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||||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|
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|||||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|
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||||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|
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||||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|
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|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|
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|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|
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|||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|
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|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.|||||
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|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|
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