ol the audit the inlormolion given in Iho Slrot8glc Report and the Truslegs, annual report lor the period ended 31 Oecember 2024 is conyslenl with Ihe linarK1￿ slalements and has been prepared in accordance wilh applicable le9al requlfemgnls. In lighl ol the knowledge and underslanding of Ihg charitable company and ils environmgnl oblained in Ihe Goutse ol the audit, we did not idenlily any material misstatements in the Strategic Flepon and Ihe Tfuslees. annual report. Re$pon8ibilili•• lor Iha financial 8talements and the audlt Responsibilili8s ol Ihe truslees lor Ihe linancialslatements As explaln¢iJ more lully h the Sialem¢nl ol Iruslee$' r05ponsibilili8s, Ihe Iruslee8 (who ale olso lh8 direclofs ol Ihe eharilablè company lor thè purposes ol eompany lawl are ro$ponyble lor Ihé preparaiion ol tho financial sialements In 8¢¢ordon¢e wllh Ihe applicable Iram¢work and lor being Sallslled Ihal Ih¢y gNe a Ifue and lair vifjw. Th Iwslees are also responsible lor $uch intgmal conlrol as Ihey delemiine is n8cewry lo enable Ihe pieparalion ol linancial statements Ihal are Iree Irom malerial rnisslalemenl, wholher due lo Iraud or error. In preparing tha linarKial slalemenls. the Irustees afe responsible lor assesslng the charitable compary's abllity lo conlinue as 8 going concem, discloslng, as applicable. mallefs felaled lo wlng cancern and using th8 g￿n9 concein bas1$ ol accouniing unloss Ihe Irusleos ellh•f inlend lo liquidalo th8 chariiabse company or lo ¢eas• owialions, or hav• no realisllc all8malive bul lo do so, Audllors, rnsponsibllilies lor Ihe audll ol the Ilnanclal slalem8nts Our oblecllvej afe to obl•ln iea8onabl8 assurance abwl wh•lhgv the Ilnancb81 ¥talemgnls fjs J whole Iree Irom maleflal mSsslalemenl. whelher due lo Iraud Of error, and lo Issue an audllors. feport Ihal includes our oplnlon. Reasonabl8 assurance is a high level ol assurance, bul Is not a guarantee Ihal an audll conducted in accordance wllh ISAS (UK) will always delecl 8 material misslalement when il exisls. Mi55talemenls Can arise Irom I￿ud or eI￿r and are consideied material rf. individually or in the aggfegale. they could reasonably be expecled lo influence Ihg Konomic decisions ol users taken on Ihe basis ol these linancial slatemenls. Irre9ukrllie8. Induding fraud. are In8lances of non.c(Jrnpliance with laws and regulallons. We deslgn picKedures in line wilh oui responsibililres. outlined 8bDve, lo dglecl malefial misslalemenls in re5pecl ol irregvlaiilies, including Iraud. The exl8nl lo which oui proc8duies aFe capable ol delecting irregulaiili85. including Iraud, is detailed below. Based on our Unde￿landing 01 Ihe charllable LY)mpany and Ils Induslrylenvironmenl. we idenlllled that Ihe pilnclpal rl$k8 ol non.compliance wilh laws and rogulaiions f•laio¢J 10 Ihe Charilios Act 201 J. and we consldeigd the emtenl lo which non-¢omplian¢e mighi have a maleri81 ellecl on the linan¢Sal Slalemenls. We also consideifrd thosè laws and regulalions that have a direct impact on the linancial slalem8nls such as the Conpanies Acl 2006. We evaluated rnanagemenl's incenlives and OPPDrtunilies lor Iraudulenl manipulation ol th8 tinancial 51alemenls (including the risk ol oveiride ol conlrols}. and delermine¢J that Ihe principal risks were related lo posting inappropriale journals to rnanlpulale linancial résulls or ¢oncéal tho misappropriation ol assets and potenliol managomonl bia5 in a￿QUnI1￿g eslimale5. Audit pro¢eduie$ pertom)ed by the engagemenl leam Inoludeo.. • idonlilying and testing journal entries. in particular joumal entries posied with unusual acc4uni ￿MbinatIonS lo income or expenditurè accounts- obialnlng Independent conflrmaiions ¢1 cash balancés and malgrial invo$lm•nl valualions as al 31 Oecembèf 2024.. testing Ihe re¢ognit¢on ol granl expenditure in lin8 With l?mis ol the grant awards- 10 Huo Family Foundation (UK) Limited Independent auditors, report to the members of Huo Family Foundation (UK) Limited grwuiring ol managemenl and Ihe board ol Irusle8$. including considoralion ol any known or 8uspecle¢J instances ol nrm-¢ompllance wllh laws and regulalion and Ifaud,. reading mlnules ol meetings ol tho board ol Iruslees,. • assessing si9nrficani a¢¢ouniing judgements and Oslimaios. parttcularly Ihose relaled to Ihe valuation ol I￿￿$1mentS in debt and èquty securities., • asses8lng Ilnancial slalemenl disGlosures, and 105ting lo supportlng documentation. lorcomplianc4 wilh applicable18w$ and regulaliDns,' anij • Inco￿oratIng unprediclobilily Into tha nature. liming and extent ol our lesling. There ar8 inherent limilalions in the audil procedures described ab¢)ve. W• a(8 less likely to become awarè ol instances ol non-￿mpli•nCe wilh laws and regvlatsons thai aro noi ¢losety rothied lo events anej Iiansa¢lions rellecled in linancial 8lalemenls. Also, Ihe rtsk ol not delocliry a m81owial misslaiemenl due lo Ifaud 1$ higher Ihan I￿ risk ol not d•lecllng one fesulllng Irom error, A8 Iraud may involv6 dellberale concealmanl by, tor exarnpte, lorgery or ini•nllonal misrepregenlallons w through ¢ollusion. A further descriplion ol rosponsibilllies lor Ihe audit ol Ihe linan¢ial slalernents is lo¢aled on Ihe FFIC'S web5ile al: ww￿.1rC.or9.Uk1a￿dltO1sr¢SPOns¢tsII1IlfjS. This descriplion lomis part ol our auditors, r•port. Use ollhis report This report. including Ihe ¢Jpinions. has been prapaied lor and only lor the charitable Company's members as a body in aG¢ordan￿ V•ilh Chapter 3 01 Part 16 01 the Companies Act 2006 and lor no ot￿r p￿￿oSe. We do not, in giving thes8 opinions, accept oi assume responsibllily tor any olher purpose or lo any olfr￿1 peison lo whom this 18POrt is Shown or into whosè hands il may Gome sav9 wheré expiessly agreed by our piior consent in wrlling. Other required reportlng Companl•s Act 2006 exceptlon reportlng Undei Ihe Companles Aci we 8r• roqulred lo roport lo yov il. in our oplnlon.. we havo rnl obtalned all Ihe Inlormallon and expl4n41ion$ wg requlie lor our audm; or adequate accounting records have not been kept. or reluffls adequate lor oui audit have rnt been received liom braneheg rMIl visiled by us: or ¢•rtain discbsur69 ol Iru$lee$' femun•rnllon sp•cili•d by law are nol made: or Ihe Ilnancial slalemenls are nol in agieemenl wllh the accounting records and reluin8. We have no exc•piions 10 report ailsing Irom Ihls responslblllty. Katie Tuinbull (Senloi Slaiutory Auditor) for and on behalf ol Pri¢ewaleihouseCoopers LLP Chartefed Accounlanls arKI Sialulory Audilo London 5 September 2025 Huo Family Foundation (UK) Limited Statement of financial activities for the year ended 31 December 2024 (Ineofporating tho Income and expendlture account) 2024 2023 Notes Unrestri¢l¢d Funds uss Unrestrlcted Funds us$ In¢omo Irom: Donations Inveslments 20.303,244 2,839,825 20,131,934 2,612,526 Total 23 143.069 22 744 460 Exp•nditure on: Charilable activities Raislng funds (5,237,226) (381,231) <13.902,220) (299.236) Total 5,618,457 (14.201,456) Net gains on inveslmenls 18.841,998 18,197,303 Net gains on cash and cash equivalents 423,228 86,421 Net Income 36,789,838 26,826,728 Other rKognl8•d galns •nd108808 Foreyn exchange gainslllosses) 41.833 (70,479) N•t mov•m•nt In funds 36.831,671 26.756,249 Fund balances brought forward al 1 January 208.066.786 181.310,537 Fund balanc•s carried forward at 31 December 244.898,457 208 066,786 All of the Foundalbn's activrties are derived frejffl continuing operat￿n$. The Foundation has no recognised gains arKI losses other than those shown above and therefore no separate income and expenditure account has been presented. The notes on pages 1510 27 form part of Ihe financial slalemenls. Huo Famlly Foundallon {UK) Llmltod Registered Company No.. 06451283 Registered Charity No.. 1133206 12 Huo Family Foundation (UK) Limited Balance sheet As at 31 December 2024 2024 2023 uss Flx•d a8ry•18 Inve51ments 233.479 $52 190 421 108 Curi•nl a•••t• Oeblorj Cash al bank and in hand Totsl ¢uir•nt •M•ts 8.281.399 6,613 828 14.895,227 19,429.587 7 459 913 26,889, 500 Cr•dllof•'. •m￿nIS lalllng du• wllhlrb one year 10 (2,550,344) {8,803,8221 N•t ¢yrf•nl ••••l• 12344883 18 085 678 Total M••t• l••• ¢Uff•nt U•bllltl 245,824,43S 208.506.786 Cr•dhor8: amounts lallin9 after rnoT¢ than on& year 11 {925.978) (440.000) N•1 •M•¢• 244 898 457 208 066 786 Th• lund• ol th• l¢und•ll•n Share capital Unresiricied funds 12 13 244.898,455 208,066.784 Total found•tloD fvnd• 14 244 898.457 208 tx6 786 ThB note5 ￿ page$ 15 to 27 l*ym ol the hnancial 5t•ternfflt•. The linan¢ial slalemenls on pages 12 to 27 were aK$4uved by Ihe Iruslees ￿ 0410912025 wwe swned on 0410912025 n thelr behalf bi.. Yan Huo Tru•l•• uo Famlly Foundatlon {UK} Llfflltsd Registered c￿panY No". 06451283 Regk%tafed Charrty No.. 1133X 13 Huo Family Foundation (UK) Limited Statement of cash flows for the year ended 31 December 2024 2024 us$ 2023 us$ WJS us$ Cash flows from opèratlng actlvltie$ Net cash provid•d by operating activiti•s 20,541,461 1,319,877 Cash flows from investing activities Inveslment income - bank interest Investment income - dividends Capital gain dTrslribulions Bank interest and charges Purchase of inveslments Sale of investmenls 104,737 2.560,283 174,805 (10.9251 160,780.436) 36 563 990 116,158 2,273,081 223,287 {3,985) {98,597,5871 93 912874 Net cash used In investlng activilie• {21,387,546) 12.076.172) Chan9• In cuh and cash equlval•nt• 1846,0851 (756,295) Cash and cash equlvalents at th• beginnlng of the year 7,459.913 8,216,208 Cash and cash equivalents at th• end of y•ar 6 613,828 7459913 Reconclllatlon ol nel Income to net cash inflow Irom opgrating activities 2024 uss 2023 us$ Nel income Bank inleresl income 8ank inleresl and charges Dividend income Capital gain dislribulions Nel (gains)IIosses on inveslments ForewJn exchange gainl{losses) Decreasel(increase> in deblors IDecrease)fincrease in creditors 36.789.838 {104.737) 10.925 (2,560.283) {174,8051 {18,841,9981 41,833 11.148,188 (5,767,500) 26.826,728 (116,158) 3,985 (2.273,081) (223,287) (18,197.303) 170,479) (7,483,899) 2,853,371 Net cash inflow from opeialln9 Xtlville8 20 541461 1319877 Foreign Exchange Movement us$ 2024 uss Cash Flows us$ 2024 us$ Analysis of changes in not debl Cash at bank and in hand 7.459.913 (843,179) {2,906) 6,613,828 14 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 1. Principal accountlng pollcle8 Company Infomiatlon Huo Family Foundalton (UK) Limrted is a limited c￿nPanY domiciled and incorporated in England and Wales. The registered office is Third Floor, 20 Old 8ailey, London. EC4M 7AN. It is also regislered as a charity foundation based in London foT giving granls. Re9lStered Charity No: 1133206. Accounting Conventlon The charity conslilules a public benefit enlily as defined by FRS 102 These financial slalernenls have been prepared in accordance wilh Charities SORP (FRS 1021 second edition - effective January 2019 applicable lo charities preparing their financial statements in accordance wilh FRS 102 "The Financial Reporting Slandard appI￿able in Ihe UK and Republic ol Ireland" ("FRS 102.), the Charities Act 2011 and the requirements of the Companies Acl 2006. The financial statements have been prepared on Ihe historical ¢osl convention. modified by the recognition of certain linancial assets and liabilitt'es measured al fair value. The principal accounting Wictes adopted a￿ sel out below. Functlonal currency The financial stalernents are prepared in US$, which i8 the functional currency of Ihe Foundation. since this Is the currency of Ihe Primary economic environment in which Ihe Foundation operates. All donations feceivable are expected to be denominated in USS. Golng concern The Foundation has adequate financial re$our¢e$: spKifi¢ally, the Foundation has set aside the cash needed to pay gfanls and operating expenses for the upcoming year and the Foundation's inve5tmenls are currently held primarily in liquid assels that could be called upon should the need arise. The trustees have di￿re¢lOn over the Foundation's grant making. As a consequence, the Iruslees believe that the Foundation is well placed lo manage ils business risks successfully. The trustees have a reasonable expectation Ihal the Foundation has adequate resources lo continue in operational exislence lor the foreseeable fulure. Accordingly, Ihe going concern basis has been adopled in p￿parIng these financial slalemenls. Income Income. which includes both donalions and gift aid. is credited lo the statement of financial activrties on receivable basis and valued on dale of receipt. Investment income is slated inclusive of recoverable laxalion. Dividends are ￿¢¢￿nised when declared, whereas Inte￿51 15 recognised on an accruals basis as earnl. Expendlture Liabdities are recc¢Jnised as expenditure when the￿ is a legal or Constructive ONigalion committing the Foundation lo the expenditure. 15 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 1. Principal accounting policies (contlnuedl Grants, bolh single and mulli-year, are recognised in the financial statements as liabilities after they have been approved by the Injstees. the recipienls have been notif￿￿ and there are no further terrns and conditions to be fulfilled which are within the control of Ihe Foundation. In these circumstances there is a valKI expectalion by the recipients that they will ieceive the grant, even if Ihe recipienls rnusl meel further reporting conditions, which are not considered perfomance obligations. Governance costs include those costs associated wilh meeting the conslitulional and statutory requirements of the Foundation and are included wilh support costs allocaled to the Foundation's charitable activity. Management fees Included wilhln support cosls comprise of re.charged cosls Irom Faculty Road Limited under a service agreement which are recognised on the basis laid out in Ihe 'Key accounting estimates and assumptions, section below. No support costs are allcraled to raising lunds. Inv6stmonts The Foundation has elected to apply the provislons of Section 11 and Section 12 of UK GA4P FRS102 in full. All inveslments are al fair value through the Statement of Financial Activities upon initial recognition and are rneasured al sub5equenl reporting dates ai fair value. The fair value of listed sKurty investmenls is bid value. The falr value of unlisled investments uses valuation technique5 delerrnined by the Iruslees on Ihe advice of the Investment Manager PartneTS Capital LLP. These valuations are on the basis of the lalesl information available frorn the relevant fund manager. Purchases arKI sales of investments are accounled for on a trade dai• ba$i$. Inv•slm•nt galns and losse• Nel gains and losses on investrnents includes both realised and unrealised gainsllosses during the financial year. Realised gains and losses are calculaled based on the average share prlce duTing the year being reported on. All gains and losses are taken lo the Statement of Financial Activities as they arise. Forelgn currencle8 Transactrons in foreign currencies are Iranslated inlo US$ al Ihe rale of exchange ruling at the dale of the transaction. Assets and liabililies in foreign currencies are translated into US$ al the rate of exchange ruling al Ihe balance sheel date. Exchange dIfferer￿eS are chargedlcredited to the slalemenl of finanrial aclivities and hence are taken into account in arriving at Ihe net movement in fund5. Financlal Sn8trum•nt8 The Foundatson has elecled lo apply the provisions of Se¢lion 11 '8asic Financial Inslrumenls. and Section 12 'other Finanoal Inslnjrnents Issues, of FRS 102 to all of ils financial inslrumenls. 16 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 1. Princlpal accountlng pollcles Icontinued) Financial instruments are recognlsed in Ihe Foundation's balance sheet when the foundation become5 party lo the conlraclual provisions of the inslrurnent. Financial assels and liabilities are offset, with the nel amounts presented in the financial statements. when there is a legalw enforceable right to sel off the recognised amounts and there is an intention to settle on a net basis or to realise the assel and settle the liability simultaneousty. Baslc Ilnanc141 a•get• Basic financial assels, which include trade and olher receivables and cash and bank ba18nces. are initialty measured al Iransaction price including transaction costs and are subsequently canied at amortised cost using Ihe effective interest method. Other financlal a6S•t8 Other financial assets, inclutthng investments in equity inslrumenls which are not subsidiaries, associates or joint venlures. are inilially rneasured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and Ihe changes in fair value are recognised in The Slalemenl of Financial Aclivilies. Impalffli•nt of flnan¢l•l a88•¢8 Financial assels, other than those held al lair value through Slatemenl of Financi81 Activities, are asse8sed foi indicators of impaimient al each reportin9 end date. Financial assets are impaired where Ihere is objeclive evidence that, as a resull ol one or more events that occurred after the initial recognition of the financial assel, the eslimated fulure cash flows have been affecled. The impairment loss is recognised in the Slatemenl of Financial Activrties. Doraeognltlon ol flnancial a889t8 Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when il tran5fer5 the financial asset and subslanlially all the risks and rewards of ownership to anolher entity, Financial liabilitie The Foundatlon recognises grants payable at the point the grant offer is made,. any grants unpaid at the yeai- end ale presented within creditors until drawn down. Trade creditors are rtiligations to pay for g(Kds or services Ihal have been acquired in Ihe ordinary ¢our$e of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year oi less.11 not, they are presented as non-currenl liabilities, Trade creditors are recognised init￿llY al transaction price and subsequently measured al amortised cost using ihe effective interest melhod. Dorecognltlon of flnanclal Ilabllltles Financial liabilities are derecognised when. and only when, the Foundation's ￿ligationS are discharged, cancelled. or they expire. 17 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 1. Principal accounting policies Icontinued) Oerlvallves Derivatives are comprised of foreign currency hedging instruments that are initially recognised al fair value al the dale a derivative contract is entered into and are subsequently measured lo fair value al each reporting end date. 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 •ccountlng The unrestricted fund comprises general funds, which may be used towards meeting the chwitable oty'ects of the Foundation at Ihe discrelton of the Iruslees. and share capital. Cash at bank and in hand Cash at bank and in hand includes cash In hand. deposits held al call wilh banks, other short-term liquid investments with onginal malurilies of three months or le8S. Taxation The Foundation is a registered charity and therefore is not liable ft>i income lax or corporation lax on income derived from ils charitable activities, as il falls within the various exemptions available lo registered charities. VAT is included within expendrture where it 15 not recoverable. However. lax on investment income may be due in ihe US on an annual basis. as the Huo Family FcrtJndalp?n (UK) Limited is controlled by The Huo Family Foundation. a charity regislefed in Ihe VSA. Empl¢)ye• benefits The cost ol short-term empbyee benefits are recognised as a liability and expense. The Compensation 1$ expected lo be fully settled within 12 months. Ponslon Costs and oth•r po8t-rotir•mont benofit8 The Foundation operates a defined conlribulion pension scheme. Contributions payables are Charged lo the Statemenl of Financial Aclivilies in the period lo which they relate lo. Judgements and key sources of estimation uncertainty In Ihe application of Ihe Foundation's accounling policies, the trustees are fequlred lo make judgements, eslimales and assumptions about the carrying amounl of assets and liabilities thal are not readily apparent from other sources. The eslimales and associated assumptions are based on hislorical exPer￿Ce and oiher factors that are considered lo be felevanl. Aclual results may diller from these estimates. The eslimates and underlying assumpltons are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which Ihe eslimale is revised where the revision affects only Ihal period. 01 in the pertod of the revision and future pericKls 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 2024 (continued) 1. Princlpal accounting pol1cl￿ (continued) Critical Judgomonts in applying the Foundatlon'$ accounting policies The trustees do nol ¢￿SIder grant reporting requiiemenls within granl agreements to be granl performance laled conditions as defined by the CharitEs SORP. Grant payables are not diseounted due lo the effect ol discounling bein9 immaterial lo the financial slatemenls. Key Accountlng esilmates and assumptlons The main estimate that has a significant risk of causing a material adjustment lo the carrying amount of assets and liabilities within the next financrdl year is related lo the valuation of the Foundation'$ investments and, in particular. those classified as Level 2 and Level 3 01 the fair value hierarchy. Explanat￿ of the methLKI for detemiining the valuation of inveslmenls is included within the investmenls acwunting policy above and within note 8. Management fees ¢4ynprise of r8 Audit . Tax advisory se￿iCe$ 89,629 78,997 14,100 89.629 93,097 7. Slaff costs, trustees, remuneration and Key Management Personnel 2024 us$ 2023 us$ Wages and salaries Staff taxes Staff pension Other staff costs 232.095 28.104 17.031 19.499 Total staff costs 296 729 21 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 7. Slaff costs. Irust•¢$' remun¢ration and Key Management Pornonnol (conllnued) No tenninalion payments were made during the year. Only one employee recewed emoluments in excess of US$60.000 which falls into the brad(et of IUS$70k-80k). Key managemenl personnel comprise the trustees. In the linancial pericé. the Chief Executive Officer and the Finan￿ Director did not encompass the fesponsibililies of key management personnel. Accordingly, Iheir compensation has nol been included in the lolal disclosed for key management personnel. Employoes The average monthly number of persons (excluding trustees) employed by the Company during ihe year was.. 2024 2023 Admin support staff The trustees were not remuneraled in respect of Iheir seprf¢ces in the year {2023.' US$nil). There were expenses paid by Yan Huo on behalf of the Foundation amounting lo US$12,612 which were reimbursed during the year (2023: US$nil). 8. Invostments 2024 us$ 2023 us$ Movement in market value Opening market value AddilK)ns at cost Disposal pioceeds Net 9ainsl(losses} on investrnents Closing market value 190,421,108 60,780,436 {36,563,990> 18,841,998 233 479 $52 167.539,092 98,597,587 (93.912,874> 18,197,303 190421.108 Nei gainslllosses) on investments includes both ￿alised and unrealised gains and losses during the financlal year. Realised gains and losses are calculated based on the average share price during the yeaf being reported on. Inveslments in¢luded in the follcMirnJ asset classes: 2024 us$ 2023 US$ Global Equities Privale Debt Private Equity Hedge Fund Other real assets Credit 61.266.087 32,268,131 40.031,737 92.266.026 3.196,820 4 4SO 751 233 479 552 33.667.141 21,435,995 28,267.497 102.901.765 3.317.897 189,590.295 22 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 8. Investments (continued) 111 Equilies asset class includes Capula Tail Risk Fund Ltd, which is a hedge fund with lor¥J only equities exposure. The hislori¢ cost of Ihgse investments is USs198,166.1￿(2O23.' US$170,415.3SS1. 2024 us$ 2023 us$ Analysis of fair value hierarchy.. Lev912 Level 3 186,105,140 47,374,412 155,526,779 34,894,329 233,479 552 190.421 108 Inveslments included in the above table wilh a market value greater than S% of th• tot81 portfolio markel value are as follows= 2024 us$ 2023 us$ Capula Mulli Strategy Fund Lld Capula Tail Risk Fund Ltd ishares Core MSCI Wortd Partners Caprtal Phoenix FurKI11 Ltd Capula Global Relative Value Fund Ltd 34,148,066 36,807,950 13,056,793 20,026,831 48,828,479 42,148,440 21.542,476 16,946,843 43,090,092 150.868,119 123.727.851 Market risks The Foundation's exposure to market risks is in line with rts investment objective of achieving a real return targel of 4% To achieve this aim, the Foundalion maintains a diversified porttolio invested across asset classes. both liquid and illiquid. To manage the level of risk wilhin the portfolio across asset classes, the Foundation ulilises a risk metric based on expected bela to equily mart(els. we call this bela "equivalent nel equity bela.. The Foundation's portfolio is, as sel out in the investment polry stalemenl. managed lo a risk level, as represented by equivalent nel equity beta, of c. 65%. This means the portfolio has a risk level similar to a portfolio 65% invesled in public equities and 35% in cash. Accordingly. the Foundation's Portfolio is expected to have signifiGanl mark-lo-markel volalilily in pursuit of the return larget. 11 equity markets were lo decline by 10%. we would expect the Foundation's portfolio lo decline by 6.5010. In addrtion, the Foundalion invests in illM]uid assets. Over Ihe long term, Ihe Foundation aims lo burfd 8 pTivale markets portfdio representing 50% 01 the lotal portfdio value in order to maximise investment returns. This portfolio will lake several year5 to build, and Ihe Current allocalion is significanlly lower. The Foundation acknowledges that additional risk5 relating to accurate valuations, &ish flow requirements and underlying illiqu￿lIY exist within private asset dasses and hold5 sufficient Iv4uid asset5 to meet any resulting capital calls andlor grant payrnents. 23 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 8. Invo$lm•nt8 (contlnu•d) Currency rlsks The Foundation takes a loro-terrn view to risks arising from Currency exposure. The Foundation's exposure lo non-USO derKJminated inveslmenls is comparatwely small and, as a result the Foundation does not hedge foreign currency exposure within the investment portfolio. However, once grants have been awarded, any material GBP denominated liabilities resulting from giants are hedged to ensure the Foundation's liabilities have little to no currency risk. The currency rlsk is monilored and reported on a quarterly basis to the Board. Credll r18ks The carrying amounls slated above represenl the Foundation's maxirnum exposure to credit rlsk. Therefore, lurther disclosure is nol required. 9, ￿blO18 2024 us$ 2023 us$ Amounts lalllng duo wlthln one y•ar Investments - Pending settlemenl Inveslmenl-in-transrt Prepayments, accrued incorne and other debtors Gift aid receivable 197,760 4.000,000 83.639 4,000,000 17,924,079 1,5OJ,000 5,508 8 281 399 19 429 587 10. Crodltorn., amount8 falling due within one y•ar 2024 us$ 2023 us$ Trade creditors Grants payable Pension payable Accruals and deferred income 221,872 2,109,213 15,948 203,311 329,263 8,225.076 249,483 2,550,344 8,803 822 11. Cr•dltor4: amount8 f•lllng due aft0r mor• than on• y•ar 2024 us$ 2023 us$ Granls payable 925,978 440,000 Due in one lo two years Due within two lo five years 400,489 525,489 265,000 175,000 925 978 440 000 24 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 11. Credltors: amounts falllng due after more Ihan ono y•ar Iconlinued) 2024 us$ 2023 us$ Opening grants payable Grants awarded Grants paid Foreign exchange 8.665.075 4.134.316 19,695,175) (69,025) 6.084,852 12.969,443 (10,527.628) 138,409 Closin9 9ranls payable 3.035.191 8 665 076 12. Share capital 2024 us$ 2023 uss Allotted and called up 2 Ordinary share 01 £1 each 13. Unrestricted funds Olher recognised Income us$ 31 D•combor 2024 us$ l January 2024 us$ Income uss Exp•ndSture uss Share capilal Unrestricted funds 208,066.784 23,143.069 (5,618,457) 19.307,059 244,898,457 Total 208,066.786 23,143.069 15,618,457) 19,307,059 244,898.457 Othor recognised expense us$ 31 December 2023 us$ 1 January 2023 uss Income uss Expenditur• uss Share apilal Uniestrrcted funds 181.310.535 22,744,460 {14.201.456) 18.213.245 208.066,784 Tot81 181,310,537 22,744.460 {14.201.456) 18.213.24S 208,066,786 2S Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 14. Total foundation funds 2024 Unrestrlcted Funds us$ 2023 Unrostrieled Fund8 us$ Fund balances al 310ecember are represented by: Investments Oeblors Cash al bank and in hand Creditors.. amounts falling due within one year Credilots: amounts falling due after more than one year 233.479,552 8.281,399 6.613,828 {2.550,344) (925,978) 190,421.108 19,429.587 7.459.913 18,803,822) {440.0￿J> 244 898 457 208 066 786 15. Roconctliation of rnovements in funds 2024 uss 2023 uss Nel movements in funds 36.831,671 26, 756.249 Nel addition lo funds 36.831671 26 756 249 Opening funds 208,066,786 181,310,537 Closing funds 244,898 457 208.06S.786 16. R•lat•d party transactions During Ihe year, the Foundalion received a donation of US$16.000.000 (2023.. uS$16,000.¢￿0l Irom Yan Huo, trustee of the Foundation. Further, the Foundation received a donation of US$160,000 (2023-. US$nill from Xue Fang, a trustee of Ihe Foundation who resigned as trustee on 6th September 2024, In 2024. the Foundation paid US$265,000 {2023', US$290,000) and awarded grants ol US$nil {2023. US5275.000) to Fudan University. where Yan Huo is 8 Tru$lee with the oulslanding amount payable al year end being US$440,00012023. US$705,000) The Foundalion awarded grants of US$100,000 {2023.' US$10.000.000) to The MetroFofrtan Museum of Art { The Met.) in 2024. Subsequent lo the grant awarded, Yan Huo was appointed as a Trustee lo The Met. There is an outstandin9 amount of US$1,000.000 (2023.. US$5,000.0001 payable at the year end to The Mel. Further, the Foundalion awarded and paid grants of US$500,000 (2023.. US$500,000) to Teach for China. where Xue Fang was a Director during the year. There 15 no outstanding amount payable al the end of the year to Teach for China Ussnil (2023= US$nil). During the yeaT. Faculty Road Limited paid expenses on behall of the Foundation amounting to US$nil12023.' US $37,542), which were reimbursed during the year. 26 Huo Family Foundation (UK) Limited Notes to the financial statements for the year ended 31 December 2024 (continued) 16. Related party transactions l¢onlinuod) Yan Huo is a majorty shareholder of Fa¢ully Road Limited. The Foundation has a seprfi¢e agre¢menl wilh Faculty Road Limited for the procurement of adminislralive services to the Foundation. The lotal charge by Faculty Road Limited was US$289, 180 {2023". us$e67,819)', the amounl of oulstanding paymenl included within creditors al 31 December 2024 was US$54.478 {2023'. US$319,891 J. During the year, the Foundation received a Llonation of US$100,399 {2023: US$128,277) from Faculty Road Limited, an ents'ty controlled by the same management. A Deed ol Covenant exisls belween Ihe Huo Family Foundation and Facully Road Limited which so lar as lawful will allow Faculty Road Limited to make a donalion lo the Foundatlon whlch is equal lo the distribulable profils. For the year ended 31 December 2024, further distributable profits lor Faculty Road Limited not already donated during 2024 were US$43,552 (2023.. US$3.657) and il was agreed to be paid out lo the Huo Family Foundation in 2025. The Foundation made additional subscriptions to Ihe same fee-free share class of the Capula Tail Risk Fund Lld. Capula Global Relative Value Fund Ltd and Capula Mulli Slralegy Fund Ltd in 2024. In addition, the FoundatDn swilched a portlon of Ils holdings in Capula Mulli Slralegy Fund Lld to Capula Tail Risk Fund Lld during the year. 17. Ullimale controlling party The ultimate controlling party is Ihe Huo Famity FouTrJation. a chanlable 501Ici(31 organisalion incorporated in Delawaie, USA. 11 owns 100Yo of the Huo Family Foundation {UK} Limited and il has no other assels. Ils principal activity is to support the UK loundalion's gfanl making charitable woik. Yan Huo and Nancy Montmarquet are also Iruslees ol Ihe US entity. No group accounts are p￿pared. 18. Post balanGe $h•ot events Subsequent lo the year end, the Foundation redeemed US$14,000,000 in investments which have subsequently been used lo meet grants payable and operational expenses in 2025. 27