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