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 2022
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 2022
|
Page |
Reference and Administrative Details |
1 |
Report of the Trustees |
2 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 |
Russian Language Undergraduate
Studies Limited
Reference and Administrative Details
for the Year Ended 31 July 2022
TRUSTEES |
Dr Lynne Attwood |
|
Dr Philip Bullock University Professor |
|
Dr Adam Wake Fergus University Lecturer |
|
Dr Riitta-Liisa Valijarvi University Lecturer (resigned 22.10.21) |
|
Dr Elena Filimonova University Lecturer (resigned 29.6.22) |
|
Dr James Rann University Lecturer (resigned 24.2.23) |
|
Simon Jackson (appointed 24.2.23) |
Trustees hold office for a period of three years and then retire. A retiring member is eligible for re-election. |
|
Members of the charitable company agree to contribute an amount not exceeding £1 to the assets of the charitable company in |
|
the event of a winding-up. |
|
REGISTERED OFFICE |
21 Selby Road |
|
London |
|
W5 1LY |
REGISTERED COMPANY NUMBER |
02867380 (England and Wales) |
REGISTERED CHARITY NUMBER |
1028482 |
INDEPENDENT EXAMINER |
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 Limited |
|
Kings Hill |
|
Kent |
|
ME19 4TA |
Page 1
Russian Language Undergraduate
Studies Limited
Report of the Trustees
for the Year Ended 31 July 2022
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
with the financialstatementsof the charityfor the year ended 31 July 2022. The trusteeshave adoptedthe provisions
of AccountingandReportingby Charities:Statementof RecommendedPracticeapplicableto charitiespreparing their
accountsinaccordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
TheobjectsofRussianLanguageUndergraduateStudiesLimited(RLUS)aretheadvancementofeducation by
organisingandfacilitatingintensive,highqualitycoursesintheRussianlanguageandplacementsfor students
studyinginUnitedKingdomuniversitiesincountrieswhereRussianiswidelyspoken.SincetheRussianinvasion of
Ukrainewe have been unableto send studentsto Russia itself,so we currentlywork with a companycalled Pinegroup
toruncoursesinEstonia(Tallinn)andKazakhstan(Astana).BothcountrieswerepartoftheSovietUnion,but have
been independent since 1991 when the Soviet Union broke up.
StudyingRussianinitselfis of greatadvantagetothestudentswhoattendthesecourses.Unfortunatelytheyare no
longerabletoliveinRussiaandexperienceRussianculturewhileontheseplacements.However,theywillhave the
experienceof livingincountrieswhichhavea longstandingrelationshipwithRussia,largeethnicRussian populations
and which,bothin the ImperialRussiaand Soviet eras, were coloniesof Russia.The countriesare at oppositeends of
theformerSovietUnionandareverydifferent,geographically,culturallyandpolitically;sotooaretheir attitudes
towardsRussia.Ifstudentschoosetodividetheyearbetweenthecountries,theywillreturnwithamuch greater
understandingofRussia'sattitudestowardsthe'nearabroad'(formerSovietrepublics).Thiswillbe particularly
valuable in the present day, given Russia's war against Ukraine.
Main objectives for the year
ThemainobjectivesfortheyeararetoensurethatourcoursesinEstoniaandKazakhstancontinuetomaintain the
same high standard as our courses in Russia in previous years.
Strategies for achieving these objectives
ThecoursesaremonitoredbytheOperationsConsultantandtrustees,whocarryoutpastoralvisitstodiscuss the
runningof the courseswith studentsand course providers.The OperationsConsultantusuallyconductstwo visits per
yearherself,oneinEstoniaandoneinKazakhstan,andisassistedbytheotherTrusteeswhocarryout additional
visits. The aim is to visit every cohort of students on RLUS courses.
Page 2
Russian Language Undergraduate
Studies Limited
Report of the Trustees
for the Year Ended 31 July 2022
OBJECTIVES AND ACTIVITIES
Significant activities
As reportedin the last Year Report,RLUS hadto deal withtwo very significantchangesin the academicyear 2021-22.
The OperationsConsultant,RoyBivon,hada seriousillnesswhichresultedinhimstandingdownandthepost being
takenoverbyLynneAttwood,whohadbeenthechairofthecharity.DrBivontookovertheroleofChair and
continuedtoattendCommitteemeetings,buthesadlypassedawayinSeptember,andSimonJacksonisnow the
Chair.The second major change is that due to the on-goingwar in Ukraine,RLUS is no longer able to send students to
Russia.DrAttwoodhasworkedwiththeformerdirectorofLanguageLinkinMoscow,RobertJensky,whois now
officiallyresidentinEstonia,toorganisenewcoursesinTallinn(thecapitalofEstonia),andAstana(thecapital of
Kazakhstan).ThesearebothrunbyMr Jensky'snew Estoniancompany,PineGroup(thoughhe continuesto use the
name LanguageLink for the schoolsthemselves).We began with two three-weeksummer schoolsin Tallinn,held in
MayandJune2022.ThiswaspartlytoseehowstudentsfoundstudyingRussianinEstonia,whichhadbeen a
reluctantmemberoftheformerSovietUnion,andpartlytocompensatestudentsforthedisruptiontotheir Year
AbroadsincetheyneededtoreturnhomeimmediatelyafterRussia'sinvasionofUkraineafteronlythreeweeks of
study.AlmostalloftheUK Universitiespaidthesummerschoolfeesfortheirstudents.Thecourseswere extremely
successful and the students found the experience of studying in Estonia enjoyable and productive.
For the 2022-23 academic year, RLUS and PineGrouphave set up courses in both Tallinnand Astana (where Mr. Jensky
hasalongstandingcolleaguewhohasbeenrunningintensiveRussiancoursesinAstanaforyears)ofthe same
lengthsasthecoursespreviouslyruninvariousuniversitiesandlanguageschoolsinRussia.Hencewe runa 13 week
coursein bothsemestersof the academicyear in bothcities;a16 week coursein the Autumnsemester;an 18 week
coursein the Springsemester;anda 34 week course.In addition,we runa 32 week coursein Tallinnfor second year
ab initio students from Oxford University. (The other courses are for third year students.)
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.
ACHIEVEMENT AND PERFORMANCE
Performance
Attheendofeachcourse,PineGroupwillprovideuswithmarksandattendancestatisticsforeachstudent,as our
partnersinRussiaalwaysdid.Thesearepassedontothestudents'universitiesintheUK.Wearesure,from our
pastoralvisits and from discussionswith studentsthemselves,that the courses and studentperformancewill continue
tobesatisfactorytotheUKuniversities.MostBritishuniversitieswithaRussiandepartmenthavecontinuedto use
the services of RLUS, despite the changes we have gone through.
FINANCIAL REVIEW
Funding sources
TheprincipalsourceoffundingcontinuestobecontributionsmadebyBritishuniversitiesandstudents. These
contributionshavebeencarefullycalculatedtocoverthecostsofadministrationandfeespayabletothe course
providers in Tallinn and Astana. However, unforeseen events can complicate these calculations (see below).
Investment policy
Exceptforabaseinvestmentof£60,000heldinNationalSavingsBonds,allothercashisheldinaninterest bearing
current account as this is essentially working capital.
Page 3
Russian Language Undergraduate
Studies Limited
Report of the Trustees
for the Year Ended 31 July 2022
FINANCIAL REVIEW
Review
Thisyear'saccountsshowadeficitof£39,752(2021:£402),Studentnumbersincreasedto151studentsin 2021/22
(107 in 2020/21).The increase in studentnumbers is reflectedin the overallincrease in course fees paid to RLUS, from
£162,120to£311,958thisyear.Thetotalcostofcoursesincludingthetuitionfeesforuniversities increased
accordingly from £124,343 to £309,030.
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 trusteeswascertainthatthelevelof reserveswouldbe sufficienttoaccomplishthistaskif it
wasrequiredagain.Aftertheinvasionof UkraineinFebruary2022,andtheclosureof Europeanairspaceto Russian
planes,RLUSwaspreparingtoevacuatestudentsonceagain,andtheOperationsConsultantwasindiscussion with
the Russiancourseprovidersaboutthecharteringof busesto takethe 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 sufficientbutnotexcessivelevel,RLUS was graduallydecreasingthe administration
feechargedtostudentsand,asfaraspossible,holdingdownyearonyearincreasesincoursecosts. Unfortunately
thishasbeencomplicatedbythefactthatthecoursesinRussiawerecheaperthanthoseinEstoniaand Kazakhstan.
At 31 July 2022 reserves totalled £101,009 (2021: £140,761).
Page 4
Russian Language Undergraduate
Studies Limited
Report of the Trustees
for the Year Ended 31 July 2022
FUTURE PLANS
Theboardoftrusteeshavehadmuchdiscussionaboutthevariousaspectsofmanagingthebusiness, particularly
giventheenormouschangesRLUShasbeenthrough.Theseincludetheadministrationandfinancial systems
employed,the qualityof liaisonwith boththe UK and PineGroup,and the methodsused to ensurethe highquality of
tuitionexpectedbystudents.Thetrusteesconsiderthatthemanagementsystemsandpoliciesinuseare still
satisfactory.TheyfeelthatRLUShasdoneaswellasitpossiblycouldhaveindealingwiththeenormous changes
withwhichitwasconfronted-thedemiseofthepreviouslong-termOperationsConsultant,RoyBivon,and his
replacementby Lynne Attwood,followedimmediatelyby Russia's invasionof Ukraine and the subsequent cancellation
ofallofourcoursesinRussia.Itisfeltthatthenewcourses,arrangedatveryshortnotice,havebeenmuch more
successfulthancouldpossiblyhavebeenhopedfor,andthataccommodationarrangementsforstudentshave also,
forthe mostpart,gonevery smoothly.Accordingly,RLUS willcontinueworkingin the same way,butwith attention
toanypointsneedingimprovementastheyareidentified.Therehasbeendiscussionaboutwhetherweshould be
launchingcoursesinotherlocationsaswellasTallinnandAstana-Riga(Latvia)andErevan(Armenia)have been
mentionedas possibilities.However,it was decidedthatthiswouldbe premature,andthatRLUS should concentrate
atpresentonourexistingcoursesuntilwefeltconfidentthattheywereasgoodastheycouldpossiblybe. In
addition,wefeltthatintroducingmorecoursesinothercountrieswouldcreateabigproblemwithpastoral visits.
RLUS has alwaysendeavouredto visit every cohortof students,whichwas possiblewhen all of our coursestook place
intheonecountry,Russia;alloftheUniversitiesandLanguageSchoolscouldbevisitedbyonepersononone trip.
However,itisnotpossibletovisitbothofourlanguageschoolsononetripsincetheyareindifferent countries,
thousandsof miles apart.LynneAttwoodis notableto do more thanone pastoralvisitper semester.Some of the
other Trustees have offered to help, and in this first year, PhilipBullockfrom Oxfordvisited Tallinnin semester 1 while
Lynne Attwoodwent to Astana. Philipplannedto go to Astana in semester 2, but this proved to be impossible because
of his universityworkcommitments.Sincethoseof ourTrusteeswho are full-timeUniversitylecturersare not able
to commit to carryingout pastoralvisits, addingmore countriesto our list would make it absolutelyimpossibleto fulfil
the aim of visiting every cohort of students.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
Thecompanywasestablishedunderamemorandumofassociationwhichestablishedtheobjectsandpowersof the
charitable company and is governed under its articles of association.
Organisational structure and decision making
The charitydoes notdirectlyemployanystaff.All of its activitiesin the UK are carriedoutby contractedpersons: an
operationsconsultant,anaccountantandanadministrator/secretary.Operationsabroadarecontracted to
PineGroup,anEstoniancompanywhichtradesunderthenameofLanguageLinkandrunsRLUScoursesin both
Tallinn and Astana.
Mattersofpolicyandprinciplearedecidedbytheboardoftrusteesatmeetingsheldthreetimesperyear. The
operationsconsultant,DrLynneAttwood,isresponsibleforadvisingtheboardoftrusteesonprogressand putting
forwardsuggestionsforchange(e.g.inrelationto courselocationorduration)forapprovaltotheboard.She is also
responsiblefor all processingof studentinvolvement,from initialenquirythroughto monitoringperformanceof 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,whatyouneedtodo'.Newtrusteesalsosigna TrusteeDeclarationof Eligibilityanda register of
interests declaration. They are also given an introduction to administrative processes such as expense claims.
Page 5
Russian Language Undergraduate
Studies Limited
Report of the Trustees
for the Year Ended 31 July 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT Risk Statement
Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate
controlsareinplacetoprovidereasonableassuranceagainstfraudanderror.Themajorrisks,bothoperational and
financial,towhichthecharityissubjectareassessedeachyearandappropriatesafeguardsarediscussedandput in
placetomitigatethecharity'sexposuretothesemajorrisksshouldtheycrystallise.Theriskmanagementpolicy is
closelylinkedtothereservespolicy.Allmajorriskshavebeenreviewed.RLUSensuresthatallteachingand living
accommodationconformstolocalsafetystandardsand,whencourseswerestillruninRussia,advisedstudents that
standardsinRussiamaybelowerthanintheUK.Studentsareprovidedwitha'StatementofInformation', a
documentthatstudentsconfirmthattheyhavereadwhentheysignthebookingform,whichcontainsa clear
statement regarding the safety policy:
"RLUSisassuredthatallteachingandHomestayaccommodationprovidedbythecourseorganiserscomplies with
localfireandsafetylaws.RLUSisalsoassuredthatallHomestayaccommodationisinspectedbythe host
organisation.FewcountriesareasstringentastheUKinsettinggeneralstandardsforsafety,hygieneand fire
precautions,andthelocalauthoritiesmaynothaveadequateresourcestomonitorandenforcestandards. We
suggestthatyoufamiliariseyourselfwiththe lay-outof teachingbuildingsandhomestays/apartmentsandthe means
ofescapeintheeventofanemergency.Ifyouareinhomestayaccommodation,pleaseobeyallsafety instructions
giventoyoubyyourhostfamily."Thesameinformationisalsocontainedinthefinalbriefingdocumentthat all
students receive about three months before departure.
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.
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 1 April 2023 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 2022.
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').
Having satisfiedmyself that the accountsof the Companyare not requiredto be auditedunder Part 16 of the 2006 Act
andareeligibleforindependentexamination,Ireportinrespectofmyexaminationofyourcharity'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
Since yourcharity'sgross incomeexceeded£250,000yourexaminermust be a member of a listedbody.I can confirm
thatI amqualifiedtoundertaketheexaminationbecauseI amaregisteredmemberofTheAssociationof Chartered
Certified Accountants which is one of the listed bodies.
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
The Association of Chartered Certified Accountants
Merchant & Co
Chartered Certified Accountants
20 Exhibition House
Addison Bridge Place
London
W14 8XP
6 April 2023
Page 7
Russian Language Undergraduate
Studies Limited
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2022
2022
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Russian language courses
311,958
Investment income
2
141
Total
312,099
EXPENDITURE ON
Charitable activities
3
Russian language courses
351,851
NET INCOME/(EXPENDITURE)
(39,752)
RECONCILIATION OF FUNDS
Total funds brought forward
140,761
TOTAL FUNDS CARRIED FORWARD
101,009 |
2021
Total
funds
£
162,120
271 |
|
162,391 |
|
162,793 |
|
(402)
141,163 |
|
140,761 |
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 2022
2022
Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
9
14,863
Investments
10
60,000
Cash at bank
280,362
355,225
CREDITORS
Amounts falling due within one year
11
(254,216)
NET CURRENT ASSETS
101,009
TOTAL ASSETS LESS CURRENT LIABILITIES
101,009
NET ASSETS
101,009
FUNDS
12
Unrestricted funds
101,009
TOTAL FUNDS
101,009 |
2021
Total
funds
£
26,404
60,000
269,959 |
|
356,363
(215,602) |
|
140,761 |
|
140,761 |
|
140,761 |
|
140,761 |
|
140,761 |
The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year
ended 31 July 2022.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 July 2022 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 2022
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon1 April2023and 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 2022
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
Tradeandotherdebtorsarerecognisedatthesettlementamount.Prepaymentsarevaluedatthe amount
prepaid.
Cash and cash equivalents
continued...
Page 11
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
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
LiabilitiesandprovisionsarerecognisedwhenthereisanobligationattheBalancesheetdateasa resultof a
pastevent.Liabilitiesarerecognisedattheamountthecharityanticipatesitwillpaytosettlethe debt.
Provisions are measured at the best estimate of the amount required to settle the obligation.
Going Concern
Thefinancialstatementshavebeenpreparedonthebasisofgoingconcern.Thereareno material
uncertainties regarding going concern.
2. INVESTMENT INCOME
Interest
3.
CHARITABLE ACTIVITIES COSTS
Russian language courses
4.
DIRECT COSTS OF CHARITABLE ACTIVITIES
Costs of courses
Pastoral and management visits to Russia
Costs of representation in Russia |
Direct
Costs (see
note 4)
£
311,793 |
2022
£
141
Support
costs (see
note 5)
£
40,058
2022
£
309,030
-
2,763
311,793 |
2021
£
271
Totals
£
351,851 |
|
|
|
2021
£
124,343
155
11,275 |
|
|
|
135,773 |
continued...
Page 12
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
5. SUPPORT COSTS
SUPPORT COSTS |
|
|
|
|
|
Governance |
|
|
Management |
costs |
Totals |
|
£ |
£ |
£ |
Russian language courses |
31,071 |
8,987 |
40,058 |
Support costs, included in the above, are as follows: |
|
|
|
Management |
|
|
|
|
|
2022 |
2021 |
|
|
Russian |
|
|
|
language |
Total |
|
|
courses |
activities |
|
|
£ |
£ |
Operational and admin fees |
|
25,618 |
15,932 |
Insurance |
|
854 |
841 |
General overheads and office expenses |
|
4,599 |
1,845 |
|
|
31,071 |
18,618 |
Governance costs |
|
|
|
|
|
2022 |
2021 |
|
|
Russian |
|
|
|
language |
Total |
|
|
courses |
activities |
|
|
£ |
£ |
Trustees' expenses |
|
327 |
- |
Accountancy fees |
|
2,160 |
1,275 |
Independent examiner's fee |
|
6,500 |
6,119 |
Legal and professional fees |
|
- |
1,008 |
|
|
8,987 |
8,402 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 July 2022 nor for the year ended
31 July 2021.
continued...
Page 13
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
Trustees travel expenses were reimbursed to 1 trustee (2021: Nil) (see Note 5).
7. STAFF COSTS
There were no staff costs for the year ended 31 July 2022 nor for the year ended 31 July 2021.
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 |
162,120 |
Investment income |
271 |
Total |
162,391 |
EXPENDITURE ON |
|
Charitable activities |
|
Russian language courses |
162,793 |
NET INCOME/(EXPENDITURE) |
(402) |
RECONCILIATION OF FUNDS |
|
Total funds brought forward |
141,163 |
TOTAL FUNDS CARRIED FORWARD |
140,761 |
continued...
Page 14
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
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
Deferred course income
Accruals
Course deposits
Course refunds
12.
MOVEMENT IN FUNDS
At 1.8.21
£
Unrestricted funds
General fund
140,761
TOTAL FUNDS
140,761 |
|
|
|
|
|
continued...
Page 15
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
12. MOVEMENT IN FUNDS - continued
Net movement in funds, included in the above are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
312,099
312,099 |
Resources
Movement
expended
in funds
£
£
(351,851)
(39,752)
(351,851)
(39,752) |
|
|
|
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.8.20
£
141,163
141,163 |
Net
movement
in funds
£
(402)
(402) |
At
31.7.21
£
140,761 |
|
|
|
140,761 |
Comparative 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) |
|
|
|
A current year 12 months and prior year 12 months combined position is as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
At 1.8.20
£
141,163
141,163 |
Net
movement
in funds
£
(40,154)
(40,154) |
At
31.7.22
£
101,009 |
|
|
|
101,009 |
continued...
Page 16
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2022
12. MOVEMENT IN FUNDS - continued
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
474,490
474,490 |
Resources
Movement
expended
in funds
£
£
(514,644)
(40,154)
(514,644)
(40,154) |
|
|
|
13. RELATED PARTY DISCLOSURES
Replacement of RLUS Operations Consultant
On4February2022theOperationsConsultant,RoyBivon,whohadaseriousillnesswhichresultedin him
havingtostanddownfromthepost,wasreplacedbyLynneAttwood(whowasthechairofthecharity) as
temporary Operations Consultant.
IthasproveddifficulttofindasuitablereplacementforRoy.LynneAttwoodhadatthattimealreadydone a
considerableamountofworkbutwasnotpaidbythecharity.AstheworkoftheOperationsConsultantis a
remuneratedpositiontheCommitteeagreedinthemeetingon9March2022thatLynneAttwoodwill be
remunerated for her work as Operations Consultant.
UntiltheendofthefinancialyearLynneAttwoodreceivedatotalof£14,880forherservicesas Operations
Consultant and an amount of £2,078 was still owed to her at the year end 31 July 2022.
Page 17
Russian Language Undergraduate
Studies Limited
Detailed Statement of Financial Activities
for the Year Ended 31 July 2022
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
Accountancy fees
Independent examiner's fee
Legal and professional fees
Total resources expended
Net expenditure |
2022
£
141
311,958
312,099
309,030
-
2,763
311,793
25,618
854
4,599
31,071
327
2,160
6,500
-
8,987
351,851
(39,752) |
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) |
|
|
|
This page does not form part of the statutory financial statements
Page 18