2022-12-31-accounts

KESw￿K FOUNDATION LIMITED IRegislered company nurn￿r 14223141 IReoisl8red charity number 2784491 ANNUAL REPORT AND FINANCIAL 8TATEMENT5 FOR fHE YEAR ENDED 31gt DECEMBER 2022

KESIMCK FOUNDAllON LIMITE DIRECTORS AND OFFICERS Ke3¥￿ej¢ Fownd8boTr ￿MI￿ wa5 Inc(Yptralsd 23rd MBY 1979 as è company limlW ty s￿￿8$ irn En918nd. The articles of asswalh)n of th8 Comp•ry odopled pur$L￿nI to 8 5wual rESD1U￿n of Ihts m4Mb8rs olthe Cornpaty on 24th November 2020. Th9 0lrgGbr¥ logel iih the Execubve C￿￿[￿11te￿ memtysrs who swd 2022 8né up io Iho dglg of sigtdw Ihe finand81 $16t￿entS ar• lisled bOlOW. Th ArticI8soIA54odol￿ oltha CcthpAny o11(Mfor a boord of￿11&$8 Ihw tw) Dlrectors. Co-found•r$'. Slr John Kesvde Mr¥. Maggya thvA¢k J¢ncks Dlr•cwr8'. ¢lar4 MBryWEATHERALL, ch•im8n Deming CHEN W81 Chl CHOW Chrisbn? MenB Sang FANG Fr•TrrAne Wlng fing FV KWONG MEry GREeN3ERG 814ceyAnna HILDEBFWNDT Ivor c0￿M0 JENCKS Uly Clarè JENCKS BenJ8mln WIIIBM KESWSCK Clore Jana KESWICK Martha KESWICK Chri&ioph• Kin Ping LEE 810ph8n Ch8rl•s Ll N•ll Ml¢h801 MCt4AM4RA Evelyn L¢9 HoL¥h PARR Marcus Jtyak $HAW g¢linu Wton YUEN TSANG Mkh•ol Yuen-j•n YAO IHpOni•d on 1$t Novembw2022) (r￿gna￿ on 15th M•rth 20221 Ir•slgned ￿ 28rd D￿•rnt￿r2022I IM81gnad M Isth Marth 2021 Ex•cuu￿¢9mffl1tt￿'. Arysllm Wow ￿ YUEN TWIG, ChAlrm&n Martha KESWICK D￿nIn) CHEN Wal Ctyi CHOW Chrf¥lln¢ Meng S•no FANG FrBncin•Wiw fing FU KWQNQ Kplhryn Mary GREENBERG SleCoyAnne HILDE8PANDT Ivor CoBimo JENCKS Chrfslophe Kin Ping LEE Siaphon Charl85 Ll Noll MiGhaal MCNAM4RA Evèlyn Lee Hough PARR Michael Y￿n-￿￿7 YAO I￿pOsrI0￿on l•1 Nov•mb•r 202Z> Irttlweé on Islh bAarth 2022) 23rd D•combar 20221 omp4ny Secretary.. Junlllhan L105

KESWCK FOUNDAMON LIM￿ED DIRECTORSAND OFFICERS ICONTINUEDI prtncip•l place of bwslnoss.. 25th Noor, Dev￿ Ho TAikots Placè 979 Klng'8 Rv&d, Q￿rry B&y Hono Konk Indp•ndBtht4udltorL' PrwlerhouseCoDpers LLP Chsrterod A￿u￿1•￿ts£￿1 S181uwAudHor• 1 EmtAnkfflont P1act Lv¢on WQ2N 6RH Uniied ￿ngdarn Bankrd'. Thtt Hon9kono 8nd Shanthai ¥•nklng Urnlied l Qu•en'3 Roadc￿lIa1 Hong BNP PorSbas Hong Kong 631F. Tw¢ Int'l Flnanca Contr4 8 Fln&rt8 sir••i C•nlFg1 Horvd Kono Butterfidd TN51 IBmud81 J5 Frdni str￿1 Hamiiion HM 12 Barm￿3 R•gl•t•r£doNIu•: 3 Lombsrd Str•91 LoNIDn EC3VIAQ Englond

E5WGK FOUNDATION UMITEO )IRE¢TORS' REPORT Th• Dlreclors of Iho Companyi w8 480 InJ51$99 for￿ wrpD50 ofUK CharityL8w, submlttWr8nnu&l ￿Por1 andthp Cornpons audit fin8n¢tsl ¥t41ementslDrlh8 fin¥r￿OI ytaro>nded 31sl D•en￿r20Z2. Thp onnLwI iepDrt and laternenls for Ihb wr ended 3181 08cembor 2022 haw bggn propored on a win9 C(x)corn basis. under thè 15toric￿ cost Conventi￿ a¥ modified by revaluat￿ of inw6s1menis. In tomplibnpx the cdmpanios Act 2006, lh& Ch8ritses Aci 2011. the R8P)rtlng Slondard ipplica￿0 In th8 Uilted ￿n9th)m end ReputyK of Ir91and I'FRS 10Y'I and with thè Sl•temeThl of Re￿mended Pr8ciice 'Accounting and Rpportinll by Chaittl¢s' FRS102 4s revlsed irn 20191.iht SORP 201Y'I. The wincip81 gcc¢unliry ppllpie¥. vthi¢h hav b88n sp￿lIa wrn>istsnltyttrrtughtyJilh$year, Indlthfing chNw&$ 8riwng rm thtr arbptlon ofChartti88 SORP f'FRS 102.1. Organllat￿)n0l Strutture The Bwd of Olr&clorg oversees tho rnan4émènt. policy And p18nniw ol the coM￿ny, Thg prol¢d¥ and th8ir funding hayo lo btr r6vlth8d èr approved by ExKutlve Committes to ￿sur￿ proper èllocation of résturets. F8nw Ww. th8 EMull Ptrocior. who l& ernpbyg9 ol I ¢offlyny, prowdets 8upportlng se￿¢￿10 th• jdn1￿$tr0l￿n gfflc4pvllhB Company andfwdirng yleets. Iho Cgmpany is reobt6red os u ¢hJrity Iwi¥lerBd numbEr'. 2784491 th• ChgrS1ie¥ kl 2011. The obiaetts d th• c￿panY wo io to $upptrt tho88 in nead In Hon9 Kong and Mainl&r￿ Chlna bY88￿$tIng proiecis hum•n wgKar&. Obl•¢lv•¥ ind Actrrflth¥ lovth• Publ1¢ Benplt¢ Whan revlthry the c￿￿panI xUvlll¢s, Dlr8ctsi hts¥• ￿kfi Into ￿￿￿orSt10n ol the Ch•r5ty ¢)mmi￿an,9 rAI pywlr benwnl dl¥closuie ind the 4cl¥lboB ol th• Inherent￿ rn￿1 r•4U1r•m￿l• olven the ￿tur0 of w•nt• N¥d•d ￿ ¢￿•r ¢hJrit•bl• (ry)n{￿li¢￿$. th& CoM￿nIS rnl$lon Is to supprt, nurturn ènd yomow cheri￿￿1• Wi•3 Uwi •ddr911 $¢¢54 nèodts In W Kow 8nd m8ln19nd Chln8, th• Com￿nY lunds pilot pr•hd•lnaw sèrwlc•s and long-lorm virnlepl¢ Inlbotlves. The proleois t￿1 fill a•Nlce oapB and ¥od•l n•8di wjld •180 bo ￿nsidered. th• Company fundiw rnJycwr rKurr•ni. pwr8mmo. or. •xe•pllonaUy. c4pit•l ￿51•, Tha nalwo ol wvl¢M10 b•f¢¢us•don ty tha Cornparnylnclud•$•ldorly, ywthlcN1dren, famlly dI￿￿lIly. arAnl M•klng Poll¢y TM Ex•pJitve commil￿ l# Faspon$lbl• for apyown9 Ihl fundlng Ep￿￿t￿ni and ￿711 look al fu￿n9 appliCA￿>￿ ihrouphoul th& yeor. In 2011, th• adoptod • now poll¢y to elp mainloin Iho officl•ncy of the asge88menl prows. Wl new appll¢•lbn¥ Mlll be flr•lly ¥¢wn•d trrwoh vottin4 m••Vng• forrnea by dl l•Js13 ExeGullvg Commiitqe Mrnb81s. Th• objo¢llvo$ ol the velllno mo&ting èffj181 t¢ lurn dovffl I￿l￿vant 1p￿￿41￿nS', Ibl lo 8prmg slrolphl foThYard applkAti)n5. each Y0￿Cl unthr HK$5W,ODO pgr yeBr,' ond Icl lo rB¢oTnmBndelionJ fur further ￿￿JoratIon ty thè Ex•ttullvts C¢ynmltttè ol proJ8ci8 tg Thue ihurtri4t•d prowg•1& vlll be iubmltt•d to I ExecuU¥8 Commrft•g forconsid5ra1￿ appraval. Achlevernent• •nd P•rfornMnc• In 20. lh• Cornpany donllt•d a tel￿ of HK129.7 mllllon12021.. HK$20.8 mlmlonl for 28 Gadty proj•et812021', 41 rhAdty wolp￿lI In How Kon9 and rn4inl8nd Ch5no. Tho proi8¢t• ￿v￿ad rJn9• of serylc•s, suth for d1s1dvfin￿ged fam11￿, frnll old•t •d￿tI 4 wol 0$ ¢op•¢lly lty profe$lL￿all in Hong Kong. Pleie8ie S￿• of th• hlohfiohi8'. With fuMlng ol HKS6,e07,272. a wjthct h9& onh8ncJ th• vMJ11-b•hg ol wb4l¥Wed flBI re5idsnth ItrKtrJgh Igtabllshmonl of a eomrnuhily hubwhlch allow 58￿CE userslo ouk, do laundryer￿ neM￿rk. th& C￿parkY hgs¢rKnmittwJ HVtsS,721,QOD to pl0¥￿e Btlllr dlrnblno hoilthy Ilf8&W• enwjragom8nltraln￿g, m••1 08lv8ryand 8BCDrt lorlrail aldèrfy m$vJeni8 Ikvlng kn barr* tyullrfing¥. Yh¢ omounl of HKS5.871,785 hBB been c￿MM1tt9d to bulld up the up•city ol workers In How Kong by up o C￿￿lU1￿9 waft$￿￿61 developmenl

KESIMCK FOUNOAIION LIMITED PEQTQRS, REPORT ICONTINUEDI AchlverneTbts and Porfarm•n¢g l¢ontlnu•dl KF commitlad HK$1,049,100 io svpwt fi Ihry88r yolect of Wortd Chlnè FouDd8l¢n lo Incf¢ase wol8ctian of 3- 8 year8 cildMfrorn un1nl•￿1on￿ In1L￿eS01roI￿ traffic I￿Ury. lall and drovffjks In wJrf8¥ofSh88n%l Chln8. Flnan¢lal Pos4lon Iho Company had ¥ nel surplus forlhe yèar of HK&g,899.524 IZD21." net $urplu$ of HK$11,172,0181. Aftar laklng into Conglderalion of nEI1056 of ravalu8￿0￿ of Investmonts of HK$82,345,522 12021.. HK$13,109,7171, the Company had a n8t dpfic41 fty thg yeor ol HK$72,445,99B 12021.. HK$1.937.6991. Dwioeno incarne from Invg$lmenl& for 2022 èmounted lo HKS42.4W,705 (2021.. HKSS4.222.4671. Duriw Ihe y•¢r. th¢ Company rnade Pr￿ts of HK$29.662.46812021.. HK$20,883,4821. u￿Or the ¢>4rynWs mamor•￿U￿ ol A&sociabOn, thè SrKomè ond prop•rty of th¢ Company ¥h•ll bè 8pObd &oldy towards th& wom011￿ of ils obSact$ 4nd no portlon she11 bo pdid w 1ranEfQrr￿, dir6cUy or Indlrectly by way ol dvldend, bonus or wgfil lo memborn of th8 Company. Furth8Fmtsro, no m8mbarof th shall bo P81d 8818ry orf¢e$ any remunw811on (Yother bBnefil in mon8y or monwo worth from i C4mponyexctpl fore reasonablo paymeniof 8yn8•8. IDw$tment Policy •rtd PerforNn￿￿gI1n￿I th• Poll¢y Ir¢ furthgrincJJ of tho obleeli, the Gompjnymoy Inve&lthB ol Ihe Company noi ImmeLl8Wy requlred In Or￿ ¥uch Invaiim•ntts. 8•curlbo• or kYowrty•$ moy bolhoughtfiL provbjed ￿ch ttornienl and condrtlono •$ rgqulr•J by lavrdkn•vo oblalned and fulfill•d. Th• DIr0c￿[S d•iermln¢ the wuisIb￿S and d•po￿l6 of inv•$imonM In ord•r lo rn$lnl•ln ￿￿arn& r•9ulr8rl tho clad￿kn1 wl•dB. In T￿0rdIn¢ whth tho instrudlom of the founders. Ihg shBres ¢n Jardin• M41he￿ Llmiied I'JMH'I. whleth •r• h•k8 vAthin the EnthwneNI Fund. ar• lh• only Invesim•fit$ hotd by C¢myny In thèi Fund, in￿lIMent& to t4 k6PI Iniact on¢ only InGome frorn Iho8E IN•$lmonls wll b Ltd by th8 Cornp•ny lo thsliibul? lo t￿onY¢S other of ils cholc•. For Inv¢ilmenti hBld In un¢•8lrictad funds. Ivldond¥ 8nd salei proc¢edsracoived from th• thares ¢onb"nv• lo th? incom• to 8D•Wo Comp)ry lo uul its ¢hariiablB •¢livlb•8. Dirotth p6rfodicJlly thE prfDrmMe of portroliD lo •niur• ih#l11 ￿￿tIn￿l lo the rnoJl appropr&qw In¥ttlmèrf foi tho Compony'l r•qulr•mort8. Rl•k• facod byth• CharIty Th• DIT￿lOr5 r•6pon41bl• lorth• Id•n￿.1￿11w and man•9omgnl ol Ind hav• ion 8iopi lo ornBurg Ihpl coniruli ar• in pl#c• io mib98t• Ihèrn. Th•ri18 Mark￿ prf¢¢ d¥k ￿n all84clallortvlh ihe InvoBtrnent tyl th¢ Company. tha DliectorB Con￿d•¢ t￿ Snve8lm•nt lo t4 Icw ri•k oThd hlghly rty8raed vth8n ttsmpÈrd wllh bonchm•ik Invoglmenl indicos. R•vi6w of iho dJkB Is¢onduGtgd r¢gulErlylO monltor Ihe ¢onlrol¥ pl9¢¢ •Nd th• p6rform8nc• olJMH ihar•8 1$ ffjvlawed •nnuJlly by lh• Dlréeiors, the C¢mpany la41so expo&ed 10 Ilquldlty r16k In rOB ol Ihg p4ym•rt of egmmiltoLI proj8ct&. bul11 mano088 Its I￿￿dIty reoulrqmanis tttrough mainL•inlng 3ulfl¢l•nt ¢ih and disposal of Invsglmenta Vdhen addiliDMI ¢uh Is requlrqd. R￿r¥•I Most ol Ihg Compan¥8 fLmd8 aro tsld 0$ • ptrrmamnt •ndwTrenl (Y Js doy1yrna￿d for wrpM•i Ihw ConFanl% PDIIGY 18 to mainlèirb 8 rninlfflum of non-de$igMied unrtrtsirided fvnd$wua', lo slx month5, qenerlll ?xwndiluro. Al iha yeBI-end. Unwsin￿6d fund8 ¥vhl¢h h•v• not been deJi9naied amounled to HK$42,724,75912021,' HK$40.247.7071. Th• r••otw8 rokcyls rBvlwigd r¥qulgrty by tha D￿*￿t¥s 8nd lasl reweMd on 31$1 D￿mb9r2022.

￿ES￿CK FOUNDAMQN LIMITED DIRECTORS, REPORT ICONTINueDI Dlrectors, Appolrtimethts ThB flrsl Th￿t015 tsPPOinltd byttw8ubBolbors. th• Cornpiry rnay, ty¢Xd[n￿ 18501utyon. app>nt o Pers￿ is wlliig to g¢t a5 a Oir8Ctor, ￿that to flll a wacancycf a5 an 4d¢Klon81 Dlro¢tor. The Dire¢t¢rs may BlsoapWnto pprson thoiswllirtots ad oddluongl Dirgdw, apthnbnent, iho C￿lmi8n of the Exèeuts'w Ctsmmitl￿ Will hove o bTr¥fino n8w DtrKior ￿ bowd ID OXFI￿n hl8thtrr roles and re5POTh6itilitie8. The cumrt Dlrector4 d thoaetho ¢vdng thi yw, ore lisied on pag• 1. Statement of Dlr•clor•' R¢¥ponglbllltiq Tha Dlredors ￿ r•$wNtlbl4 fu w8pgrlw th• ￿rgE10(8. Annual Rtyotl ond lh• fin1rri￿ ot8f•mgDt• In ocurdanc8 opplt&blo Iw #nd ragLlslton& eomp8ny IpwrequirEs dlrKlorsto prnporè ffinèncl￿ stalemèrnlsf￿ 8•¢h flnonda1 ytrar. UndJr that Iw ihe dlrectors have ¥¢par¢d flrtan¢5 talem&nlS In awdance vllh unl￿ Klngdom Accounlh9 St8nd•r¢R. CDmprlling FRS 102'Thts Flnancial Roportlng Stsndard opp1icablo In UK d Republk of Ir10rf. and ApplieatrAo law lun11￿ Kingdom GWOr￿lY A¢c4pied AtU￿nI1Th9 Pr4ciicel. Ondar cornpany lawih8 dlrtsctorn musi noi pprtr¥6 th& Nn&ncig1 otsl•rngnis unbsslh8y •r• 98ty4fied Ihèlthay 9bve a I￿r￿•W of Iho btotg of 4ffairs ol thè ¢hari18Uè company 8n I Ihè Inctrnlr¢ r¢sources appllc8llon ofr•8ow¢•B. Indudlng Ihe Incarn? and •xEwdliuro, ol lth ¢tt4riWt4• gr¢up for Ihèl F4Jdod. In kyeparing tl•$o ￿n￿￿&s oWttym¢nit, th8 dir8ci¢re •r• requlred lo.. oct •urt•tl• •¢¢OUnlho pollebèa and then ￿Plyth•M coMknt•nity'. oh•rv•tho met￿8 thnd prfnciple& In itt• SORP 2019.. maka1￿9mlnt8 aNJ e•lim8t•8 Ih414re ieBsoMblo Ind wud•nl.' and prgpare finaKl•l iialewll on lh• oolno eonc•rn unl•io11 ts IMppropTrata lu w•¥umo ihql Ihe r•rfi•tY• ¢omp•nywUI ¢tylknu• I busin•#s. Th• dS18ctor• w• k••F4ng adequat• Nctsunliw m¢ord• thDI are 6uffld•nt to •how and oxplwn th• th•rtl8k4• ¢¢rnp•nYfy ans•¢llon¥ ond diselosa wlh r6a$onab18 •wuraryy al Dny Ilme fing4nth•l of the chJritDt4tr compow •nd on8bl•th•rn io •nour• Ihjt •t•i•monis comply￿thIh0 ¢omponiè5 Ael 20W. Th6y8w a￿0 ￿pOn￿bI9 tr 19fegUDrdlng Ihe 8#8•t$ ofthb chllrStsbl• compony and groyp and wp$for iho prVrfendC￿ ind d¢loGlhJn offMu6 andotw SN•oularl¥u. 8l•l•m•nt ol D￿CIalU￿ of Infw￿t0p￿IO Audltorn In th• c•90 olellth dThcior In office at tho d￿¢th9 dlreEiors' rnport ia apyovod. lo faras thodlrorlor l$awam, thoro i¥ no audlt Inl¢rmthdon tho chaihllblo cvmr4Ns •udlgiD ar¢ w•¥Y•i•', Ind Ihe directors h8vgiakan811 slep¥ Ihlll Iheyou9ht io h8v•lk•n •8¥dlrador its mttk• Ihomsdvoi awor• of any r•lgv•nl avdil ￿tar￿all￿ tv •Sl•t￿l&h that Ih• wall%¥ar• of Ihit infom)otion.

FOUNDAMON UMITED DIRECTORS, REPORT 1cc￿TINUED1 IndependentAudlt018 Th08ud11¥5. PricowatsthtyJ8eCocwrs LLP, hove indkaiBd their￿IllINgne$8 to cKnllnue in offie•. Th¢ rnembers am8nW th8 Of Assodaiion ￿ 16th 2020 dia, di8yNiin4 th8 iegw1rem￿I of hgk4lng Annuol Gen8pal Mèailnos and approved Ihal auditor5 of th8 comp8ny￿1￿ •uiomatK8lly b¥ do¢med rtrspp0ln￿ guffldent membets haw4lven to the Compsny undersedion 48a tr11￿coMp$nie$ACl. OD bth￿f0fl￿ ￿1￿ naw Dlr4doi nlfjYUENT HONG KONG. 2￿hJurn0 2023

Independent auditors’ report to the members of Keswick Foundation Limited

Report on the audit of the financial statements

Opinion

In our opinion, Keswick Foundation Limited’s financial statements (the “financial statements”):

• give a true and fair view of the state of the charitable company’s affairs as at 31 December 2022 and of its incoming resources and application of resources, including its income and expenditure, and cash flows, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law); and

• have been prepared in accordance with the requirements of the Companies Act 2006.

We have audited the financial statements, included within the Annual Report and Financial Statements (the “Annual Report”), which comprise: the balance sheet as at 31 December 2022; the statement of financial activities, the summary income and expenditure account, and the statement of cash flows for the year then ended; and the notes to the financial statements, which include a description of significant accounting policies.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

We remained independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from the date on which the financial statements are authorised for issue.

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the charitable company’s ability to continue as a going concern.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Reporting on other information

The other information comprises all of the information in the Annual Report and Financial Statements other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

7

Independent auditors’ report to the members of Keswick Foundation Limited (Continued)

Report on the audit of the financial statements

Reporting on other information (Continued)

With respect to the Directors’ Report, we also considered whether the disclosures required by the UK Companies Act 2006 and Charities Act 2011 have been included.

Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.

Directors’ Report

In our opinion, based on the work undertaken in the course of the audit the information given in the Directors’ Report for the year ended 31 December 2022 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors’ Report.

Responsibilities for the financial statements and the audit

Responsibilities of the directors for the financial statements

As explained more fully in the Statement of Directors’ Responsibilities, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our understanding of the charitable company and its industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006, the Charities Act 2011 and applicable tax laws, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to misstate results and management bias in accounting estimates and judgemental areas of the financial statements. Audit procedures performed by the engagement team included:

• discussion with management, including consideration of known or suspected instances of noncompliance with laws and regulations and fraud;

• reviewing relevant meeting minutes;

• evaluating assumptions and judgements made by management in determining key accounting estimates and judgement, in particular in relation to the valuation of investments;

• As in all of our audits we also addressed the risk of management override of internal controls, including testing journals, and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

8

Independent auditors’ report to the members of Keswick Foundation Limited (Continued)

Report on the audit of the financial statements

Responsibilities for the financial statements and the audit (Continued)

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.

Use of this report

This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

Other required reporting

Companies Act 2006 exception reporting

Under the Companies Act 2006 we are required to report to you if, in our opinion:

• we have not obtained all the information and explanations we require for our audit; or

• adequate accounting records have not been kept by the charitable company , or returns adequate for our audit have not been received from branches not visited by us; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• the financial statements are not in agreement with the accounting records and returns.

We have no exceptions to report arising from this responsibility.

Entitlement to exemptions

Under the Companies Act 2006 we are required to report to you if, in our opinion, the directors were not entitled to: take advantage of the small companies exemption from preparing a Strategic Report. We have no exceptions to report arising from this responsibility.

John Waters (Senior Statutory Auditor) for and on behalf of PricewaterhouseCoopers LLP Chartered Accountants and Statutory Auditors London 29 June 2023

9

KESWCK FOUM)ATION LIMITED STATEMENT OF FINANCIAL ACTIVlnES FOR THEYEAR ENDED 315T DECEMBER 2022 U￿r￿￿cted Funds Peimangnt dovThent Fu￿j 2022 KS Totsl Fund Tothl Pu￿S 2022 HKS 2022 HKS 2021 Donallon$ Investment In¢¢m8 Irl¢re51 Incomè 245.250 42,430.706 054.857 245.250 42,d130,70S 4,857 225.000 34,222.467 125,291 34 578,758 Total In¢om• 43,S30.812 42 530 812 Expenditure w r£181ng lund8 Expendituro on ¢harlI&bl8acl￿Su¥ 16,8e41 132,744,107) 16.8641 132,744.1071 110.0441 123.761.4481 Total •xpondltui• -L82.750,971I -j!2 750,971 -L23 791.49?I Total 10,779,841 10,779,B41 10,785,2 Nel ￿h￿98(￿s)1)IITr 1880,3171 1880,3171 38S.762 N•1 r•¥41ualL￿{O88 w Irhveknrtts 182.)45,5221 182,345,524 Not•urplu¥qdefic 9,899,5 82 348 52?J. Net mov•m•tht In lund• Fund ￿1￿￿1 br¢wohl forwwrd Fund bal•n¢•J ¢errkd forw¥d 9.899.524 81,123.758 182,34S,$221 1,099.181,708 172.44S,9P81 1.160,305.4 11,937,6gg1 1,162,243,ie5 71.023 282 1018 838.188 1.087,859.488 I.160.3￿ 468 ALI •mounl8 r•l•i• toec￿t￿lury op•r•Von. Thqrq r•cogThl￿ GJln8 w I￿91¢ irnd th•iofor• rKJ 8opoi•t• SI￿￿•Al ¢lreeollni￿ts ooSns ond bBBn preni8d. Th¢ noi05 on pao0 14 10 19 form p8rtof Ih?5efinan(i Statements. 10.

KESWGK FQLINDATION UMITED SUMMARY INCOME AND EXPENDITUREACCOUNT FOR THE YE4R ENDED 31ST DECEMBER 2Q22 2022 HKS 2021 HKS Tot￿ IrwThe 43 $30 812 S4,576,758 Cost of gènvrallng fund# Cost of gr8ni maklng v8manc8 ¢0s1s 16,8641 152.498,6571 245.25 -L¥2.7$0.97JJ. 110.0441 123.$56,4481 225.000 ?3.791492L N8lforoign•xthong¢llossyg8 1460,3171 J86,7S2 NotSu￿1￿ of th•y￿r 9,899,524 Th¢ noiesornpagè 14 to 19 forrn pfjrtoflhgwfln1rt&￿ ststemwts.

KESWCK FOUNDATION UMITED BALANCE SHEET AS AT 31ST DECEMBER 2022 20 HKS 2021 Note Flxed 8888t• Inve$im8nis 1,016 834.799 1,059.180,321 eurr•nt amets Deb￿r$ sh￿-terrn dep05ils Cash al bank 8rhd ITh h•nd Total currtni •8881$ 12 13 661.122 60,797.837 10,093,658 71,S52,618 1,380.160 59.773.838 61.1￿,7￿8 Curr?nt I￿￿1111￿¥ Acuu81s 8nd olhei p0y0b￿S 1527,9491 128.6531 Nel current 898et8 71.024.689 1,125,145 Toi81 •88Ot$ l¢•¥ Curr￿1 I18￿.11110& 1,087.B59.468 1,160,305,466 N•t a•••l• 1.087,859,4eB 1.160,305 4e6 Fundi.. Porrnbnenl endownèni fund• Ravaluzlion rewr¥8 15 16 15,370,847 1,001.465,339 1.016,836 186 15,370,847 1,083,810 aei Unresiricied funds Collad up shareclpitil Desi9n6leO lun4s Other Ghanlabl8 lund• 1,102 20.876.051 40.248.605 81.123,758 28.298.S23 42.723.657 71,023,282 Tolol Fundi 1.087,859,4ea 1,180,305,4e6 Th• fin•mal sthlemthis on p8ge8 10 to 19 approved bylhe 8oard on 29th June 2023 •nd Bwed on lis bEh•lf by. Ange DIRECTOR YUEN TSANG N811 Michael MCNAMARA DIRECTOR The n¢i88on 14 10 19 form part ol ihe¥e fin8n(ial st8lemeTrL8 12-

KESWCK FOUNDAMON UMITED STATEMENT OF CASH FLOWS FOR THEYEAR ENDED 31ST DECEMBeR 2022 2022 HKS 2021 Co8h flo￿ from I)￿rat[n94Ctlyli1QS'. Nti suf￿V$ Nelfor8ign $x¢how lossllgdnl InveslmBnl incom Inl¥e>t Inwma D￿88￿(inCreaSIj In deblorB Incr￿51{d9tlÈ8$$] In •¢wo1¥ ond othsr pllyablbts Nalcash uaed ￿ oporntlng O.B95,524 880,317 142.430.7051 1854.85n 1.3e8.250 499.299 -L30 638 17S 11.172,018 1388,752) 134.222.467) 1810.8361 73.330 .L24 480.4S8I Callh flows from Invutit)g￿IIvItI1¥ Dividèr￿& roedved Incre886 In short-leim ￿¥h￿p¢¥It8 Inl8r•$l r8¢dved Noica8h lu8•d 1n1lprw￿ed by Inva￿rffj tbvillots 42,430.705 160,797.8371 Z05,843 .J!8.1e1,487 34,222,487 137,9 Ch•ng• In cBsh and uoh du• to•xchAng• Tatè movements 1880,3171 306,752 hang• In ¢•• attd eaih •qtrlvalonts sn tho r•portlTho p•rlod C4¥h ¢•$h •qulval•nts it bBglnnlnB of th• r•portlng p•dod Cuh ind ¢4*h •qulv•lgnts4t the •nd ofih• r•p¢rtlng p•rltsd 140.679,970) SP,773,638 10.29S.767 49,478.881 10.093,850 59,773.638 The Th)le$on p•p 1410 Igform partoflhèaèfiTh&Ntsal Str￿ment6. 13-

KESWCK FCWJNDAT50N LIMITeD NOTES TOTHE ￿NANCIAL STATEMENTS ACCOUNMNG POLICIES la) BaBIF olpr•paretlon The s1&18m8nt$ haw i$n y¢wred In accordaneo wlh FINa￿l￿ R8porttyg siandard 102 -'1tr Fina￿￿ Rgpprbng 8lwd&rd ppltsbl& In the Unitèd ￿ngdoM and Repu&'iE of IroL4nd CFRS 102) snd Y￿1b Ihe Sl8lem•nl of RecOmm￿ded Practice 'Accounting and R&porting by CharttkG' FRS 102 £5 revised in 2019 Ilhe SORP 2019?, iogeiher wllh the reporbng requlromenls of ihe C￿￿panIes Act 2006. and the Charilia5 Act 2015. ihts Cttmpny h9& ad8pied Lha Compardos A¢t lumats to r¢fie¢t SORP 2019 and th• n•iure ol Ihe C¢mpanls actwies. The ￿r￿￿la1 sthtomenits h8¥a prepar￿ under Lh8 h￿lork￿l w&1￿¥onl￿O¥ rnad1￿dbY the ièvaluallon ollisted I￿￿51me￿I•. The finllnual $ts18mwYs ha¥8 t4•n propDr•d lh• gplng wncem bHs15. TheTB are rnat&fta( un¢ortalrilks abwl th8 Companls obillty lo nllTr￿ op8r811no &¥ a £olw gonc¢rn. Thg 2CC47Ur￿￿¥ wllttlos appiled t￿8￿$tentlY 1hrough￿ fin•nd41 $lalgrnwl$ the priory8¥. bl Rev•nu• Mcognltlo tmv1d0￿ Incomé Ircrfn I￿￿¥1m￿l• l¥ rqw9nls¢d then di¥5d•rtd18 rac•Sw•d. Intère81 ncom•l# wco9n1l￿ on a ilrn?aFoorfiLywd ￿$18. Donallon• In kind •r• Indud•& kn lh• finin￿01 iiètamanls èt tholr valu• to lh• ¢h•fjiy o11rn4led Direthrts. uNl•ts bl li not poislt4•10 ¢wants"fy Ih•lv4u¢. In klrtd •r• tr￿11•￿10 re¥onuè on • bJ8ti, Icl Rwour¢•• •xpen¥¢d ?yndiwr• 1$ I¢￿Al•￿ loron ￿ occruols and bmn d•$$￿ed undgr•Fpraprinle headlnqJ In th•fin8nclal 4l•iamonis. COBI ol o•rt&rallw funds r6pre8•nt8 b•nk ch•rg•• lor •nI￿o118￿0n Df In¥t￿nIs. C051s of cN8rfiatye octlvtheB Iwlvdv gr•nts m•d• and auppon CO6￿ as In n¥b4. Gr￿eman￿¢051O co$16 Involving ac4)unt4bllhy ol th Comwnyand 11$ compllBnc4 r8gulètlon sno pr1￿7￿. Thg•è wsi• lrtlud& eosta Mlat•d1o 8lalLrtgry a￿lI14nd199•y I￿8, Gr￿15 w• in01￿1•d In s￿1•￿￿nt ol finDr¢I￿ •¢I￿rIbl￿ In the aewJnUng porb& in thich Ih•y w• •pytMd by Ihe Exacuuva Cornmlttea 0 uncond1Non￿. Grnnly •pprov¢d whth hovecondltiuns aitxhod4r• In￿•1￿reCordad lg C￿mIlmIn11 •nd •r• Mly irfudgdln th• •1ot•mwl of nanc[￿ •¢11￿11￿1￿￿8n Ihe eondlllonJ ￿v0 been mol. (•) CAih and ¢4Ih •q￿l￿1•￿tI C4Jh ¢a$h oqulvd•nt6 IncJud• In hwd. ¢Mh It bonk ond othér hl9hty Xqimd Inv¢gtmenl wih origMI mtsiuribB• of threo monihg or Lqii #r￿ b&nk owrdr4ts. 14-

KESbMCK FOUNDAMOM UMITED NOTESTOTHE FINANCIALSTATEMENT5 ICONTIP4UEDI AGCOLIP4T¢NG PC&ICIE3 l¢ontlnuedl m Investsn8nts Inv83b￿9rts ars slated alltsirvalua. Rtalls8d and ur￿811$¢1 941nAor ID568ts on lnve8lmenlsareaccounlgdtr￿th1nt￿ fund lhat0￿t￿ Investments. Igl Fund¥ t￿ CompHny th8 fdk)Mngtywoffithid P•rmanoTht ￿¢￿ment fundts ¢ompdses gitt• where the LIDrnr ha8 $p•dn•d the eapital musi bè iw81ned in porwulty bul the Incr￿? •irN¢d on11 l¥forth898D8r•l ws•olthe churity. Suth eraditsd to Lmrestrlci•d fund&. DesigMt•d funds ar• WTeslricted fvDd¥ ••rmarked by th• Dlr•ctcth for $peufi¢ purkueb. Oth•runv••trkt•dlunth i•pr•¥nlll all Qthprfw￿.wh￿h¢Hn be Wthl (orary WfPOS• to futhrtho C￿rIty's•￿•tllWI. Ihl P•n¥lon IhtsCornp¢nYs ¢onir1bthl£￿5 tolho ￿1￿¢8￿ Prowdenl F￿rtd lthe'MPF'I wo •yns•d J8 Inwrrgd End ale 100% v•4ied Inlh? pmplr&yee& 890n￿lheY ar• ￿14 lo tho MPF, Iho ComynyeonirtMie8 10% 01 iho M￿0ye0$, gr¢s& S￿Ory. Thtr MPF 188 wnlrtbuuon r•llrgm¢nl $cthemo &dmlnl8wr8d by Inagpondenl trujleas. 0iflat8n￿5 contribthl￿$ poy•bl• In Iho year ￿lj ￿ ￿inbUlanll actually pjid ar• Jhovffl a¥4lhorh2cruo1sorprapaymonis In thè ba19n￿ sho•l. ID Traniltloh of f•r¢lgTr ¢urnD¢l Iho CompnY# lurtllonal currow l• Hong Kws dDll8r8. TMn94rAlono In forelqn ￿rN￿lI •r• Ir4n￿8t8d at oxth•ng? rpt¢s iullnp al I tr•n¥￿SL￿ dBlw. Monow as&¢l& ond Ilabl￿till exprésted in fuolgn EUrr•￿1￿ ptlhe blllance èhg•ldt8 oro IroThskil•O •1 th•1of •xth•rto ru1ino Illho ballnce th•DI d•l•. Exth4ns0 dlff?r•nco8 ort￿n9 In thBSer￿&ej irè d••llWlh In ihesMtom•nlof l1n1￿101 activIti￿. Ul Cornp•v•tfv• ilyurgl cwratlvo flguro• bu•m iKl¥ilfierS to cfjnform w41h tho ¢urienl pre￿￿tItIOn. 2 CRlnCAL ACCOUNTINQ JUDGeME14TS AtrID SOURCES OF E8TIMAnoN UPI¢ERTAINTY the C•m¥ny m4kè8 J8jumpbo￿, eslim•l?s. lur*)•m8018 In the proceas ol apFI￿nI th• Comyn¥8 ELcwnling poll¢l¢& IhDI Bffect Ihe 4s501J, lknblwdvs, incorn• •nd expenditura in Iha il•lements yopgred in occordancq y￿t￿ th• ChorStlB& SORP 2019. Thth ag#umpi1rrt￿, •tsiim8leJ jnd lud9•rn¢Thl¥ wig bosEd on histtyfjcl 0￿￿er￿ ond other 18dorts bo11•￿d to b• rM59ngtrle undw cirtum1lan￿j. Whl the DlrnGtor$ reMewlh•f lud9•moDi4. 88llm8f•8 Bno ￿1￿mplI0￿￿ (¥JnlnUou￿y, tho 8th81 relull￿11 aald&m bo •qJo1 Io iho esllm&lu. J INVÈSThIENTWeOME 2022 IKS 42,430,70S 2021 HKS DMdBnd from JÈrdin• mgth0￿ Llmiiad 34,2?2,467 CHARITABLRACTIVITIES 20Z2 2Q21 Noie ranw p•kl 8upMcosl$ .682,468 S,081.039 32,744.1 20,833,482 2,S47.956 23.781.448 15.

KESWCK FOUNDAMON UMITED NOTESTO THE FINANCWLSTATEMENTS ICONTINUeDI GRANTS PAID Grartw Pald aT6 payThert5 mad? tQ S￿(1￿C ¢hsdtsEA8 prokct5 Bs apyovéd by t￿ Dlrethors. The fr410￿ry9 Is a Ihl of granL4 pgkj th y8ar'.- 2022 2021 HKS 485.957 248,800 70.200 t1￿￿￿￿(00￿￿￿￿nIts￿￿WMt•1vI4 oranl oxcoplwa•fo dbtall¢dl'. Cafltss Hong Kwg CNldren's Hearf Foundati Chlna Coaslcommunity . Occupati￿￿ Ther8pysor￿S Chiislon Fello￿hIporFO5l￿8l Care for y?￿h Lid Ebener NaWH0￿ Evaryelkal Lvlher8n Church ofHong Fvllnoa$ Scd81 EnlorrKl￿ Society Ltd ChSA59(ozllon Hono Kono Lukngran 8orlal SeNco. Church Hong Konp Sodel W¢thwsAsoodabon Just Lhltsd Mggyie's C4newCgrfw Cenlro Methtsdisi HK Molhèrts Chole MO1￿￿• Cholc• PMA Mug1¢ FounthI￿n Lld .470 381.SQb) 58,SCQ 166.$87 689,840 1,858,307 1.377,000 49e,830 237,B8? 2.018,?81 899,534 1,000,DJ 280,499 656,ODO 615.90B 1.343,2C 143.733 880.600 8.333 547,600 189,0s0 144,872 893,647 260,000 - Prdocl Bri¢(• 697,897 157,985 Run Honu Kano Ltd Taen's K6y-Y(ym9Womon DI￿1¢￿￿6n1 N8fv￿rk Llmli•d Tho Kono PoMochnSc Urriv•rsily - SLLQ D181 90.772 2.698.150 495.200 Th• S¢d•iyforCommunily Oro•nlgdon The Unlversrty ofwono Kong n7,385 38S.879 1,801.801 45S.382 217,31S 109,606 . Canire on Bth•vlourAI H•o1th - C8RP - OSWSA P¢1 Prolecl - Oepl Df So¢l#l Wo . Oeveloping T•im W . SW&42 . SWS42 242,949 242.949 16g,BO8 The Wortg Kono Baptlbl v￿v•1￿1ty 186,807 1.240.258 o,ooo YankMomorl81 Milh¢dl•i S¢clal M¢tykc4¢ Inlggioled FBmlty S•Nke Cent Chbmpkn lorchllnge Award I - Ghrisll•n Fomily $6Nica . CNEC Lui Mir¢ Chol PrirnarySchDo1 . Tho Hong KDllg CourKII ofSoBld . HKCSS . HKSWA Evjwel Ghldr•n'i H¢m• Home C4r¢ for Girlu . Hong KonB chr￿lIan S•leès - Thp Boy5, & Glih, Clut4A8Jc¢18Yon of 63,SOD SD.000 i.e77.350 154.982 ¢hqmwnfor Chgnge Awwd Coun8elllng S•rvk•• Stheme 405.943 211.387 41A,359 219,147 172,383 126.24S 2,989.503 g0.orK) Cowd-19 Prol¢¢iFund IRouThJ111 Co¥ld.l• PrDj?ci Fund (Round 1111 Recognition Awgid inaP CASW CASWE Chh Pr￿￿1 Fwnd 111 1,810,7e1 .000 -3 y¢4r Prolecls . Covid Short-iom Fwnd - ProjBrts . Mth)itorfD9 Eyn8eB 1S9,495 1.254.220 1451,072 394.989 1,162,224 110,721 ChlnB AcJemy of SrKlal Work Thè Kow FObtsth￿¢UnivQrS•fy 2.271,840 1.112,230 7S6.320 1.301,Z17 472,33S 149,7•1 289,887 848,971 257.107 1883.0491 29.662.468 -RS - APPS (Dg . APPS IN￿General￿Tr OTSC4￿ Wgrt( TeBch•rsl -￿8 (so(1￿ Wck &alion. Trairtiw Strio&l ShO#N) Jla Yuan Hul Wgl Work S?r¥itè Ctnire WL￿dVis￿Th Chlna Foundation Ltd - Happy Wllrld Chln8 FoundalDn Ltd - GuArdino t￿ Fvlur•s 4D2.680 2.34D,325 167.750 7.527 465,￿& 114S,3891 20.833.482 Refund ofunu8ed complet84 prc¥e¢tB Compgny hllsrnt awarded anygr8nisl¢ In￿￿¢￿11$dUring 202212021.. niD. 16.

KESWCK FOUNDAnON IJMITED NOTES TOTHE FIPIANCIAL STATEMENTS ICONTINUEOI SVPPORT COSTS 2022 HKS 2021 HKS staff costs Pdnllng •nd ¥tstionery Web51te 0ffl¢4 4quiprnenièxwn8eé Trovdlino èxpwses A￿￿11 lee Sundry &xpwse 2,647,889 5,Ti 1,8S7 14,980 2.027 245.250 184.130 3 DU1.e39 2,661.874 3.258 187e 16,200 8,894 225,000 131,8e4 2,947.986 I SUPPDrt co1$ h8va b88n allrKgt8d 1¢ ¢hoFllobl¥cu￿ts8￿ 7 STAFF COSTS 2022 HKS 2021 HKS Wysllnd sal8deB Oihw Pen￿0￿ co815 2,408,860 238.809 2.?48,04¥ 215.829 2.661.874 One ￿01￿m￿lI2021.' nlll fpll wllhln the band G8P70.000- GBP80,000 on•12021'.11 fèll Ihj GBpao,ooD. OBPg0,0tr). Th• nurnbEroflUll-Ilm￿uIvalw1 •mployoes durtn•ih• y¢•rvAts 412021.. 41. n2d conlrf￿tknTh plon ofHK529,799 r•xoln unySd è8 al 3141 DKgmb•-202212121.. HK$?8.￿31. The•bov• nUM￿rI rfo nDI i￿¢￿dI Plr•<r& Mt pwrn1it￿ to remuneralbn forththrdulk88. 8 DIRE¢TOR8' R￿UNERATIoN Non• of Iho Dlrxlori i•¢•1￿￿ ony r•munorallon ¢r rdmburnern¢nl ot •xw••• of their r•ndved io tho Carnpary during th• ￿ar(la2).. nll. REMUNEPAnON OF THEAVDITOR3 The EudK f ol NK$245,250 12021..HK$225.0001 Is dorI￿d from tho audll hour& Incurred and hourfy chAroa out r818. Al thi iDtltors h•v• wthlvéd Ihè fe•, an amoynl lo offsel tho Nomln81 chirw hhi tr•Jtfjd •• • d¢nAtIL￿ •tMeè and Cr￿1￿ io th¥ Incom? and aXp2ndI￿r account. 10 TAXATION tho ¢￿p￿Y its •xmpted frorn Kong w¢ni•1ox uridar Sèdion 88 ol Ihe Irlwd Rewnua Ordlnane• (Cip. 1121. Comyny lo 8 reglslered chgrfty. 4Nd B5 SLth 1$ enlilled to certaln lllx exernFl￿n￿ on inecme and yofi18 Irom ￿¥￿Im￿nIs. c•Frf•d on In furtharinc* ofih• Comp•n¥B prfrnllryoblacii￿8, Iltht8e profits are appllqd 5o1ilyfor EhBrtta￿epuTp0￿OB. No UnS18d tLYliability8rf8es forlfre ye8r12Q71.' nill, 17-

KESWCK FOUNDAMON UNIITED NOTESTOTHE FINANCIALSTATEMENTS ICONTINUEDI fjl INVESThIENTS Inveslmtnts rtpre8eni £hwes In J￿11r¢ M4th¥son Hddlw& Umlted I"JMH'}. a¢￿pEnY llstad th tho Lonthn sicKk Exchaw4 20Y2 HKS 2021 Mov•Trenl&fortho yoar. At 181 Jonuary Nol rwalv8tlw At31atDacomb81 1,Dg9.18U.321 182,845,522) 1.01e.834.799 1.112,2W.038 ltstarkAI w8t88al 31st D¢wnber 15,369,480 15.368 460 R•v4u•Uon 9oin&ai 318tDae6mbw 1001 465 1.083.810.861 Th# above unrealisod ￿1010$ t¢ tho ondmnènl fund. Th8 Dlreeiors th81 th¢ ￿rry￿¥ value of Invèstm￿1 Is aupporied by 113 urhderfwrto h￿￿$1￿15. 12 DEBTORS 2022 HKS 2021 HKS lfit•r•¥l receWIo 6BO.294 828 11.062 1.365,078 1380.160 1,122 Int•r•61 riulvod aiiaes from USD ghort-lerm de￿51￿ am4unUng lo HKseo.797.837 88 Ut 3181 Dgcqrn￿r 202212021.. HK129.354,2161 and the In￿rI#1(al•0b1B1nod In 2022 180.17%.4.78%12021.. 0.03%- 0 48%) Cash ￿￿Orte$ m•lnly MprM•ni prnpald gran￿. Al of 31 December 2021, HKSI,3e8,175 v488 PF•pJid io Th• Ikno PcAW￿hTh Unl¥W￿ty for tho GapBclly BullL4nll Sthomo. The prop￿1 gr•nl h41 b•¢N rt¢ognltsed a8 9r8nl8 p￿# In 2022. 13 8HORT.TERM¢A$4 DEPOSIT 2022 2021 YKS 31aioecemb•r eo 797.837 14 ACCRUALS AND OYHEA PAYA8LE8 2)22 2021 HKS K￿) Lthhgw) Styjal 58rvko, Luiher•n Churth reen's Key. YoungWom4n Dovelopm•nl N•ts¥¥k Llml Chim Prolact- CASWE EME4￿$ Con￿￿)i1￿01￿PF exptha•¥ 237,U3 90.772 169.495 29.79 ?8,653 15 PERMANENT E14DQWMENT FUND5 Pe[m•n￿l en¢Thwmenl funda af th• Ccrtnpany r•pro8•nt th• JMH by tho Ok¢£ior8 op • gm (xi 19th l)¢iobgr 1979 ond 4th December2000. The volue ol th? ihar88 r8c¢Tréea ￿￿ed￿leY W4r• HKS15,25D,OW8nd HK$120.847 re¥pecUvely. Th• Diwdcrt frold th4$ in¥estmont AS B luthd to provlde Incom8 for the ch&rit4￿e putPDse ol Ih? Compjny 8Dd Ih13 8mounl has Ihfrgfprg credited lo ¢&pitsl re8eNe$. 16 REVALUAmONFtESERVE 2021 HKS At 1 Jdnuary 2022 NelievBluation IwdurirvJ kne yg¥ Al 31￿ Decarnber2Q22 1,083.810.881 182.345.5221 1,001,465.339 1.096.920.578 113,109.7171 83.810,861 IY CALLED UP 8MARe CAPITAL 202? HKS 2021 HKS Avthori8ed, allotted and fully pèid.. 10012021.. IOOludts)8ry $h8re5 of £1 oath 1.102 1,102 18-

KESWClf FOUNDATION iAIITeo NOYES TO THE FINANCIAL STATEMENTS ICONnNUEDI 18 DESIGNATED FLINDSAND OTHER CHARITAPLE FUNDS Th6 Lthiwlrfcted funds of thJ COm￿nY repr68eM the AccumuLqied n¢t irv￿9 ond unreBlIs￿ rov8lualm of investmenLry Trthch arè related lo Ihp perrnanent en(knvmenl funds. The unreGlThcled fundts &r8 fLther ¢LqssiTred 88 deslgn¢t•d fvnd& ts spe0r￿ chaFitabl ky01￿Ls￿￿lth approv8d byihe DSrector8and olherGh4rA4ble fwda. 2022 HKS 20.878.051 37.084.940 (29.662.466) 28.298.523 2021 HKS 15,952,388 2S,757.167 120.B33.4921 20.876.051 At 181 Janwry DeS[pnat￿ns Utili5￿ durlrva th8 yb¥ At 31sl Dacemb•r 2022 2CI21 Al 161 J8nuery N81 Inc¢miw bafor•rev8lualbn• wdgronls paid Designylbn¥ A13191 Do¢￿hr 40,246,80S 39,561,992 137,084.9401 42.723.6 33,598,272 32,005,500 126.767,1671 40,246,805 19 ANALY81$ OF NET ASSET3 BRTWEEN FUN08 P•rm8n8nt endow•nt Unr•itN¢t• ndts 2022 Tot•1 funds 2022 KS 2022 HKS In¥e$lmfrt8 Curr•i14¥s￿£ 1.018,834,7Fg 1.)87 1,018,834,799 71.552,818 1527,9491 71.551,￿1 1527.9491 2021 2021 KS 1.099,180.321 1.387 2021 HKS 1.099,180,$21 61.1S3,798 128,8531 Investm￿11 Cutr4M aisel& curthi118billU 81.152,411 129,6531 N•1 •wli 20 COMMITMENTS 2022 HKS 26.298.523 20.73B.g50 49 037.4 2021 HKS 211,678,0$1 22.$06,189 43.382 240 ltrln on• yo•r 8ewn w• 4nd riva yeBr8 Oflho commItment8￿1￿￿n onoyglr •1311t0￿b¥2O2l, HKII7.871.0O2￿S p￿d 1hts￿lr. Thes• cornmltrnenlB •ro oroni¥ 4pwYéd by the E￿￿Uti￿O CLMmmlitee, danaie io oroanitsati•Nts and Subloci lo l•rm8 •id stsle¢ Irs the or9nl lettorn 21 RELATEO PAR1YTAANSACnONS Cfjrtwn ol the Board of Dlre¢tNs are diectors of JMH or affi118ted alr￿￿[8 ol JMH. D￿l￿nd imomo of H￿42.430,706 12021..HKW.2214671 rec•¥ed frorn thg irwe8lment in JMH. 19-