Charity r•glstration Trumb•r 1106885
Conyany r•gistratlon number 49812U (England and Wal•sl
KHODORKOVSKY FOUNDATION
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

KHODORKOVSKY FOUNDATION
LEGAL AND ADMINISTRATIVE INFORMATION
Tntst•
A R Tulk*h
R M Caldecott
A Lkgl
M Logan
P l<hodorkcvs
{Appoinl8d 16 May 2022)
Se¢rntsry
D A Fts￿*¢k
Charlty numb•r
11C6885
Comp•ny nymbor
4988238
R•glstor•d offlc•
4 Hll Street
LorHlon
W1J SNE
Audltor
Critchleys Audit LLP
Bgavgr Housg
23-38 Hythe Bridge Street
Oxford
OX12EP
Bank•rs
Schroder & Co
31 Grèsham St.
London
EC2V 7¢JA
Sollcllorn
TGW LIW
4 Hill Street
London
W13 SNE
InV￿trnent adV￿Or8
Morgan Stanley & Co. International Limited
25 Cabot Squar•
Canary Wharf
London
E14 4(JA
BlaGkro
33 King Willigm St
London
EC4R 9AS
Goldman Sa¢hs Intamalional
133 Fleel Slreet
London
EC4A288

KHODORKOVSKY FOUNDATION
coKrENTS
Pag•
TNslees' report
Indep8ndenl audttorfs Tewrt
Statement of fir￿nCIal adivit
9-10
Summary irfcome and •xpend((ure aw)unt
11
Balance sheet
12
Stalemènl of cash Ilows
13
Note8 to the financial statements
14-22

KHODORKOVSKY FOUNDATION
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees prgsent their annual rgPQrt and financ4al statements for th& yoar end8d 31 D8cemb8r 2022.
The fjnancial Blatemènls have been propared In accordance wilh the acuunting wti¢bs set out In note 1 to the
financial statements and comply with thg Ch8ritl$ Memorandum and Articles of As50C4alion, thè Companies Act
20Cé and "Accounh'ng and Reporllng by Ch8rtbe8.' StBtèment of Recommended Practice appllcable to charities
preparing their accounts in a￿￿rdan￿ with thè Flnancial Raportlng Standard applicable in the UK and Republic of
Ireland (FRS 1021. loff•ctiv8 1 January 20191.
Obl•thM and 4¢tlvlll
The oblecls of Ihe thBrity are lo advance edu¢allon In the Russlan FgdeTation through the pmwsion of
stholarships lo Students and th8 making of donab'ons lo edu¢atitsnal establishments. as well as lo promote other
thartt8ble obleth recognised by Eng￿5h L&￿.
Th8 TrustO85 have cornplied wlh the dijty in seetion 1715) of the Charities Acl 2011 to have due ￿gArd lo the public
benefit guidance publi8hed by the Charfty Comm18810n.
GMnt4haklng pollcy
The Foundalton was endowed in C￿CeMber 2003 with $SfyJ mlllion for the main wrpose of avan¢1￿ a&Kation in
Russia and thus supporting Ihe development of a robust and actlve rjvil society in Rus￿a.
Prfor to belng deS￿nated an 'Unde$￿ble organisab'on. by tho Russian Govemm•nt in Juty 2021 bdow under
'Activitiei •nd P•rfom*n¢•?, lh8 Charity supported the Podmoskovny Ly¢eum. a boarding sthool for 168 50(¥alty
deprlved c*ildren. situated outsidè of Moscow and the Oxlord Russia Fund
Folk)wing th8 dosrynalion of the Foundation as an 'unde$ir8ble organisation, by the Russlan Govemment in Juty
2021, the trustees ha￿ sought to r8focus Foundation's grant making polw lo $upport institutions outside of Rus￿8
and are supporting other UK Charilies engaged in advanring edu¢abon', Ciwl Sc• Otoanvzalions,. aT￿ the
production of documentsri&$.
A¢hlw•mgnts and perfornwn¢•
Through the granl maklng arAivitiès of the Oxford Russia Fund. whlch was supported by the Charity, 22,794
specAAlist studen15, 10,288 undargraduate students, 7.898 graduate and 995 poslgraduale sludenls al Ru85ian
Universities were, in the period 2005- 2021, awarded monthty stholarships of approximalaty USD110 1192 lor
students 91 Higher School of Economic81 luslng an average dollar rale of USDI-RUR521.
FurtheT. Oxford Russia Fund, during the period 2005-2021, sponsored 43 summer and winter schools and
provided English languag8 humanrfles libraries to 20 Russian Universibe$.
In addition, the Oxford Ru88ia Fund. pr¢)Nrfded In 2019-2021. 30 graduate scholarshlps at USD 4.834 each and 28
followshlps at approximatsly USD 14,772 •0th.
The Scholarships were awarded on merit and were dosigngd to en￿Wage Ihe of the Fwm8nth•s in Russian
Stale Univarsibes.
Tho grant glvlng aQlvty of the Oxford Russia FLmd in Russia caasad on afxounl of the indusion by the Russian
Ministry of Justice of the Oxford Russla Fund in the list of unde$irable organvzations (Order No. 732-r datad 9th
July 2021 list numbèr 37. pursuant to the Federal Law of 28.12.2012 No 272 -FZ las amended by Ihfj Fédaral
Law of 23.5.2015 N 12￿Fz Ithe'Llnd•sirnble Oryaniz•tion* La￿1.
2022
In 2022. the Charity has redirècted lis grant giving adivity away from RussL3 In vSew of being designated as an
'Undesirable Ofganization, a8 referred lo above. The majority of tt)e grants g¢ving has been lo Institutions working in
Ihe field of Hurnan Righlslciwl So¢i$ty Ihough wè continue to provide gr8nls. in the sphow of education. to UK
edu¢ational instituknons and have Started lo support the makers of documentsry films.

KHODORKOVSKY FOUNDATION
TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Podmoskovny Lyc•um
As a re5uk of th8 SUPPOrt by the Khodorkov5ky Foundation (prior to the Russian Govemmerfs designation of the
FoundatK*n as an undesirable organisationl , over the period 2006-2021 of thè Podmoskovny Lyceum, a boarding
school outsldo of Moscow for socialty deprived thildren, 2,945 pupNs receNed a secondary school education of Ihe
hKJhest qualty ￿ a cariry environmenL
Finan¢i•l r•vlew
Fundlng sou￿8$
The ch￿lty was provid&d in D8cemb8r 2003 wilh an expendable endowment of $500m arKI the fvnd$ for the work
of the charity are derived from the income and capital gains generated by the endowment. The fmanual dellclt
before Inv9s1ment galns and10$59$ aMoL￿led to $13.688.00012O21'$2.￿Il.lxIo) detsiled on pagelgj.
Resems polky
Havthg regard lo Ihe charW5 end¢)wment based incomo., the res0￿8¥ to Covor Iluctualions in donations are not
required. Instead thè char(¢ls invèstment poly plans for fluduations in income and capital growlh and the need
for lund8 to me81 owolng commitments of the charity durlig Pgriods of Iw diwdand yield gnd nll or negative
apital grtr￿lh. There are no unre$lri¢ted r¥seNo5 but ther* is a $ignificant èxpandabl8 ondowment whth can be
drawn upon to (x*ver the costs ofcharitable activities in excess oftho investment income eamed.
Inv••trn•nt pollcy
The tharity has adopted as its long tomi current target r8tum for its inveslment porttolio 4% over increases in th&
US Consumer Index and il 1$ rwnised Ihat this policy envisages lluctual￿)nS In Inveslm8nl return8 over the
l￿SinesS Lyde.
Three kntgmatlona Investment banks mnage the charl￿8 funds.
Rl¥k
The investment policy has a conservatwe attiiude to fisk.
Antl¢lp•tsd D]$buYsem•nts
The long tenn aim of th8 charity is lo make annual grants of at least 2.5% of the charity's funds. Th• abov•
spending rate is desvJned to preserve the real value of the charity's funds over the long tsmi.
IAonitoring of porf0m￿nCe
The monitoring of the performance of the charrty's invèstmènt portfollo has baen delegated by Trustees lo an
investment ￿MMittee wlKJse members In￿l￿e experienwl inve6tmenl managemgnt practitiorwrs. Th
investsnent Committee also rewews performance of the managers and the alkncalion betsyeen all da88es of assets
from time lo time to gnswe thal Ihe total portfol￿ is prudentty invested.
Perfomian¢•
Over Ihe year, the aggregate value of the Foundatlcn's Investments 1$683M - 2021 .'$840M: 2ff20'.$729MI
decreased swnTficanlty after the gr8nl$. This was mainly due to equty ond debt matknts volatilty fdlowing the 2021
increase in valué. Th8 averag& annual i*ar6table expenL1kure for the past three years as a peicwtsge of invested
assets (as at the end ofthe financral yearl is approx. 1.65%12021.' 1.44%).
Principal ri#k• and un¢eri*intio¥
The trustees condu¢t the overall supervision and Monitoring ol Ihe financ4al position of Ihe charlty. Thère we risks
to income as a resutt of fluctuations in worfd equity and bond markets but the chant￿$ inveslrnenl policy #dopted
should mlnimise th• rtsk$ to on acceptable level.
Intemal Risks are mibgaled by the imp￿mentatIon of procedu￿8 fr•r the 8uth0rls8l￿n of all tr¥nsa£*ons by at laasl
Iwo of the truste8s.

KHODORKOVSKY FOUNDATION
TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Plans forfutur• porlod8
The ChaTIty Is unable, for the time being. to support educallon In Russ18 (for which purpose the Charity was
primarity established) in ¥1￿ of the indusion of the Chafty in the list ol undèsirable organEations pursuant lo the
Unde￿rable Organi2Xtions Law and has refoc#J$ed Ils efforts on 8UPPOrting ¢haritable organisations 0Ut8ldè of
RLbESia.
Structyr•. gov•rnanc• and fflanagem•nt
The Charity is a company Ilmmeil by gugrant99 govemed by its Memorandum and Aiti¢los of Association.
The Tru$tees, vtho are also Ihe dbrectors forthe purpose of eompany law. and who $8Ned durfng th9 ygar up to
the date of sign8lurg of the financi￿ slatsm&nts wer&:
A R Tulloch
R M Caldecott
AD￿1
M Logan
P Khodorkovsky
{Appointe(116 M4y 20221
TT(tstags are selecl8d on the basis of the skllls and exporionc8 Ihey were ¥l)ltr to ¢ontribul8 in th8 f￿dS of
•ducatK)n and human rights, investment mAn8gement and charrty adminlslTaUon and have been drawn from
person$ known to the ITUStees, as suppOrt￿e of the charity's work. New trustees were inducted in lo thelr role as
Iwustees in a ser*$ of briefings on the tsf the charty. Thè Truslg8s have been seleded for th•ir skills and
prtrfessionalism ond come with many years of experien¢e in dfftrent walks of lile and 8ddN1L￿aI Irainry is
provlded on the Foundgtion's projects..
Organlsatlonal structure and r•latlonshlp wlth rnlat•d parths
Th• ¢hority is managad by its 8oard ofTru8lee$. D4y-tfyd￿ management is delegated loA T￿lO¢h.
stat•m•nt of Inwt*es' rn•ponslbllities
The Trustees, who ar8 also the directors of Khodorkovsky Foundalion for the purpose ol company law. 8re
Tesponslble for prep8ring the Trustees. Report and th8 ffinanclal statements in accordance with applKable law and
United Kingdom A¢counllng Standards {Uniled Kingdom Gener011y Ac¢èpt8d Accounting Pradicel.
Company Law requir08 the Trust8OS to Prepare financAal stalgrnents for each flnan¢lal year vthiL* give a true an
fair Mew of the slate of affairs of the Charity and of the incoming resourcès and application of re￿Urtes, indudlng
the income an¢J expendf(ure, ol the Charitab￿ company IOT that year.
In preparing these fina￿¥81 $latèmenl$, the Trustees are requlred to..
- SgIKt $LMlabJe accounting poli¢i•s and then appty them a￿siStent￿,.
- obseryg the methods and prinGiplo$ in thg ChaTltl&$ SORP..
- make judgements and estunates that are rea￿nable and PTud8nl'.
slate whether applicable UK Accounting Stsndard8 have been fdlowed. subjed to any material dgpartures
dlsdosed and gxplairbed in the financkal statements., and
- prepare the financial statements on the gomw concèrn basls unl&ss it Is ingppropriate to presume that the Chadty
wll continue in opwallon.
The Trustees are re8ponslbF8 for keeping adequate accounting r¥¢ords that disclose with reasonable accuraty #t
any time the financial positson of the Charity and enable them Its en$urÈ that the financial statements comply wrth
the Companles Act 2006. They are also responsible for Bafeguardlng the assets of thg Charty and hence for lakiny
reasonable steps for the preven￿On and detethon of fraud and other irregularitiès.

KHODORKOVSKY FOUNDATION
TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Dlsclosure of InfOrn￿tIOn to audltor
Eath of the Trustees has Confivrned that there 1$ no infomiation of which they are aware whlth Is relevant lo the
audft, but ol whth the auditor is unaware. They have fvrthe¥ ¢onfirmgd that Ih•y haw takèn appropriate Steps to
identfy Such relevanl irrformation and to 8stsbllsh that the audltor 18 awar8 of such krformattw.
Small company •x•mptlons
Thls report has prepargd in a￿Ord￿nCe with the Small Companies Regwne under Sectkn 419(21 of lh9
Compani&sAct 21K)6.
The Irustee5' report wa8 approved by th* Board of Trust•ès.
A R Tulloch
Tn*tso

KHODORKOVSKY FOUNDATION
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF KHODORKOVSKY FOUNDATION
Oplnlon
have audited the financial ststements of Khodorkovsky Foundat¥)n lthe 'ChariV) for the year ended 31
Dgcombgr 2022 which comprise the $latemant of f￿an¢￿al activiknes, the Summary ineom& and expenditure a¢￿￿nt.
balan¢& sheet, the statement ol cgsh flows and notes to the financial statements, induding signifi¢8nl
accounllng polloe$. The finanThal reporting framowork that has been appl￿ in their preparation is appluble law
and United lfjngdorn Accounting Stsndards, in¢luding Finanaal Reporting Standard 102 The Financial Reportlng
stands￿ appfv¢able in the UK and R&publlc of Imland Iunitgd lfjngdc¥n GenerallyACcepl￿Ae￿un1Ing Praclice).
In our ownion, the finanu81 statements-.
give a Inje and fair view of the state of the ¢h8ritabl• companls affairs as at 31 D￿mber 2022 and of rt8
Incoming resources 8nd application of resouri*8, Induding its In￿Me and expenditure, for thg year then
ended;
have been property prepared In accordance wlth Vntted lfjngdom Generalfy A¢upt•d Accounling Practiee.,
and
havg been PT8pared in accordan￿ v￿th th8 rnquir8m8nts ofthe Compapie$Ad 21)06.
BaslB for oplnlon
We ¢onducted our audit in aCCX•rdance vAth Inlémallonal Standards on Auditing {UK) IISAS IUK)) and appli¢able
law. Our respongbilibes under Ih05e standards arè luth￿ described in the AudrtoE$ Trsponsibillties for the audit of
the financial stafements seGtlon of OUT report. We are independenl of thè Charity in accordan￿ with the ethical
r￿ul[￿mentS ihal are relevant lo our audit of thè finanual Statements in the UK, irKJuding th8 FRC'S Ethical
Standard. and wè haw fulfilled our olher ethical rèspon$ibililies in accordance wNh these requ1￿Ments. We b8lttiVe
that the audit evidence w8 have obiained 15 suificienl and appiopwiate to prwde a basis for our oplnk)n.
Coneluslons relattng to golng ¢oncern
In auditing Ihè finanrial statements, we have that the tru5ta8s' use of the goN)g o)noern basis of
accounllng in the preparati¢)n of th6 financial statements 16 apFYoprial*.
Based on the work wtt have parformgd, we have not identified any malerial uncertainties relaliThJ lo *vanls or
¢onditsons that, Individu￿ty or ￿lI￿Cliv￿fy, may cast significant doubl on the Charity's aknlity lo continue as a golng
¢one4m for a period of al ltrasl tMelv& monlhs from when the financial $t8lem8nts arg aulhorfsed for issue.
Our r•SpO￿bIlItIeS and thè re$pon8iblitiès of the TFUStees with ts8pe¢t to golng f￿r￿M are describtd In thg
rel&vanl sect￿n$ of Ihis rwt.
othèr infomiatlon
The other infornation comprises Ihe Infom)81son induded in the annual report other Ihan the financial 5talement8
and our ￿d￿0￿9 report thereon. The Trusl8es are responslblo for the other Informat￿ ¢onts￿ed within the annu
reporL Our opmiion on th8 financAal statements does nol eover the other informatlon ￿d, ex¢ept to the extent
olherwise expllcmy slated In our rewt, wt th) rK*I express wy forrn of assurance ¢on¢lu$ion thproon. Our
respon8ibilty Is lo read the t)thgr informalion and, in dolng $0, considor wh8lhor the other information is materfolly
irKon51Stenl wrth thè finanaal statement5 or our knowledge obtained in the course ofthe audh, or othernise appears
to be materially NI88tsted. If we identfy such material inconsistenc￿$ or apparent material mi$slal8mènts, we are
rfjquired to delennine wh¥th8r this gwe5 rise to a rnalerial misstatement in the financAal stslemenls themselves. If,
based on the work we have perfornied, we condude that there is a material misstalement of this 01her Information.
wo are required to Tewt that f
We have nothing to rèport In thls regard.
Opiniom on other matters pre8crfbed by th• Compnl•s A¢t 2006
In ouropinion. based on the woth undertaken in the fAJurse of our audit".
the infomialion given in the trustee5' report for the financial year for whlch the financial ststements a
prepared, whith includés the directOTS' report prepared ftx the purposes ofcompany law, is ￿nsIStenI wilh the
financial slatements; and
the ￿l￿tOrS, report ineludod vrithin the trustees, report has been prepared in accord•n¢è with applicable legal
requioménls.

KHODORKOVSKY FOUNDATION
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF KHODORKOVSKY FOUNDATION
Mattern on which wt are Mqulred to report by exceptlon
In the light of the knowledge and understsnding of Ihe Charity and its environrnent obtained ￿ the course of the
audit. we have not identified material mls8t8tement5 in the directors, report indudgd within the trustees, rem.
We have nothing lo report in rèspect Of the foll¢)wlrwJ matters In relatlon lo whlch thè Companie¥ Act 20￿ requires
U5 to report to you W, in oyr opinion..
adequate accounting rec4Jrd3 havè not been kept, or rètum8 adequato for our audrt ha¥9 not begn rg¢dMwd
from branches nol ￿sItOd by u5.. or
the financial 5talemenls are not in agreement ￿￿th the accounllng record$ and returns.. or
certain disdosures of trustees, ￿Mu￿Bration $psofi8d by law are not made,. or
we havè not reeeived all the irrf0m1at￿n and explanations we require for our audit or
the Trustees were not entIl￿d to prepare the financial stalemenl3 in &cordance with the small (x>mpanies
regime and lake advantsge of the smal companies. eXernpl￿ns in preparing the trustees, report a￿1 from the
r8qur8m8nt to pr8par8 a strategic report.
ResponsibilitiH of Tru*tst$
As explained More fulty in thtr $tatem•nt of trustees. responsibilities. the T￿￿tee$. who are also the dire¢Xtts of the
Charity for the purpose of company law. are responwble for the preparation of ttbe financ481 statements and for being
satisfied that they gNe a true and fail ￿$￿, and sud) intemal eontrol as the T￿￿te&S determine is necessary lo
enable Ihe preparation of finandal Ststements Ih8t a￿ fre& from mat8ri81 misstBtèmenL whether due to fraud or
error. In preparing Ihe financial statements, the Trustèe$ arè rèsponsibl& for assas￿n0 th8 Charltys ablllty lo
continua as a going concern. disdosing, as applicable, matteTS retated to going ￿nC*M and using thè going
¢oncem basis of accounting unles5 the Trustees either intend to liquidate Ihe charitsbje company or to cease
operations, or hav9 no realLsliG altgmative but to do so.
Audltorfb M8pon8lbllld•$ for th• audll of th• flnon¢hl gtstsmonts
Oui obje¢tives are to obtain reasonab￿ assurance aboul whelhef the fina￿￿al slalèments as a whde 8re free from
mal8rial mlsslalemenL whether due lo fraud or error, and to issue an auditorf5 report that include5 our opin•)n.
Reasonable assurxw is a high level of assurance but is not a guarantee that an audf( ctsnducled Sn aceordanc*
with ISAS (UK) wlll a￿ayS detect a material misstatement when it exisis. Missialements can arise from fraud or
e￿or and we considered material rf, individually or in th8 aggr8gata. t￿Y coukj masonabty bo expeded to influence
the economlc declslons ol u8er8 tsken on the basls of these financial stslements.

KHODORKOVSKY FOUNDATION
INDEPENDENT AUDITOR'S REPORT {CONTINUED)
TO THE MEMBERS OF KHODORKOVSKY FOUNDATION
Irregularblies. induding Iraud. aro Inslonces of noTrcompli8nce wlth laws and r9gulations. We d&$ign procedures in
Ilng wlth our responsibilities, oudined abov&. to detect material mi$slol¥menl$ in respect of Irregularities, including
f￿￿d. The extent lo which our procedures are Capab￿ of detecting irregLtlarllle8. Induding fraud, 18 datwlad ￿low..
tho 8ngagem&nl partner ensured Ih8t th8 engagement team Collectlvely had the appropriate competenc*,
eapabililies and skills to klenlify or reeognlsg r￿n-CoMplianGe with appli¢8blè laws and regulalN)ns,'
we idenb"fi8d Ihg laws and regulations 8ppli¢abl• to th8 company through di$¢ussions with Iru$lees and
other m8nagemènt, and from our knowledge ?nd experience..
• we focusèd on 8pe¢ifi¢ laws and regulations which we considered may have a dired matarial 8ff8cI on the
finanrAal slalements r)r th8 op8rations of the chari18ble company, including the lems of gront agreements
and Charity Commi55ion regulatKJn.
we assessed the extent of com￿lance Wbth the kws and r¥yulalions id8ntifed above through mmking
8nquiri8s of rnanagemenl and inspecting ￿gaI correspondence where appli¢oble'. and
identified laws and regulallons were wmmunicated within the audtt tsam rggularty and the te¥m f•m￿nad
8￿rt lo Instsn￿$ of nOT￿Ompli8n¢0 throughout the audrL
We assessed the susceptlbilty of the c4mpany's finanaal statsmènts lo malerfal w4ssts1gmenl, including obtalnlng
an understanding of how fraud might o¢¢ur, by..
m8king 8nquiries of managemenl 8$ to where they c4Jnsldered there wa8 suKaptibility lo tra￿1, thek
kr￿le(l9& of actual. suspectsd and alleged fraud." ond
consKJerfng inlfjmal controls in pl8¢e lo mrtigale rlsks of fraud and nonw¢ompliance wtth laws and
regulat￿ft$.
To address the fi8k of fraud Ihrough management bias and overrid8 of contro￿, we".
perforned analytical procadures to idenlify any unusual or uneX￿¢t*d relationshi￿,.
lested joumal enlrie$ lo ldenb.fy unusual transactions.,
assessed whether judgemonts and assumption5 made in det¢m)InltvJ th& aCcO￿￿￿j eslimate$ wère
indicattve of potential bias- and
invèstigated the ratKJnale behind $19nSfic8nl or unusuol IransaGlions.
In response lo the rfsk of irregularityès and nowomplk4nc• with laws and regul8liMs, we designed Fxocedu￿s
which indudtrd. but were not limrted lo:
agreeing financial statement dlsclo$ures to underlying supporting documwl*ion-,
r•odin9 th& minutes of rneelings of Ihost charged wilh govèman¢e',
enquiring of management as to actual and po19ntial littqation and claims;
viewing correspondence with ihe Charity Commission and the cornpanvs legal athsers.. and
reviewing the temis of grant agreements
There ar8 inherent Wmltalions in our audil woceduros des¢rSb9d al)ove. The more r•mov8d that laws
regulations are from financial transactions. the le5$ likely it is that we would become awa￿ of nOr￿0M￿lancè.
Auditing slandards a150 limit the audil procedures r8qulred to Identify non-compliance with laws and rggulalions lo
nquiry of the directors and other management and the inspedion of regulatory and leBal ¢ornspondence. rf any.
Material misstalemènls that arf8e dug to fraud can be harder to detect than Ihosg that arise from ¢rror as th8y may
Involve éeliberate concealment ¢x collusion.
A further description of our responsibililies Is avallat4e on the Financial Reporting Councif5 website 8t= https:11
www.froory.uklauditorsresponsibilities. This desc¥iption forms part of our audilo¢s report.

KHODORKOVSKY FOUNDATION
INDEPENDENT AUDITOR'S REPORT ICONTINUEDI
TO THE MEMBERS OF KHODORKOVSKY FOUNDATION
Us• of our rnport
Thls ieport is made SO￿lY to the charitable company's members. 8$ a body, in accordancè with Chapter 3 of Part 18
of the Companies Act 20Ce. Our audit work has been undertaken so that we mlghl stste lo the ¢harrtabb c(¥npany's
Members Ihose matters we are required lo state to them in an audilo¢s report and for no other wrpose. To the
fullest exlent pemiitted by ￿w. we do nol accept or a58ume i&sponsibility lo anyone other than the thariioble
company and the ch*itable company's members as a body, for ￿r audrt worft, for this report. or for th• opinitins w8
have forni8d.
Robert Kirtland (Sonior StatutoryAuditoT}
for and on bohalf of Crit¢hltys Audit LLP
191412023
Charter￿ Accountants
Statutory Audltor
Beaver House
23-38 Hythe Bridge Street
Oxford
oxt 2EP

KHODORKOVSKY FOUNDATION
STATEMENT OF FINANCIAL ACTMTIES
FOR THE YEAR ENDED 31 DECEMBER 2022
Cumntfinantiil y•ar
Unro•trt¢l•d Endowmont
lund8
ndg
2022
2022
s￿0
Total
2022
2021
$000
Mot•s
Income from:
Investments
4.347
4,347
3,879
Ex endltur• on:
Raisin funds
Investment managernent
1.553
1,621
Ch8rilable a¢bwti•s
16.482
16.462
5,229
Totsl •Xp•ndI￿r•
16,482
18.035
6.850
gainslOosse8} on inv851menls
(148.577> 1148.577)
118.525
Not loutyolnglllTh¢omlng r•source$ beforo tran$lors
(12.1351 (150,130) {162.2651
115,554
Gross transfers bBtrthn fund$
12,135
112.1351
N•1 mov•m•nt In fundB
{162.265I 1162,2651
115,554
Fund balanc￿ at 1 January 2022
846.024
846,024
730.470
Fund balanc•s at 31 December 2022
683,759
883.759
846.024
Thg slal•ment of ffinancral a￿￿711e5 ItKlude$ al gains and10&8es recogr￿Se(l in the year.
All income and exp¢ndilur• d8riv8 from conlinuing a￿NItse8.

KHODORKOVSKY FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES {CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Prlor flnanclal y•ar
Unre•tricted Endowment
fvnds
lunds
2021
2021
$000
SOOD
Total
2021
Incorne from:
Investm*nls
3.879
3,879
EX
ndliur• on:
Raisin
funds
Investment management
1,621
Charitable actm1￿3
5,229
5,229
Total •xpgndllur•
5.229
1.621
6,650
Nel gainslllosse81 on investments
118,525
118,525
Not loutgolngyln¢omlng rosources boforn trnn8fers
11.350)
116,904
115.554
Gr05s transfers betsmen funds
1,350
(1,3501
Not movoment In fund•
115.554
115.554
FuThJ batance8 al 1 January 2021
730,470
730,470
Fund balanc•s at 31 Do¢embgr 2021
846,024
846.024
10-

KHODORKOVSKY FOUNDATION
SUMMARY INCOMEAND EXPENDrruREACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2022
All in¢om•
funds
20
$000
l income
funds
2021
Gro$s in¢ome
Tr8nsfar from endowTh•nl knds
4J47
12.13S
3.879
1.350
Total incom8 in tho reporting period
16A82
5.229
Total expenditure from Incom9 funds
16A82
5.229
N•t •xp•ndltur• forth• year
11

KHODORKOVSKY FOUNDATION
BALANCE SHEET
AS AT 31 DECEAIBER 2022
2022
2021
iooo
$000
$000
Fix•d a¥s•ts
Inveslments
10
683.602
839.815
Curvvnl a8$0ts
Cash al bank and in hand
2,303
7.521
Cr¢dltorn: amounts falllng duo T*lthln
on• y•ar
11
12,1461
{1,3121
Nel current assets
157
8,209
Total assets les¥ ¢urr•nt Ilabllltl•*
883.759
848.024
C•pltsl fvnd•
dowment funds-
Expendable endowment
Income funds
Unr8stn"cl8d funds
ne
12
683.759
846.024
683,759
846,024
These financial slalements are prepared in United Slate$ D¢41ar$.
The rate of exchange at 31 December 2022 Is £1-$1.209012021: £1-$1.34B94)
Th8 financ4al statements were
ved and authorised for issue by the Twste•s on ..................
n'l 2u13
A R Tulloch
Company Re9i¥tr•tion No. 4988238
12-

KHODORKOVSKY FOUNDATION
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2022
2022
2021
Notss
$000
$0
$000
Cash flows from opgratlng activities
Cash absorbed by operations
15
117,201)
19,144)
knv•stlnq acthiltlo$
Purchase of investrnen15
Proceeds on disposal of Inve8trments
Invest￿nt Income receNed
1133,0881
125,868
4,347
(127,659}
148.289
3,879
N•t cash {uwl inVg•n•rnted from
Invutlng actlvld•s
(2,873)
24.509
Net ¢￿h In fln•n¢lng •ellvltl•s
N•t IdKrnaseVincre•Be in ¢a8h and ¢a*h
oqulval•nts
120.074)
15,365
Ca8h and ca8h equlvalents at beginning of year
26.154
10,789
Cash and cash equiv*lents at ehd olyear
6.080
26.154
Rel•ting to..
Cash at bank and in hand
Cash wlhin investment portfolio
7,521
18,633
3,777
13-

KHODORKOVSKY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECE&VBER 2022
A¢¢ountlng pollcle•
Charity inforniatioTr
odorkovsky FoundalM)n a private ¢omp8ny limited by guarant•• incorpJr8lad in England and ￿188. The
regi81ered office Is TGW Law. 4 Hlll Street. London, W1J 5NE.
1.1 AcCoun￿n9 eonv•ntlon
The financAal statements have been PTepared in aC¢OTdan¢e with the Charitls Memornnthjm and Arbcl8s of
Associallon. the Companies Act 2006, FRS 102 "The Finanoal Reporting Standard app￿Cable in the UK and
Republi¢ of Ireland. fFRS 1021. the Charibes SORP "Accounting and Reporling by CharTlies'. Ststemenl of
Recomménd8d Pr8cb"cA ap￿ICabl￿ to charitses preparing their accounts in accordance with the Financial
Rèporting Slandard applicable in the UK and Republic of Ireland IFRS 102)- {effective 1 January 2019) and
the Companles Act 2006. The Charlty Is a Publlc Benefft Entity as define<l by FRS 102.
The financial stalem8nls are prepared in dollars, whtch is the lunr￿onal ￿rrencY of the Chaiity. Monotsry
amounts in thes8 financial statements are rounded lo the nearest $1.000.
The finar￿A81 3tatemerts been p￿Pared und•r t￿ PTi%torieal cost convention, modrfied to indude f￿e￿
asset nvestments at fair value. The prinapal accountlng pollcl&s adopted are sel out below.
1.2 Golng eone•m
At the lime of approving the financial slalemenls, the Tru$le*$ have a re¥son•ble expeC￿lon thot the Charity
has adequate resources lo continue in operational exislenee for the foreseeable future. Thu8 the Trustges
ontinue to adopt Ihe going concern basis of accounting in preparing the finanrial 51alernents.
13 Charftable funds
Unreslrided lunds are avallable for use al the dL8¢rekn of the Trustees in furtherance of iheir charitable
objective8.
Expendable endowrnenl funds ffjpresent assets where the intenlb)n 1$ for the gssels to be held long term for
the benefit Df the chaiity. However, as It is an expenda￿9 endowment. as$el$ can be uknli$8d lo cov•r
expenditure that exceeds the balance on unrestricted ￿nds.
Income arising on endowment fund can be used in 8¢tordan¢e with the obJ"ect$ of thè eharty and is
induded as unrestricted income. Any capftal gains OT kjsses arising on the investm￿ts form part of tho fvnd.
Investment m8na9ement ¢o$ts are Charged against the fund.
1A In¢om•
Income 18 recognised when the Charity 15 legally enlitl¢d 1¢ il after any perform$n￿ o)nditsons have been
met. the amounts can be measured rèliabty. and il is probable that income wiu be recew.
Donations and investment inLX)rne ¥re inc4ud*d in Ihg Slat*mtrnl of Finanryal Acbvibts when Ihey are
rec￿ved.
14-

KHODORKOVSKY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
A¢¢ounVng poll¢l•s
Icontinuod
1.5 Exp•ndiiur•
All expènditu￿ 1$ gceounled for on an accrua15 baBi$ under the approprial¥ oxpgns• category. Expendhu
Includes Irre¢overablg VAT where appropriate. Any Support costs specffjc to one of th9 actiwlie5 13 allocated
wholty lo the acti￿ty- Tha remaining support C051s are aNocalpd to Ih818¢tNity In proportion lo the cofflbir￿￿
costs of actiMlie5 undertaken dir¢dy and grants. All cos15 are clas￿fied a$ d)arttable aL#ivities apart from
th08e attiibutable lo raising funds Ilnve8tmont management costs).
Grnnts payoble
Grants are included in expenditure under charilablo a¢tivity•s when they are approved by the Twuslees and th
commitment has been communicated to the benefldarle8. Any such grants not paid by th8 year and ara
Induded In wdttors.
1.6 Flx•d •99•1 Inv•slments
Fixed asset investments are inttsally mèasured al transaction pricè. and a￿ subsequenlly measured at fair
value at eath reporbng dats. Fair value includes accrued interest where applicable. If an inve$tm&nt do8s not
have a readiFy available market price Tt 1$ valued by the re￿vant Investment Manager. The Statement of
Finanaal ActivitYè6 includès net gains and losses arising on revaluations and disposals Ihroughoui tha year.
Due to the nLFmber of investment transaction$ in the year it is not possible. easity and attur8lety lo split the
investment gains btheen ie81i$èd and unre811sed and hence this split has not been shown on the face of the
Slalement of Finanoal Actmlies.
1.7 Cash and c48h equlvalents
Cash and (xsh equivalerrts indude c88h in hgnd and deposits held at (*W wilh banks.
Basie r
Inancial assets
Basic ffinanrAal assets. whith inthd• cash and bank balances, are Inrtially measured al transaction ￿Ce.
asl¢ flnanclal ￿h111￿•S
Basic finana¥l liabilrtigs. Induthng ryeditors are initsalty recogrw$8d ¥1 transadion price unless the
arrangement constitutes a finanang transaclion.
Afflounts payable are classified as ¢uff•nl kbiliti8s rf payrnent is due within one year or l•s If not. they are
presented as nonwcJJrrent Ilabblllles.
For•lgn •xchang•
Transactions in rArrentye$ t)thw than pounds stading are recorded al the rates of exthange prevailing al the
daley tsf thè transa¢b)ns. At eath reporting end date. monelary assets and liabilities that 8re dgnominated
foreign eurrencies arè relranslalod at tho ral9$ prevailing on the reporting end date. Gal￿ and lossas arising
on translation in the period are included in th& Slatement of Financial Actimties.
crftlrAI a¢¢ountlng g*llmat•B and ludgem•nts
In the appllcallon of the Charity's accounting poliryes, the Trusle&s r¥quired to make judgements,
eslimales and as$umplions about th8 carrying amount of 855ets and li#￿￿[b.￿S that are not readily apparent
from other sourtts. The e¥tirn81e$ and assoaated assumptions arè baseil on hlstorfcal ex￿rienCe and other
lactots that are ¢onsKlered lo be ￿levant. Actual resth rnay differ from these estimates.
The estimate5 and undertyln9 a8sumplion$ are reviewed on an ongoing basis. Revisions to awAJunting
estimate5 are recogni5ed in the peri¢d in which the estimate is revised where the re￿$lon affècts only that
period. or in the period of the revlsion and future periods where the revtsion affeds both current and fulure
periods.
15-

KHODORKOVSKY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED>
FOR THE YEAR ENDED 310ECEMBER 2022
knvestments
Unrestricted UnrestriGtsd
fund¥
funds
2022
2021
Ins>)me from listed inveslrnnts
Inlwe81 re(*ivat4e
3,879
107
4,347
3,879
Rai$ing funds
EndowThnt End(ywmenl
fund$
funds
g•n•ral
9gneral
2022
2021
Investment management
1.553
1,621
1,553
1,621
Charilabl• aclmt
Advancfv Supportfor
ment ol
Hum•n
Education Rightslclvll
Socl•ty
2022
$000
Total Adv•n¢•-
2022
m•nt of
Educaiion
2022
SOOD
Grydnt funding of actmlies {see note 6)
5.367
10.931
16.298
Share of support o)sts {s88 not8 7)
sha￿ of govgmancg costs Isee r￿te n
31
133
97
5.428
11,054
16,482
5,229

KHODORKOVSKY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUEDI
FOR THE YEAR ENDED 31 DECEAIBER 2022
Grants payabb
Advan¢•- Support for
Advanc
mènt of
Human
ment of
Edu¢atlon Rlghtslcivil Educallon
SoGlety
2022
$000
2022
$000
2021
$000
Grants to institutions..
Oxford Russia Fund
Merkel Film$ Ltd
Snowstomi Produc￿onS Ltd
The Instfiule of Modem Russia
AUanll¢ Colege
New GaneratKJn Europe Foundation
The Eastem Europe Research Foundal
Centre for Liberal Modomty
Einbahnstrasse Produdion$
Lantos Foundation
Other- exernpt from disdosure
Cambridge Commonwtahh. European and Internalional Trust
Royal Ac*my of Music
Imperial College Lond
Podmoskovny Ly(*um- 8oardkng S¢h)ol
251
259
62
10,000
2,339
431
2.637
(1.8331
1751
56
6,402
5,367
10,931
4.999
'Otherf grants above comprise5 whdly of grants made to 3 inslitulions. The grants are in support of education
in lin& wrth the chavitls objectivès bul arè exempt from di$dosur¥ on the basis of serious prethudice and
therefor& rKI lurfhgr detal has been gi¥en.
17-

KHODORKOVSKY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
Support costs
Support Govem#ne•
costs
costs
20229Jpwt costs Govemance
costs
2021
$000
sooo
$000
Chatity adwinistration
and monitorin9 of
aCtiVrt￿
Other exp8nse$.
including gxchonga
differences
87
87
115
115
18
18
Audrt fees
Tax ￿mplianCe fees (to
audit firm>
Leg81 and professh)rtal
17
17
17
17
70
70
77
133
97
230
Analy$ed b&tsveen
Chorllablg *1
133
97
230
Tru¥t••s
A $olicitor'$ practicè of whth A Tulloch la Trustee) Is the principal provided professional seNces in
connection ￿th the charws administration. For thi8 work Tulloth & Co thargad thg charlty a VAT indu51ve
amounl of $138.1991£114,308112021'. $154,9641£114,878)l of which disbursemenls and VAT arnounted to
£19,047 {2021'. £19,146). Some of the disbursements are Iravel èxpense6 for Trustees.
Employ•
Tho avorage M￿thty num￿ of gmployees during tho y•orwas'.
2022
Mumber
2021
Mumbgr
Total
There wgre no ￿p]DyeeS whose annual r￿m￿Or￿10n was more than $60.(￿￿}.
18-

KHODORKOVSKY FOUNDATIOM
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR ThIE YEAR ENDED JI DECEIABER 2022
Comm¢dhy Quh%*hlD T•tIi
prop•rty In¥l•trn￿l
si
97.467
11*WI
196.198
.351
21.671
102.78S
9.817
1QSS3 831815
133.C48
1148.577)
114.856) 114.IIA)
112s.ie61
Addlir
{1.78*1
erftbm Ir*CAqh hqhj
119,3931
110,83n
At31 Dee&mber2022
.617
.133
79.177
7n 681802
arnourrt
At31 DeQ*￿￿r2022
35￿￿17
za¥,gJ3
70.1n
17n 6Bie02
At31 D•vnb•r2021
511382
196,198
102.7JS
9,017
lu.￿ 831816
-19-

KHODORKOVSKY FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
11 Crèdltorn: amounts falllng du• vAthln on• ymr
2022
$000
2021
$000
Grants payable
Atcntals and deferred income
1.405
741
98
1.216
2.146
1.312
-20-

KHODORKOVSKY FOUNDATIOM
NOTE$ TO THE FINAN¢IALSTATEIAENfJ ICONTINUEDI
FOR ThE YEAR ENDED 31 DECEIIBER 2022
12 Enthrnn•ntlda
pj
12
Dts
s•0•
oo
sooo
Eno￿￿errt*Jnd1<￿P*%I￿81
no470
{1,8211
{1,350)
II¥R5 146.024
11.5521
112.1W 1148.srn 681769
D.470
1.8111
{1,360)
118.525 016.024
11.$531 {12.1W {141.ST7) M3.759
.21.

## **KHODORKOVSKY FOUNDATION** 

## **NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2022**_ 

|**13**<br>**Analysis of net assets between funds**<br>**Unrestricted**<br>**funds**<br>**Endowment**<br>**funds**<br>**2022**<br>**2022**<br>**$000**<br>**$000**<br>Fund balances at 31<br>December 2022 are<br>represented by:<br>Investments<br>-<br>683,602<br>Current assets/(liabilities)<br>-<br>157<br>-<br>683,759|**Total**<br>Unrestricted<br>funds<br>Endowment<br>funds<br>**2022**<br>2021<br>2021<br>**$000**<br>$000<br>$000<br>683,602<br>-<br>839,815<br>157<br>-<br>6,209<br>683,759<br>-<br>846,024|Total<br>2021<br>$000<br>839,815<br>6,209|
|---|---|---|
|||846,024|



## **14 Related party transactions** 

## **Transactions with related parties** 

During the year the Charity entered into the following transactions with related parties: 

The charity is related to Oxford Russia Fund by virtue of Trustees being common to both charities.  Grants of $8,000 (2021: $251,000 ) were payable to Oxford Russia Fund in the year, $nil of this was included in creditors at the year end (2021: $nil). 

|**15**|**Cash generated from operations**|**2022**|**2021**|
|---|---|---|---|
|||**$000**|**$000**|
||(Deficit)/surpus for the year|(162,265)|115,554|
||Adjustments for:|||
||Investment income recognised in statement of financial activities|(4,347)|(3,879)|
||Fair value gains and losses on investments|148,577|(118,525)|
||Movements in working capital:|||
||Increase/(decrease) in creditors|834|(2,294)|
||**Cash absorbed by operations**|(17,201)|(9,144)|



## **16 Analysis of changes in net funds** 

The Charity had no debt during the year. 

- 22 -