Chanty registration number 1106885 {England and Wales) Gompany registration number 4988238 KHODORKOVSKY FOUNDATION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 KHODORKOVSKY FOUNDATION LEGAL AND ADMINISTRATIVE INFORMATION Truste A R Tulloch R M Caldecott A Drel M Logan P Khodoths Secretary D A Forsdick Charity numbor 1106885 Company number 4988238 Reglstered office 4 Hill Street London W1J SNE Auditor Graviia Audit Oxford LLP First Floor. Park Central 41>41 Park End Street Oxford OX1 1JD Banke Schroder & Co 31 Gresham St. London EC2V 7QA Solicltors TGW Law 4 Hlll Street London W135NE Investment advisors Morgan Stanley & Co. Intemational Limited 25 Cabot Square Canary Wharf London E144QA Blackrock 33 King William St London EC4R 9AS Goklman Sa¢hs Intemational 133 Fleet street London EC4A 2BB KHODORKOVSKY FOUNDATION CONTENTS Page Trustees, report Independent auditofs report Statement of financial activities Summary income and expenditure account Balance sheet 10 Statement of cash flows 11 Notes to the financial statements 12-19 KHODORKOVSKY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS, REPORT) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees present Iheir annual report and financial ststements for the year ended 31 December 2024. The financial ststements have been prepared in accordan￿ with the accounting polici8S S8t out in note 1 to the financial statements and ¢omply with the Charity's Memorandum and Artldes of AssocFation, the Companies Act 2006 and "Ac¢ounling and R8POrting by Charities.. Ststement of Recommended Practice appllcable to charities preparing their accounts in accordan￿ with the Financial ReFrf)rting Slandard applicable in the UK and Republic of Ireland (FRS 102)" (effectlve 1 January 2019}. Objectlves and actlvltles The objects of the charity are to advance education in the Russian Federation through the provision of scholarships to students and the maklng of donations to educational estsblishments, as well as to promote other charitable objects recognised by English Law. The Twstees have Complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefft guidance published by the Chadty Commission. Grant4naking pollcy The Foundation was endowed in December 2003 with $500 millon for the main purpose of advancing education in Russia and thus supporting the deveknpment of a robust and active uvil society in Russia. Prior to being designated {along with its r81ated charity, Oxford Russia Fund) an 'undesirable organisatlon. by the Russlan Govemment In Juty 2021 (see below under 'Aclivities and PerfO￿anCe,), the ChaTiiy supported the Podmoskovny Lyceum. a boarding sch¢)ol for 168 socially deprived children, siiuated outsid8 of Moscow and the Oxford Russia Fund Following the designation of the Foundatlon as an 'unde$irable organisation, by the Russian Gov8mment in July 2021, the trustees have sought to refocus Foundation's grant maklng poll¢y to SUPPt)rt institutions outside of Russia engaged in advancing 8ducation and supporting Civil s￿Iety and Human Rights. Achievements and porfornmnco Through the grant making aclivities of the Oxford Russia Fund. which was supported by the Charity. 22.794 specialist students, 10,288 undergraduate students, 7,698 graduat8 arKI 995 postgraduate students at Russian Universities were, in Ihe period 2005- 2021, awarded monlhly sthlarships of approximately USD110 (192 for students at High8r School of Economics} {using an average dollar rate of USD1=RUR52). Further, Oxford Russla Fund. during the period 2005-2021, sponsor8d 43 summer arKI winter schools and provided English languag8 humanities libraries to 20 Russian Universities. In addilion, the OxFord Russia Fund, provided in 201&2021, 30 graduate scholarships at USD 4.834 each and 26 fellowshlps at approximately USD 14.772 each. The Scholarships were awarded on merit and were deslgned to encourage the study of the humaniti8s in Russian state Universities. The grant gmng actlvlty of the Oxford Russia Fund in Russia Ceased on account of its inclusion by the Russian Ministry of Justice of the Oxford Russia Fund In the list of undesirable organizations (Order No. 732-r dated 9th July 2021 , list number 37, pursuant to the Federal Law of 28.12.2012 No 272 -FZ (as amended by the Federal Law of 23.5.2015 N 129-FZ (the "Undesirable Organizallons La￿. Following the designation of the Foundatlon as an 'undesirable organisation, by the Russian Government in July 2021, the twstees have sought to refocus Foundation's grant maklng policy to support institutions i)Utside of Russia engaged in advancing education and supporting Civil Society and Human Rights. KHODORKOVSKY FOUNDATION TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Podmoskovny Lyceum As a resutt of the support by the Khodothovsky Foundallon (prlor to the Russian Govemmenys designation of the Foundatlon as an undesirable organisation) , over the period 20C6-2021 of the Podmoskovny Lyceum, a boarding school outside of Moscow for socially deprived children, 2,945 pupils received a secondary school education of the highest qualty in a caring environment. Grant.ffAking The Foundation awards grants, directly or indiredly. to a diverse range of organisations includlng.. educational institutions providing fijnding to Russian academics and scholars. charitab18 organisal￿nS induding those that seek to strengthen civil society. promote social inclusion. communty development and th8 advocacy for human rights Medla organisations providing grants to media workers and media organisations which (i) support joumalists in Challenging environments and (li) promote the publication of independent and free infomiation. the promotion of human rights {induding the freedom of opinion and expression) and monitor human rights abuses; Thlnk tank organisations that focus on research on Russia and the forces shaping Russia's long temi future. Flnanelal review Fundlng Sour¢es The charity was provmjed in December 2ix)3 with an 8xpendab18 endowment of $500m and the fvnds for the work of the chartty a￿ derived from the income and capital gains generat8d by the endowmenl. The financial deficFt b8fore investment galns and losses amounted to $11,634,IXIO (2023: $13,417,000) detailed on page 8. Reswves policy Having regard to the ¢harty's endowment based Income; the reser4es to Cover fluctuations in donations are not required. Instead the charity's investment policy plans for fluctuations in in￿rne and capital growth and the need for funds to meet on-going commitments of th8 charity during p8riods of low dividend yiald and nil or n8gative capttal growth. There are no unrestricted reserves but there is a significarrt expendable endowment which can be drawn upon to CA)ver the costs of charitable activrtles In excess of the Investment Income eamed. Investmènt poll¢y The charlty has adopted as its long tenn current target retum for its investment portfolio 4'A over increases in the US Consumer Pri¢e Index and it is recognised that this policy envisages fluctuations in investment returns over the business cyd8. Three intemational investment banks manage the charity's funds. Rlsk The investment policy has a conseNative attitude to risk. Antlclpatsd Dlsbursements The long temi aim of the charity is to make annual grants of at least 2.5'/0 of the charity's funds. The above spendlng rate Is deslgned to preserve the real value of the ¢haritls funds over the long term. Monitoring of porforniance The monitoring of the perfoman¢e of the charity's investment portfollo has been delegated by the Trustees to an investment committee whose members include experienced investment management praditioners. The investment committee also reviews perfO[man￿ of the managers and the allocation b8hveen all dasses of assets from time to time to 8nsure that th8 total portfolio is prudenty invested. Perfornian¢e Over the year, the aggregate value of the Foundation's investments (2024.. $842M,' 2023: $766M', 2022:$683M) increased after the grants. This was mainly due to 8quity and debt markets stabilising after 2022 volatilty. The average annual charitable expenditure for the past three years as a percentage of invested assets (as at the end of the tlnanclal year) Is approx. 2.139h (2023: 1.74%). KHODORKOVSKY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Prfnclpal rfsks and uncortainti The trustees ¢ondu¢t th8 overall supervision and monitoring of the financial position of the charlty. There are risks to income as a result of fluctuatSons In world equity and bond markets but the charity's investment polcy adopted should minimise the risks to an acceptable level. Intemal Rlsks are mltlgated by the inplementation of procedures for the authorisation of all transacth)ns by at least two of the trustees. Plans for future perlods The Charity is unable, for the time being, to support education in Russia (for which purpose the Charity was primarily estsblished) in view of the inclusion of the Charity In the Ilst of undesirable organizations pursuant to the Und8sirable Organizations Law and has r8focused its efforts on supporting charltable organisations outside of Russia, pending the ablllty to support education in Russia again. Structurei governan¢e and management The Charity is a Company Ilmited by guarantee gov8med by its Memorandum and Articles ofAssociatlon. The Trustees. who ar8 also the directors for th8 purpose of Company law, and who served during th8 y8ar and up to the date of signature of the financial statements Y￿re.. A R Tulloch R M Caldecott A Drel M Logan P Khodorkovsky Recruitment and appolntment of Irustees Trustees are sele¢ted on the basis of the skills and experience they were able to contribute In the fields of education and human rights, Investment management and Charity administration and have been drawn from P8rsons known to the trustees, as supportive of the tharlty's work.. The Trustees have been selected for their skills and professionalism and come with many years of experience in different walks of life. Oryanlsalional slructure and relallonshlp with relatèd partles The tharity is managed by its Board of Trustees. Day-tovday management is delegated toA Tulloch. Statement of Ixu$taes' responsibilltles The Trust88s, who are also the directors of Khodorkovsky Foundatlon for the purpose of company law. are responsible for preparing the Truste8s' Report and the financial statemerrts in accordance wilh applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted A¢¢ounting Practio). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the inMming resources and appll¢atlon of resources, in¢luding the income and expendlture, of the charitable ¢ompany for that year. In preparing these financial stslements, the Trustees are required to: - select suitable accounting po15ci&s and then apply them consistently: - observe the methods and principle$ in lh8 Charities SORP; - make judgements and esllmates that are reasonable and prudent. state whether appli¢abl8 UK Accounting Stsndards have been followed, subjact to any material departures disclosed and explained in the financial statements; and prepare the financial statements on the going concem basi$ unless it is inappropriate to presume that the Charity will continue in operation. KHODORKOVSKY FOUNDATION TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enatrAe them lo ensure that the financial statements comply with the Companies Ad 2006. They are also responsible for safeguarding the assets of the Charity and hen¢e for taking reasonable steps for the prevention and detection of fraLKI and other irregulatiti88. D18closure of inforniatlon to audltor Each of the Trustees has confirmed that there is no infomiation of which they a￿ aware which is relevanl to th8 audit, but of which the auditof is unaware. They have further confirmed that they have taken appropriate steps to identity suth relevant infomiatitin and to establish that the auditor is aware of such infomiation. Small Gompany exemptions This report has been prepared in accordance with the Small Companies Regime under Section 41912) of the Companies Act 2006. The trustees, report was approved y the Board of Trustees. A R Tulloch Tru5ts0 Date: JI- /rf.J KHODORKOVSKY FOUNDATION INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF KHODORKOVSKY FOUNDATION Opinion We have audited the financial statements of Khodorkovsky Foundation (the 'Charity') for the year ended 31 December 2024 which comprise the statement of tlnanctal activities. the summary income and expenditure account, the balance sheet, the statement of cash flows and notes to th8 financial statements, including significant accounting pollcles. The financial reporting framework that has been applled In Ih8ir preparation is applicable law and United Kingdom Accounling Standards, including Financiat Reporting Standard 102 The Financial R@pO￿ng StandaKI applicable in the UK and Republlc ollreland (United Kingdom Generally Accepted Accountlng Practice). In our opinlon, the financial statements.. give a true and fair view of Ihe state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with Uniied Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion W8 conducted our audit in aCcOrdane￿ with Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in tha. Auditorf8 responsibilities for the audrf of the financial statemants section of our report. We are independent of the Charty in accordance.with the ethical requirements that are relevant to our audit of the financial statements In the UK, including the FRC'S Ethical Standard, and w8 have fulfilled our other ethical responsibilities in accordance with these requirements. We beliéve that the audit evidence we have obtained is suffident and appropriate to provide a basis for our opinion. Conclusions relatlng to golng ¢on¢ern In auditing the financial statements, we have conduded that the Irust8es' use of the going concern basis of a¢¢ounting in the preparation of the financial stalements is appropriate. Based on the work we have perform8d, we have not identified any material uncertainties r8lating to events or conditions that, individually or collectively, may cast signrficant doubt on the Charity's ability to continue as a going concem for a period of at least Iwelve months from when the financial statements are authorised for Issue. Our responsibilities and the r8sponsibilities of the Trustees with respect to going ¢onc8m ar8 described in the relevant sections of thls report. Other infomiatjon The other Infomiation comprises th8 information induded in the annual report other than th8 financial statements and our auditorfs ￿port thereon. The Trustees ar8 r88ponsible for the other infomatlon contained within the annual r8POrt. Our opinion on the financial statements does not COV8r the other information and, except to the extent otherwise explicitly stated in our report, we do not express any fomi of assurance ¢on¢lusion thereon. Our responsibility is to ￿ad the oth8r information and, in doing so. conslder whether the other information 1$ materialy inconsistent wlth the financial statements or our knowledg8 obtained in the ¢ourse of the audit, or Othe￿ISe appears to be materially misstated. If we identify such malerial inconsistencies or apparent material misstatements, W8 are required to determine whether this gives rlse to a material misstatement in the financial statements themselves. If. based on the work w8 have perfomied, we conclude that there is a material misstat8ment of this other infomiatlon, we are required to report thal fact. W8 have nothing to report in this regard. Opinions on other matters prescribed by the Companles A¢t 2006 In our opinion, based on the work undertaken in the course of our audit.. the information given in the trustees, report for the financial year for which the finandal statements are prepared, which includes the directors, rep)rt prepared for the purpos8s of company law, is consistent wlth the financial statements" and the directors, report Included within the twst8es' report has been prepared in accordance with applicabl8 legal requiremenls. KHODORKOVSKY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KHODORKOVSKY FOUNDATION Matters on whl¢h we are requlred to report by excepllon In the light of the knowledge and underslandlng of the Charity and its environment oblalned In the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, reporL We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to r8POrt to you If. In our oplnlon.. adequate accounting records have not been kept, or retums adequate for our audit have not ￿en received from branches not wsited by us., Dr the financial ststements are not in agreement with the accounting records and retum6; or rtain disclosures of trustees, remuneration specified by law are not made: or we have not received all the information and explanatlons we requi￿ for our audit- or the Trustees were not entitled to prepare the financial statements in a¢¢ordan¢e with the small compani8S regime and take advantage of the small Companies, exemptions in preparing the trustèes, report and from the requirement to prepare a strategic report. Responsibilities of Trustee As explained more fully In the statement of trustees. responsiblllties. the Trustees, who are also the directors of th8 Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such intemal control as the Trustees determine is ne￿$sary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financlal stalemenls, the Twstees are responsible for assessing the Charity's abilty to continue as a going concern, disdosing, as applicable, matters related to going concern and using the going concem basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic altematbve but to do so. Audltorfs responslbllltlos for tho audlt of the flnanclal statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatement, whether due to fraud or error, and to i$SU8 an auditols r8POrt that in¢lud8s our opinion. Reasonable assurance Is a high level of assurance but is not a guarante8 that an audit Gonducted in accordance with ISAS (UK) will a￿ayS detect a material misstatement when it exists. Misstatements can arise from fraud or e￿Or and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic de¢isions of users taken on the basis of thèse financial statements. Irregularities, including fraud, are InStan￿S of nonwcompliance with laws and regulations. We design Pro￿dureS in line with our responsibilities, outlined above. to detect material misstatements in respect of irregularilies, including fraud. The extent to which our procedures are capable of d8lecting irr8gularities, including fraud, is detai18d b8k)w'. the engagement partner ensured that the engagement team collectively had the appropriate compelen¢e, capabilities and skills to identify or recognise non4omplian¢e wilh applicable laws and regulations,. we id8ntifi8d th8 laws and r8gulations applicable to the company through discussions with trustees and other management, and from our knowledge and experience: we focused on specific laws and regulatlons whlch we consldered may have a dlrect materlal effect on the financial slatements or the operations of the d)arttable company, including the terms of grant agreements and Charity Commission regulation. we assessed the extent of compliance with the laws and ￿gUlationS identified above through making enqulrles of management and Inspe¢tlng legal ¢orresponden¢e where applicable; and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. KHODORKOVSKY FOUNDATION INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF KHODORKOVSKY FOUNDATION We assessed the susceptibility of the ¢ompany's fnancial statements to materlal mlsstatement, induding obtaining an understsnding of how fraud migm occur, by.. making enquiri8s of management as to where they considered there was su5ceptibiliiy to fraud, their knowledge of actual, suspected and alleged fraud., and ¢onsidering the intemal contrcls in Flace to mitlgate rlsks of fraud and noTrcomplIar￿ with laws and r8gulations. To add￿$$ the risk of fraud through management bias and override of controls, w8: performed analyti¢al procedures to identrfy any unusual or unexpected relationships. t8sted ioumal errtri￿ to identify unusual transactions; assessed whether judgements and assumptions made in dete￿inIng the accounting estimates were Indicatlve of potentlal bias; and investigated the rationale behind significant or unusual transactions. In response to the risk of irregularilies and non-complianee with laws and regulallons, we designed procedures which included, but were not limited to.. agreeing financial statement disclosu￿$ to underlying supporting documentation: leading the minutes of meetlngs of those Charged with governance,. enquiring of management as to actual and potentlal Iltlgallon and claims; reviewing correspondence with the Charity Commission and the company's legal advisers. and reviewing the terms of grant agreements There are inherent limitations in our audit procedures describ8d above. The more removed that laws and regulations are from financial transadlons, the less likely it is that we would become aware of non-compliance. Auditing stsndards also limit the audit procedures required to Identlfy n0￿CoMplIance with laws and regulations to enquiry of th8 directors and oth8r management and the inspection of regulatory and legal cO￿espOndence, rf any. Material misstatements that arlse due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities is available on th8 Financial Reporting Council's website at: https:l/ wvnv.fr¢.org.uklaudltorsresponslbllitles. This d8SCriPtion forms part of our auditorfs report. Use of our report This report is made solety to Ihe charitable company's members, as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's memb8rs thos8 matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, w8 do not accept or assume responsibiliiy to anyone other than the charitable company and the charltable ￿MpanY'S members as a body, for our audit work, for this report, or for the opinions we have formed. Robert Klrtland (Senior Statutory Auditorl For and on behalf of Gravita Audit Oxford LLP, Statutory Auditor Chartered Accountants First Floor, Park Central 4041 Park End Street Oxford OX1 1JD Date.. 31412025 KHODORKOVSKY FOUNDATION STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrnstrlctsd Endowment funds funds 2024 2024 $000 $000 Total Unrestrl¢tsd Endowment funds funds 2023 2023 $000 $000 Total 2024 $000 2023 $000 Income from: Investments 5.254 5,254 4,814 4.814 Total Income 5.254 5,254 4.814 4.814 Expendfture on: Ralsln funds Investment management 1,851 1,651 1,518 1,518 Charitable activities 15,237 15,237 16,713 16.713 Totsl expendlture 15.237 1.651 16,888 16,713 1,518 18,231 Net gainslOosses} on investments 84,400 84,400 97,C67 97,067 Net incomel(expenditure (9.983) 82,749 72.766 (11,899) 95,549 83,650 Transfers between funds 9,983 (9,983) 11,899 (11.899) Net movement in funds 72,766 72,766 83,650 83.650 Reconclllatlon of funds: Fund balances at 1 January 2024 767.409 767,409 683,759 683.759 Fund balances at 31 December 2024 840,175 840,175 767.409 767.409 The ststement of financial adivities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. KHODORKOVSKY FOUNDATION SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 All incon* fun 2024 $000 2023 $000 Gross income Transfer from end¢)wment funds 5.254 9.983 4,814 11.899 Total income in the reporting period 15,237 16,713 Total expendlture from income funds 15,237 16,713 Net expendiiure for the year KHODORKOVSKY FOUNDATION BALANCE SHEET AS AT 31 DECEMBER 2024 2024 $000 2023 $000 Notes $000 $000 Flxed assets Investments 12 841,707 766.606 Curnnt assets Cash at bank and in hand 290 4,210 Credltors: amounts falling due withln one year 13 (1,614) {3,407) Net current (Ilabilitie$)la8sets {1,324} 803 Total assets less current Ilabllhles 840.383 767.409 Credltors: amount8 falling due after more than one year 14 (208) Not assets 840,175 767.409 The fund8 of tho Chaiity Endowment funds 15 840,175 767.409 840.175 767.409 These financlal statements are prepared in United States Dollars. The rate of exchange at 31 De￿mber 2024 is £1-$1.2520 (2023: £1-$1.2731) The financial statements were approved and authorised for issu8 by the Trustees on .. A R TulloGh Trustee Company registration number 4988238 (England and Wales) 10- KHODORKOVSKY FOUNDATION STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 $000 Notes $000 $000 $000 Ca$h flows from operating activities Cash absorbed by operations 18 {18.473) (16,970) Investing activllles Purchase of investments Proceeds from disposal of investments Investment Income received (152,901) 157,009 5.254 {149,885) 167,182 4.814 Net cash gerberatsd from inve8tlng actlvltles 9,362 22,111 Net ¢ash generated from flnanclng activities Net Idecreaso)Ilncrease in cash and ¢a$h equfvalonts (9,111) 5,141 Cash and cash equivalents at beginning of year 11,221 6,080 Cash and Cash equlvalonts at end of year 2,110 11,221 Rolating to: Cash at bank and in hand Cash wlthln Investment portfolio 290 1,820 4,210 7,011 11 KHODORKOVSKY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity Inforniation Khodorkovsky Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is TGW Law, 4 Hill Street, London, W1J 5NE. 1.1 Accounting convention The financial statements have been prepared in accordance with the Charitys Memorandum and Artides of Association, the Companies Act 2008. FRS 102 °The Financial Reporting Standard applicable in the UK and Republic of Ireland. (°FRS 102°), the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in th8 UK and Republic of Ireland (FRS 102)" (effective 1 January 2019) and the Companies AGt 2006. Th8 Charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in dollars, which 1$ the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the n8arest $1.000. The financial statements have been prepared under the historical cost convention, modified to include ￿ed asset investments at fair value. The principal accounting policies adopted are set out below. 1.2 Going concem At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continu8 in operational existence for the foreseeable fvture. Thus the Trustees continue to adopt the going concem basis of accounting in preparing ihe financial statemènts. 1.3 Charitable funds Unrestricted funds are available for use at the discretion of the Trustees in fvrtherance of their tharitable objectives. Expendable endowment fvnds represent assets where the intention is for the assets to be held long term for the benefit of the charity. However, as it is an expendable endowment. assets can be utilised to cover expenditure that exceeds the balance on unrestricted funds. Income arising on the endowment fund can be used in accordance with the objeds of the charity and is included as unrestricted income. Any capital gains or losses arising on the investments form part of the fund. Investment managemenl costs are charged against the fund. 1A In¢ome Income is recognised when the Charity is legally entitled to it after any perf0rnan￿ conditions have been met, the amounts can be measured rellably, and it Is probable that income wlll be received. Donations and investment income are induded in the Ststement of Financial Activities when they are received. 12- KHODORKOVSKY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting poli¢ies S£i KHODORKOVSKY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 13 Crnditors: amounts falling due within on8 year 2024 $000 2023 $000 Grants payable rua15 and d8ferr8d income 727 887 2,511 1,614 3,407 14 Creditorn: amounts falling duo after moro than one year 2024 $000 2023 $000 Grant8 payabie 208 15 Endowmenl funds The fvnd balance represents the original donation of $500,000.000. which the donor specified was to be treated as an expendable endowment, together Thryth movements on the funds since that date. At 1 January Expenditure 2024 Transferd Gains and At31 losses December 2024 $000 $000 $000 $000 Expendable ondowments Endowment funds (expendable) 767,409 (1,651) (9,983) 84,400 840,175 Previous year. At 1 January Expenditure 2023 Transfers Gains and losses At31 December 2023 $000 $000 $000 $000 $000 Experbdable endowments Endowment funds (expendable) 683,759 (1,518) (11,899) 97.067 767,409 Transfers represent amounts transferred to unrestricted funds to cover the deficii on unre5triGted funds. 18- KHODORKOVSKY FOUNDATION NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 16 Analysis of net assets between funds Unre8lrfcted Endowment funds fund8 2024 2024 $000 $000 Total 2024 $000 At 31 December 2024: Inv88tments Current assetsloiabililies) Long terni Ilabllltles 841.707 (1.532) 841.707 (1.324) (208) 1208) 840.175 840.175 Unrestrlctsd Endowment funds fund8 2023 2023 $000 $000 2023 $000 At 31 December 2023: Investments Current a$setsl{liabilities) 766.606 803 766,606 803 767,409 767,409 17 Related party transactions There were no disdosable related paty transactions during the year (2023- none). 18 Cash absorbed by operations 2024 $000 2023 $000 Surplus for the y8ar 72,766 83,650 Adjustments for: Investrnent income recognised in ststement of financial activities Fair value gains and losses on Investments (5,254) (84,400) (4.814) (97,067) Movements In worklng capital: (Decrease)finrnse in crediloffs (1.585) 1.261 Cash absorbed by operatlons (18,473) (16,970) 19 Analysis of changes in net funds The Charity had no material debt during the year. 19-