THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2014

Registered Charity No. 273136

2

THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH (the “ESU”, the “English-Speaking Union” or the “Charity”)

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014

CONTENTS PAGE

WELCOME FROM OUR CHAIRMAN 3

A MESSAGE FROM OUR DIRECTOR-GENERAL 4

WHAT WE DO: OUR CHARITABLE ACTIVITIES 5

Our Speech & Debate Programmes 5

Our Education Programmes & Scholarships 7

Our Public Benefit in Figures 9

WHAT WE DO: OUR BUSINESS DEVELOPMENT 10

Our Membership & Branches Development 10

Our International Development Activity 10

Our Communications & IT 10

Our Alumni 11

Our Events 11

HOW WE ARE RUN: OUR GOVERNANCE 12

Structure and Objectives 12

Management: Patron, Vice Presidents, Board of Governors 12

Senior Executives 14

Professional Advisers 14

Governors’ Attendance at Board Meetings from 2013-14 15

Governors’ Attendance at Committee Meetings from April 2013 16

OUR RESOURCES: FINANCIAL REVIEW 17

Summary 17

Risk Management 17

Reserves 18

OUR FINANCIAL STATEMENTS 19

Statement of Governors’ Responsibilities 19

Independent Auditor’s Report 20

Consolidated Statement of Financial Activities 22

Balance Sheet 23

Notes to the Financial Statements 24-33

Description of Funds 34

3

WELCOME FROM OUR CHAIRMAN

I am delighted to introduce this year’s Annual Review for the English-Speaking Union of the

Commonwealth. I extend my gratitude to our Members, Vice Presidents, Counsellors, Governors, staff

and volunteers for their hard work and commitment during another year of progress in many areas of the

organisation, as it goes from strength to strength. The Princess Royal, President of the ESU, has

graciously supported the charity in speaking at the Autumn 2013 Branches Conference, and also

presenting prizes to ESU competition-winners at the House of Lords in the Spring of 2014.

My thanks are due to Dame Mary Richardson, Chairman of the ESU in 2011/14, for her time in office and

her vision for effective governance and stewardship of Dartmouth House, in order best to support the

ESU’s charitable aims.

The Board of Governors leads the English-Speaking Union's strategy and normally meets four times a

year. It considers matters reserved for the Governors as the legal trustees of the ESU and is answerable to

the Membership and to the Charity Commission. I am pleased to be able to say that the ESU is financially

sound and considerable efforts are being put into extending and improving the quality and reach of its

charitable work. However, there are still challenges ahead: Dartmouth House needs further modernising,

with disabled access and better facilities for Members. At a later date the office space in the mews house

will need complete refurbishment. During the year nearly £3/4 million has been invested in Dartmouth

House and there will be further major refurbishment during the summer of 2014. With a focus on the

charitable educational activities, the ESU is committed to building up its activities and profile as the

Centenary in 2018 approaches.

The Board has also worked diligently to update and modernise the ESU's Royal Charter and Bye Laws,

which have been approved by Extraordinary General Meetings of the Membership. At the next Annual

General Meeting the Members will elect 14 Governors (including the four Officers), and it will be able to

co-opt up to six members to provide the diverse range of professional Board skills required by all modern

charities.

The ESU continues to change the lives of the people with whom it works. I should like to highlight and

pay tribute to the unsung heroes of the ESU: our Members who give freely of their time and expertise to

our various activities, both nationally and in our Branches. Throughout this report, you will find evidence

of how their efforts have continued to make a difference in local, national and international communities.

Sir Peter Jennings CVO

Chairman

4

A MESSAGE FROM OUR DIRECTOR-GENERAL

As I write my first Annual Report, I am indebted to my predecessor, Peter Kyle, for his leadership and

management in the period up to December 2013. His oversight of staff restructuring and firm grip on

operational delivery led to the exciting developments you will read about throughout this report.

Financial stability, good support from corporate sponsors, and much-valued volunteer time and skill from

the Membership, has enabled the charity's educational activities to blossom - and you can read about

these in detail on pages 5 to 8. Supported by a small staff team at Dartmouth House, the ESU's

programmes for young people provide the opportunity for each to realise their potential.

An expansion of activity in state schools and an increased geographical reach remain as clear strategic

targets. Experiential days in school, national and international competitions, transatlantic exchanges,

public speaking, debating and the joy of performing Shakespeare, all contribute to the rich, annual

educational programme, which allows students of all ages to 'discover their voice'.

Teachers, researchers, publishers and individual scholars are also given the opportunity to bring greater

communication and understanding to wider society. The global reach of the English-Speaking Union

remains vitally important in our increasingly networked world. Our headquarters at Dartmouth House are

pivotal to the charity’s international effectiveness and a new five-year programme of renovation and

upgrading (to include disabled access) began during 2013.

Thanks are due to Executive Directors Marie Bond, Steve Roberts and James Ward, and all colleagues at

Dartmouth House for their daily commitment to the English-Speaking Union's vital work.

Jane Easton

Director-General

5

WHAT WE DO: OUR CHARITABLE ACTIVITIES

Educational Programmes and Scholarships

The ESU Speech and Debate team worked hard throughout the year to consolidate our long-standing

competitions and to pioneer new initiatives. The benefits of speaking in public combined with the

development of analytical thinking skills are reaching an ever-widening audience in the UK and abroad,

promoted by a skilled staff and a motivated and gifted team of mentors recruited from across the UK.

The ESU won a competitive tender, for the second year running, to work with the House of Lords

Education Outreach team to organise a debate at the House of Lords, on the one day of the year that the

Chamber is open to public debate. This year the debate on the lessons and legacy of the First World War

brought together 682 Cadet Corps students from all three services, with serving military personnel and

over 50 veterans. The final debate is preceded by months of training and competitions for the young

participants and veterans across the UK. This year there were training days all over the UK including at

Farnham, Cambridge, Nottingham, Liverpool, Leeds, Hampton, Radstock, Warwick, Newcastle,

Bridgend, Ayr, Angus, Broxbourne, Glasgow, Camberley and RAF Cranwell.

Partnerships such as those with the ARK Academies have continued while others, notably with House of

Commons’ Parliamentary Educational Outreach department, are in their infancy.

The ESU’s Continuing Professional Development work for teachers has continued to grow. This work is

vital to inspire and enable teachers to direct the enthusiasm and ability of pupils in years 4 to 6 to engage

in often spirited public speaking and debating work. The ESU has been delighted to support, both

financially and through staff involvement, the primary school research led by distinguished academic and

ESU Governor Dr Tony Wood in association with the University of Bedfordshire. The results of this

research, with children aged 7-9, were published in August 2013 and prove that pupils who were given

more opportunities to develop their verbal and oral communication skills, on average showed highly

significant gains in a nationally standardised test of non-verbal reasoning compared to others who did not

have those opportunities, and did better in achieving/exceeding their interim National Curriculum Key

Stage 2 targets over the period. Fuller information on http://www.esu.org/members-and-alumni/uk-

branches/east/ouse-valley/misc/Primary-School-Research

We also carried out 77 Discover Your Voice workshops for secondary schools across the year and the

coaching skills of 100 ESU trained mentors have benefitted 3,768 children in Primary and Secondary

schools across the state sector.

To test and intensify the learning experience for the children, our national school competitions continue to

thrive. Organised by our Branch Members at the local level, the quality of speaking at the Public

Speaking Competition for pupils in years 10 and 11, in regional and national finals has been of a very

high standard. 294 schools participated in the Heats. Regional finals were hotly contested and the final

held at Goodenough College London was won by Blundell’s School.

6

The Schools Mace debate competition had a fine year with more and more teachers and sixth form

students seeing the value of developing analytical thinking skills under the pressure of the debating

contest. This year 327 schools entered, working their way through to the National Final at Dartmouth

House

There was an enthusiastic response to the annual London Debate Challenge, for years 7 – 9, where we

invite all London state schools to compete on a borough by borough basis, leading to an exciting final at

Kings Place. The event was both funded, and supported with help in kind, by The ESU London Region,

The Week, Mediacorp and The Guardian.

The success of the ESU International Public Speaking Competition is underpinned by the great work of

our International Branches who once more developed their own competitive structure to select a student

to represent their country. The national finals of the IPSC involve over 40,000 young people. With the

generous support of HSBC, the finalists from 52 countries enjoyed a week of public speaking and cultural

activities culminating in the Grand Final at HSBC headquarters in Canary Wharf.

The ESU Debate Academy residential course at Oakham School enabled 99 young people to hone their

debating skills to the maximum. The ESU also funds and trains the England team for the World Schools

Debating Championship, which this year were held in Antalya, Turkey where the team reached the semi-

finals.

The John Smith Memorial Mace is the most prestigious University Debating Competition in the calendar.

110 students registered in four national competitions in England, Wales, Scotland and Ireland. The

national winners convened at the Royal Institution for the International Final won by Stuart Cribb and

Charlotte Thomas, and the International Mace by Trinity College Dublin.

Similarly, undergraduate students of Law, try their skills at Mooting in the nation’s largest and most

highly regarded Mooting Competition, competing through knock-out rounds until the best met at

Dartmouth House for the semi-finals. The Grand Final, won by JiaJun Toh and Astina Au of University

College London, was held at the Royal Courts of Justice.

The Performing Shakespeare competition for Key Stage 3 students involves workshops from drama

practitioners and competitive performance of monologues and duologues from the pupils. This year

marked the first Shakespeare Week for Primary School pupils, under the auspices of the Shakespeare

Birthplace Trust. The ESU is proud to be a Shakespeare Week partner and in 2013 we ran and supported

workshop days for children in London and Birmingham and for pupils from Liverpool. Thanks go to

QED Publishing for their invaluable support.

Mentors were rigorously interviewed for the various International Tours, where the mentors coach debate

to students, teachers and professional people, speak in show debates and judge competitive debates; this

7

year the tours included Denmark, Turkey, Italy, Japan, China, and - for the 90th year in succession - the

USA.

In June 2013, a group of university professors received training from the ESU on how to use debating as a

tool in human rights education. The ESU designed a guidebook and worked with 30 trainers who are

employed by the United Nations Development Programme to further spread knowledge and awareness of

the importance of human rights.

In partnership with Trust for London, a London-based charity that works to tackle poverty and

inequality, the S&D team organised two training days where disenfranchised adults received public

speaking training to better represent themselves in the media, or in any other public events. The days

involved 30 representatives of the London Travellers Unit, Disability in Action, Youth in Action and

ATD Fourth World.

The ESU provides life-changing educational opportunities for a wide range of individuals, from school-

leavers and undergraduates to teachers, post-doctoral scientists, literary translators and up-and-coming

musicians. This year, the department received 398 applications from qualifying individuals.

13 scholarships were awarded to professional people across 5 programmes:

Lindemann Trust Fellowship, for post-doctoral scientists

Travelling Librarian Award, for library professionals

Walter Hines Page Scholarships, for teaching professionals

Chatauqua Bell Tower Scholarships, for teaching professionals

American Memorial Travel Grant, for members of the clergy

There were a number of awards given to undergraduates and recent graduates:

3 young musicians awarded a Music Scholarship to participate in internationally-renowned

summer programmes across the world

1 student from Christies awarded the Chilton Art History Scholarship

1 UK undergraduate awarded a parliamentary internship to the Assemblée Nationale, Paris

The Secondary School Exchange sees young people cross the Atlantic for an unique extra year in UK and

US schools at the end of their 6th form studies. It is the ESU’s flagship and longest-running educational

enrichment programme. It is both a cultural and an academic exchange, encouraging greater

independence, wider outlook and broader cultural understanding for those who take part. Scholars benefit

from the experience at university and in their future careers, and the programme invariably provides life-

long friendships. This year 32 US and UK scholarships were awarded. We were delighted that 37

boarding schools offered school-leavers a place for 2 or 3 terms.

In November, the ESU welcomed current scholars, alumni and guests to the annual SSE Thanksgiving

Dinner, at Dartmouth House. The evening was attended by over 70 guests and Nicola Horlick, SSE

alumna and city ‘superwoman’, gave the keynote speech.

8

Our Experiencing English programme flourished in partnership with the Helen Bamber Foundation;

volunteers of all ages worked with refugees and victims of human rights violations to help improve

confidence through conversation and facilitate the transition to London life. We received over 100

applications from willing volunteers interested in supporting victims of trafficking, torture and other

human rights violations.

A pleasurable duty of the Education Department is to organise English Language Awards. The winner of

HRH the Duke of Edinburgh English Language Book Awards was Language Learning with Technology,

by Graham Stanley (Cambridge University Press). Hooray, Let’s Play, by Herbert Puchta and Günter

Gerngross (Helbling Languages) was awarded the 2013 Best Entry for Young Learners.

The ESU’s President’s Award was won by Macmillan Education, with IELTS Skills. These awards

celebrate innovation and good practice in the field of English Language and English Language Teaching.

Winners are chosen on their originality, presentation and practicality, by a widely respected panel of

judges, and they are invited to attend the ESU’s annual awards ceremony to receive their prize. This year,

the awards ceremony was hosted by Lord Boateng in the House of Lords and we welcomed our guest of

honour, HRH The Princess Royal, President of the ESU, to hand out the prizes and deliver a thought

provoking speech on the place of the English Language on the world stage.

This year saw two English Language Council lectures held in association with The British Council. The

English Language Council is a long standing ESU advisory group with unmatched knowledge of

developments in the teaching and evolution of English as the international language. In November The

English Language Council Lecture was delivered by novelist Lucinda Hawksley, on the role of

propaganda in the Great War, to a packed Dartmouth House audience and also live streamed worldwide.

In February Actor, Director, Producer and Author Ben Crystal delivered an ELC Lecture on the beautiful

language of Shakespeare. The ESU thanks both lecturers for delivering fascinating talks and for engaging

with a truly global audience.

9

OUR PUBLIC BENEFIT IN FIGURES

The Trustees have considered the guidance published by the Charity Commission under section 17 of the

Charities Act 2011, when setting their aims and activities for the year.

PROGRAMMES 2013-14 EDUCATIONAL REACH PARTICIPANTS

Schools Mace, 2013-2014

Public Speaking Competition for Schools 2013-2014

London Debate Challenge 2013

Discover Your Voice Training 2013-2014

Debate Academy 2013

ARK Academy Programme 2013-2014

ARK Teacher Training

Refugee Women

The Great War Debate

International Tours

International Public Speaking Competition

Trained ESU Mentors

10

OUR BUSINESS DEVELOPMENT

The Business Development Department continued this year to support our ever-growing range of

Charitable Programmes, as well as focusing on development of the Branch network in England & Wales

and the events programme at Dartmouth House.

OUR MEMBERSHIP & BRANCHES DEVELOPMENT

Membership is vitally important to the ESU. During 2013-14, the team has continued to work on the

Membership Acquisition and Retention Strategy, supporting Branches in the recruitment of new

Members. The Regional Development Officers continue to explore ways to grow Membership,

particularly in urban centres across the UK.

OUR INTERNATIONAL DEVELOPMENT ACTIVITY

The ESU’s international network continues to thrive, and the team at Dartmouth House are looking at

ways to provide further structural support to our international colleagues, to assist them in their own

programmes of charitable activities.

In September 2013, the International Council Meeting and World Members’ Conference was held at

Dartmouth House, in London. Representatives from over 20 countries were welcomed to the International

Headquarters of the ESU for two days of discussion, debate and social activities. The gathering of the

international family of the ESU offered the chance to form new and lasting relationships, as well as renew

old friendships.

OUR COMMUNICATIONS & IT

The ESU’s Communications Department continued to expand this year, with the addition of a second

part-time Graphic Designer, to support the needs of both the Charitable Activities and Membership

departments. We had additional support from volunteers and Members, and appointed a Freelance Web

Developer to aid us with our online communications. During the year, members, alumni, beneficiaries,

teachers, staff and corporate partners contributed to research aimed at strengthening the ESU’s external

presence. The results will form part of the 2014/15 report, following the implementation of a PR

campaign.

On esu.org, we continued to develop the facilities for Members visiting the site. A “Find My Local

Branch” feature has been installed, as well as the ability for visitors to set their local Branch, and for

relevant Branch information to be displayed across the site.

The number of visitors to our site continues to grow, bolstered by the increasing number of ESU

Branches maintaining content on their sections of the site.

March 2013 – April 2014

168,762 visits

115,828 visitors

67.2% new visitors

These web visitors came from 178 countries, including: USA, Romania, Brazil, Philippines, Indonesia,

Pakistan, Netherlands, Ukraine, Morocco, Japan, Thailand, Vietnam, UAE, Nigeria, Latvia, Bangladesh,

Cote d’Ivoire, Saudi Arabia, Malta, Ghana, Tunisia, Myanmar, Zimbabwe, Uganda, Ethiopia, Palestine,

Bosnia, Luxembourg, Namibia, Sudan, Tanzania, Barbados, Cameroon, Madagascar, Togo, El Salvador,

Gambia, DR Congo, Honduras, Cornoros, Lesotho, Mozambique and Sierra Leone.

11

Next year, we will continue to develop the site’s design, maintaining its current features and functionality.

Social Media has continued to be an important way of creating online communities and communicating

with beneficiaries and alumni. We have experienced significant growth across all platforms and next

year’s Social Media plan aims to increase engagement rates with all online audiences.

Facebook ‘Likes’ on:

The English-Speaking Union

1 April 2013 – 6,224

31 March 2014 – 8,601

Percentage growth: 38%

The Communications department also oversaw a redesign and refresh of dialogue magazine, which is

now focused on editorial content for our Members, rather than reading as a simple report about our

Members, appreciating that paper-based communication remains important to our membership.

The team worked with editorial and design consultants, Zed Publishing Ltd., to come up with the new-

look magazine OUR ALUMNI

The ESU’s alumni are key to the on-going success of the organisation. This year, the Alumni Department

has seen a number of changes, focused on allocating resources directly to engaging and building

relationships with our diverse alumni.

OUR EVENTS AT DARTMOUTH HOUSE

Throughout the year, the Dartmouth House events programme was successful as ever, hosting many well-

known speakers and artists. Over the course of the year, Dartmouth House played host to a variety of

virtuoso musicians, including recent Alumni of our Music Scholarships.

Notably, the Artistic Director of Ronnie Scott’s Jazz Club – James Pearson – performed a number of

extremely popular concerts, including “100 Years of Jazz Piano – Live!” and “A history of the piano in

film”. We also had internationally-renowned Mexican guitarist, Morgan Szymanski, bring his “Sketches

of Mexico” project to the Long Drawing Room – an audio-visual presentation using live music and

projection to capture the atmosphere of Mexico.

12

HOW WE ARE RUN: OUR GOVERNANCE

NAME AND REGISTERED OFFICE OF THE CHARITY

The full name of the charity is The English-Speaking Union of the Commonwealth. Its registered office

and principal operating address is Dartmouth House, 37 Charles Street, London W1J 5ED.

The Charity is registered in England and Wales under registration number 273136.

STRUCTURE AND OBJECTIVES

The ESU was founded in 1918 as an unincorporated association. In 1922 the association was

incorporated under the Companies Act as a company limited by guarantee and without share capital. In

1957 the ESU was granted a Royal Charter in which its charitable objectives are set out and which

remains its governing document. Those objectives are:

“...to promote within [the] United Kingdom and other countries of the Commonwealth, the United States

of America, Europe and elsewhere the mutual advancement of education of the English-speaking peoples

of the world, in particular (but without in any way limiting the generality of the foregoing) respecting

their heritage, traditions and aspirations, the events and issues of the day affecting them, their inter-

relationships and the use of English as a shared language and means of international communication of

knowledge and understanding: provided always that the foregoing aims and objects shall at all times be

pursued in a non-political and non-sectarian manner.”

There is a worldwide network of national English-Speaking Unions, each an independent organisation,

spearheaded by the International Council, for which the ESU provides the secretariat and the main

funding of the International Council.

MANAGEMENT

The ESU is governed by a Board of Governors, who are the individual Trustees of the Charity. Each is

required to be a member of the ESU. The Board is assisted in its work by six Committees: Audit and

Risk, Charitable Activities, Business Development, Finance & Operations, Nominations and the

Management Co-ordination Group and a separate trading subsidiary, Dartmouth House Ltd. A full audit

of governance activity is planned for 2014. The Nominations Committee advises on the recruitment and

appointment of new Trustees and their induction..

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to

have due regard to the Charity Commission’s general guidance on public benefit, Charities and Public

Benefit. The ESU’s charitable purpose is enshrined in its objects ‘to advance education’.

FUTURE PLANS

The Governors have committed to the future development of the English-Speaking Union of the

Commonwealth in a number of key areas. Educational advancement and enrichment through the use of

the English language are at the heart of the ESU’s charitable aims. Additional funding has been allocated

to these charitable activities. Within that educational work is a commitment to the public benefit that

arises out of an agenda to broaden the geographical impact and accessibility of all educational

programmes. Historic anniversaries provide a natural focus for projects through which communication

skills can be built. Magna Carta 800 and the 50th anniversary of Winston Churchill’s death in 2015 will

engage thousands of young people worldwide in projects and debate on the principles of democracy, and

13

in public speaking. As the ESU approaches its own centenary in 2018, the aim is to build public profile

and outreach, supported by an increasing number of trusts and corporate funders who share the ESU’s

vision for effective communication and understanding.

PATRON

Her Majesty The Queen

PRESIDENT

HRH The Princess Royal KG KT GCVO

VICE-PRESIDENTS

Sir John Bond (to November 2013)

The Lord Watson of Richmond CBE

Mr Guy Weston

BOARD OF GOVERNORS (TRUSTEES OF THE CHARITY)

HONORARY OFFICERS (ex officio Trustees of the Charity)

Chairman Dame Mary Richardson DBE

Deputy Chairman Jonathan Dye

Deputy Chairman Sir Peter Jennings CVO

Honorary Treasurer Alan Cox (to November 2013)

Roderick Chamberlain (from December 2013)

Honorary Secretary Sara Brown (to May 2013)

GOVERNORS

The following served as Governors throughout the year:

The Rt Hon The Lord Boateng of Akyem PC DL Robert Lintott

Sara Brown (from June 2013)

Dr Laurie Burbridge

Ann Carley

Bilal Mahmood

Derek Morgan OBE DL

Colin Niven OBE

John Cartwright

Roderick Chamberlain (to November 2013)

David Cheeseman

Matthew Congreve

Roger Cornwell

Leslie Dubow

Sir Michael Graydon GCB CBE

Charmaine Jayetilleke MBE

Richard Oldham

Gill Prior

Professor James Raven

Holly Shakespeare

Michael Shankland

Roger Tilbury

Dr Tony Wood

The following served as Governors until the date shown below:

Pauline Chakmakjian (to November 2013)

14

The record of Governors’ attendance at Board and Committee Meetings is set out in two tables on pages

15 and 16

SENIOR EXECUTIVES

DIRECTOR-GENERAL

DIRECTORS

PROFESSIONAL ADVISERS AUDITORS SOLICITORS

BANKERS INVESTMENT MANAGERS

15

GOVERNORS’ ATTENDANCE AT BOARD MEETINGS FROM APRIL 2013

Key: x = present; - = absent; blank = denotes not the serving Governors period of office; bold print = Chairman

GOVERNORS JUNE

2013

JULY 2013 SEPT 2013 OCTOBER

2013

JAN 2014 MARCH

2014

Dame Mary Richardson X - X X - -

Sir Peter Jennings X X X X X X

Jonathan Dye X - X - X X

Alan Cox X - X X

Lord Paul Boateng X X - X - X

Sara Brown X X X X X X

Laurie Burbridge X X X X X X

Ann Carley X X X X X X

John Cartwright X X X X X X

Pauline Chakmakjian - - - X

Roderick Chamberlain X X X X X -

David Cheeseman X X - X X -

Matthew Congreve X X X X X -

Roger Cornwell X X - - X X

Leslie Dubow X X X X X X

Sir Michael Graydon X X X - X X

Charmaine Jayetilleke X X - X - -

Robert Lintott - X X X X X

Bilal Mahmood - - - - - -

Derek Morgan X X X - - X

Colin Niven X X X X X X

Richard Oldham X X X X X X

Gill Prior X X X X X X

James Raven - - X X X X

Holly Shakespeare X X X X X -

Michael Shankland X - - - X X

Roger Tilbury X X X X X X

Tony Wood X X X X X X

16

GOVERNORS’ ATTENDANCE AT COMMITTEE MEETINGS FROM APRIL 2013 Key: x = present; - = absent; blank = denotes not during the Governors period in office ; bold print = Committee Chairman

CHAIRMAN’S

MAY 2013

SEPT 2013

Dame Mary Richardson X X

Alan Cox X -

Jonathan Dye - -

Sir Peter Jennings X X

Richard Oldham

MANAGEMENT CO-ORDINATION GROUP

Sir Peter Jennings

Roderick Chamberlain

Laurie Burbridge

Jon Dye

Alan Cox

Roger Tilbury

X

DEC 2013

X

X

X

X

X

-

FEB 2014

X

X

X

-

X

AUDIT AND RISK MAY 2013 SEP 2013 NOV 2013 FEB 2014

Roderick Chamberlain X X X

Roger Tilbury X X X X

Sara Brown X X X

Ann Carley X X X X

Leslie Dubow

Matthew Congreve

X

X

X

X

-

-

X

X

BUSINESS DEVELOPMENT

Laurie Burbridge

Sir Peter Jennings

John Cartwright

Charmaine Javetilleke

Robert Lintott

Michael Shankland

Anthony Harris (external)

APR 2013

X

X

X

X

X

-

X

OCT 2013

X

X

X

X

X

X

X

MAR 2014

X

-

-

-

X

X

X

CHARITABLE ACTIVITIES APR 2013 SEPT 2013 NOV 2013 FEB 2014

Jonathan Dye - X X X

Roger Cornwell X - - -

Colin Niven X X X X

James Raven X X - X

Holly Shakespeare X X X X

DARTMOUTH HOUSE LTD

SEPT 2013

MAR 2014

Dame Mary Richardson X -

David Cheeseman - X

Alan Cox -

Jonathan Dye X X

Sir Peter Jennings X X

Richard Oldham X X

FINANCE AND OPERATIONS MAY 2013 AUG 2013 DEC 2013 FEB 2014

Alan Cox

Roderick Chamberlain

X

X

X

X

Michael Graydon X X X X

Robert Lintott X X X X

Bilal Mahmood - - - -

Derek Morgan X X X X

Andrew Hay (external) - X - -

Michael Maslinski (external)

NOMINATIONS

There were no meetings during this period

X X - -

17

OUR RESOURCES: FINANCIAL REVIEW

SUMMARY

RISK MANAGEMENT

18

RESERVES

The Board’s policy is to maintain free liquid resources, (currently held as near-cash investments)

including anticipated rental income due during the period, at least sufficient to cover overheads and

payroll costs for 12 months. This represents the time during which the Board considers it could achieve

an orderly wind-up of the Charity’s affairs.

At 31 March 2014, total reserves amounted to £39,020,556, of which £1,390,395 were represented by

restricted and endowed funds, £760,111 were designated towards buildings maintenance and the Joyce

Rolf Fund, and a further £23,300,000 is designated to represent the value of the charity’s investment

property, the Chesterfield Hotel. This leaves a general fund balance of £13,570,050 which is represented

by the charity’s freehold building and other fixed assets at Dartmouth House (£12,524,085) and other

investment assets (£1,489,720) including investment in the fabric of the building, therefore free reserves

are a negative of (-£443,755). Plans have been approved by the Board to build upon this work in

2014/15.The Trustees are comfortable with this being a negative figure as funds can quickly be

transferred to cash and is therefore deemed acceptable in the current climate. The trustees will continue

to monitor the reserves position.

19

OUR FINANCIAL STATEMENTS

STATEMENT OF GOVERNORS’ RESPONSIBILITIES

20

INDEPENDENT AUDITOR’S REPORT TO THE TRUSTEES OF THE ENGLISH SPEAKING UNION OF THE

COMMONWEALTH

22

THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

(Including income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2014

2014 2013 INCOMING RESOURCES Notes Unrestricted Restricted Total Total Income from generated funds £ £ £ £ Voluntary Income Donations & Grants 68,291 68,291 155,582 Legacies 140,662 88,482 229,144 6,971 Activities Property Income 1,562,285 1,562,285 2,067,716

Investment income & deposit interest 40,411 48,580 88,991 79,682 Commission from contract caterer 137,312 137,312 139,175 Income from Charitable Activities Programme & Events 193,185 120,325 313,510 236,364 Income from branch events 164,423 369 164,792 159,049 Membership Subscriptions 167,913 167,913 147,627 Educational facilities and placements 6b 843,927 843,927 768,900

TOTAL INCOMING RESOURCES 3,318,409 257,756 3,576,165 3,761,066 Resources Expended Cost of generating funds Subsidiary’s operational expense 2 309,565 - 309,565 253,043 Charitable expenditure Education programme & scholarships 3 1,231,970 98,112 1,330,082 1,119,730 Membership & Branches 4 545,072 545,072 439,645 International development 42,879 42,879 53,560 Educational facilities & placements 6b 843,927 843,927 768,900 Governance Costs 5 54,248 9,006 63,254 113,345

TOTAL RESOURCES EXPENDED 6 3,027,661 107,118 3,134,779 2,748,223

NET INCOMING RESOURCES BEFORE OTHER RECOGNISED GAINS & LOSSES 290,748 150,638 441,386 1,012,843 OTHER GAINS AND LOSSES Unrecognised Gains/(losses) on investments 10 5,123,444 (29,308) 5,094,136 223,071 Unrecognised Gains/(losses) on Fixed Assets 9 3,700,000 3,700,000

NET MOVEMENT IN FUNDS 9,114,192 121,330 9,235,522 1,235,914 Total funds brought forward at 1 April 28,515,969 1,269,065 29,785,034 28,549,120

Total funds carried forward at 31 March 14 37,630,161 1,390,395 39,020,556 29,785,034

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Restricted funds held at 31 March 2014 include endowments of £842,492 and gains attributed of £8,823,444 (Note 14)

23

THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH BALANCE SHEET

AS AT 31 MARCH 2014

ESU Group ESU Charity

Notes 2014 2013 2014 2013

FIXED ASSETS £ £ £ £ Tangible fixed assets 9 12,524,085 8,103,784 12,524,085 8,103,784 Investments 10 26,245,100 20,497,977 26,245,100 20,497,977

38,769,185 28,601,761 38,769,185 28,601,761 CURRENT ASSETS Stock 3,325 3,478 - - Debtors 11 180,640 140,250 161,264 131,224 Cash at Bank and in hand 818,725 1,742,207 817,984 1,737,448

1,002,690 1,885,935 979,248 1,868,672 CREDITORS Amount falling due within one year 12 751,319 702,662 730,528 688,050

NET CURRENT ASSETS 251,371 1,183,273 248,720 1,180,622

NET ASSETS 14 39,020,556 29,785,034 39,017,905 29,782,383

Representing: RESTRICTED RESERVES Endowments 842,492 825,006 842,492 825,006 Branch funds 46,332 100,022 46,332 100,022 Restricted funds 501,571 344,037 501,571 344,037

14 1,390,395 1,269,065 1,390,395 1,269,065 UNRESTRICTED RESERVES Designated funds 24,060,111 18,926,487 24,060,111 18,926,487 Trading funds 2 2651 2,651 - - General funds 13,567,399 9,586,831 13,567,399 9,586,831

14 37,630,161 28,515,969 37,627,510 28,513,318

TOTAL FUNDS 14 39,020,556 29,785,034 39,017,905 29,782,383

These financial statements were approved and authorised for issue by the governors on 24th September 2014 and signed on their behalf by Sir Peter Jennings CVO Chairman

24

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

a. Basis of accounting

Except as indicated below, these accounts have been prepared under the historical cost convention and in

accordance with the applicable standards including the Statement of Recommended Practice on Accounting and

Reporting by Charities (SORP 2005). The particular accounting practices adopted by the Governors are described

below.

b. Group accounts

The accounts have been consolidated to include the results of the charity’s trading subsidiary Dartmouth House

Ltd. The Group has taken the exemptions available under FRS 8 regarding the disclosure of intra-group

transactions.

In accordance with the SORP 2005, no individual statement has been prepared for the parent charity, the

English-Speaking Union of the Commonwealth.

Dartmouth House Ltd is a trading subsidiary of the ESU. It is incorporated as a company limited by guarantee and

not having a share capital. A Gift Aid payment is made to the ESU each year equivalent to the taxable profit. The

trade of the company is promoting the facilities in Dartmouth House for external use.

c. Income resources

All incoming resources are included in the Consolidated Statement of Financial Activities when the charity is

legally entitled to the income and the amount can be quantified with reasonable accuracy. The following specific

policies apply to categories of income:

Subscriptions are credited to the income and expenditure account when received, less the proportion

which relates to the next financial year.

Legacy and donations income are included in the financial statements when the conditions of

entitlement are met.

All other income is accounted for on an accruals basis.

d. Resources expended

All expenditure is accounted for on an accruals basis and has been classified under the headings that aggregate all

costs relating to that category. Where costs cannot be directly attributed to particular headings they have been

allocated to activities on a basis consistent with use of resources. The majority of overheads have been

apportioned on the basis of headcount because that is the main driver of the costs of the charity.

Expenditure is stated in line with the SORP 2005. Scholarships are accounted for in full upon the creation of a

constructive obligation. Support costs, which include finance, IT, head office functions and facilities are allocated

using an apportionment (where relevant and reasonable) based on time, occupancy and usage across categories

of the charitable expenditure, governance and the costs of generating funds. Governance costs separately

identified, relate to the general running of the charity as opposed to the costs of fundraising or charitable activity.

Included within this category are costs associated with the strategic as opposed to the day to day management of

the charity’s activities. Fundraising costs are those incurred in seeking voluntary contributions and do not include

the costs of disseminating information in support of the charitable activities. Irrecoverable VAT is charged as a

cost to the Consolidated Statement of Financial Activity.

e. Funds

Endowment funds

Permanent endowments: where a donor specifies only income arising from a donation can be used, and

the income may also be restricted towards a particular purpose.

25

Expendable endowments: an expendable endowment fund is a fund that must be invested to produce

income. Depending on the conditions attached to the endowment, the Governors will have a legal power to

convert all or part of it into an income fund which can then be spent.

Restricted income funds

Restricted income funds are subject to specific restrictions imposed by the donor or by the nature of the

appeal.

General unrestricted income funds

General funds are unrestricted income funds available to the ESU for its general purposes and include funds

designated for a practical purpose. The use of designated funds remains at the discretion of Governors.

f. Fixed assets

Freehold properties are stated at an existing use valuation. Other fixed assets are stated at cost less accumulated

depreciation. Assets with a cost in excess of £1,000 intended to be of on-going use are deemed to be fixed assets.

g. Depreciation

Investment properties are included at market value of the freehold interest and are not depreciated. Freehold

property for charity use is also included at existing use value and it is the Governors’ opinion that there will be no

diminution in value, therefore no depreciation is provided on freehold property. Depreciation in respect of plant

and machinery and furniture and fittings is charged on straight line basis over fifteen year and five years

respectively, in the case of computers on a straight line basis over four years.

h. Investments

Investments listed on a recognised stock exchange are included in the Balance Sheet at market value, including

those parts of the freehold property (reflected as market value of the freehold interest) which are leased.

Realised and unrealised gains and losses are included in the Statement of Financial Activities.

i. Branches

The income and expenditure, assets and liabilities of the branches of the ESU in England and Wales have been

combined within these accounts. The separate ESUs in Scotland and overseas are autonomous organisations and

have therefore not been consolidated.

j. Cash flow statement

The ESU qualifies as a small entity under FRS1 and SORP and is therefore exempt from the requirement to

prepare a cash flow statement.

k. Pensions

The charity contributes to a defined contributions pension scheme. Contributions payable for the year are

charged to the Statement of Financial Activities in the period for which they are due.

l. Taxation

The ESU has charitable status and is thus exempt from taxation of its income and capital gains falling within

Sections 521 to 536 of the Income Tax Act 2007 to the extent that they applied to its charitable objectives. No

material tax charge has risen in its subsidiary and no provision is required for deferred taxation.

m. Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow

moving stock.

n. Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange

at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate prevailing on

the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities.

o. Benefits in kind

The benefits in kind received by the Charity are included at a reasonable estimate of their gross value to the

Charity. See note 6b

26

2 TRADING SUBSIDIARY Summary of audited accounts for Dartmouth House Ltd Dartmouth House Ltd outsources the catering and room hire of Dartmouth House under contract to Leith’s, a subsidiary of the Compass Group. Operating costs include an allocation of ESU employee costs and management expenses.

2014 2013 £ £ Turnover 399,246 399,803 Cost Of Sales (6,356) (5,049)

Gross Profit 392,890 394,754 Operating Costs (303,209) (247,994)

Net Profit 89,681 146,760 Gift aid payment to ESU (89,681) (146,760)

Surplus / (Deficit) - -

Summary of assets and liabilities are as follow: 2014 2013 Assets 58,299 27,424 Liabilities (55,648) (24,773)

Net Assets 2,651 2,651

ESU Group 2014 2013 3 SCHOLARSHIP AND OTHER EDUCATIONAL PROGRAMMES £ £ Direct cost of programmes 780,512 614,734 Programme administration and support: Education 171,301 173,586 Library 25,309 58,280 Speech and Debate department 231,437 178,126 Corporate Fund-raising 121,523 95,004

1,330,082 1,119,730

4 MEMBERSHIP AND BRANCHES 2014 2013 Publications, Marketing & Communications 227,785 132,185 Branch Support and development 134,286 117,973 Membership 183,001 189,487

545,072 439,645

5 GOVERNANCE COSTS 2014 2013 Governors expenses 16,497 12,177 Legal & Professional 30,407 84,418 Audit Fees 16,350 16,750

63,254 113,345

Governance costs include Directors time concerned with the strategic planning processes that contribute to the development of the charity. During the year reimbursement of travelling and general expenses of £16,497 (2013: £12,177) were incurred directly and reimbursed to 16 Governors (2013: 17) No remuneration was paid to Governors (2013: nil) Fees payable to Auditors for 2014 were £16,350 (2013: £16,750)

27

6 Total resources expended Total resources expended analysed by type of expenditure: 2014 2013 Direct costs of: £ £ Scholarships and educational programmes 388,783 315,304 Fundraising events 222,357 175,650 Educational facilities and placements (see note 6b) 843,927 768,900 Operating costs: Governors’ and meeting expenses 28,868 21,124 Staff Cost (see note 7) 940,719 873,432 Legal & Professional fees 90,348 103,668 Other office expenditure 256,962 175,923 Trading subsidiary costs (excluding staff costs) 199,159 151,870 Utilities and property costs (including building insurance repairs) 163,656 162,352

3,134,779 2,748,223

Grants Awarded

Direct Costs

Support Costs

Total 2014 Total 2013

6a Cost of generating funds £ £ £ £ £ Subsidiary’s operational expenses - 171,896 137,669 309,565 253,043 Charitable Expenditure Educational Programmes and Scholarships 74,480 962,366 293,236 1,330,082 1,119,730 Educational facilities and placements 843,927 - 843,927 768,900 Membership and Branches 33,989 317,449 193,634 545,072 439,645 International Development - 632 42,247 42,879 53,560 Governance Costs - 63,254 - 63,254 113,345

108,469 2,359,524 666,786 3,134,779 2,748,223

6b Educational facilities and placements £ £ Secondary School Exchange 825,427 689,100 Capitol Hill Internship - 61,300 Other services provided 18,500 18,500

Total 843,927 768,900

The educational facilities and placements were received as a benefit in kind, and as such they are included as both income and expenditure.

28

7 Staff remuneration and numbers All staff are employed jointly by the ESU and Dartmouth House Ltd. The cost of their employment is therefore charged to the two organisations based on an assessment of the amount of time devoted to them:

ESU Group 2014 2013 Staff remuneration and numbers £ £ Salaries & Employers’ NIC 920,112 854,773 Employers’ pension contributions 20,607 18,659

Total remunerations 940,719 873,432

The number of employees that received emoluments in excess of £60,000 was : 2014 2013 £60,001-£70,000 1 - £70,001-£80,000 - - £80,001-£90,000 1 1 Number of employees 2014 2013 Average full-time staff numbers Charitable activities 20.4 14.0 Income generation 0.3 1.0 Governance and accounting 3.7 3.0

24.4 18.0

2014 2013 8 Overhead Allocation £ £ Education programme and scholarships 180,781 190,464 Membership and Branches 193,634 198,367 International Development 42,879 44,066

417,294 432,897

Overhead costs include finance, IT head office function and facilities Support Costs consist of: 2014 2013 £ £ Management and Administration 149,056 146,761 Finance & Human Resources 115,497 118,748 Operations including premises 402,233 369,600

666,786 635,109

29

9 Fixed Assets Freehold Property

Plant and Machinery

Computer Equipment

Fixtures and

fittings

Branch assets

Total

£ £ £ £ £ £ a Tangible fixed assets (all for charity use) Cost or valuation At 31 March 2013 8,000,000 - 225,738 128,074 - 8,353,812 Disposals - - - - - - Cost adjustment - assets still in use 3,700,000 - - - - 3,700,000 Additions - 745,038 34,638 11,918 - 791,594

At 31 March 2014 11,700,000 745,038 260,376 139,992 - 12,845,406

Depreciation At 31 March 2013 - - 134,705 115,323 - 250,028 Depreciation on disposals - - - - - - Depreciation adjustment - assets still in use - - - - - - Charged in the year - 24,620 42,166 4,507 - 71,293

At 31 March 2014 - 24,620 176,871 119,830 - 321,321

Net book value at 31 March 2014 11,700,000 720,418 83,505 20,162 - 12,524,085

At 31 March 2013 8,000,000 - 91,033 12,751 - 8,103,784

Freehold property The ESU holds freehold in both the Chesterfield Hotel, 35 Charles Street, London and Dartmouth House (including Clarges Mews), 37, Charles Street, London. Two leases have been granted to The Chesterfield Hotel by which they operate the Hotel. The freehold interest, subject to the two leases, has been valued to Market Value by Cushman & Wakefield Hospitality in the sum of £23.3m, as at March 2014. The freehold interest, occupied by the ESU for its own use, has been valued to Existing Use Value by Cushman and Wakefield Hospitality in the sum of £11.7m as at March 2014.

ESU and ESU Group 2014 2013 £ £ Fixed assets for charity use 11,700,000 8,000,000 Investment properties (leased to The Chesterfield Hotel) 23,300,000 18,200,000

35,000,000 26,200,000

Historical cost 1,981,032 1,328,045 Unrealised Gain 33,018,968 24,871,955

30

ESU and ESU Group 2014 2013

10 Investments £ £ Share portfolio Market value at 31 March 2,297,977 2,074,906 Acquisitions at cost 855,206 - Disposal proceeds (202,219) - Movement in cash held - - Investment managers’ fee - - Withdrawals: Distribution adjustment - - Unrealised and realised gains/(loss) (5,864) 223,071

Market value at 31 March 2,945,100 2,297,977

The Chesterfield Hotel Market value at 31 March 18,200,000 18,200,000 Unrealised gains on revaluation of the Chesterfield Hotel 5,100,000 -

Market value at 31 March 23,300,000 18,200,000

Market value of all investments at 31 March 26,245,100 20,497,977

Made up of: Investment properties (as above) 23,300,000 18,200,000 Pooled share portfolio: Unit Trusts 2,923,861 2,275,676 Cash held as part of the share portfolio - Branch investments 21,239 22,301

26,245,100 20,497,977

Material Investments 2014 2013 £ £ At 31 March 2014, the portfolio held 2 holdings greater than 8% of the pooled

investment portfolio by value:

3,056,965 units Alpha CIF for Endowments (2013: 2,364,763) 2,705,414 2,014,069 3,770 (2013: 1,131) units Sarasin EmergingSar Fund 218,447 261,607 Historical cost at 31 March Investment properties 1,014,326 1,014,326 Pooled investment portfolio: Unit Trust 2,677,700 2,018,522 Branch investments 22,301 22,301

3,714,327 3,055,149

31

ESU Group ESU 2014 2013 2014 2013 11 Debtors £ £ £ £ Sundry debtors 147,223 108,233 92,990 89,046 Amounts owed by the (ESU) International Council - - - - Amounts owed by Dartmouth House Ltd - - 34,857 10,161 Prepayments and accrued income 33,417 32,017 33,417 32,017

180,640 140,250 161,264 131,224

ESU Group ESU 2014 2013 2014 2013 12 Creditors (amounts falling due within one year) Amount owed to the (ESU) International Council - - - - Amount owed to Dartmouth House Ltd - - - - Sundry Creditors 376,435 337,090 360,454 322,478 Unexpired subscriptions 65,961 61,459 65,961 61,459 Deferred income 308,923 304,113 304,113 304,113

751,319 702,662 730,528 688,050

12a Operating Lease Commitments At 31st March 2014, the group had annual commitments in respect of operating leases which expire in the period shown as follows:

Office Equipment 2014 Office Equipment 2013 £ £

Within one year 1,822 1,822 Two to five years 5,011 6,833

6,833 8,655

32

Unrestricted Fund

ESU Group Restricted Funds

Total Funds 2013

£ £ £ 13 Analysis of net assets between funds Fund balances at 31 March 2014 are represented by: Tangible fixed assets (including Dartmouth House) 12,524,085 - 12,524,085 Investment property (Chesterfield Hotel) 23,300,000 - 23,300,000 Other investments 1,755,176 1,189,924 2,945,100 Net current assets (liabilities) 50,900 200,471 251,371

Total net assets 37,630,161 1,390,395 39,020,556

14 Statement of funds Balance at

31 March 2013

ESU Group Balance at 31 March

2014 Movement in the 12 months Incoming

Resources Expenditure Revaluation

Gains/ (Losses)

£ £ £ £ £ Restricted Reserves Endowments: Permanent endowments 154,423 - - 3,272 157,695 Expendable endowments 670,583 - - 14,214 684,797

825,006 - - 17,486 842,492 Branch funds 100,022 369 - (54,059) 46,332 Restricted funds 344,037 257,387 (107,118) 7,265 501,571

Total Restricted Reserves 1,269,065 257,756 (107,118) (29,308) 1,390,395

Unrestricted Reserves Designated funds 18,926,487 26,465 (9,503) 5,116,662 24,060,111 Trading funds 2,651 399,246 (399,246) - 2,651 Branch funds 213,595 219,952 (202,767) - 230,780 ESU funds 9,373,236 2,672,746 (2,416,145) 3,706,782 13,336,619

Total Unrestricted Reserves 28,515,969 3,318,409 (3,027,661) 8,823,444 37,630,161

Total Reserves 29,785,034 3,576,165 (3,134,779) 8,794,136 39,020,556

33

15 Balance at 31 March

2013

ESU Group Balance at 31 March

2014 Movement in the 12 months Incoming

Resources Expenditure Revaluation

Gains/ (Losses)

£ £ £ £ £ Endowments (see note 15a) Permanent endowment funds P W Minet American Education Scholarship 52,476 - - 1,112 53,588 P W Minet Community Benefit 52,476 - - 1,112 53,588 Education Endowment Fund 33,752 - - 715 34,467 Charlotte Bonham-Carter Scholarship Fund 15,720 - - 333 16,053 Expendable endowment funds American Memorial Chapel Fund 63,640 - - 1,349 64,989 Westbury Preston Memorial 594,800 - - 12,608 607,408 Mallinson Memorial Fund 12,142 - - 257 12,399

825,006 - - 17,486 842,492

Branch funds (see note 17a) Scholarships (restricted) 100,022 369 - (54,059) 46,332 Restricted funds (see note 18a) American Memorial Chapel Income Fund 19,383 2,273 (2,685) 805 19,776 The Lindemann Fellowship Fund 19,051 97,967 (46,090) 328 71,256 Education Endowment Income Fund 6,793 1,174 (452) 411 7,926 Westbury Preston Memorial Income Fund 41,172 25,424 (1,302) 404 65,698 P W Minet American Education Sch Fund 3,284 2,129 (1,952) 144 3,605 P W Minet Community Benefit Income Fund 5,154 1,458 (759) 873 6,726 C E Eckersley Educational Fund 13,372 700 (452) 70 13,690 ESU International Appeal Fund - 1,755 (452) 109 1,412 Walter Annenburg Fund 12,184 400 (2,072) 283 10,795 L Moore & B Barrow Funds 17,340 556 (7,200) - 10,696 De Fretitas Fund 8,468 206 (452) 258 8,480 Chilton Art History Scholarship Fund 11,744 92,005 (3,790) 368 100,327 Mallinson Memorial Income Fund 11,570 579 (2,065) 179 10,263 The Ravinia Scholarship Fund 4,608 23 (464) 249 4,416 Corporate Initiative Fund 15,229 608 (452) 245 15,630 Belinda Norman-Butler Music Fund 16,017 909 (452) 98 16,572 Alumni Fund 15,476 664 (452) 323 16,011 Music Fund 37,977 22,035 (29,069) 339 31,282 C Bonham-Carter Scholarship Fund 2,056 653 (452) 44 2,301 John Roberts Travel Scholarship Fund 28,577 1,125 (2,952) 553 27,303 Nurses Work Shadow Fund 1,379 1,199 (484) 28 2,122 Chester Scholarship Fund 53,203 2,346 (2,618) 1,128 54,059 1066 Branch - 1,200 - 25 1,225

344,037 257,388 (107,118) 7,264 501,571

Designated Funds (see note 19a) Joyce Rolf Fund 619,954 21,848 (9,029) 14,333 647,106 Building Maintenance Fund 106,533 4,617 (474) 2,329 113,005 Chesterfield Hotel Investment Property 18,200,000 - - 5,100,000 23,300,000

18,926,487 24,465 (9,503) 5,116,662 24,060,111

34

THE ENGLISH-SPEAKING UNION OF THE COMMONWEALTH REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2014

15a Endowments (continued) Education Endowment Fund provides travel scholarships for teachers between the UK and the USA Peter and Wilhelmina Minet American Education Scholarship Fund teaching scholarships for lecturers or teachers to travel to the USA to study a specific aspect of education. Peter and Wilhelmina Minet Community Benefit Fund awards to enable indivduals between 25 and 45 with professional qualifications to travel outside the UK, for the benefit of both their own communities and those they visit. Charlotte Bonham-Carter Scholarship Fund For the provision of music scholarships to Yale. Amercian Memorial Chapel Fund Travel scholarships for clergy between the UK and the USA. Westbury Preston Memorial Fund Used to provide exchange visits by students or teachers within the British Commonwealth or between the British Commonwealth

and the USA. Mallinson Memorial Fund Woodworking and bookbinding scholarships 16a Branch Funds (continued) Scholarship Funds (restricted) In respect of the Canterbury, Chester, Hereford, Lincolnshire, Liverpool, Ouse Valley and Southend ESU branches, which have been

built up to support educational scholarships. 17a Restricted funds (continued) Lindemann Felowship Fund provides fellowship awards to enable UK scientists to undertake research programmes in the USA R M Shellens Library Endowment Fund provided to enable the ESU to be refurbished, equipped and maintained. C E Eckersley Educational Fund provision of grants to foreign students studying the English language in the UK. Walter Annenburg Fund donated for the purpose of Anglo-American exchanges. Lillian Moore and Bryan Barrow Funds

created by donations in memory of Lillian Moore and Bryan Barrow in order to provide assistance to students who could not otherwise afford to accept an ESU award.

De Freitas Travel Scholarship Fund to finance travel scholarships for academic of professional people. Chilton Art History Scholarship Fund set up to receive donations and the proceeds of lectures and other events organised to support an annual art history scholarship placement at Christies. Ravinia Scholarship Fund awards to enable talented musicians to attend the Ravinia Festival. Corporate Initiative Fund this fund resulted from an appeal to corporate donors to help develop the ESU’s educational programmes. Belinda Norman Butler Music Fund donations raised by the ESU Cultural Affairs Committee to support music scholarships Alumni Fund this fund was set up to receive donations from ESU alumni to support educational scholarships and programmes Music Fund musical fund raising events, to support music scholarships John Roberts Travel Scholarship Fund This fund is for art, architecture and design opportunities for Lincolnshire based scholars Nurses Work Shadow Fund Nurses work experience programmes 1066 Branch Funds branch funds for Charitable activities 18a Designated funds (continued) The Joyce Rolf Fund The Trustees have earmarked the fund for the support Scholarship and Educational programmes Building Maintenance Fund to ensure that funds will be available to meet the costs of major repairs to Dartmouth House.