COMPANY REGISTRATION NUMBER: 04529663 CHARITY REGISTRATION NUMBER: 1093811 New Generation Europe Foundation Company Limited by Guarantee Financial Statements 31 December 2024 AMAN MATTE Chartered accountants & statutory auditor Suite 1, First Floor 1 Duchess Street London W1W 6AN
New Generation Europe Foundation Company Limited by Guarantee Financial Statements Year ended 31 December 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members Statement of financial activities (including income and expenditure account) 13 Statement of financial position 14 Statement of cash flows 15 Notes to the financial statements 16
New Generation Europe Foundation Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) Year ended 31 December 2024 The Iruslees, who are also the directors for the purposes of company law, present their report and the financial statements of Ihe charity for the year ended 31 December 2024. Reference and administrative details Registered charity name New Generation Europe Foundation Charity reglstratlon number 1093811 Company reglstration number 04529663 Principal office and registered Suite 1, First Floor office 1 Duchess Streel London W1W 6AN The trustoes l Nevzlin M Logan J Lough A Khodorkovskaya Auditor Leaman Mattel Chartered accountants & slalutory auditor Suite 1, First Floor 1 Duchess Streel London W1W 6AN
New Generation Europe Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 December 2024 Structure, governance and management Constitution New Generation Europe Foundation is registered as a charitable Company limited by guaranlee and was sel up by a Trust deed. b. Methods of appointment or election of Trustees The management of the Company is the responsibility of the Truslees who are elecled and co-opted under the terms of the Trust deed. c. Related party relationships As at 31 December 2024 individuals listed below serve as directors of the Corporate Trustee- M Logan J Lough l Nevzlin A Khodorkovskaya d. Risk management The Trustees are responsible for establishing and monitoring internal control systems wilhin the Foundation. The major risks which may impact the activities of the Foundation have been reviewed during the year and the Trustees are satisfied Ihal the systems of financial controls currently in place are adequate, whilst recognising thal they are designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-lo-day risk management process within the Foundation. The key risk area within the Foundation lies with ils investments. The Trustees have established an investment policy to manage their investment risk and investment management reports are reviewed regularly by the Trustees. e. Key management personnel The Trustees consider the Board of Trustees as comprising the key management personnel of the Gharity responsible for directing and controlling the day to day operations. All Trustees give of their time on an unremunerated basis.
New Generation Europe Foundation Company Limited by Guarantee Trustees. Annual Report {Incorporating the Director's Report) (contlnued) Year ended 31 December 2024 Objectives and activities a. Policies and objectives The Foundation was inGorporated in England and Wales as a company limited by guarantee on 9 Septem ber 2002 under the registered number 04529663. It is a registered charity, with the registered charily number 1093811, and is managed by the Trustees, who are also the directors of the company. The Trustees have the power to delegate day to day administration and investment activities to suitably qualified individuals and organisalions. The Trustees are appointed by the members of Ihe company. Additional Trustees may be appointed by the Trustees and their appointment be ratified at the subsequenl Annual General Meeting. The Foundation's objects as sel out in ils governing document, memorandum and articles, are.. The advancement of the education of children and young people in Russia and other countries of Eastern Europe- the advancement of education of the public in the history, arts, music and language of Russia and other countries in Eastern Europe., and to promote such other purposes for the benefit of the public throughout the world deemed by English Law to be charitable. The Truslees confirm that they have regard to Ihe Charity Commission's guidance on public benefil and consider each year how il meets the public benefit objectives outlined in section 4 of Ihe Charilies Acl 2011. They are satisfied that the New Generation Europe Foundation meets the requirements and Gonforms with the Act's definition of a charily meeting all elements of the two key principles. In setting objectives and planning for activities, the Truslees have given due consideration to general guidance published by the Charity Commission relaling to public benefit, including the guidanGe 'Publi¢ benefit.. running a charity IPB2)'. b. Activitles undertaken to achieve objectives During the year to 31 December 2024 the Trustees approved grant funding amounting to £4,103,255 12023.. £5,019,142} to a range of institutions and individuals. The Trustees are awarding grants and providing funding to support educational initiatives, scientific and cultural projects which foster talent among Russians and Eastern Europeans looking to expand their horizons outside Russia. c. Organisation Details of the Truslees serving since the last Trustees, report are as follows.. - M Logan J Lough l Nevzlin - A Khodorkovskaya
New Generation Europe Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuad) Year ended 31 December 2024 Strategic report Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 {Slrategic Report and Directors, Report} Regulations 2013 has been omilted. Achievements and performance The total market value of the Foundation's investment portfolio at 31 December 2024 was £16,467.747 (2023.. £16,744,731). Financial review a. Reserves policy The assets of the Foundation are held largely in the form of an expendable endowment. The original donation of £10,000,000 is held as an expendable endowment with the aim of preserving the capital value in order to generate future income. An additional $10,000,000 was received in 2022, and a further $10,000,000 in 2024, both in the form of expendable endowmenls. This meant the grant is given lo the Foundation as capital though there was no restriction on the grant, or any part thereof, being convertible into spendable income by the Foundation to be applied in furtherance of its charitable objects. The discretionary power of whether or not to convert into income, rests with the Board of Trustees of the Foundation. The funds comprised in the grant remained in Ihe nature of capital until converted into income. Any decision to convert funds comprised in the grant inlo income would require the majority of the Trustees of the Foundation and until such time as any such resolution was passed, the funds comprised in the grant would be invested in accordance with Ihe current investment policies of the Foundation. The adequacy of Ihe reserves is reviewed annually. b. Grant making policy To support educational initiatives, scienlific and Gultural projects which foster talent among Russians and Eastern Europeans looking to expand their horizons outside Russia. Principle risks and uncertainties According to the April 2024 World Economic Outlook report, the baseline forecast is for Ihe world economy to continue growing at 3.2 percenl during 2024 and 2025, al the same pace as in 2023. A slight acceleralion for advanced economies-where growth is expected to rise from 1.6 percenl in 2023 to 1.7 percent in 2024 and 1.8 percenl in 2025-will be offset by a modesl slowdown in emerging market and developing economies from 4.3 percent in 2023 to 4.2 percent in both 2024 and 2025. The forecast for global growth five years from now-al 3.1 percent-is at ils lowest in decades. Global inflation is forecast to decline steadily, from 6.8 percenl in 2023 to 5.9 percent in 2024 and 4.5 percent in 2025, with advanced economies relurning to their inflalion targets sooner Ihan emerging market and developing economies. Core inflation is generally projected to decline more gradually. The global economy has been surprisingly resilient, despite significant central bank interest rale hikes to restore price slability
New Generation Europe Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) {Gontlnuod) Year ended 31 December 2024 Financial review (¢ontinuedJ d. Financial risk management objectivles and policies The Trustees have assessed the major risks to which the Fund is exposed, in particular those related to the operations and finances of the Fund, and are salisfied that systems and procedures are in place to mitigate our exposure to the major risks. Trustees. responsibilitles statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial statements in acGordance with applicable law and Uniled Kingdom AGcounling Standards {United Kingdom Generally Accepted Accounting Practice). Company law requires the Gharily trustees to prepare financial statemenls for each year whiGh give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing Ihese financial stalemenls, the trustees are required to.. select suitable accounling policies and then apply Ihem consistently., observe the methods and principles in the applicable Charities SORP; make judgments and accounting eslimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements., prepare the financial slatements on the going concern basis unless it is inappropriale to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy al any time the financial position of the charity and enable them lo ensure that Ihe financial statements comply with Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the charily and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as they are aware, there is no relevant audit informalion of which the charity's auditor is unaware., and they have taken all steps Ihat they ought to have taken as a truslee lo make themselves aware of any relevant audil informalion and to establish Ihal the charitls auditor is aware of Ihal information.
New Generation Europe Foundation Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (contlnuad) Year ended 31 December 2024 The trustees, annual report and the strategic report were approved on on behalf of the board of trustees by.. 27.10.2025 and signed M Logan Trustee
New Generation Europe Foundation Company Limited by Guarantee Independent Auditorfs Report to the Members of New Generation Europe Foundation Year ended 31 December 2024 Oplnion We have audited the financial statemenls of New Generation Europe Foundation (the 'charity') for the year ended 31 December 2024 which comprise the statement of financial aclivilies (including income and expenditure acGounll, slalemenl of financial position, slalement of cash flows and the relaled notes, including a summary of significanl accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards, inGluding FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland {United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitys affairs as at 31 December 2024 and of its incoming resources and application of resourGes, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of Ihe Companies Act 2006. Basis for opinion We conducted our audit in aGcordanGe with International Standards on Auditing (UK) IISAS IUK}) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibililies for the audit of the financial slatements section of our report. We are independent of the charily in accordance with the ethical requirements that are relevant to our audit of Ihe financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that Ihe audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of aGGounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not idenlified any material uncertainties relaling to events or conditions that, individually or colleGlively, may cast significant doubt on the charity's abilily to continue as a going concern for a period of al least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Iruslees with respecl to going concern are described in the relevant sections of this report.
New Generation Europe Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of New Generation Europe Foundation (continued) Year ended 31 December 2024 Other information The other information comprises the information included in the annual report, other Ihan the financial statements and our auditor's report Ihereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extenl otherwise explicitly slated in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audil of the financial statements, our responsibility is to read the other informalion and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misslatements, we are required lo determine whether there is a material misstatement in the financial stalements or a malerial misstatement of the other informalion. If, based on the work we have performed, we conclude that there is a material misslatement of this olher informalion, we are fequired to report that facl. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work Ltndertaken in the course of the audit: the information given in the trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of Ihe knowledge and understanding of the charity and ils environment obtained in the course of the audit, we have not identified malerial misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Acl 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kepl, or returns adequate for our audil have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit.
New Generation Europe Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of New Generation Europe Foundation (continued) Year ended 31 December 2024 Responsibilities of trustees As explained more fully in the Iruslees, responsibilities statemenl, Ihe trustees {who are also Ihe directors for the purposes of company lawl are responsible for the preparation of the financial statemenls and for being satisfied that they give a true and fair view, and for such internal control as the truslees delermine is necessary to enable Ihe preparation of financial statements thal are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitls ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accounting unless the Irustees either intend lo liquidate the charity or to cease operations, or have no realistic alternative but to do so.
New Generation Europe Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of New Generation Europe Foundation (GOJYtinuedJ Year ended 31 December 2024 Auditor's responsibilities for the audit of the financial statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due lo fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee Ihat an audit conducted in accordance with ISAS IUKI will always delect a material misstatement when il exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they Gould 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 delect material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of detecting irregularities, including fraud is delailed below: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabililies and skills lo identify or recognise non-compliance with applicable laws and regulations., we focused on specific laws and regulations whiGh we considered may have a direct material effect on the financial statements or the operation of the charity, including the Companies Act 2006, Charities AGI 2011, data proteGtion, employmenl, environmental and health and safety legislation; we assessed the extent of non-compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence., making enquiries of rnanagement as to where Ihey considered there was susceptibility to fraud,their knowledge of actual, suspected, and alleged fraud., considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. and perforrned analytical review procedures to identify any unusual or unexpected relationships,. tested journal enlries to identify unusual Iransaclions. assessed whether judgements and assumptions made in delermining Ihe accounting estimates were indicative of potential bias., and investigated the ralionale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to: agreeing the financial disclosures lo underlying supporting documentation., reading the minutes of meelings of those charged with governance., Because of the inherenl limitations of an audit, Ihere is a risk that we will nol detect all irregularitie5, 10
New Generation Europe Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of New Generation Europe Foundation (conlinuedj Year ended 31 December 2024 including those leading to a material misstatement in the financial stalemenls or non-compliance wilh regulation. This risk increases the more that compliance with a law or regulation is removed frorn the events and transactions reflected in the financial stalements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud ralher than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.org.uklOur-WorklAudiUAudit-and-assurancelStandards-and-guidancelStandards-and-guidanc e-for-audilorslAuditors-responsibililies-for-audiUDescriplion-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAS IUKI, we exercise professional judgment and mainlain professional sceplicism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whelher due to fraud or error, design and perform audit procedures responsive to those risks, and oblain audit evidence that is sufficient and appropriate lo provide a basis for our opinion. The risk of nol detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevanl to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of Ihe internal control. Evaluate the approprialeness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Irustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audit evidence oblained, whether a material uncertainty exists related to events or conditions that may Gasl significant doubt on Ihe charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report lo the related disclosures in the financial statements or, if such disclosures are inadequate, lo modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charity lo cease to conlinue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whelher the financial statements represent the underlying transactions and events in a manner that achieves fair presenlation. We communicate with those charged wilh governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
New Generation Europe Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of New Generation Europe Foundatlon (eontlnued) Year ended 31 December 2024 Other matters Whllst wè have be&n able lo obtaln sufflclent approprfate audlt evidence to ensure thal Ihe opening balances do nol contaln misslaternenls, we ar6 not aware of any posslble material mSsstatement that could materlally affect the current perlod's flnancial slat8m8nls. Th6r&fore it is important to draw the attention of users of the financial statements that Ihe comparative figures are unaudlled. Uso of our report Th18 report Is made solely to the charftls memb8rs, as 8 body, In accordance wlth Ch8Pter 3 of Part 16 of the Comp8nles Act 2006. Our audit work has been undertaken so that we might state lo the charity's members those matters we 8r8 required to state to them in an audltor's report and for no other purpose. fo the fullest exlenl permit16d by law, we do nol accept or a8sume résponsibllity to anyone othgr than th8 charity and the charity's members as a body, for our audlt work, for Ihls roport, or for the oplnions wo have formed. P Mattel (S&nior Ststutory Auditor) For and on behalf of Leaman Matlei Ch8rler&d accountanls & statutory audltor Suit& I, Flrst Floor 1 Duchess Street London W1W 6AN 12
New Generation Europe Foundation Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 December 2024 2024 Unreslricled Endowmenl funds funds Total funds 2023 Total funds Note Income and endowments Donations and legacies Investment income 7,793,321 7,793.321 115,346 115,346 115,346 95,996 95,996 Total income 7,793,321 7,908,667 Expenditure Expendilure on charitable activities Total expenditure 4,244,888 4,244,888 4,244,888 5,390,103 4,244,888 5,390,103 Net {gains)Ilosses on investments 11,973,016) {1,973,016) (1,235,824) Net incomel(expenditurel (2,156,526) 7,793,321 5,636,795 (4,058,283) Transfers between funds 2,200,000 (2,200,000) Net movement in funds 43,474 5,593,321 5,636,795 14,058,283) Reconciliation of funds Total funds brought foNard Total funds carried forward 25,719 16,921,808 16,947,527 21,005,810 69,193 22,515,129 22,584,322 16,947,527 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pag¢s 16 to 23 form part of these flnanclal statements. 13
New Generation Europe Foundation Company Limited by Guarantee Statement of Financial Position 31 December 2024 2024 2023 Note Fixed assets Investments 12 16,467,747 16,744,731 Current assets Cash at bank and in hand 6,533,968 735,132 Creditors: amounts falling due within one year Net current assets 13 417,393 6,116,575 532,336 202,796 Total assets less current liabilitios 22,584,322 22,584,322 16,947,527 16,947,527 Net assets Funds of the charity Endowment funds Unreslricted funds 22,515,129 69,193 16,921,808 25,719 Total charity funds 15 22,584,322 16,947,527 These financial statements were approved by the board of Irustees and authorised for issue on 27.10.2025 and are d on behalf of the board by.. an Truslee The notes on pages 16 to 23 form part of these financial statements. 14
New Generation Europe Foundation Company Limited by Guarantee statement of Cash Flows Year ended 31 December 2024 2024 2023 Cash generated from operations Operating cash flows Cash generaled from operations Net cash fromllused in) operating activities 3,548,836 15,393,836) 3,548,836 {5,393,8361 3,548,836 (5,393,836) Cash flows from Investing activities Proceeds from sale of investments 2,250,000 2,250,000 300,000 Net cash from investing activities 300,000 Net increaselldecrease) in cash and cash equivalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 5,798,836 (5,093,836) 735,132 5,828,968 735.132 6,533,968 The notes on pages 16 to 23 form part of these flnanclal statements.
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 December 2024 General information New Generalion Europe Foundation is a Registered Charity in England and Wales No. 1093811. Its principal address is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN. The members guarantee is limited to £1 in the event of a failure of the charily. statement of compliance These financial slatemenls have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in Ihe UK and the Republic of Ireland,, the Slatement of Recommended Praclice applicable to charities preparing their accounts in accordanGe wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (Charities SORP IFRS 1021) and the Companies Act 2006. Accounting policles Basis of preparatlon The financial stalements have been prepared on the historical cost basis, as modified by Ihe revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern After making appropriate enquiries, the Truslees have a reasonable expectation that the charity has adequate resources lo conlinue in operational existence for the foreseeable future. For this reason, they continue to adopt Ihe going concern basis in preparing the financial statemenls. Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are lo be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and adminislering such funds are charged against the specific fund. The aim and use of each restricted fund is sel out in the noles to the financial statements. Expendable endowment funds are capital funds gifted to the charity where there is no requirement to spend or apply the capilal. Unrestricted funds are available for use at Ihe discretion of the Truslees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Investment income, gains and losses are allocated lo the appropriate fund. 16
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnts) Year ended 31 December 2024 Accounting policies (continued) Incomlng resources Investment income is accounted for on a receivable basis. Income is reGognised when the charity has entitlement lo the funds, any performance condilions attached to the item{s) of income have been met, il is probable that the income will be received and the amount can be measured reliably. Grants are included in Ihe stalement of financial activities on a receivable basis. The balance of income received for specific purposes bul not expended during the period is shown in Ihe relevanl funds on the balance sheet. Where income is received in advance of enlitlemenl of receipt, its recognition is deferred and included in creditors as deferred income. Where enlitlemenl ocGurs before incorne is received, the income is accrued. Resources expended Expenditure is inGluded on an accruals basis. Supports costs includes those cosls of administering the foundation's inveslments and con51sI of inveslment management fees, custody fees. Expenditure on charitable activities is incurred on directly undertaking the aGtivities which further the Company's objectives, as well as any associated support costs. Grants payable are Gharged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when Ihe Gondilions attaching are fulfilled. Grants offered subject lo conditions which have not been mel at the year end are noted as a commitment, but not accrued as expenditure. All expenditure is inclusive of irrecoverable VAT. Investments Fixed asset investments are a form of financial instrument and are initially recognised al their Iransaction cost and subsequently measured al fair value at the balance sheel date, unless the value cannot be measured reliably in which case il is measured al Gosl less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses) on inveslmenls, in the statement of financial activities. 17
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 December 2024 Accounting policies (Gontlnu6d) Financial instruments The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. A financial assel or a financial liability is recognised only when the entity becornes a party to the contractual provisions of the instrument. Basic financial inslruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement Gonstitutes a financing transaclion, where it is recognised at the present value of the fulure payments discounted al a market rale of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where inveslments in shares or preferencé shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All olher such investments are subsequently measured at cost less impairment. Financial assets Ihat are measured at cost or amortised cost are reviewed for objeclive evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under Ihe appropriate heading in the statemenl of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the exlent that the reversal does not result in a carrying amount of the financial asset thal exceeds what the carrying amount would have been had the impairment not previously been recognised. Defined contribution plans Conlributions lo defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are reGognised as an asset to the extent that the prepayment will lead lo a reduction in fulure payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting dale in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Donations and legacies Endowment Total Funds Endowment Total Funds Funds 2024 Funds 2023 Donations Grants 7,793,321 7,793,321 18
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 Donations and legacies (continued) The charity received a grant of £7,793,321 from the Khodorkovsky Foundation held as an expendable endowmenl. Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 InGome from cash inveslmenls 115,346 115,346 95,996 95,996 Expenditure on charitable activities by actlvity type Grant funding of activilies Support costs Total funds 2024 Total fund 2023 Grants 4,103,255 141,633 4,244,888 5,390.103 Analysls of support costs Support costs Total 2024 Total 2023 staff costs Investment managemenl fees Custody fees Audit and aGcounlancy fees Sponsorship Other professional fees Foreign currenncy loss on translation 56,958 56,958 100,421 100,421 10,000 10,000 15,900 15,900 18,000 18,000 77,059 77.059 1136,7051 1136,705) 141,633 141,633 37,972 94.795 10,000 15,865 48.150 164,179 370,961 19
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements (contlnugdj Year ended 31 December 2024 Analysls of grants 2024 2023 Grants to institutions Center for European Policy Analysis Royal Institute of Inlernational Affairs (Chatham House) Doc Society Human Rights Project Management Analitika One Limited Royal College of Music Eastern Europe Research Foundation Belkovsky Creative Intelligence Cenler Solidarus e.V. Radio Echo GMBH Jigsaw Educational Productions, Inc W12 Productions Lld Pushkin House Globsec Cyber For All (RAI Other grants less than £50,000 185,872 98,772 50,000 2,097,332 585,750 158,280 1,186,939 100,000 1,489,836 72,000 1.100,733 128,792 52,952 103,222 232,711 231,735 60,000 52,005 225,000 179,621 418,388 312,457 5,019,142 5,019,142 4,103,255 Total grants 4,103,255 Net {gains)Ilosses on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses} on other investment assets 1,973,016 1,973,016 1,235,824 1,235,824 10. Staff costs The total staff costs and employee benefils for the reporting period are analysed as follows.. 2024 2023 Wages and salaries Social security costs Employer contributions to pension plans 50,000 5,645 1,313 56,958 33,333 3,763 875 37,971 The average head count of employees during the year was 112023.. 1). The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 Number of staff 20
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements (Gontlnuedj Year ended 31 December 2024 10. Staff costs fcontinued) No employee received employee benefits of more Ihan £60,000 during Ihe year (2023.. Nil). 11. Trustee remuneration and expenses During Ihe year, no Trustees received any remLtneration or other benefits12023 £NIL}. During the year ended 31 December 2024, no Trustee expenses have been incurred 12023 £NIL). 12. Investments Listed Investments Market value At 1 January 2024 Securities purchased Disposals Investment gains - unrealised At 31 December 2024 16,744.731 12,191,571} 1,914.587 16,467,747 Carrying amount At 31 December 2024 16,467.747 At 31 December 2023 16,744.731 All investments shown above are held al valualion. Financial assets held at fair value 2024 2023 Collective investment funds 16,467,747 16,744,731 2024 2023 Historical cosl of portfolio {excluding cash on deposit) 8,532,160 9,817,024 13. Creditors: amounts falling due within one year 2024 2023 Accruals and deferred income other creditors 44,724 372,669 417,393 22,240 510,096 532,336 21
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements (continu) Year ended 31 December 2024 14. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,313 (2023.. £875). 15. Analysis of charitable funds Unrestricted funds At 1 Jan 2024 Gains and At losses 31 Dec 2024 Income Expenditure Transfers General funds 25,719 115,346 14,244,888) 2,200,000 1,973,016 69,193 At 1 Jan 2023 Gains and At losses 31 Dec 2023 Income Expenditure Transfers General funds 2,484,002 95,996 (5,390,103) 1,600,000 1,235,824 25,719 Endowment funds At 1 Jan 2024 Gains and At losses31 Dec 2024 Income Expenditure Transfers Endowmenl Fund 16,921,808 7,793,321 12,200,000) 22,515,129 At 1 Jan 2023 Gains and At losses 31 Dec 2023 Income Expenditure Transfers Endowment Fund 18,521,808 11,600,000) 16,921,808 22
New Generation Europe Foundation Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 December 2024 16. Analysis of net assets between funds Unrestricted Endowrnenl Total Funds Funds Funds 2024 Inveslmenls Current assets Creditors less than 1 year Net assets 16,467,747 16,467,747 486,586 6,047,382 6,533.968 1417,393) (417.393) 69,193 22,515,129 22,584.322 Unrestricted Endowment Total Funds Funds Funds 2023 Investments Current assets Creditors less than 1 year Net assets 16,744,731 16,744,731 558,055 177,077 735,132 (532,3361 {532.336) 25,719 16,921,808 16,947,527 The original donation of £10,000,000 is held as an expendable endowment with the aim of preserving the capital value in order to generale future income. An additional £8,521,808 received in 2022, and a further £7,793,321 in 2024, have also been held as expendable endowments. In 2024, £2,200,000 has been transferred from endowment funds to unreslriGted funds. The unrestricted income fund represents the balance of investmenl income earned on the endowment fund for the Trustees to spend on charitable activities and support costs. 17. Analysis of changes in net debt At At 1 Jan 2024 Cash flows 31 Dec 2024 Cash al bank and in hand 735,132 5,798,836 6,533,968 23