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





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|||||Unrestricted|Unrestricted|
|---|---|---|---|---|---|
|||||funds|funds|
|||||2022|2021|
||||Notes|6|6|
|Income from:||||||
|Donations<br>and|legacies||||564,000|
|Investment<br>income||||486,435|538,219|
|Total income||||486,435|1,102,219|
|Raising funds|||4|90,996|82,576|
|Charrtable<br>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|





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|||||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<br>funds|||||22,956,525||23,618,508|
||||||22,956,525||23,618,508|





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|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|





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|||||||||||||2022f|2021<br>f|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
||Student selection, secretanal|||support||and|dinner costs|||||7,650|8,256|
||Bank charges|||||||||||5|60|
||Ogiix expenses|||||||||||502|117|
||Secretarial<br>support|||||||||||23,040|23,040|
||Websrte expenses|||||||||||863|132|
|||||||||||||32,060|31,605|
||Grant funding<br>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<br>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<br>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<br>between|||||||||||||
||Chantable<br>acbvrtes|||||||20,078||20,078||17,300|17,300|






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|||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|



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|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<br>related|There were no disclosable<br>related|party transecbons|party transecbons|dunng|the year (2021-|none) other than those dbclosed|in note 8|
|---|---|---|---|---|---|---|---|---|
|15|Cash generated<br>from operations||||||2022|2021|
||||||||6|p.|
||(Degiat)/surpus<br>for the year||||||(661,983)|3,225,409|
||Ad/ustments<br>for||||||||
||Investment<br>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<br>in worlung<br>capital:||||||||
||Decrease/(increase)<br>in debtors||||||14,032|(23,689)|
||Increase/(decrease)<br>in creditors||||||7,395|(27,053)|
||Cash absorbed<br>by operations||||||(2,592,034)|(821,242)|
|16|Analysis ofchanges<br>in net funds||||||||
||The chanty<br>had no debt dunng|the|year||||||