2022-03-31-accounts

		Page
Trustees' report		1-4
Statement oftrustees'	responsibilities
Independent audttofs	report	6-8
Statement offinancial	activities
Balance sheet		10
Statement ofcash howe
Notes to the financial	statements	12-18

				Unrestricted	Unrestricted
				funds	funds
				2022	2021
			Notes	6	6
Income from:
Donations and	legacies				564,000
Investment income				486,435	538,219
Total income				486,435	1,102,219
Raising funds			4	90,996	82,576
Charrtable acbvibes			5	2,522,465	1,251,924
Total expenditure				2,613,461	1,334,500
Net gains/(losses)		on investments	10	1,465,043	3,457,690
Net movement	In	funds		(661,983)	3,225,409
Fund balances	at 1 Apnl 2021			23,618,508	20,393,099
Fund balances	at	31 March 2022		22,956,525	23,618,508

				2022		2021
			Notes	6		6
Fixed assets
Investments					22,899,638		23,518,134
Current assets
Debtors			12	41,025		55,057
Cash at bank and	in	hand		51,474		73,534
				92,499		128,591
Creditors: amounts		falling due within one
year			13	(35,612)		(28,217)
Net current assets					56,887		100,374
Total assets less	current tlabltides				22,956,525		23,618,508
Income funds
Unrestncted funds					22,956,525		23,618,508
					22,956,525		23,618,508

2	Donations	and	and	legacies	legacies
							Total	Total
							2022	2021
							f	f
	Grani iur:uivwi			during	Ilia	year
	Grants receivable for				core activities
	Khodorkovsky			Foundahon
3	Investment		income
							Unrestricted	Unrestricted
							funds	funds
							2022	2021
							f	f
	Income from		hated investments				434,429	464,031
	UK Bonds	interest					26,336	73,048
	Overseas	fund		interest			25,392	1,048
	Interest receivable						278	92
							486,435	538,219
4	Raising funds
							2022	2021
							f	F.
	Other fundrai		sing costs				2,880	2,880
	Investment	management				costs	88,116	79,696
							90,996	82,576

												2022f	2021 f
	Student selection, secretanal			support		and	dinner costs					7,650	8,256
	Bank charges											5	60
	Ogiix expenses											502	117
	Secretarial support											23,040	23,040
	Websrte expenses											863	132
												32,060	31,605
	Grant funding of	activities (see note 6)										2,470,327	1,203,019
	Share ofgovernance		costs	Isee note		Tl						20,078	17,300
												2,522,465	1,251,924
6	Grants payable
												2022	2021
												f	f.
	Grants to institutons
	University of Oxford											1,123,1 17	1,203,019
	The Cambndge	Commonwealth,			European			& Intemabonal	Trust			1,142,210
	Royal Academy	Of Music										55,000
	Documentary lilm grant											150,000
												2,470,327	1,203,019
7	Support costs
				Support		costs		Governance		2022Support	costs	Governance	2021
								Costs				COSts
							f	f			f	f
	Audit fees							5,000		5,000		4,500	4,500
	Accountancy							12,198		12,198		9,920	9,920
	Legal and professional							2,880		2,880		2,880	2,880
								20,078		20,078		17,300	17,300
	Analysed between
	Chantable acbvrtes							20,078		20,078		17,300	17,300

		Lllxted	Ceeh in	Total
		Investments	porffofio
		6
Cost or valuation
At 1 Apnl	2021	22,431,677	1,086,457	23,518,134
Additions		14,918,341	22,308,202	37,226,543
Valuation	changes	922,660		922,660
Igrsposals		(17,435,955)	(21,331,744)	(38,767,699)
At 31 March 2022		20,836,723	2,062,915	22,899,638
Carrying	amount
At 31 March 2022		20,836,723	2,062,915	22,899,638
At 31 March 2021		22,431,677	1,086,457	23,518,134

12	Debtors
				2022	2021
	Amounts	falling due	within one year:
	Other debtors			41,025	55,057
13	Creditors:	amounts	falling due within one year
				2022	2021
				6	6
	Other creditors				1,500
	Accrue le			35,612	26,717
				35,612	28,217

	There were no disclosable related	There were no disclosable related	party transecbons	party transecbons	dunng	the year (2021-	none) other than those dbclosed	in note 8
15	Cash generated from operations						2022	2021
							6	p.
	(Degiat)/surpus for the year						(661,983)	3,225,409
	Ad/ustments for
	Investment incorse recognised	in statement		offinanaal acbvaes			(486,435)	(538,219)
	Gain on disposal of investments						(542,383)	(619,914)
	Pair value gains and losses on	investments					(922,660)	(2,837,776)
	Movements in worlung capital:
	Decrease/(increase) in debtors						14,032	(23,689)
	Increase/(decrease) in creditors						7,395	(27,053)
	Cash absorbed by operations						(2,592,034)	(821,242)
16	Analysis ofchanges in net funds
	The chanty had no debt dunng	the	year