2021-03-31-accounts

Trustees		MrAnthony	Smith CBE
		Mr Alastair	Tulloch
		Prof Catriona Kelly
Secretary		Mrs D Forsdick
Charity number		1086396
Company	number	04189311
Registered	office	4 Hill Street
		Mayfair
		London
		W1J 5NE
Auditor		Berg Kaprow Lewis LLP
		35 Ballards	Lane
		London
		N3 1XW
Bankers		Santander	UK pic
		Bootle
		Merseyside
		L304GB
Investment	advisors	Cazenove Capital Management		Limited
		12Moorgate
		London
		EC2R 6DA

		Page
Trustees' report		1-3
Statement oftrustees'	responsibilities
Independent auditor's	report	5-7
Statement offinancial	activities
Balance sheet
Statement ofcash flows		10
Notes to the financial	statements	11-17

			Unrestricted	Unrestricted
			funds	funds
			2021	2020
		Notes	6	6
Income from:
Donations and legacies		2	564,000	564,000
Investment income		3	538,219	688,466
Total income			1,102,219	1,252,468
~Ex IIIIIire on:
Raising funds		4	82,578	77,724
Charitable activities		5	1,251,924	819,040
Total resources expended			1,334,500	896,764
Net gains/(losses)	on investments	10	3,457,690	(2,209,884)
Net movement in	funds		3,225,409	(1,854,182)
Fund balances at 1 April 2020			20,393,099	22,247,281
Fund balances at	31 March 2021		23,618,508	20,393,099

			2021	2020
			E	E
Fixed assets
Investments			23,518,134	20,338,908
Current assets
Debtors		12	55,057	31,368
Cash at bank and in	hand		73,534	78,093
Creditors: amounts	falling due within		128,591	109,461
one year		13	(28,217)	(55,270)
Net current assets			100,374		54,191
Total assets less current liabilities			23,618,508	20,393,099
Income funds
Unrestricted funds			23,618,508	20,393,099
			23,618,508	20,393,099

				2021			2020
			Notes	6		5
Cash flows from operating	activities
Net cash absorbed by operating activities			15		(821,242)			(333,334)
Investing activities
Purchase of investments Proceeds on disposal of investments				(5,513,576) 5,792,041		(3,603,038) 3,321,115
Dividends interest &other income received				538,219		688,466
Net cash generated from investing
activities					816,684			406,543
Net cash used in financing	activities
Net (decrease)/increase in	cash and	cash
equivalents					(4,558)			73,209
Cash and cash equivalents	at beginning	ofyear			78,093			4,884
Cash and cash equivalents	at end of	year			73,534			78,093

					Total	Total
					2021 f	2020 f
	Grant received		during the year		564,000	564,000
	Grants receivable for core activities
	Khodorkovsky	Foundation			564,000	564,000
					564,000	564,000
3	Investment income
					Unrestricted	Unrestricted
					funds	funds
					2021	2020
					f	f
	Income from listed investments				464,031	582,298
	UK Bonds interest				73,048	88,296
	Ovemeas fund		interest		1,048	16,436
	Interest receivable				92	1,436
					538,219	688,466
4	Raising funds
					2021f	2020f
	Other fundraising		costs		2,880
	Investment management			costs	79,696	77,724
					82,576	77,724

			2021 6	2020f
Student selection, secretarial		support and dinner costs	8,256	14,099
Bank charges			60	65
Other expenses			117	366
Secretarialsupport			23,040	28,800
Website expenses			132	388
			31,605	43,718
Grant funding ofactivities (see note 6)			1,203,019	765,866
Share ofgovernance	costs (see note 7)		17,300	9,456
			1,251,924	819,040

						2021	2020
						f	f
Grants to	institutions:
University	ofOxford					1,203,019	765,866
Support costs
		Support	Governance	2021	Support	Governance	2020
		costs	costs		costs	costs
			6	6	6	6
Audit fees			4,500	4,500		3,300	3,300
Accountancy			9,920	9,920		6,156	6 156
Legal and	professional		2,880	2,880
			17,300	17,300		9,456	9,456
Analysed	between
Charitable	activities		17,300	17,300		9,456	9,456

			Total	Total
			2021	2020
			6	8
Revaluation Gain/(loss)	of on	investments sale ofinvestments	2,837,776 619,914	(2,027, 102) (182,782)
			3,457,690	(2,209,884)

12	Debtors
							2021		2020
	Amounts falling due within	one year:					6		6
	Other debtors						55,057		31,368
13	Cmditors: amounts falling due within one year
							2021		2020
							8		6
	Other creditors						1,500		30,798
	Accruals						26,717		24,472
							28,217		55,270
14	Related party transactions
	There were no disclosable	related		party	transactions	during	the year (2020- none) other	than	those
	disclosed in note 8.
15	Cash generated from operations						2021		2020
							f
	Surplus/(deficit) for the year						3,225,409	(1,854,182)
	Adjustments for.
	Investment income recognised		in statement		offinancial	activities	(538,219)	(688,466)
	(Gain)/loss on disposal ofinvestments						(619,914)	182,782
	Fair value gains and losses on		investments				(2,837,776)	2,027,102
	Movements in working capital:
	(Increase) in debtors						(23,689)	(26,372)
	(Decrease)/increase in creditors						(27,053)		25,802
	Cash absorbed by operations						(821,242)	(333,334)
16	Analysis ofchanges in net funds
	The charity had no debt during		the year.