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||||||Page|
|---|---|---|---|---|---|
|Reference and Administrative|||Details ofthe Charity,|its Trustees and Advisers||
|Trustees'
Report|||||2-8|
|Independent|Auditors'|Report|||9-12|
|Consolidated|Statement of Financial Activities||||13|
|Consolidated|Balance|Sheet|||14-15|
|Charity Balance Sheet|||||16 ~ 17|
|Consolidated|Statement ofCash Flows||||18|
|Notes to the|Financial|Statements|||19 ~ 41|
|REFERENCE AND|REFERENCE AND|REFERENCE AND|ADMINISTRATIVE
DETAILS|ADMINISTRATIVE
DETAILS|ADMINISTRATIVE
DETAILS|OF THE CHARITY, ITSTRUSTEES AND ADVISERS|OF THE CHARITY, ITSTRUSTEES AND ADVISERS|
|---|---|---|---|---|---|---|---|
||||FOR THE||YEAR|ENDED 30JUNE 2022||
|Trustees|||The Rt. Hon. Lord||Smith|of Finsbury PC MA PhD, Chair||
||||Sir CJGreenwood|||||
||||Mr D H Branch MA (Cantab)|||||
||||Ms A A K Taylor|MA (Hons)|||(Cantab)|
||||Mr N Heath,
MA,|FRICS||||
||||Ms R Green
MA|(Cantab)||||
||||Mr D N Robinson||MA (Cantab) FCA|||
||||Mr P Harrison
(appointed|||15December 2022)||
||||Mr G Christopher||(appointed||1 December 2022)|
||||Mr DT Eagleson||(appointed||26 April 2022)|
|Company|registered|||||||
|number|||07091173|||||
|Charity registered||||||||
|number|||1136030|||||
|Registered||office|9A Bridge Street|||||
||||Cambridge|||||
||||CB2 1UB|||||
|Bursar|||Mr J J Brown|||||
|Independent||auditors|Peters Elworthy|& Moore||||
||||Chartered
Accountants|||||
||||Salisbury House|||||
||||Station Road|||||
||||Cambridge|||||
||||CB1 2LA|||||
|Bankers|||Lloyds Bank Pic|||||
||||3Sidney Street|||||
||||Cambridge|||||
||||CB2 3HQ|||||
||||HSBC Bank Pic|||||
||||32 Market
Hill|||||
||||Cambridge|||||
||||CB2 3NU|||||
|Solicitors|||Howes Percival|||||
||||Terrington
House|||||
||||13-15Hills Road|||||
||||Cambridge|||||
||||CB2 1NL|||||
|Investment||Managers|Quilter Cheviot|||||
||||One Kingsway|||||
||||London|||||
||||WC2B 6AN|||||
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|||Unrestricted|Total|Total|
|---|---|---|---|---|
|||funds|funds|funds|
||Note|2022
6|2022f|2021
6|
|INCOME FROM:|||||
|Donations
and legacies||3,240|3,240|312|
|Charitable
activities||396,361|396,361|264,728|
|Other trading activities:|||||
|Fundraising||77,455|77,455|50,368|
|Trading activities||1,629,460|1,629,460|140,996|
|Investments||77,922|77,922|130,203|
|Other income||840|840|58,708|
|TOTAL INCOIIE||2,185,278|2,185,278|645,315|
|EXPENDITURE ON:|||||
|Raising funds:|||||
|Fundraising
trading||||262,300|
|Investment
management||6,762|6,762|1,768|
|Other raising funds||1,403,197|1,403,197|52,908|
|Charitable
activities|10|891,476|891,476|677,227|
|TOTAL EXPENDITURE||2,301,435|2,301,435|994,203|
|NET EXPENDITURE BEFORE NET LOSSES ON|||||
|INVESTMENTS||(116,157)|(115,157)|(348,888)|
|Net losses on investments|15|(68,930)|(68,930)|(1,721,344)|
|NET MOVEMENT
IN FUNDS||(185,087)|(185,087)|(2,070,232)|
|RECONCILIATION
OF FUNDS:|||||
|Total funds brought
forward||9,339,853|9,339,853|11,410,085|
|Net movement
in funds||(185,087)|(185,087)|(2,070,232)|
|TOTAL FUNDS CARRIED FORWARD||9,154,766|9,154,766|9,339,853|
##
|||CONSOLIDATED|BALANCE SHEET|||
|---|---|---|---|---|---|
|||AS AT 30|JUNE 2022|||
||||2022||2021|
|||Note|E||E|
|FIXEDASSETS||||||
|Tangible assets||13|8,999,727||9,101,922|
|Investments||15|799,837||1,067,330|
|Investment
property||14|1,000,000||1,000,000|
||||10,799,564||11,169,252|
|CURRENT ASSETS||||||
|Stocks||17|27,682|18,040||
|Debtors||16|272,800|77,763||
|Cash at bank and|in hand||537,480|228,743||
||||837,962|324,546||
|Creditors: amounts|falling due within|one||||
|year||19|(986,343)|(558,604)||
|NET CURRENT LIABILITIES|||(148,381)||(244,058)|
|TOTAL ASSETSLESSCURRENT||||||
|LIABILITIES|||10,651,183||10,925,194|
|Creditors: amounts|falling due aRer|more||||
|than one year||20|(1,496,417)||(1,585,341)|
|TOTAL NET ASSETS|||9,154,766||9,339,853|
|CHARITY FUNDS||||||
|Unrestricted
funds|||9,154,766||9,339,853|
|TOTAL FUNDS|||9,154,766||9,339,853|
#
##
|||CHARITY BALANCE SHEET|CHARITY BALANCE SHEET|||
|---|---|---|---|---|---|
|||AS AT 30JUNE 2022||||
||||2022||2021|
|||Note|6||E|
|FIXEDASSETS||||||
|Tangible assets||13|8,999,727||9,101,922|
|Investments||15|799,838||1,067,331|
|Investment
property||14|1,000,000||1,000,000|
||||10,799,565||11,169,253|
|CURRENT ASSETS||||||
|Debtors||18|318,727|158,235||
|Cash at bank and in hand|||297,572|214,901||
||||616,299|373,136||
|Creditors: amounts|falling due within one|||||
|year||19|(764,681)|(465,739)||
|NET CURRENT LIABILITIES|||(148,382)||(92,603)|
|TOTAL ASSETSLESSCURRENT||||||
|LIABILITIES|||10,651,183||11,076,650|
|Creditors: amounts|falling due after more|||||
|than one year||20|(1,496,417)||(1,585,341)|
|TOTAL NET ASSETS|||9,154,766||9,491,309|
|CHARITY FUNDS||||||
|Unrestricted
funds||22|9,154,766||9,491,309|
|TOTAL FUNDS|||9,154,766||9,491,309|
#
#
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##
||||||2022|2021|
|---|---|---|---|---|---|---|
|||||Note|6|F|
|CASH FLOWS FROM OPERATING|ACTIVITIES||||||
|Net cash used
in operating
activities||||24|147,442|(2,332,587)|
|CASH FLOWS FROM INVESTING|ACTIVITIES||||||
|Dividends,
interests
and rents from|investments||||77,922|130,203|
|Purchase
oftangible fixed assets|||||(83,580)|(1,563,343)|
|Net movement
on investments|||||198,563|92,965|
|NET CASH PROVIDED BY/(USED|IN) INVESTING||ACTIVITIES||192,905|(1,340,175)|
|CASH FLOWS FROM FINANCING|ACTIVITIES||||||
|Cash inflows from new borrowing||||||1,500,000|
|Repayments
of borrowing|||||(31,610)||
|NET CASH (USED IN)/PROVIDED|BYFINANCING||ACTIVITIES||(31,610)|1,500,000|
|CHANGE
IN CASH AND CASH EQUIVALENTS||IN|THE YEAR||308,737|(2,172,762)|
|Cash and cash equivalents
at the beginning
ofthe year|||||228,743|2,401,505|
|CASH AND CASH EQUIVALENTS|AT THE END|OF THE YEAR||25|537,480|228,743|
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||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
||||||E|
|Member|subscriptions||351,901|351,901|213,728|
|Debating|event and competition|income|44,460|44,460|51,000|
|Total 2022|||396,361|396,361|264,728|
|Total202|1||264,728|264,728||
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
||||E|F|E|
|Advertising|and sponsorship||77,455|77,455|49,467|
|Merchandise|and 200th anniversary|income|||401|
|Other income|||||500|
|TOTAL 2022|||77,455|77,455|50,368|
|TOTAL202|1||50,368|50,368||
##
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##
|Income from trading subsidiary|
|---|
|Bar, coffee shop, room hire and events income|
|Expenditure
from trading
subsidiary|
|Bar, coffee shop, room hire and events expenses|
|Net (loss) I income from trading
activities|
|Unrestricted|||
|---|---|---|
|funds|Total funds|Total funds|
|2022|2022|2021|
|E|F|6|
|1,629,460|1,629.460|136,006|
|(1,265,335)|(1,265,335)|(275,626)|
|364,125|364,125|(139,620)|
##
##
||Unrestricted|Total|Total|
|---|---|---|---|
||funds|funds|funds|
||2022|2022|2021|
||K|6|E|
|Rents|59,723|59,723|110,180|
|Dividends|18,199|18,199|19,934|
|Deposit interest|||89|
|Total 2022|77,922|77,922|130,203|
|Total 2021|130,203|130,203||
##
##
##
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
|||||8|F|
|Other income|||840|840||
|Coronavirus|job retention|scheme income|||46,708|
|Covid Support Grants|||||12,000|
||||840|840|58,708|
|Total2021|||58,708|58,708||
##
||||Unrestricted|Total|Total|
|---|---|---|---|---|---|
||||funds|funds|funds|
||||2022|2022|2021|
|||||6|E|
|Investment|management|fees|6,762|6,762|1,768|
|Total 2021|||1,768|1,768||
##
|||Activities||||
|---|---|---|---|---|---|
|||undertaken|Support|Total|Total|
|||directly|costs|funds|funds|
|||2022|2022|2022|2021|
|||6|8|6|E|
|Membership|and speakers|423,142|379,530|802,672|665,139|
|Competitive|debating|88,804||88,804|12,088|
|Total 2022||511,946|379,530|891,476|677,227|
|Total2021||272,726|404,501|677,227||
##
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##
##
||||Membership||||
|---|---|---|---|---|---|---|
||||and|Competitive|Total|Total|
||||speakers|debating|funds|funds|
||||2022|2022|2022|2021|
||||6|6||6|
|Depreciation|||185.775||185,775|93,906|
|Advertising|and publicity||19,353|2,710|22,063|18.885|
|Membership|administration||3,169||3,169|1,407|
|Premises' costs|||194,145||194,145|135,591|
|Member events and tours|||20,700||20,700|10,849|
|ICYD Expenses||||||1,475|
|Cambridge|and external|IV||10,964|10,964|2,696|
|Debating
competitions||||9,319|9,319|5,497|
|Debate dinners||||65,811|65,811|2,420|
|Total 2022|||423,142|88,804|511,946|272,726|
|Total 2021|||260,638|12,088|272,726||
##
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##
|||||Support|Total|Total|
|---|---|---|---|---|---|---|
|||||costs|funds|funds|
|||||2022|2022|2021|
|||||E|E|E|
|Staff costs||||200,128|200,128|230,196|
|Legal and professional|fees|||(16,253)|(16,253)|11,511|
|Office Costs||||109,467|109,467|142,864|
|Provision for bad and|doubtful|debts||13,362|13,362|(1,678)|
|Auditor's
remuneration||||21,775|21,775|9,050|
|Auditor's
remuneration|- non-audit||costs|3,615|3,615|1,275|
|Interest on loan||||47,436|47,436|11,283|
|Total 2022||||379,530|379,530|404,501|
|Total2021||||404,501|404,501||
##
##
##
||||||2022|2021|
|---|---|---|---|---|---|---|
||||||E|E.|
|Fees payable|to the Charity's|auditor|for the audit ofthe Charity's|annual|||
|accounts|||||10,175|9,050|
|Fees payable|to the Charity's|auditor|in respect of:||||
|All non-audit|services not included above||||3,615|1,275|
##
##
##
##
|STAFF COS|TS||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
||||||||Group|Group|Charity|Charity|
||||||||2022|2021|2022|2021|
||||||||6|E||6|
|Wages and salaries|||||||754,272|381,097|167,706|196,293|
|Social security costs|||||||20,108|19,973|16,366|16,267|
|Other pension|costs||||||48,813|22,243|16,056|17,636|
||||||||823,193|423,313|200,128|230,196|
|The average|number|of persons||employed||by|the Charity
duding the year was||as follows;||
||||||||Group|Group|Charity|Charity|
||||||||2022|2021|2022|2021|
||||||||No.|No.|No.|No.|
|Total||||||||19|||
|The number|of employees||whose||employee||benefits
(excluding|employer|pension
costs)|exceeded|
|660,000was:|||||||||||
|Group|Group|
|---|---|
|2022|2021|
|No.|No.|
##
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##
|||Furniture,|||
|---|---|---|---|---|
||Land and|fittings and|Improve-||
||buildings|computer|ments to||
||(Valuation)|equipment|building|Total|
||5|5|5|6|
|Cost or valuation|||||
|At 1 July 2021|9,475,518|525,671|206,647|10,207,836|
|Additions|76,657|6,923||83,580|
|At 30June 2022|9,552,175|532,594|206,647|10,291,416|
|Depreciation|||||
|At1 July2021|475,517|463,279|167,118|1,105,914|
|Charge for the year|157,681|19,994|8,100|185,775|
|At 30June 2022|633,198|483,273|175,218|1,291,689|
|Net book value|||||
|At 30June 2022|8,918,977|49,321|31,429|8,999,727|
|At 30June 2021|9,000,001|62,392|39,529|9,101,922|
##
##
##
##
##
||Freehold|
|---|---|
||investment|
||property|
||F|
|Valuation||
|At 1 July 2021|1,000,000|
|At 30June 2022|1,000,000|
|Charity||
||Freehold|
||investment|
||property|
||E|
|Valuation||
|At 1 July 2021|1,000,000|
|At 30June 2022|1,000,000|
##
||||Cash held at||
|---|---|---|---|---|
|||Listed|investment||
|||securities|manager|Total|
|Group||6|||
|Cost or valuation|||||
|At1 July2021||1,032,682|34,648|1,067,330|
|Additions||123,755||123,755|
|Disposals (Proceeds: 6361,598)||(387,160)||(387,160)|
|Revaluations||(39,323)||(39,323)|
|Movement
on cash|||35,235|35,235|
|AT 30JUNE 2022||729,954|69,883|799,837|
|Net book value|||||
|AT 30JUNE 2022||729,954|69,883|799,837|
|At 30June 2021||1,032,682|34,648|1,067,330|
||Investments||||
||in||Cash held at||
||subsidiary|Listed|investment||
||companies|securities|manager|Total|
|Charity|E|F|f.||
|Cost or valuation|||||
|At 1 July 2021||1,032,682|34,648|1,067,331|
|Additions||123,755||123,755|
|Disposals (Proceeds: F361,598)||(387,160)||(387,160)|
|Revaluations||(39,323)||(39,323)|
|Movement
on cash|||35,235|35,235|
|AT 30JUNE 2022||729,954|69,883|799,838|
|Net book value|||||
|AT 30JUNE 2022|1|729,954|69,883|799,838|
|At 30June 2021|1|1,032,682|34,648|1,067,331|
##
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##
|The financial|results|ofthe|subsidiary|for|the year were:||||
|---|---|---|---|---|---|---|---|---|
|Name|||||Income|Expenditure|Profit/(Loss)|Net assets|
||||||5|5|/ Surplus/|5|
||||||||(Deficit) for||
||||||||the year||
||||||||5||
|Cambridge|Union Society||Enterprises||1,629,460|(1,403,197)|226,263||
|Limited|||||||||
|Profit and Loss Account|||||||||
||||||||2022|2021|
||||||||5|5|
|Turnover|||||||1,629,460|140,996|
|Cost ofsales|||||||~1265335|~271 4911|
|Gross profit|||||||364,125|(130,495)|
|Administrative
expenses|||||||(130,349)|(43,717)|
|Other income: Coronavirus|||job retention||scheme income||~75133|22 756|
|Profit for the year
Amount covenanted||to Parent Co|||||226,263
~74 2671|(151,456)|
|Retained
in|subsidiary||||||151,456|(151,456)|
|Balance Sheet|||||||||
||||||||2022|2021|
||||||||E||
|Current Assets|||||||546,547|50,413|
|Current
liabilities|||||||(546,546)|(201,868)|
|Aggregate|share capital||and reserves||||1|(151,455)|
##
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##
##
##
|STOCKS||||||||||
|---|---|---|---|---|---|---|---|---|---|
|||||||||Group|Group|
|||||||||2022f|2021f|
|Finished goods||and goods|||for resale|||27,682|18,040|
|DEBTORS||||||||||
|||||||Group|Group|Charity|Charity|
|||||||2022f|2021f|2022f|2021|
|Due within one year||||||||||
|Trade debtors||||||253,823|8,644|87,478|4,980|
|Amounts
owed||by group undertakings||||||216,022|78,269|
|VAT recoverable||||||3,750|50,262||55,490|
|Prepayments|and accrued||||income|15,227|18,857|15,227|19,496|
|||||||272,800|77,763|318,727|158,235|
|CREDITORS:||AMOUNTS|||FALLING DUE WITHIN ONE YEAR|||||
|||||||Group|Group|Charity|Charity|
|||||||2022
f|2021
f|2022f|2021|
|Bank loans||||||126,442|42,516|126,442|42,618|
|Trade creditors||||||282,544|140,462|94,959|77,281|
|Amounts
owed||to group undertakings||||||171,696|20,024|
|Unfunded
pension|||liability|||3,663|3,663|3,663|3,663|
|Other taxation||and|social||security|82,325|19,913|31,375|8,581|
|Other creditors||||||80,053|36,253|53,766|17,254|
|Accruals and|deferred|||income||411,316|325,695|282,780|296,318|
|||||||986,343|568,604|764,681|465,739|
##
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##
|||||||Group||Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||2022
6||2021
6|2022|2021f|
|Bank loans||||||1,341,948|1,457,382||1,341,948|1,457,382|
|Unfunded
pension|||liability|||30,394||31,894|30,394|31,894|
|Accruals and|deferred|||income||124,075||96,065|124,075|96,065|
|||||||1,496,417|1,585,341||1,496,417|1,585,341|
|Bank loan is|secured|||over the freehold|property|and incurs|interest|at a rate|of 2.75% over|the Bank o|
|England base||rate|per annum.||||||||
|DEFERRED INCOME||||(GROUP AND COMPANY)|||||||
|||||||Deferred|||Released|Deferred|
|||||||income at|||to|income at|
|||||||30June|Received
in||incoming|30June|
|||||||2021||year|resources|2022|
|||||||6|||5|6|
|Lifetime members|||subscription|||247,208|371,928||(315,925)|303,211|
|Rental income||||||||50,000|(37,500)|12,500|
|Sponsorship|income|||||4,500||4,500|(4,500)|4,500|
|||||||247,208|421,928||(353,425)|320,211|
|Total|||||||||||
|Deferred
income at 30June 2022 is analysed|||||||||||
|as:|||||||||||
|||||||||||2022|
|||||||||||6|
|To be released||within||one year||||||196,235|
|To be released||after more than one year||||||||123,976|
|||||||||||320,211|
|Total deferred||income|||||||||
|||||||Balance at|
|---|---|---|---|---|---|---|
|||Balance at 1|||Gains/|30June|
|||July 2021f|Income
f|Expenditure
f|(Losses)
f|2022|
|Unrestricted|funds||||||
|General Funds||7,396,065|2,185,278|(2,143,754)|(68,930)|7,368,659|
|Revaluation|reserve|1,943,788||(157,681)||1,786,107|
|||9,339,853|2,185,278|(2,301,435)|(68,930)|9,154,766|
|STATEMENT OF FUNDS - PRIOR YEAR|||||||
|||||||Balance at|
|||Balance at|||Gains/|30June|
|||1 July 2020f|Income
f|Expenditure
f|(Losses)
f|2021
f|
|Unrestricted|funds||||||
|General Funds||7,546,803|645,315|(940,719)|144,666|7,396,065|
|Revaluation|reserve|3,863,282||(53,484)|(1,866,010)|1,943,788|
|||11,410,085|645,315|(994,203)|(1,721,344)|9,339,853|
##
##
##
##
##
||||Unrestricted|Total|
|---|---|---|---|---|
||||funds|funds|
||||2022|2022|
|||||E|
|Tangible fixed||assets|8,999,727|8,999,727|
|Fixed asset investments|||799,837|799,837|
|Investment|property||1,000,000|1,000,000|
|Current assets|||837,962|837,962|
|Creditors|due|within one year|(986,343)|(986,343)|
|Creditors|due|in more than one year|(1,496,417)|(1,496,417)|
|TOTAL|||9,154,766|9,154,766|
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|ANALYSI|S OF NET ASSETS BETWEEN FUNDS - PRIO|R YEAR||
|---|---|---|---|
|||Unrestricted|Total|
|||funds|funds|
|||2021|2021|
|||6|E|
|Tangible fixed assets||9,101,922|9,101,922|
|Fixed asset investments||1,067,330|1,067,330|
|Investment|property|1,000,000|1,000,000|
|Current assets||324,546|324,546|
|Creditors|due within one year|(568,604)|(568,604)|
|Creditors|due in more than one year|(1,585,341)|(1,585,341)|
|||9,339,853|9,339,853|
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