```
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 2025
```
## **`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 2025
```
||**`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`|
```
Russian Language Undergraduate
Studies Limited
```
```
Reference and Administrative Details
for the Year Ended 31 July 2025
```
|**`TRUSTEES`**|`Dr Lynne Attwood`|
|---|---|
||`Dr Philip Bullock University Professor (resigned 21.11.24)`|
||`Dr Adam Wake Fergus University Lecturer`|
||`Mrs Anna M Clark (appointed 21.11.24)`|
||`Dr Emily Florence Lygo (appointed 1.5.25) (resigned 13.2.26)`|
|`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`**|`Anthony Collins Solicitors`|
||`134 St Edmund Street`|
||`Birmingham`|
||`B3 2ES`|
|**`BANKERS`**|`CAF BANK Limited`|
||`Kings Hill`|
||`Kent`|
||`ME19 4TA`|
```
Page 1
```
```
Russian Language Undergraduate
Studies Limited (Registered number: 02867380)
```
```
Report of the Trustees
for the Year Ended 31 July 2025
```
```
ThetrusteeswhoarealsodirectorsofthecharityforthepurposesoftheCompaniesAct2006,presenttheir report
with the financialstatementsof the charityfor the year ended 31 July 2025. 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
Ukraine we have been unable to send studentsto Russia itself, so we currentlywork with a companycalled Pinegroup,
whichtradesunderthenameofLanguageLink,toruncoursesinEstonia(Tallinn)andKazakhstan(Astana). Both
countries were part of the Soviet Union, 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`**
```
The coursesare monitoredby the OperationsConsultant,trustees,andmembersof the RLUS committee,who carry
outpastoralvisitstodiscusstherunningofthecourseswithstudentsandcourseproviders.The Operations
Consultantusuallyconductsone pastoralvisit per year herself and is assisted by members of the committee who carry
out additional visits. The aim is to visit every institution we work with at least once per year.
```
## **`Significant activities`**
```
As reportedin the last Year Report,RLUS, togetherwithLanguageLink, has continuedto provideintensivecourses in
theRussianLanguageinTallinn(Estonia)andAstana(Kazakhstan).ThesecoursesarerunbyMrRobJensky, who
used to run the RLUScoursein Moscow, but had relocatedto Estoniaeven beforethe Russianinvasionof Ukraine in
February2022.RLUS,togetherwithLanguageLink,offeredcoursesofvariouslengths:13weeks,16weeks (in
semester1), 18 weeks i(n semester2), and34 weeks. LanguageLinkhadhopedto offerthe same coursesin Yerevan,
capital of Armenia, but initially it was too difficult to find a suitable location for the courses.
```
## **`Public benefit`**
```
ThecharityhasreferredtotheguidancecontainedintheCharityCommission'sgeneralguidanceonpublic benefit
whenreviewingitsaimsandobjectivesandinplanningitsfutureactivities.Inparticular,theRLUS Committee
considers how planned activities will contribute to the aims and objectives which they have set.
```
```
Thestudentsarethecharity'sbeneficiaries;RLUShasaimedtohelpthemattaina goodknowledgeofthe language,
thepeopleandtheirstoryandthecultureofthecountry,whichwillstandthemingoodsteadwhenthey graduate
and either seek employment or go on to higher degrees.
```
```
Page 2
```
```
Russian Language Undergraduate
Studies Limited (Registered number: 02867380)
```
```
Report of the Trustees
for the Year Ended 31 July 2025
```
## **`ACHIEVEMENTS AND PERFORMANCE`**
## **`Performance`**
```
At the end of each course, LanguageLink in Tallinnand Astana provideus with marks and attendancerecordsfor each
student.Thesearepassedontothestudent'sUKuniversity.Studentperformancecontinuestobesatisfactory, and
mostBritishuniversitieswithaRussiandepartmentcontinuetousetheservicesofRLUS.Theseare Oxford,
Cambridge, UCL, QMUL, Manchester, Sheffield, Exeter, Edinburgh, St. Andrews, Birmingham, and Bath.
```
## **`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.
```
## **`Review`**
```
Thisyear'saccountsshownet incomeof £536(2024:£6,464).Studentnumberswere consistentwithlastyear, which
isreflectedinthecomparatives,£357,270(2024:£363,524)andaccordinglycoursecostswere£318,816 (2024:
£318,160).
```
```
At 31 July 2025 reserves totalled £105,274 (2024: £104,738).
```
## **`Reserves policy`**
```
The boardof trusteesandRLUS Committeecontinueto keep a vigilanteye on the state of the reserveswitha view to
maintainingthem at leastto a level whichwillenablethe charityto cease operationsat anygiventime andto satisfy
allcreditorsandliabilitiesexistingatthattime.Areserveisnecessarytoabsorbabadoperatingyearwhich could
depletefundsbyupto£30,000.Costsofclosurearesmallandtheminimumsumseenasnecessarytomaintain a
reservetocaterforclosurecostsis£10,000.Trusteeswereawarethatiftherewasamajorphysicalcatastrophe or
periodofpoliticalunrestRLUScouldbeaskedtopayorcontributetocoststotransportstudentsbacktothe UK
quickly.
```
```
Sucha catastrophicevent in the past(the Chernobyldisasterin 1986)cost RLUS over £35,000in transportation costs.
However, whilst there is no legal obligationto do so, the boardof trustees and RLUS Committee were certainthat the
levelofreserveswouldbesufficienttoaccomplishthistaskifitwasrequiredagain.AftertheinvasionofUkraine in
February2022,andtheclosureofEuropeanairspacetoRussianplanes,RLUSwaspreparingtoevacuate students
onceagain,andtheOperationsConsultantwas indiscussionwiththeRussiancourseprovidersaboutthe chartering
ofbusestotakethestudentstoHelsinkiorTallinn.However,thisprovedunnecessary,asthecourse providers
managed themselves to get the students out of Russia by a variety 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.
```
```
Page 3
```
```
Russian Language Undergraduate
Studies Limited (Registered number: 02867380)
```
## **`Report of the Trustees for the Year Ended 31 July 2025`**
## **`FUTURE PLANS`**
```
RLUSis launchingitsnewcourselocation,Armenia,inthe2026-27academicyear.A perfectlocationhasbeen found
forthecourse:theEuropeanInstituteofInternationalLanguages.WhileCommitteemembersinitially expressed
considerableinterestin havinga coursein Yerevan,studentshave so far been more interestedin goingto Tallinn and
Astana;thisis becauseof very positivefeedbackfrom studentswho studiedin thosecitieslastyear.The closing date
for applications is 16 March 2026, so we will know then if we have enough students to run the course.
```
```
TherehavebeensomechangesintheCommitteemembership.TheOxfordCommitteemember,Margarita Vaisman,
hasbeenreplacedbyTamarKoplatadze.TheBirminghammember,TanyaLipatova,hasbeenreplacedby John
Goodyear.TheEdinburghmember,EkatarinaPopova,wasreplacedbyAldonaJudina.TheStAndrews member,
Svetlana Booth, will be replaced at the end of the present academic year by Mikhail Vodopyanov.
```
```
Fourpastoralvisitshavebeen,orwillbe,heldinthe2025-26academicyear.AndriiSmutsniuk,from Cambridge,
carriedoutthevisittoTallinninthefirstsemesterofthe2025-26academicyear,whileAldonaJudina, from
Edinburgh,didthevisittoAstana.LynneAttwoodplanstodothevisittoTallinninsemester2,whileChiara Andrii
also hopes to do the visit to Astana.
```
```
Therehas been a slightchangeto the lengthof some of the courses,afterconsultationwithstudentsand Committee
members. The full year coursehas been changedfrom 34 to 33 weeks, and the 18 week coursesheld in semester 2 to
17 weeks. This was because studentswanted to reduce the number of readingweeks in semester 2 from three to two,
and so return home a week earlier.
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`Governing document`**
```
Thecompanywasestablishedunderamemorandumofassociationwhichestablishedtheobjectsandpowersof the
charitable company and is governed under its articles of association.
```
## **`Organisational structure and decision making`**
```
Thecharitydoesnotdirectlyemployanystaff.Allof itsactivitiesintheUK arecarriedoutbycontractedpersons: an
operationsconsultant,anaccountantandanadministrator/secretary.Operationsabroadarecontracted to
PineGroup,anEstoniancompanywhichtradesunderthenameofLanguageLinkandrunsRLUScoursesin both
Tallinn and Astana.
```
```
MattersofpolicyandprinciplearedecidedbythetrusteesandmembersoftheRLUSCommitteeatmeetings held
threetimesperyear.Theoperationsconsultant,DrLynneAttwood,isresponsibleforadvisingthetrustees and
Committeemembersonprogress,andputtingforwardsuggestionsforchange(e.g.inrelationtocourselocation or
duration)forapproval.Sheisalsoresponsibleforallprocessingofstudentinvolvement,frominitialenquiry through
to monitoring performance of both the students and the course providers.
```
## **`Trustees and committee members`**
```
Asattheendof2025,RLUScurrentlyhasthreeTrustees:LynneAttwood(whoisalsoOperationsConsultant), Adam
Fergus(from SheffieldUniversity),and EmilyLygo(from ExeterUniversity).These three are also members of the RLUS
Committee.The Committeealsoconsistsof alloftheLiaisonOfficersforRLUS- i.e.therepresentativesfromeach of
the Universitieswhichsend studentson RLUS courses.In additionto Adam FergusandEmilyLygo,These were, at the
endofthe2024-25academicyear,MargaritaVaisman(Oxford),AndriiSmutsniuk(Cambridge),ChiaraAmina (UCL),
NadezhdaBragina(QMUL),LizaLangley(Manchester),EkaterinaPopova(Edinburgh),SvetlanaBooth(St Andrews),
TanyaLipatova(Birmingham),andIvanGololobov(Bath).AnnaClark,whohadbeentheRLUSSecretary and
Administrator,resignedattheendofthe2024-25academicyear,butreturnedtoRLUSasChairuntiltheendof the
firstsemesterofthe2025-26academicyear.KathRoylecontinuedinthepostofFinance,Administration and
ComplianceOfficer.Asanticipated,shehassuccessfullyappliedherextensivefinancialandbusinessexperience to
RLUSandhasensuredthesmooth-runningofthefinancialandbureaucraticaspectsofRLUSwork.Unfortunately we
have not found anyone to replace Anna as Chair.
```
```
Page 4
```
```
Russian Language Undergraduate
Studies Limited (Registered number: 02867380)
```
```
Report of the Trustees
for the Year Ended 31 July 2025
```
## **`STRUCTURE, GOVERNANCE AND MANAGEMENT`**
## **`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
closelylinkedto the reservespolicy.All majorriskshave been reviewed.RLUShas been assuredby LanguageLink that
all teaching and homestay living accommodation conform to local safety standards.
```
```
StudentscanaccessontheRLUSwebsite,www.RLUS.co.uk,a'StatementofInformation',adocumentthat students
confirmthattheyhavereadwhentheysignthebookingform,whichcontainsa clearstatementregardingthe 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 from Language Link.
```
## **`TRUSTEES' RESPONSIBILITY STATEMENT`**
```
Thetrustees(whoarealsothedirectorsofRussianLanguageUndergraduateStudiesLimitedforthepurposes of
companylaw)areresponsibleforpreparingtheReportoftheTrusteesandthefinancialstatementsin accordance
withapplicablelawandUnitedKingdomAccountingStandards(UnitedKingdomGenerallyAccepted Accounting
Practice)includingFinancialReportingStandard102"TheFinancialReportingStandardapplicableintheUK and
Republic of Ireland".
```
```
Companylawrequiresthetrusteestopreparefinancialstatementsforeachfinancialyear.Underthatlaw, the
trusteeshaveelectedtopreparethefinancialstatementsinaccordancewithUnitedKingdomGenerally Accepted
Accounting Practice (United Kingdom Accounting Standards and applicable law).
```
```
Undercompanylawthetrusteesmustnotapprovethefinancialstatementsunlesstheyaresatisfiedthattheygive a
trueandfairviewofthestateofaffairsofthecharitablecompanyandoftheincomingresourcesandapplication of
resources,includingtheincomeandexpenditure,ofthecharitablecompanyforthatperiod.Inpreparing those
financial statements, the trustees are required to
```
- `select suitable accounting policies and then apply them consistently;`
- `observe the methods and principles in the Charities SORP;`
- `make judgements and estimates that are reasonable and prudent;`
- `prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.`
```
Page 5
```
```
Russian Language Undergraduate
Studies Limited (Registered number: 02867380)
```
## **`Report of the Trustees`**
## **`for the Year Ended 31 July 2025`**
## **`TRUSTEES' RESPONSIBILITY STATEMENT - continued`**
```
Thetrusteesareresponsibleforkeepingproperaccountingrecordswhichdisclosewithreasonableaccuracyat any
timethefinancialpositionofthecharitablecompanyandtoenablethemtoensurethatthefinancial statements
complywith the CompaniesAct 2006. They are also responsiblefor safeguardingthe assets of the charitable company
and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
```
```
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 8 May 2026 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 2025.
```
## **`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
```
```
11 May 2026
```
```
Page 8
```
```
Russian Language Undergraduate
Studies Limited
```
## **`Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 July 2025`**
|**`2025`**
**`Unrestricted`**
**`fund`**
`Notes`
**`£`**
**`INCOME AND ENDOWMENTS FROM`**
**`Charitable activities`**
`Russian language courses`
**`357,270`**
`Investment income`
`2`
**`6,601`**
**`Total`**
**`363,871`**
**`EXPENDITURE ON`**
**`Charitable activities`**
`3`
`Russian language courses`
**`363,335`**
**`NET INCOME`**
**`536`**
**`RECONCILIATION OF FUNDS`**
`Total funds brought forward`
**`104,738`**
**`TOTAL FUNDS CARRIED FORWARD`**
**`105,274`**|`2024`
`Total`
`funds`
`£`
`363,524`
`2,615`|
|---|---|
||`366,139`|
||`359,675`|
||`6,464`
`98,274`|
||`104,738`|
## **`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 (Registered number: 02867380)
```
## **`Balance Sheet`**
## **`31 July 2025`**
|**`2025`**
**`Unrestricted`**
**`fund`**
`Notes`
**`£`**
**`CURRENT ASSETS`**
`Debtors`
`9`
**`833`**
`Investments`
`10`
**`60,000`**
`Cash at bank`
**`310,752`**
**`371,585`**
**`CREDITORS`**
`Amounts falling due within one year`
`11`
**`(266,311)`**
**`NET CURRENT ASSETS`**
**`105,274`**
**`TOTAL ASSETS LESS CURRENT LIABILITIES`**
**`105,274`**
**`NET ASSETS`**
**`105,274`**
**`FUNDS`**
`12`
`Unrestricted funds`
**`105,274`**
**`TOTAL FUNDS`**
**`105,274`**|`2024`
`Total`
`funds`
`£`
`11,531`
`60,000`
`413,085`
`484,616`
`(379,878)`
`104,738`
`104,738`
`104,738`
`104,738`
`104,738`|
|---|---|
```
The charitablecompanyis entitledto exemptionfrom audit under Section477 of the CompaniesAct 2006 for the year
ended 31 July 2025.
```
```
Themembershavenotrequiredthecompanytoobtainanauditofitsfinancialstatementsfortheyear ended
31 July 2025 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 (Registered number: 02867380)
```
## **`Balance Sheet - continued`**
## **`31 July 2025`**
```
Thesefinancialstatementshavebeenpreparedinaccordancewiththeprovisionsapplicabletocharitable companies
subject to the small companies regime.
```
```
ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissueon8May2026and 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 2025
```
## **`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 2025
```
## **`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)`
`£`
**`326,780`**|**`2025`**
**`£`**
**`6,601`**
`Support`
`costs (see`
`note 5)`
`£`
**`36,555`**
**`2025`**
**`£`**
**`318,816`**
**`7,964`**
**`326,780`**|`2024`
`£`
`2,615`
`Totals`
`£`
**`363,335`**|
|---|---|---|---|
||||`2024`
`£`
`318,160`
`3,566`|
||||`321,726`|
## **`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 2025
```
## **`5. SUPPORT COSTS`**
|**`SUPPORT COSTS`**||||
|---|---|---|---|
|||`Governance`||
||`Management`|`costs`|`Totals`|
||`£`|`£`|`£`|
|`Russian language courses`|**`29,643`**|**`6,912`**|**`36,555`**|
|`Support costs, included in the above, are as follows:`||||
|**`Management`**||||
|||**`2025`**|`2024`|
|||`Russian`||
|||`language`|`Total`|
|||`courses`|`activities`|
|||**`£`**|`£`|
|`Operational and admin fees`||**`28,226`**|**`26,506`**|
|`Insurance`||**`985`**|**`917`**|
|`General overheads and office expenses`||**`71`**|**`1,694`**|
|`Bank charges`||**`247`**|**`278`**|
|`Website expenses`||**`114`**|**`1,155`**|
|||**`29,643`**|**`30,550`**|
|**`Governance costs`**||||
|||**`2025`**|`2024`|
|||`Russian`||
|||`language`|`Total`|
|||`courses`|`activities`|
|||**`£`**|`£`|
|`Trustees meeting expenses`||**`-`**|**`222`**|
|`Accountancy fees`||**`2,340`**|**`2,340`**|
|`Independent examiner's fee`||**`4,572`**|**`4,261`**|
|`Legal and professional fees`||**`-`**|**`576`**|
|||**`6,912`**|**`7,399`**|
## **`6. TRUSTEES' REMUNERATION AND BENEFITS`**
```
There were no trustees'remunerationor other benefitsfor the year ended 31 July 2025 nor for the year ended
31 July 2024.
```
```
continued...
```
```
Page 14
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2025
```
## **`6. TRUSTEES' REMUNERATION AND BENEFITS - continued`**
## **`Trustees' expenses`**
```
PastoralvisitstoTallinnmadebyDrPhilipBullockandDrLynneAttwood£5,258(2024:1,074forvisits made
by Dr Philip Bullock and Simon Jackson to Tallinn).
```
```
Trustees meeting and travel expenses were for 0 trustees (2024: 3 trustees).
```
## **`7. STAFF COST`**
```
There were no staff costs for the year ended 31 July 2025 nor for the year ended 31 July 2024.
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`|`363,524`|
|`Investment income`|`2,615`|
|**`Total`**|`366,139`|
|**`EXPENDITURE ON`**||
|**`Charitable activities`**||
|`Russian language courses`|`359,675`|
|**`NET INCOME`**|`6,464`|
|**`RECONCILIATION OF FUNDS`**||
|`Total funds brought forward`|`98,274`|
|**`TOTAL FUNDS CARRIED FORWARD`**|`104,738`|
```
continued...
```
```
Page 15
```
```
Russian Language Undergraduate
Studies Limited
```
## **`Notes to the Financial Statements - continued`**
## **`for the Year Ended 31 July 2025`**
|**`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`
**`12.`**
**`MOVEMENT IN FUNDS`**
`At 1.8.24`
`£`
**`Unrestricted funds`**
`General fund`
**`104,738`**
**`TOTAL FUNDS`**
**`104,738`**
`Net movement in funds, included in the above are as follows:`
`Incoming`
`resources`
`£`
**`Unrestricted funds`**
`General fund`
**`363,871`**
**`TOTAL FUNDS`**
**`363,871`**|||
|---|---|---|
||||
```
continued...
```
```
Page 16
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
for the Year Ended 31 July 2025
```
## **`12. MOVEMENT IN FUNDS - continued`**
## **`Comparatives for movement in funds`**
|||`Net`||
|---|---|---|---|
|||`movement`|`At`|
||`At 1.8.23`|`in funds`|`31.7.24`|
||`£`|`£`|`£`|
|**`Unrestricted funds`**||||
|`General fund`|`98,274`|`6,464`|`104,738`|
|**`TOTAL FUNDS`**|`98,274`|`6,464`|`104,738`|
```
Comparative net movement in funds, included in the above are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`366,139`
`366,139`|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(359,675)`
`6,464`
`(359,675)`
`6,464`|
|---|---|---|
```
A current year 12 months and prior year 12 months combined position is as follows:
```
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`At 1.8.23`
`£`
`98,274`
`98,274`|`Net`
`movement`
`in funds`
`£`
`7,000`
`7,000`|`At`
`31.7.25`
`£`
`105,274`|
|---|---|---|---|
||||`105,274`|
```
A currentyear12monthsandprioryear12monthscombinednetmovementinfunds,includedinthe above
are as follows:
```
|**`Unrestricted funds`**
`General fund`
**`TOTAL FUNDS`**|`Incoming`
`resources`
`£`
`730,010`
`730,010`|`Resources`
`Movement`
`expended`
`in funds`
`£`
`£`
`(723,010)`
`7,000`
`(723,010)`
`7,000`|
|---|---|---|
```
continued...
```
```
Page 17
```
```
Russian Language Undergraduate
Studies Limited
```
```
Notes to the Financial Statements - continued
```
```
for the Year Ended 31 July 2025
```
## **`13. RELATED PARTY DISCLOSURES`**
```
During the year ended 31 July 2025, Lynne Attwoodreceived a total of £11,267 (2024: £17,658)for her services
as Operations Consultant.
```
```
Page 18
```