Charity registration number 1108957 (England and Wales)
Company registration number 5341971
NEW EURASIA STRATEGIES CENTRE
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NEW EURASIA STRATEGIES CENTRE
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr A R C Tulloch
V Pastukhov
(Appointed 13 March 2024)
G Khodorkovsky
(Appointed 13 March 2024)
Secretary
D A Forsdick
Charity number
1108957
Company number
5341971
Registered office
4 Hill Street
London
W1J 5NE
NEW EURASIA STRATEGIES CENTRE
CONTENTS
Page
Trustees' report
1 - 2
Statement of financial activities
3
Balance sheet
4
Notes to the financial statements
5 - 9
NEW EURASIA STRATEGIES CENTRE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The main objects of the charity are to advance education in the Russian Federation and the United Kingdom through the provision of scholarships to students and the making of donations to educational establishments and promote such other purposes as are deemed by English law to be charitable.

 

The Trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the guidance published by the Charity Commission.

 

The charity's name was changed from Oxford Russia Fund to New Eurasian Strategies Centre during 2024.

 

Financial review

The results of the charity in the year are set out in the Statement of Financial Activities.

 

As at 31 December 2024 free reserves (represented by unrestricted funds) were $60,669.

Plans for future periods

The charity will make available the expertise of John Lough (see https://nestcentre.org/about/) recruited by the Charity in Q4 2024 to 'Think Tank' organisations focusing on research on Russia and the forces shaping Russia’s long-term future.

 

Structure, governance and management

The charity is a charitable company limited by guarantee. The charity is governed by its Memorandum and Articles of Association.

 

The charity is managed by its Board of trustees.

 

The Khodorkovsky Foundation, a charity with trustees in common, provides the vast majority of Oxford Russia Fund's income.

 

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr A R C Tulloch
J Nightingale
(Resigned 13 March 2024)
R M Caldecott
(Resigned 1 March 2024)
V Pastukhov
(Appointed 13 March 2024)
G Khodorkovsky
(Appointed 13 March 2024)

New trustees are inducted in to their role as trustees in a series of briefings on the work of the charity. The Trustees have been selected from their skills and professionalism and come with many years of experience in different walks of life and additional training is provided.

NEW EURASIA STRATEGIES CENTRE
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -

Small company exemptions

This report has been prepared in accordance with the Small Companies Regime under Section 419(2) of the Companies Act 2006.

 

The Trustees' report was approved by the Board of Trustees.

Mr A R C Tulloch
Trustee
16 April 2025
NEW EURASIA STRATEGIES CENTRE
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
$
$
Income from:
Donations and legacies
2
-
2,293
Investments
3
3,611
3,484
Total income
3,611
5,777
Expenditure on:
Charitable activities
4
16,944
2,230
Net income/(expenditure) and movement in funds
(13,333)
3,547
Reconciliation of funds:
Fund balances at 1 January 2024
74,002
70,455
Fund balances at 31 December 2024
60,669
74,002

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

NEW EURASIA STRATEGIES CENTRE
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 4 -
2024
2023
Notes
$
$
$
$
Current assets
Debtors
10
3,680
-
Cash at bank and in hand
59,581
76,448
63,261
76,448
Creditors: amounts falling due within one year
11
(2,592)
(2,446)
Net current assets
60,669
74,002
The funds of the Charity
Unrestricted funds
12
60,669
74,002
60,669
74,002

These financial statements are prepared in United States Dollars.

The rate of exchange at 31 December 2023 is $1.25196 (2023: £1 = $1.2737)

 

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 16 April 2025
Mr A R C Tulloch
Trustee
Company registration number 5341971 (England and Wales)
NEW EURASIA STRATEGIES CENTRE
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
1
Accounting policies
Charity information

New Eurasia Strategies Centre 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 Charity's Memorandum and Articles of Association. the Companies Act 2006, 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 the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019) and the Companies Act 2006. The Charity is a Public Benefit Entity as defined by FRS 102.

 

The Charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in US dollars, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest $.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. There are no material uncertainties about the Charity's ability to continue.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

1.4
Income
Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
1.5
Expenditure

Expenditure is accounted for on an accruals basis and gross of any related income. They are classified under headings that aggregate all costs related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

NEW EURASIA STRATEGIES CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.7
Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Foreign exchange

Transaction in foreign currencies is recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities are retranslated at the rate of exchange ruling at the balance sheet date. All differences are taken to the Statement of Financial Activities.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
$
$
Donations and gifts
-
2,293
3
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
$
$
Interest receivable
3,611
3,484
NEW EURASIA STRATEGIES CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
4
Expenditure on charitable activities
To advance education
To advance education
2024
2023
$
$
Direct costs
Staff costs
13,986
-
Share of support and governance costs (see note 5)
Support
366
(216)
Governance
2,592
2,446
16,944
2,230
Analysis by fund
Unrestricted funds
16,944
2,230
5
Support costs
Support costs
Governance costs
2024
Support costs
Governance costs
2023
$
$
$
$
$
$
Exchange Losses/(gains)
366
-
366
(216)
-
(216)
Accountancy fees
-
2,592
2,592
-
2,446
2,446
366
2,592
2,958
(216)
2,446
2,230
Analysed between
Charitable activities
366
2,592
2,958
(216)
2,446
2,230
6
Net movement in funds
2024
2023
$
$
The net movement in funds is stated after charging/(crediting):
Exchange losses/(gains)
366
(216)
7
Trustees

None of the Trustees (or any persons connected with them) received any remuneration or expenses from the Charity during the year.

NEW EURASIA STRATEGIES CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
8
Employees

The average monthly number of employees (including those in Russia) during the year was:

2024
2023
Number
Number
1
-
0
Employment costs
2024
2023
$
$
Wages and salaries
12,520
-
Social security costs
1,466
-
13,986
-
There were no employees whose remuneration was more than £60,000.
Remuneration of key management personnel
2024
2023
$
$
Aggregate compensation
13,986
-
9
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

10
Debtors
2024
2023
Amounts falling due within one year:
$
$
Other debtors
3,680
-
11
Creditors: amounts falling due within one year
2024
2023
$
$
Accruals and deferred income
2,592
2,446
NEW EURASIA STRATEGIES CENTRE
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
12
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2024
Income
Expenditure
At 31 December 2024
$
$
$
$
General funds
74,002
3,611
(16,944)
60,669
Previous year:
At 1 January 2023
Income
Expenditure
At 31 December 2023
$
$
$
$
General funds
70,455
5,777
(2,230)
74,002
13
Related party transactions

A Tulloch and R Caldecott are also the Trustees of the Khodorkovsky Foundation. The Khodorkovsky Foundation made grants to Oxford Russia Fund of $nil (2023: $2,293 ) during the year.

14
Name change

Note that the Charity changes names from Oxford Russia Fund to New Eurasia Strategies Centre during the financial year.

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