Charlty R•gl•lrallon 144x 1108957 C(xnpany R•glstrallon N*x S341971 (England and Wal••) OXFORD RUSSIA FUND ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 OXFORD RUSSIA FUND LEGAL AND ADMINISTRATIVE INFORMATION A Tulloch J Niqhtingal• R M C8lde¢ott S•cr•lary DA Forsdlck Charlty nwnlJ•r 1108957 ompany numb•r 5341971 4 Hill Streot London W1J SNE CritchleysAudM LLP Beaver House 2348 Hythe Brfdge Street Oxb Oxforfshlre OX12EP Bonkor• Schroder & Co Limit¢d 31 Greiham Street London EG2V 7QA Sollcllorn Tulloch & Co 4 Hill Street Lond W1J SNE OXFORD RUSSIA FUND CONTENTS Trusttt8' report Indepen(isnt auditotr8 report Statement sx financlal •¢bvihe¥ Balan￿ sheet 10 Statement rfcash IIow8 11 Notes to the finandal $l•tements 12-17 OXFORD RUSSIA FUND TRUSTEES, REPORT (INCLUDING DIRECTORS. REPOR FOR THE YEAR ENDED 31 DECEMBER 2Q21 Trustees present Iheir onnual rnport and financial 8t•temtnt8 for the year ended 31 December21f21. The financial statements have bean prnpared in accordance the 8ttountlng polcie8 set out in note 1 to the nancyal statements and cornp￿ *fyth the Chanty's Memorandum and Arbdes ofA88ociation, the Companies Act 2006 and "Accounttng and ReportSng by Charities: Statement of Recommended Practice ap￿leable to charftles preparfThJ their accounts In a¢wdanGe with the Financial Reporting StarKlard applScable in the UK and RepubThc of Ireland {FRS 102). (effective 1 January 2019). ObJecllve• and •¢tfvMI•s The main Ob￿cts of the tharity arè to advance education In the Russian Federation thrO￿h tho provision of schoLgTships to s￿dents and the maPing of donatitins to educ•lional •slabllshments. The charlty focused, prfor to being deslgnat•d 'an undesirable i)ryanlsation by th• Russian GDv8mment in July 2021 {5ee below under 'Actfvitlo8 and P•rformanc•'l on gran1$ lo RU￿8Th unfver8rbes for the provision of s(*olarships, the distributlon of Eng￿$h kgnguagè acad•mK books to Ru88ian univoT81ti•5 the support of corderences on topics of (xrrent relevance to Russlan untversilies. The Tru8tees oonflmi that they have complled ¥￿th the duty In sectlon 1715) of the Chwitse¥ Art 2011 to have due regard to the guidance published by th• Charty Cornmission. Grnntwmaklng poIIcy The Tru$t•es has sought to advance education In Russla by: tho provision of 8¢holarship$ foT Students {of Rusgian na￿onalIty> attending Ru8s1an Univ￿￿¢$ In th• Humanib'es; the $upport of Russian edLKalonal insttiuboro and non*rofft org•nisatlons for￿sed on gjucation., the Support of edu¢8tional institutions in the UK véhlch indire¢Uy advance educ•l'on in Russia through the pro￿$10n of trainin9, researth PTogrammes, sludenvteacher exchange programmes and cukur•l ACtSvfties', and the 5UPPOrt of conference¥. wheresoever held, on tOF4cs Telated to RUs￿an edurAdon and other InMalive8 which mlght advance educallon In Ru88ia. Tho designation of the Charity as an 'undesirable organlsauon. ty the Ru$8lan Govemmenl has ¢aus¢d the trustees to pirt a hall to the adwties of the Charity Sn Russia for an indefin￿8 period and to ¢onsKler how else can aclN'eve its obl•cts. Achlwwmnts and yfornMnc• AS a result of the grant m•klng activitses of the Charity. 22,794 speoalist students, 10.288 undgrgraduate students. 7,698 gradualg and 995 postgTrdu*te 8trAents at Ru￿1•n un￿er5￿3 vme in th• period 200& 2021 awarded monthty scholar¥hlp5 of approxim•tety USD110 (192 for Students at High•r School of Economks) {uslng an average dollar rats of USD1-RUR52}. Furlher, the Charfty, during the ￿rIOd 200&2021, sw)nsored 43 Bummer and Mrynler sthools and provlded Engllshlgnguage humanitie8 librarf•s to 20 Russian Universltles. In •ddrtlon. during 201&2021. 30 grgduata scholarships al USD 4,834 each and 26 le1￿hIpS at approximat8]y USD 14,772 &a¢h awarded ty the Charity. The Scholarships were awarded on merit and de*r*d to •nGoLYage the sluty of the huMan￿e5 tn Russian Stste Universthes. The grant giwng acllvty of the Chjrlty In Russla ha5 ceased on account of the InduS￿n by the Russian Ministry of Justice of the Charfty in the list of undeBirabk org8nlzalions (Order No. 732¥ dated 9th Juty 2021. the list number 38) wrsuant to the Feder81 Law of 28.12.2012 No 272 -FZ (as amended by the Federaj Law of 23.5.2015 N 12￿Fz lth•"Ihxl¥slrnblo Oryanlzallons La￿). OXFORD RUSSIA FUND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 A rnvlgwof tho last 18 y•v5 In Ihe 16 years up to July 2021, the late Anlhory Smth CBE, ex pre¥ident of M8gdal•n Coley Oxfo￿, John NIghtinga￿. Fellow of IAagdolen College, and Alastair Tulloch, a graduats of Magdalen College, as trusle•s of the Oxford Russia Fund CORF?, traveU•d to Russlan UnNers1￿e5 to moel 7Mth Rector¥, stgff and th• sludents. These visits ￿Te abrupt￿ brought to a hall vknen the ORF was desigrTrat8d an ,￿deSIrable organiiatlon, ty the Russian GDvemmenL The eff¢¢t of suGh deSignath￿l$ to wohlbit the ffganilation from tran81ethng funds to RuBsla prohbit any RUs￿an national inside or OLtside of Russrd from belng invofved in it¥ actmtiets. Tho de8ign8twJn 1$ made und Russia's Fornign Aggntsl Undesirabk OrganRations Law and 8pplie5 to oryanizations wthlch Ru88ian 13)vemmEnt thinks could have an a(fverne poli￿c31 Infiuencè on Ru5slan8. ORF e8tsbli$hed ty the tNsts•s of the Khodorkovsky Founthllon in 2005 with the alm of provldkng 8cho18rshlps to Russian uni￿r8￿Y Students. The name Oxford Russia Fund was ￿￿$•n to avold any obs&￿e lo ils work in Russta that the name of KhodO￿0vSkY Foundalion coukl have creat•d, in of Mlkhail Khodorkovsky baing In jail unul hi$ release In 2013, though Df courne the fact of the fvnding from the Khodorkov8ky Foundation was dearfy laid out in th• pubfic IInanG1￿ StateM￿ts of the ORF and Khodoth)vsky F￿ndatiOn, both of are wisterod Engli6h charttles. The ORF'8 Schoi8rnlMp programme was rollèd out al 20 region￿ Slate Unf¥ernities throughout Ru881a from N¢vg¢)rod in Ihe to Vladrvostok in the East and from Pelrozavod in the North io Krasnodar in the South. The scholaTrhip8 knEre oyn to student$ ¥ludying the humanities (often undeThalu•d 8ubjects in Russia). Th• students vRre shortlisled by the local State Un￿rSthe8 vAth a final selection being made by an Independènt Moscow group of academlcs. The amount of thE gcholarships was #pprox. USD1,000 p.a ￿111￿ In the eaty year8 of scholarships vrds lust 8uffirAent to live on. In laler years and as re¥ult of Inflation. the $d￿laBhiPS Ere a wn1￿Me supplement lo stale 8tudent yranl$ and family sUPPOrt. A perennial qU￿tion put to ¥Ch￿arShiP holders on the trustees, visits to Russian Unlversities was '8hould * increase the Rouble amourrt ￿ the scholarship and reduc• Ihe number of xhdarshlps7 The students, vote VAS akvay8 in favi)ur of alk￿ing aj many students 83 possllle to Se￿re the coveted of a ORF 8Gholarship and not increawng the Roublè amount of the 8cholar8hlp. The SchoLqrshlp8 became an irtogral part of thé a¢ademlc programm• of the 20 stats unfver8llle8 and ¥limulated independent r￿arch la8 scholarships were awarded for octivty twond the minimum effort required by the univer5ityl. Above all. $cholarship$ made th8 Scholars prwd to be stud•nts in thè humanttles. Many a sttthnt would say, at last l can tell my parents. that l am dolng something worthwhrfe arKf recognised by others. Over 41,000 students land never legs than 2,000 8bJderrt¥ a Y￿r) recelvèd $cMar8hips during the 16 years of the sctdatship programm8's èxistence. Over the years. ORF adapted the programm•, seeking to listen to what th8 Ractors sald as to how the fvnding could be used most effecfvety. ORF supported primarfly undargraduate students stsrting from thelr 3rd year of study, bul a180 graduate students. post gr8duates and young teachers. In addltion to the Scholarships, ORF supported the W)ivers￿8 by wovlding Engllsh language text academic librarfes for the humanhles in hard copy and da¢tronicaNy and SUPFQrted 43 summer and wlnter Schools, 9￿ing an opportunty to slu¢lents to meet students from other universill•J and dls¢us8 multtdisclplinary tOPiC8. perha￿ the n￿t I￿table of those 8umm8r scho￿8 wa$ the Pem English Language Confwence brought over modem Engll$h writers to talk to univer51ty [ec￿rerS from acr￿ Ru8810. In addrtion to these Fwramme8, ORF prowded a Rectorfs discretionary grant equal tD 10% of the cost of the s¢holarBhips, for the rectors lo Spend a8 they chooso- ￿ether on travel grants, more books, seminars, joumal$ or othep•ai8e, on the basls that the Te(*ors would bettér placed than the trustees to judge vthat ￿Te the more urgent areas for ffinancSal suppo Winst Ihere had been occasional rumbllngs in the Russlan pw$ that Mikhail Khr)drlr￿kY wds trying to gdveryely infiuence the youth of Russla through ORF'S wo￿. ORF was atl*Med to rontinue tts unth'l 2021. The trustees were 8crupulou8 to avold gny type of actsvity %thich mrghl be interv* as ha￿n9 a pol￿¢81 element. Hv•Kver the RuMlan Gov￿rnent eventuaily dedded ttlat ORF $hould be shut in Juty 2021. The trustee$ left behind many friends In Ruwa that Shared Ihe passion tr) support humaniOès in Russla and have many happy mernorie5 of tha lo Russlan unT¥ersTiie$ oer the 16 years of ORF'¥ 7work. Whttever tr* trusttts went In Russla, the trustees ￿re greeted wlth waryn howlalty arKI a shared inter•81 to ass15t students to discover the dellghls of studying the humanfaeg. OXFORD RUSSIA FUND TRUSTEES, REPORT {INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Flnancw rovI•w The resur￿ of the chgrity in Iha y￿r are set Ixrt in the Statement of FinanrialACtm￿•s on pay 8. s at 31 Dewnber 2021 free rese￿9$ (represenlod by unrestsicled funds} ￿[e $83.386. The chority is dependent an grants from the Khodorkovsky Fuundation whlch has agreed to contlnue the exp4nsion of the y￿rk In RU￿la. Due to thè fundng a￿angements tho TnJstee8 consldor thor0 is no requlrement for the tharity to hold re8erve8. Pljnb for fu￿r0 p•vlods The Charmy is unabte, foT the time being. to support education in Russla (for vthich purpDse the Charity is fund•d ty the Khodorkovsky Foundation> In vlthv of the indu$iM of the Chth in the list of undeslrable org•nizatsons pursuant lo the Unde$irabl• Organlzations Law. strU￿rg, govemaKe and m•nag￿nOTht The chaiity h a ch8ri1able r%Jmpany limited by guarantee. The charity is 90￿m•d ty Its Mor￿ran￿m and Jb¢les ofAuoryation. Th• charity 1$ managed by ts Board of trL￿t••5 and the charfty has a represertstive offi¢e in R￿Sla through Wh￿n the *vrk of the charity in Russla Is Cctrordirbaled. The major risks, as Idenufied by the trusl¢es, have been revie**d and systems established to M￿gate those risks. Currency tluctuations and infiation in Russla are the two principk varlablps that cBn impact on the of tho Fund and the Trustees Seek to am•lk)rale their efleGt by adlugllng the level of gr8nts. Russian Govemmenl policy sh1ft8 may also effecl tha stuty of the humanitiès In Russian universiiies and thè Fund monitors $u¢h policy changes and seeks lo adapt ts projects accordingty. Tho Khod(thky FouThJation, a charity ￿ tru8tees in common, provldes the vast majorriy of Oxford Ru88ia Fund'8 incomo. The Twstees, arè al￿ the directors forth• purpose ofcompany law. and 8eryed d￿ng the year and up to the date of slgnature ofthe finowal statements were: A Tulloth J Nlghtingale R M Caldecott ADSmith (Deceased 28 November 2021) New trustees we inducted In to ther rol8 a$ trustsès in a swies of brl&fings on the ￿K)rk of the charity. Trustee$ have been sel•ct•d from th￿1 skill$ and Prof￿910n￿li3M and com• with many Yea￿ of exp•ri•nc• In drflerent vAlks of Irf8 and add￿Onal training Is provlded through wo￿n9 toyther on joint visits to Russlan univers￿e8 and on thè Fund's projects. OXFORD RUSSIA FUND TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 81atom•nt of TnMtMs' r•8poMlblllll The Trustees, are also the directors of Oxf￿￿ Russ1• Fund for the putpose of company law. are reaponsltrA¢ for preparlng 1he Tru8teeB' Report and the finanual 8tslements In accordance *lth appliCa￿e IM and Un KnrydomAGcounlng Standards (United Kingdom GonèrallyAecepted Accounting Prxfj￿). coMp￿Y Law requlres the Tru#tee¥ to prepare financlal statements for eath Ilnanaal Year￿thIch glve ¥ true and falr of the stste of affalr& of the Charfty and of the incomlng re80urces and applkation of resources. Indudiny the income and expendiiure, of the tharitabkg company forthat year. In weparfng these financlal slaternerrt8, thè Trustees are Tequirad to.. . select ¥uttable ac¢oLnllng pollci6s and then athy thEm conJistentty', - obswm the methods and prin¢iple8 In th• Char￿eS SORP., . mthe judgements arKI estlmate8 that are rnasonabfo and pnjdant., and - prepare Ihe finandal statements on the going concem basis unles8 It 1$ inappToprlate to presume that tho Chaiity CDnllnu8 In op8tation. The Trustees are responslble for keeping ad•quate ac¢y)unbng rKords that dlsclose with reasonable accuraLy at ory time the finan¢ial poslti'on of Ih• Charity and enable them Its ensurn thot Ihe flnanrial staloments comply vAlh CompanSes Act 2006. Th•y are 0180 rnsponsible for safeguarding the assets of the Charity and hence for taklng reasonabl• steps forthe pre￿n￿on and deleciion of fraud and other wregulaths. DlsclrAur• of Infornmllon to •udltor Eath of the Trustee8 has confinned that there Is no infomation of vthlch they are awore whlch 18 relevant to the audl but of v#hich tho auditor is unavr4re. They have furth•r confimwd that they have taken appropriat& steps ts Identify such relevant Irrformation and to establish that thè audttor 1$ avAr8 of such infomwtion. Small ¢ompany exemwfo Thls report ha8 been prepaT•d In accordaneè *Tth the Smal Comp•nies Re91￿ SectiDn 419(2) of the Cc¥npanlesAct 2006. The TNste8s' report was approved by the Board ofTrustsas. A Tulloch Dat•.' 23rd March 2022 OXFORD RUSSIA FUND CRITCHLEYS INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF OXFORD RUSSIA FUND nlon We have audited the finanual 8tstements of Oxford Russla Fund {the 'Charlty') for the year end¢d 31 Dewnber 2021 vknlch comprfse Ihe statemerrt of finanGial acth+￿e8, the b81¥n￿ shoet. the 8talement of cath IIM and the not88 to the flnancigl statom￿￿. induding slgnlficant accounting pOr￿eN. Th finandal reporting framework that has been applled in thelr preparatiun TS appIl￿ble law and Unked Kingdtyn Accounting StandaTd3. induding FRS 102 Tre Flnan¢ial Repoiting Standard aPPfjCa￿e in thé UK and Republlc of Irelanrt IUnil•d langdom Gonerally A￿PtadAccount1ng PraGlcé). In t)ur oplnlon. tha financi￿ statements.. give a tn￿ and fair view ol the stale ofthe ch8rSlabl• conyanY8 affalrn as at 31 D￿eMb￿ 2021 and of ts incoming r•source8 and appllcation of resources, forthe year th￿ ended: ve been property sY*parnd In aCco￿anCe United llngdom Genwalty knpt•d Accountlng Pra¢*•" and have boen mrnd In accordance V*lth Iho rEqUitemert8 ofthe Companhy Act 2006. Ba•1• for oplnlon We coThlucted ¢)ur audit in a￿rdancE *ilh Irttemthal Standards on Audib'Tr3 (UK) {ISAs IUIQ) and applkab IWN. Our responslb1l￿￿9 under those standard8 or• knrther described In the AudKoP¥ reswnwbHRi&s forthe audft of the thancl8lstatsm8nts gectlon of our report. We are indeper¥Jent of the Charty In accordance *llh the ethlcal requireThnts that are rthvant to our audtt of the fingncid statements In th• UK induding Ihe FRC'S Ethical standard, ard wa have fulfilled our other ethwl responsibikn'ties In accordance ¥￿th the￿ requlremnts. W¢ believe that the 8udtt evldenre we have obtained 1$ 8uffldont arKI approprfate b prnwde a bas18 for our D￿nIon. Con¢luslons rthllng tr) golng c¢)nCOrn In audiling the ffinanci￿ stal•ments. V•t havo conduded that the Trustees. of Ihe goirvJ concem ba81¥ of counttng in the preparthn of the finBncial statements 18 oppfopTlate. Based on the V4Drk wo have performed, we havg not Id•nlified any malerfal ￿r￿rt8￿￿eS relaty ts events or Gondltlons Ih•t, Indlwdually or colWively, may cast significant doubt on the Char5ty'8 abllty to contlt)ue as b¥)ing corKem for a pedod ofat loast monttffj from ￿ffien lh• IlnanrAal 8tatements arn authorfwl for18SU•. r responstbllities ond the re8p0nslb1l￿ of the Tntytee8 *lth respect to gdny ccncem are described in the rdwl 8ecllons of thi$ r¢poFL The other inforrnation ciThpri8es the information induded In the annu81 report otsT than the finonual $tatsments and our audttofg report thereon. The Trustee$ are re¥ponslble fDr the oth8r Information contsined Iwthin the annual report. Ow opinion on the ffinandal statements does not Covor th• other irrformalon and. except io the extent oth0N￿$¢ expllc5tly stated in our re￿rI VIÈ do not express arry fonn of assur¥n￿ w1¢￿s1On th•r•on. Ow re8pon8ibilty Is to read the other Information ond, kn doing 80, cOn￿der ￿thether the other Informdon Is materially incon￿$￿Trt ￿ryIh the financlal statements or our kn¢rhledge obtaine(l in lh& ￿urSe of Ihe audrt. r otheNlse appears to be materfalty mi￿￿te{l. If we klentlfy such material inconslstencles or apparent malertal m*stat8ments. Vot are requir•d to detemline whèther this gwes rfse to a rnatsrial m155tatement in the financEal statem￿ts them8eheJ. M, on the have perfofft￿d, wé co￿ludI that ther• 15 a mal•rfal mMstateTrRnt of th1$ other info on, we are r•qulrad to reportthat facL nothlry to report In thi$ reg•rd. OXFORD RUSSIA FUND INDEPENDENT AUDITOR'S REPORT ICONTINUED) TO THE TRUSTEES OF OXFORD RUSSIA FUND Oplnlom on othor matt•rn pro•crllJ•d by th• Compan1•• AGI 2006 In our opinion. ba88d on the *Drk undertaken In the course of our aud￿. the Infomati¢)n gNen In the Trustees, report. which Indudes the dlre¢tors' report prepar•d for the pu￿5•5 of ￿npanY law. for th• financ18J year for %thkh the finanrAal 8latements are prepared Is ¢on$lstent wth the nancial stataments; and fhe diredors, report incfud•d V￿th￿ the Tmstees. report has bean prepared in accordance with appllcable legal requirwmnts. Mntt•rn on **hlch ￿ •r• roqulrod to v•port by •xc•pt In the light of the knovAedge and urKJeryJL2nding of the Charity and its ￿n￿rOnment obtoined In the course of th• dL Mi ha￿ not idEntified matertal mtsst*merts In the dir•cth' report Inchjdpd ￿rythIn tho Tr￿￿te￿, reporL Wo rK*lhiThJ to report in tespoct Df th• fdlowng matters In rvlalh)n to whi¢h Ihe Companles Act 20 requires u5 to report to youll, in our oplnlon.. adequate acLounbng re¢ords have not been kept, or retwis adequate for our have Th?1 been receNed frDm branches nol ￿sited by us. or the financial statamants are not in agreement 7hryth ac¢ounlng re¢ord8 and retums: or certain disc105ures of tru8lees' r•muneralon spe￿￿ by law aro not made. or •a hav• not ￿ceIVed all the information and explanations we requlre for our aud¢ or the Trustees were not entslled to prepare the financial statements In accordance Nmth the Smafi companl8S glme and tske advantsge of the small companies. exemptions in preparing the Tru8tees' report and from th• requir•ment to prepare o strategK reporL RMpoMlbllllle• ol TnMto•• As explained mre fully in the statement of Trustees. responsibilitlos, the Trustee¥, are atso the director¥ of the Charity for the purpose tsf company Iww, are responslble for the prnparatK￿ of Ihe financAal statements and for beiry salisffed that they give a true and falr ￿ew. and for such Intemal control 88 th• Trust￿ delermlne i¥ necossary to enable tho prwaration of financi￿ ststements that are freè from material mlsstatemenl, ￿er due lo fraud or error. In preparing the flnancial statements. the TNsloes are responsI￿e for ass•$8ing thé Chavlty's abllty to contlnue as a going eoncem, dlsd05ing, as applicab￿, matterg rel•led lo going concem and U8ing the golng concem bask of accounling unle88 the TN$1￿ elther intend to r￿UIdate the charitable ts)mpany or to cea8e operalions. or hav• r￿ reah'stic altemthe but to do so. Audlioh r•sponslbllltle• for th• audlt of th• fin•ncW ¥tatom•nts Our objedves are to obtsin rea¥onablo ￿￿rance about whether the financAal stat•ments as a are fro• from material mlsstalemen( vthether du¢ to fraud or eThor, artd to l$$ue an auditorfs report that indud•s our OFinion. Rea50nable a¥8urance Is a high thl of a88urdnee but Is not a guarantee that an audll Conducted li accordance vmh ISAS (UKI ￿11 atrways detect 8 materld misstatomenl *l)en it exists. Mi58tat8menl8 can orise from fraud OT error and are conside￿d matsrfal if, indlvldually or In the aggre9ate, they could reasonably be expe¢ted to inlluenc• the economlG doci$ion$ of u8er8 tak•n on the bas1$ of th080 finandal statemen OXFORD RUSSIA FUND INDEPENDENT AUDrroR'S REPORT ICONTINUED) TO THE TRUSTEES OF OXFORD RUSSIA FUND Irregularitses, Includlr4J fraud, are in8tsnces of ￿0￿COmpli8n￿O vAth laws and Mgul￿on$. Vtrt deS￿n proce￿￿5 In line our responsibiliiie8. OUtlln•d above. lo detect material mtS8tst•ments in respect of Irregularit￿8, including fra￿J. The exlert to téthith our Procedures ¥• capable of detecting irrewl•iitie8, induding frnud, 18 d•tailed belthy. th8 engagement partner ensured the engagement k#m colecfvely had the approprfate competenu, Gapablitie$ and to Id￿tify or recagrM8e nortrcompliarKe with apFdiGable law8 and regulations- Identified th• lay￿ and regulalons apFlicatle to thé company tfrmugh th3￿8￿0n5 wth dTeGt()rs and other management arKI from our kntrmedge and expe￿OnCe., we f￿Used on 8pecffj¢ la￿ arKI regulations vthlch we considemd may he￿ • direct material effect on the finafi￿al statèments orthe operaions ofthe company. V+e 8ssessed the extent of compliance th the law& and regulation¥ ￿ed above through making erquirie8 of managemerrt and Inspedng leg81 corrwwjndence where applicable,. and Identffied law3 arKI regula￿On5 were communicated wthin the audit team re9￿0rfY and the team remained alert to instances of nonwcomp112n¢e throughouttho aud Vk aSses￿d the Susc￿bIlfy of thè company's fmn¢ial ststements to rrAt•rial misstaement. IndLKSng obtaining an understandlng of how fr8ud mlght 0￿1r. by.. ma￿'n9 enqulrfes of management as to vthere they congidered thero was iuJcepb"bility to ftaud, their kn￿kdge ofactual, suspected and alw fraud.. and considering Ihe intemal ¢ontrols in place to m￿g•te rfsks of fraud and rw)nwcompllance ￿ laws and regulation3. To address the risk of fraud through management bi￿ arbj overrfde ofcontrojs, rformed ana￿lCa1 procadurns lo identfy any unusual or un•xp8thd relationshlps,. test￿ loumal enthe$ to identrfy unusual transaction$" a¥se$8ed whether judgements a￿1 assumptions made in detewnining 6stimates *re indicatwe of potsntlal bla3,. and knve6tig8ted the rationale behlnd 819nfficart or unusua tranBaclions. In wpon8e to th8 rlsk ot irregulaths and r￿￿complI8n¢e With lavA and r•gulationB. designed ptoceth whlch I￿Uded, but￿re not IlmW to.. agreeing finan¢io1 Statement disdosures to undertying $upportlng do¢um?ntsYon; reading the minute$ of meetlngs of thos• charged vthh governance., enquiring of m8nagemenl as to athial and potentlal and d•inw'. r¢vlewing rolevant correswndence. There are Inherent limitalEon5 in our audlt procedures desuibed 4bov•. The more removed that laws arKI rryulalions are from finandal tran8gdions, the less likely il Is that we would become awa￿ ot r￿￿GUmpI1anCe. Audiling standards 81s01Smf( the 8udit Pr(￿edureS required to Klentify nOn40m￿[ar￿e W￿1h law8 and regulab'on8 to enqulry of the dlrectors and othèr management and the in8peth.on of re9ulatory and legal ¢orrespondence, rf any. Materfal m￿Statements thot ¥ri8• due lo fraud can be harder to dètect than those thai adsé from •ffor as thay may Invofvo dellberate con¢ealmènt or Coll￿10n. A further de￿IptiOn of our rnsponslbiliiies is a￿11*bIe on the FIna￿la1 Reporling Coundl'8 webs￿8 at.. Mtp8Jl www.fir.org.uwa￿￿rtQrSreJPm$lb1lItl88. This descriptlon fomis part of our audibl8 report. OXFORD RUSSIA FUND INDEPENDENT AUDITOR'S REPORT (coKfiNUED) TO THE TRUSTEES OF OXFORD RUSSIA FUND UM of our r•port This report 18 made ￿)IelY to the thathab￿ companls members, as a body. in accordancè wrth Chapter 3 of Part 16 of lh• Comp8nie8 Act 2006. Our aud￿ work has b•en undertaken so that ￿ mlght state to the choritatAè company'5 members those maiters ¥￿ are raqulred to state lo them in an auditor8, report and for no other purp09e. To the fullest extent pemiitled by Lqw. we do not axepl or •8sume resF4)n51bllty to anyone other than the charitabk company and the charitable company's member8 a5 a body, for our audit work, this report. for th8 oplnbns ￿ have forn￿d. Rob•rt Kirtland (8onlor Staiutory Audl for and on b•half of CrlicW8 Audlt LLP //•• Chartorod Accountants Statutory Audltor 4 April 2022 B•aver House 234B Hythe Brfdge S Oxford OxYord8hlre OXI 2EP OXFORD RUSSIA FUND STATEMENT OF FINANCIAL ACTMTIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 m• and Don8tions and grants Interest 251,186 3,788.421 Total Incryn• 251,186 3,788.423 dl Charitable activrfaes 187,800 3,788.423 Not Incom• for the yo•rl N•t MoV￿￿nt In fvnds 63,386 Fund ba￿¢8¥ at 1 JarnMry 2021 Fund bAJanc8• at 31 D•¢•mb•r 2021 63,386 The jtstement of financid acU¥lties indudgs all galns and losses recognl8ed In the year. AJI in¢ixn• and expendliure delive from ¢ontlnulng acbvileB. The statement of finan￿￿1 acbvmes al80 complies Y￿￿7 the requlreff*nts for an Incomo and expornltturn account under ths Companies Act 20(￿. OXFORD RUSSIA FUND BALANCE SHEET ASAT31 DECEMBER 2021 2021 2020 Curr•nt ass•ts Debtors Cash at bank and in hand $35.377 37,969 71,965 71,965 573,346 Crodltorn.. falllng duo phlihln 18,579) (403,359) Net Cul￿nt asBets 63,386 109,987 Cr•dltors: •mounl• falllng aftor morn than on• year io {169.987) 63,386 Incom• fund* Unre8knthd fund8 63,388 63.388 The financial 8taiements apwoved and aulh¢xised ft>r Issue by th Twslees on 23rd March 2022 8Stalr Tuuoch Comp•ny Rggl•tratton $341971 10- OXFORD RUSSIA FUND STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Cash tloM from op•ratlng •ctfvltlo5 Cash generated from operations 12 33,996 26,338 Il•t Guh uwl In Inv•stlng actfvltl•• N•t ush us•d In fiTha￿lng a¢llvHIès Nèt Incroa•• In eash and cuh •qufval•nts 33,996 26,338 Cash and cash equivalerts at begknnSng of year 37,969 11,631 Cash and ¢•sh •qulvalonl8 at ond of y•Jr 71.965 37.969 OXFORD RUSSIA FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accountlng pollcles Charmy Inlomiatlon Oxford Russla FuThJ 18 a pfvate company lknlted by Incorporat•d in England •nd IVale8. Th• Tegislgred office Is TulWI & Co, 4 Hlll Street, London, WIJ 5NE. 1.1 A¢￿untIng ¢omiwrtlon The financlai $1gtemerts have been prep¥rod in •curdance wHh the Charity"'s Memorandum 8ndArtIc￿3 of AS￿￿alOn. Companies Act 2006, FRS 102 Yhe Flnanaal Reporting Standard appllc8ble in the UK and Republic of lrnland. {'FRS 102"), the CharIt￿S SORP 'Accounlng and Reporting by Charlt6ès.' Statement of Recommendod Pra¢tice appllc4ble to charibes preparing th6lr a¢￿￿nIS in accordance the Financlal RepDrting Standard app1kab￿ in the UK and Republic ol Ireland IFRS 102)" (effe¢tive 1 JaNary 2019) arKI th8 CompanlosA¢t 2008. The Charfty 1$ a Publlc Benefft Enty a8 defin￿ by FRS 102. The financlal statements are prepared in sterflng, whlch i8 the fvnclional curr•ncy of the Charity. Monetary amounts in these finan¢ial statemonts are rounded to the neareBt S. The financlal glatwnerts hav• been prepared under th• historic￿ co¥t Conv￿tio￿ Th• principal a(wuntkng po&aeB adomad are let out b•low. 12 Golng c¢)nc•rn At the time of appromng the finandal statements, the Thtstees hav8 a reasonable expectation that the Chanty has adequate reBOUTces to continue In operational existence for the foreseeabl• future. Thu$ the Trustees continu• lo adopt the goln9 ¢onGem ba$ls of accountiThJ In preP￿ng the financl41 statements. There ar• no material uncertainlie5 about the Charity's ability to continue. 1.3 Charllable funds Unre3tricted funds are avallable for uoe al the dl8cretlon of the Thi*es in frJrtherar￿é of Ij￿1r charitabl• obl8cthe8. 1A In¢ty Inoome 18 recognlsed vthen th• Charity 18 legauy entitled to ri after any perfomian¢e condttl￿3 ha￿ been me( the amounts can be measured rnlraw, and tt Is probable that income will be r￿e1Ved. 1.6 Expwdltur• Expenditure is a¢xounted lor on an a¢cruab bas18 and gross of any Trlaled Income. They are classified under headings that aggregate all costs related to the category. Where c0818 cannot be dlrectty attribuled to particulw headings. they have been allocated lo acaivitie8 on a basis consistent wlth the u8e of reBOUTC•S. Charitable expendthre comprises dir•ct expenditure includlng grants. lfyfftere costs Cannot be directty attrlbuted. they ha¥e been alocated to athtsea on a basis con814tent ¥￿fh the use ot Expenditure on grants is recorded On￿ the commthènl to pay th• grant has been agreed ￿lIh th• beneficiary. Ifthere is a mU1￿yO8r grant agreement ￿ the Fund has tho rights to ternilnats the agreement, onty the current year's grant is induded in •xpenditure. Any support costs Spe￿fiC lo one of the activ1￿$ is alkncated wholty to that a¢tMty. Thè remainlng pport Cogts S￿ alkncatsd to th8t adivty in proportion to the comblned costs of aclivibe$ undertaken dlre• and grants. (>Jvemance costs indude thos• costs, such as Auiltors, fees, ass¢¢ialed v•lth consthution81 aThJ 1.1 Cash and oqulvahnts Cash and cash equ￿lents include cash In h8nd, d•posits ￿l¢j at call vAth bar*s, Other 8hort-term Ilquld Investments 4vith orfglnal maturilres of three monlhs or less. and bank overdrafts. Bank overdrafts are wlhin bOrrO￿n99 in current llabil￿8¥. 12- OXFORD RUSSIA FUND NOTES TO THE FINANCIAL STATEMENTS ICONTINUED) FOR ThIE YEAR ENDED 31 DECEMBER 2021 Accounllng poklg¥ {Cimtlnu•dl 1.7 Flnanclal Instrum•nts The Charfty h85 elected to appty th• prow8ions of Sectknn 11 'Bg8ic Fknandal In8trumonts' and Se¢lion 12 'other Finandal In8trumgnts Issues, of FRS 102 to all of its finandal In8lYumerts. Flnawol Instrumpnts arn recognised In the Charfty's balance sheet tho Charity b8￿Me￿ party to tr• contract4MI Fthslon8 of ￿ instrumenL Finawal assets and liabllrlies are offsel, with the net amounts preBentsd In the financial stslements. V*tsn there 1$ a leg￿lY enforceable right to set off the rewnlsed amounts ond ther• is an inlèntson lo settle on a net basls or ￿ reallse the assot and setue the Ilablllty sImuM￿e0￿1Iy. Ba8ic financial as￿ts, whlch indudè debtor¥ and cash and bank balances. are initial￿ measured at transadon wce. Baslt fln•n¢l41 ltsbiliti•s Basic financlal liabililles. Induding cr•drtDrs &Ye inbtialw recogni#ed at transackni price urfe8J the arrong8ment ¢JJn8titutes a finan¢ing tran8action. Trade crgditor5 are obligatSons to pay fc* goods or 8￿￿¢85 that have been a￿￿or0d in the *xdinary cour8e of operations from suppli•TS. Amounts payable are dassified as current liabil￿•S if payment is due wthin one year or le55. If not, we presented a5 fKrf14urrent Ilabilitie8. Trade creditors are Tecognt8ed initialy 2tlransa¢tion pri¢e and 8ubwuty measured at amortS8ed coll uslng Ihe effective hitorest 1.8 For•lgn •xchangg Transadlon in foreyn currencies is recorded at Ihe rate ruling at the dats of the Ir8n68ction. Monetary a8$9ts and liabilides are retranslated at the rat• of exchaNJe rullng at Ihe balarwA sh••t data. All dtNerence8 ¥e taken to the Statement of FlnaneAalActivibes. Donallons and gvants Unmtrict•d un￿Stricted fvnd$ 2021 2020 DonatlonB and g 251,186 3,788.421 13- OXFORD RUSSIA FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 Gharftabl• acllvllleg Ru¥•lon EngllBh Schol•r. Uteralurn $hlp Sgmlnarn I Librnry Proioct Total 2021 Russl•n Engll•h Summor Scholar- Llteratur• and Wlnt•r ¥hlps S•mlnarn l SCI￿01￿ Ubrnry Total 2020 2021 2021 2020 2020 2020 Grant Funding of Activitse8 129.644 {150,979) (21,335} 2,618.890 615.626 420.300 3,554,816 Share of {8ee note 51 195,324 5232 200.556 165,785 33,988 24.281 224.034 Share govem•rKe costs (￿8 note 5) 4,290 4.289 8.579 1,053 1,436 9.573 329,258 1141.458) 187,800 2.791.759 $50,667 445.997 3,788,423 Analy81• of Grnnts 2021 Rumlan Scholarnhip• Inslitulions.. Ti)m$k Stale Unlvw81ty Higher School of Econonucs. Mosc Ural State Universlty Pemi Stat• Unwr¥ity Novgorod State UnFvernity Far Eastem Natlonal UnrrnRy Irkutsk State Unlvwsity NFzhny Novgorod Stale Unlverslty Tver State Unlver8ty Utyanovsk State Univetslty SoUt￿M Federal UnNer Voronezh Stale un￿e￿ty Siberfan Federal Universlty Samara Stale Unlversity Petrozavodsk State Univer¥lty Kazan State University Kuban Slate UnNer¥rty Saratov Stale Universty Tyumen State Universlty Yaroslav Slate Universlty 160.047 228,563 82,352 91.165 80,746 151.090 135,445 81,809 86,337 64.783 177,987 83,680 66.413 95,694 71,903 161,847 106,261 155.180 92,990 85,710 14- OXFORD RUSSIA FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 An*ty81s of Grnnts IContlnu•dl Un￿er$ity of Westrninster Klng'8 College. London 28.512 3.301 201,141 1nd￿IdUals.. New &holarshlp Programme FeNowships 121,236) 150,261) 145.681 200.794 129,644 2,618,890 Eryllsh Ul•ratuYe 3emlnarn •nd oth•r ProJ•cts Institut￿ns.. aNJ'8 Col￿ge London Professknnal Asswalon ol Cullural Managers verpool University ALrtonomou$ nonwprofft OTgani8otion for Yethry Dwdopm•rf' culture projects 105.098 159,040 226,468 25,020 (160,979) (150,9791 515,626 Swnm•r and Wlntsr Schoots InstriuUons: Tetramorf Prof•s5iond A8sc¢latlon of Cu￿181 IAanager8 Social Soences Lab 95,020 32,020 293,280 420.300 T¢>lal {21,335) 3,554,816 1s- OXFORD RUSSIA FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2021 support ¢Q81• Support Gov•manc• ¢04ts 2021 Support Govemance 2020 10,165 10.165 13,103 13,103 Exchange Losse81 (goins) Representatlv• offi¢• sts 701 701 11,782) (1.782} 189,678 12 189,678 12 212.713 212.713 Audlt Tax compllance ser¥lce8 8,679 8.579 8,635 938 8.635 938 200.556 8,579 209.135 224.034 9,573 233.607 Anatysed be￿wOn Charitable ad¥ltlos 200,556 8,579 209,135 224,034 9.573 233,607 2021 2010 Remunwallon-A Smith 10.165 13.103 A Smith. in 14s capoity as amb888ador for the Charfty, wa8 mmunerated at rate of£10,000 per annum until 30 September 2021. This agreemènt pemwtted ty the Charity's Memorandum of As8orJaUon. There 15 no other key management personn•l remuneration. None of Ihe Trustett lor any person8 conne¢ted wlth them) recewod any reimbur8ement of wenses from the Charity during the yw. Employ¢e# The overag? rmnthly number of employe98 {induding Iho8e in Russia) durkng the yearwas.. 2021 Numt 2020 Numb•r Employmont costs 2021 WAges and salarf8S 10,165 13,103 There were no •mploy•es vthD8e amual remuneratKtn was more than $60,000. 16- OXFORD RUSSIA FUND NOTES TO THE FINANCIAL STATEMENTS