```
REGISTERED COMPANY NUMBER: 02867380 (England and Wales)
REGISTERED CHARITY NUMBER: 1028482
```
```
Report of the Trustees and
```
```
Unaudited Financial Statements for the Year Ended 31 July 2021
```
```
for
```
```
Russian Language Undergraduate
Studies Limited
```
```
Merchant & Co
Chartered Certified Accountants
20 Exhibition House
Addison Bridge Place
London
W14 8XP
```
```
Russian Language Undergraduate
Studies Limited
```
```
Contents of the Financial Statements
for the Year Ended 31 July 2021
```
**----- Start of picture text -----**
Page
Report of the Trustees 1 to 6
Independent Examiner's Report 7
Statement of Financial Activities 8
Balance Sheet 9 to 10
Notes to the Financial Statements 11 to 17
Detailed Statement of Financial Activities 18
**----- End of picture text -----**
```
Russian Language Undergraduate
Studies Limited
```
```
Report of the Trustees
for the Year Ended 31 July 2021
```
```
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
with the financialstatementsof the charityfor the year ended 31 July 2021. The trusteeshave adoptedthe provisions
of Accountingand Reportingby Charities:Statementof RecommendedPracticeapplicableto charitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUK andRepublicofIreland(FRS 102)
(effective 1 January 2019).
```
## **`OBJECTIVES AND ACTIVITIES`**
## **`Objectives and aims`**
```
TheobjectsofRussianLanguageUndergraduateStudiesLimited(RLUS)aretheadvancementofeducation by
organisingandfacilitatingeducationalcoursesandplacementsinRussiaforstudentsfromUnited Kingdom
universities and colleges.
```
```
RLUS aims to provide high quality Russian language courses in Russia for students of Russian at British universities.
StudyingRussianinitselfis of greatadvantagetothestudentswhoattendthesecourses,butalsotheir experiencing
and understandingRussiancultureis of crucialimportancein balancingthe very negativeimage of Russia which exists
intheUKandispromotedbythemediaandbymanypoliticians.Producingconsiderablenumbersofgraduates of
Russianlanguagewho have first hand experienceof the countryand its people and who will be in a positionto convey
theirknowledgeto otherswill be of vitalimportancein helpingto improverelationsbetweenthe UK andRussia once
the current appalling situation (the war with Ukraine) is over.
```
## **`Main objectives for the year`**
```
Themainobjectivesfortheyeararetoensurethatourcoursescontinuetomaintainthesamehighstandardas our
courses in Russia as in previous years.
```
## **`Strategies for achieving these objectives`**
```
The courses are monitoredby the operationsconsultant,who visits the studentsand course providersnormally twice
a year.
```
## **`Significant activities`**
```
Duringtheacademicyear2020/21RLUScontinuedtoruncourseslastingfrom3to36weeks.InMoscow courses
lasting13,16,18 and36 weeks were runat LanguageLink.In St PetersburgRLUSrana courselasting2 weeks at the
BenedictSchool.RLUSalsorancoursesattheStPetersburgStateUniversity,lasting13,16,18and36weeks. In
Yaroslavlcourses were run by the Demidov State University.The courses ran in both the autumnand springterms and
lasted for 13, 16 and 18 weeks. RLUS also ran a special32 week course for studentsfrom the Universityof Oxford. We
offeredcoursesfor13and16weeksattheKazanInstituteofSocialSciencesandHumanitiesinbothautumn and
springterms.A32weekcourseforstudentsfromtheUniversityofGlasgowwasofferedatTverState University.
ContinuedconcernabouttheCoronavirusmeantthatmanystudentswereanxiousaboutgoingto Russia;
accordingly,onlinecoursesweremadeavailablebyallofthecentresweworkedwith.Thein-personspring term
courses finished early in March and continued online.
```
```
A numberof studentsdeferredtheir courses to the followingyear in the hope that the Coronavirus would have been
broughtundercontroland they wouldbe able to go to Russiaratherthanhavingonlinetuition.Littledid they realise
that the Russian invasion of Ukraine would have a far greater impact than the virus on their studies in Russia.
```
## **`Public benefit`**
```
ThecharityhasreferredtotheguidancecontainedintheCharityCommission'sgeneralguidanceonpublic benefit
whenreviewingitsaimsandobjectivesandinplanningitsfutureactivities.Inparticular,theboardof trustees
considers how planned activities will contribute to the aims and objectives which they have set.
```
```
Thestudentsarethecharity'sbeneficiaries,RLUShasaimedtohelpthemattaina goodknowledgeofthe language,
the peopleand the country,whichwill standthem in goodstead when they graduateand eitherseek employment or
go on to higher degrees.
```
```
Page 1
```
```
Russian Language Undergraduate
Studies Limited
```
```
for the Year Ended 31 July 2021
```
## **`Report of the Trustees`**
## **`ACHIEVEMENT AND PERFORMANCE`**
## **`Performance`**
```
AttheendofeachcourseourpartnersinRussiaprovideduswithmarksandattendancestatisticsforeach student.
Thesewerepassedontothestudent'suniversityinGreatBritain.Studentperformancecontinuedtobeseen as
satisfactorytotheBritishuniversities,andmostBritishuniversitieswithRussiandepartmentscontinuedtouse the
servicesofRLUS.ThisisstillthecasedespitethewarwithUkraine,thoughourcourseshavebeenmovedto other
countries, as explained below.
```
## **`FINANCIAL REVIEW`**
## **`Funding sources`**
```
TheprincipalsourceoffundingcontinuestobecontributionsmadebyBritishuniversitiesandstudents. These
contributionshave been carefullycalculatedto cover the costs of administration,insurance,visas andfees payable to
Russian universities. However, unforeseen events can complicate these calculations (see below).
```
## **`Investment policy`**
```
Exceptforabaseinvestmentof£60,000heldinNationalSavingsBonds,allothercashisheldinaninterest bearing
current account as this is essentially working capital.
```
## **`Review`**
```
Thisyear'saccountsshowa deficitof £402(2020:£17,905), Studentnumbersdecreasedto107studentsin 2020/21
(147in2019/20).Thedecreaseinstudentnumbersisreflectedintheoveralldecreaseincoursefeespaidto RLUS,
from£303,257to£162,120thisyear.Thetotalcostofcoursesincludingthetuitionfeesforuniversities decreased
accordingly from £278,754 to £124,343.
```
## **`Reserves policy`**
```
The boardof trusteescontinuesto keep a vigilanteye on the state of the reserves with a view to maintainingthem at
leasttoalevelwhichwillenablethecharitytoceaseoperationsatanygiventimeandtosatisfyallcreditors and
liabilitiesexistingat thattime. A reserve is necessaryto absorba badoperatingyear whichcoulddepletefundsby up
to£30,000.Costsofclosurearesmallandtheminimumsumseenasnecessarytomaintainareservetocater for
closurecostsis£10,000.Trusteeswereawareiftherewasamajorphysicalcatastropheorperiodofpolitical unrest
RLUS would be faced with significant costs, such as the possible transport of students back to the UK quickly.
Sucha catastrophicevent in the past(the Chernobyldisasterin 1986)cost RLUS over £35,000in transportation costs.
However,theboardof trusteeswas curtainthatthelevelof reserveswouldbe sufficientto accomplishthistaskif it
wasrequiredagain.Aftertheinvasionof UkraineinFebruary2022,andtheclosureof Europeanairspaceto Russian
planes,RLUSwaspreparingtoevacuatestudentsonceagain,andtheOperationsConsultantwasindiscussion with
the Russiancourse providersaboutthecharteringof busses to take the studentsto Helsinkior Tallinn.However, this
provedunnecessary,asthecourseprovidersmanagedthemselvestogetthestudentsoutofRussiabyavariety of
means.
```
```
The targetreserve is £75,000,made up of £40,000to cover 12 months'runningexpensesplus£35,000for emergency
transportation costs.
```
```
In orderto maintainreservesat a sufficientbutnot excessivelevel,RLUS was graduallydecreasingthe administration
fee chargedto studentsand,as faras possible,holdingdownyearonyearincreasesincoursecosts.At 31 July 2021
reserves totalled £140,761 (2020: £141,163).
```
```
Page 2
```
```
Russian Language Undergraduate
Studies Limited
```
```
Report of the Trustees
for the Year Ended 31 July 2021
```
## **`FUTURE PLANS`**
```
Theboardoftrusteesconsideredthesituationregardingthevariousaspectsofmanagingthebusiness. These
includedthe administrationand financialsystems employed,the qualityof the liaisonbetweenthe UK and its partner
universities,andthemethodsusedtoensurethehighqualityoftuitionexpectedbystudents.The trustees
consideredthat the managementsystems and policiesin use were generallysatisfactory,so they felt that RLUS should
continue working in the same way but with attention to minor points for improvement as they were identified.
```
## **`The academic year 2021-22`**
```
RLUS went throughsome majorchangesin the academicyear 2021-22.The OperationsConsultant,Roy Bivon.had a
seriousillnesswhich resultedin him havingto standdown from the post and be replacedby Lynne Attwood,who had
beenthechairofthecharity.InconsortwiththeRLUSCommitteemembersandthecourseprovidersinRussia, she
hadtoarrangetherepatriationofthestudentsinRussia,inaccordancewithadvicefromtheForeignOffice.It was
not possibleto have all of the Russianprovidersswitchto onlineteaching,as they had in the previousacademic year,
sincethesanctionsimposedonRussiamadeitimpossibletopaythem.Kazancontinuedtoprovideonlinetuition as
theyhadbeenpaidforthiscoursebeforetheinvasion.MoscowLanguageLinkcontinuedtoprovideonline tuition
fortheirexistingstudents,aswellastakingmostofthestudentswhichhadbeenstudyinginYaroslavland St
Petersburg.(Asacompletelyforeignownedcompany,LanguageLinkcouldbepaidfortheseextrastudents.) To
compensateforthedisruptiontotheirstudyinRussia,DrAttwoodandthedirectorofLanguageLink,Rob Jensky,
haveorganisedtwoRussianlanguagecoursesinTallinn,Estonia,toruninMayandJune2022.Theyare also
organising courses for the next academic year in Tallinn and in Astana, Kazakhstan.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
Thecompanywasestablishedunderamemorandumofassociationwhichestablishedtheobjectsandpowersof the
charitable company and is governed under its articles of association.
```
## **`Organisational structure and decision making`**
```
Mattersofpolicyandprinciplearedecidedbytheboardoftrusteesatmeetingsheldthreetimesperyear (normally
oneperacademicterm).Theoperationsconsultant,DrLynneAttwood,isresponsibleforadvisingtheboard of
trusteesonprogressandputtingforwardsuggestionsforchange(e.g.inrelationtocourselocationorduration) for
approvalto theboard.She is alsoresponsibleforallprocessingof studentinvolvement,frominitialenquiry through
to monitoring performance of both the students and the course providers.
```
## **`Induction and training of new trustees`**
```
Newlyappointedtrusteesnominatedbyparticipatinguniversitieswillbefamiliarwiththeaimsandobjectivesof the
charity.All new trusteesare providedwith a copyof the CharityCommissionpublication'The EssentialTrustee: what
youneedtoknow,whatyoudeedtodo'.Newtrusteesalsosigna TrusteeDeclarationof Eligibilityanda register of
interests declaration. They are also given an introduction to administrative processes such as expense claims.
```
```
Page 3
```
```
Russian Language Undergraduate
Studies Limited
```
```
Report of the Trustees
for the Year Ended 31 July 2021
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT Risk Statement`**
```
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controls are in place to provide reasonable assurance against fraud and error.
```
```
The major risks, bothoperationaland financial,to which the charityis subjectare assessed each year and appropriate
safeguardsarediscussedandputinplacetomitigatethecharity'sexposuretothesemajorrisksshould they
crystallise.Theriskmanagementpolicyiscloselylinkedtothereservespolicy.Allmajorriskshavebeen reviewed.
RLUS ensuresthatallteachingandlivingaccommodationconformsto localsafetystandardsand,whencourses were
stillrun in Russia,advisedstudentsthatstandardsin Russiamay be lower thanin the UK.Studentsare provided with
a 'Statementof Information',a documentthat studentsconfirmthat they have read when they sign the booking form,
which contains a clear statement regarding the safety policy:
```
```
"RLUSisassuredthatallteachingandhostelaccommodationprovidedbythecourseorganiserscomplieswith local
fireandsafetylaws.RLUSisalsoassuredthatallhomestayaccommodationisinspectedbythehost organisation.
Few countriesare as stringentas the UK in settinggeneralstandardsfor safety,hygieneandfire precautions,and the
localauthorities(inRussiaandelsewhere)maynothaveadequateresourcestomonitorandenforcestandards. We
suggestthatyoufamiliariseyourselfwiththelay-outofhostels,hallsofresidenceandteachingbuildingsand the
meansof escapein the eventof an emergency.In Russiait is commonpracticeforfireexitsto be keptlockedwith a
key beingavailablewitha nominatedofficial.This is to alleviatethe serioussecuritythreatposedby emergency exits
being left open. In homestay accommodation, please obey all safety instructions given to you by your host family."
Thesameinformationisalsocontainedinthefinalbriefingdocumentthatallstudentsreceiveaboutthree months
before departure.
```
## **`REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number`**
```
02867380 (England and Wales)
```
## **`Registered Charity number`**
```
1028482
```
## **`Registered office`**
```
21 Selby Road
London
W5 1LY
```
## **`Trustees`**
```
Dr Lynne Attwood
Dr Philip Bullock
Jelena Williams-Pozdnjakova (resigned 1.9.20)
Dr Elena Filimonova University Lecturer
Dr Riitta-Liisa Valijarvi University Lecturer (resigned 22.10.21)
Dr Adam Wake Fergus University Lecturer
Dr James Rann University Lecturer
```
```
Trustees hold office for a period of three years and then retire. A retiring member is eligible for re-election.
```
```
Membersofthecharitablecompanyagreetocontributeanamountnotexceeding£1totheassetsofthe charitable
company in the event of a winding-up.
```
```
Page 4
```
```
Russian Language Undergraduate
Studies Limited
```
## **`Report of the Trustees`**
## **`for the Year Ended 31 July 2021`**
```
REFERENCE AND ADMINISTRATIVE DETAILS
Independent Examiner
Ketan Ramesh Patel FCCA
Merchant & Co
Chartered Certified Accountants
20 Exhibition House
Addison Bridge Place
London
W14 8XP
Solicitors
Gordon Cranswick
Solicitors
14 Piccadilly
Bradford
BD1 3LX
Bankers
CAF Bank Ltd
25 Kings Hill Avenue
West Malling
Kent
ME19 4JQ
Honorary officer
Lynne Attwood - Operations consultant
```
## **`Staff`**
```
The charitydoes notdirectlyemployanystaff.All of its activitiesin the UK are carriedoutby contractedpersons: an
operationsconsultant,anaccountantandameetingssecretary.OperationsinRussiaarecontractedtoanumber of
organisations, primarily Russian universities and providers of language teaching facilities and support functions.
```
## **`TRUSTEES' RESPONSIBILITY STATEMENT`**
```
Thetrustees(whoarealsothedirectorsofRussianLanguageUndergraduateStudiesLimitedforthepurposes of
companylaw)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsin accordance
withapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice)includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland"
```
```
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyearwhichgiveatrueand fair
viewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplicationof resources,
includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparingthose financial
statements, the trustees are required to
```
- `select suitable accounting policies and then apply them consistently;`
- `observe the methods and principles in the Charity SORP;`
- `make judgements and estimates that are reasonable and prudent;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.`
```
Page 5
```
```
Russian Language Undergraduate
Studies Limited
```
```
for the Year Ended 31 July 2021
```
## **`Report of the Trustees`**
## **`TRUSTEES' RESPONSIBILITY STATEMENT - continued`**
```
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywith the CompaniesAct 2006. They are also responsiblefor safeguardingthe assets of the charitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
```
```
Approved by order of the board of trustees on 22 April 2022 and signed on its behalf by:
```
```
Dr Lynne Attwood - Trustee
```
```
Page 6
```
```
Independent Examiner's Report to the Trustees of
Russian Language Undergraduate
Studies Limited
```
## **`Independent examiner's report to the trustees of Russian Language Undergraduate Studies Limited ('the Company')`**
```
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 July 2021.
```
## **`Responsibilities and basis of report`**
```
As the charity'strusteesof the Company(andalsoits directorsfor the purposesof companylaw)youare responsible
for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
```
```
HavingsatisfiedmyselfthattheaccountsoftheCompanyarenotrequiredtobeauditedunderPart16ofthe 2006
Actandareeligibleforindependentexamination,I reportinrespectof my examinationof yourcharity'saccounts as
carriedoutundersection145oftheCharitiesAct2011('the2011Act').IncarryingoutmyexaminationI have
followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
```
## **`Independent examiner's statement`**
```
Ihavecompletedmyexamination.Iconfirmthatnomattershavecometomyattentioninconnectionwith the
examination giving me cause to believe:
```
`1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or`
`2. the accounts do not accord with those records; or`
`3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or`
`4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).`
```
Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationtowhich attention
should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
```
```
Ketan Ramesh Patel FCCA
Merchant & Co
Chartered Certified Accountants
20 Exhibition House
Addison Bridge Place
London
W14 8XP
```
```
25 April 2022
```
```
Page 7
```
```
Russian Language Undergraduate
Studies Limited
```
## **`Statement of Financial Activities`**
## **`(Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2021`**
|**`2021`**
**`Unrestricted`**
**`fund`**
`Notes`
**`£`**
**`INCOME AND ENDOWMENTS FROM`**
**`Charitable activities`**
`Russian language courses`
**`162,120`**
`Investment income`
`2`
**`271`**
**`Total`**
**`162,391`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`3`
`Russian language courses`
**`162,793`**
**`NET INCOME/(EXPENDITURE)`**
**`(402)`**
**`RECONCILIATION OF FUNDS`**
**`Total funds brought forward`**
**`141,163`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`140,761`**|`2020`
`Total`
`funds`
`£`
`303,257`
`692`
`303,949`
`321,854`
`(17,905)`
`159,068`
`141,163`|
|---|---|
## **`CONTINUING OPERATIONS`**
```
All income and expenditure has arisen from continuing activities.
```
```
The notes form part of these financial statements
```
```
Page 8
```
```
Russian Language Undergraduate
Studies Limited
```
## **`Balance Sheet`**
## **`31 July 2021`**
|**`2021`**
**`Unrestricted`**
**`fund`**
`Notes`
**`£`**
**`CURRENT ASSETS`**
`Debtors`
`9`
**`26,404`**
`Investments`
`10`
**`60,000`**
`Cash at bank`
**`269,959`**
**`356,363`**
**`CREDITORS`**
`Amounts falling due within one year`
`11`
**`(215,602)`**
**`NET CURRENT ASSETS`**
**`140,761`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`140,761`**
**`NET ASSETS`**
**`140,761`**
**`FUNDS`**
`12`
`Unrestricted funds`
**`140,761`**
**`TOTAL FUNDS`**
**`140,761`**|`2020`
`Total`
`funds`
`£`
`1,112`
`60,000`
`193,319`
`254,431`
`(113,268)`
`141,163`
`141,163`
`141,163`
`141,163`
`141,163`|
|---|---|
```
The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year
ended 31 July 2021.
```
```
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 July 2021 in accordance with Section 476 of the Companies Act 2006.
```
```
The trustees acknowledge their responsibilities for
```
- `(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and`
- `(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.`
```
The notes form part of these financial statements
```
```
continued...
```
```
Page 9
```
```
Russian Language Undergraduate
Studies Limited
```
## **`Balance Sheet - continued`**
## **`31 July 2021`**
```
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable companies
subject to the small companies regime.
```
```
The financialstatementswere approvedby the Boardof Trusteesandauthorisedfor issue on 22 April2022 and were
signed on its behalf by:
```
```
Lynne Attwood - Trustee
```
```
The notes form part of these financial statements
```
```
Page 10
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements
for the Year Ended 31 July 2021
```
## **`1. ACCOUNTING POLICIES`**
## **`Basis of preparing the financial statements`**
```
The financialstatementsof the charitablecompany,whichis a publicbenefitentityunderFRS 102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingbyCharities: Statement
ofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsinaccordancewiththe Financial
ReportingStandardapplicablein the UK and Republicof Ireland(FRS 102) (effective1 January2019)', Financial
ReportingStandard102 'The FinancialReportingStandardapplicablein the UK and Republicof Ireland'and the
Companies Act 2006. The financial statements have been prepared under the historical cost convention.
```
## **`Income`**
```
All incomeis recognisedin the Statementof FinancialActivitiesoncethe charityhasentitlementto the funds,
it is probable that the income will be received and the amount can be measured reliably.
```
```
Incomefromuniversitiesis recognisedas the coursesfundedprogress.Incomereceivedin advanceof courses
is recognised as deferred income in the financial statements.
```
## **`Expenditure`**
```
Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructiveobligationcommitting the
charitytothatexpenditure,itisprobablethatatransferofeconomicbenefitswillberequiredin settlement
andtheamountof theobligationcanbe measuredreliably.Expenditureis accountedforonanaccruals basis
andhas been classifiedunderheadingsthataggregateall costrelatedto the category.Wherecostscannot be
directlyattributedtoparticularheadingstheyhavebeenallocatedtoactivitiesonabasisconsistentwith the
use of resources.
```
## **`Support costs`**
```
Supportcostsof charitableactivitiescomprisecostsincurreddirectlyin supportof expenditureon the objects
of the charity.
```
## **`Governance costs`**
```
Governancecostsincludethemanagementofthecharitablecompany'sassets,organisational management
and compliance with constitutional and statutory requirements.
```
## **`Taxation`**
```
The charity is exempt from corporation tax on its charitable activities.
```
## **`Fund accounting`**
```
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
```
## **`Foreign currencies`**
```
Assetsandliabilitiesinforeigncurrenciesaretranslatedintosterlingattheratesofexchangerulingat the
balancesheetdate.Transactionsinforeigncurrenciesaretranslatedintosterlingattherateof exchange
rulingatthedateoftransaction.Exchangedifferencesaretakenintoaccountinarrivingatthe operating
result.
```
## **`Debtors`**
```
Basic financialassets, includingtrade and other debtors,are initiallyrecognisedat transactionprice, unless the
arrangementconstitutesa financingtransaction,where the transactionis measured at the present value of the
futurereceiptsdiscountedat a marketrate of interest.Suchassets are subsequentlycarriedat amortised cost
using the effective interest method, less any impairment.
```
## **`Cash and cash equivalents`**
```
continued...
```
```
Page 11
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
```
## **`1. ACCOUNTING POLICIES - continued`**
```
Cash and cash equivalentsare representedby cash in hand,depositsheld at call with financialinstitutions, and
othershort-termhighlyliquidinvestmentsthatmatureinnomorethanthreemonthsfromthedate of
acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
```
## **`Creditors`**
```
Basicfinancialliabilities,includingtradeandothercreditors,loansfromthirdpartiesandloansfrom related
parties,areinitiallyrecognisedattransactionprice,unlessthearrangementconstitutesa financing
transaction,where the debt instrumentis measuredat the presentvalue of the futurepaymentsdiscounted at
amarketrateofinterest.Suchinstrumentsaresubsequentlycarriedatamortisedcostusingthe effective
interest method, less any impairment.
```
## **`Going Concern`**
```
Thefinancialstatementshavebeenpreparedonthebasisofgoingconcern,whichisdependenton the
continued support of the directors. There are no material uncertainties regarding going concern.
```
## **`2. INVESTMENT INCOME`**
|`Interest`
**`CHARITABLE ACTIVITIES COSTS`**
`Russian language courses`
**`DIRECT COSTS OF CHARITABLE ACTIVITIES`**
`Costs of courses`
`Pastoral and management visits to Russia`
`Costs of representation in Russia`|`Direct`
`Costs (see`
`note 4)`
`£`
**`135,773`**|**`2021`**
**`£`**
**`271`**
`Support`
`costs (see`
`note 5)`
`£`
**`27,020`**
**`2021`**
**`£`**
**`124,343`**
**`155`**
**`11,275`**
**`135,773`**|`2020`
`£`
`692`
`Totals`
`£`
**`162,793`**|
|---|---|---|---|
||||`2020`
`£`
`278,754`
`4,961`
`11,341`|
||||`295,056`|
## **`3. CHARITABLE ACTIVITIES COSTS`**
## **`4.`**
```
continued...
```
```
Page 12
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
```
## **`5. SUPPORT COSTS`**
|**`SUPPORT COSTS`**||||
|---|---|---|---|
|||`Governance`||
||`Management`|`costs`|`Totals`|
||`£`|`£`|`£`|
|`Russian language courses`|**`18,618`**|**`8,402`**|**`27,020`**|
|`Support costs, included in the above, are as follows:`||||
|**`Management`**||||
|||**`2021`**|`2020`|
|||`Russian`||
|||`language`|`Total`|
|||`courses`|`activities`|
|||**`£`**|`£`|
|`Operational and admin fees`||**`15,932`**|**`18,720`**|
|`Insurance`||**`841`**|**`837`**|
|`General overheads and office expenses`||**`1,845`**|**`2,098`**|
|||**`18,618`**|**`21,655`**|
|**`Governance costs`**||||
|||**`2021`**|`2020`|
|||`Russian`||
|||`language`|`Total`|
|||`courses`|`activities`|
|||**`£`**|`£`|
|`Trustees' expenses`||**`-`**|**`148`**|
|`Trustees meeting expenses`||**`-`**|**`1,185`**|
|`Accountancy fees`||**`1,275`**|**`1,275`**|
|`Independent examiner's fee`||**`6,119`**|**`2,535`**|
|`Legal and professional fees`||**`1,008`**|**`-`**|
|||**`8,402`**|**`5,143`**|
## **`6. TRUSTEES' REMUNERATION AND BENEFITS`**
```
There were no trustees' remunerationor other benefits for the year ended 31 July 2021 nor for the year ended
31 July 2020.
```
```
continued...
```
```
Page 13
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
```
## **`6. TRUSTEES' REMUNERATION AND BENEFITS - continued`**
## **`Trustees' expenses`**
```
No trustees were reimbursed for any travel or meeting expenses (2020: 2 trustees) (see Note 5).
```
## **`7. STAFF COSTS`**
```
There were no staff costs for the year ended 31 July 2021 nor for the year ended 31 July 2020.
No employee received emoluments in excess of £60,000.
```
## **`8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**
|**`COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`**||
|---|---|
||`Unrestricted`|
||`fund`|
||`£`|
|**`INCOME AND ENDOWMENTS FROM`**||
|**`Charitable activities`**||
|`Russian language courses`|`303,257`|
|`Investment income`|`692`|
|**`Total`**|`303,949`|
|**`EXPENDITURE ON`**||
|**`Charitable activities`**||
|`Russian language courses`|`321,854`|
|**`NET INCOME/(EXPENDITURE)`**|`(17,905)`|
|**`RECONCILIATION OF FUNDS`**||
|**`Total funds brought forward`**|`159,068`|
|**`TOTAL FUNDS CARRIED FORWARD`**|`141,163`|
```
continued...
```
```
Page 14
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
```
## **`for the Year Ended 31 July 2021`**
## **`9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
|`Trade debtors`
`Other debtors`
`Prepayments`
**`10.`**
**`CURRENT ASSET INVESTMENTS`**
`National Savings Income Bond`
`Investments are included in the balance sheet at their open market value.`
**`11.`**
**`CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade creditors`
`Other creditors`
`Deferred course income`
`Accruals`
`Course deposits`
`Course refunds`
**`12.`**
**`MOVEMENT IN FUNDS`**
`At 1.8.20`
`£`
**`Unrestricted funds`**
`General fund`
**`141,163`**
**`TOTAL FUNDS`**
**`141,163`**|||
|---|---|---|
||||
```
continued...
```
```
Page 15
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
```
## **`12. MOVEMENT IN FUNDS - continued`**
```
Net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
**`162,391`**
**`162,391`**|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
**`(162,793)`**
**`(402)`**
**`(162,793)`**
**`(402)`**|
|---|---|---|
## **`Comparatives for movement in funds`**
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 1.8.19`
`£`
`159,068`
`159,068`|`Net`
`movement`
`in funds`
`£`
`(17,905)`
`(17,905)`|`At`
`31.7.20`
`£`
`141,163`|
|---|---|---|---|
||||`141,163`|
```
Comparative net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`303,949`
`303,949`|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(321,854)`
`(17,905)`
`(321,854)`
`(17,905)`|
|---|---|---|
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 1.8.19`
`£`
`159,068`
`159,068`|`Net`
`movement`
`in funds`
`£`
`(18,307)`
`(18,307)`|`At`
`31.7.21`
`£`
`140,761`|
|---|---|---|---|
||||`140,761`|
```
continued...
```
```
Page 16
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2021
```
## **`12. MOVEMENT IN FUNDS - continued`**
```
A currentyear12 monthsandprioryear12 monthscombinednetmovementinfunds,includedinthe above
are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`466,340`
`466,340`|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(484,647)`
`(18,307)`
`(484,647)`
`(18,307)`|
|---|---|---|
## **`13. RELATED PARTY DISCLOSURES`**
```
There were no related party transactions for the year ended 31 July 2021.
```
```
Page 17
```
```
Russian Language Undergraduate
Studies Limited
```
## **`Detailed Statement of Financial Activities`**
## **`for the Year Ended 31 July 2021`**
|**`INCOME AND ENDOWMENTS`**
**`Investment income`**
`Interest`
**`Charitable activities`**
`Course fees etc`
**`Total incoming resources`**
**`EXPENDITURE`**
**`Charitable activities`**
`Costs of courses`
`Pastoral and management visits to Russia`
`Costs of representation in Russia`
**`Support costs`**
**`Management`**
`Operational and admin fees`
`Insurance`
`General overheads and office expenses`
**`Governance costs`**
`Trustees' expenses`
`Trustees meeting expenses`
`Accountancy fees`
`Independent examiner's fee`
`Legal and professional fees`
`Total resources expended`
**`Net expenditure`**|`2021`
`£`
**`271`**
**`162,120`**
**`162,391`**
**`124,343`**
**`155`**
**`11,275`**
**`135,773`**
**`15,932`**
**`841`**
**`1,845`**
**`18,618`**
**`-`**
**`-`**
**`1,275`**
**`6,119`**
**`1,008`**
**`8,402`**
**`162,793`**
**`(402)`**|`2020`
`£`
`692`
`303,257`
`303,949`
`278,754`
`4,961`
`11,341`
`295,056`
`18,720`
`837`
`2,098`
`21,655`
`148`
`1,185`
`1,275`
`2,535`
`-`
`5,143`
`321,854`
`(17,905)`|
|---|---|---|
```
This page does not form part of the statutory financial statements
```
```
Page 18
```