Registered Charity Number: 529115
The John Speak Foundation Foreign Languages Scholarship Trust Fund
Trustee’s Annual Report and Financial Statements for the year ended 31 March 2025
Contents
Page
General Information ...................................................................................................................... 1 Report of the Trustee .................................................................................................................... 2 Trustee’s Responsibilities ............................................................................................................. 5 Independent Examiner’s Report ................................................................................................. 6 Statement of Financial Activities ................................................................................................ 7 Balance Sheet ................................................................................................................................. 8 Notes to the Financial Statements ............................................................................................. 9
The John Speak Foundation Foreign Languages Scholarship Trust Fund
General information
Trustee
West and North Yorkshire Chamber of Commerce and Industry
Directors of the Trustee Company
A Beresford C J Black M J Briffett – Resigned 31 January 2025 A Choudhry M G Cowgill S Czarnecki – Resigned 02 September 2025 R Fitzgerald A Gordon – Appointed 26 September 2025 K Hope – Resigned 28 February 2025 S Jenkins N A Karim – Resigned 02 September 2025 J M Mason V Wainwright S R Watson – Resigned 18 July 2025 S A G Wilson – Appointed 18 July 2025
Chair of the committee J Dawson
Members of the subcommittee
J Dawson M Green – Retired 31 March 2025 J Hart J Rosenthal C Russell
Registered charity number 529115
Principal office West and North Yorkshire Chamber of Commerce and Industry Devere House Vicar Lane Little Germany Bradford BD1 5AH
Bankers Royal Bank of Scotland Manchester, St Ann Square (D) Branch PO Box 320 St Ann Street Manchester M60 2SS
Investment Managers Torevell and Partners 5 Oxford Court Manchester M2 3WQ
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Report of the Trustee for the year ended 31 March 2025
The Trustee presents its annual report together with the financial statements of the Trust for the year ended 31 March 2025.
The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019) as detailed in the accounting policies.
Structure, Governance and Management
The trust was constituted by a trust deed dated 23 December 1924 and is registered with the Charities Commission, reference number 529115. The charity received a large donation in 1924 from Mr John Speak to be kept in perpetuity.
The trust is governed by the directors of the company trustee – the West & North Yorkshire Chamber of Commerce & Industry. The Directors are set out on page 1. The induction training and information supplied to new directors of the company trustee includes an introduction to the trust deed governing the operation of the trust and the financial accounts and budget for the trust fund.
The Finance, Audit and Risk sub-committee of the West & North Yorkshire Chamber Board reviews the administration of the Fund at least twice a year and reviews its performance and that of the Investment Managers handling the investments. The Committee then makes recommendations to the Chamber’s Board of Directors.
The Board is grateful to the Grant Sub-committee members Jo Dawson (Chair), Jim Hart, Johannes Rosenthal and Colin Russell for the time and expertise they give to the Fund. The Board also express their thanks to Mark Green (retired Chair) for the many years of expert support for the Trust.
Risk Management
The trustee has examined the major strength, business and operational risks which the charity faces and confirms that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
Objectives and activities for the public benefit
The trustee had given due regard to the Charity Commission guidance on public benefit when reviewing its aims and objectives and in planning future activities. The objectives of the charity are to assist students to improve their language skills in order to support the export trade of UK goods and services through making grants to appropriate students. The trustee considers that supporting the UK export trade is to the general benefit of the public within in the UK.
Grant Making Policy
The Fund promotes its work through a dedicated website, www.johnspeaktrust.co.uk, through the Chamber International website and social media to raise awareness of bursaries and outcomes. Information sheets are also sent to educational bodies running foreign languages courses. Applications are received from around the UK and case studies of those who receive bursaries are shown on the John Speak Trust website.
Awards are made to applicants who meet the criteria of the trust following interview with the Grant Sub Committee, chaired by Jo Dawson, are paid monthly and usually cover some living and travel expenses. The committee also receives progress reports from recipients.
Level of Awards in 2024/25
The allocation of awards was undertaken in the normal way for the financial year, allocating the income generated by the investments held by the Trust.
The Trust is grateful for the donation received from Think German Internships Limited for their generous donation.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Report of the Trustee for the year ended 31 March 2025 (cont..)
Achievements and Performance
During the year bursaries totalling £13,750 (2024 - £12,300) were awarded to students visiting the following countries:
| 1 student to Brussels (6 months) 1 student to Canada (9 months) 1 student to France (5 months) 2 students to France (6 months) 1 student to France (11 months) 1 student to Kazakhstan (4 months) 1 student to Oman (3 months) 1 student to Portugal (3 months) 1 student to Seoul (12 months) 1 student to Taiwan (10 months) 2 students to Spain (9 months) 1 student to Canada (12 months) 1 student to Germany (6 month) 1 student to Seoul (12 months) 1 student to Japan (9 months) 2 students to France (9 months) 1 student to China (24 months) 1 student to France (12 months) 1 student to China (9 months) 1 student to Croatia (6 months) 1 student to Switzerland (24 months) |
2025 £ 2024 £ - 800 - 1,000 - 500 - 2,300 - 400 - 1,000 - 1,500 - 800 - 2,000 - 2,000 1,500 - 1,500 - 750 - 1,500 - 1,500 - 1,750 - 1,500 - 750 - 1,750 - 500 - 750 - |
|---|---|
| 13,750 12,300 |
Financial Review
The capital of the trust now stands at £514,281 (2024 - £476,172). This fund generates income which is used to assist students to improve their language skills and to further the export trade. The fund generated income of £45,772 (2024 - £16,833) to fund grants and related costs, which totalled £22,610 (2024 - £22,703). Whenever possible, surplus funds are reinvested in order to preserve the capital of the trust for the future.
Investment Policy
There are no restrictions on the charity’s power to invest. The investment strategy is set by the trustee and takes account of the recent demands for funds and the quality of the funding applications. The trustee considers the income requirement, the risk profile and the investment managers’ view of the market prospects in the medium term. This strategy is set within an overall policy of only considering low and medium risk investments with a view to ensuring there is reasonable capital appreciation of the fund. The fund is managed by Torevell & Partners.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Report of the Trustee for the year ended 31 March 2025 (cont..)
Reserves Policy
The Trustee has reviewed the reserves of the charity, in particular the nature of the income and expenditure streams. The Trustee is confident that future income and retained reserves will enable the charity to meet its foreseeable needs on the basis of planned activity and consequently are satisfied with the current level of reserves.
At 31 March 2025 the charity had total reserves amounting to £514,281 (2024 - £476,172).
Plans for the Future
The charity, in accordance with the trust deed, will continue to assist students who wish to reside in foreign countries in order to obtain knowledge of foreign languages for business purposes. Assistance will be given in the form of grants with the Trustees hoping to award grants totalling during the coming year. Funds available for distribution will arise from realised income generated by the capital fund investments.
The Trustee will regularly review the operation of the trust to ensure compliance with the trust deed and apply to the Charity Commission should an amendment to the trust deed be considered necessary.
In order to increase the capital funds which generate income available for future grant distribution the Trustee may approach previous grant recipients.
In addition, to ensure the knowledge bank and continuation of the grants sub-committee the Trustee continued to liaise with the Chair of Grants Sub Committee to consider the desirability of recruiting new committee members to sit on the Grants Sub Committee.
Approval
This report was approved by the West and North Yorkshire Chamber and Industry as Corporate Trustee on 26 September 2025 and signed on its behalf by:
James Mason Signed on 30 September 2025 @ 11:16
J M Mason
Director
(West and North Yorkshire Chamber of Commerce and Industry)
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Statement of Trustee’s accounting and reporting responsibilities
The Trustee is responsible for preparing the Trustee’s Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the Trustee is required to:
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Select suitable accounting policies and then apply them consistently;
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Observe the methods and principals in the Charities SORP;
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Make judgements and estimates that are reasonable and prudent;
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State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustee is responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Trustee is responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Independent Examiner’s Report to the Trustees of The John Speak Foundation Foreign Languages Scholarship Trust Fund
I report to the trustees on my examination of the accounts of The John Speak Foundation Foreign Languages Scholarship Trust Fund for the year ended 31 March 2025.
This report is made solely to the Charity’s Trustees, as a body, in accordance with Section 145 of the Charities Act 2011. My independent examination work has been undertaken so that I might state to the Charity’s Trustees those matters I am required to state to them in an Independent Examiner’s Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity’s Trustees as a body, for my independent examination work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (“the Act”).
I report in respect of my examination of the Trust’s accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent Examiner’s Statement
Since the Charity’s gross income exceeded £25,000 your examiner must be a member of a body listed in section 145 of the Act. I confirm that I am qualified to undertake the examination because I am a member of Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect
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accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Countersigned on 30 September 2025 @ 11:34
Nicola Taylor FCA Brown Butler Chartered Accountants Leigh House 28-32 St Paul’s Street Leeds LS1 2JT
2025
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Statement of Financial Activities for the year ended 31 March 2025
| Restricted endowment fund | Restricted endowment fund | ||
|---|---|---|---|
| 2025 | 2024 | ||
| Notes | £ | £ | |
| Income from: | |||
| Donations | 2 | 28,000 | - |
| Investment income | |||
| - Listed securities | 3 | 17,695 | 16,736 |
| - Bank interest | 3 | 77 | 97 |
| Total income | 45,772 | 16,833 | |
| Expenditure on: | |||
| Raising funds: | |||
| - Clerical | (6,914) | (5,370) | |
| - Translation fees and sundry costs | (1,703) | (2,975) | |
| - Broker’s charge | (3,582) | (3,083) | |
| - Bank charges | ( 75) | ( 75) | |
| (12,274) | (11,503) | ||
| Expenditure on charitable activity | 4 | (12,100) | (11,200) |
| Total expenditure | (24,374) | (22,703) | |
| Net expenditure before other recognised gains/(losses) |
21,398 | (5,870) | |
| Other recognised gains/(losses) | |||
| Realised and unrealised gains/(losses) on investments |
5 | 14,947 | 18,367 |
| Net movement in funds for the year | 36,345 | 12,497 | |
| Funds brought forward at 1 April 2024 | 476,172 | 463,675 | |
| Funds carried forward at 31 March 2025 | 512,517 | 476,172 |
All income and expenditure in the comparative Statement of Financial Activities was unrestricted.
All income and expenditure derive from continuing activities.
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 14 from part of these financial statements.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Balance sheet as at 31 March 2025
| 2025 | 2025 | 2024 | 2024 | ||
|---|---|---|---|---|---|
| Notes | £ | £ | £ | £ | |
| Fixed assets | |||||
| Investments | 5 | 503,936 | 462,571 | ||
| Cash at bank balances | 16,951 | 19,757 | |||
| Creditors:Amounts falling due | |||||
| within one year: | |||||
| Grants payable | 6 | (6,240) | (5,840) | ||
| Accruals | (2,130) | ( 316) | |||
| Current liabilities | (8,370) | (6,156) | |||
| Net current assets | 8,581 | 13,601 | |||
| Net assets | 7 | 512,517 | 476,172 | ||
| Funds | |||||
| Restricted endowment fund | 512,517 | 476,172 |
The financial statements were approved by the West and North Yorkshire Chamber and Industry as Corporate Trustee on 26 September 2025 and signed on its behalf by:
James Mason Signed on 30 September 2025 @ 11:16
J M Mason
Director
(West and North Yorkshire Chamber of Commerce and Industry)
The notes on pages 9 to 14 from part of these financial statements.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Notes to the financial statements for the year ended 31 March 2025
1. Accounting policies
The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:
1.1 Charitable Trust information
The John Speak Foundation Foreign Languages Scholarship Trust Fund is a charity established by Trust Deed dated 23 December 1924 and registered with the Charity Commission under charity number 529115. The charity’s principal office address is Devere House, Vicar Lane, Little Germany, Bradford, BD1 5AH.
1.2 Accounting convention
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (“Charities SORP (FRS102)”), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011 and UK Generally Accepted Practice.
The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Charities SORP (FRS 102) rather than Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £1.
The John Speak Foundation Foreign Languages Scholarship Trust Fund meets the definition of a public benefit entity under FRS 102.
Assets and liabilities are initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy notes.
1.3 Going concern
The charity is a grant making charity with grants awarded from income and gains generated. Grants can be varied according to income levels. The Trustees have at the time of approving the financial statements a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4 Income
Income is recognised in full in the Statement of Financial Activities (“SoFA”) in the year in which it is receivable.
1.5 Income from investments
Dividend and interest income from investment funds is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of dividends and interest paid or payable by the Fund Manager.
Interest income from cash deposits and listed investments is recognised in the accounts gross, when receivable.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Notes to the financial statements for the year ended 31 March 2025 (cont..)
1.6 Expenditure
Expenditure (excluding grants) is included in the SOFA on an accruals basis.
Charitable activities include support expenditure associated with the administration and issuing of grants.
1.7 Grants
Grants payable are commitments (including payments) made to third parties in the furtherance of the charitable objectives of the charity. Single or multi-year grants are accounted for as grants payable when either the recipient has a reasonable expectation that they will receive a grant and the Trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and any condition attaching to the grant is outside the control of the charity.
1.8 Fixed asset investments
Listed investments are stated at market value at the balance sheet date. The listed investment portfolio is held to generate returns and gains for the charity and accordingly is designated as fair value through profit and loss (“FVTPL”). Under this designation the portfolio is revalued at each period end to its fair value, as determined by reference to quoted market prices and values determined by independent fund managers, with any gains or losses going through the SoFA.
1.9 Financial instruments
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments in accordance with section 11 of FRS 102. Basic financial instruments are initially recognised at transaction value and are subsequently measured at their settlement value.
The Trust does not acquire put options, derivatives or other complex financial instruments.
1.10 Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity held for working capital.
1.11 Debtors
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income and expenditure account.
1.12 Creditors, loans and provisions
Creditors, loans and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors, loans and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
Financial liabilities are derecognised when, and only when, obligations are discharged, cancelled or they expire.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Notes to the financial statements for the year ended 31 March 2025 (cont..)
1.12 Creditors, loans and provisions (continued)
Amounts recognised as provisions are best estimates of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation.
1.13 Fund accounting
All funds received in the year relate to the accumulated endowment fund, the Trustees having full discretion over their use which must be in accordance with the objects of the charitable trust.
1.14 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The Trustees have judged that there are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
2. Donations
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Think German Internships Limited | 28,000 | 0 |
| 3. Investment Income |
||
| 2025 | 2024 | |
| £ | £ | |
| Listed securities | 17,695 | 16,736 |
| Bank interest | 77 | 97 |
| 17,772 | 16,833 |
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Notes to the financial statements for the year ended 31 March 2025 (cont..)
4. Charitable activities expenditure
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Grants and donations to charitable organisations | 13,750 |
12,300 |
| Cancelled current year grants | ( 750) | - |
| Cancelled / amended prior year grants | ( 900) | (1,100) |
| Total expenditure | 12,100 | 11,200 |
During the year bursaries totalling £13,750 (2024 - £12,300) were awarded to the students visiting the following countries:
| 1 student to Brussels (6 months) 1 student to Canada (9 months) 1 student to France (5 months) 2 students to France (6 months) 1 student to France (11 months) 1 student to Kazakhstan (4 months) 1 student to Oman (3 months) 1 student to Portugal (3 months) 1 student to Seoul (12 months) 1 student to Taiwan (10 months) 2 students to Spain (9 months) 1 student to Canada (12 months) 1 student to Germany (6 month) 1 student to Seoul (12 months) 1 student to Japan (9 months) 2 students to France (9 months) 1 student to China (24 months) 1 student to France (12 months) 1 student to China (9 months) 1 student to Croatia (6 months) 1 student to Switzerland (24 months) |
2025 £ 2024 £ - 800 - 1,000 - 500 - 2,300 - 400 - 1,000 - 1,500 - 800 - 2,000 - 2,000 1,500 - 1,500 - 750 - 1,500 - 1,500 - 1,750 - 1,500 - 750 - 1,750 - 500 - 750 - |
|---|---|
| 13,750 12,300 |
There were no staff employed by the charity (2024: no staff employed).
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Notes to the financial statements for the year ended 31 March 2025 (cont..)
5. Investments
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Valuation of 1 April 2023 | 462,571 | 447,288 |
| Purchases | 200,079 | 64,142 |
| Disposals | (173,661) | (64,142) |
| 488,989 | 447,288 | |
| Realised and unrealised profit/(loss) on investments | 14,947 | 15,283 |
| Valuation at 31 March 2024 | 503,936 | 462,571 |
The investments are all listed on a recognised stock exchange and are shown at their market value.
The historical cost of the investments is £400,373 (2024: £370,373). The investments are held primarily to receive a return and not for capital growth.
The investments are inclusive of the £28,000 donation received from Think German Internships limited
There are no programme related investments.
6. Grants Payable
| Reconciliation of grants payable | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Commitments at 1 April 2024 | 5,840 | 5,290 |
| Grants committed in the year | 13,750 | 12,300 |
| Grants paid during the year | (11,700) | (10,650) |
| Grant commitments reduced | (1,650) | (1,100) |
| Commitments at 31 March 2025 | 6,240 | 5,840 |
7. Analysis of Funds
| Restricted funds | 2025 | 2024 |
|---|---|---|
| £ | £ | |
| Accumulated Endowment Fund: | ||
| At 1 April 2024 | 476,172 | 463,675 |
| Net income/(expenditure) | 38,109 | 12,497 |
| As at 31 March 2025 | 514,281 | 476,172 |
8. Operating Lease Commitments
During the year no operating leases were held or entered in to.
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The John Speak Foundation Foreign Languages Scholarship Trust Fund
Notes to the financial statements for the year ended 31 March 2025 (cont..)
9. Related Party Transactions
During the year, the following transaction took place with the Corporate Trustee
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Management fee charged by Corporate Trustee | 4,800 | 4,800 |
| Membership and promotion charged by the Corporate Trustee | 1,200 | 1,200 |
10. Trustee Remuneration and Expenses
The Trustee received no remuneration or reimbursement of expenses in the year other than those disclosed in note 8 above.
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