``` 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 ```