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 2024
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 2024
|
Page |
Reference and Administrative Details |
1 |
Report of the Trustees |
2 to 6 |
Independent Examiner's Report |
7 to 8 |
Statement of Financial Activities |
9 |
Balance Sheet |
10 to 11 |
Notes to the Financial Statements |
12 to 18 |
Detailed Statement of Financial Activities |
19 |
Russian Language Undergraduate
Studies Limited
Reference and Administrative Details
for the Year Ended 31 July 2024
TRUSTEES |
Dr Lynne Attwood |
|
Dr Philip Bullock University Professor (resigned 21.11.24) |
|
Dr Adam Wake Fergus University Lecturer |
|
Simon Jackson Chair (resigned 4.1.24) |
|
Mrs Anna M Clark (appointed 21.11.24) |
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 |
13 Glossop Road |
|
Little Hayfield |
|
High Peak |
|
SK22 2NG |
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 |
Gordons LLP |
|
Solicitors |
|
1 New Augustus Street |
|
Bradford |
|
BD1 5LL |
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 2024
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
with the financialstatementsof the charityfor the year ended 31 July 2024. 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.
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 2024
OBJECTIVES AND ACTIVITIES
Significant activities
RLUShascontinuedtoworkwithRobJensky,whoownsPinegroup/LanguageLink,toprovidestudents studying
RussianatUKUniversitieswithintensiveRussianlanguagecoursesinTallinn(Estonia)andAstana (Kazakhstan).
Variouslengthcoursesarestilloffered:13weeks,16weeks(semester1only),18weeks(semester2only),and 34
weeks.Studentstakethesecoursesinthethirdyearoftheirdegreeprogrammes.Wealsorunaspecial32 week
courseinTallinnforOxfordstudentswhoareintheir2ndyearatOxfordandwhoonlystartedstudyingRussian in
their first year at University.
As mentionedin the lastyearreport,the UK Universitieswere initiallymore attractedby the Tallinncourseand sent
mostoftheirstudentsthereinthefirstsemesterofthe2022-23academicyear.Onlyfourstudents,two from
CambridgeandtwofromSheffield,wenttoAstana.Thissituationchangedconsiderablyinthe2023-24 academic
year,with24 studentschoosingto go to Astana,andin the currentacademicyear thishas goneup stillfurtherto 32
studentsin semester 1 and40 in semester 2.One of those40 had originallysignedup just for the semester 1 course
but loved it so much that he asked to return in semester 2.
The Tallinncourses continueto be popularand there are roughlyequal numbersof studentsin Tallinnand Astana. As
withAstana,wehavehadstudentswhoonlysignedupforsemester1inTallinnwhofeelthattheyhavegained so
much from the course that they have asked to return in semester 2.
PhilipBullock,theOxfordLiaisonOfficer,carriedoutthepastoralvisittoTallinninthesemester1ofthe 2023-24
academicyear,whileLynneAttwood,togetherwiththen-chairSimonJackson,carriedoutthesemester2visit. All
threereportedaveryhighlevelofsatisfactionwiththecoursesandtheteachers.SvetlanaBooth(StAndrews) did
the pastoralvisit to Astanain semester 1, and NadiaBragina(QMUL) in semester 2.Both gave enthusiasticreports on
the facilities,the teachers,the coursestructures,and the city itself.Liza Langley(Manchester)also did a pastoral visit
onbehalfofManchester,whichatthattimewasnotsureaboutsendingstudentstoAstana.Asaresultof Liza's
positiveevaluationofthecourseandthecity,ManchesterstudentshaveallgonetoAstanainthecurrent academic
year.
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,ourpartnersinTallinnandAstanaprovideuswithmarksandattendancestatistics for
eachstudent.Thesearepassedontothestudent'suniversityinGreatBritain.Studentperformancecontinuesto be
satisfactorytotheBritishuniversities,andmostBritishuniversitieswithaRussiandepartmentcontinuetouse the
servicesofRLUS.TheRLUSCommitteedecidedthatstudentsshouldberequiredtoattendnolessthan70% of
classes, and LanguageLink staff agreed to monitorattendanceand to inform the Universitiesof studentswho failed to
meet this requirement.
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 2024
FINANCIAL REVIEW
Investment policy
Exceptforabaseinvestmentof£60,000heldinNationalSavingsBonds,allothercashisheldinaninterest bearing
current account as this is essentially working capital.
Review
This year's accountsshow a net income of £6,464 (2023: £2,735),Studentnumbers increasedto 105 studentsthis year
(89 in the yearended31 July2023).The increasein studentnumbersis reflectedin the overallincreasein course fee
incomefrom£287,351in2023to£363,524thisyear;andaccordinglyanincreaseincoursecostsfrom£248,800 in
2023 to £318,160 this year.
At 31 July 2024 reserves totalled £104,738 (31 July 2023; £98,274).
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
TheRLUSCommittee/BoardofTrusteesunderwentsomemorechangesattheendofthe2023-24academic year.
WeregretfullylostPhilipBullock,whohadbeentheOxfordLiaisonOfficerandaRLUSTrusteeformanyyears (even
whenwewerestillsendingstudentsoncoursesinRussia).HewasmovedbyhisUniversityintoa different
Administrativeposition,andhasbeenreplacedbyMargaritaVaysman.AglayaSnetkovwasunabletocontinue as
UCL's Liaison Officer due to ill-health, and has been replaced by Chiara Amini.
KathRoyle,whowastakenoninthe2023-24academicyear,asAdministration,FinanceandComplianceOfficer, has
fulfilledtheexpectationthatherfinancialandbusinessacumenhaveensuredthesmoothrunningof the
administration, and especially the accounting, of RLUS.
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 2024
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.
Changes to Committee membership
Simon Jackson,who had been takenon as Chairin the 2022-23academicyear, resignedbecauseof changing personal
circumstances.Anna Clark, who had resignedthe post of Secretary/Administratorthe previousyear, returnedto RLUS
totake over the (voluntary)positionof Chair.We also welcomed three new LiaisonOfficers:Ivan Gololobovfrom the
UniversityofBath,EmilyLygofromtheUniversityofExeter,andEkaterinaPopovafromEdinburghUniversity, which
was using RLUS's services for the first time.
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.
Page 5
Russian Language Undergraduate
Studies Limited
for the Year Ended 31 July 2024
Report of the Trustees
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 21 February 2025 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 2024.
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 7
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
14 April 2025
Page 8
Russian Language Undergraduate
Studies Limited
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2024
2024
Unrestricted
fund
Notes
£
INCOME AND ENDOWMENTS FROM
Charitable activities
Russian language courses
363,524
Investment income
2
2,615
Total
366,139
EXPENDITURE ON
Charitable activities
3
Russian language courses
359,675
NET INCOME/(EXPENDITURE)
6,464
RECONCILIATION OF FUNDS
Total funds brought forward
98,274
TOTAL FUNDS CARRIED FORWARD
104,738 |
2023
Total
funds
£
287,351
1,690
289,041
291,776
(2,735)
101,009
98,274 |
|
|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
Page 9
Russian Language Undergraduate
Studies Limited
Balance Sheet
31 July 2024
2024
Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
9
11,531
Investments
10
60,000
Cash at bank
413,085
484,616
CREDITORS
Amounts falling due within one year
11
(379,878)
NET CURRENT ASSETS
104,738
TOTAL ASSETS LESS CURRENT LIABILITIES
104,738
NET ASSETS/(LIABILITIES)
104,738
FUNDS
12
Unrestricted funds
104,738
TOTAL FUNDS
104,738 |
2023
Total
funds
£
140,277
60,000
279,779
480,056
(381,782)
98,274
98,274
98,274
98,274
98,274 |
|
|
The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year
ended 31 July 2024.
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 July 2024 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 10
Russian Language Undergraduate
Studies Limited
Balance Sheet - continued
31 July 2024
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon21February2025 and
were signed on its behalf by:
Lynne Attwood - Trustee
The notes form part of these financial statements
Page 11
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements
for the Year Ended 31 July 2024
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 12
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
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 Estonia and Kazakhstan |
Direct
Costs (see
note 4)
£
321,726 |
2024
£
2,615
Support
costs (see
note 5)
£
37,949
2024
£
318,160
3,566
321,726 |
2023
£
1,690
Totals
£
359,675 |
|
|
|
2023
£
249,800
3,817 |
|
|
|
253,617 |
3.
4. DIRECT COSTS OF CHARITABLE ACTIVITIES
continued...
Page 13
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
5. SUPPORT COSTS
SUPPORT COSTS |
|
|
|
|
|
Governance |
|
|
Management |
costs |
Totals |
|
£ |
£ |
£ |
Russian language courses |
30,550 |
7,399 |
37,949 |
Support costs, included in the above, are as follows: |
|
|
|
Management |
|
|
|
|
|
2024 |
2023 |
|
|
Russian |
|
|
|
language |
Total |
|
|
courses |
activities |
|
|
£ |
£ |
Operational and admin fees |
|
26,506 |
26,671 |
Insurance |
|
917 |
883 |
General overheads and office expenses |
|
1,694 |
3,805 |
Bank charges |
|
278 |
246 |
Website expenses |
|
1,155 |
198 |
|
|
30,550 |
31,803 |
Governance costs |
|
|
|
|
|
2024 |
2023 |
|
|
Russian |
|
|
|
language |
Total |
|
|
courses |
activities |
|
|
£ |
£ |
Trustees meeting expenses |
|
222 |
- |
Accountancy fees |
|
2,340 |
2,340 |
Independent examiner's fee |
|
4,261 |
4,016 |
Legal and professional fees |
|
576 |
- |
|
|
7,399 |
6,356 |
6. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees'remunerationor other benefitsfor the year ended 31 July 2024 nor for the year ended
31 July 2023.
continued...
Page 14
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
6. TRUSTEES' REMUNERATION AND BENEFITS - continued
Trustees' expenses
Pastoralvisitsto Tallinnmade by Dr PhilipBullockandDr LynneAttwood£1,074(2023:£2,487for visits made
by Dr Philip Bullock and Simon Jackson to Tallinn).
Trustees meeting and travel expenses were for 3 trustees (none in 2023).
7. STAFF COST
There were no staff costs for the year ended 31 July 2024 nor for the year ended 31 July 2023.
No employees received emoluments in excess of £60,000.
8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
|
Unrestricted |
|
fund |
|
£ |
INCOME AND ENDOWMENTS FROM |
|
Charitable activities |
|
Russian language courses |
287,351 |
Investment income |
1,690 |
Total |
289,041 |
EXPENDITURE ON |
|
Charitable activities |
|
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 |
continued...
Page 15
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
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 refunds
12.
MOVEMENT IN FUNDS
At 1.8.23
£
Unrestricted funds
General fund
98,274
TOTAL FUNDS
98,274
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
366,139
TOTAL FUNDS
366,139 |
|
2024
£
10,852
679
11,531
2024
£
60,000
2024
£
20,560
352,868
6,450
-
379,878
Net
movement
in funds
£
6,464
6,464
Resources
expended
£
(359,675)
(359,675) |
|
|
|
|
|
continued...
Page 16
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
12. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
At 1.8.22
£
Unrestricted funds
General fund
101,009
TOTAL FUNDS
101,009
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
289,041
TOTAL FUNDS
289,041 |
Net
movement
At
in funds
31.7.23
£
£
(2,735)
98,274
(2,735)
98,274
Resources
Movement
expended
in funds
£
£
(291,776)
(2,735)
(291,776)
(2,735) |
|
|
A current year 12 months and prior year 12 months combined position is as follows:
|
|
Net |
|
|
|
movement |
At |
|
At 1.8.22 |
in funds |
31.7.24 |
|
£ |
£ |
£ |
Unrestricted funds |
|
|
|
General fund |
101,009 |
3,729 |
104,738 |
TOTAL FUNDS |
101,009 |
3,729 |
104,738 |
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
Unrestricted funds
General fund
TOTAL FUNDS |
Incoming
resources
£
655,180
655,180 |
Resources
Movement
expended
in funds
£
£
(651,451)
3,729
(651,451)
3,729 |
|
|
|
continued...
Page 17
Russian Language Undergraduate
Studies Limited
Notes to the Financial Statements - continued
for the Year Ended 31 July 2024
13. RELATED PARTY DISCLOSURES
During the year ended 31 July 2024, Lynne Attwoodreceived a total of £17,658 (2023: £26,671)for her services
as Operations Consultant. As at 31 July 2024, £560 remained outstanding to her.
Page 18
Russian Language Undergraduate
Studies Limited
Detailed Statement of Financial Activities
for the Year Ended 31 July 2024
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 Estonia and
Kazakhstan
Support costs
Management
Operational and admin fees
Insurance
General overheads and office expenses
Bank charges
Website expenses
Governance costs
Trustees meeting expenses
Accountancy fees
Independent examiner's fee
Legal and professional fees
Total resources expended
Net income/(expenditure) |
2024
£
2,615
363,524
366,139
318,160
3,566
321,726
26,506
917
1,694
278
1,155
30,550
222
2,340
4,261
576
7,399
359,675
6,464 |
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) |
|
|
|
This page does not form part of the statutory financial statements
Page 19