Charity registration number 1111266
Company registration number 05365587 (England and Wales)
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
E Shane
R Pooley
J Christopher
Secretary
E Shane
Charity number
1111266
Company number
05365587
Registered office
81 Gower Street
London
WC1E 6HJ
Auditor
TC Group
5th Floor
3 Dorset Rise
London
EC4Y 8EN
Bankers
HSBC Bank Plc
City of London Branch
60 Queen Victoria Street
London
EC4N 4TR
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
CONTENTS
Page
Trustees' report
1 - 7
Independent auditor's report
8 - 10
Statement of financial activities
11
Statement of financial position
12
Statement of cash flows
13
Notes to the financial statements
14 - 21
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 30 JUNE 2024
- 1 -

The Trustees present their report and financial statements for the year ended 30 June 2024.

 

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:

 

 

 

 

 

 

 

 

 

 

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

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
Achievements and performance

The primary mission of the Charity is to provide upper-level St. Lawrence University students with an exceptional educational and intercultural experience as they explore London, arguably the most culturally diverse city in the world and a true global city. This goal is achieved by classroom lectures/discussions, field trips, and, at the end of each term, a four-week work experience placement with organisations or firms in London or the UK.

 

Moreover, beginning in 2012-2013, a college of St. Lawrence University’s First-year Program ("FYP") has been incorporated into the already existing London Programme in order to provide a select number of first-year students with an intercultural dimension at the beginning of their college careers. This is commensurate with St. Lawrence University’s overall goal of becoming nationally known for its promotion of intercultural learning.

 

Thirty-eight students participated in the London Programme during the academic year. This included fourteen first-year students and sixteen upper-level students in the Fall semester, and eight upper-level students in the Spring semester. All were matriculated regular St. Lawrence students.

 

Our location at 81 Gower Street is in the heart of the Bloomsbury neighbourhood of London and provides space for classrooms, a small library, a computer room, administrative offices, faculty offices, and student lounge areas.

 

For the year the Charity paid its landlord, Bedford Estate Bloomsbury Limited ("Bedford Estates") £11,250 per month in quarterly instalments of £33,750 to rent the building at 81 Gower Street. In August 2023 we licensed classroom space to James Madison University ("JMU") for the annual fee of £35,200; following its expiry JMU expressed interest in licensing the space again for the 2024/2025 academic year. In April 2024 we also entered into a license with the University of California Trust ("UC" Trust) for use of one of the offices on the 2nd floor. They are paying £22,000 per annum. We issued a license for administrative offices on the second floor to the Arts and Business College of London ("ABC") covering April 2023 to April 2024. The license fee was £2,565 per month. Due to the relationship the Director and Assistant Director had built up with ABC, we were able to renegotiate and provide a new license to ABC for one of the offices on the 2nd floor rather than the whole floor for 2024/2025, they are paying £12,500 from April 2024 to April 2025. To do this, we did not use the services of an agent which allowed us to avoid additional fees to find these licensees. These relationships, between the Charity and JMU, UC Trust, and ABC, were developed and maintained through the continual efforts and hard work of the Director and Assistant Director. Worcester Polytechnic Institute ("WPI") entered into a further license for classroom space in the summer months (from 13th May - 14th June). We are no longer looking for occupiers in the lower ground floor as we have reopened it for our teaching use and as space for faculty offices.

 

As part of the ongoing property maintenance programme, during the summer of 2023, all the doors were fireproofed to bring us in line with the fire regulations as recommended in the fire assessment report of March 2023 by Davenheath Security and Fire Protection. We continued our partnership with S&K Properties as our building manager, and they are responsible for cleaning the rooms on a regular basis during each semester and also the regular upkeep and maintenance of the building and garden.

 

While the FYP students were housed in purpose-built student housing (Stay Club Kentish Town), our upper division students lived with homestays. While this has traditionally been regarded as an important part of the cultural immersion of the London Programme, the number of issues we had this year from both students and hosts was unfortunately high and it appears that the homestay model as one of cultural immersion has been moving away from how it was originally intended. Specifically, two students had to be found alternative accommodations in the middle of each semester due to problematic relationships.

 

The London Programme Director is typically a St. Lawrence University faculty member from the Canton, New York campus. The position rotates annually, which means that the Assistant Director bears considerable responsibility for the programme continuity and building management. We have been extremely fortunate to have had Tom Crichlow as the Assistant Director since January 2022 in a new role with more responsibilities and closer collaboration with the Director than the previous programme assistant role occupied by Jeannine Wyman. After a training and transitioning period in the spring 2023 semester Jeannine officially left Gower Street in July 2023. For a part of the year 2023-2024, Lesley Henderson continued her role as a programme assistant finding work placements for students and doing the bookkeeping. Lesley resigned in Spring 2024 and helped train and transition her excellent replacement Frances Hubbard, who was a St Lawrence University alumna of the London Programme. The programme assistant position is now more clearly defined and referred to as the Assistant Director.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -

In terms of the Gower Street office operations, many upgrades were made to the physical structure and appearance of the workspace, contracts were updated, and new policies put in place. These included upgrading all classroom space with new furniture and technology, changing the accounting software from an excel spreadsheet to QuickBooks, and greatly revising the internship process to remove unnecessary and problematic steps to improve the student experience. We also updated bank protocols for online banking and petty cash, introduced a new phone system, and cancelled a long-outdated copier rental and servicing contract. Outdated computers accumulated clutter, furniture, and old student personal items were removed in 4 large van loads over the course of the year. This was essential to secure and maintain our contracts, to have working classrooms, and to improve safety. We strive to ultimately install CCTV cameras and an enhanced keypad door system.

 

As the demography of the students shifts, and their various needs (special accommodations) increase, we require both flexibility and creativity in our operations to fully accommodate and address the concerns of students and to assist staff and faculty to navigate these concerns and needs.

 

Usually, when the out-going Programme Director returns to the New York campus, they assist in recruitment and selection of students and promote awareness among faculty colleagues of the value of international and intercultural studies. Furthermore, the continually refreshed leadership allows the London Programme to evolve in concert with the changing academic climate of the home campus. Each Programme Director also brings specific interests and talents that promote interaction with London in many ways.

 

Course offerings

 

All upper division students are required to take Encountering Global London and three electives of their own choosing. Students may also be able to take a course at a 300 level providing the faculty in Canton and London approve.

 

Encountering Global London ("EGL") – (1.25 units) The 1.0 unit cover the first 10-week academic section of the course which use London as a field site to examine London’s urban, social and cultural geographies. The 0.25 unit covers a 4-week workplace experience which allows students to immerse themselves in London workplace culture. The aims of the course are:

 

 

All students in EGL both semesters secured 4-week work placements.

 

Elective spring/fall courses (1 unit each)

 

Theatre in London: Intro and Classic to Contemporary (combined two classes)– Students attend and discuss weekly plays produced in London (intro). Students taking the advanced option sit in the regular class but their assignments and some of the plays they see are different.

 

Writing in London (fall only – it didn’t meet the minimum threshold of students to run in Spring 2024) – Students further develop their creative writing skills by writing about London. The course included readings about London and field assignments.

 

Art and Architecture in London (fall only - it didn’t meet the minimum threshold of students to run in Spring 2024) - Students study art history by weekly visits to major galleries, museums, and architectural sites.

 

Issues in British Government and Politics (fall only - it didn’t meet the minimum threshold of students to run in Spring 2024) – Students learn about past and current British political and governmental issues. Students attended Intelligence Squared debates and Mayor’s question time.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -

Britain in the 20th Century – Students study the social and political history of the United Kingdom since the election of 1906. The course includes field trips to the RAF Museum, the Imperial War Museum, and the Cabinet War Rooms.

 

Economic Integration of the European Union ("EU") – A study of the policies and controversies associated with European economic integration, especially the expansion of the EU. Students attend Intelligence Squared debates together with those in the Issues in British Government and Politics course. Students also attend two public lectures of their choice at the nearby London School of Economics.

 

Wildlife Ecology (fall only) – This class is the elective course taught by our FYP instructor Dr. Sara Ashpole. This course, the name implies, evaluates green spaces in London.

 

First Year Program Courses (Fall only)

 

First Year Seminar – All students in the London First Year Program will take a seminar taught by the FYP administrator. The topic each fall is specially chosen by the FYP administrator.

 

London’s Urban Geographies – Focuses on the City of London through the lens of urban studies. Students take weekly field trips through various parts of London. This course is available to students in the London First Year Program during the month that the upper-level students are in their work experiences.

 

Additional Upper-Level Courses offered only in the Spring of 2024:

 

London’s Urban Geographies – Focuses on the City of London through the lens of urban studies. Students take weekly field trips through various parts of London. This course was similar to that offered to FYP students in the fall.

 

In summary, all the field components of the courses offered are salient in helping students contextualize what they are studying in the classroom in concrete ways.

 

Study trips

 

Encountering Global London ("EGL")

 

EGL had slightly different programme trips in the fall and in the spring. The goal of both of these trips was to supplement the content students were learning about London with similar information from areas outside of London. In the fall semester we did three daytrips to the following locations: 1) Brighton, 2) Bath/Stonehenge, and 3) Manchester/Liverpool. We travelled to each of these locations by train and coach. In the spring semester the trips were largely the same except we did not return to Manchester based on student feedback.

 

Overall the students were able to make critical connections between what they were studying in their various classes in London and what they observed, experienced, and analysed in the various locations we visited.

 

Other Excursions

 

In addition to the EGL course, the Art & Architecture and Urban Geographies courses make heavy use of field trips and, of course, the students in the theatre courses are at plays about every week (sometimes twice a week). The history course visits both the Imperial War Museum and the Churchill War Rooms, Government attends Mayor’s Question session, and Economics students attend an Intelligence Squared debate. The First Year Programme took trips to Brighton for a day trip but also to Bristol and Bath on a three day trip.

 

Assessment

 

On-going assessment procedures are conducted each semester. Each course is evaluated by each student on a form anonymously, and these results are shared with the faculty member and, if needed, lead to conversations between the faculty member and the Director. In addition, both the program as a whole and the individual courses are evaluated on an on-line form that students complete when they have finished the London Programme.

 

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -

These evaluations are shared with the London Programme Director and Assistant Director and the Associate Dean for International and Intercultural Studies on the main campus in Canton, and form part of the Programme Director’s annual report to the Associate Dean. Our evaluations have been sometimes mixed, with students reporting overall success in their achievements but at times they feel the rigor of the programme and its demands are overwhelming.

 

We further request evaluations of each student for their work-experience sponsor for the final four weeks and an evaluation of the work-experience from each student. Both reports are figured into the student’s final grade. In both semesters, most of our students received high praise from their sponsors. The supervisors’ evaluation of the students’ performances in the workplace also mirror our own informal analysis of the students. Moreover, students’ evaluations of their experiences in the workplace reveal that they were highly valued for their knowledge, background, work ethic and character. Thus, while this experience is intense for the students – given the work hours and commuting times that most Londoners have to contend with on a longer-term basis – we believe it is an enriching component of the London Programme and we are appreciative of the organisations involved in taking on our students year in and year out.

 

Students are also asked to evaluate their accommodation, which allows us to discern any problems on which we need to follow up. In general, the FYP had a good experience at the Stay Club in Kentish Town. The rooms are indeed tight, but they served their purpose well. One student had issues with a unhealthy roommate situation and had to be moved.

 

The upper division students had mixed homestay experiences. Despite liking the homestay for the most part, most students consistently complain about the distance and time commuting into the city. Some students would rather be housed in purpose-built student accommodation. It is also worth noting that housing students in homestays is significantly more affordable (a savings of approximately £1,000 per student) than housing them in student accommodations, even when paying more to homestay hosts to secure and retain them. However, this is due to our consistent underpayment of the homestay hosts which is 10 to 15 percent under market value. Going forward, this is unsustainable as it is impossible to recruit at this price and we cannot expect these hosts to continue their good will. We have already noticed a decline in the quality of their offerings.

 

In addition to an annual audit, financial accounts are monitored in Canton by both the Associate Dean for CIIS and the Business Office who met at least twice a month to discuss ongoing financial issues and worked to limit expenses and increase revenues for the Charity.

 

St. Lawrence University is a member of the Association of American Study Abroad Programmes, United Kingdom, which has helped us to improve the London Programme by attendance at their workshops on British and American educational practices, immigration requirements, and ways of culturally enriching our programmes.

 

In the financial year from 1 July 2023 to 30 June 2024, 38 out of 38 students attending the London Programme were awarded scholarships.

 

Financial review

The statement of financial activities set out on page 11 of the financial statements shows how the Charity's incoming resources have been expended in the year ended 30 June 2024.

 

Total incoming resources amounted to £930,458 (2023: £949,620) generated by way of donations received from St Lawrence University totalling £862,620 (2023: £930,390) and rental income receivable from the short term licensing at 81 Gower Street of £67,838 (2023: £19,230).

 

Resources expended amounted to £847,420 (2023: £943,140), with £25,000 (2023: £56,094) on investment management costs, £698,191 (2023: £741,605) on direct charitable expenditure, £85,719 (2023: £87,509) on support costs, and £38,510 (2023: £57,932) on governance costs. An analysis of the resources expended is provided in notes 5 and 7 of the financial statements.

 

The resulting surplus for the year was £83,038 (2023: £52,856).

The statement of financial position set out on page 12 of the financial statements shows the financial position of the Charity at 30 June 2024.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -

Current assets are represented by other receivables and prepayments of £82,161 (2023: £71,822) and cash at bank and in hand of £237,582 (2023: £166,375).

 

Other receivables include rent deposits of £48,445 (2023: £52,102) relating to the Charity's leasehold premises and for the London Programme Administrator's accommodation which are repayable on the expiry of the leases.

 

Current liabilities of £85,708 (2023: £87,200) are represented by a rent free creditor of £51,978 (2023: £61,978) and accruals and other creditors of £33,730 (2023: £25,222).

 

As at 30 June 2024 there were net assets of £234,035 (2023: £150,997), 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 2024, the Charity had free reserves of £234,035 (2023: £150,997). Given that at the right moment the Charity secures funding for its London Programme 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. 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
J Christopher

Board members use their own network of contacts to identify suitable candidates possessing the necessary knowledge and skills to act as Trustees 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 Programme Administrator seconded annually from St Lawrence University, currently Cynthia Bansak for 2023/24, who is assisted by a a London Programme Assistant Director, Tom Crichlow. The Board meets at regular intervals to discuss and review academic, administration, finance, development, planning and other related matters.

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.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 7 -
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.

Fundraising Statement

The Charity does not generate funds from public appeals nor does it make approaches to members of the public. The Charity has not engaged with any professional fundraisers to raise funds. No complaints were received in relation to the Charity's fundraising activities.

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' report was approved by the Board of Trustees.

E Shane
Trustee
Dated: 17 March 2025
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
- 8 -

Opinion

We have audited the financial statements of St Lawrence University (USA) London Programme (the ‘Charity’) for the year ended 30 June 2024 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 2024 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.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
- 9 -

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' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the Trustees' report 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 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:

-

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 Trustees' 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' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the Statement of Trustees' Responsibilities, set out on page 7, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

 

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

Auditor's responsibilities for the audit of the financial statements

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

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

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

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
- 10 -

Our approach was as follows:

 

 

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

Use of our report

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

David Marks FCA (Senior Statutory Auditor)
for and on behalf of TC Group
20 March 2025
Statutory Auditor
5th Floor
3 Dorset Rise
London
EC4Y 8EN
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2024
- 11 -
Unrestricted
Unrestricted
funds
funds
2024
2023
Notes
£
£
Income from:

Donations and legacies

2
862,620
930,390

Investments

3
67,838
19,230
Total income
930,458
949,620
Expenditure on:

Raising funds

4
25,000
56,094
Charitable activities
5
822,420
887,046
Total expenditure
847,420
943,140
Net income for the year
83,038
6,480
Extraordinary items
10
-
46,376
Net movement in funds
83,038
52,856
Fund balances at 1 July 2023
150,997
98,141
Fund balances at 30 June 2024
234,035
150,997

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

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
STATEMENT OF FINANCIAL POSITION
AS AT
30 JUNE 2024
30 June 2024
- 12 -
2024
2023
Notes
£
£
£
£
Current assets
Other receivables
13
82,161
71,822
Cash at bank and in hand
237,582
166,375
319,743
238,197
Current liabilities
14
(85,708)
(87,200)
Net current assets
234,035
150,997
Income funds
Unrestricted funds
234,035
150,997
234,035
150,997
The financial statements were approved by the Trustees on 17 March 2025
E Shane
J Christopher
Trustee
Trustee
Company Registration No. 05365587
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
- 13 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
17
30,369
57,137
Investing activities
Investment management costs
(27,000)
(60,094)
Investment income received
67,838
19,230
Net cash generated from/(used in) investing activities
40,838
(40,864)
Net cash used in financing activities
-
0
-
0
Net increase in cash and cash equivalents
71,207
16,273
Cash and cash equivalents at beginning of year
166,375
150,102
Cash and cash equivalents at end of year
237,582
166,375
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 14 -
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 amounts 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.

1.3
Charitable funds

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

1.4
Incoming resources

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

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

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

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 15 -
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 with 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 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’ of FRS 102 to all of its financial instruments.

 

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

 

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

Basic financial assets

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

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 16 -
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.

2

Donations and legacies

2024
2023
£
£
Donations and gifts
739,066
775,072
Donated services
123,554
155,318
862,620
930,390

Donated services

During the year ended 30 June 2024, donated services consisted of the services of the programme administrator, Cynthia Bansak, and the first year programme administrator, Sara Ashpole, provided by the University of St Lawrence.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 17 -
3

Investments

2024
2023
£
£
Rental income
66,042
19,185
Interest receivable
1,796
45
67,838
19,230
4
Expenditure on raising funds
2024
2023
£
£
Investment management
25,000
50,000
Advertising costs
-
6,094
25,000
56,094
5
Charitable activities
2024
2023
£
£
Staff costs
72,917
82,355

University property costs

163,294
143,370

Accommodation and travel costs

282,304
301,558

Excursions and field trips

35,589
38,586

Educational supplies and subscriptions

5,869
6,589

Other costs

14,664
13,829

Donated services - supply of Programme Administrators

123,554
155,318
698,191
741,605
Support costs (see note 7)
85,719
87,509
Governance costs (see note 7)
38,510
57,932
822,420
887,046
Analysis by fund
Unrestricted funds
822,420
887,046
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 18 -
6
Trustees

There were 3 Trustees during the year (2023 - 4).

 

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 Law, a firm of solicitors. During the year, Whitman Breed Law provided legal services to the Charity amounting to £24,546 (2023 - £47,924).

7
Support and governance costs
Support costs
Governance costs
2024
2023
£
£
£
£
Staff costs
63,027
-
63,027
67,416
Telephone, fax and postage
2,434
-
2,434
1,668
Office supplies
10,498
-
10,498
9,685

Accounting fees

9,760
-
9,760
8,740
Audit fees
-
7,200
7,200
7,200
Legal and professional
-
31,310
31,310
50,732
85,719
38,510
124,229
145,441
8
Auditor's remuneration
Fees payable to the Charity's auditor:
2024
2023
£
£
Audit of the Charity's annual accounts
7,200
7,200
Non-audit services
All other non-audit services
9,760
8,740
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 19 -
9
Employees
Number of employees

The average number employees during the year was:

2024
2023
Number
Number
Support staff
3
2
Lecturers
5
4
8
6
Employment costs
2024
2023
£
£
Wages and salaries
119,529
139,936
Social security costs
9,888
6,873
Other pension costs
6,527
2,962
135,944
149,771
There were no employees whose annual remuneration was £60,000 or more.
10
Extraordinary items

In the previous year, the Charity's sub-tenant Acorn entered into a Creditors Voluntary Liquidation. Under the terms of the now non extant sub lease Acorn had borne costs in relation to the whole building, and not just the space Acorn occupied, that were due to be recharged to the Charity. As a result of Acorn entering liquidation these accrued costs were released into the Statement of Financial Activities. There were no extraordinary items in the current year.

11
Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 20 -
12
Property, plant and equipment
Land and buildings leasehold
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 July 2023
10,525
19,318
29,843
At 30 June 2024
10,525
19,318
29,843
Depreciation and impairment
At 1 July 2023
10,525
19,318
29,843
At 30 June 2024
10,525
19,318
29,843
Carrying amount
At 30 June 2024
-
-
-
At 30 June 2023
-
-
-
13
Other receivables
2024
2023
Amounts falling due within one year:
£
£
Other receivables
48,445
52,102
Prepayments and accrued income
33,716
19,720
82,161
71,822
14
Current liabilities
2024
2023
£
£
Other payables
85,708
87,200
ST LAWRENCE UNIVERSITY (USA) LONDON PROGRAMME
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 21 -
15
Operating lease commitments
Lessee

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:

2024
2023
£
£
Within one year
135,000
135,000
Between two and five years
540,000
540,000
In over five years
424,238
559,238
1,099,238
1,234,238
Lessor

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

2024
2023
£
£
Within one year
27,958
23,085
16
Related party transactions

As set out in the Trustees' Report, the costs of the Charity 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 £739,066 (2023: £775,072) and £123,554 (2023: £155,318) respectively. Donated services during the year ended 30 June 2024 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.

17
Cash generated from operations
2024
2023
£
£
Surplus for the year
83,038
52,856
Adjustments for:
Investment income recognised in statement of financial activities
(67,838)
(19,230)
Investment management costs recognised in statement of financial activities
25,000
56,094
Extraordinary items
-
(46,376)
Movements in working capital:
(Increase)/decrease in trade and other receivables
(10,339)
20,553
Increase/(decrease) in trade and other payables
508
(6,760)
Cash generated from operations
30,369
57,137
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