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2023-06-30-accounts

Charity registration number 1113838

Company registration number 04836201 (England and Wales)

GLOBAL EDUCATION OREGON IN LONDON ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

Encyro E-Sign ID: a1df3c28c9120f 5 21a248c4 4 c869eabb81d1a876e06 (2024-Mar-07 09:40:35 UTC)96b8ffa8aa0ae3ff307 (2024-Mar-07 09:08:37 UTC)

GLOBAL EDUCATION OREGON IN LONDON

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

D Galvan H Peterson K Hampton W Johnson

Charity number 1113838 Company number 04836201 Registered office 6 Great James Street London WC1N 3DA Auditor West & Berry Limited Mocatta House Trafalgar Place Brighton BN1 4DU

GLOBAL EDUCATION OREGON IN LONDON

CONTENTS

Page
Trustees' report 1 - 5
Statement of trustees' responsibilities 6
Independent auditor's report 7 - 9
Statement of financial activities 10
Statement of financial position 11
Statement of cash flows 12
Notes to the financial statements 13 - 20

GLOBAL EDUCATION OREGON IN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 30 JUNE 2023

The trustees present their annual report and financial statements for the year ended 30 June 2023.

The financial statements 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)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

Mission statement

The mission of the trustees of Global Education Oregon in London is to support the development and enhancement of programming for Global Education Oregon students in the UK. In particular, the trustees support the development and enhancement of activities which further the integration of students into British life and the growth of students' understanding of British culture. This support includes:

Our aims

Global Education Oregon in London is governed by a Memorandum and Articles of Association dated 8 July 2003, as amended.

The objects of Global Education Oregon in London are to establish and maintain a university in London, and at such other locations as the trustees shall from time to time determine, at which students may advance their education.

We aim to provide up to 300 undergraduate students from American universities with study abroad programmes in London every year. We promote the academic, social and cultural development of students through the provision of activities and study. We provide a forum for every student to develop themselves and to contribute to the wider community. We also facilitate cultural exchange between the US and the UK and promote multinational understanding.

Our objectives

Our objectives are set to reflect our educational aims and the ethos of Global Education Oregon in London. In setting our objectives, we confirm that we have given careful consideration to the Charity Commission's general guidance on public benefit.

Our key objectives for the year included:

GLOBAL EDUCATION OREGON IN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

General information on the way that Global Education Oregon in London operates General background

Global Education Oregon is the study abroad office of the University of Oregon. Global Education Oregon creates pathways to international, experiential learning for students, faculty and university partners.

Undergraduate students from US universities apply for study abroad programmes through their home university. These are run in various locations throughout the world. In London they are run by Global Education Oregon in London.

The University of Oregon charges students for these study abroad programmes. Global Education Oregon in London receives donations from the University of Oregon. These donations cover the projected operational costs of all programmes run by Global Education Oregon in London and are unrelated to income from student fees.

Our ethos, strategy and policies

We set strategies to achieve the objectives that have been set. The focus of the strategy is the development of the students that take part in the programme. In taking forward our strategy we:

We do not identify any potential detriment or harm from the activities of Global Education Oregon in London.

Global Education Oregon in London is committed to safeguarding and promoting the welfare of students. All staff are expected to share in this commitment. Appropriate training is provided for staff to enhance and develop their skills in this area. Students have access to pastoral care services throughout their programme of study. Global Education Oregon in London is an equal opportunities organisation and is committed to a working environment that is free from discrimination.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

Principal activities

This year Global Education Oregon in London educated 221 students, far exceeding our enrolment goals. We successfully ran 13 academic programmes including four new summer programmes, one of which was fully funded for Pell-grant eligible Oregonians.

Global Education Oregon in London resumed use of the flat in Great James Street to host visiting research faculty from the University of Oregon, thereby facilitating international research. We hosted ten University of Oregon faculty representing nine departments. We also hosted four staff members from the Division of Global Engagement.

GLOBAL EDUCATION OREGON IN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Academics

Global Education Oregon in London continues to maintain high academic standards. Our programmes are rigorous, high-quality learning experiences that satisfy major and general education requirements in order to ensure progress towards degree completion for both University of Oregon and partner students. Our classes promote in-depth and interactive study of London, Britain, and the world beyond.

Global Education Oregon offers students the option to add an internship for academic credit, promoting cultural integration and the opportunity to develop pre-professional experience. This year 40 students opted to participate.

Selection of students for the programme run by Global Education Oregon in London is made by the individual universities based on a student's good standing with their home campus. Good standing includes seriousness of purpose, academic achievement, and individual stability and maturity. We affirm and actively promote the right of all individuals to equal opportunity in education without regard to race, colour, sex, national origin, age, religion, marital status, disability, veteran status, sexual orientation, gender identity and gender expression. There is no discrimination on any of these grounds or on the financial background of the student in selection by the University of Oregon for the programme run by Global Education Oregon in London.

Co-curricular activities

Global Education Oregon in London provides a rich selection of cultural activities and both in-class and out-ofclass excursions for students. This co-curricular programme augments and enhances the academic experience. The activities benefit both the students and the institutions visited (through the payment of admission fees, purchase of guides and programmes, and so on). Considerable effort goes into offering the broadest experience possible.

Financial aid, scholarships and access

Students pay fees to the University of Oregon for the programmes 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 once a student has begun the course of study.

We believe in wide access to the benefits of studying abroad that are offered by Global Education Oregon in London. It is therefore important to us that our programmes are accessible to those who cannot afford to pay the full fees to the University of Oregon. In 2022-23 the University of Oregon offered London students a total of $223,250 in individual scholarships. This includes our new fully-funded programme for Pell-grant eligible Oregonians.

Financial review

The results for the year reflect the return to pre-pandemic levels of activity and are as follows: total income for the year was £1,271,900 (2022: £1,248,077), Expenditure for the year was £1,260,337 (2022: £1,187,759), resulting in a surplus of £11,563 (2022: £60,318) for the year.

Reserves Policy

It has been the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six months operating expenditure. The trustees consider that, in the event of a significant drop in funding or an event such as the Covid-19 pandemic, reserves at this level will ensure the charity's ability to continue its current activities while consideration is given to ways in which additional funds may be raised. Unrestricted reserves at the year end were £167,193 (2022: £155,630).

Risk management

We are responsible for overseeing the risks faced by Global Education Oregon in London. Risks are identified and assessed throughout the year. We are satisfied that any major risks have been adequately mitigated where necessary and we have undertaken an overall risk assessment. Global Education Oregon in London is also supported by the University of Oregon's risk management team. We recognise that systems can only provide reasonable but not absolute assurance that major risks have been adequately managed.

GLOBAL EDUCATION OREGON IN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

Future plans

We intend to continue to provide an excellent educational experience for students enrolled in our programmes. More specifically, we aim to achieve the following:

Structure, governance and management

Global Education Oregon in London is a company limited by guarantee with company registration number 04836201, and is governed by its Memorandum and Articles of Association. Global Education Oregon in London is also a registered educational charity, with charity registration number 1113838.

All trustees give their time freely and are not paid for their services. The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

E Richardson D Galvan K Hampton H Peterson W Johnson

Edana Richardson was the chair of the Board of Trustees of the charity (the 'Board') throughout the year. Kathleen Hampton was acting chair from 1 March 2023 onwards.

The Board meets at regular intervals to discuss and review academic, administrative, finance, development and planning matters. During 2022-23 the Board met on four occasions: 13 September 2022, 5 December 2022, 1 March 2023 and 31 May 2023.

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

Policy is set by the Board and the day-to-day management exercised by Dr Amanda Milburn, Director of Global Education Oregon in London, who is assisted by a team of staff in London.

Remuneration of key management is set in conjunction with the Trustees.

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 at which he/she shall be eligible for re-election. At the Annual General Meeting in every year, one third of the members of the Board retires by rotation, but are eligible for re-election.

None of the Trustees has any beneficial interest in the company. E Richardson, D Galvan and W Johnson are members of the company and guarantee to contribute £1 in the event of a winding up.

Auditor

West & Berry Limited were appointed as auditors to the charity and a resolution proposing that they be reappointed will be put at a General Meeting.

GLOBAL EDUCATION OREGON IN LONDON

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

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.

The trustees' report was approved by the Board of Trustees.

..............................

K Hampton Trustee 07/03/2024 Dated: .........................

GLOBAL EDUCATION OREGON IN LONDON

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 30 JUNE 2023

The trustees, who are also the directors of Global Education Oregon In London 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 charitable company 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.

GLOBAL EDUCATION OREGON IN LONDON

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF GLOBAL EDUCATION OREGON IN LONDON

Opinion

We have audited the financial statements of Global Education Oregon In London (the ‘charity’) for the year ended 30 June 2023 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 financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements 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 trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

Opinions on other matters prescribed by the Companies Act 2006

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

GLOBAL EDUCATION OREGON IN LONDON

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GLOBAL EDUCATION OREGON IN LONDON

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 directors' report included within the trustees' report.

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, the trustees, who are also the directors of the charity for the purpose of company law, 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 trustees 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 charitable 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

GLOBAL EDUCATION OREGON IN LONDON

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF GLOBAL EDUCATION OREGON IN LONDON

Audit procedures performed by the engagement team included:

Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's 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 company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Michelle Westbury FCCA (Senior Statutory Auditor) for and on behalf of West & Berry Limited

07/03/2024

.........................

Chartered Certified Accountants Statutory Auditor

Mocatta House Trafalgar Place Brighton BN1 4DU

GLOBAL EDUCATION OREGON IN LONDON

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 JUNE 2023

**Unrestricted ** Unrestricted
funds funds
2023 2022
Notes £ £
Income and endowments from:
Donations and legacies 3 1,268,848 1,247,679
Other income 4 200 200
Investments 5 2,852 -
Other income - Government furlough scheme 6 - 198
Total income 1,271,900 1,248,077
Expenditure on:
Charitable activities 7 1,260,337 1,187,759
Net income for the year/
Net movement in funds 11,563 60,318
Fund balances at 1 July 2022 155,630 95,312
Fund balances at 30 June 2023 167,193 155,630

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.

GLOBAL EDUCATION OREGON IN LONDON

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2023

2023
Notes
£
Current assets
Debtors
12
342,920
Cash at bank and in hand
569,821
912,741
Creditors: amounts falling due within
one year
13
(745,548)
Net current assets
Income funds
Unrestricted funds
The financial statements were approved by the Trustees on .........................
07/03/2024		 2022
£
£
220,382
398,357
618,739
(463,109)
167,193
167,193
167,193		 £
155,630
155,630
155,630

.............................. K Hampton Trustee

Company registration number 04836201

GLOBAL EDUCATION OREGON IN LONDON

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023

Notes
Cash flows from operating activities
Cash generated from operations
18
Investing activities
Investment income received
Net cash generated from/(used in)
investing activities
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
2,852		 £
168,612
2,852
-
171,464
398,357
569,821		 2022
£
-		 £
312,124
-
-
312,124
86,233
398,357

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

Charity information

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, WC1N 3DA.

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, FRS 102 "The Financial Reporting Standard applicable in the UK and Ireland ("FRS 102") and the Charities SORP “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). 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 amounts in these financial statements are rounded to the nearest £.

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

The accounts comply with FRS 102.

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 and that there is no material uncertainty. This includes a review of the budgets for the upcoming year. Therefore the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

1.4 Income

Donations are recognised as incoming resources in the statement of financial activities on a receivable basis.

Income received in advance relating to programmes for the following year is deferred until the criteria for income recognition is met.

Incoming resources from activities for generating funds are recognised when receivable.

1.5 Expenditure

Resources expended are included in the Statement of Financial Activities on an accruals basis inclusive of any VAT which cannot be recovered.

Costs of raising funds are expenses incurred in relation to the activities for generating funds.

Direct charitable expenditure are expenses incurred directly in pursuance of the charity's principle 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 are those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, 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:

Leasehold land and buildings Over the term of the lease Fixtures and fittings 3 years straight line

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 the statement of financial activities.

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’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet 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 debtors 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors 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. Trade creditors 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.

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

1 Accounting policies

(Continued)

1.9 Employee benefits

The cost of any unused holiday 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 the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Donations and gifts 1,268,848 1,247,679

4 Other income

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Letting and licensing arrangements 200 200

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

5 Investments

Unrestricted Total
funds
2023 2022
£ £
Interest receivable 2,852 -

6 Other income - Government furlough scheme

Total Unrestricted
funds
2023 2022
£ £
Other income - Government furlough scheme - 198

6 Charitable activities

Activities
undertaken
directly
£
Staff costs
283,971
Depreciation and impairment
-
University property costs
211,087
Accommodation and travel for students & lecturers
447,240
Excursions and field trips
87,148
Educational supplies, literature & subscriptions
43,790
Other direct costs
13,977
Guest lecturers
6,197
Accountancy & bookkeeping
-
Telephone and office costs
-
Legal and professional
-
1,093,410
Share of governance costs (see note )
-
1,093,410		 Support
costs
2023
£
64,757
-
70,362
-
-
-
-
-
8,655
17,105
-
160,879
6,048
166,927		 Total
2023
£
348,728
-
281,449
447,240
87,148
43,790
13,977
6,197
8,655
17,105
-
1,254,289
6,048
1,260,337		 Total
2022
£
291,579
3,221
253,913
415,566
60,906
99,313
10,305
6,435
6,340
16,128
18,005
1,181,711
6,048
1,187,759

Governance costs includes £5,000 + vat for audit fee (2022: £5,000 + vat).

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

8 Trustees

None of the trustees received any remuneration or benefits from the charity during the year.

9 Employees

Number of employees

The average monthly number of employees during the year was:

Programme director and lecturers
Support staff
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
Number
7
2
9
2023
£
315,658
28,381
4,689
348,728		 2022
Number
5
2
7
2022
£
263,978
23,644
3,957
291,579
The number of employees whose annual remuneration was £60,000 or more
were:
2023 2022
Number Number
£60,000 - £69,999 1 1

Contributions totaling £1,321 (2022: £1,321) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

11
Tangible fixed assets
Leasehold
land and
buildings
Fixtures and
fittings
£
£
Cost
At 1 July 2022
43,801
61,276
At 30 June 2023
43,801
61,276
Depreciation and impairment
At 1 July 2022
43,801
61,276
At 30 June 2023
43,801
61,276
Carrying amount
At 30 June 2023
-
-
12
Debtors
2023
Amounts falling due within one year:
£
Prepayments and accrued income
342,920
2023
Amounts falling due after more than one year:
£
Other debtors
-
Total debtors
342,920		 Total
£
105,077
105,077
105,077
105,077
-
2022
£
185,382
2022
£
35,000
220,382

Other debtors comprised a rent deposit, which was subject to a charge by the landlord. The deposit was released in the year to the charity under the terms of the lease renewal.

13 Creditors: amounts falling due within one year

Other creditors
Accruals and deferred income		 2023
£
140,182
605,366
745,548		 2022
£
17,286
445,823
463,109

14 Deferred Income

Deferred income is included in the financial statements as follows:

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2023

14 Deferred Income

(Continued)

2023 2022
£ £
Deferred income at 1 July 2022 437,223 165,000
Released from previous periods (437,223) (165,000)
Resources deferred in the year 595,046 437,223
Deferred income at 30 June 2023 595,046 437,223

15 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £4,689 (2022: £3,958).

16 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		 2023
£
156,056
418,556
574,612		 2022
£
150,000
562,500
712,500

17 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 92,565 93,276

The charity received donations from the University of Oregon £1,268,848 (2022: £1,247,679).

GLOBAL EDUCATION OREGON IN LONDON

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2023

18
Cash generated from operations
2023
£
Surplus for the year
11,563
Adjustments for:
Investment income recognised in statement of financial activities
(2,852)
Depreciation and impairment of tangible fixed assets
-
Movements in working capital:
(Increase) in debtors
(122,538)
Increase in creditors
282,439
Cash generated from operations
168,612		 2022
£
60,318
-
3,221
(23,211)
271,796
312,124

19 Analysis of changes in net funds

The charity had no debt during the year.