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2021-06-30-accounts

Charity Registration No. 1111266

Company Registration No. 05365587 (England and Wales)

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees E Shane
R Pooley
S Hietsch
Secretary E Shane
Charity number 1111266
Company number 05365587
Registered office 81 Gower Street
London
WC1E 6HJ
Auditor Citroen Wells
Chartered Accountants
Devonshire House
1 Devonshire Street
London
W1W 5DR
Bankers HSBC Bank Plc
City of London Branch
60 Queen Victoria Street
London
EC4N 4TR
Solicitors Whitman Breed Law
17 Hanover Square
Mayfair
London
W1S 1BN

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

CONTENTS

Page
Trustees' report 1 - 4
Independent auditor's report 5 - 7
Statement of financial activities 8
Statement of financial position 9
Statement of cash flows 10
Notes to the financial statements 11 - 18

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2021

The Trustees present their report and financial statements for the year ended 30 June 2021.

The financial statements for St Lawrence University (USA) London Programme ("the Charity") have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's Memorandum and Articles of Association , the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) .

Objectives and activities

The Charity has been established to provide University level courses ("the London Programme") for students of St Lawrence University, Canton, New York, USA (" St Lawrence University") and other institutions of higher education.

The Charity 's objectives are to establish and maintain a University in London and at such locations as the Trustees of the Charity shall from time to time determine at which students may advance their education.

In order to achieve the Charity 's objectives, the Trustees confirm that they have given due regard to the Charity Commission's public benefit guidance in deciding what activities the Charity should undertake , including its supplementary public benefit guidance on advancing education and on fee charging.

Of particular importance to the Charity are the objectives of promoting and encouraging the awareness and dissemination of United Kingdom culture and heritage to a broad range of nationalities and to encourage discussion and debate between students from all over the world and including those based within the United Kingdom.

The Charity aims to provide the following activities to achieve its objectives:-

  1. The conduct of courses, lectures, seminars and discussion groups of humanities subjects, literature, history, history of art, architecture, drama, social services , current affairs and economics.

  2. Student internships with approved organisations.

  3. Field trips on English heritage and culture.

  4. The conduct of research in the fields of the humanities and social sciences, results of which to be published in academic books and journals in the United Kingdom, Europe and USA.

  5. Teaching workshops for United Kingdom institutions to compare United Kingdom and USA educational and pedagogical practices.

  6. Holding of annual open days for representatives of organisations which will take student interns as part of academic programmes.

7. Holding of guest lectures to the public.

  1. S eeking connections with United Kingdom associations and charities to promote interaction between students.

  2. Liaison with other universities for the conduct of culture exchange as a constituent part of their degree programmes.

Unfortunately, due to the COVID-19 pandemic, the London programme was cancelled for the academic year of 2020-2021.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Achievements and performance

The World Health Organization declared the Coronavirus (COVID-19) outbreak a pandemic on 11 March 2020. The pandemic, and the measures to control its human impact, resulted in disruptions to economic activity and educational institutions worldwide. This overall impact on the activities of the C harity depends on factors such as the duration and continued spread of the outbreak, the level of restrictions and advisories from the British and American governments and the effects on the economy overall. The trustees continue to believe that the charity has sufficient financial resources to survive the pandemic and that their going concern assessment is still valid. However, the scale, duration and financial impact of the pandemic remains uncertain and ultimately this may affect the Charity’s cash-flows and financial condition.

On 12 March 2020 students were informed that they must make arrangements to leave London immediately and by 16 March all students returned to the U.S. Subsequently, the university cancelled its summer and fall semesters of 2020 as well as the spring and summer of 2021. Unfortunately the thirty-nine (39) students committed to participate in the London Programme during the academic year of 2020-2021 did not have the chance to study in London because the programme was cancelled due to the situation with the pandemic. As a result of the cancellation no students participated in the program me and no Programme Administrator from St. Lawrence University campus was on site. Currently, a fall 2021 semester is planned. We have eighteen (18) students ready to participate in the fall program me .

To ensure continued contractual terms with the Charity's lecturers, the Charity renewed contracts with all but one of our lecturers on 1 May 2020. In view of the pandemic, they were put on furlough in accordance with the Government Coronavirus Job Retention Scheme. All but one of our lecturers remained on furlough through March 2021 and one finished in May 2021. Lesley Henderson was on furlough through to July 2021. Jeannine Wyman has continued to work remotely on her normal employment terms as usual.

As noted in our last report, Acorn stopped paying its share of the rent as of March 2020. We sought to negotiate with them on new deferred rent arrangements as well as with our landlords, Bedford Estates, without success. Restructuring the rent payments will relieve financial pressure on the Charity in the near future until we resume normal operations and we continue to engage with Acorn in this regard. We have paid the full rent due under our lease for the whole year in the sum of £133,060.

Total legal fees related directly to COVID-19 as of 1 July 2021 were £40,398 (exclusive of value added tax) and accounting fees related to COVID-19 were £10,920. We also lost a total of £53,750 in unpaid rent from Acorn from 1 July 2020 to 30 June 2021. We received a total of £4,703 on 5 March 2021 from Acorn and are seeking to establish what that amount covers. Acorn still owes us £49,463 in unpaid rent as at 30 June 2021.

Financial review

The statement of financial activities set out on pag e 8 of the financial statements shows how the Charity 's incoming resources have been expended in the year ended 30 June 2021 .

Total incoming resources amounted to £ 528,052 (2020: £755,866) generated by way of donations received from St Lawrence University totalling £418,597 (2020: £693,874 ) , rental income receivable from the sub-lease of two floors at 81 Gower Street of £50,382 (2020: £50,382) and payments received under the Coronavirus Job Retention Scheme totalling £59,073 (2020: £11,610).

Resources expended amounted to £454,270 (2020: £823,058), with £99,463 (2020: £50,000) on investment management costs, £ 180,007 (20 20 : £ 605,424 ) on direct charitable expenditure , £93,841 (2020: £93,004) on support costs, and £ 80,959 (20 20 : £ 74,630 ) on governance costs. An analysis of the resources expended is provided in notes 6 and 7 of the financial statements.

The resulting surplus for the year was £ 73,782 (20 20: deficit of £67,192 ).

The statement of financial position set out on page 9 of the financial statements shows the financial position of the Charity at 30 June 2021 .

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Current assets are represented by other receivables and prepayments of £106,596 (2020: £ 115,984) and cash at bank and in hand of £61,953 (2020: £ 32,591) .

Other receivables include rent deposits of £ 46,333 (2020: £46,333) relating to the Charity 's leasehold premises and for the London P rogramme A dministrator 's accommodation which are repayable on the expiry of the leases.

As at 30 June 2021 there were net assets of £46,350 (2020: net liabilities of £27,432), which is represented by

the closing balance on the unrestricted funds.

The Charity is committed to using its resources in pursuit of its charitable objects. It is also committed to maintaining a level of reserves that is prudent to meet on-going liabilities, sufficient to ensure that all commitments can be met and to protect the long-term future of its operations. At 30 June 2021 , the Charity had free reserves of £ 46,350 (20 20 : deficit of £ 27,432 ) . Given that at the right moment the Charity secures funding for its London P rogramme from its principal donor, St Lawrence University, in accordance with approved budgets, the Trustees are satisfied that the current level of reserves are appropriate to its circumstances .

The Trustees are aware of their responsibility to ensure that the major risks to which the Charity is exposed are identified and to establish systems to mitigate those risks. They believe that there are in place adequate controls and systems to mitigate any external and internal risks that the Charity may face.

The Charity reviews its work annually and plans to continue the core activities outlined above for the foreseeable future, subject to satisfactory funding arrangements and the COVID-19 pandemic receding. The Charity will continue to evaluate the content of courses, assess existing and develop new excursions, seek to increase internships, and expand involvement with other educational programmes and institutions.

Structure, governance and management

The Charity is a company limited by guarantee with company registration number 05365587, and is governed by its Memorandum and Articles of Association. The Charity is also a registered educational charity, with charity registration number 1111266.

In the event of the Charity' s dissolution, the liability of each member is limited to £1.

The Trustees, who are also the directors for the purposes of company law, who served during the year were:

E Shane R Pooley S Hietsch

Board members use their own network of contacts to identify suitable candidates possessing the necessary knowledge and skills to act as T rustees of the Charity . At the present time, the Charity has three Trustees , which is considered adequate for its purposes.

Trustees are recruited on the basis of their existing relevant knowledge. Information relating to the Charity 's legal status, finances and activities are provided in advance of appointment. Trustees are expected to identify their training needs and to take measures to ensure that these needs are met.

The Charity 's policy is set by the Board of Trustees and the day-to-day management exercised by a P rogramme A dministrator seconded annually from St Lawrence University, currently Christopher Buck for 2021/22 , who is assisted by a H ousing and I nternship C o-ordinator, Jeannine Wyman. The B oard meets at regular intervals to discuss and review academic, administration, finance, development, planning and other related matters.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

The Board may, from time to time, appoint any person as a member of the Board either to fill a casual vacancy or by way of addition to the Board, subject to the provisions of the Articles of Association. Any member so appointed shall retain office only until the next Annual General Meeting, but shall be eligible for re-election. At the Annual General Meeting in every year, one third of the members of the Board retire by rotation but are eligible for re-election.

Statement of Trustees' responsibilities

The Trustees, who are also the directors of St Lawrence University (USA) London Programme for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the Charity for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small

companies exemptions.

The Trustees' r eport was approved by the Board of Trustees.

E Shane

Trustee Dated: 16 December 2021

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

Opinion

We have audited the financial statements of St Lawrence University (USA) London Programme (the ‘ Charity ’) for the year ended 30 June 2021 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the accounts section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the accounts in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the d irectors ' r eport included within the Trustees' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, set out on page 4, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which the audit was considered capable of detecting irregularities including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

Our approach was as follows:

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the Charity's members , as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its members as a body, for our audit work, for this report, or for the opinions we have formed.

David Marks FCA (Senior Statutory Auditor) for and on behalf of Citroen Wells

16 December 2021

Chartered Accountants Statutory Auditor

Devonshire House 1 Devonshire Street London W1W 5DR

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2021

Unrestricted Unrestricted
funds funds
2021 2020
Notes
£		 £
Income and endowments from:
Donations and legacies 2 418,597 693,874
Investments 3 50,382 50,382
Other income 4 59,073 11,610
Total income 528,052 755,866
Expenditure on:
Raising funds 5 99,463 50,000
Charitable activities 6 354,807 773,058
Total expenditure 454,270 823,058
Net income/(expenditure) for the year/
Net movement in funds 73,782 (67,192)
Fund balances at 1 July 2020 (27,432)
39,760
Fund balances at 30 June 2021 46,350 (27,432)

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2021

2021
Notes
£
Current assets
Other receivables
11
106,596
Cash at bank and in hand
61,953
168,549
Current liabilities
12
(122,199)
Net current assets/(liabilities)
Income funds
Unrestricted funds
The financial statements were approved by the Trustees on 16 December
E Shane
R Pooley
Trustee
Trustee		 2020
£
£
115,984
32,591
148,575
(176,007)
46,350
46,350
46,350
2021		 £
(27,432)
(27,432)
(27,432)

Company Registration No. 05365587

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2021

Notes
Cash flows from operating activities
Cash generated from/(absorbed by)
operations
16
Investing activities
Rent received
Net cash generated from investing
activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
-		 £
29,362
-
-
29,362
32,591
61,953		 2020
£
£
(59,206)
37,917
37,917
-
(21,289)
53,880
32,591

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

Company information

St Lawrence University (USA) London Programme is a private charity limited by guarantee incorporated in England and Wales. St Lawrence (USA) London Programme is also a registered charity in accordance with the Charities Act 2011, with charity registration number 1111266. The registered office is 81 Gower Street, London, WC1E 6HJ.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)”. The Charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the Charity . Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. The Trustees have considered the financial impact of COVID-19 on the Charity and the level of free reserves held by the Charity in the Trustees Report.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

1.4 Incoming resources

Cash donations are recognised on receipt. Other donations are recognised once the Charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Donated services are recognised at their estimated open market value, with an equivalent amount recognised under resources expended.

Rental income receivable under operating leases, including any lease incentives received, is recognised as income on a straight line basis over the term of the relevant lease.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Resources expended are included in the statement of financial activities on an accruals basis, inclusive of any VAT which cannot be recovered.

Direct charitable expenditure consists of expenses incurred directly in pursuance of the Charity's principal activity and support costs relating to this activity.

Support costs are those incurred in connection with running the Charity that enables the charitable activity to be undertaken.

Governance costs include those incurred in the governance of the Charity and its assets and are primarily associated with constitutional and statutory requirements.

1.6 Property, plant and equipment

Property, plant and equipment are initially measured at cost net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings leasehold over the term of the lease Fixtures, fittings & equipment 1/3 on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand and deposits held at call with banks .

1.8 Financial instruments

The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Charity 's statement of financial position when the Charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including other payables are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Other payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Other payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity ’s contractual obligations expire or are discharged or cancelled.

1.9 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

1.10 Foreign exchange

Transactions denominated in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. All differences are included in net outgoing resources.

1.11 Corporation tax

No liability arises as the Charity's activities are exempt from corporation tax.

1.12 Government grants

Coronavirus Job Retention Scheme

The Coronavirus Job Retention Scheme (CJRS) results in cash payments from the government to compensate employers for part of the wages, associated national insurance contributions (NICs) and employer pension contributions of employees who have been placed on furlough (i.e. placed on temporary leave of absence from working for the employer).

Income from government grants is recognised when the Charity has entitlement to the funds and any performance conditions attached to the grants have been met.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

2 Donations and legacies

Donations and gifts
Donated services		 2021
£
418,597
-
418,597		 2020
£
588,784
105,090
693,874

Donated services

During the year ended 30 June 2020, donated services consisted of the services of the programme administrator, Ronnie Olesker, and the first year programme administrator, James Norminton, provided by the University of St Lawrence. In the current year no programme or first year programme administrators were provided, due to the COVID-19 pandemic.

3 Investments

Rental income
4
Other income
Government grants - The Coronavirus Job Retention Scheme
5
Raising funds
Rent under operating leases
Provision for non-payment of rental income		 2021
£
50,382
2021
£
59,073
2021
£
50,000
49,463
99,463		 2020
£
50,382
2020
£
11,610
2020
£
50,000
-
50,000

As explained in the Trustees' Report the sub-tenant, Acorn, is in arrears with its rent payments, as its business has been badly affected by the COVID-19 pandemic. Accordingly, the Trustees consider it prudent to make provision for the arrears, until such time as they are collected.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

6 Charitable activities

2021
£
Staff costs
49,796
Depreciation and impairment
-
University property costs
108,678
Accommodation and travel costs
13,806
Excursions and field trips
-
Educational supplies and subscriptions
6,699
Other costs
1,028
Donated s ervices - supply of Programme Administrators
-
180,007
Support costs (see note 7)
93,841
Governance costs (see note 7)
80,959
354,807
Analysis by fund
Unrestricted funds
354,807
Support costs
Support
costs
Governance
costs
2021
£
£
£
Staff costs
69,736
-
69,736
Telephone, fax and postage
171
-
171
Office supplies
1,080
-
1,080
Accounting fees
22,854
-
22,854
Audit fees
-
7,200
7,200
Legal and professional
-
73,759
73,759
93,841
80,959
174,800		 2020
£
95,029
300
110,300
256,823
23,790
7,288
6,804
105,090
605,424
93,004
74,630
773,058
773,058
2020
£
71,845
899
1,326
18,934
7,200
67,430
167,634

7 Support costs

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

8 Auditor's remuneration

Fees payable to the Charity's auditor and associates:
Audit of the Charity's annual accounts
Non-audit services
All other non-audit services		 2021
£
7,200
22,854		 2020
£
7,200
17,548

9 Trustees

There were 3 Trustees during the year (2020 - 3).

None of the Trustees (or any persons connected with them) received any remuneration during the year, nor were they reimbursed for any expenses during the year.

Trustee E. Shane is the principal of Whitman Breed, a firm of solicitors. During the year, Whitman Breed provided legal services to the Charity amounting to £ 67,171 (20 20 - £ 66,590 ).

10 Employees

Number of employees

The average number employees during the year was:


Support staff
Lecturers
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
2
3
5
2021
£
107,111
5,339
7,082
119,532		 2020
Number
3
3
6
2020
£
148,471
10,871
7,532
166,874

There were 6 part-time lecturers (20 20 - 6) , 1 full-time (20 20 - 1) and 1 part-time support staff (20 20 - 3 ).

There were no employees whose annual remuneration was £60,000 or more.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

11 Other receivables

Amounts falling due within one year:
Other receivables
Prepayments and accrued income
12
Current liabilities
Other payables		 2021
£
90,895
15,701
106,596
2021
£
122,199		 2020
£
107,179
8,805
115,984
2020
£
176,007

13 Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2021
£
135,000
540,000
829,238
1,504,238		 2020
£
133,125
540,000
995,625
1,668,750

The rental commitments have been guaranteed by St Lawrence University, Canton, New York, USA.

Lessor

At the reporting end date the Charity had contracted with tenants for the following minimum lease payments:

Within one year
Between two and five years
In over five years		 2021
£
54,611
216,268
346,930
617,809		 2020
£
53,542
219,700
409,289
682,531

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

14 Events after the reporting date

Since the year end, the Charity continues to be affected by the COVID-19 pandemic, including the default by the Charity's tenant, Acorn Management Group Limited, of its rental commitments. The impact on the Charity is considered in the Trustees' Report.

15 Related party transactions

As set out in the Trustees' Report, the costs of the London Programme are funded by donations from St Lawrence University, Canton, New York, USA.

During the year under review, the Charity received donations and donated services from St Lawrence University of £418,597 (2020: £588,784) and £Nil (2020: £105,090) respectively. There were no donated services in the year ended 30 June 2021 , due to the effects of the COVID-19 pandemic. Donated services in the year ended 30 June 2020 were by way of the secondment of a visiting professor to act as the Charity's Programme Administrator and for a second professor to act as First-year Programme Administrator, who are key management personnel.

16

Cash generated from operations 2021 2020
£ £
Surplus/(deficit) for the year 73,782 (67,192)
Adjustments for:
Investment income recognised in statement of financial activities (50,382) (50,382)
Depreciation and impairment of property, plant and equipment - 300
Movements in working capital:
Decrease in trade and other receivables 59,770 4,470
(Decrease)/increase in trade and other payables (53,808) 53,598
Cash generated from/(absorbed by) operations 29,362 (59,206)