**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. 

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

9. 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. 

- 1 - 



## **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 . 

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## **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. 

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## **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: 

- 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; 

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and 

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation. 

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 

- 4 - 



## **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: 

- give a true and fair view of the state of the  Charity's  affairs as at 30 June 2021 and of its incoming resources and application of resources  for the year then ended; 

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and 

- have been prepared in accordance with the requirements of the Companies Act 2006. 

## **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. 

- 5 - 



## **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: 

- the information given in the Trustees'  r eport, which includes the  d irectors '  r eport prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and 

- the  d irectors '  r eport included within the Trustees'  r eport has been prepared in accordance with applicable legal requirements. 

## **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: 

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or 

- the financial statements are not in agreement with the accounting records and returns; or 

- certain disclosures of  T rustees' remuneration specified by law are not made; or 

- we have not received all the information and explanations we require for our audit ; or 

- the Trustees were not entitled to take advantage of the small companies’ exemptions in preparing the Trustees'  r eport and from the requirement to prepare a  s trategic  r eport. 

## **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. 

- 6 - 



## **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: 

- We obtained an understanding of the legal and regulatory frameworks that are applicable to the charitable company and determined that the most significant are those that relate to the reporting framework (Accounting and Reporting by Charities: Statement of Recomended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102)), the charitable company's Memorandum and Articles of Association, the Companies Act 2006, the Charities Act 2011, and the relevant direct and indirect tax compliance regulation in the United Kingdom. 

- We understood how the charitable company is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including board meeting minutes and correspondence with regulatory bodies. 

- We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control  and by designating income recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the charitable company. We tested specific transactions reconciling to source documentation, ensuring appropriate authorisation of the transactions, and that the income was applied in accordance with the charitable company's Memorandum and Articles of Association. 

- Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses and review of board meeting minutes. 

- The charitable company is a regulated entity under the supervision of the Charities Commission. As such, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities. 

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 

- 7 - 



## **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**|<br>**£**|**£**|
|**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)|<br>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. 

- 8 - 



## **ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME** 

## **STATEMENT OF FINANCIAL POSITION** 

## _**AS AT 30 JUNE 2021**_ 

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



## **Company Registration No. 05365587** 

- 9 - 



## **ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME** 

## **STATEMENT OF CASH FLOWS** _**FOR THE YEAR ENDED 30 JUNE 2021**_ 

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



- 10 - 



**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. 

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## **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. 

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**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. 

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## **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<br>Donated services|**2021**<br>**£**<br>418,597<br>-<br>418,597|**2020**<br>**£**<br>588,784<br>105,090<br>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<br>**4**<br>**Other income**<br>Government grants - The Coronavirus Job Retention Scheme<br>**5**<br>**Raising funds**<br>Rent under operating leases<br>Provision for non-payment of rental income||**2021**<br>**£**<br>50,382<br>**2021**<br>**£**<br>59,073<br>**2021**<br>**£**<br>50,000<br>49,463<br>99,463|**2020**<br>**£**<br>50,382<br>**2020**<br>**£**<br>11,610<br>**2020**<br>**£**<br>50,000<br>-<br>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. 

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## **ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME** 

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

## **6 Charitable activities** 

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



## **7 Support costs** 

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**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:**<br>Audit of the Charity's annual accounts<br>**Non-audit services**<br>All other non-audit services|**2021**<br>**£**<br>7,200<br>22,854|**2020**<br>**£**<br>7,200<br>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: 

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

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## **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:**<br>Other receivables<br>Prepayments and accrued income<br>**12**<br>**Current liabilities**<br>Other payables|**2021**<br>**£**<br>90,895<br>15,701<br>106,596<br>**2021**<br>**£**<br>122,199|**2020**<br>**£**<br>107,179<br>8,805<br>115,984<br>**2020**<br>**£**<br>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<br>Between two and five years<br>In over five years|**2021**<br>**£**<br>135,000<br>540,000<br>829,238<br>1,504,238|**2020**<br>**£**<br>133,125<br>540,000<br>995,625<br>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<br>Between two and five years<br>In over five years|**2021**<br>**£**<br>54,611<br>216,268<br>346,930<br>617,809|**2020**<br>**£**<br>53,542<br>219,700<br>409,289<br>682,531|
|---|---|---|



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**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)|



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