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GLOBAL EDUCATION OREGON IN LONDON LEGAL AND ADMINISTRATIVE INFORMATION Trust••$ D Galvan E Richardson H Peterson IAppointed 1 December 20201 IAppointed 1 December 20201 IAppointed 6 Decernb8r 20211 K Hampton W )hnSon Charity number 1113838 Company nUMr 04836201 R•glstèr•d offle* 6 Greal James Street London WC1N 30A Ind•pend•nt •xamln•r Wesl & Bery Limrted Mocatta House Trafalgar Place 8righton 8N14DU
GLOBAL EDUCATION OREGON IN LONDON CONTENTS Page Trustees report Statement of trustees responsibililies Independent examinerf5 report Statement of financial activitios Stalem8nl ol financial F¥)silion Notes to the financial ststemenls 10-17
GLOBAL EDUCATION OREGON IN LONDON TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT FOR THE YEAR ENDED 30 JUNE 2021 The trustees present their annual port and finanual statemenls for the year ended 30 June 2021. Th& fin8n¢i81 statements have been prepared in a¢¢ordan¢e with the a¢¢ounting tx)liues set out in note 1 10 the financial staternents and comply wth the charitys Memorandum and Artides of AsscKiation. the Companies Act 2006 and -Accountin9 and Reporting by Charities.. Statement of Recommended Practice applicable to ¢h8ritl8s preparing their acwunts In accordance with the Financial Reporting Stand8rd applicable in the UK and Republic of Irdand {FRS 1021- las amended for aco>Jnting periods o)mmencing from 1 January 20191. Oblectlves and aCtIve5 Mls$lon stat•m•nt The mission of the trustees ol Global Education Oregon in London is 10 5UPPOrt the development and enhancement ol programming for Global EduCatn Oregon students in the UK. In particular, the trustees supp(>rt th& dèvèlopment and $nhan¢emtrnt ol adivilies which further the inlegrab.on of students into British life and the growth ol students. understanding of British culture. This support indudes.. Providing advice, support, and guidance lo Global Education Oregon in London staff as they develop co-curricular and extracuryicular programming. including intemships. voluntary opportunities, cultural activities. and social programming that engages Global Education Oregon in London participants with Bnlish students and the larger British community. Engaging personally in existing programming activiti8s and 8ncouraging th8 involvem8nt ol othgr alumni and colleagues in existing programming activities with students, as possible and appropriate. Bringing new opportunities and possibilities for programmg developmgnl to tho attention of Global Education Oregon in London staff. Our aim$ Global Educ31ion Oregon in London is governed by a Memrandum and Arte$ of A8sociats'on dated 8 July 2003, as amended. The objec15 of Global Education Oregon in London are to eslablish and fflaintain a university in London, and at such other locations as th8 truslees shall from tim8 to tim8 detemiine, at which students may advance their edu¢alion. We aim to provide up to 250 undergraduate students from American universities wth study abroad programrnes in London every year. We promole Ihe academic. soci818nd cultural development of students through the provision ol activities and study. We provide a lonjm for every student to develop themselves and to contribute to the wider community. We also faalitate culbjral exchange tween thè US and the UK and promote muf¢in8lion81 understanding. Our oblèctiv•s Our objectives are sel lo refled our educab'onal aims and Ihe ethos of Glob81 Education Oregon in London. In setting our objectives, we confirni thal we have given careful consideraknon to Ihe Charity Commission's general guidancè on public benefft. Our key objedive5 for the year in¢lude(l.. To continue lo maintain high academic standards and ensure curriculum integratn for University of Or6gon and partner stLJdents. To focu5 efforts on alumni oulreach. cultural engagement and exchange. To design, promote and deliver GEO Elements.. leclures and virtual tours iniegrated into classes at the University of Oregon and partners and delivered remotely from London. To continue planning for one new f811 semester and one new fall quarter programme. To successfully launch the new quarter programmes cancelled this year because of the pandemic. safety pemiitting.
GLOBAL EDUCATION OREGON IN LONDON TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Ganeral infomiation on th8 way that Global Education Or8gon In London ap•rat8s General background Global Education Oregon is the study abroad office of the University of Oregon. Global Education Oregon creates pathways to intemational. experientsal leaming for students. faculty and university partners. Undergradu8t8 Students frorn US universities apply for study abroad programmes through their horne university. These are run in various locations throughout the world by partner organisations. In London they are run by Global Education Oregon in London. The University of Oregon charges sbjdents for these study abroad programmes. Fees for the 2020-21 academic year are set out below. Global Education Oregon in London receives donations from the University of Oregon. These donations cover the projected operational costs of all pr(yJramme$ run by Global Edu(alion Oregon in London and are unrelated lo income frorv sludenl lees. Our •tho$, strat¢gy and poll¢l¢s We sel strategies to achieve the objectives that have been set. The focus of Ihe strategy is the developrnenl ol ihe students that take part in Ihe prc4Jramme. In iaking loTh¥ard our stralegy we= Review the quality of education offered and ensure ihal it 15 Worthy of credit at the horne universrties ol the students. Ensure that the range ol wurricular aclivilies available lo the students is enriching. Cornplete sludenl evaluations to ensure that Ihe needs of students are met. Invest in the appropriate training of Global Education Oregon in London staff. Work with the University ol Oregon lo VIeW the awarding of 8rshipS. in particv18r those that ensure wide access 10 Students from different backgrounds. Co-operate with study abroad programme$ wn by tho Univorsty of Orégon in other countriès to la¢ilit8tts cultural exchange. We do not i¢J9ntify any potgntial detrimgnt or hami from thg adivities of Global Education Oregon in London. Global Education Oregon in London is commilted to saleguardiThJ and promotsng the welfare of students. All staff arè 8XPÈCt8d to sharè in this wmmilmènt. Appropriatè training is providèd for staff to ènhance and develop their skills in this area. Siudents have acce55 to pasloral care services throughout their programme of study. Global Education Oregon in London is an eqL1 opportunitses ODJanisatson and is committed to a working environment that is free from discrimination. The Iru51ees have paid due regard lo guidanc* i55ued by the Chaiity Commission in deciding what aclivrtiès the charity should undertake. Achievements and performance Prlneipal activlti•s This year the 8otivilies of Global EducalN)n in LorOn were reslricled by the ongoing p8ndemic. We were, however, able lo resume in-person study abroad programming pathay Ihrough the year. We hosted five study abroad students from the University of Ore9on from April-june 2021. This pilot programme was a hugè success and we plan to continue offering in-person opportunities Ihrovghout 2021. We have continued lo offer remote study abroad ackn'vities and experiences for the University of Oregon and partner students. Global Education Oregon in London ordinarily uses the flat in Great James Slreel to host visiting research faculty from the University of Oregon, Ihereby facilitab'ng inlemational research. This activity was not possible this financial year because of restrictions on intemational travel. We plan to resume this activity in summer 2021.
GLOBAL EDUCATION OREGON IN LONDON TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Impact of thè pandèmic Global Education Oregon in London was heavily imp#Ll by the p8ndemic in 2020-21. As study abroad programmes were not able to run lor mud) ol the year. the University of Oregon did not receive student fees for London programm85 from July 2020 lo March 2021. Despite this, the University of Oregon continued to finance ongoing runniThJ expenses for Global Education Oregon in London. These running expenses were reduced as far as possible through the Coronavirus Job Retention Scheme and. unfortunately. staff redundancy Measures. Global Education Oregon in London would like lo thank the University of Oregon for their o)ntinued donalbons and support during this difficult time. Global Education Or8gon In London will continue running virtu81. remote experiences for University ol Oregon and partner students while the pandemic continues. In-person programmes have now resumed. Global Education Oregon in London will ensure th$ Safety and wellbeing ol all stskeholders by followng government COVID secure guidance. Studont •nrolm•nt This year Global Educatson Oregon in London hosted five students in person in Spring 2021. These student5 participated in our new Psychology spring quarter programme. This post-COVID pilot programme was hugely su¢cessltJl. W$ plan lo Continue off$nng In-person prtyJrammes for the rost of 2021 and beyond. Academlcs Global Education Or8gon in London continues to maintain hyh acadamic standards. Our programm8s ar8 rigorous, high-quality leaming experiences Ihal satisfy major and general education requir8m8nls in order lo ensure progress towards degree coMebon for bolh University of Oregon and partner sludents. Our classes promote in4epth and inleractive study ol London, Britain, and the worfd beyond. Global Education Oregon ordinarily offers siudenis ihe option io add an internship for academic credit, promoting cultural integration and the opportunity lo develop pre-professional experiènce. This year wè wer8 able lo offer virtual. remote intemships to slvdents Irom the University of Oregon. We plan lo resume in- person internships in fall 2021. Selection ol students for the programrne run by Global Eduealion Oregon in London is made by Ihe individual universities based on a sludent's good standing with their home campus. Good standing includes seriousness ol purpose, acadèmic achièvement, and individual stability and malurity. Both we, as the trustèes of Global Education Oregon in London. and Ihe University ol Oregon. affirm and actively promote the right ol all individuals to equal opportunity in education without regard to race, colour, sex, national origin, age, religion. marital status, disability. veteran ststus, sexual orientsti(M). ggnder idèntity and gend&r expression. Therg 1$ no di5crirninalion on any of these grounds or on Ihe financial background of the 51udenl in selection by the University of Oregon for the programme run ty Global Education Oregon in London. Ca-eurrieular aetiviti•s Global Education Oregon in London provides a rich selection ol cultural activities and both in-class and out-of- class excursions for students. This co-curricular programme augments and enhances the academic exp8rience. The activitlgs b8nefit both the stud8nts and th8 institub.ons visited (through the paym8nt of admission fees, purchase of guides and programmes, and so onl. Considerable effort goes into offering the broadesl experience possible. This year the irnpact of COVID regulations meant that not all of our usual oxurricular acb'vities were possible. We were still able to offer students a broad and enriching cutiural experience frtusing on outdoor and soaally distanc8d activities and events, includirbg meeting University of Oregon alumni. Flnanclal ald. scholarshlps and access Students pay fee5 to the University of Oregon for the programmtrs that are run by Global Education Oregon in London. The fees are competitive within the study abroad field and both the University of Oregon and Global Education Oregon in London pursue a policy of not making supplementary charges On a student has begun the wurse ol study.
GLOBAL EDUCATION OREGON IN LONDON TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Flnanclal r•vl•w The conts'nued irnpact of the coronavirus pandem. including the second and third national lockdowns in England in November 2020 and January lo earfy March 2021, meant that in-person classes were unable to resume unbl the spring semester, in April 2021. The charity conts.nued to offer remote leaming and virtual experiences, which rt had started to develop in response to the onset of the pandemic in March 2020. The results for the year reflect the impact of Covid-19 bolh in tem15 of the reduced cos15 in offering a virtual learning experience for the majority of the financial year, and also the reduced donations from the University ol Oregon in its support of Global Education Oregon in London to cover those programme costs. Total income for the year was £469.176 12020.. £1.107.3161. this includes £52.461 12020.. £29.5271 Coronavirus job retention scheme granl income from the UK government. Expenditure lor the year was £462,335 12020.. £1,103,270). resvlts'ng in a Small stjrplus of £6.841 lof Ihe yeaf. Rts•rve• Pollcy It has been the policy of the charity that unresiricted funds which have not been designated for a specific use should be maintained al a level equivalent to between three and six months expenditure. The trustees consider that reserves al this level would ensure that. in Ihe evenl of a signfficanl drop in funding or an event such as the Covid-19 pandemic will ensure Ihe charity's ability to continue its current activities while consideration Is given lo ways in which additional lunds may be raised. The Charity has been building up the level of reserves over the last year5. Unrestricted reserves al the year end were £95,312 12020.. £88,471). Rlsk m¥nagem•nt We are responsible lor overseeing the risks fa&ed by Global Education Oregon in London. Risks are identified and assessed throughout the year. We are salisfied that any major risks have been adequately mitigatèd where necessary and we have undertaken 8n overall risk assessment, as well as a COVID risk asstrssmenl. We recognise that systems can only provide reasonable bul not absolute assurance that major risks have been adequatèly managed. Future plans We intend to continue to provide an excellent educational experience for siudents enrolled in our programmès. More sp8cifically. wè aim to achi8ve the folk)wng". To continue lo maintain high academic standards an¢J ensure curriculum integration for University of Oregon and partner sludenls. To focus efforts on alumni oulreach, cultural engagement and exchange. To continue to salely njn in-person programmes in-line wilh curren¢ government guidance. To successfully launch our new fall semester programrne. Structure, governance and management Global Education Oregon in London is a company limited by guarantee with company registration number 04836201, and is govem811 by its Memorandum and Articles ofAssociation. Global Education Oregon in London is also a registered educational charity, with charity registration number 11138. All trustees give their time freely and are not paid for their services. The Tnjstees, who are also the directors for the purpose of wmpany law, and who serveil durirvJ Ihe ye8rwere: E Richardson S Eriksen Iresigne(123 Novernb8r 2021) D Galvan M Pierce Hunter Iresigned 2 December 2020) K Hampton lappoinled 1 December 20201 H Peterson (appointed 1 December 20201
GLOBAL EDUCATION OREGON IN LONDON TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Edana Richardson was the chair of the Board of Tnjslees of the charity lthe'Board'l ihroughout the year. During 2020-21 the Board met on four (caSIOns. 3 September 2020. 1 December 2020, 15 March 2021, and 3 June 2021. Trustees are recruited on the basis of their existing relevant knOedge. Information relating to Global Education Oregon in London's legal status. finances and activilies are provided in advance of appoinlment. Truste85 are expected lo identify their own training needs and to tske measures to ensure that these needs are mel. Policy is set by the Board and the daY-tdaY management exerused by DrAm3nda Milbum, Director ol Global Education Oregon in London. who is assisted by a team of stsff In London. The Board meets at regular int&Nals to di$¢uss and review a¢ademi¢. administrative. finance. developmgnl and planning matters. The 8oard may, from time lo tlme, appoint any person as a member of the Board 8lther to fill a casual vacancy or by way ol addition lo the Board. subjecl lo the provisions ol the Articles olA55ccialion. Any member 50 appointed shall retain office only until the next Annual General Meeling at which helshe shall be eligible for r ele¢lion. Al the Annual General Mèètsng In every year, one third ol Ihe members of the Board retires by rotation, but are eligible for reryelection. None of the Trustees has any beneficial interest in the mpanY. E Richardson and D Galvan are m8mb8rs of the company and guarantee to coniTibule £1 in Ihe evenl ol a winding up. Rernunerallon of key management Is sgt In conluncuon wrth the Tru$lees. Thg twstges report was approvgd by tho Board of TnJ$tee$. E Richardson Trustee Dated.. 11.04.2022
GLOBAL EDUCATION OREGON IN LONDON STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 30 JUNE 2021 The tnjstees, who are also the directors of Global Education Oregon In London for the purpose ol company law, are responsible for preparing the Trustees Report and the financial statements in ac(x)rd8nce with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Cornpany Law requires the Irustses to prepare finanryal statements for each fin8nci81 year which giv9 8 true and fair view ol the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure. ol the d)arilable company for thal year. In preparing these financial statemenls. the trustees are required to.. - select suitable 8ccounbng policies and Ihen 8ppty thern consislenuy.. - observe thg methods and principles in the Chaiiti$s SORP: . make judgements and estimates that are reasonable and wdent: 51ale whether applicable UK A¢untIng Stsndards have been followed. subject to any material departure5 disclosed and explained in Ihe financial stalements: and prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records Ihat disdose with rea50nable accuracy al any lime the finanaal position ol the charity and enable them to ensure that the financial sialements comply with the Companitrs Act 2006. They a also reskY)nsible lor $8legu8rding the asstrts ol the ch8rity and henc8 for taking reasonable steps lor the prevenknon and delection of fraud and other irregularities.
GLOBAL EDUCATION OREGON IN LONDON INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF GLOBAL EDUCATION OREGON IN LONDON I report to thè trustees on my ¢xaminab"on of the finanoal ststgments of Global Education Oregon In London Ithe charilyl for the year ended 30 June 2021. R85ponsibiliti85 and basis of report As the trustees of the charity land also Its directors for the purposes of company lawl y(MJ are responsible lor the preparation of the financi81 stst8ments in accordance with the requirements of the Gompanies Act 2006 Ith8 2006 Act). Having Satisfied myself that the financial statements of the charity are nol required to be audited under Part 16 of the 2006 Act and are eligible IOT independent examination. I report in respect of my examinats'on of the charity's financial stalements carTied out under section 145 of the Charities Aet 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable DIrectnS given by the Charity Commission under section 145151 Ibl ol the 2011 Act. Independent examinefs statement Since the charity's gross income exceeded £250,(NJO your examiner must be a member of a body li8ted in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the Assoaation of Chartered Certifie(l Accounlanls, which is one of Ihe listed bodies. I hav8 complèted my èxamination. I wnfifm thal no matters havè com* to my atlontion in ¢onnoction with th examination giving me Cause lo believe th81 in any material Spect.. accounting records wgre not kept in respÈcl ol the chanty as required by section 386 of the 2006 Act,. or thè financial statements do not accord wilh those rac¢yds', or the financial statements do nol comply wth the accounting requifemenis ol section 396 of the 2006 Act other than any requirement th81 the accounts give 8 Irue lair view which is not a matter considered as part of an independenl exarnination,. or thè financial statements have not been prepared in 8¢¢ordan¢e with the methods and principles of th8 Statement ol Recomrnended Practice for accounting and reporting by charities applicable to charits'es preparin9 their accounts in accor(lan¢e with the Financial Reporlin9 Standard applicable in thg UK and Republic ol Ireland IFRS 1021. I have no concems and have Come across no other matters in ¢onne¢lK)n with Ihe &xamin8lion lo which attenlitsn should be drawn in this report in order to enable a pTopeT urKlerslanding of the financial stalernents lo be reached. D We5tbury FCCA icAel/e Wegtbury FCCA for and on behalf of West & Bery Llmbted Mocatta House Traf8lg8r Place nghton N14DU Dated.. 11 April 2022
GLOBAL EDUCATION OREGON IN LONDON STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2021 Unrestricted Unrestricted funds funds 2021 2020 Notès Donations and legacies Other income Other income- Government furfough schem8 416,715 1.076.149 1.64Ql 29.527 52.461 Total Income 469,176 1.107,316 Charitable activit185 462,335 1.096,751 Othèr expenditure 6,519 Total r•$¢ur¢•$ •xynd•d 462,335 1,103,270 Net Income for the y•arl Net m¢v•m¢nt In funds 6,841 Fund balances at 1 July 2020 88,471 84,425 Fund lJalance8 at 30 Jun• 2021 95,312 88,471 The statement ol financial activities indudes all gains and losses re¢ognised in the year. All income and expenditure derTve from continuing act•tieS. The statement ol financAal activi.e5 also complies with ihe requirements IOT an income and expenditure account under th& Companies Act 2(XJ6.
GLOBAL EDUCATION OREGON IN LONDON STATEMENT OF FINANCIAL POSITION AS AT 30 JUNE 2021 2021 2020 Not•s Fixed assets Tangible assets 10 3.221 7.443 Currgnt ass Debtors Cash al bank and in hand 11 197.171 86.233 87.426 220.089 283.404 307,515 Credltors: amounts falling due wSthin on• yèar 12 {191,3131 1226,4871 Net current assets 92,091 81,028 Total assets less curront liabilitle• 95,312 86.471 In¢ome fund$ Unrestricted funds 95,312 88,471 95.312 88.471 Thè company is èntitlad to the èxèmptKsn from thg audrt raquiremonl contained in section 477 of thè Comp8nias Act 2006, lor the year ended 30 June 2021. Th& director acknowledges his responsibilities for complying the requirements of the Companies Act 2006 wllh respect to 8ccounling re¢or(Is and the pYep8ration of finanoal stsleN*nts. Thè membèrs have not required the company to obtain an audit of rts financial statamants for tho yaar In utrslitsn in accordance with secti¢)n 476. These financial statements have been prepared in accordance wilh the provisions applicable to companies subject lo the small Companies regime. 11.04.2022 The financial slatements were approved by the Trustees on ......................... E Richard$on Trust•• Company Reglstratlon No. 04836201
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021 A¢¢ountlng poll¢l•$ Charity infomiatSon Global Education Oregon In London is a private company limited by guarantee incorporated in England and Wales. The registered office is 6 Great James Street. London. WCIN 3DA. 1.1 Accounting convention The financi81 statements h8ve been prepared in accordance wth the ch8rity'5 Memorandum 8nd Article5 of Association, the Companies Act 20C*. FRS 102 The Financial Reporting Standard applicable in the UK and Ireland l FRS 102,1 and the Chantses SORP -Ac¢ountsng and Reporting by Charib"es.' Stalemgnt ol Recommended Practice applicable to charities preparing their accovnt5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of IrelaThJ IFRS 1021" leffectsve 1 January 20191. Thè charity is a Publi¢ Benèfit Entity as defined by FRS 102. The financial ststemenls are prepared in sterfing. which is the functional currency of the chanty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the hislorfcal cost u)nventlon. The prfncipal accountlng policies adopted are 58t out below. Th8 accounts CoMY wth FRS 102. 1.2 Golng concern Al the time ol approving th& flnawal statèmenls. tho trustees have a reasonable expèctatlon that the charity has adequale re50urce5 to continue in operational eyislence lor the foreseeable lulure. This includes a review of the ongoing impact of the COVID.19 pandemic on the charity. Thus the trustees conty'nue lo adopt thg going ¢on¢em basis of aOUnting in pparing the finanoal $tsl&ments. 1.3 Charbtablo funds Unreslricled lund5 are available lor use al the di%retitin of the trustees in furtherance of their charitable objectives. 1.4 Income Donations are recognised as incoming sourceS in the statement of financial activities on a receivable basis. Incorning resources from activities for generaknrrfJ frjnds are recognised when receivable. 1.5 Expenditure Resources gxpendeij are indudgd in tho Stsloment of Finanual Activities on an accruals basis Indusivg of any VAT which cannot be recovered. Costs of raising funds are eXnSeS incurred in relation to the acttvities for generating funds. Direct charitable expenditure a expenses incjjrred direclly in pursuance of the charity's prinaple activity and support costs relating to thi$ 8divity. Support costs are those incurred in conneclty)n wth running the charity Ihat enables the charitable activity to be undertsken. Governance costs are those incurred in the govemance of the charity and its assets and are primarily 8ssociat8d with constituts.onal and statutory requirements. 10-
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Accauntlng pollcles IContlnu8dl 1.6 Tangible fixed ass8ts Tangible fixed assets are initially measured at (y)st ar subsequently MeaSud at cost or valuation. nel of depreciation and any impairnient losses. Dèprèciation is recognised so as to write off the cost or valuab.on of assets less their residual values ovgr their useful lives on the following bases.. Leasehold land and buildings Fixtures and fitti'ngs Over the tem) of Ihe18a$e 3 years slraight line The gain or loss arising on Ihe disposal of an asset is determined 8S the difference between the sale proceeds and the carying value ol the asset. and is recognised in the stalement ol financial ath'vities. 1.7 Im1rmeTrt of flxgd a$s¢t$ Al each reporting end date, the ¢harily reviews carrying amounts of its tangible assets lo detemiine whether there is any indic8lion thai Ihose assets have suffered an impairmenl 1055. 118ny such indication exists, the recoverable amount of the asset is estimaled in order to delerniine the extent of the impaiment loss111 any). 1.8 Cash and cash •qulval•nls Cash and cash equivalents include cash in hand and deposits hekl al call with banks. 1.9 Flnanclal In8trum•nts The charity has elected lo apply the provisiorbs of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Inslrum8nts Issues. of FRS 102 to all of its financial instruments. Financial in51Tuments are recognised in the balanc* sheet when Ihe charity becornes party lo the contractual provisions of the instrument. Financial assets and liabilities are offsel, wilh the net amounts presenled in the financial stalernents, when there is a legally enforceable right lo set off the recognised amounts and there is an intention to settle on a nel basis (y to realise the asset and setlje th& liability simultsneou$ly. Baslc flnanGlal assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at Iransaclion price including transacty.on costs and are 5ubsequenUy carried at 8tnortised cost using th8 effective interest rnelhod unless Ihe arrangemenl constitutes a finanang transactn, where the transaction Is measured at the present value of the future receipts discounted at a market ratè of interest. Financlal assets cl8ssifie¢J as re¢xivable within one year are rK)t afflorts'se(l. Basic financial liabillties Basic finan31 liabilities, induding ¢yedrtots and bank loans a inib.ally recognised at transaction price unless the arrangement constitules a financing Iransaction. where the debt instrument is measured at the present value ol the ftjture payments discounted at a market rate of interest. Finanaal liabilities classified as payable within year ar8 not amortised. Debt instruments are subsequenlly carried at anKlised cosl. using ihe effecb've interest rate method. Trade credthrs are obligations to pay for goods or services that have been acquired in the ordinary course ol operations from suppliers. Amounts payable are dassified as current liabilities if payment is due within one y8ar or less. If not, they are presented as non-current liabilities. Trade cr8drtors ar8 recognised inib"8lly at transaction price and subsequenuy measured at amortiseLI st using the effective interest Method.
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Accauntlng pollcles IContlnu8dl Derecognition of financial liabilities Financial liabilib'es are derecognised when the charity's (xjntractual obligations expire or are discharged or cancelled. 1.10 Employèè bèn•ffts The cost of any unused holKlay entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate Ihe employment ol an empk)yee or to prO¥e lennination benefits. 1.11 Retir•ment ben•frts Payments lo defined u)ntribulion rel1ment benefit schemes are charged as an expense as they fall due. Crltlcal accounting estlmate8 and judgements In the application of the charity's accountsrrfJ polirjes, Ihe trustees are required lo make judgements, estimates and assumptions about the carying amount ol assets and liabilities that are not readily apparent from other sources. The estimates and associated assumpb.ons are based on historical experience and other laclors that are considered to be relevanl. Aclual results may differ from these eslimales. The eslim8¢8s and undedyng 8ssumplions are wiewet1 on an ongoing basis. R8visions lo accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the rIOd of the revision and future periods vthere the r&vision affects both current and futur& perfods. Donallon$ and l•9o¢1•$ Unrnstrlcted Unreslricted funds funds 2021 2020 Donats'ons and gifts 416.715 1,076,149 Oth•r In¢ome Total Unreslricted funds 2021 2020 Letting and licensing arrangements 1,640 12-
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Oth•r In¢om¢- Go¥•mm•nt furlough $¢h•m• Unrestrfcted Unrestricted funds funds 2021 2020 Other income. Govemment fudough scheme 52,461 29,527 Ch•rltabl •¢tJvlU$ Aetlvltles ufftdgrtaken directly Support ¢osts 2021 Total 2021 Total 2020 Staff costs Depreciation and impairm8nt University property costs Accommlxlalion and Ir8vel for students & lecture Excursions and field trips Educatlonal supplies, Ilteralure & subscriptions Oth8r dirèct ¢osts Guest lecturers Legal, accountancy & bookkeeping Telephone and orrice cos(s 176.203 43,001 4,222 45.456 219.204 4.222 181.820 22.910 2,279 6,446 2,455 2.422 7.768 10.998 342,095 14.552 182,435 410,51QI 67,406 32,512 6,596 8.36Q 8.459 17.778 136,364 22,910 2,279 6,446 2,455 2.422 7.766 10,998 349,079 111.443 460.S22 1,090,703 Sharg of govgrnan¢e ¢osts1$90 note I 1.813 1.813 6,048 349.079 113,256 462,335 1,096,751 Govemance costs includes £1.500 + vat for independent examination fee 12020.. £5,000 * v81 for audit lee). Trust••s None of the trustees received any remuneration or benefits from ihe charity during the year. 13-
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 Employ••$ Numbèr of èmploy9 The average monthly number of employees duriNJ the year was: 2021 Numbèr 2020 Number Programme director and lecturers Support staff 10 Employmènt costs 2021 2020 Wages and salaries Social security costs Other pension costs 199,458 16,292 3,454 316.014 21,022 5,059 219,204 342,095 The number of 9mployees whosg annual remuneration was £60,000 or more were.. 2021 Numb•r 2020 NuMr £60.000 - £69.999 Contributions totsling £1,317 12020- £1,3161 were made lo defined ntribUtIOn pension schemes on behalf of employees whose emoluments exrEed £60.000. Oth•r èxp•ndltur• Unr•strlctod funds Total 2021 2020 Rental expenses 6,519 6,519 14-
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 10 Tanglblo flX a$$¢ts Leasehohl Flxtur•5 and land and flIr bulldlngs Total Cost At 1 July 2020 43,801 61,276 105,077 At 30 June 2021 43.801 61,276 105,077 Oepreciation and impairnient At 1 July 2020 Depreciation charged in the year 43,801 53,833 4,222 97.634 4,222 AI 30 June 2021 43.801 58,055 101,856 Carrylng amount At 30 June 2021 3,221 3,221 AI 30 June 2020 7,443 7.443 11 Oebtors 2021 2020 Amounts falllng due wlthln on• y•ar: Other debtors Prepayments and a¢¢ruèd inc¢)mè 14.036 36.39QI 162,171 162,171 $2,426 2021 2020 Amounts falllng due after more than one year: Other debtors 35,000 35,000 Total d•btors 197,171 87,426 Other debtors comprise 8 rent depost. which is subject lo a tharge by Ihe landlord. 15-
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 12 Cr*dltors= amounts falllng du• wtthln on• yoar 2021 2020 Other creijitors Accruals and deferred income 21.213 170.100 8.410 218.077 191,313 226,487 13 Retlrement bonefft schemes Oefined contrlbutlon schemes The charity operates a defined contribution pension xheme for all quali.Ag employees. The assèts ol the scheme are held separately from those of the charity in an independently adrninistered fund. The charge lo profil or loss in res[ of defined o)ntn'bution schemes was £3,45412020.. £5,059). 14 Oporatlng l•a8e commllmonts Al the reporting end dale Ihe charity had outstanding commitments for fvlure mlnimum lease payrnenls under non-cancellable operating leases, which lall due as follows.. 2021 2020 Within one year 120,000 133.333 15 Events after the Nportlng dat• The charity has had the ongoing support of The University of Oregon since the siart of the pandemic and this has continu8d throughout this finanaal year. It has also takèn advantagè of tha govèmment furlough scheme lo support employers and empyeeS thTough the pandemic. Thè management oversaw the safe retum of face to face leaming from April 2021 and has continLJed to successfully run in person prf9MmeS throughoul 2021 and 2022. The charity intends to fill currently vacant staff positions in the near future. This is a non adjusting event as the charity is operating as a going contxm. 16-
GLOBAL EDUCATION OREGON IN LONDON NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021 16 Rolatsd party tran$a¢tlon$ R•muneratSon of kay management personn The remuneration of key management personnel is as follows. 2021 2020 Aggregate compensabon 74,045 74,142 The charity r&¢&ived donatsons from the University of Oregon £456,71412020.' £1.076.1491. Remuneration of key management personnel lindLKling employers National Insurance) £74.045 12020.. £74,142). 17-