Speakers Trust Limited Annual Report and Accounts For the Year to 31 August 2024 Contents Charity Informal(on Chair of Trustees Welcome Report of ihe Triislees Report of Ihe Auditors Statement of Financial Aclivities 12 Balance Sheei 13 Siatemenl of C&sh Floivs 14 Noles lo the Accoiints 15-24 Speakers Trust Lin)ited - Annual Report for tl)e Year lo 31 August 2024 Charity Information Charily Naine: Speakers Trusl Limiied Registered Numbers: Company Number: Charil), Number: 06740655 l i9377 Registered o￿lce. Fivefield5 8-10 Grosvenor Gardens Viclori London SWI W ODH Trustees: Hiilda Adao Siinon Heale (Treasurer) Fiona Wilkinson Hiickelt Charles Lesser Andreiv Raii'nsley Eli£abeih Runhain (Chair) Martin Thomas Javneel Ghiiman Louise Lee Alan Rcad Piers Bradford (Resigned 10 April 2024) (Appointed 251h September 2024) (Appointed 25th September 2024) (Appointed 25th Sepleniber 2024) (Appointed 21 sl October 2024) Chief Executive O￿lcer,. Russell Findlay Auditors: Xeinadin Auditing Chartered Accounlanls and Statiitory AuditOTS 81h rioor Be¢kel Ilouse 36 Old Jeivry London EC2R 8DD Bankers: Uniiy Trusi Bank plc Custoiiier Service Cenlre 9 Brindley Place Birmingham BI 2HB Speakers Trust LÈmited - Annual Report for ihe Year to 31 Augiisl 9024 Chair of Triistees Welcome It is ivith great pride that l introduce this year'5 annual report for Speakers Tnist, my first as Chair oFthe charity, I would like lo thank- my predecessor. Fiona Wilkinson. for chairing the organisalion so successfully, through a p¢riod iyhicli the charity lias flotirished by embrdcing the challenges posed by the pandemic and the cosl of living crisis. The ivork Speakers Trust do tn unlocking the story & the story telliiig poiver iviihin the next generation ts both inspirtng and vital and l am beyond thrilled to be part of the leain. The tesliinoi7ials of Ihe Ihoiisands of young people ivho hav¢ benefited fron) our programine5 deinonstrales the Iransfonnalive poiver of biiilding public speak-ing skills in young people. Every day my leani hear stories of hoiv Ihe prograinnie has helped young people lo build ihetr confidence, become Inore persuasive and seize oppoi1unities lo have their voices heard. Their stories also reveal hoiv 'finding your voice, can nol only benefit the individiial. but also society as a ivliole by haviiig more marginalised and diverse voices heard and by biiilding empathy across diff¢ring groiips and communities. Each of these stories slrengihens oiir rcsolve Ihal every yoiing persoii should have a right lo Ihis kind of opportunity and that Ihe scliool curriculiiin should be refornied 10 ensure that iliis happens, 11 is e.xciting therefore, lo b¢ tak'ing on this rol¢ ivhen Ihe need for developing young people's speaking skills 15 gaining Inoi'e recogiiition and support. The commilmenls made by the neiv governiiieni on public speaking lessons and the nioinenliim crealed by the Ora¢y Commission give me grounds for oplimisni. Our work over Ihe lasl year has reflected both Ihc iirgency of niaking a ditference today. as lyell fts the importance of advocating for a fiitiire iyhere every yoiing person leaves school with ilie skills and confidence to have Ilieir ideas and perspeclive5 heard, along iviih Ih¢iT peers,. Oiir prograinme delivery ha5 grown despite the challenges Ihat Sch￿15 have been facinb? and reflecls an even greater need for this kiiid of iyork posl-pand¢inic. This has been a hiige year for us. oiir flagship programme. Speak Out Challenge. has reached more yoiing people in Inor¢ schools over il)is last year Ilian ever before. We deliver this programnie of ivorkshops and evenls undei. different names across the counlry. Inost iiolably Jack Pelchey's Speak Oul Cliallenge in London and Essex. Ivhere a record J2.456 yoiing people ben¢filed. Sir Jack, iyho passed a%Yay earlier this year, hiinself foiind his lif¢ transformed from a one-day public speak-ing ivorkshop and il is through his vision and geiierosity Ihal the prograinme lias iioiv r¢ached over 300.000 yoiing people. His preseiice ivill be sorely missed by all of us al Speakers Triist, and we coniiniie lo biiild his legacy through this iyork. Looking forii'ard iv¢ have iniliated plans to e51ablish Spcak OLII Challenge as a prograniine available to every stat¢ 5ccondary school in England, and lo exploring lioiv ihe changing education seclor and ihe developmcnls of technology can help lis further scale ihe impact ive have. By Ivorking directly ivith charilies and coininiiniiy organisalions, oiir ivorK gives Inarginalised young, people a voic¢ aiid a plaiforrn that tl)ey ivoiild oiherivise not havc. One of the highltglits of oiir year i¥as olir My Maiden Speech event. By ivorking iyith beneficiaries of12 cliaritics, Iv¢ helped ihein crdft and deliver Iheir speeches lo an aiidience of politicians and opinion forniers in ihe H0115e of Lords. Louise. a participant froin Ambilioiis alx)iit Aulism said: "A feiv years ago. E ivoiildn't have ¢v¢n pul my hand lip in class. so I can't even describe hoiv incredible it has been to be able to speak at ihe House of Lords. Tlits programme has helped nie realise just hoiv much capacity 14'e each have, to create change in the iyoyld. It has hclpcd me find purpose and feel less poiverless." Speakers Trust Limited - Annual Report for the Year to 31 August 2024 Chair of Trustees Welcome (continued) We are ambilioiis not only about adapiing to the changing sector. but aboul conlribuling to the conversalion. The laiinch of the Oracy Commission at the beginning of 2024 and more recently the Government's forthcoming Curriculum and Assessment revieiy have given fresh impelus to our advocacy work. We have been active contributors and are hopeful that the education syslem iyill be one iyhich gives speaking skills the same value as iyrillen skills across learning and assessment. I IVOLild like lo extend my heartfeli ihanks to Ihose ivho support our iyork in any capacity.. the partner schools, our dedicaled staff, Irainers, volunleers, and those individuals and organisations ivho provide ihe valuable financial support %vhi¢h changes young people's lives. Your passion and coinmitment make everything iyc do possible. Together, we are building a society where every young person can speak confidently and be heard. Thank you for continuing to be part of this joumey. unham uslee5 Speakers Trusi Limited - Anntial Report for the Year lo 31 Aiigiisl 20?4 Report of the Trustees (incorporating the directors, report) For the Year to 31 August 2024 The triislees present their report and the financial slatein¢nl5 of ihe charity for the year ended 31 Aiigust 2024, Ivhich arc also prepared to Jneet the requirenienls for a direclors, report and accoiinls lor Companies Act piirposes. The financial 51at¢inenls comply iviih the Charities Acl 201 I, the Companics Act 2006. the M¢morandiiin and Articles of Associalion. and Accounting and Reporting by Charities: Sialeinenl of Recoii)Inended Pra¢ti¢e applicable to charities prepariiig their accoiints in accordance iviih the Financial Reporting Slaiidard applicable in the UK and Repiiblic of Ireland (FRS 102) (published In October 2019). Objectives and Activitles The objecl, foi. Ivhicli Speakers Triist is Cslablished, as staled in the Arttcles of Associalioii, is the proinotion for Ihe piiblic benefit of education in Ihe art and science of public speaking in the United Kingdotn and the Repiiblic of Ireland. Too Inany yoiing people enter adiilt life ivilhoiil the skills they need to coinniunicale effeclively. Our mission is lo provide opportLinities Ihrougli Irdining, resources and coinpeiilions to enable Inore young people to speHk confidently, eff¢clively aiid iyiil) plirpose. The Chartiy iinlocks potential for fiirther education, einployinenl and pftrlicipalion in civil society throiigh th¢ poii'er of cominLinicalion. Aetivltles and Achievements During 2023124 Speakers Triist conliniied lo expand our core school pmgramine'speak Out Challenge" Ivhicli is the largest oracy prograinme of ils type. We delivered piiblic speakiiig iyork-shops lo more than 40.000 yoiing people in over 600 stale secoiidar), schools. Ivhich is the largesl number of studenls rhe charity has reached in ai) acadeinic y¢ar. This grO1￿h has been a resiilt ofengaging neiv schools in previously unserved areas. sucli as East Anglia. as ivell as iiicreasing Ihe number of sludenls lye reacl) Iviihin oiir flagship Jack Petcliey'5 Speak Out Challenge prograimnie. Our pi'ograinines have ¢ontinii¢d lo change young pcople's lives. In a typical class of Ihtrty. tiyelve sliidenls have no confidence in speakin¥ in front of Iheir peers. Using daia froi?i our Speak Oul Challenge progi'ainines. niore tlian tlir¢¢ qiiarters of beneficiaries havc incrcased their coiifidenc¢ in piiblic speaking. nine oiit of every len liave iniproved their presenlalion sk'il Is and nineiy-fivc per ceni have built empaihy iyiih their classm&les, A featiire of Speak Oul Challenge is a series ofeveiils %vliich provides yoiing people from schools aci'oss the coiinti'y an opporliinily to speak in piiblic oulside of their school environnicnt. This is often ciled as a Iraiisfonnational IMoni¢nl in Ihe progranime for participants. 45 evenls ivere held. iyith a combined l 000 yoiing people speaking and ciimulalive aiidiences of over 6000. We delivered a highly successfiil orac), prograinine. Ciiltiirally Speak. ing. Ivhich aiined to engage yoiiiig people Iviih Brt115h ¢Liliural and hcritage inslilutions. Ivhilsl developing Ihcir speaking and li5t¢ning skills. This prograiiime shoived hoii, oracy can be used across ihe ciirriciiluin aiid hoii, miiseiiins ai)d Olher ciilliiral organisations Can broaden their education approach. This siipports our belief Ihat oracy skills can and should be develop¢d across a rangie of siibjecis and can Inolivate leamets. The charity has further developed its offer to charilies and community organisalion, iyhich combines learning prograinines alongside eveiits to ensiire thai n)arginalised yoiing people iyith lived eiperien¢¢ of issiies iinportanl to young people gain Ihc confidence. ski115 and opportiinily to tell their slories and infliieiice the iyorld aiDuiid theiii. This included Ihe very successful My Maiden Speech Event in the Hoiise of Lords, giving )'oung people froin across the couiiiry a chance to advocat¢ oli Ihos¢ issues idenlified by young pcople as tlie iiiost iinportanl. Speakers Trusi Limiled - Annual Report for the Year lo 31 Augu512024 Activities and Achievements (eonlinued) We have continiied to develop digilal solutions to support our learners. During 202i124 ive sofi launched an Al tool which could provide students with constructive and supportive feedback oil their speeches, usiiig the curriculuin and assessinent frameivork consistenl 14'ith Speakers Trust's iyorksliops. This iyas Integrated into the feedback for soine of our coinmunily programmes. We continue to investigate ihe benefits of rolling this out inore broadly. The Speakers Triisl Board ivas chaired by Fiona Wilkinson until April 2024. At this point she ivas succeeded by Lizzie Runham, Ivho has been a trustee since 2021. The Board thanks Fiona for lier service, advice and iijsighls throughout her time as a triislee and Chair. Th¢ board hav¢ initiated a Iruslee recruilinent process and expect to appoint up to 4 nei%, trustees in the early part of the nexi financial year. Public beiiefil The Tru51ees have paid due regard lo ihe Cliariiy Commission guidance on piiblic benefit in deciding ivhat activities tl)e charity should undertake. The paragraplis above provide further infoniiation. Structure, Governance and Management Governing document The organisation is a company liiniled by guarantee, incorporated on 4 November 2008 and registered as a charity 01) 20 Dcceinber 2010. 11 changed its legal name from Speakersbank Limited to Speakers Trust l.iiiiited on 22 July 2011. The company is noiy governed by its Articles of Association adopted on 28 September 2010. In the event of the company being wound up, members are required to contribule an amount nol exceeding £10. These accounts cover its fourteeiith full year of operalion as a registered charity to 31 August 2024. The charity is I'egistered as a charity in England and Wales, Recruitment an(1 appointment of the Council of Management The directors of the company are also Charily Iriistees for the piirposes of charity laiv. When recriiiting for neiv trLislees ihe appointinenl of such trustees is open lo individuals iyho apply to tl)e charity in the forni reqiiired by the trustees and are approved by Ihe exisling iruslees and members. The role and teniire of trLislees ivas revieived and clarified at ihe Board meeting in Deceinber 2017 in line ivith the Articles of Associalion. Trustees are noriiially appointed for a four year tertn. The appointineiil of O￿l¢erS {such as Chair, Vice Chair and Treasurer) are revieived each year ai Ihe AGM. The Charity can appoint up to 12 trustees. Induetion Anil training of Trustees Neiv truslecs are given ali inlroduclion to the iVOTk of Speakers Trust by Ihc chair of the Irusiees. other trustees and the staff. Triistee5 are kept informed Ihrough regular inlernal reports (including finaiicial reports). All Irustees are encouraged io meet the slaft.and to attend evenls Ihat ihe charity organises. Evenls include training and networking days with its freelance trainers, observing public speak.ing iraining and also various public speaking coinpetitions. Upon appointment triistees are infornied of their obligalions in laiy a5 a trustee of the charity and encouraged lo acquaint th¢mselv¢s ivith the publications and guidance available froiii the Charity CoinmissiOII. Organlsollonal Strueture The trust¢es iii¢¢l at least five times a y¢ar to ov¢rs¢¢ lh¢ finances, the pr¢s¢nl ii'ork aiid the fiitiir¢ strategic dir¢ctlOTI and developiiieiil of the charity. A Finance comniittee, chaired by the Treasiirer, revieivs finances in detail. Triislees have regard for the advi¢¢ of the chief e.xecutive or executive mai)agers of Speakers Trust. Tlie Iriistees approve tlie reinuneralion of all slaff. Any other m¢Jnbers of staff in attendaiice at trtistecs, Ineelings ii'ithdi'aii, Ivlien i'eqiiested froili any diseussion by the trustees regarding their ternis ofserviee. Speak-ers Trust Liinited - Annual Report for ilie Year to 31 August 2024 Risk Management The Ii'uslees recognise Ihal tliey have overall responsibilily for ensiiring that Ihey iinplement an appropriat¢ systein foi. Inaiiagemenl of risk, Ivhellier financial or otherivise. lo i¥'hich the charitable coiiipany may ￿ e.xposed. For this reasoii the truslees in ihe year linder revieii.. Ivith support from the slaff ltram. have ensured that the internal conlrols and lh¢ ¢.Kposure to risk are revieived on a regular basis and reported in a risk register. In particular the folloiving are consid¢red: the types of risk lo ivhich the charitable company niay be ex￿}Sed th¢ level of risk Iliat is considered acceplabl¢ the likelihood of each risk malerialising the charilable company's ability to reduce ihe incidetice and impact on the business of risks that do nialerial ise. and the costs of coiilrol relative lo the benefit obtained. The Risk Register is produced for ihe Governance Conimittee of the Board lo rcvieiv and commenl on in detail. Speakers TrLlSt operat¢5 a yearly planning and budgelilig process approved by Ihe Iruslees. Perforinance is nionilored ihrough the usc of &clivity and financial targels. Financial Review In the year eliding 31 Augiist 2024, Ihe charity received in¢onie of £1,441,000 (202): £1.214.538) agBiiisl ils expeiidiliire of£1,474.619 (2023: £1.206.16?). Of Iliis incoine £1.289,3i2 (2023: £1,147,922) Ivas specifically for delivering public speaking and coininunicalion skills iraining prograiniiies Key Management Personnel Remuneratlon Key Inanagemenl personnel remiineralion is sel in line ivith r¢miii)eralion for similar roles in other charitable organisations. Investment pollcy Tlie Iriistees have Ihe poiver lo invest in such assets as they see fil. Hoiyever. Ihe charity ciirrenlly holds no inveslnieiils. Income Sour¢es Fiinding froiii Il)e Jack Petchey Foundalion for the flagship programinc: Jack Pel¢he) s Speak Out Cliallenge, Coniinues to be oiir largest grant. W¢ continiie lo seek granl funding from olh¢r 5011rces to expaiid our ivork i)aliot)ally and to diversify funding slreain5 10 incliid¢ Selling ivorkshops to the charity and nol-for-profii sectors, in ol'der to biiild in sustainability to Ihe business Inodel. Reserves polie), The reserves policy is for Speak-crs Triist lo hold enough reserve5 to nianag¢ Ihc 5ucces5fiil Iraiisilion of the chHrity in the event of Inajor105s of fiinding or an iinexpecled disrupiion lo our Rbility to deliver and to be ablc lo invest in the fiirther groiyth and developmenl of the charil),. To achieve tl)is policy the IrLisl¢es agreed that the minimlim unirstricl¢d free reserves should be al £200.000 il'iih a desire to secure an upper limit of £360.000 to be able lo inve51 in the digital developJnent of our programmes over a hvo yvar pcriod. Al Ihe balance sheel date, the chariiy held unreslricted income fund reserves of £317,658 (2023.. £351,277). Speakers Trust Limited - Anniial Report for Ihe Year lo 31 August 2024 Future plans Speakers Trust aims to continue to expand its reach, find ivays lo maximise ils impact and manage its resources in a financially suslainable and resilienl manner. The chariiy remains committed to ils core goal of giving all studenls the confidence and essential cominunicalion skills lo maximise their potential. To achieve this, il ivill seek expand its prograinmes lo slate schools nationally. diversify ils incoine through philanihropy and oiir social enlerprise ivork to enable il lo r¢a¢h morc young people across inore of the country. As the role of technology in learning groiys, we ivill explore further hoiv ive can achieve our charitable objectives through digilal technologies, building oli our existing in person and online otTers. Responsibilities of the Trustees The trustees (Ivho are also directors of Speakers Tnist Limited for the piirpose of company laiv) are responsible for preparii)g Ihe Trustees, Aniiual Report aiid the financial slateinents iii accordance iyitli applicable laiv and Uiiited Kiiigdoin Generally Accepted Accounling Praclice. Coinpany laiv reqiiires the Iriislees lo prepare financial slaleinenls for each financial year, iyhich give a true and fair vieiy of the slate ofaffairs of the charitable company and of ils incoining resoiirces and application of resources, including income and expeiiditiire. In preparing Ihese financial slateinenls, Ihe Iriislees are required io: Select siiilable accounting policies and then apply them consistently Observe the Ineihods and principles in the Charities SORP Make judg¢mcnls and estiinales Ihal arc priidcnt and reasonable State ivhere applicable UK Accounting Standards have beei) folloived. subject to any malerial departures disclosed and explained in ihe financial staleinenls Prepare the financial slatements on the going concern basis unless it is inappropriate to presuine that the charitable company ivill conliniie in operalion The trustees are responsible for keeping pmper accounting records ivhi¢h disclose iytih reasonable accuracy at any lime the financial position of the charitable company and which enable thein to ensure that the financial slaleinents ¢omply ivith the Companies Acl 2006. They are also r¢swnsible for safeguarding ihe assels of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. This report has been prepared in accordance iviih the special provisions of Part 15 of the Companies Act 2016 relating to sniall companies. Signed on behalf of the board on 4th December 2024. unham Simon Heale Treasurer Cha SpeakeTs Trust Limited - Aiinual Report for Ihe Year lo 31 August 2024 Report of the Independent Auditors to the Members of Speakers Trust Limited Opinion We liave aiidiled Ihe financial statemcnls of Speakers Tru51 Limited (the 'charitable conipany,) for the year ended ) l Aiigiist 2024 iyhich cotnprise the Statement of Financial Activities. the Balance Sheet. thc Ca51) Floiy Stalemenl and noles to the financial slalemenls, ifticluding a siimmary of significant accounting policies. The financial I'eporling r￿me1V0rk. thal Ilas been applied ij) their preparation is applicable laiv and United Kingdoin Accounting Standards (Uiiited Kingdoin Generall), Accepied Accounling Practice). n oiir opinton the financial stafemenls: give a true aiid fair vieiv of the s￿le of the charilable company's affairs a5 al 31 August 2024 aiid of its incoining resources and application of r¢sources. including ils income and expenditure, for the year then have been properly prepared in accordance ivith United Kingdom Geiierally Accepted Accoliiiling Practice; and have been prepared in accordance iyilh the reqiiirements of Ihc Companies Act 2006. Basls for opinlon We condticted our aiidit in accordance ivith International Slandards on Aiidiling {UK) {ISAs (UK)) and appltcable laiv. Oiir responsibi lilies uiider thos¢ slandards are further described in the Aiidilors responsibilities for Ihe audii of the financial stalemenls seclion ofour report. We are independenl ofihe charitable company iii accordance ivitli the elhical I'eqiiiremLn15 that are relevant 10 our audit of ihe fii)ancial slatciiienls iii Ilie IJK, including Ilie FRC'S Ethical Siandard. and ive have fulfilled OLir otlier ¢thical responsibilities in accordai)ce iviih these reqLiiremenls. We believe Ihal the aiidil evideiice iv¢ liave obiaiiied is su￿1¢]¢￿1 and appropriate to provide a basis for OLir opinion. Concluslons relatbng to going Concern We have nothing to report in respect of the folloiving nianers in relalion to iyhich the ISAS (UK) require us lo report to yoli ivlier¢: the trustees, I15e of the goiiig ¢oncern basis of accounting in ihe prepardlion of the fiiiancial stalen)enls is not appropriaic. or the IrLlStees have not disclosed in th¢ financial statements any identified inalerial uiicertainlies thal may cast signi ficant doubl aboiil the cliarilable coinpaiiy's ability to coi)tinLie to adopt Ihe going concern basis of accoiinting for a period of al least liyelve monihs from tl)e dat¢ iyhen ihe finan¢ial st8len)ents are aiithorised for isSU¢. Other Information The tr115tees are rcsFx)nsible for Il)e otl)er Rnfonnalion. The other iiifonnation comprises the iiiformalion incliided in the anniial report. other Ihan the finai)cial stalemenls and our Repon of ihc Independent Auditors ihereon. Oiir opinion on the fiiiancial slalen)ents does not cover the olhcr inforinalion and. ¢¥repi lo Ilie extent oiherivise e.¥pliciily staled in our ￿POrt, Ive do not ¢xprcss any forni of assurdnce conclusion thereon. Iii Connection ii'ith olir audit of ihe financial statenienls. our responsibility is to read il)e other infoiiiiatioii and. in doing so, consider ivheilieT ihc other infonnation is Jnaterially incon5iSt¢nl 14'ith Ilie financial statemenls or oiir knoivledge obtained in the aiidil or oihenyisc appears lo be materially misstaled. If ive identify such material incoiisi5tencies or appar¢nl malerial Ini551aleinents, Ive ar¢ reqiiired to determine iyheiher tl)ere is a nialerial Ini5Stateinent in the finaiicial slaleiiienls or a niatertal Irlisslaleinent of ih¢ olher infornialion. Jf, based 011 the ivork Ive liave perforined. ive conclude that there is a material misslalelnenl of this other infornialion. Ive are reqiiir¢d to report that fact. We have nothing lo report tn Ihis regard. Speakers Trusl LiJniled- Aniiual Report for ilie Year 10 31 Aiigust 2024 Opinions on other inatters prescribed by the Conipanies Acl 2006 In our opinion, based on the iyork undertaken in Ihe course of the audit: the inforinatioIi given in the Report of the Trustees for the financial year for ivhich the financial slalements are prepared is Consistent iviih the financial stalemen15: and the Report of the Trustees has been prepared in accordance ivith applicable legal requireJn¢nts. Matters on which we are required to report by exception In the light of the knoivledge and underslanding of the charitable company and ils environment obiained in the Course of the aiidit, Ive have not identified iiiaterial Inisstaleinenls in the Report of the Trustees. We have notl)ing lo report in respect of the folloiving matters ivhere the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounting records have noi been kept or returns adequate for our audit have iiol been received froin branches not visited by iis. or the finaiicfftal slatements are not in agreement iviih tlie accounting records and retums: or crtain disclosures of trustees, remuneration speci fied bj, laiv are not made; or ve have not received all the information and explanations lye require for our audit. or the Irustees iver¢ not entitled lo take advantage of ihe sinall conipanies exei))Plioii from ihe requirement to prepare a Strategic Report or in preparing Ihe Report of ihe Truslees. Responslbllltles of trustees As explatned Inor¢ fiilly in ihe Statement of Tnjstees Responsibilities, the truslees (Ivho are also ihe directots of th¢ ¢haritable company for the purposes of company laiy) are responsible for the preparation of the financial stateiiienls and for being satisfied that they give a true and fair viei%', and for such intcrnal control as the truslees determine is necessary to enable Ihe preparation of financial slatemenls that are from inalerial misstatefftnenl, Ivhether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing ilie cliaritable coinpany's ability to conliniie a5 a going coiicern, disclosing, as applicable, mallers related lo going concern and usiiig ihe going concern basis of accouiiling unless the truslees Cilhcr intend to liquidate the charitable comp8ny or to Cease operations, or havc no realisli¢ altcrnativc but to do so. Our responsibilitie5 for Ihe audlt of the financlal statements Our objectives are to obtain reasonable assurance abolit ivhether Ihe financial statenients RS a ivhole are free froin material misstalement, whether diie to frdiid or error, and lo issue a Report of the liidependent Auditors that includes our opinion. Rcasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance ivith ISAS (UK) Ivi11 alivays detect a material misslatemenl ii,hen it exisls. M isstateinenls can arise from fraud or error and are considered inalerial if, individually or iii the aggregate, they could reasonably be expecled to influence the economic decisions of users taken on the basis of these financial stateimenls. As part oran aiidit in accordance iyith ISAS (UK), Ive exercise professional judgment and inainlain professional sceplicism throughoiit the aiidit. We also.. Identify and assess the Tisks of material inisslatejiienl ofthe financial statements, Ivl)eilier diie to fraud or error, design and perforn) audit procedures responsive to those risks, and obtain audit evidence Ilial is sufficient and appropriate to provide a basis for our opiiiion. The risk of not detecting a material Inisslaleinent resuliing from fraiid is higher than for one resiilting froin ertt)r, as fraiid may iiivolve collusioii, forgery, inlenlional oniissions, misrepresentations. or the override of inl¢mal control. Obtain an understandiiig of inlernal control relevanl to the audit in order lo design aiidit procediires that are appropriate in Ihe circLimslances. biit nol for the piirpose of expressing ali opiiiioii on the effeclivene55 of the charilable company's internal conlrol. EvalEiate tlie approprialeness of accoiinling policies 115ed and the reasonableness of accouiiting estiiiiales and related disclosures niad¢ by the trustees. 10 Speaker5 Trusi Limited - Annual Report for the Year to 31 August 2024 Our responsibilities for Ihe audit of the finaneial st8tements (continued) Conclude on ihe approprialcness of the trustees, use of ihe going concern basis of accounting and, based on the audil evidence obtained, %vheiher a malerial unccrtainiy exists related to events or conditions thal may cast significant doubt on the charitable company's ability lo continue as a going concern. If ive concliide that a Inaterial uncertainty exists, li'e are required lo draiy attenlion in oiir auditor's report to Ilie related disclosur¢s in the financial statem¢nls or. if such disclosiir¢s ar¢ inadequate. to n)odify oiir opinion. Our conclusions ar¢ based on the aLidit evidence obiained up lo Ihe date of our auditor's r¢port. Hoiyever, fiilure events or conditions may cause ihe charilable company to cease lo continue as a going concern. Evaliiate the overall presenlation. structure and conlenl of the financial staleinenls. including the disclosures. and ivheiher Ihe financial slal¢menls represent lh¢ underlying transactions and events in a Inaiiner that achieves fair presentation. We coininiinicale iviih Ihose charged iviih governance regarding, aniong oiher mallers, the planned scope and liniingy of the aLidit and significanl audii findings, incliiding any significant deficiencies in internal control Ihal ive ideiitify during our audit. A further description of our responsibilities for ihe audit of the financial slaleinents is local¢d on the Financial Reporting Coiincil's iYebsil¢ at ivwiv.frc.org.uklaudilorsresponsibilities. This descripiion fonns parl of our Report of the Independenl Auditors. Use ofour report This report is iiiade solely lo the charitabl¢ coiiipaiiy's Inembers, as a body. in accordance ivitli Chapter 3 of Part 16 of the Coinpaiii¢s Acl 2006. Oiir aiidil ivork has been iindertaken so that ive n)i&¥hl slale lo Ilie charitable coinpany's meiiibers those mallers ive are reqiiir¢d to stale lo Ihein in an auditors, report and for no ollier piirpose. To the fullest exleni perniitted by laiv, Ive do not accepi or assume responsibility lo anyone oilier than the cl)arilable company and the charilable coinpany's members as a body, for our audit ivork, for this report. or for ihe opini0115 ve have forii)ed. H M Day BS¢ FCA DChA (Senior Slatulory Audilor) for and on bel)al fof Xeinadin Aiidiling Chartered Accounlanls and Stalulory Audilors 8th Floor Becket Hoiise 36 Old Jeivry London EC2R 8DD Speakers Trusi Liiniled - Annual Report for Year to 31 August 2024 Statement of Financial Activities (including income and expenditure account) for the Year Ended 31 August 2024 Unrestricted Restricted funds funds 2024 Total 2023 Total Note5 Income from: Donalions and grants 122.558 122.558 47.681 ChArltable activities 226,201 1,063.131 1,289.332 1,147,922 Investments Bank interest received 28,617 28,617 18,341 Other 493 493 594 Total Income 377.869 1,063,131 1,441,000 1,214,538 Expendlture on: Ralsing Fund5 23,817 23,817 23,775 Cliarltable actlvltles 387,671 1,063,131 1,450,802 1.182,387 Total Expenditure 411,488 1,063,131 1,474.619 1,206,162 Nel In¢omel{expeniliture) before transfers (33,619) (33,619) 8,376 Traiisfer betiveen fiinds Net movenient In funds (33,619) {33,619) 8,376 Reconcilimllon of Funds Total funds brought forivard 351,277 351,277 342,901 Total fund5 carried for￿,￿rd 317,658 317,658 351,277 The notes on pages 15 to 24 form part ofthese financial statements. 12 Spcakers Trusl Limiled - Annual Report for the Year lo 31 August 2024 Balance Sheet at 31 August 2024 2024 2023 Notes Current assets Debtors Cash ai bank and in haiid 7,360 889.872 19.324 742,353 897.232 761,677 Credilors: Anioiints falling diie Iviihiii one year 12 (579.574) (410,400) Iyet ¢urrenl assets 317,658 351,277 Total assets less current liabilities 317,658 351,277 Net assets 16 317,658 351.277 Represented by: Unrestricted fiinds Reslricled fiiiids 14 Is 317,658 351.277 317,658 351,277 These accounts have been prepared in accordance wilh ihe provisions applicable lo ¢haritable coinpanies subje¢l lo the small coinpanie5' regime. Tliese financial slalemenls ivere approved and authorised for issue by the Iruslee5 on 4th December 2024 and sigiied on Ilieir behalf by: znb ham Sim(Jn Heale Treasurer Reglstration No: 06740655 13 Speakers Trust Limiied - Annual Report for the Year to 31 August 2024 Statement of Cash Flows for the Year Ended 31 August 2024 2024 Total 2023 Total Cash flows froni operating actii'ities Net incoinel(expenditiire) for the financial year (33,619) 8.376 Adjustmei)Is for: Interest received Decrea8e/(increase) in Irdde and other debiors Increase iii trade aiid otlier CTeditors (28,617) (18,341) 11,964 (15,382) 169.174 38,281 Net cash inflow$ from operatlng activitie5 118,902 12,934 Cash llows from Ini'esflng aetli'lties Interest received 28,617 18,341 Net cash from Invegtlng actli'ltles 28,617 18,341 Net Increase in Cash and cash equivalents 147,519 31,275 Casli and cash equivalents at start of the year 742,353 711,078 C8sh and cash equivalent5 at the end of the year 889,872 742,353 "Cash and cash equivalents" consist entirely of "Cash ai bank and in hand" 14 Speakers Trust Limiled - Aiinual Report for the Year to 31 Augusl 2024 Notes lo the accounts for the year ended 31 Augusl 2024 Company inforniation Speakers Trusl Limited is a company limiled by giiardntee registered in England and Wales, nLimber 06740655, a chariiy registered in Englaiid and Wales. number I l i9i77. The registered offjce is Fivefields, 8-10 Grosvenor Gardens, Vicloria, London SW I W ODH. Basis of preparation of financial statements Tlie finaiicial statements have been prepared iii accordance ivith Accouiiting and Reporting by Charities: Slalemeiit of Recoiiimended Practice applicable to ¢harilies prepariiig Iheir accoiiiils iii accordance ivith the Financial Reporting Slaiidard applicable iii the UK and Repiiblic of Ireland (FRS102) in October 2019, Ilie Charities Act 201 I, Ihe Coinpanies Acl 2006 aiid ihe UK Generally Accepied Accoiinling Prdclice. Speakers Triist Liniiled meets Ihe definilion of a public beiiefit eiitity under FRS102. Assets and liabililie5 are inilially recognised al historical cost or transaclion value iinless oiherivise staled in the relevant accouiiling policy note. As Triislees. Ive Iiave assessed Ihe charily's fiiliire operalional viability and fiiiancial suslainabilily in accordai)ce iviih ilie guideliiies provided by the Charity Coinmission for England aiid Wales aiid tlie Sialeineiil of Reconimeiided Praclice (SORP) applicable to cliarities prepariilg Iheir accoiinls in accordance iviih the Fiiiancial Reporting Staiidard applicable in the UK and Repiiblic of Ireland {FRS 102). Based oli oiir assessment, Ivhich incliides a revieiv of the charity's current financial position. its reserves policy. projecled incoine aiid eNpendiliire for Ihe nexl 12 monihs. aiid consideration of any Inalerial uncerlainties that could significanily affecl Ilie charily's ability lo coiitinue as a going coiicerii, Ive are satisfied that Ilie charity l)as adequate resoiirces lo conliniie its operaiional activities for il)e foreseeable future. C051seqiieiitly. Ihe accounts have been prepared on a going concerii basis. This assessmeni has taken into account Ihe economic conditions affecting the cliarity s¢clor, polenlial fliicliialions iii fiinding sources, aiid oll)er external factors Ihal coiild impact the cl)arity's operalions. We have eslablished contingency plans to mitigale idenlified risks aiid ui)certainties to a reasonable exlenl. Tlie finaiicial stalem¢nts are prepared ii) sterlin8 (£) and rounded to Ihe nearest poiiiid. The significaiil accoiinting policies applied in Ilie preparalion of iliese financial slateinenls are sel oui beloi%'. These policies have been con5i5teiiily applied to all years presented iinless oiherivise slated. Income All incoine is recognised in the Slatemenl of Financial Activitie5 Ivlien il)e charit> has enlitlemenl to the funds, il is probable that the income ivill be received and ihe amoiinl cai) be reliably measiired. liicointng resources froin grants. Ivhere related lo perforinance and specific deliverable5. are accounted for as the Charity eams the right to ¢on5ideralion by ils perfomiance. Incoining resoiirces froin grants, Ivhere no specific pre-conditions exist, are recognised as they al'e receivable. Voluntary incoine is r¢ccived by ivay of grants. donations and gifts and As incliided iii full in the statemenl or rinancial activities ivhen receivable. Donated services aiid facililies are included at the valiie lo Ihe charity ivliere this can be qiianlified. The valtie of Services provided by volunleers has not been incliided, Speakers Trust Limited - Annual Report for the Year lo 31 August 2024 Notes to the Accounts for the year ended 31 August 2024 Income (continued) Incojne from inveslmenls is included in Ihe year in ivhich it is receivable. In¢oining resoiirces from charitable ITading aclivily are accounted foT 11,hen the service is provided, unless Iliis is grat)I funded. Granls received io cover core cosls are analysed as Voliiiilary incoi)ie, Ivl)ile grants received specifically for provisioii of ivork"sliops and other events to be provided as charitable activilies are analysed as Incoiiiing Resource5 froin Charitable Aclivitie5. Inlerest on funds held on deposit is iiicluded ii,hen receivable and ii)e amoiint can be measured reliably by Ilie cliarity; Ihis is normally upon iiotificalioj) of ihe inlerest paid or payable. Expeiidlture Expeiiditure is recognised on an accruals basis as a liabilily is incurred. Expenditure includes any VAT Ivhicli cannot be fiilly recovered, and is reported as part of ihe expenditure to ivhich it relates. Cliaritable exp¢ndilur¢ coi)Iprises tliose cosls incurred by the charity in tlie delivery of ils aclivilies aiid services for its beneficiaries. It includes both costs thal can be allocated directly lo such activities and those costs of an indirect nature necessary io support ihem. Costs of generating funds ale those iiicurred in seekii)g voluiitary contribulions and do nol inolude th¢ costs of disseniiiialing inforination in support of Charitable activities. Support cosls are ihose c0515 inciirred directly in 5UPPOrt of expenditure on the objects of ilie charity and iiicliide project Inanageinenl. Govemance cosls are ihe costs a$s￿lated ivith the goveriiance arraiigeineiits of ihe Charity as opposed to Ihe direct manageixent fiinctions inherenl in generating fiinds or charitsble aclivily. Included ivithiii this category Costs associaled ivith the strategic as opposed lo day-to-day Inanagein¢nt of the Charity'5 activiti¢s. All costs are all￿ated beliveen the expeiiditiir¢ categories of th¢ Sialement of Financial Activities on a basis designed lo reflect the use of ihe resoiirce. Costs relaling to a particular activily are allocaled dtrectly, and oiliers are apportioned oil ali appropriate basis. Fund accountlng The charity maintains various types of fiinds as folloi%'s: Geiiei Ill iiiti'esti'i¢ledfinids represent income ivhich can be used in accordaiice iyith ihe charilable objecls at ihe dis¢r¢lion of the trustees. Resli iclédfuiids represenl incoine lo be used in accordance iviih specific reslrictioiis iinposed by donors or Ivliich has been raised by ihe Charity for particular piirp)ses. Fixed assets and depreclatlon Taiigible fixed assels are slated at cost less accumulaled depreciation. Deprecialioii is provided at rates calculated to I￿lte off the cost less residual value of each assel over it5 expected useful life. as folloivs: Fixliires fitting5 and eqiiipjnent 20°h slrdight line Speaker5 TTI15t Limited - Annual Report for the Year lo 31 Augiist 2024 Notes to the accounts for the year ended 31 August 2024 Debtors and cre(litors reeeii'able I payable within one year Debiors aiid creditors Ivilh no stated interest rale and receivable or payable iviihin one year are recorded at transaction price. Any losses arising from impairn]enl arc recognised in the stateinenl of fiiian¢ial activities. Cash and cash equlvalents Cash and cash equivalents in the balance sheet comprise cash at baiik" and in haiid. For the PLirpose of ilie casli floiv slatetneiit. cash and cash equivaleiils are net of bank overdrafts ivhich are payable 011 demand. Crltie81 accounting Judgements and key sources of esllmation uncertainty In the application of Ihe Chartiy's accoiinliiig policies ivhich are described above, Irustees are reqiiii'ed to niake jiidgTeinei)Is, c51imales and assijinpiions about the carrying values of assets and liabilities Ilial are not r¢adily apparent froin oiher soiirces. The ¢slirnales and iinderlying assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ froin these esliinates. The estiinates and iinderlying assiimplions are revieived on an ongoing basis. Revisions lo accouiiling estiiiiale5 are recognised in the period til ivhich the estimale is revised if the revision affect5 only that pei'iod, or in the period of revision aiid ftilure periods ifthe revision affecls boili current and future periods. Tlie key sources of esliinaiion iincertainty thal have a significaiil effecl oil Ilie ainouiils recognised in Ilie financial statements are descrilxd beloiv. Allocatioii of costs beliveen a¢livilies As a small chariiy niaiiy costs incurred. including staff lime, cover more Ihan one aclivily. Tl)ese cosls are allocated io aclivilies based on the key cosi drivers aiid besl eslimates of statTtiine on each activity, 2 Net income l (expenditure) 2024 Total 2023 TotRI Tli¢ net income l (expeiidiliire) for ihe year is slated after charging: ALidilors' reinuneralion 4.896 4,500 17 Speakers Trust Limited - Annual Report for the Year lo 31 August 2024 Noles to tlie accounts for tlie year ended 31 August 2024 Donations and grants Unreslricted funds Reslrieted runds 2024 Total 2023 Total Doiialions: Other donations 122,558 122,558 47,681 122,558 122,558 47.681 Incoming resources from charltable activilies Unrestricted funils Reslricted funds 2024 Total 2023 Total Fees froin public Speaking Ivorkshops & events The Jack Pelchey Foiindalion Otlier triists and foundations 216,625 216,625 917.143 155,564 257,699 802,111 88,112 917,143 145,988 9,576 226,201 1.063,131 1,289,332 ,147,922 Investment Income Unrestricted funds Restricted fund$ 2024 Total 2023 Total Bank inlerest receivable 28,617 28,617 18,341 28,617 28,617 18,34 Costs of ralsing funds Unreslricled funds Restricted fund5 2024 Total 2023 Total Fiindraisiiig 23,817 23,817 23,775 23,817 23,817 23,775 Spcakers Trusi Liinited - Annual Report for the Year ÉO 31 August 2024 Notes to the accounts for the year ended JI August 2024 Cost of charitable aetlvilles- by fund type Unres¢ri¢led funds Res¢ricle(I funds 2024 Total 2023 Total Developinenl & delivery of Public Speaking Irdiniiig 387,671 1.063.131 1,450,802 1,182,387 387,671 1.063.131 1,450,802 1.182,387 Cost of charilable actlvities - b). activit), Actii'iiles undertaken Support costs 2024 TotAI 2023 Total Developineni & delivery of Public speaking iraiiiing ,316,965 133,837 1,450,802 1,1 82.387 1.316.965 133,837 1,450,802 .182,387 Analysls of$upport Costs Charitable Actlvities 2024 Total 2023 Total Staff cosls Iiisuraiice Establishment costs Office expenses Goveriiance 011)er 43.394 1.439 54.004 14,303 7.756 12.941 43,394 1.439 54,004 14,303 7,756 12,941 42,576 1.439 28.413 15,324 8,557 5,287 133.837 133,837 101.596 19 Speakers TTIISI Limited - Annual Report for the Year to 31 August 2024 Notes to Ilie aecounts for the year ended 31 August 2024 10 Staff numbers and cost Einploymejit costs 2024 2023 Wages and salaries Social seciirily Costs Pension costs 317.407 8.278 84,926 251,858 19,254 70,409 410,611 341,521 Nuinber of employees Tlie average monthly number of employees during the year. calculated on ihe basi5 of ave)7ge monthly head coiint, Ivas as folloivs: 2024 2023 Charitable Aclivilies 10.1 2024 2023 £70,000 - £80.000 £80,000 - £90,0(KI No trustee received any reinuneralion for trusteeship (2023: non¢). and no Iruslee (2023: none) received any Cxpenses during the year (2023: £none). The total einployment benefits, incliiding employcr pcnsion contributions, of ihe key managernent personnel of thc ch