KHODORKOVSKY FOUNDATION
FOLLOWING THE DESIGNATION OF THE FOUNDATION AS AN UNDESIRABLE ORGANISATION BY THE RUSSIAN GOVERNMENT IN JULY 2021, THE TRUSTEES HAVE SOUGHT TO REFOCUS THE FOUNDATION'S GRANT MAKING POLICY (WHICH HAD HISTORICALLY FOCUSED ON THE SUPPORT OF EDUCATION IN RUSSIA) TO SUPPORT INSTITUTIONS OUTSIDE OF RUSSIA ENGAGED IN ADVANCING EDUCATION AND SUPPORTING CIVIL SOCIETY AND HUMAN RIGHTS.
Financial health, per its FY2025 accounts
The accounts state that the charity holds a significant expendable endowment with a fund balance of $927,408,000 at year-end, derived from an initial $500 million endowment. The trustees report no unrestricted reserves, noting that the endowment is drawn upon to cover charitable activities exceeding investment income. The auditor confirmed the appropriateness of the going concern basis with no material uncertainties identified.
What the accounts disclose
“There are no unrestricted reserves but there is a significant expendable endowment which can be drawn upon to cover the costs of charitable activities in excess of the investment income earned.” — page 5
“A solicitor’s practice of which A Tulloch (a Trustee) is the principal provided professional services in connection with the charity’s administration. For this work TGW Law charged the charity a VAT inclusive amount of $186,625 (£138,703)” — page 19
“A solicitor’s practice of which A Tulloch (a Trustee) is the principal provided professional services in connection with the charity’s administration. For this work TGW Law charged the charity a VAT inclusive amount of $186,625 (£138,703) (2024: $174,674 (£139,521)) of which disbursements and VAT amounted to £23,703 (2024: £23,865). Some of the disbursements are travel expenses for Trustees.” — page 19
“The charity is related to New Eurasian Strategic Centre as the organisations have Trustees in common directly and as connected persons. Funding was provided to the New Eurasian Strategic Centre of $292k (2024: nil) during the year. In addition an expense/liability of $336k (2024: nil) has been included in these financial statements for future payments.” — page 22
“A solicitor’s practice of which A Tulloch (a Trustee) is the principal provided professional services in connection with the charity’s administration. For this work TGW Law charged the charity a VAT inclusive amount of $186,625 (£138,703) (2024: $174,674 (£139,521)) of which disbursements and VAT amounted to £23,703 (2024: £23,865). Some of the disbursements are travel expenses for Trustees.” — page 19
“The charity is related to New Eurasian Strategic Centre as the organisations have Trustees in common directly and as connected persons. Funding was provided to the New Eurasian Strategic Centre of $292k (2024: nil) during the year. In addition an expense/liability of $336k (2024: nil) has been included in these financial statements for future payments.” — page 22
In the news
Structured financials (annual return, FY ending 31/12/2025)
Trustees
- ALASTAIR ROBERT CLIFFORD TULLOCH
- Anton Drel
- Maria Petina Logan
- Pavel Khodorkovskiy
- RUPERT MARK CALDECOTT
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2025 | £9.7m | £11.0m |
| 31/12/2024 | £12.2m | £13.5m |
| 31/12/2023 | £13.1m | £14.3m |
| 31/12/2022 | £3.6m | £14.9m |
| 31/12/2021 | £2.9m | £5.1m |
Common questions
Is KHODORKOVSKY FOUNDATION financially healthy?
Per its FY2025 accounts: The accounts state that the charity holds a significant expendable endowment with a fund balance of $927,408,000 at year-end, derived from an initial $500 million endowment. The trustees report no unrestricted reserves, noting that the endowment is drawn upon to cover charitable activities exceeding investment income. The auditor confirmed the appropriateness of the going concern basis with no material uncertainties identified. Its FY2025 accounts were audited by Gravita Audit Oxford LLP.
Charities like this
- THE POTANIN FOUNDATION
- NEW EURASIA STRATEGIES CENTRE
- HUMAN PRACTICE FOUNDATION UK
- STANFORD FOUNDATION (UK) LIMITED
- The Gerald and Gail Ronson Family Foundation
- THE HADDAD FOUNDATION
Side by side with its peers
| Charity | Income | Top pay band | Staff >£60k | Reserves vs policy | Fundraising cost | Going concern |
|---|---|---|---|---|---|---|
| KHODORKOVSKY FOUNDATION | £9.7m | — | 0 | below | — | no doubt |
| THE POTANIN FOUNDATION | £2.2m | — | 0 | unclear | — | no doubt |
| NEW EURASIA STRATEGIES CENTRE | £234k | £150,001 - £160,000 | 1 | below | — | no doubt |
| HUMAN PRACTICE FOUNDATION UK | £184k | — | 0 | unclear | — | no doubt |
| STANFORD FOUNDATION (UK) LIMITED | £1.0m | — | 0 | above | — | no doubt |
| The Gerald and Gail Ronson Family Foundation | £660k | — | — | below | — | no doubt |