Royal Charter Roglstratlon number.. RC0001TI Charity numb&r: 273136 ENGLISH- SPEAKING UNION THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 RCH 2024
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH CONTENTS Page Refer•n¢g and •dmlnlstr•tlve d•talls of tho Charfty, Its Trust••s and advi6•rd Chalrfs statom8nt Trustoas. roport Indepgndent audllor8' report on the flnanclal 8tatements onsolldated statement of flnanclal acllvttleg 4-11 12-15 18-17 Consolldated balance sheet 18-19 Charlty balanc• sheet Consolldatsd statsment of caGh flows 20-21 22 Not08 to the flnanclal 8tatsm8nts 23-45
THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tf* English-Spe8klng Unlon was founded in 1918 as an unincorporated association. The assooalion was incorporated In 1922 under the Compani85 Act as 8 company I'mrted by guarantee and wlhout share capital. The ESU wa$ inwiporated by the Royal Charter in 1957. Board of Trus¢o96 Mi185 YouTrJ. Ch8ir lapp)inted 1 June 20231 Rebecca Pr99n, D8puty Chair (appointed 8 December 2023} Rocttard Humphreys, Deputy Chair Nick Archer lappointed 6 December 2023> Rebècca Darko (appointed 6 December 2023, resigned 28 June 2024) David Halchett (appointed 6 De¢emter 20231 Ed Humbert lappointed 6 December 20231 Simon Kearey (appointed 6 December 20231 Francesca King lappolnted 6 09cgmb8r 2023 Laurence Mulkin Simon Orme, Treasurer (appointed 8 De¢ember 2023) Stephen Purcell Jan8 S8tter lapF)ointed 6 December 20231 Sophia Taylor lappolnled 6 December 2023) Batbara Firth Ilo 6 December 20231 Sarah Hawkins (to 6 DeCeMr 2023) Philip Maunder (to 6 December 20231 Danny Preiskel Ilo 6 December 20231 Profassor James Raven (to 6 December 20231 Sarah Hardlng Ilo 6 December 2023) Madeleine Milne (to 12 September 20231 David Shaw OBE Ito 6 December 20231 Royal Charter rgglstgrgd number RC000177 Charlty reglstered number 273138 Patron Her Late Majesty Quoen Elvzab8th 11 Presldent HRH The Prince88 Royal KG I GCVO VIGe-Prg¥ld•nts The Lord Watson of Ri¢hm¢)nd CBE Mr Guy Weston Senlor Leadershlp Team Dlrector-General Charfes ByTne CBE {appointed on 18 March 2024) Jane Easton (tr) 31103120241 Dlfeclors Nath8n Strong- Director of Strategy & Governance Annabel McGregor- Director of EducaUon (un1 23 January 20241 Gabriella Tamas- DireGtor of Finance & Corporate Services Consola Evans- Director of Glob81 Engagement Neeta Patel- Head of Human Resource8 8oard Secrolary Nathan Strong Pag8 1
THE ENGUSH4PEAKING UNION OF THE COMMONWEALTH REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Banker Coutts & Co 440 The Strand London WC2 OQS Citibank N.Y Citibank PO Box 6201 Sioux Fallg SD 57117-6201 USA Legal adv550 Russell Cc)ke LLP 2 Putney Hill London SW15 6AB Hogan Lovdls Intemational LLP Allanttc House Holborn Viaduct London EC1A 2FG Invostmont Managor Sarasin & Partn8rs LLP 100 Sl Paul's Churchyard London WC4M 8BU Audmor WR Partners Belmont House Shrewsbury Business Park Shrewsbury SY2 6LG Page 2
THE eNOUSH4PEAKllh3 UNION OF THE CCWAoifiiEALTH CHAIR% 8TATEMENr FOR THE YEAR ENDED ¥1 IA4RCH 2024 W•komto thoAThyJql R¢ptyt &A¢crA fortho #Sp••kY Unkn ff6U) 1¢Y21)24. Fird •1 The InstthTh W• ¢elld Disethv Your Vok• vk•hop• lo o¥•r 1.¢ yowN pec910. de109•t Irrn araos$ th• tog•ttw lo th• EW deliw4r Th¥nk Y to •1 ¢)ur$upp16rn fofthelruwdrvJ to lh• l•wn fr¢lhd•rfthth W• l¢Jak fonvardto l •m dellJhl•dth•tCWu B>Th•th0 ESU In Mvch 202441 Dr•*th•MI. Mll•• Young cth1 111rflL+ Pag• J Sead wlth ac•mSn•r-.
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Board of Trustees present thelr annu81 report Incorporallng Ihe audited financial statements for the year ended 31st March 2024, together wth an update on current p18ns and achievements. Ourmlsslon The ESU believes every child $Uld be able to make their vtsiee heard. We belleve that the ability to prcgiess and to thrive In lrfe relles on oracy- speaking and listening - skills. whi¢h are not ¢urrenlty a prominenl part of the school curriculum. Our debate, publlc speaklng and ojltural exchange programmes help young pgopla lo engage th the world. to speak more confidently and lo listen to and understand different points of view. These skills improv9 young pecple's attainment. emotional intelligence and 181 skills, helping them to live their lives to the lulle$L About U8 We work wth young peoF4e and Iheir tsa¢her5 to improve oracy skills and cross<ultural understanding, induding in areas of disadvantage. We run fvn, game$-led debate and publlc speaking currfcula and workshops whieh encourage stut1ents to diwJss a wide range of topical issues wlh an open mind. We gulde schools on using oracy in the classroom and on setting up and maintsining their debate dubs,. and we provide teachers wilh range of Conlinuirrfj PrOfeSonal Development {CPDI opportunities in the field5 of speech and dgbate. Nalionalty and intemationally. we run public speaking and debating ¢ompglilions lo hone the skills we provide, and offer a variety of cultural exchanges for $ldents, teachers, branches, members and professional8 alike to build relationships and share Ideas across communsti.eg and countries. Why we do It The ESU was frymgd on th8 belief that more effective communication beeen natims would lead to improved global understanding. Thi$ belief still stands strong Lay. As communities iwome evei-more MU1CUltUral, and soaety more p)18rised. there has never been a greater need lo understsnd dlfferent perspecb.ves and opinvJns. Chlldren need lo 18am how to listen and evaluate other points of view; how to distinguish fake news from real. They need lo leam to disagr99 without beiryj disagreeable, and they reed to leorn that vAt they think and what Ihey have lo say matters. Our speech and debate programmes and cultural exchanges help with all these things. They improve oracy abilty and academlc attainment as well as a whole range of soGial. emotional and interpersonal skills n¢)w seen as ineaSinglY imp)rtant by both industry and edu¢ationalists. These indude self-confidence, self-awareness, resilience and empathy. Read mwe about oracy and Y it matters '. htt '.IAMv.o$u.or or Publ1¢ Benefft In setting our objèctives and plannlng our aclivllles, the Trustees have given cargful consideralh)n to the Charfty Commission's general guidance on publÉc benefit. Page 4
THE ENGUSH4PEAKING UNION OF THE COMMONWEALTH TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDEO 31 MARCH 2024 Oblectlves 1. The full name of the Charity 15 The English-speaking Union of the Commonwe8h, referred to a8 the ESU. The registered office and pnncipal operating address is Dartmouth House, 37 Charlès Strget, London. W1J 5ED. The Charrty is registergd in England and Wales under registrat number 273136. 2. In 1957 the ESU was grantsd 8 Ro1 Charter in which it8 charitable objectlves are to promote within ¢)ur United Kingdom and other countries of the Commonwealth, the United States ofAmerica, Europe and elsthere the mulual advancement of educali¢)n of the English-speaking people$ of the worfd, in particular (but wlhcul in any way limrting the generalty tsf the foregoing) respecting their horilage, traditions and aspiration$. the events and issues of the day affecting them. their inter.relationships and the use of English as a shared language and means of intemalional communication of kno%edge and understanding: provldeé always that the foregoing aims and objeds shall at all times be wrsued in a non-political and non-sedarian mannw. Acti¥ltl•s 3. The ESU athigves Its objectives through three core 8Ctivrties.' a} Education. We work wth teachevs and young pgoplg to improve or8cy skn118 and cr05S-cullural understanding. We run debate, pertom18nce and public speaking competitions and workshops whrch encourage leam&r8 lo explore and engage wrth a wide rangè of topical issues with on open mind. We wide schools on Un9 oracy in the Classroom, support the development of academic and prtiCal research in the ffield of oracy. and we prode teachers with a range of Continuing Profasslonal Dgvelopmgnl {CPD} OPF<Jrtunities in the field5 of 5peeth and debate. Nationally and intsrnationally, we offer a variety of prograrnmes aThJ cultural exchanges for SdentS, teathers arKI professionals alike lo buikl relationships and Sha ideas acr05$ communities 4nd untries. bl Memborshlp. Our membership plays an Important role In supwting the orgonisation through volunteering, av0¢Y and local engagement. In March 2024, we had around 1,400 ESU member8 spread across 17 branthe$ in EnglaThl and Wale5. W8 have a growing number of Dartsmouth House members who m*1 to soeiali$e, g8in new perspectives on t world and to help organ18e and rnlse funds for our edu¢ational work. In Juty 2023, a simplified membership and pricing structur8 was introdu¢od. This ueated an ESU membership a separate Dartmouth House membetship. Youry ESU members who preVi$1Y had freg m8mt•rships, were encour8ged lo move lo fee paying fflemberships. } Int•maUon•l. We engage a netsvork of 54 ESUS across th9 Wortd, each keing indèpen¢Jent and operatlng according to their own jurisdiction. This important noTk meet every year at the Intemational Council Meetlng to share Ideas and promote English as a means of communication al a glob81 level. The in18rnational ESUS are responsible for running Iheir own natnal Public Speaking Competitions ch culminate in the Intemalional PulJiG Speakiw Compelition finals week In London. Page 5
ThE ENGLISH-SPEAKING UNION OF TrIE COMMONWEALTH TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Need 4. The need to support chSldren and young people lo develop vrtal oracy skllls h8s never been greater. Too many young pgople aro i(xning and kaving e[8.0 wrth(yJt the oracy skills reqUId to thrive in educalion CK the workplace. This is a particular challenge for young people from disadvantaged backgrounds, are rn0 likely to start school wiéh lower languag8 skills, arKI they rarety catch up lo their more advantaged peers al any Int in edLKation, limllirwJ their life thances, Equally, therels a greater need rw more than ever, for better intemational relatio in our rapKIty evolving, turbulent world. 5. Research 111 shows that havlng languag&rfch classrooms and opportunities benellts all thildren, developi deeper knowledge of subjects. as well as supporting metscognitive skills devalopmenl. ptIVe so(ial, emotional and mental heatth {SEMH) and employability skills. The skills required for fijlure emOyment {21 8re 811 developed by oracy, and there is recognition that a 8kill>based economy is needed in light of advances in Al wider workforce challerlges. Achlevements 6. Onfine arKI In-P9rson oracy competitions achlgved sIgnIflnt Impact, vmth over 4000 young partirypanls in the UK, and over one milli1 worfdwde. The Intematlonal Publlc Speaklng Competltlon rètumed to London for the first time since the pandemic, drawng paitcipanls from national finals in 31 countries taking pFacg betrn October 2023 and April 2024. 7. We are pleased to report that partlup81ion In our or8cy competitions have retumed lo pre-pand8mic 18vel8. Our Dlscover Your Volce workshops were deliVed lo 1.620 young people this year and we received strong ini8rest frorn a rarrfJe of schoofs. 8. Debate Academy took place in August 2023, with 50% of attendees in receipt of some form of lyjrsary or fin8naal aid. The maiority of students spent a year at a US 5thod as part of OLK Secondary School Exchange Fwgramme are from state schools, with one stholar in receipt of full financS8l ald from the ESU to allow parti¢i?tion. 9. 23 schools partiupated on OUT Actlon Research programme, doubling the numbers from last year. helping lo develop the practical hat work5. 8vid8nce base for oracy. 8UFPOrted by the Unfveislty of Sussex's Speaking cZenS programffle. (11 See for example.. Oral Language Interventtons Education Endowment Foundallon TcolkiL' in olkivoral-lan ua InteentionS 121 NFER study.. h r-m rk l-in-20351 nal an Pagg 6
THE ENGLISH-SPEAKING UNION OF THE COAthIONWEALTH TRUSTEES. REPORT IcoKnNUED FOR THE YEAR ENDED 31 MARCH 2024 interrkatAonal Publlc Speaklng I nllllon+ partlclpants 31 countries We contlnue to vffjrk wfth our Irbternational ESUS and pArtner5 to re slgnfficant numbers of young people. We also lrktw0ded grants, enabling (wr Internatlonal ESUS to wtden partlclpatlon Inthelrfeeder com Ow DYV workshop5 were Improved tN5 year. Delered by exFQrt prgctitloners, we provided vaiufradd fot all 5cIKx>I DIscr Yr Volce vnrksknps 15 sch15 engaged 1691 sttxler PerformTh Shakespeare ompetitlon 150 5th0015 The grand flnal took place atShake5pearrf5 Globe whefe we ebrated excellent perfonnances from state, Independw and hOMed students. ShoWcngthe breadlh of iTrtetestthere Is In one of the UK'S rn0 farFlOUS cultural export& ESU-Churthlll Publlc 5kIng Competitlon 381 tearr 13J4studÈnts ThSs unlque fmt enC<Taged te&mwort palrlng schoo15 local peer5 to dwelop actl¥e ltstenln8 slIS and spoken langu88e. 340 sthools I19)Stlents This Is the oldest and largest 5th0015 debating ¢ompethlon, wtth more partlclpants fr(KTrstate schoolsthan prev(ou5 yews. Dèbating coMp10n IIB your% people 50% In recelpt of iMJr58ry A hlghty SucSfUl week of debate coathlng and the bullding of frlerthlps. (a week4¢8 resklentfial SLrner (gm 6 S&aT$ h05ted in US Ioscholars hosted In UK Ofthe 6 scholars who were sentto attend 5clwls In the US, most werefrom noTrfee payin8 5choo15. One 5dlr rece5ved firbala1 ald to 5Wrt them to $SthÈ rtun Exch ISSE} 10. Dartmouth HCe. the International heodqu?rters of the ESU, ha8 been a hub for bringlng peopLg togelher to socialise, debate and Share ideas. Over the next 12 months, the Board vlll conslder 8hort-lerm and long-temi viable OkOnS to maximise vdue for Dartmouth Housg. Page 7
THE ENGU8H4PEAKING VNION OF THE COMMONWEALTH TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Futurn Plans 11. Over the r*xt 12 months, we wll be undertaking a strategic rgmew to dgfine our vision for the next 5 years. This review 11 touch all parts of the organlsatlon as we seize the opportunrty lo lake a fundamwtsl Icok al Ihg ESU'S purF<Jse and cortsider how best we deliver in line wth the Royal Charter. 12. Mearbwhi16. we plan lo launch a new fuTrJraisSng strakn whlch VAII 1P create the finan81sbI11ty needed lo deliver on its refingd vision. We wll also review our property portfolio to ensure that we are maximiwng value and income from our as$el$. Safeguardlng 13. There is no higher priority for the ESU thon the safeguarding of all those interacfjng wlth thè Charity, and particularfy children and young p80ple participating in rts programmas. Rigorous protocols ore a150 applied to online events. The Board has a stroNJ emph881s on the protection of vulnerat4e individuals, and it ravi8WS process and procèdures on a regular basis a5 part of the risk management process. The Safeguar¢JirvJ Poly, is reviewed biannually and avotlable on the ESU website .' htt ..lIM.e9u.Of safe uardln Communication 14. We actively advocate for oracy education. inlemationalism and volunteering, spreading the message that speaking and listeniw ski118 and cros8-CUra1 understandlng are tal for young people to reach therr full potential. More detalls can be found on wr website . htt .'Ilww. 15. We continue to focus on buikling and maintaining our Social meAia prasera. Social media provides growng platfomi for netsvorkirvJ into educayon, bu4rEs¥. and der sodety lo promote the cth#rity's work. 16. In June 2023, we CmISSiOn¢d a survey htt s'.Ilwww.esu.or Inews-8NJ-¥iewslchlldren-and- stru le-tOvmake.fn"ends-surve -resulls-3howl by C8nsuswide, which found that a lack of speaking and listening skills wa5 holding children and youThJ p8ople back in mlad ways, including making it MO drffiCU for them to make friend5. This demonstrates the rttd for 8UPPOrting children and Yn9 pIe to ¢Jevdop their oracy skills. 17. In July 2023, Sir Keir Slarmer pledged lo put oracy at the forefront of education. Following this, the ESU were interviewed and referenced by a range of news outlets Including INews, LBC, New Stslesman, as well as the Daily Telegraph. In addrtion, we were also quoted in a YouGov article lied 'Oracy. Tho Answer lo a Pupll's Prayers?. by John HumphryB '. htt .'Il ov.o).ukJ8ociel larticle8145887-' orac answer- 18. In October 2023. the ESU hosted hs annual Evetyn Wreneh Lecture al Dartmouth House. We wer8 honourgd to have our pr8sldent HRH The Princèss Royal, delNer the lecture on Yhe Power of ConversatTh.' Pay Polky for Senlor Staff 19. The execjjtive pay pollcy Is set by the Nomination$ and RenLImerati¢ Committee INRC} arKI approved by the Board. The NRC sets the renumeration for Senior management roles using benchmarked data. Page 8
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH
TRUSTEÉS. REPORT ICONnNUEDI
FOR THE YEAR ENDED 31 MARCH 2024
Governance •nd Managemgnt
20. We are governed by a Board of 14 818Cted Trustees of whh 2 afe CO
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 27. Irwestmenl Income of £1,724k12022r23'. £1,632kl Included rents from the Chesterfield Hotel and dividends paid from our Investment kYJrtfolS0 whlch Is managed by Sarnsbn & Partner8 LLP. This stream m8de up 62.6% (2022123.. e4.4%) of the total Income and ensures slablllty ollundlng. 28. Tradin activiti8s income re5uW from commission charg8d urÈd8r a licence wth Graysons Restaurants Limlled to run weddings, private events, eorporatè aellvilies and servite memters at D8rtmouth House. Tha profits from these activities directly benefit the Charity. The value of the commission was £503k (2022123.. £485kl 29. Donations comprised legacy income, IndividL1 and corForate glvSng from ESU 6UPPOrters, Income fr( fundraising events held in Dartmouth House and branch events. The aim of oach event is to engage eXisng supporters as wel as showcasing oui work to new supporters. Events induded the Evalyn Wrenth lecture, and the 4th of July and Coronation tea parties. Total donatitins for the year were t106k {2022123'. £45kl 30. The ESU con801id*d Charity and 8ub$idiaries report expen¢Jiture ot £3.344k this year, a 63% Increa8e on the prior year (2022123.. £2.046kl. The main elem8nts of the increasod 51S resulted from: an increase in staff numters. growlh in our educational aclvlty. rtsnewed emphosis on digital and rnarkeling adivty lo raise the profikg of the charity, promote the use of Dartmouth House and attract more members. Increased investment in our digital infrastrijclure indLKling the development of a rEw CRM system designed to en$ operational efficiencies. Notes 7 arn18 to the accounts provides a breakdown of expendllure. 31. Totsl ESU funds at 31st March 2024 wère £50.813k {3110312023'. £51.146k},' the decrease of £333k is attdbutable to net expenthture of £590k èyjusted for nel investment gain5 01 £190k, and a gain on lh& valua ot hentage assets of £67k. 32. The ESU own a propeTty portfo150'. the Chesterfield Hotel an(1 Dartmouth House. Both are subj8rA lo open- market valuation flucbjations. The properbe$' values are recorded a$ designaled funds and are not relied upon for the day-ttrday wnning of the Charity. These long-term assets generate the rental income and commeicial profits upon which we reiy to deliver our charitable wotk. 33. Unrestrfcted reserves are required to provide for short-term fluctuatlcfj8 in income and expenditure. The Board's Reserve$ Poliw is to maintain nel free reserves Icurrently held as cash and near cash investments) suffiaent to cover overhe8ds for al least 6 m¢)nths. The ESU is operating in accordarKe wrth this poliGy. 34. Consolidated cash aTrJ cash eqUtalent banCeS held fell by £1,797k in 2023124 to £518k12022r23.' £997k Increase in cash balance61. The fall in balances relate lo nèt cash out Itows from 0[rating activitie8 of £1.583k for which contributing factors inclLKled ineaseS in staff numbers, and targatgd Investment in IT and digital infrastructure across the year. 35. The value of free reserves held by thè Group a131103r24 was £2,974k lch was wfflcienl to meet the 8oard'8 requirement lo eov¥ &x months foThvard operating expenditure. Unmtritted frjnds 49.901.737 50.813 1ri Les9= IFA IFA l1$11rt woprty H•rita9è a888ts I17.4.036) 171,2911 8500.0001 793,200 U7.454.718) (42.9331 R8500.0001 121)0 Dèswod hjnds FREE RESERVES 125.000 4,Oa9,326 Page 10
THE ENGU8H4PEAKINO UNION OP THE COMMONWEALTH TRIISTEE8' REPORT {COPrnNUED FOR THEYEAR ENDED 31 MARCH 2024 Rknk Mthwi•m•nt 36. TNthei h•wk gl¥en <onderalk lo th• ffl4or rfèk8 to thkh th• ch•rXy Is èxpowj ond • them8 th•t sy&témi c rle est•bllih8d In ¢xd•r lo m•n•go tho•e 7hh y•ar wo h)trOded • risk manogement fr•m•Wr+ enables lh• Board, its Comltteea arKI the S101 Team to liar. rf18cuu •nd •¢1 M 4101 th• rAgathatlon'• mrrtsk•. STA7EAIEKf op TRIISTEES RESPONSIBIUTIES 1. Tr fnMt•¢i ol Ihe Charty afv re¥pon8hle for wep•rfng th• TN•tseg' R•p¢rt and th• tatwMrts. 41 the •ccounts ¢fth• ESU •ubshJlary Trny ESU Tradlng Ud Vopother. tr•'Grow?, 2. Charity Iw T•qulr•8 th• Tftrtle io prqwe Sta•ne ft ••rlb fiMnd4 wilh 3. Under Cl l•w. th6 TDJtheJ rn1 nc4 the st8tern unlw thty are Satisfthl that grè a true ar#1 f•tr ol th• offalrn of th• Charfty ond the Group, ol thts rt•t of th• {SORP). departum dlxlosed and expl81d in thefinanual stat•TMn thjtthe Chgrftyll nIt0 opwth. th Ch•rtys trans•dkn& lo dixlose Vtrfth rea19 ac¢ura¢y at arby Iwne the ffnanrjal poslh)n of th¢ ¢h•rly. and enth them to ensure that th¢ fvwncw 8tat•mBnts COM wAh th• Chwrtt•¥ Ad 2011. Th•y • 4ts0 resportyThkn for saf8guard(ng th• •¥et$ ofthe Artd lh• GWJ •nd henR r•asty ps fry rwed byorderolth• mtynborn ofth• boAr(I dTnmll and ned OAthelrbehalty. Mll•¥ Y4Xthg P•g•11 CamScann•f'.
THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH INDEPENDENT AuDORs. REPORT TO THE MEMBERS OF THE ENGLISH.SPEAKING UNION OF THE COMMONWEALTH Oplnlon We have audrted the finanGial statements of The Engli$h-Spgaking Union of the Commonwealth for the year ended 31 Mareh 2024 which compris8 the Cons01idal8d Statement of Financtal Actiwlies, the Cmsolidaled Balance Sheet, the Charity Balance Sheet, the Consolidated Ststemenl of Cash Flows and the rdal8d not85. induding a summary of significant accounting poliaes. The financial reporting framework that has been apF4ied in their preparation is applicable law and United lQngdom AcUntIng Standards. Indudlng Financial Repoiting Standard 102 The Financial ReP(tIng Standard applicabkn in the UK and Rep(l)Ilc of Ireland, {Uniled KiThJdom Generally kcepted Accounting Prncticel. In our opinion the fin8wal ststements.. give a trug and fair vigw of the slate of the Group's and of the parent charitls affairs as at 31 March 2024 and of the Group's in¢oming resources and application of resoUe5, induding ils income aThJ expendiluro for the year then ended.. have teen property prepared in accordan with United Kingdcffi Generally Accepted ACcntIng Practice,. and have Ixen prgpgrgd in accordance with the requirements of Chariknes Act 2011. Bash for oplnlon We conducted our audit in accordance with Inlemational Standards on Audrtlng IUK) IISAS IUK)) and applicable law. Our responsibilities under those standards are further described Sn ltte Auditors. responsilxlilies for the audit of the financial stslements section of our Eport. We are independent ot the Group in accordance the ethiesl requirements Ihat ale relevant to our audit of the financial statements in the United lfjngdom, including the Finanaal Reporting Council's Ethical Standard, and we have lulfill8d our other ethical responsibilrbes in accordance wh these requirements. We tdieve that the audit eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Con¢lu$lons rol•Un9 to golng concern In auditing the finartoal statements. we have conduded that the Tru$lees' u$e of tho going concèrn ba5 of accounUng In the preparailon of the finanaal statemerts is appropriate. Based on the work have performed, we have not identified any material uncertainties relatlng lo events c* condibons that, individually or Collectively, may cast signifi'cant doubt on the Group's or the parent tharitvs akn'lity to conllnue as 8 going coneem lor a perkjd of al lèast months from %then the financial statements are aLrth0ri88d i8sue. Our responsibilities and the re$ponsbililif5 of t Trustee5 vmlh respeGt to wing concern aTe described in the relevant sections of thi5 report. Page 12
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH INDEPENDENT AUDrroRS' REPORT TO THE MEMBERS OF THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH (CONTINUED} Oth•r Inlornmtlon The other information wmprlses th8 inf(malion induded in the Annual report other than Ihe financial statements and uJr Audf(ors' report theon. The Trustees are responsit4e for th& other Information conlalned within the Amnual report. Our oplnion on the financial statements does not covei the other inforynallon and. except lo the extent otherwise expliotly stsled in our report, we do not express any fomi of assurance condusron thereon. Our responsibility is to read the other Information and, in doing so, con8hler thether the other informotion 18 m8lerially inconsistent wlth the financial statements or our knedge obtained in the course of the audit, or olhewse appears to be materlalty misstated. If we identify such material inconsistenaes or apparent materi81 misstalemenls, we are required lo delemiine whether this gives rise lo a material misstslamenl in the financial statements themselves. If, based cfi the work we have pèrtomied, s%t condude that there 18 a material misstatement of this other informallon, we are required to report that fa¢t. We have nothiNJ lo reF<t in Ihls rogard. lattets on wthi¢h w• arn rnqulred to report by ex¢eptlon In the light of our knowledge and understanding of th8 charity and its environment obtained in the Course of the audit. we hav6 not Idenlified material mlsslalemenls in the Trustee8' Report. We have nothlng to report in resp8Ct of the followjng matters in relalion to which Charities Act 2011 requires u$ to feport to you rf, in our opinton= the parent charTty has not kept adequate and SLrtri¢ienl accounting record$, or returns adequate for our audit have not tren reiVed from branches not visited by us,. or the parent chantyfinanaal statèments are not In 8greement with the 8e¢ounting records and retum8", or certaln disclosures of Trustoes, remuneration Speafied by Lgw are not made", or have not received all the information and eXplanaOn$ we require for our audit. Responslbllltles of truslees As explained more fvlly in the Trustees. responsibilities statement, the Trustees are reSnsIble for Ihg preparation of the finanaal slatoments and for being satisfied that Ih8y give a true and falr view, and for such intemal control os the Trustees dglermine is necessary lo enable the prepar8tion of financial ststemenls that are free tsom material misstatem. vthether due to fraud or error. In preparing the financial stslemfrnts, the TNstees are resF4)n8ible for assesslng th& Group's and the parent chartys abilty lo continue as a gotNJ concem. disdosing, as applicable. matters related lo going concern and uslng the going concern basis of actounling unless th8 Trustees eilher int8nd to liquldate thg Group or the parent chartty or to cease operations. or have no reallstic a118matlve but to do so. Page 13
THE ENGUSH4PEAKING UNION OF THE COMMONWEALTH INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ENGUSH-SPEAKING UNION OF THE COMMONWEALTH ICONTINUEDI Audltord. responslbllllle8 for the audit of the flnanclal statements Our objectives are lo obtain reasonable assurance about ether the finana81 statements as 8 vthole are free from rn2terial misslatemenl, wh8th8r due lo fraud or error, and to iSSUg an AuditoT8' report that indudes our oplnion. Reasonable 888uranee Ss a high level of assurance. but not a guarantee that an audit nduCted in accordance ISAS {UKI will aNyays detect a material misstatement when il exists. Misstatements can ad88 from fraud or error and are considered m81erlal If. indNidualty or in the aggregate, they coukl reasonably be exp8Ctgd to influence the economic dedslons ol u86rs taken on the basis of these financlal statements. Irregularities. Includlng fraud, are instances of non-compliance with laws and regulauons. We design wjcedures in lin8 with our re8P¢)nsibililies, oullird above, lo deted material misstatemgnls in respect of irregularibes. includlng fraud. The extent to which our prttedures are cepable of deleth'ng irregulatrtias, including fraud is detailed below: The aLrdit team obtained an understanding of the legal and regulatory frameworks that are 8ppllcatle to the Charfty and delerniined that the most significant are those that relala to the reporting framework IFRS102 and the Charities Act 201 t), the relevant tax compliance regulation5, employment Liw, Heatth and Safety Regulations and thg EU General Dats Protection Regulallon IGDPRI. We under8tODd how thè Charty is comp"ng wilh these frameworks by making enqulrfe8 of management and those responsible for legal and MplianCe procedures. We also rewewed board minutes to identify 8ny rgcorded inslancés of irregularity or non Complian that might have a material impact on the fw)aneial statements. We assessed the susceptibilty of the Charitys financHI statements lo material mis¥tstsment. includirg how fraud might occur by meeting with key managam8nt to understand where they are considered there was susceptibility lo fraud. Based on our understanding our produleS involved eTh4uiries of management and those charged with governance, manual joumal lesling, cashbook reviews for large 8fKI unusual item¥ and the challenge of signfficanl estlmates used in preparing financial ststements. Because of tho inherent limitations of an audit, there Is a risk that we wll not deteet all irregularities, induding those leadiThJ to a material mrsstat8ment In the financial stslemenls or non-compliance with regulation. This risk Increases the more that compliance ¥Mth a law or regulation Is rgmoved from the event5 and transath.ons refleLed in the financial st8temenl$, as we wll be les5 likety to become aware of instsnces of non-compllance. The risk 18 also greater regarding irregularrties oecurring due lo fraud rather than error. as traud involves inlenlional concealment. forgery, collusion, omlsslon Cf mi$repres8ntation. A further description of our re$pon$ibililies for the audit of the finandal 8tslemerrts is located on the Financlal Reporting Councll's webslte at.. ww.frc.or .ukl8udttorsras Auditors, report. nsibilities. Thi$ donon fornis part of our Page 14
THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH ICONTINUEDI Uso of our report This report is made solely to the Charity's twstees, •# a body, in aeeordanee with Chapter 3 of Part 8 of thè Chanties Acl 2011. Our audit work has been undertaken so thot we rnighl state lo the Chartys trustees thtsge matters we are requlred to slate to them in an Auditors. report and lor no other purpose. To the fullest extent pemitted by law. we do not accept or assume PonSibl11ty to anyone other than the Charity and 118 trustees, body. for our audit work. for this report. or for the opinions we have formed. W¥R Partnèrs Chartered Accountsnts Statutory Auditors Belmont House Shrewsbury Business Park Shrewsbury Shrop5hire SY2 6LG Page 15
THE ENGUSH4PEAKING UNION OF THE COMMONWEALTH CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR ThE YEAR ENDED 31 MARCH 2024 Endowment funds 2024 Restricted Unrestricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Income and gndowments from.. Donations and legaae8 Charitable activities Other trading activitle8 Investments 106,9D4 314.819 602.772 1.70&984 105.904 421.399 802.772 1.723,867 44,797 372,918 484,667 1,632,941 106.280 12.803 Total Income and 8ndowrnents 2.380 119.083 2.632.479 2,753,942 2,535.323 Expendlture on: Raising funds Charl1ab actIVeS 621.053 2A23.213 621.053 2,721775 118.129 181.433 1,486,214 Total oxpfrnditur• 118.129 181.433 3.044.266 3.343,828 2,046,214 Not lexpendlture}Ilncome before net gaSnsl{lossM) on Investments Net gainslll¢)ssesl on Investments Net movèment In fund8 beforè othèr recognlsod gainslllossesl {116.7491 162.350Tr 1411.78n 1589,886) 489, 109 414 190,229 190.643 (76,243) (11S,749) 161,9361 1221,5581 1399.243) 412,866 Other recognlsod galnslllss). Gains on revaluation of fixed assels 87.1)00 67.000 7,900,000 Ngt movem•nt In fvnd$ 1115,749} 161,936) {154.$581 {332.2431 8,312,866 Page 16
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH CONSOUDATED STATEMEprr OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Endowment funds 2024 Rèstri¢tsd Unrostrl¢tod fund$ funds 2024 2024 Total nds 2024 Total funds 2023 Nots Reconclliation of funds: Total fvnds brought fc¥ward Net movement in 438.254 {115,7491 650.871 161,936 50,056,295 {104,5581 61.146.420 1332.243) 42,832,554 8,312,866 Totsl fund¥ urrtod forward 322,50S 588.936 49.901.737 SO,813,1TI 51. 145,420 The Consolidated Statement of Financial Activrties iludeS all gains aThS losse$ recognisad in the year. The notes on pages 23 to 45 fom part of these financial BL*mgnts. Page 17
THE ENGLISH-SPEAKING UNION OF THE COMMON¥VEALTH REG18TERED NUMBER: RC0110177 CONSOLIDATED BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Not• Fix•d assets Intsngible assets Tangible assets Heritage assets Investments Investment property 12 13 15 18 14 71.291 17,438.036 793.200 2.826.613 28.SOO.000 42,933 17.454,718 726,200 2,471,435 28,500,QOO 49.629.140 49, 195,286 Current assets Debtors Investments Cash at bank and In hand 17 18 384,339 1,000,000 518,224 187,307 2,315,647 1.902.663 2,502.954 GlIOrs.. amounts falling due V4ithin one year 19 (718.6261 (552.819) Net current assets 1.184038 1.950, 135 Total assots1g$9 Gurrent Ilabllltlos 50.813,178 51,145.421 Net assèts éxcluding penslon &$s•t 60.813.178 51,145,421 Tolal net assets 60.813,178 51, 145,421 Page 18
ENGUSH4PEAKINO UNION OF THE COMPIOPMEALTH REGISTERED IIUMaER: RC000177 ¢ONSOUDA7ED BALANCE SHEET {CONTINueD A8 AT 31 MARCH 2024 Not• 2023 ¢harlty fum1• EndOwnentfds 20 20 20 322,505 508.935 49,901,738 43&254 650.871 rii,056.296 Tot•1 fvnds 50,013,178 51.14&421 TnFStee8 8ckntr•Aedge theff respMiUllies for ¢•ylng ¥Ath the requkements of thts Act ¥thh rèjpect 1¢ •etou1 record8 and prepwaticffl of11n1 IOnI¥. The st8lwnts worn •pproved •NI authorfsed forlgw• by the Tnth98 on Ih•trl>eh8ff ty. Ile* Young Chatr Dat•: 11191 Thè n¢tes on paw23 to 46 fomi p•rt ofthw fin11 8talaTr•ts. Ptyo 19 Se8nn4d wlth •camScann•f'.
THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH REGISTERED NUMBER.. RC000177 CHARITY BALANCE SHEEr AS AT 31 MARCH 2024 2024 2023 Note Flxfjd asspts Intanglble assets Tanglble assots Herllage assots Investments Investment property 71,291 17.438,036 793,200 2.826.613 28,500.000 42,933 17,454, 7t8 726.2C 2,471,435 28,500,¢ 15 16 14 49.629,140 49, 195.286 Currnnt assets Debtors Investments Cash at bank and In hand 17 18 333,858 1,000,000 439,539 189.232 2.310,647 1.773,397 2,499,879 Creditors.. aMenIS falling due within one (807,879) f568.264J Net current a$$ets 1,165,518 1,931.615 Total assets l•ys curr•nt Ilabilltlgs 60,79C668 51. 126,901 N•1 ass•ts 8xcludlng penslon as80t 50.794.658 51, 126.901 Total net a8•ets 60.794,658 51, 126,901 Page 20
IHE ENGUSH4PEAKING UNION OF THE COMMONWEALTH REGisfERED NUMBEIL. RCOIK1177 CK4RThY PALAMce SHEET (coiinNUEDI AS AT 31 MARCH Ch•rfty tsnd• 65QVi ON.776 T•t•l fund• 51.124901 Tho n6tTh•7IQ kn Iwth S)rthe >ww•• IY332243) r1023.Ea361.2661 IAl•• Y•ur• 0th 111rt1207* P•p21 S¢attd wlth Camscanner..
THE ENGUSH-SPEAKING UNION OF THE COMMONWEALTH CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note Cash flows from operatlng a¢tlYltlg3 Net cash used in OFerating activities 22 1683.1671 1.476,332 Cash flows from Inv•stSng actlvltl•s Dividends, interests and rents from inv88tments Purchase of intangible assets Purchasè of18rKJible fixed assets Proceed5 from salellpurch8se) of investments 81,408 171,290} 174,3741 (31,OOOJ {160,0001 (505, 103) 56,418 Ngt cash used In Investlng actlvltles {214.2661 1479.6861 Cash flow6 from flnanclng actlv5tlgs Current a88et investment additions 11.000.0(KI) Net cash {used Invprovlded by flnanclng actlvltles 11.000.000 Ch•nge In cash and Cash equlvalents In the year Cash and cash equivalents at the beginning of the year 11,7978231 2,315.647 996,647 1,319,OCQ cash and cash •qulvalents at thg end of the year 23 518,224 2.315.647 The notes on page5 23 to 45 form p8rt ofthese fin8nc4al statements Page 22
THE ENGLISH4PEAKING UNION OF THE COMPIONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 MARCH 2024 Gen8ral informatlon The English-speaking Union is a ¢))mpary limited by guarantee and without share capital. The ESU was incorporated in England by Royal Charter and the address of its rgglslered office is Dartmouth Holtse. 37 Chades Street. London, W1J 5ED. Accountlng polS¢les 2.1 Ba818 of preparatFon of flnanclal statements The finan stat8m8nts havg been prepared in accordan with the CharttSes SORP IFRS 1021- Aecountiftg and Reporting by chare$.. Ststement of Recommendgd Practice applicable to charities preparing their accounts in accortjance with the Flnandal Reportlng Standard applica0 in the UK and Republic of Ireland IFRS 1021 leffectlve 1 January 20191, the Financial ReporttThJ Standard applicable In the UK and Republlc of Ireland IFRS 102) and the Charit8 Act 2011. The English-speakiry Union of the Commonwgatth meets the definthon of a pubThc benefit enllty under FRS 102. Assets and Ilabllilies are inth'ally recognised al historical cost or transaction value unl889 Othenvlse stated In the levant 8ccounlirvJ policy. The Consolidated Statement of Final Advmles {SOFAI and Consdidated Balants Sheet nsolidate the finala1 statomgnls of thg Charity and its tsyo subsdiary undertakingss. Tr results of the subsldiarw are consolidated on a line by line basis. The Charity has taken advantage of the exemptlon and hats not pre8enled its ovm Statement of Financial Actiwties In these financial statements. 2.2 Incom• All Incom8 Is re¢ognised on¢e the Charity has entitment to the income, It is probable th81 the income vlll be reeeived and the amount of coMe receivable can b8 measured r8liat4y. The rewgnition of income from18gaci8s is dependent on establishirvJ entitlement. the probability of receipt and the abilty to eslimale th suffiuent accuracy the amount receivable. Evidence ol 8ntiUement to a legacy exists when the Chartty has SLrffioent evidence that a gfft has been left to them (through knovAedg8 of the existence of a valhl will and the deh of the benefactorl and the executor is satisfied that the propety in question 11 not be requirfjd lo satisfy claims in Ihe estate. Receipt of a legacy musl be recognised when 51 is probatAè that il will be recelved and th& fair value ot the amount recelvable, which wll gener811y be tha expe(*ed cash amount to be distributed to the Charity, can be reliably meastsred. In¢ome tax recoverable in relaOn to Inveslment inetfrte is recognised at th8 tim8 thg investrnent income is recelvable. Pagg 23
THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 MARCH 2024 ¢ountlng pollclgs lcont1nu) 13 Expendltur• Expenditure Is recojnised on¢e there Is a legal or constructive obligatyon to transfer etr)nomic to 8 third party, 11 Is probable that a transfer of economic benefits will be required in settlement and th8 amount of the obligation can be measured reliably. Expenditure is dasslfied by actlvlty. The costs of each adivty Sre made up of the total of direct costs and shared costs, including support costs involved in undertaklng each actity. Direct costs attributable to a single activity are allocated direct to that activity. Shared costs which contribute lo more thon ong aclivity and support co$ls whiGh are not attributable to a single actmty are appgrtioned been those activrties on a basis con$i$18nt with the use of rosources. Central staff costs ar8 allocated the bosis of ts'me ¥Jent, ond depreelatlon tharges allocated on the portion ofthe asset's use. Expendlture on raising funds Indudes all expenditur& iftcurred by the Grwp to ralse funds for i tharilable purpose8 and inGludes costs of all fundraising activities events and non-tharitable trading. Expenditure on charitable athrkne5 is incurred on directy undertaklrYJ the aetfvilies which frjrther the Group's cbjectives. as well as any a$sodated support cost8. All expenditure is induslve of irrecoverable VAT. 2A Interest recelvable Interest on funds held on deposit is included en recefvaile and the amount can me8SUTed reliably by the Group.. this is nom)ally upon notifi¢ation of the interest pald or payable by the instrtLrtion with whom the funds are dgF•)8fted. 2 Intsngible agsets and amortisation Intonglble assets costing £NIL or more arg capitslised and recognisgd when future economic benefits are probable, and the cost or value of the asset can be measured reliably. Intangit)le assets are initialty reccgnised al c051. After recognrtion, under thg Cost modal, intangible assets are measured at cost less any accumulatèd amortisation any accumulated impairment losses. Amorbsation is provided on Intsryible assets al rates ealculated to wrlle off the cost of 8h asset on stralght-line basis over its expected useful lrfe. Amortis8tlon is provlded on the fdbwlng ba61$'. Compuler software 20 % straight line Pagg 24
THE ENGLISH-SPEAKING UNIOM OF THE COMMOI4WEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclg5 Icontlnuod) 2.6 Tanglble flxed assets and depreclatlon Tangible fixed assets cosling £1,000 or more are capitalised and recognised when future eccrnmic beneffts are probable and the cost value of the asset can be measured reliably. Propety inrfoally recc8nised al cost. After recognition, under the revaluation model, a property whose fair value can be measured reliably shall be carried al a revalued amount, teing their fair value at Ihg dat8 of revalUatn less any subsequent accumulated depreciation and subsequont accumulated impaimienl losses. Revaluations are made wth sufficient regulority to ensure that the carrying amount does not dWfeT materialty from that whlch vnuld be detemiingd using fair value al the end of the reportirKJ date. Fair values are detemined from market-based evidence ty appraisal that is nomalty undertaken by professlonally qualified valuers. If there is no markel-based evidence of fair value Wause of the 6pecialised nalure of the langlbie flxed asset and It Is rarely sold, except as part of a eontribuling business, a Charity rnay need lo e$limate fair value u&ng an Income CA depwiated replacement cost approach. Gains and losses on revaluation are recognlsed In the Consolidated slalement of financial activiiies, th a separate revaluation reserve bng shown in the Statement of funds note. Other tsnglble ffixed assets are initialty recogni8ed at cost. After recognf(ion, under the cost model, tangible fixed assets are measured al cost less accumulated deprociation and any aceumulaled impairment losses. All costs incurred to bring 8 tangible fixed asset into ils intended working nrtIon should be included in the mgasurement of c05t. Depreciation is tharged 80 as to allocate the cost of tarKJible fixed 8ssets less their residual v8luÈ over their estimaled usefijl lives, Using the slraight-line method. Depreclallon Is provided on the following bases.. Freehold propety Plant and machinèry Fixtures and ffttings Computer equipment Not deplated 1 S years straight line 5 year8 8traigM lin8 3 years straight line Page 25
THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng poll¢lèJ l¢ontinuedl 2.7 Hgrltage assets Where heritage assets have boen purchased, they are InallY recognised at Cost. After recogniti'on, under the revaluatic mfrJel, heritage assets are measured at fair value. Any reliatAe valuation technlque lo e8tlm8t8 th8 fair value of a heritage asset may be used. however, it must refiKt any particular historic or herft8ge qualiles Inherent in the assgt being valued. meanlng that depredaled replaGement ¢osl may not bè an applicable technique in all circumstances. Where heritage assets have been donated, they should initially be recognised then subsequenlty measured al tsir value. Ary liable valuallon lechnlque to esttmale the fair value of a hèritage assèt may be used,. however. il must reflect any partI10r historic or heritage qualities inherent in the asset belng valued. meanlrrfj Ihat depreoated replacement cosl may not be an applicable technique in all circumstances. At each reporting dale the Charity assesses whether there is any indication of impairnenl. If such indication exists. the iecoverable amount of the asset is determined lo be the higher of its fair value less $ts to sell and its value in use. An Impalrmenl loss is recognised Ithere the c8rylng amount exceeds the recoverable amount. Heritsge assgts arg not depreciated. 2 Investments Fixad asset Investments are a form of financial Instrument and are inrtialty recognised al thelr transartion ¢95t and subSequenY measured at fair value al the Balance sheet date, unless the value cannot be measured rellaY in vthich case it is measured at cost less impaimienl. Investment gair and losses, whether rea115ed or unrealis&J. are combined and presented as 'Gainsl{Losses) on investments. in the Consolidoled stateMt of financlal 8Ctlvllie8. Investments in subsidiaries are valued at cost less wovision for impaimient. 19 Debtors Trade and other debtors are recognised at the settlement amount after any tr&Je discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10Ca¥h at bank and In hand Cash at bank and in hand indudes cash and short-tem highly liquid investh7ents with a short maturity of three months or less from the dale of 8equ1s10n or opening ofthe deposit or simllai aeeount. Page 26
THE ENGLISH4PEAKING UNION OF THE COMMOHWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting polkl8s {contlnu•dl 2.11 Llabllltles and provlslons Liabllities are recognlsed when there is an obligation at the Balance sheet date 88 8 result of a past evgnl, il is probable that a transfei of economic benefrt wll be required in $etUement. and the amount of the settlement can be estimated reliatAy. L[abill89 are recognised al the amount that the Charity anlicipoles it will p8y to settle the debt or the amount il ha$ re1Ved as advanGe(I payTnents for the goctyJs or services It musl provKIe. Provisions are m8asured at the b&st estimate of Ihg amounts required to settle the obllgallon. Where the effect of the time value of money is material, the proviSTh is based on the present V81ue of those amounts, discounted al the pre-tax discount rate that reliects the risks SIfiC to thè liability. The unwinding of the di8count is recognised in the Consolidatsd stslement of financhgl activities as 8 finance cost. 2.12 Flnanclal Instmments The Group onty h88 financial assets and finonGial liabilities of a kind that qualfy ag basic fin8r101 Instruments. B8&e financial instruments are initially regnised ot tranSaCtic value and subsequentty measured al their setuement value with the exception of bank loans whith are subsequently measured al amorbs8d cost using the effedivg interest method. 2.13 P•n8lonB The Group operates a defined con1rlbuOn penslon scheme and the pensron charge represents the amounts payable by the Group to the fvnd in respect of the year. 114 Fund accountlng General ftjnds are unrestricted funds vthlch are available for use at the discretion of the TnJslees in furtherance of the general 0.ectIVeS of the Group and which have not designated for other purposes. Designated fund8 comprise unrestricted fijnds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fvnd is set OLrt in the notes to the financial stslements. Restricted funds are fvnd$ whrch are lo be used in accordance wth 8pec4fic restridions imposed by donors or whlch have been raised by the Group for particular purposes. The costs of raising and administering Such funds ore charged against the specffic fund. The aSm and use of each restricted fund is set out in the notes to the finandal stalemenls. Investment In¢ome, gains and losses ale allocated to the appropriate furKI. Page 27
THE ENGUSH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2024 Incomo from donatlons and legaeles Ro8tri¢ted untr1Gted funds funds 2024 2024 Total lund$ 2024 To181 funds 2023 Donations L8gaaes Fundraisiw events 20,701 50,000 35,203 20,701 50.000 35.203 20,350 24,447 Totsl 2024 105,904 106.904 44, 797 Total 2023 3,025 41,7T2 44.797 In¢ome from ¢harftable actl¥tti0s Endowment ReBtricted Unre8trfctod funds funds funds 2024 2024 2024 Total funds 2024 Tol81 ftinds 2023 Income from programmes 8nd events 300 106.280 152.659 51,908 110.252 259,239 51,908 110,252 155,609 57,332 159,977 Income from bran¢he$ Memb8rship subscriptions Total 2024 300 106,280 314,819 421.399 372,918 Tot812023 2.433 72,082 298,403 372,918 Page 28
THE ENGLISH.SPEAKING UMION OF THE COMMONWEALTH NOTES TO THE FINAMCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other tradlng athltles Income from non charltablg tradlng actlvllles Unrgstrkted funds 2024 Total funds 2024 Total lunds 2023 Catsring commission 502,772 602.772 484,667 Total 2024 502,772 502.772 484,667 Total 2023 484,667 484.667 Investmonl Income Endowment Restricted Unrestrict•d fvnds funds funds 2024 2024 2024 Total funds 2024 Total funds 2023 Rental income Investment income Recharges Investment income- lttal cash 1,504,001 66.525 102.724 35.734 1,504,001 81.408 102.724 35.734 1,503,999 56,418 72,524 2.080 12.803 Totsl 2024 2,080 12,803 1,708,984 1.723.B67 1,632,941 Tot812023 8, 138 1,624,803 1,632.941 Pap 29
THE EMGUSH-SPEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expendlturg on ralslng funds Fundraising trading oxppn¥85 Unre8trict•d funds 2024 Total funds 2024 Total funds 2023 Fundraising- Direct Cost5 Fundraising- Support Co$1$ 20,143 84,238 20.143 H238 22,QOO 28,000 Totsl 2024 84.381 84.381 Total 2023 Othèr tradlng expense• Unrextricted funds 2024 Total funds 2024 Total funds 2023 Trading- Dir8Ct Costs Trading- Supwrt Costs 319.249 217,423 319,249 217,423 399,000 111,000 Total 2024 536,672 636,672 510,000 Tot812023 510,CJg0 510.0 Page 30
THE ENGUSH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analys1$ of •xp•ndlknre by acllYttl•s Actlvltles undertaken dlrectly 2024 Support c¢)sts 2024 Total fund8 2024 Total funds 2023 EduGatKin programme and scholarships Intemalional development Memberthp end brarKhes Govemance 588.013 204.127 566.047 297,241 484.259 153.184 306.368 123,536 1,072.272 357.311 872.415 420.777 778,214 277,000 302,000 129,000 Total 2024 1.655.428 1,067,347 2.721775 1,486.214 Total 2023 851,214 635,GW 1.486.214 Auditors. rèmungr•t40n 2024 2023 Fees payable lo the Chaws audltor for the audit of the Charitys annual accounts 18,750 25,305 Fees payable to Ihe Charrws audrior in respect of.. Afi non-aU servlces not included above 5,250 9,638 10. Stsff costs Group 2024 Group 2023 Charity 2024 Charity 2023 Wages and salarfes Sodal $8curfty costs Contiibution lo defin¢d ¢ontribution pension schemes 1,148,266 122,032 623,477 62,41 1,148.266 122,032 623,477 62,4 68.376 1.338.673 36,883 722, 760 68,376 1,338,673 36,883 722, 760 Induded in the above. are redundancy payments of £5,559 12023.. £NII) and verance payments of £B.g78 {2023.. £Nill paid out to 1 m8mb8r of Staff. Page 31
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH NOTES TO ThE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Staff costs (contlnued} The average number of Fersons employed by the Charty during the year was as follows: Group 2024 No. Group 2023 Charitable acbvrfies Support staff 13 10 22 18 The number of employees whose emFA¢)yee berÉffts (exduding empk*yer Pens cost51 exceeded £60.(XQ wa8.. Group 2024 Group 2023 In the band £80,001- £70.CrfJO In the band £70.001- £80,000 In the band £80.C#J1 - £90,000 In the band £100.001- £110,000 In the band £110.001 - £120.000 Included wlhin staff cosls. lotal stsff benefits paid to key management personngl in the year were £597,07712023= £212,000) 11. Trustso8' remuneratlon and expenses During the year, rKJ Trustee$ re¢efved any remuneration or other benefits (2023- £NIL}. During the year ended 31 March 2024, expenses tolalling £4,982 were reimburs8d or paid diredy to 6 TTuste8s (2023 - £10,495 to 5 Trusfegsj. The expenses in the year w919 for revnbursement of travel expenses. P¥32
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEME1s FOR THE YEAR ENDED 31 hlARCH 2024 12. Int•nglbl• au•ts Group and Charity Comput•r software Cost At 1 April 2023 AdditKins 211667 71.290 At 31 Marth 2024 286,947 Amortlsatlon At 1 April 2023 Charge for the year 171,724 42,932 At 31 Marth 2024 214656 Net book Yalu• At 31 Marth 2024 71,291 At 31 M8rch 2023 42,933 Pagg 33
THE ENGLI8H4PEAKING UNIOM OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13. Tanglble flxgd asgts Group and Chaiity Freehold propèrty Plant and Fjxturgs and Computer m•chlnery fittIn equlpmont To141 Cost or valuatloD Al 1 April 2023 Addititsns 16,900.000 1.162.871 5,5 67.215 33.989 18.102,456 7,159 74,374 At 31 March 2024 16,900,000 1,112,871 72,810 41,148 18,176,829 Depreclatlon At 1 April 2023 Charge for the year 637.376 75,938 186 10.176 8,617 647,737 91.066 6.501 At 31 March 2024 713.313 18.793 738,793 N•t book valug At 31 March 2024 16,900,000 449,658 66,123 22,366 17.438.038 Al 31 March 2023 16,900.OQO 525,496 5,409 23,813 17,454,T18 The freehold property was last formalty valued by Cushman & Wakefield as at 31 Marth 2023. The Truste8$ ¢on$idw th¢ property value lo have mained con&stent as al 31 March 2024. 14. Investment propety Group and Charlty Freehold Investment property Valuatlon At 1 Aprfl 2023 28,500,000 At 31 March 2024 28.600.000 Th8 investment property was last formally valued by Cushman & W8keleld as at 31 March 2023. The Trusts08 consider the propety value to have remained consistent as al 31 March 2024. Page 34
THE ENGUSH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 15. Heritage assets Group •nd Chorlty Assets recognlsed at cost Artwork & Maceg 2024 Totsl 2024 Carying value at 1 April 2023 Revaluations 726,200 67,000 726,200 67.000 793,200 793,200 16. Fixed asset Investments Llsted Invmtments Group and Charlty Cost or valuatk*n At 1 Aprl 2023 Additn$ Revaluations 2A71,435 150.01)O 206.178 At 31 Mah 2024 2,826,613 Met book valuo At 31 PAarch 2024 2,826,613 At 31 Mah 2023 2,471.435 Pagg 35
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 17. Debtors Group 2024 Group 2023 Charrty 2024 Charity 2023 Duo w5thIn one year Tradg dgblors Amounts owed by group undertakings Other debtors Prepayments and accrued Income 183.940 115,855 5,920 130,34S 30,744 161.849 9. 102 30,744 169.656 108.678 71.452 71,452 384,339 187,307 333.858 189,232 18. Current as$et investments Group 2024 Gmup 2023 Charlty 2024 Charity 2023 Addibons 1,000.01)O 1,000.000 1.000.000 1,000,000 19. CredltQfs: Amounts falllng du• thIn onè year Group 2024 Group 2023 charlty 2024 Charity 2023 Bank overdrafts PayTrents received on acUnt Trade credrtors Amounts owed to group undertakings Other laxatron and social rty Other credltors Accruals and deferied Incoma 219 35,047 46,985 99 35,047 46,985 102.346 63 12.956 167.118 12,956 167,118 30.637 25,218 482.678 20,417 63 26,218 402.408 450, 151 383.724 718,626 552,819 607.879 568.264 Pag8 36
THE ENGUSH-SPEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Statemont of funds Statemèrt of funds - currnnt year Balanc• •t 31 March 2024 Balancè èt I Aprll 2023 Transfers Galn81 Inlout ILos$o$1 Income Expendlthrv Unrestrfct•d funds Deslgnatsd funds Designated Funds Repairs FLd 37,500,1TI 37,600.177 125,000 125,000 37.500,177 126.000 37.626.177 Genernl funds General Fund¥ Trading funds RevalLth'on reserve 4.637,599 18.520 7,900.000 1,762.174 12.627.326) 228.366 870.305 1516,9401 1363,360) 257.229 4,358,041 18.520 7,900.OOD 12,566.119 2,632,479 13,044.2661 (125.000) 257,229 12,275,561 Totsl Unreslricted funds 50.056296 2.632A79 13,044268) 267,229 49.901.738 Endowm•nt funds Expondable endonent Pemianenl endowment 218,731 1115,629} 103.406 219.623 2,076 115001 219,099 438.254 2,380 1118.129) 322.606 Page 37
THE ENGLISH4PEAKING UNION OF THE COMMON¥¥EALTH NOTES TO THE FINANCIAL STATEMEwrs FOR THE YEAR ENDED 31 MARCH 2024 Statement of funds (continu> Balance at 31 March 2024 Balance at 1 Aptll 2023 Trnnsfèrn Galnyl Inlout (Losses) Income Expendlture R¢strl¢t¢d funds Branth funds 51,576 1,338 {S11 52,863 Exchange programmes Fellowship fvnds Educaticffl fLmds Music fln Scholarship fund8 33,368 176,081 68.607 23.487 307.8S2 33.368 134,402 68,507 20.477 289.318 110,084 (162,177) 414 396 {3,406 (26,800 660.871 119,083 1181.433 414 688.935 Totsl of funds 61.146,421 2,763.942 13.343.828) 267,643 80.813.178 Page 38
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Stalom•nt of fund$ {¢ontinu•dl Desi nated Funds These gre funds deslgnoted for practical purposes. The use of designated fvnds remalns al the discreticn of tt)e Trustees. Endowment Funds ndable endowm8nls American Memorial Chapol Travel Fund- Travel scholarships for clgrgy befvfftn the UK and the USA Westbury Preston Memorial Education Fund - Used to provide exchange Vit5 by students or teachers thin the Commonwealth OT ben the Commonwealth and USA. Malllnson Memorial Fund- woo¢jbrI¢ln9 and bookLxndlng srtK*larships. Pemanenl endovAnent P W Minet American Education Scholarshlp Fund - Teaching Stholarships for lecturers or teach8rs to travèl lo the USA to Study a Spectffc aspect of education. P W Minet Community Benefit Fund- Travel awards to enable Indlvlduals wlh professional qualifications ag8d 25 to 45 to travel outside the UK for the benefit of theii ovm communitj.es and those they visit. Education Endowment Fun¢>Teachers- Travel 8d)olarship8 for teachers b8ttve8n the UK ar the USA. Chartotte Bonham-carter Musie Scholarship FuThJ - Fcf Ihg provisic of MUS scholarships lo Yale Unlver81ty. trktgd F Braneh fu Nurses Work Shadow Fund- Used lo lund educ8tion al branth level. Cartbom-Llnconshlre branch funds- Used to fund educatlon al branch level. 1086-Hastings Branch Funds- Used to fund educat al branch level. Exchan lunds C E Eckersley EdurAb'onal Fund - U$gd lo provide grants to foreign students studyng EJ11Sh. Walter Annenburg Fund- Donated for the purFose ofAnglcAmeTican exdBnges. Fellow The Lindgmann Fellowship Fund - Provides fellowship awards to enable UK sdanlests to undertake research programmes in the USA. Pago 39
THE ENGLISH4PEAKING UNION OF THE COMMONYIEALTH NOTES TO THE FINANCIAL STATEMENTS FOR TPIE YEAR ENDED 31 RGH 2024 20. Ststement of funds Iconllnuedl Edutslion funds P W Minot American Education Scholarship Income Fund - Te8chlng $tholarshlps Ic leclurers or teachers lo travel to the USA to study a spec4fic aspect of education. P W Mlnet Communlty 8enefll Income Fund - Travel awards to enable individuals wrfti professional qual5tlcab.ons aged 25 to 45 to travel OLtside the UK for Ihe benefft of their own communf(ies aThJ those they visit. C Bonham-carter Scholarship Fund- For the provision of sclKlarships. Education Endowment income Fund- Travel 8chotar8hip8 for teachers belween the UK and the USA. Mugclunds The Ravinia Scholarship FurKI- Aw8ids to enable tslented musicAans10 8tsnd the Ravinia Fgstival. Muslc Fund- mu8lc scholar8hlps In the UK. Belinda Nom8n-BuUer Music Fund- For music scholarships in the UK. Scholarshl funds Branches.Stholar5hips- For branch level scholarships. John Rcl)erts Travel ScharShiP FuThJ - Fund Is In respect of travol scholarship8 for Lln¢oln$hire stud8nts. Mi(*ael Graydon Stholarship Fund - Award lo aid oarmatkad ESU gdLKational work for the LincolnBhire branch. Charfotte Bonham-carter M¢ Scholarship Income Fund- For the provision of music scholarships. Chestsr S¢holarship fund - Award for scholarshlps & other charitable activities in Chester. Chitton Art History Stholarship Fund- Supkx)rts an annual art history scholarship placement al Cmsties. Page 40
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMEirrs FOR THE YEAR ENDED 31 P4lARCH 2024 20. Ststsmont of funds lcontlndI ststement of lunds - wloryear Ba18nc8 81 31 Mor¢h 2023 Balence 81 l Aprfl 2022 Trdnsfers Gain (LOS) Inco Expendilufp Unrestrictfjd funds D05ignat8d funds Designated Funds 37,996,427 800 (497,01) 37,500, 177 Generdl funds General Funds Trading funds Rev8luation reseNe 3.554,416 18.520 1.649. 131 797,570 (1,368, 741) 895.997 (398.623) (398,947) (93,204) 4.637.599 18,520 7,900.000 7,900,oc 3,572,936 2.446. 701 (1, 767,364) 497,050 7,806,796 12,556. 119 Total Unrestrkled funds 41,569,363 2,447,5Ql (1,767,364) 7,806, 796 50,056,296 Erbdowment funds Exwndable endovhnent Pornianont endowment 283.255 2,433 (66,957) 214731 219.523 219,523 502, 778 2,433 (66,957) 438,2S4 Page41
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Slatement of fund• (contlnued 8818nce 81 31 Mah 2023 Balance 51 l Apiil 2022 Tronsfe in/0 Gain (LLxw8) Incon Expendlture R•strlctod fund$ Branch funds Exchange programmos Fell¢)wship fund5 Education fvnds Music funds Scholarship funds 52. 78Q 577 (I,CQO) (781) 51,576 33, 257,853 58, 745 26.388 386 74,552 678 288 (522) 26,741 (916) (39Q) 33,368 176,081 58,5Q7 23,486 (183.065) (2,800) 337, 141 6. 762 (25,051) (4,999) 307,853 760,411 83.243 {2t 1.916) 19, 133 650.871 Totsl of funds 42.832.552 2.533. 177 f2.046,237) T.825.929 51, 145.421 21. Anatysl$ of not assets between funds Anatysls of net assets between funds- current perlod Endowment Rtrkted Unrestrict nds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Intsngible fixed 8s5ets Fixed asset investments Investment property Heritsge ass&ts Current assets Creditors wthin one year 17.438.036 17A38.036 71,291 71,291 1,915,173 2.826,613 28,500,000 Z8.600,000 793.2¢)0 793.200 1.902.563 1,902,$63 (718.525) 1718,525) 322.505 588.935 Total 322,505 588,935 49,901,738 50.813.178 Page 42
THE ENGUSH4PEAKING UNIOM OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMETrrrs FOR THE YEAR ENDED 31 MARCH 2024 21. Anatyslg of net assets between funds {contlnued Anal13 of net assets between fvnds- prfor perfod Endowmenl funds 2023 Restrictsd Unre*nGtgd funds lunds 2023 2023 Total funds 2023 Tangible fixed assets Irttangible fixed assets Fixed as$el investments Invèslmenl propety Heritage a35èts Current gssets Creditors wthin one year 17,454, 7t8 IT,454, 778 42,933 42,933 1,382,310 2,471,435 28.500,000 28,500,0 726,200 726,2LX) 2.502,954 2,2,954 (552.819) (552,819) 438,254 650,871 Total 438.254 650.871 50,056,296 51, 145,421 22. Récon¢lll•tlon of net movement In funds to ngt ¢ash flow from op¢ratlng a¢tlvlti88 Group 2024 Group 2023 Net inGomelexpenditure for the period las per Statement of Financial Actiwtiesl 1399.2431 412,866 Adjustmgnts for: Depreciation charges Amortisation charges GainslOos5es) on investments Dividend5, interests and rents from investments Decrease/lincrease} in debtors Increase in credilors 91,OS6 42,932 1205.1781 181.4081 (197.0321 165.706 82,232 42,931 76,243 (56.418) 900,294 18, 184 Net cash provld•d bylluud In) opernllng actlvltles (583.167) 1,476,332 Total debtor values hav8 tluctuated significanuy over the current and prior year from an OnIng po8lth?n of £1,087k in April 2022 to £384k in March 2024. The 5ignifficanl fall of £900k in debtors in 2022123 rdates to the wllection of trad8 debts over extended periods of time following the Coronavirus pandemiG Debtor5 increased In 2023124 by £197k as a result of rises In trade debtors, prepawnenls and accru8d iOMe. Page 43
TME ENGUSH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analy81s of caoh and ¢08h wulvalonts Group 2024 Group 2023 Cash In hand 618.224 2,315,647 Total c•sh and Gash 8qulvalents 618.224 2.315.647 Analy8b of ¢hange8 In not debt At 31 March 2024 2023 Ca8h flov Cash al bank and in hand Bank overdrafts repayable on demaTr Liquid investments 2.316.647 11.797.423) (219} 101 1,000,000 618,224 11181 1,IXIO,OQO 2,315,428 1797,3221 1,618,106 25. Rèlat prty transactions The Charrty ha8 not entered irrto any related paty tr8ns8Ction during the year. nor are there ary outstanding balance$ owing betsveen related parties and the Charity al 31 March 2024. Post balanco sheet events In July 2024. the p)rtfolio of fixed asset investments held in the Sarasin Endowments fund was disposed of 8nd the sale proceeds valued at £2,888k were transferred to the Blackrock Instilulional Cash Series sterling liquidty fiJnd. This transfer was lo ensure that the ESU funds were held in a relatively bw rlsk holding which is easily ¢onvertible to eash and consistent wth the chanty's strategy and antlclpated c88h flow requirements over the medium temi. Page 44
THE ENGLISH4PEAKING UNION OF THE COMMONWEALTH NOTES TO THE FINANCIAL STATEMENTS FOR TTrIE YEAR ENDED 31 MARCH 2024 27. Principal sub8idiaries The follt)wing were subsidiary urKlertakings of the Chaiity.. Names Company number Reglstered offl¢e or prlnclpal Included In placo of bu8ln888 consolldatlon ESU Trading Ltd 01313561 DartmoLrth House, 37 Charfes Street, London, W1J 5ED. Dartmouth Housg, 37 Cha)1e8 Street, London, W1J 5ED. Yes ESU Dartmouth House Ltd 13074285 Yes Thè financkgl rèsults of the sub51dlaries forthe yèar wore.. Names Incoma Expendlture ProfiV{Los81 I Surplusl (Deflclt) for the year Net a88ets ESU Trading Ltd ESU Dartmouth House Ltd 566.871 303A34 1406.2641 1110,6761 160,607 192,758 18.619 Page 45