New Generation Europe Foundation Charity Accounts

COMPANY REGISTRATION NUMBER: 04529663

CHARITY REGISTRATION NUMBER: 1093811

New Generation Europe Foundation

Company Limited by Guarantee

Financial Statements

31 December 2025

New Generation Europe Foundation

Company Limited by Guarantee

Financial Statements

Year ended 31 December 2025

	Page

Trustees' annual report (incorporating the director's report)	1

Independent auditor's report to the members	6

Statement of financial activities (including income and expenditure account)	11

Statement of financial position	12

Statement of cash flows	13

Notes to the financial statements	14

New Generation Europe Foundation

Company Limited by Guarantee

Trustees' Annual Report (Incorporating the Director's Report)

Year ended 31 December 2025

The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 December 2025 .

Reference and administrative details

Registered charity name	New Generation Europe Foundation

Charity registration number	1093811

Company registration number	04529663

Principal office and registered	Suite 1, First Floor
office	1 Duchess Street
	London
	W1W 6AN

The trustees

	I Nevzlin
	M Logan
	J Lough
	A Khodorkovskaya

Auditor	Leaman Mattei
	Chartered accountants & statutory auditor
	Suite 1, First Floor
	1 Duchess Street
	London
	W1W 6AN

Structure, governance and management

a. Constitution

New Generation Europe Foundation is registered as a charitable company limited by guarantee.

b. Methods of appointment or election of Trustees

The management of the Company is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum and Articles.

c. Risk management

The Trustees are responsible for establishing and monitoring internal control systems within the Foundation. The major risks which may impact the activities of the Foundation have been reviewed during the year and the Trustees are satisfied that the systems of financial controls currently in place are adequate, whilst recognising that they are designed to manage rather than eliminate risk. Internal controls are reviewed on an ongoing basis as part of the day-to-day risk management process within the Foundation.

The key risk area within the Foundation lies with its investments. The Trustees have established an investment policy to manage their investment risk and investment management reports are reviewed regularly by the Trustees.

d. Key management personnel

The Trustees consider the Board of Trustees as comprising the key management personnel of the charity responsible for directing and controlling the day to day operations. All Trustees give of their time on an unremunerated basis.

Objectives and activities

a. Policies and objectives

The Foundation was incorporated in England and Wales as a company limited by guarantee on 9 September 2002 under the registered number 04529663 . It is a registered charity, with the registered charity number 1093811 , and is managed by the Trustees, who are also the directors of the company. The Trustees have the power to delegate day to day administration and investment activities to suitably qualified individuals and organisations. The Trustees are appointed by the members of the company. Additional Trustees may be appointed by the Trustees and their appointment be ratified at the subsequent Annual General Meeting.

The Foundation's objects as set out in its governing document, memorandum and articles, are:

- The advancement of the education of children and young people in Russia and other countries of

Eastern Europe;

- the advancement of education of the public in the history, arts, music and language of Russia and

other countries in Eastern Europe; and

- to promote such other purposes for the benefit of the public throughout the world deemed by

English Law to be charitable.

The Trustees confirm that they have regard to the Charity Commission's guidance on public benefit and consider each year how it meets the public benefit objectives outlined in section 4 of the Charities Act 2011. They are satisfied that the New Generation Europe Foundation meets the requirements and conforms with the Act's definition of a charity meeting all elements of the two key principles.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Activities undertaken to achieve objectives

During the year to 31 December 2025 the Trustees approved grant funding amounting to £7,444,982 (2024: £4,103,255) to a range of institutions and individuals. The Trustees are awarding grants and providing funding to support educational initiatives, scientific and cultural projects which foster talent among Russians and Eastern Europeans looking to expand their horizons outside Russia.

c. Organisation

Details of the Trustees serving since the last Trustees' report are as follows:

- M Logan

- J Lough

- I Nevzlin

- A Khodorkovskaya

Strategic report

Since the Company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Achievements and performance

The total market value of the Foundation's investment portfolio at 31 December 2025 was £13,888,232 (2024: £16,467,747).

Financial review

a. Reserves policy

The assets of the Foundation are held largely in the form of an expendable endowment. The original donation of £10,000,000 is held as an expendable endowment with the aim of preserving the capital value in order to generate future income. An additional $10,000,000 was received in 2022, and a further $10,000,000 in 2024, both in the form of expendable endowments. This meant the grant is given to the Foundation as capital though there was no restriction on the grant, or any part thereof, being convertible into spendable income by the Foundation to be applied in furtherance of its charitable objects. The discretionary power of whether or not to convert into income, rests with the Board of Trustees of the Foundation. The funds comprised in the grant remained in the nature of capital until converted into income. Any decision to convert funds comprised in the grant into income would require the majority of the Trustees of the Foundation and until such time as any such resolution was passed, the funds comprised in the grant would be invested in accordance with the current investment policies of the Foundation.

The adequacy of the reserves is reviewed annually.

b. Grant making policy

To support educational initiatives, scientific and cultural projects which foster talent among Russians and Eastern Europeans looking to expand their horizons outside Russia.

c. Principal risks and uncertainties

According to the IMF's July 2026 World Economic Outlook update, global growth is projected at 3.0 percent for 2026 and 3.4 percent for 2027, broadly unchanged cumulatively from the April 2026 World Economic Outlook, though this is down 0.1 percentage point from April, as war-driven energy pressure and stalled disinflation offset technology investment gains. This follows estimated global growth of 3.5% in both 2024 and 2025, marking a modest step-down from recent years. Growth remains highly uneven across economies: the war shock is weighing on energy importers and vulnerable economies, while AI-driven demand is lifting countries integrated into the global technology value chain.

On inflation, the picture has deteriorated relative to expectations: global headline inflation has been revised up to 4.7 percent this year, while the core inflation forecast is broadly unchanged - the disinflation trend that has been in place since early 2024 has stalled. Nonetheless, the world economy has weathered the shock from the war better than feared so far, with limited evidence of second-round effects, and financial conditions, which tightened abruptly in April, have subsequently relaxed and remain favourable relative to historical norms. The IMF characterises risks as more balanced than in April, but downside risks from renewed conflict and financial market repricing persist.

d. Financial risk management objectivies and policies

The Trustees have assessed the major risks to which the Fund is exposed, in particular those related to the operations and finances of the Fund, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

Trustees' responsibilities statement

The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - make judgments and accounting estimates that are reasonable and prudent; - state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a trustee at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and - they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.

The trustees' annual report and the strategic report were approved on 14 September 2026 and signed on behalf of the board of trustees by:

M Logan

Trustee

New Generation Europe Foundation

Company Limited by Guarantee

Independent Auditor's Report to the Members of New Generation Europe Foundation

Year ended 31 December 2025

Opinion

We have audited the financial statements of New Generation Europe Foundation (the 'charity') for the year ended 31 December 2025 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: - give a true and fair view of the state of the charity's affairs as at 31 December 2025 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 United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes 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 internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operation of the charity, including the Companies Act 2006, Charities Act 2011, data protection, employment, environmental and health and safety legislation; - we assessed the extent of non-compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; - making enquiries of management as to where they considered there was susceptibility to fraud,their knowledge of actual, suspected, and alleged fraud; - considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and - performed analytical review procedures to identify any unusual or unexpected relationships; - tested journal entries to identify unusual transactions; - assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and - investigated the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - agreeing the financial disclosures to underlying supporting documentation; - reading the minutes of meetings of those charged with governance; Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-and-guidance/Standards-and-guidanc e-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charity to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report

This report is made solely to the charity'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 charity's members those 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, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.

P Mattei

(Senior Statutory Auditor)

For and on behalf of

Leaman Mattei

Chartered accountants & statutory auditor

Suite 1, First Floor

1 Duchess Street

London

W1W 6AN

14 September 2026

New Generation Europe Foundation

Company Limited by Guarantee

Statement of Financial Activities

(including income and expenditure account)

Year ended 31 December 2025

	2025			2024
	Unrestricted funds	Endowment funds	Total funds	Total funds
Note	£	£	£	£

Income and endowments

Donations and legacies	4	–	–	–	7,793,321
Investment income	5	240,657	–	240,657	115,346
		---------	----	---------	------------
Total income		240,657	–	240,657	7,908,667
		---------	----	---------	------------

Expenditure

Expenditure on charitable activities	6	7,975,267	–	7,975,267	4,244,888
		------------	----	------------	------------
Total expenditure		7,975,267	–	7,975,267	4,244,888
		------------	----	------------	------------

Net (gains)/losses on investments	9	( 741,363)	–	( 741,363)	( 1,973,016)

	------------	----	------------	------------
Net (expenditure)/income	( 6,993,247)	–	( 6,993,247)	5,636,795
	------------	----	------------	------------

Transfers between funds	7,000,000	(7,000,000)	–	–

	------------	------------	------------	------------
Net movement in funds	6,753	( 7,000,000)	( 6,993,247)	5,636,795

Reconciliation of funds

Total funds brought forward	69,193	22,515,129	22,584,322	16,947,527
	------------	-------------	-------------	-------------
Total funds carried forward	75,946	15,515,129	15,591,075	22,584,322
	------------	-------------	-------------	-------------

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

New Generation Europe Foundation

Company Limited by Guarantee

Statement of Financial Position

31 December 2025

	2025	2024
Note	£	£	£

Fixed assets

Investments	12	13,888,232		16,467,747

Current assets

Cash at bank and in hand	2,339,010	6,533,968

Creditors: amounts falling due within one year	13	636,167	417,393
		------------	------------
Net current assets		1,702,843		6,116,575
		-------------		-------------
Total assets less current liabilities		15,591,075		22,584,322
		-------------		-------------
Net assets		15,591,075		22,584,322
		-------------		-------------

Funds of the charity

Endowment funds		15,515,129	22,515,129
Unrestricted funds		75,946	69,193
		-------------	-------------
Total charity funds	15	15,591,075	22,584,322
		-------------	-------------

These financial statements were approved by the board of trustees and authorised for issue on 14 September 2026 , and are signed on behalf of the board by:

M Logan

Trustee

New Generation Europe Foundation

Company Limited by Guarantee

Statement of Cash Flows

Year ended 31 December 2025

	2025	2024
	£	£

Cash generated from operations

Operating cash flows	(7,515,836)	3,548,836
	------------	------------
Cash generated from operations	( 7,515,836)	3,548,836
	------------	------------
Net cash (used in)/from operating activities	( 7,515,836)	3,548,836
	------------	------------

Cash flows from investing activities

Purchases of investments	(13,400,000)	–
Proceeds from sale of investments	16,720,878	2,250,000
	-------------	------------
Net cash from investing activities	3,320,878	2,250,000
	-------------	------------

Net (decrease)/increase in cash and cash equivalents	( 4,194,958)	5,798,836
Cash and cash equivalents at beginning of year	6,533,968	735,132
	------------	------------
Cash and cash equivalents at end of year	2,339,010	6,533,968
	------------	------------

New Generation Europe Foundation

Company Limited by Guarantee

Notes to the Financial Statements

Year ended 31 December 2025

1. General information

New Generation Europe Foundation is a Registered Charity in England and Wales No. 1093811 . Its principal address is Suite 1, First Floor, 1 Duchess Street, London, W1W 6AN. The members guarantee is limited to £1 in the event of a failure of the charity.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

Judgements and key sources of estimation uncertainty

In preparing these financial statements, the trustees have not identified any critical judgements or estimations that have a significant effect on the amounts recognised. In relation to the fair valuation of the charity's investment portfolio, fair value has been determined using market values provided by the investment portfolio manager, based on observable quoted market prices at the reporting date. As these values are derived from observable market data rather than management assumptions, the trustees do not consider this to involve a critical estimation.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and which have not been designated for other purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Expendable endowment funds are capital funds gifted to the charity where there is no requirement to spend or apply the capital. Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund.

Incoming resources

Investment income is accounted for on a receivable basis. Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably. Grants are included in the statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Resources expended

Expenditure is included on an accruals basis.

Supports costs includes those costs of administering the foundation's investments and consist of investment management fees, custody fees.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.

Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.

All expenditure is inclusive of irrecoverable VAT.

Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gains/(Losses) on investments' in the statement of financial activities.

Financial instruments

The charity has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments. A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.

4. Donations and legacies

Endowment Funds	Total Funds 2025	Endowment Funds	Total Funds 2024
£	£	£	£

Donations

	Grants	–	–	7,793,321	7,793,321

In 2024, the charity received a grant of £7,793,321 from the Khodorkovsky Foundation held as an expendable endowment.

5. Investment income

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Income from cash investments	240,657	240,657	115,346	115,346
	---------	---------	---------	---------

6. Expenditure on charitable activities by activity type

	Grant funding of activities	Support costs	Total funds 2025	Total fund 2024
	£	£	£	£
Grants	7,444,982	530,285	7,975,267	4,244,888
	------------	---------	------------	------------

7. Analysis of support costs

	Support costs	Total 2025	Total 2024
	£	£	£
Staff costs	80,627	80,627	56,958
Investment management fees	95,599	95,599	100,421
Custody fees	10,000	10,000	10,000
Audit and accountancy fees	15,870	15,870	15,900
Sponsorship	23,000	23,000	18,000
Other professional fees	48,757	48,757	77,059
Foreign currenncy loss on translation	256,432	256,432	(136,705)
	---------	---------	---------
	530,285	530,285	141,633
	---------	---------	---------

8. Analysis of grants

	2025	2024
	£	£

Grants to institutions

ACESO Human Rights Defender NGO	79,156	–
Royal Institute of International Affairs (Chatham House)	343,181	100,000
FUNDACJA WOT	57,928	–
GBRDS CIC	115,390	–
Human Rights Project Management	1,706,360	1,489,836
Royal College of Music	28,970	72,000
Eastern Europe Research Foundation	3,187,135	1,100,733
Belkovsky Creative Intelligence Center	–	128,792
Solidarus e.V.	–	52,952
Radio Echo GMBH	–	103,222
Jigsaw Educational Productions, Inc	–	232,711
KHODORKOVSKY FOUNDATION USA	852,272	–
Viesoji ¡staiga Rudens lapas	81,405	–
Globsec	–	225,000
Cyber For All (RA)	–	179,621
Other grants less than £50,000	818,394	418,388
	------------	------------
	7,270,191	4,103,255

Grants to individuals

LSE Scholarship	99,391	–
NFTS Scholarship	75,400	–
	---------	----
	174,791	–
	------------	------------
Total grants	7,444,982	4,103,255
	------------	------------

9. Net (gains)/losses on investments

	Unrestricted Funds	Total Funds 2025	Unrestricted Funds	Total Funds 2024
	£	£	£	£
Gains/(losses) on other investment assets	741,363	741,363	1,973,016	1,973,016
	---------	---------	------------	------------

10. Staff costs

The total staff costs and employee benefits for the reporting period are analysed as follows:

	2025	2024
	£	£
Wages and salaries	69,757	50,000
Social security costs	9,549	5,645
Employer contributions to pension plans	1,321	1,313
	--------	--------
	80,627	56,958
	--------	--------

The average head count of employees during the year was 1 (2024: 1 ). The average number of full-time equivalent employees during the year is analysed as follows:

	2025	2024
	No.	No.
Number of staff	1	1
	----	----

The number of employees whose remuneration for the year fell within the following bands, were:

	2025	2024
	No.	No.
£60,000 to £69,999	1	–
	----	----

11. Trustee remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL).

During the year ended 31 December 2025, no Trustee expenses have been incurred (2024 - £NIL).

12. Investments

	Listed investments
	£
Market value
At 1 January 2025	16,467,747
Securities purchased	13,400,000
Disposals	(16,467,747)
Investment gains - unrealised	488,232
	-------------
At 31 December 2025	13,888,232
	-------------
Carrying amount
At 31 December 2025	13,888,232
	-------------
At 31 December 2024	16,467,747
	-------------

All investments shown above are held at valuation.

Financial assets held at fair value

	2025	2024
	£	£
Collective investment funds	13,888,232	16,467,747

	2025	2024
	£	£
Historical cost of portfolio (excluding cash on deposit)	13,400,000	8,532,160

13. Creditors: amounts falling due within one year

	2025	2024
	£	£
Accruals and deferred income	81,592	44,724
Other creditors	554,575	372,669
	---------	---------
	636,167	417,393
	---------	---------

14. Pensions and other post retirement benefits

Defined contribution plans

The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 1,321 (2024: £ 1,313 ).

15. Analysis of charitable funds

Unrestricted funds

	At 1 Jan 2025	Income	Expenditure	Transfers	Gains and losses	At 31 Dec 2025
	£	£	£	£	£	£
General funds	69,193	240,657	(7,975,267)	7,000,000	741,363	75,946
	--------	---------	------------	------------	---------	--------

	At 1 Jan 2024	Income	Expenditure	Transfers	Gains and losses	At 31 Dec 2024
	£	£	£	£	£	£
General funds	25,719	115,346	(4,244,888)	2,200,000	1,973,016	69,193
	--------	---------	------------	------------	------------	--------

Endowment funds

	At 1 Jan 2025	Income	Expenditure	Transfers	Gains and losses	At 31 Dec 2025
	£	£	£	£	£	£
Endowment Fund	22,515,129	–	–	(7,000,000)	–	15,515,129
	-------------	----	----	------------	----	-------------

	At 1 Jan 2024	Income	Expenditure	Transfers	Gains and losses	At 31 Dec 2024
	£	£	£	£	£	£
Endowment Fund	16,921,808	7,793,321	–	(2,200,000)	–	22,515,129
	-------------	------------	----	------------	----	-------------

16. Analysis of net assets between funds

	Unrestricted Funds	Endowment Funds	Total Funds 2025
	£	£	£
Investments	–	13,888,232	13,888,232
Current assets	712,113	1,626,897	2,339,010
Creditors less than 1 year	(636,167)	–	(636,167)
	---------	-------------	-------------
Net assets	75,946	15,515,129	15,591,075
	---------	-------------	-------------

	Unrestricted Funds	Endowment Funds	Total Funds 2024
	£	£	£
Investments	–	16,467,747	16,467,747
Current assets	486,586	6,047,382	6,533,968
Creditors less than 1 year	(417,393)	–	(417,393)
	---------	-------------	-------------
Net assets	69,193	22,515,129	22,584,322
	---------	-------------	-------------

The original donation of £10,000,000 is held as an expendable endowment with the aim of preserving the capital value in order to generate future income. An additional £8,521,808 received in 2022, and a further £7,793,321 in 2024, have also been held as expendable endowments. In 2025, £7,000,000 has been transferred from endowment funds to unrestricted funds.

The unrestricted income fund represents the balance of investment income earned on the endowment fund for the Trustees to spend on charitable activities and support costs.

17. Supplier finance arrangements

The Charity has no supplier finance arrangements requiring disclosure under FRS 102.

18. Analysis of changes in net debt

	At 1 Jan 2025	Cash flows	At 31 Dec 2025
	£	£	£
Cash at bank and in hand	6,533,968	(4,194,958)	2,339,010
	------------	------------	------------