``` 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 2023 ``` ``` for ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Merchant & Co Chartered Certified Accountants ``` ``` 2 Craven Road Ealing London W5 2UA ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Contents of the Financial Statements for the Year Ended 31 July 2023 ``` ||**`Page`**| |---|---| |**`Reference and Administrative Details`**|`1`| |**`Report of the Trustees`**|`2 to 5`| |**`Independent Examiner's Report`**|`6 to 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 2023`** |**`TRUSTEES`**|`Dr Lynne Attwood`| |---|---| ||`Dr Philip Bullock University Professor`| ||`Dr Adam Wake Fergus University Lecturer`| ||`Dr James Rann University Lecturer (resigned 24.2.23)`| ||`Simon Jackson Chair (appointed 24.2.23) (resigned 4.1.24)`| |`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`**|`Noon Sun Cottage`| ||`Sycamore Road`| ||`Birch Vale`| ||`High Peak`| ||`SK22 1AG`| |**`REGISTERED COMPANY NUMBER`**|`02867380 (England and Wales)`| |**`REGISTERED CHARITY NUMBER`**|`1028482`| |**`INDEPENDENT EXAMINER`**|`Merchant & Co`| ||`Chartered Certified Accountants`| ||`2 Craven Road`| ||`Ealing`| ||`London`| ||`W5 2UA`| |**`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 2023 ``` ``` ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report with the financialstatementsof the charityfor the year ended 31 July 2023. The trusteeshave adoptedthe provisions of AccountingandReportingby Charities:Statementof RecommendedPracticeapplicableto charitiespreparing their accountsinaccordancewiththeFinancialReportingStandardapplicableintheUK andRepublicofIreland(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. ``` ``` StudyingRussianinitselfisofgreatadvantagetothestudentswhoattendthesecourses.Unfortunatelytheyare no longerabletoliveinRussiaandexperienceRussianculturewhileontheseplacements.However,theywillhave the experienceof livingincountrieswhichhavea longstandingrelationshipwithRussia,largeethnicRussian populations andwhich,bothin the ImperialRussiaandSovieteras, 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 2023 ``` ## **`OBJECTIVES AND ACTIVITIES`** ## **`Significant activities`** ``` Asreportedinthelastyearreport,RLUShadtowithdrawfromRussiafollowingtheinvasionofUkrainein February 2022.DrAttwood,togetherwiththeformerdirectorofLanguageLinkinMoscow,RobertJensky,whois now officiallyresidentinEstonia,thensetaboutdevelopingnewcoursesinTallinn(Estonia)andAstana (Kazakhstan). ThesecoursesarerunbyMrJensky'snewEstoniancompany,PineGroup.Pinegroupbeganbyrunning two three-weeksummerschoolsinTallinn,heldinMayandJune2022;thiswastomakeuptostudentswhose study abroadhadbeenso disruptedbythewarinUkraine,andalsotosee howstudentsfoundtheexperienceof studying Russianin Estonia,which,as a reluctantmember of the formerSovietUnion,did not have a positiveattitude towards Russia. ``` ``` ThecourseswereextremelysuccessfulandthestudentsfoundtheexperienceofstudyinginEstoniaenjoyable and productive.From28August2022,webeganrunningcoursesinTallinnandAstanaofthesamelengthsasthose we previouslyraninRussiaforstudentsintheir3rdyearofUniversitystudy:13weeks,16weeksinsemester1and 18 weeksinSemester2,and34weeks.Wealsoputona32weekespeciallyforyear2studentsfromOxford,who had previouslyhad a 32 week coursein Yaroslavlin Russia.The UK Universitieswere initiallymore attractedby the Tallinn courseandsentmostoftheirstudentsthereinthefirstsemesterofthe2022-23academicyear.Fourstudents, two fromCambridgeandtwofromSheffield,wentto Astana.PhilipBullock,theRLUSLiaisonOfficerfromOxford, carried outapastoralvisittoTallinnandfoundthestudentslargelyveryhappywiththeirplacements;theywere very enthusiasticaboutthecourse,largelyhappywiththeiraccommodation,andveryappreciativeofthe extra-curricular activitiesput on for them by the LanguageLink staff. Their only concernwas that there was not enoughopportunity to have meaningful conversations in Russian outside of the language school. ``` ``` LynneAttwood,theRLUSOperationsConsultant,carriedoutapastoralvisittoAstanaandfoundavery different situationthere; Russianis one of the country'stwo officiallanguagesand is spokenby 95% of the population,and the fourRLUSstudentsstudyinginAstanainthefirstsemestersaidtheyenjoyedtotalimmersioninthelanguage. The factthattheywereverypositiveabouttheirexperienceofstudyingRussianinKazakhstanencouragedtheother UK UniversitiestoallowtheirstudentsthechoiceofstudyingeitherinTallinnorKazakhstan.SomeUniversity Liaison Officers have reportedthat some studentsare nervous of going somewhere for an extended period of time which is so culturallydifferentandsofarfromhome,andsothereisstillaveryhealthyuptakeofplacesontheTallinn courses. However,Astanahasprovedincreasinglypopular,withtheresultthattherearenowroughlyequivalentnumbers of students signing up for courses in both cities. ``` ## **`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`** ``` At the end of each course,our partnersin Tallinnand Astanaprovideus with marks and attendancestatisticsfor each student.Thesearepassedontothestudent'suniversityinGreatBritain.Studentperformancecontinuesto be satisfactorytotheBritishuniversities,andmostBritishuniversitieswithaRussiandepartmentcontinuetouse the services of RLUS. ``` ## **`FINANCIAL REVIEW`** ## **`Funding sources`** ``` TheprincipalsourceoffundingcontinuestobecontributionsmadebyBritishuniversitiesandstudents. These contributionshavebeencarefullycalculatedtocoverthecostsofadministrationandfeespayabletothe course providers in Tallinn and Astana. However, unforeseen events can complicate these calculations (see below). ``` ``` Page 3 ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Report of the Trustees for the Year Ended 31 July 2023 ``` ## **`FINANCIAL REVIEW`** ## **`Investment policy`** ``` Exceptforabaseinvestmentof£60,000heldinNationalSavingsBonds,allothercashisheldinaninterest bearing current account as this is essentially working capital. ``` ## **`Review`** ``` Thisyear'saccountsshowa deficitof £2,735(2022:£39,752),Studentnumbersdecreasedto89 students(151in the yearended31July2022).Thedecreaseinstudentnumbersisreflectedinthedecreaseincoursefeespaidto RLUS, from£311,958to£287,351thisyear.Thetotalcostofcoursesincludingthetuitionfeesforuniversities decreased accordingly from £309,030 to £249,800. ``` ## **`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.AftertheinvasionofUkraineinFebruary2022,andtheclosureofEuropeanairspaceto Russian planes,RLUSwaspreparingtoevacuatestudentsonceagain,andtheOperationsConsultantwasindiscussion with theRussiancourseprovidersaboutthecharteringof busestotakethestudentstoHelsinkiorTallinn.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 this has been complicated by the fact that the courses in Russia were cheaper than those in Estonia and Kazakhstan. ``` ## **`FUTURE PLANS`** ``` TheboardoftrusteeshastakenontwonewmembersoftheRLUSCommittee.WhenLynneAttwoodleft the voluntarypostof Chairto replaceRoyBivonas OperationsConsultantin February2022,the Chairbecamevacant. At theAGMinFebruary2023wetookonanewChair,SimonJackson,whohasafirst-classhonoursdegreein Russian andaprofessionalcareerineducation.OurSecretary/AdministratorAnnaClark,whohasworkedforRLUSon a freelancebasisforthreedecades,resignedinthesummerof2023andhasbeenreplacedbyKathrynRoyle. Kath, whoseprofessionalbackgroundisinFinance,hasnotonlytakenonAnnaClark'sfunctionsbutalsothe financial aspects of the OperationsConsultantposition.We have named this new post Finance,Administrationand Compliance Officer.The Committeefelt thatthe managementandadministrationof RLUS, the qualityof the liaisonwithboth the UK universitiesandLanguageLink,andthemethodsusedtoensurethehighqualityoftuitionexpectedby students, weregenerallysatisfactory.However,wearesurethatKath'sfinancialandbusinessexperiencewillensurethat the administration, and especially the accounting, of RLUS will run even more smoothly. ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`Governing document`** ``` Thecompanywasestablishedunderamemorandumofassociationwhichestablishedtheobjectsandpowersof the charitable company and is governed under its articles of association. ``` ``` Page 4 ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Report of the Trustees for the Year Ended 31 July 2023 ``` ## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`** ## **`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.inrelationtocourselocationorduration)forapprovaltotheboard.Sheis 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 providedwitha 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. ``` ## **`Risk Statement`** ``` Thetrusteeshaveadutytoidentifyandreviewtheriskstowhichthecharityisexposedandtoensure appropriate controlsareinplacetoprovidereasonableassuranceagainstfraudanderror.Themajorrisks,bothoperational and financial,towhichthecharityissubjectareassessedeachyearandappropriatesafeguardsarediscussedandput in placetomitigatethecharity'sexposuretothesemajorrisksshouldtheycrystallise.Theriskmanagementpolicy is closelylinkedtothereservespolicy.Allmajorriskshavebeenreviewed.RLUSensuresthatallteachingand living accommodationconformstolocalsafetystandardsand,whencourseswerestillruninRussia,advisedstudents that standardsin Russia may be lower than in the UK. Studentsare providedwith a 'Statementof Information',a document thatstudentsconfirmthattheyhavereadwhentheysignthebookingform,whichcontainsaclear statement regarding the safety policy: ``` ``` "RLUSisassuredthatallteachingandHomestayaccommodationprovidedbythecourseorganiserscomplies with local fire and safety laws. RLUS is also assured that all Homestay accommodationis inspectedby the host organisation. Few countriesare as stringentas the UK in settinggeneralstandardsfor safety,hygieneandfire precautions,and the localauthoritiesmay not have adequateresourcesto monitorand enforcestandards.We suggestthatyou familiarise yourselfwith the lay-outof teachingbuildingsand homestays/apartmentsand the means of escape in the event of an emergency.Ifyouareinhomestayaccommodation,pleaseobeyallsafetyinstructionsgiventoyoubyyour host family."Thesameinformationisalsocontainedinthefinalbriefingdocumentthatallstudentsreceiveabout three months before departure. ``` ``` This reporthas been preparedin accordancewith the specialprovisionsof Part 15 of the CompaniesAct 2006 relating to small companies. ``` ``` Approved by order of the board of trustees on 23 February 2024 and signed on its behalf by: ``` ``` Dr Lynne Attwood - Trustee ``` ``` Page 5 ``` ``` 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 2023. ``` ## **`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 thatIamqualifiedtoundertaketheexaminationbecauseIamamemberoftheAssociationofChartered 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. ``` ``` Page 6 ``` ## **`Independent Examiner's Report to the Trustees of Russian Language Undergraduate Studies Limited`** ``` Anindependentexaminationdoesnotinvolvegatheringalltheevidencethatwouldberequiredinanaudit and consequentlydoesnotcoverallthemattersthatanauditorconsidersingivingtheiropiniononthe financial statements.Theplanningandconductofanauditgoesbeyondthelimitedassurancethatan independent examinationcanprovide.ConsequentlyIexpressnoopinionastowhetherthefinancialstatementspresenta 'true and fair' view and my report is limited to those specific matters set out in the independent examiner's statement. ``` ``` This reportis made solely to the charity'strustees,as a body,in accordancewith section 145 of the CharitiesAct 2011. MyworkhasbeenundertakensothatImightstatetothecharity'strusteesthosemattersIamrequiredtostate to theminthisreportandfornootherpurpose.Tothefullestextentpermittedbylaw,Idonotacceptor assume responsibilityto anyoneother than the charityand the charity'strusteesas a body,for my work, for this report,or for the opinions I have formed. ``` ``` Ketan Ramesh Patel FCCA ``` ``` The Association of Chartered Certified Accountants ``` ``` Merchant & Co Chartered Certified Accountants 2 Craven Road Ealing London W5 2UA ``` ``` 1 March 2024 ``` ``` Page 7 ``` ``` Russian Language Undergraduate Studies Limited ``` ## **`Statement of Financial Activities`** ## **`(Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2023`** |**`2023`**
**`Unrestricted`**
**`fund`**
`Notes`
**`£`**
**`INCOME AND ENDOWMENTS FROM`**
**`Charitable activities`**
`Russian language courses`
**`287,351`**
`Investment income`
`2`
**`1,690`**
**`Total`**
**`289,041`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`3`
`Russian language courses`
**`291,776`**
**`NET INCOME/(EXPENDITURE)`**
**`(2,735)`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`101,009`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`98,274`**|`2022`
`Total`
`funds`
`£`
`311,958`
`141`| |---|---| ||`312,099`| ||`351,851`| ||`(39,752)`
`140,761`| ||`101,009`| ## **`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 2023`** |**`2023`**
**`Unrestricted`**
**`fund`**
`Notes`
**`£`**
**`CURRENT ASSETS`**
`Debtors`
`9`
**`140,277`**
`Investments`
`10`
**`60,000`**
`Cash at bank`
**`279,779`**
**`480,056`**
**`CREDITORS`**
`Amounts falling due within one year`
`11`
**`(381,782)`**
**`NET CURRENT ASSETS`**
**`98,274`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`98,274`**
**`NET ASSETS`**
**`98,274`**
**`FUNDS`**
`12`
`Unrestricted funds`
**`98,274`**
**`TOTAL FUNDS`**
**`98,274`**|`2022`
`Total`
`funds`
`£`
`14,863`
`60,000`
`280,362`| |---|---| ||`355,225`
`(254,216)`| ||`101,009`| ||`101,009`| ||`101,009`| ||`101,009`| ||`101,009`| ``` The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year ended 31 July 2023. ``` ``` Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended 31 July 2023 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 2023`** ``` Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicableto charitable companies subject to the small companies regime. ``` ``` ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon23February2024 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 2023 ``` ## **`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`** ``` Basicfinancialassetsincludingtradeandotherdebtorsareinitiallyrecognisedat transactionprice,unless the arrangementconstitutesa financialtransaction,where the transactionis measuredat the presentvalue of the futurereceiptsdiscountedat a marketrateof interest.Suchassetsare subsequentlycarriedat amortised cost using the effective interest method, less any impairment. ``` ``` continued... ``` ``` Page 11 ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ``` ## **`1. ACCOUNTING POLICIES - continued`** ## **`Cash and cash equivalents`** ``` 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,andothercreditors,loansfromthirdpartiesandloansfromrelatedparties, are initiallyrecognisedattransactionprice,unlessthearrangementconstitutesa financialtransaction,where the debtinstrumentismeasuredatthepresentvalueofthefuturepaymentdiscountedatamarketrate of interest.Suchinstrumentsare subsequentlycarriedat amortisedcost usingthe effectiveinterestmethod, less any impairment.. ``` ## **`Going Concern`** ``` Thefinancialstatementshavebeenpreparedonthebasisofgoingconcern.Thereareno 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)`
`£`
**`253,617`**|**`2023`**
**`£`**
**`1,690`**
`Support`
`costs (see`
`note 5)`
`£`
**`38,159`**
**`2023`**
**`£`**
**`249,800`**
**`3,817`**
**`-`**
**`253,617`**|`2022`
`£`
`141`
`Totals`
`£`
**`291,776`**| |---|---|---|---| ||||`2022`
`£`
`309,030`
`-`
`2,763`| ||||`311,793`| ## **`3.`** ## **`4. DIRECT COSTS OF CHARITABLE ACTIVITIES`** ``` continued... ``` ``` Page 12 ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ``` ## **`5. SUPPORT COSTS`** |**`SUPPORT COSTS`**|||| |---|---|---|---| |||`Governance`|| ||`Management`|`costs`|`Totals`| ||`£`|`£`|`£`| |`Russian language courses`|**`31,803`**|**`6,356`**|**`38,159`**| |`Support costs, included in the above, are as follows:`|||| |**`Management`**|||| |||**`2023`**|`2022`| |||`Russian`|| |||`language`|`Total`| |||`courses`|`activities`| |||**`£`**|`£`| |`Operational and admin fees`||**`26,671`**|**`25,235`**| |`Insurance`||**`883`**|**`854`**| |`General overheads and office expenses`||**`3,805`**|**`4,599`**| |`Bank charges`||**`246`**|**`383`**| |`Website expenses`||**`198`**|**`-`**| |||**`31,803`**|**`31,071`**| |**`Governance costs`**|||| |||**`2023`**|`2022`| |||`Russian`|| |||`language`|`Total`| |||`courses`|`activities`| |||**`£`**|`£`| |`Trustees' expenses`||**`-`**|**`327`**| |`Accountancy fees`||**`2,340`**|**`2,160`**| |`Independent examiner's fee`||**`4,016`**|**`6,500`**| |||**`6,356`**|**`8,987`**| ## **`6. TRUSTEES' REMUNERATION AND BENEFITS`** ``` There were no trustees'remunerationor other benefitsfor the year ended 31 July 2023 nor for the year ended 31 July 2022. ``` ``` continued... ``` ``` Page 13 ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ``` ## **`6. TRUSTEES' REMUNERATION AND BENEFITS - continued`** ## **`Trustees' expenses`** ``` Pastoraland managementvisits includereimbursementsof cost £2,487 for visits made by Dr PhilipBullock and Simon Jackson to Tallinn. ``` ## **`7. STAFF COST`** ``` There were no staff costs for the year ended 31 July 2023 nor for the year ended 31 July 2022. No employees 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`|`311,958`| |`Investment income`|`141`| |**`Total`**|`312,099`| |**`EXPENDITURE ON`**|| |**`Charitable activities`**|| |`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`| ``` continued... ``` ``` Page 14 ``` ``` Russian Language Undergraduate Studies Limited ``` ## **`Notes to the Financial Statements - continued`** ## **`for the Year Ended 31 July 2023`** |**`9.`**
**`DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR`**
`Trade 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 1.8.22`
`£`
**`Unrestricted funds`**
`General fund`
**`101,009`**
**`TOTAL FUNDS`**
**`101,009`**
`Net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
**`289,041`**
**`TOTAL FUNDS`**
**`289,041`**||**`2023`**
**`£`**
**`139,609`**
**`668`**
**`140,277`**
**`2023`**
**`£`**
**`60,000`**
**`2023`**
**`£`**
**`19,803`**
**`333,818`**
**`7,579`**
**`12,170`**
**`8,412`**
**`381,782`**
`Net`
`movement`
`in funds`
`£`
**`(2,735)`**
**`(2,735)`**
`Resources`
`expended`
`£`
**`(291,776)`**
**`(291,776)`**|| |---|---|---|---| ||||| ``` continued... ``` ``` Page 15 ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ``` ## **`12. MOVEMENT IN FUNDS - continued`** ## **`Comparatives for movement in funds`** |`At 1.8.21`
`£`
**`Unrestricted funds`**
`General fund`
`140,761`
**`TOTAL FUNDS`**
`140,761`
`Comparative net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
`312,099`
**`TOTAL FUNDS`**
`312,099`|`Net`
`movement`
`At`
`in funds`
`31.7.22`
`£`
`£`
`(39,752)`
`101,009`
`(39,752)`
`101,009`
`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(351,851)`
`(39,752)`
`(351,851)`
`(39,752)`|`At`
`31.7.22`
`£`
`101,009`| |---|---|---| |||`101,009`| |||`(39,752)`| ``` A current year 12 months and prior year 12 months combined position is as follows: ``` |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 1.8.21`
`£`
`140,761`
`140,761`|`Net`
`movement`
`in funds`
`£`
`(42,487)`
`(42,487)`|`At`
`31.7.23`
`£`
`98,274`| |---|---|---|---| ||||`98,274`| ``` continued... ``` ``` Page 16 ``` ``` Russian Language Undergraduate Studies Limited ``` ``` Notes to the Financial Statements - continued for the Year Ended 31 July 2023 ``` ## **`12. MOVEMENT IN FUNDS - continued`** ``` A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above are as follows: ``` |**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`601,140`
`601,140`|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(643,627)`
`(42,487)`
`(643,627)`
`(42,487)`| |---|---|---| ## **`13. RELATED PARTY DISCLOSURES`** ``` Duringtheyearended31July2023,LynneAttwoodreceivedatotalof£26,671(2022:£16,958)for her services as Operations Consultant. As at 31 July 2023, £798 remained outstanding to her. ``` ``` Page 17 ``` ``` Russian Language Undergraduate Studies Limited ``` ## **`Detailed Statement of Financial Activities`** ## **`for the Year Ended 31 July 2023`** |**`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`
`Bank charges`
`Website expenses`
**`Governance costs`**
`Trustees' expenses`
`Accountancy fees`
`Independent examiner's fee`
`Total resources expended`
**`Net expenditure`**|`2023`
`£`
**`1,690`**
**`287,351`**
**`289,041`**
**`249,800`**
**`3,817`**
**`-`**
**`253,617`**
**`26,671`**
**`883`**
**`3,805`**
**`246`**
**`198`**
**`31,803`**
**`-`**
**`2,340`**
**`4,016`**
**`6,356`**
**`291,776`**
**`(2,735)`**|`2022`
`£`
`141`
`311,958`| |---|---|---| |||`312,099`
`309,030`
`-`
`2,763`| |||`311,793`
`25,235`
`854`
`4,599`
`383`
`-`| |||`31,071`
`327`
`2,160`
`6,500`| |||`8,987`| |||`351,851`| |||`(39,752)`| ``` This page does not form part of the statutory financial statements ``` ``` Page 18 ```