| Page | |||
|---|---|---|---|
| Annual Report ofthe Trustees |
1-6 | ||
| independent Auditor's Report |
7-9 | ||
| Statement of Financial Activities (including |
Income and Expenditure | Account) | 10 |
| Balance Sheet | |||
| Statement ofCash Flows |
|||
| Notes to the Financial Statements |
13-20 |
| Unrestricted | Unrestricted | ||||
|---|---|---|---|---|---|
| Funds | Funds | ||||
| Page | 2021 F |
2020f | |||
| Income from: | |||||
| Donations (note 2) |
15 | 5,629,775 | 3,439,086 | ||
| Investments (note 3) |
15 | 197,052 | 216,831 | ||
| Total income | 5,826,827 | 3,655,917 | |||
| Expenditure on: |
|||||
| Charitable activities (note |
4) | 16 | 1,072,425 | 715,840 | |
| Raising funds (note 5) | 16 | 74,650 | 31,719 | ||
| Total expenditure | 1,147,075 | 747,559 | |||
| Net gains on investments | (note 13) | 19 | 1,513,684 | 699,242 | |
| Net income | 6,193,436 | 3,607,600 | |||
| Other gains and losses | |||||
| Realised loss on foreign currency transactions | (1,949) | (19,223) | |||
| Net movement in funds |
6,191,487 | 3,588,377 | |||
| Reconciliation offunds: |
|||||
| Total funds brought forward | at 1 January | 12,805,408 | 9,217,031 | ||
| Total funds carried forward | at 31December | f 18,996,895 | f 12,805,408 |
| Page | 2021 | 2020 | |||
|---|---|---|---|---|---|
| 6 | K | ||||
| Fixed assets: | |||||
| Investments and cash under management |
(note 13) | 19 | 18,697,114 | 'I1,963,077 | |
| Total fixed assets | 18,697,114 | 11,963,077 | |||
| Current assets: | |||||
| Cash at bank (note | 14) | 19 | 193,957 | 895,290 | |
| Debtors (note 15) | 20 | 188,456 | 1 | ||
| Total current assets | 382,413 | 895,291 | |||
| Current liabilities: |
|||||
| Creditors - amounts | falling due within one | year (note 16) | 20 | (82,631) | (52,959) |
| Total assets less current liabilities | 2 18,996,896 | K12,805,409 | |||
| The funds ofthe charity: | |||||
| Share capital Unrestricted funds |
1 f 18,998,895 |
1 12,805,408 |
|||
| 8 18,996,896 | 612,805,409 |
| Page | 2021 6 |
2020 | |||
|---|---|---|---|---|---|
| Cash flows from operating activities |
|||||
| Net movement in funds for the year |
10 | 6,191,487 | 3,588,377 | ||
| Adjustments for: |
|||||
| Income from investments and deposits |
(197,052) | (218,417) | |||
| Net gain on investment assets |
(1,513,684) | (699,242) | |||
| (Increase)/decrease in debtors |
(188,455) | 789,124 | |||
| Increase in creditors |
29,672 | 17,731 | |||
| Loss on foreign currency | 1,949 | 19,223 | |||
| Net cash provided by operating activities | 4,323,917 | 3,496,796 | |||
| Cash flows from investing activities |
|||||
| Income from investments | 197,467 | 215,179 | |||
| Deposit interest | (415) | 1,652 | |||
| Gift aid supplementary interest |
1,586 | ||||
| Payments to acquire investments |
(9,021,830) | (1,908,429) | |||
| Receipts from sales of investments | 2,334,972 | 229,259 | |||
| Nef cash (used in) by invesfing activities |
(6,489,806) | (1,460,753) | |||
| Net change in cash and cash equivalents |
forthe year | (2,165,889) | 2,036,043 | ||
| Cash and cash equivalents at 1 January 2021 |
2,408,113 | 391,293 | |||
| Loss on foreign currency | (1,949) | (19,223) | |||
| Cash and cash equivalents at 31December 2021 |
240,275 | 2 2,408,113 | |||
| Cash and cash equivalents consist |
of: | ||||
| Cash held with investment managers |
(note 7) | 17 | 46,318 | 1,512,823 | |
| Cash held at bank (note 14) | 19 | 193,957 | 895,290 | ||
| F 240,275 | 6 2,408,113 |
| UK Grants Awarded: | ||||||||
|---|---|---|---|---|---|---|---|---|
| Donmar Warehouse | (Reg. Charity No. 284262) | 100,000 | 60,000 | |||||
| Felix Project | (Reg. Charity No. 1168183) | 30,000 | ||||||
| Barnardo's | (Reg. Charity No. 216250) | 25,000 | 100,000 | |||||
| West London Zone | (Reg. Charity No. 1160947) | 20,000 | 20,000 | |||||
| Body &Soul Royal Opera House |
(Reg. Charity No. 1060062) (Reg. Charity No. 211775) |
10,000 5,250 |
||||||
| Doctors in Distress | (Reg. Charity No. 1184953) | 2,500 | ||||||
| Power2 Women for Women/Challenge |
Match | (Reg. Charity No. 1099782) (Reg. Charity No. 1115109) |
1,420 1,000 |
100,000 | ||||
| Institute of imagination | (Reg. Charity No. 1109276) | 3,800 | ||||||
| 195,170 | 283,800 | |||||||
| US Grants Awarded: | ||||||||
| Princeton University ($1,000,000) Duke University Fund ($75,000) Middle East Children's institute ($10,000) |
753,636 56,378 7,400 |
14,813 280,716 7,484 |
||||||
| Jumble Bay ($7,500) Planned Parenthood ($5,000) Smithsonian Museum ($1,000) Liger Charitable Foundation ($100,000) |
5,324 3,616 755 |
77,718 | ||||||
| 827,109 | 380,731 | |||||||
| Total grants awarded | 51,022,279 | E 664,531 | ||||||
| Governance Costs |
||||||||
| Administration fees |
22,680 | 15,317 | ||||||
| Accountancy fees | 17,583 | 18,395 | ||||||
| Audit fees | 5,000 | 4,800 | ||||||
| Financial advisors' fees |
2,294 | 11,897 | ||||||
| Legal fees Tax filing fees |
2,234 355 |
|||||||
| Trustee expenses | 900 | |||||||
| 50,146 | 51,309 | |||||||
| Total Charitable Activities |
10 | 2 1,072,425 | f 715,840 | |||||
| COST OF RAISING FUNDS | ||||||||
| Investment management |
and admin fees | 65,912 | 31,525 | |||||
| Internal Revenue Service | (note | 6) | 17 | 8,482 | ||||
| Bank charges | 256 | 194 | ||||||
| 10 | 6 74,650 | f 31,719 |
| 6. | TAXATION | Page | 2021 E |
2020 6 |
|---|---|---|---|---|
| Internal Revenue Service (note 5) |
16 | 8,482 | 5 | |
| 7. | FIXEDASSET INVESTMENTS | |||
| Quoted Investments and Cash under management |
||||
| Investments at market value at 1 January 2021 |
9,093,443 | 6,716,156 | ||
| Additions at cost |
8,193,246 | 1,908,429 | ||
| Disposals at carrying value |
(2,334,972) | (229,259) | ||
| 14,951,717 | 8,395,326 | |||
| Realised gainl(loss) on disposals |
22,782 | (664) | ||
| Unrealised gain on revaluation |
1,419,784 | 698,781 | ||
| Net Gain on Investment Assets |
19 | 1,442,566 | 698,117 | |
| Market value at 31 December 2021 | 16,394,283 | 9,093,443 | ||
| Cash | 46,318 | 1,512,823 | ||
| Total Value at 31 December 2021 | 19 | f 16,440,601 | E 10,606,266 | |
| Historic costs as at 31 December 2021 | 6 13,170,414 | k 7,259,787 | ||
| RIVERHAWK FUNDING II LLC |
||||
| Investment value at 1 January 2021 |
549,410 | 567,194 | ||
| Unrealised loss on currency translation |
19 | (17,784) | ||
| Transfer out | (549,410) | |||
| Net asset value at 31 December 2021 | 19 | 6549,410 |
| Page | 2021 | 2020 | ||
|---|---|---|---|---|
| RIVERHAWK FUNDING III LLC |
E | 5 | ||
| Investment | value at 1 January 2021 | |||
| Transfer in |
549,410 | |||
| Unrealised | gain on currency translation | 19 | 5,611 | |
| Net asset value at 31 December 2021 | 19 | F 555,021 |
| HILP-C INVESTCO LLC | HILP-C INVESTCO LLC | E | 8 | |
|---|---|---|---|---|
| Investment | value at 1 January 2021 | 554,543 | 346,081 | |
| Unrealised | gain on revaluation | 19 | 37,974 | 208,462 |
| Net asset | value at 31 December 2021 | 19 | 6 592,517 | E 554,543 |
| Investment | value at 1 January 2021 | 252,858 | 442,411 | |
|---|---|---|---|---|
| Unrealised | loss on revaluation | 19 | (297) | (189,553) |
| Net asset | value at 31 December 2021 | 19 | F 252,561 | 2 252,858 |
| The Foundation has committed a total of$585,000, all ofwhich has been drawn down. |
| 12. | CVC Capital Partners Vill Associates |
L.P. | L.P. | Page | 2021 8 |
2020 8 |
||||
|---|---|---|---|---|---|---|---|---|---|---|
| Investment value at 1 January 2021 |
||||||||||
| Additions at cost | 828,584 | |||||||||
| Unrealised gain on revaluation |
19 | 27,830 | ||||||||
| Net asset value at 31 December 2021 | 19 | 8 856,414 | ||||||||
| The Foundation has committed a total |
of 65,000,000, of which 6973,421 has been | drawn. The |
||||||||
| outstanding commitment is64,026,579.No provision |
is made for | this | commitment. | |||||||
| Bruce Hardy McLain, a Trustee, is the |
co-founder | of | CVC Capital | Partners which |
manages the |
|||||
| investment. Two of the Trustees, Carina |
McLain | and | Chelsea | McLain are limited | partners of the |
|||||
| investment | ||||||||||
| 13. | INVESTMENT SUMMARY | |||||||||
| Market Value | ||||||||||
| Quoted Investments and cash under management |
16,440,601 | 10,606,266 | ||||||||
| Riverhawk Funding III LLC |
555,021 | 549,410 | ||||||||
| HILP-C Investco LLC | 592,517 | 554,543 | ||||||||
| Pacific Hotel Florida LLC | 252,561 | 252,858 | ||||||||
| CVC Capital Partners Vill Associates L.P. |
856,414 | |||||||||
| 11 | 818,897,114 | 811,963,077 | ||||||||
| Gains | ||||||||||
| Gains on quoted investments (note 7) |
1,442,566 | 698,117 | ||||||||
| Unrealised gain on HILP-C Investco LLC (note 10) |
37,974 | 208,462 | ||||||||
| Unrealised gain on CVC Capital Partners |
Vill (note | 12) | 27,830 | |||||||
| Unrealised loss on Riverhawk Funding |
II LLC (note | 8) | (17,784) | |||||||
| Unrealised gain on Riverhawk Funding |
III | LLC (note | 9) | 5,611 | ||||||
| Unrealised loss on Pacific Hotel Florida |
LLC (note 11) | (297) | (189,553) | |||||||
| 10 | 8 1,513,684 | 8699,242 | ||||||||
| 14. | CASH AT BANK | |||||||||
| Barclays International Business Reserve Account USD ($185,111) |
136,987 | 197,506 | ||||||||
| Barclays International Business Reserve Account GBP |
45,967 | 683,851 | ||||||||
| Barclays International Reserve Account |
($14,825) | 10,970 | 10,860 | |||||||
| Barclays MFL Account | 33 | 33 | ||||||||
| Barclays Jersey income Account ($4,150) | 3,040 | |||||||||
| 8 193,957 | 8895,290 |