Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 Registered number.. 07091173 Charity number: 1136030 CAMBRIDGE UNION SOCIETY (A company limited by guarantee TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l CONTENTS Page Rafgronc8 and administrative d8tails of thg Charity. its Trustees and advisors Tru5tses' report Independent auditors. rnport on th• financial statemènts Consolidated statement of financial activities 10-14 15-16 Consolldat•d balan¢• sh¢•t 17-18 Charity balanc8 sheet Consolldatèd statem•nt ol cash flows 19-20 21 Notes to the financial ststoments 22-45
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARI. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2023 Tru$tg9$ The Rt. Hon. Lord Smith of Fin$bury PC MA Phd, Chair Lent 2023 (resigned 1 June 2023} Dr Mohamed EkErian MA DPhil. Chair Easter 2023 (appointed 1 June 20231 The Rt Hon the Lord Parkn'nson of Whrtley Bay MA lappoinled 17 March 20231 Sir Christopher J Greenwood CBE CMG QC Mr D H Branch MA (Cantab) Ms R Green MA (Cantabl Mr P Harrison (appointed 15 De¢ember 2022) Mr J N Heath. MA FRICS Mr D N Robinson MA Icantsbl FCA Ms A A K Taylor MA IHonsl Canlabl Iresigned 25 October 20231 Miss L E Bro IBAI. MIchlMaS 2022 President (appointed 1 July 2022, resigned 15 December 20221 Mr D T Eagleson 8A (Honsl. Vice President 22-23 (resigned 1 June 20231 Mr C Ge¢yge BA. Lent 2023 President (appointed 1 December 2022. re$igne(1 1 June 2023) Mr C J M Palmer, Vice Presidenl 2>24 lappoinle(1 1 June 2023, resigned 1 December 20231 Mr J Appiah 111, Easter 2023 President (appointed 1 June 2023, resigned 16 June 20231 Mr J C Vrtali Iresiqned 1 July 20221 The Hon D Janner QC. MA Icantsbl (resigned 28 November 20221 Ms L Walker (appointed 14 June 2023) Company r•gl$t•r•d number 07091173 Charity r8glstsr•d numbor 1136030 Regi$tsred office 9a Bridge Street Cambridge CB2 1UB Bursar Colonel {Retdl J J Brown MA, MBE, FCILT, FCMI Independent auditorn Streets Audit LLP Charted Accountsnls and Statutory Auditor 3 Wellbrook Court Girton Cambridge CB3 ONA Page 1
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Bank8Ys Lloyds Bank PIC 3 Sidney Street Cambridge CB2 3HQ HSBC Bank PIC 32 Martet Hill Cambridge CB2 3NU Sollcltors Howes Percival Terrington House 1 >15 Hill Road Cambridge CB2 1NL Inv•$tmont Manag•r8 Quilter Cheviot One King$way London WC2B 6AN Page 2
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT FOR THE YEAR ENDED 30 JUNE 2023 The Trustees Ivtho a also direclors of the charity for the purposes of the Companies Act) present their annual report together with the audited finanaal statements of The Cambridge Union Society (the Charity) and its subsidiary, Cambridge Union Society Enterprises Limited for the year ended 30 June 2023. The Annual report serves the purposes of both a Trustees. report and a directors. report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply wlh the current stalulory requirements, the requirements of the chantsble company's goveming document and the provisions of the Statement of Recommended Practice ISORPI applicable to charits'es preparing their accounts in accordance with the Finan¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS1021 leffedive 1 January 20191. Objec¥•$ and actlvStles a. Pollclos and oblectlves The trustees and officers have embarked on a development Strategy for the Union. The overarching aim of the strategy is to safeguard and promote the fLrture of the charity and its historic buildings by developing ils property lo benefit members and enhance ils income. The Trustees and officers have vieWed the general objects ol the charity (listed below) that are for the benefit of the Cambridge Union Society members and ol the publi¢ more generally. The ¢harity'$ primary object 1$ the advancemenl of education, in particular by.. promoting the skill of debating and the consideration of matters of public life or importance.. hosting educational events including. bul not limited to, debates on topics of importance and lectu3 given by individual persons of distinction. providing training in the pra¢ts'¢e of debatrng to Cambridge Union Stxiety members and also by providing for the tuition of others in the pracbce ol debating by Cambridge Union Society members., providing for the entrance ol Cambridge Union Society members in debating competitions, including eompelilions held by the charity, and also by providing opportunities for members of the public to competè in the pradice of debating, assisting Cambndge University Students. Uni¢M wth the organisalion and promotion of events aimed al widening access lo Cambridge University and the promotion of higher education MO generally". providing opportunithes to encourage the exchange of ideas and provision of access by the public to the charity's facilities and events., providing workshops for the pupils of schools and colleges to attend to introduce them lo the practice of debathng, and enabling students and young people from disa(Jvantsged backgrounds to pacipate in activTties and events aimed al increasing thwr confi¢Jence. skills and aspirations. The charity organises and hosts three compets'tions,. the worfdw'de Inter Varsity, a national and and inlemational schools, debating competition to encourage the ski115 of young debaters. Several bursaries are offered lo institutions and individuals limrted means lo lake part in these competitions each year. The eharity also encourages a number of younger children from schools from inner City aa$ lo visit the Union where they are encouraged to leam to debate. These schemes continue to grow and broaden their reach in the UK. In addition, the Charity works intemationally with Leaming Leaders, a US based charity to promote free speech in the Far East by providing prepared matenal and personal support to schools and universits.es developing debating as well as entry lo competitions and the Union is a130 now working in conjunction yh the African Debating Academy for a similar outcome in East Africa. In setting objectives and planning for activities, the Tnjstees have given due consideration to general guidance published by the Charity Commission relats.ng lo public benefft. Page 3
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Strateg1¢ report Achievements and perfomiance a. Ov8rvi8w The Union has had a year of nom)al operaling VthoUt disruption from major capital works or the pandemic for the first lime in five years. 11 has tsken advantsge of the stability to regenerate a vibrant on $rf(e offer lo members, a full programme of debates, tslks and events in person and restore its outreach programme. The trading company refined ils business model ublising all its new facilities, rationalising and restructurin9 Its staff lo make the m05t ol opportunithes arising. By the end of June the original Trustees vision for change through investment and expansion had been delivered. b. Rov5ew of actlvltlos Building Improvements With modernised facilitses in u$e the Union undertook three smaller improvement projects during the year. A members. room was created providing comfortable and relaxed space exclusively for members lo work or meet al any lime of the year and for this purpose the Old Snooker room was re4quipped with club style furniture and new decoration. On the practieal side the old adminislratsve office was deVeloped into a finishing kilehen allowing both internal and contract caterers to support large scale fvnclions and fvll dining for up lo 150 people. Our public offer was also enhanced by the redevelopment of the garden. removing old brickwork walls and shrubbery to provide both members and customers of the Orator a well planted garden and dining area surrounding a new fountain. Much of these works were completed in house and by volunteers. Debating The Union has seen the retum of a full debates programme and success both nationally and intemational in ompetits'ons. Union teams competed in the World University Championships in Belgrade, Madrid and Zagreb achievin9 quarterfinal places in Zagreb. At IV level the Union were finalists in Vienna. Trinity Dublin, Oxford, Manchester and Liverpool and Quarterfinalists at the Westem IV. Whilst in open competition they won Gold al Imperial Novices. were finalists al the DIAC. Sofia. LSE. Amsterdam and Durham competitions and quarterfinalists in the Shanghai Inlemalional. Twenty-one lop 10 placings were gained by individuals including Best Speaker at Amsterdam. top Novice at Imperial. 2nd Individuals in Vienna, Liverpool and Imperial and a third place individual in Amsterdam. The Union a150 hosted four major competitions. The Cambridge Women and Gender Minorities attracted 50 inlemalional teams and was an opportunity to improve diversity and inclusion al scale. The Inlemalional Competition for Young Debaters. ICYD. had over 2000 school student compete in regional competitions wlh teams from India, Ireland, Slovenia. Greece, Canada, East and Southeast Asia, Middle East IUAEIKuwaitl, and Hungary with 112 finalists coming to Cambridge for the finals. The Cambridge Schools Tournament attracted teams from 97 schools wth about half the teams qualifying from UK but also teams from East Africa, East and Southeast Asia and Canada. The Cambridge IV had 78 team5 competing wth 300 studen15 attending the fina15 in Cambridge. In all competitions those teams limited means were supported through bursaries. Page 4
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Strateg1¢ report {¢ontlnu•dl Achievements and perfomiance Icontinuedl Speakers, Deb8les and Performance The Union held 23 main debates across all three tem)s. all of lch had a strong attendance ol over 200 and about a half of which had a 11 house of 450. These debates tackled drfficult subjects and the discussions this year attracted considerable interest. Channel 4's 'Gender Wars, documentary focused on our 'Right to Offend, debate and Ils conlroversary also dnving over a milln wews on line. And confirming the Society's place In providing safe space for difficult discu55ions. The Hawking's Fellowship was awarded to Professor Brian Cox al$0 supported the Union outrea¢h s¢heme to lo¢al schools Creating interest in the discussion of STEM 53 individual speaker events took place, giving students the opportunity to hear from leaders from all backgrounds and industries. Highlights included US Presidential Candidate Marianne Williamson. former Speaker of the Hoc John Bercow. Love 151and winner Ekin Su. Russian dissident Mikhail Khodorkovsky. the PM of Montenegro and the President of Armenia along with many more politicians. ambassadors and cultural figures. The visits of speakers such as leader of the Belarusian opposition Sviallana Tsikhanouskaya. loolball figures Daniel Levy and Claudio Ranieri, ¢y¢lisl Bradley Wiggins were Vered by national media as v*ll as drivbng SignifinI Lbse of on line viewng a$ well a$ strong in person attendance. The Union also hosted 10 panel events. giving voice lo marginalised 9roups and shedding light on hidden Issues, such as the plight of Af9han Inlerprelers in the Michaelmas Temi, 'Combatting Period Poverty, in Lent term. and the 'Priorities for Climate Action, panel in Easter. The Union llabOrated wlh smaller societies across Cambridge. including the Ukraine Society, Afrcaribbea Society, and the Cambridge Climate Society, to freely share facilities wth smaller less well resourced groups. Page 5
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Strateg1¢ report {¢ontlnu•dl Achievements and perforn)ance Icontinuedl ¢. Fundrai$lng pollcy The charity does not do use any third party fundraisefs. Flnancial rnvi•w a. Ovgrvl•w The Society had a buoyant first half of the year with reasonable sale5 of new Life Member5hip5 of £294,318 compared b*ilh £351.901 the previous year and a strong trading perfomiance. However, In the autumn the change in the world economy, high inflation an¢J increasing interest rates stsrted lo reduce income and increase fixed ¢ost$. Sponsorship of Union events also decreased to £59,325 compared lo £77,455 the previous year. The second half of the year required carefvl management to deliver planned improvement to services whilst remainin9 profitable. Cambridge Union Enterprises Limited. ¢onlinue(I to trade effeclively through facilities provided by the Orator Brasserie, events and room hire acb'viiies. At the end of the year covenanting £62,303. The global economic dovmturn following the parKlemic and the war in Ukraine have directly impacted on the Society's Investment portlolio whith has reduced by 10.8% over the year lo a nel holding of £712,865 whilst sustaining cash ineome lo the society of £15.000 quarterly. Overall, the net impact of all these factors caused the consolidated results to show £218.897 defict lor the year. b. Going conc•rn The charity has prepared cash flows and budgets for Ihe underfying operations of the charity and its subsidiary. Accordingly, the trustees have a reasonable expectation that the group has adequate resources to conlinue in operational existence for the foreseeable future. For this reason. the trustees continue lo adopt the going concern basis in preparing the financial slalemenls. Further detsils gardIng the adoption ol the goin9 concern basis can be found in the Accounting Policies. c. Rosorves policy To ensure prudent financial planning, the Truslees have set a target of Reserves approximately equal to 3 months ol operats'on, a sum of £300,000. This policy will be reviewed regularly. An operational contingency of £100.000 15 also being budgeted for to cope wth the uncertain trading ¢ondilion5 that may occur for next year. With funds of £8.885.727 12022". £9,154.7661 and wlh negative free serveS of £1.078.19712022". £844.9611 lunreslncted funds less operab.onal asselsl at the year end. the trustees consider the state of the chartys affairs to be satisfactory. Page 6
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 d. Mat•rlal InVlMents pollcy In accordance with the chanty's law5. the members have aulhorised the Iruslees lo invest in such stocks, shares, investments and property as they see fit. In order lo comply with the recommended practice of the Charity Commission and of the a¢¢ounting profession, investments are stated al mat*et value in the a¢¢ounls. In common with many universities and similar institutions. the charity only invests on an ethical basis. e. Prlnclpal rlsks and unc•rtalntlos Owng to the current economic uncertainty the major risk moving forward is for CUSEL lo retum the investment made in the Orator and build on that lo prowde long tem revenue lo the charity. This is subject lo monthly management reviews by Trustees and a focus on managing perfomiance. The predicted rise in utility costs ha$ been managed. Fortunately, the Union benefited from changing utility contracts and acquirin9 fixed priced contracts until 2024 during the year and before prices rose lo their maximum. A 9ood relationship between the Tw$lee$ and the student officers is essential to the good running of the Union and has therefore been identified as an important risk lo the ¢harty. This has been improved by the in¢lu$ion of the president, vice president an(1 as Iru$tee$ and by regular social gathering$ involving both Iru$lees and Standing Committee officers. The Trustees continually review the major slralegic. business and operational risks which the charity faces. Our key Membership management system has been recently upgraded improvin9 dats management and security and all data is backed up professionally off sile. The pro¢edure for Ihe sele¢tion of polents'al ¢onlroversial speakers has been codified to minimise risk to the charitys reputation and in which the Trustees hold the final decision. Structure. governance and management a. Constitution Cambridge Union soety is registered as a charitable company limited by guarantee and was set up by a Trust The Cambridge Union Society was fom)ed and regislere(J in England ant1 Wales with both Companies House (Registered Company Number." 070911731 and the Charity Commission (Regislereil Charity Number 11360301 and the assets transferred from the old to the new charty on 1 July 2010. The subsidiary company, Cambridge Union Society Enterprises Limited was created to handle the growing business interests of the charity. The Cambridge Union Society Enterprises Limited or CUSEL (Registered Company Number.. 067854681 started its operation5 on the 1 July 2010. Page 7
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Structur•. gov•rnance and manag•m•nt l¢ontInu) b. Methods of appointment or election of Trustses New trustees are currently appointed on the basis of recommendation and fomial acceptance by the serving offi¢ers of Standing Committee, the sludent elected officers vtho run the Union on a daily basis and by the serving trustees. The chair of the trustees 15 nomally recruited from the heads of house of colleges of Cambridge University. The current chair is the President of Queens College. In aOrdanCe the laws of The Cambridge Union Society. a truslee's term of office $hall be for 5 years from the date of his or her appointment. Prior to the expiration of a tnjstee's tenn of office the board may vote, wlhoul the Iruslee being present to extend that trustee's tem of office for a fijrther 5 years. There shall be no limit lo the number of limes a Iru5tee'5 term may be extended. The sludenl Trustees lem of office as a Iruslee shall be the same as his or her lemi of office as the President. Vice president of the Union. . Oryanl8at5onal structure and d8cls5on4naklng po15cle The Iruslees sel out the general policy ol the ¢harty. The day lo day affairs of the charity are administered by the Standing Committee of volunteer offi¢ers of the society supported by the regular staff led by the Bursar. The trading board meets monlhly except for August and December and the Union Main board at least six time5 a year lo provide strategic guidance. d. Pollcl•s adoptsd for tho Inductlon and tralnlng of Truste•$ Induction and training of new Iwslee8 is completed on an infomial basis. •. Pay policy for kèy managem•nt pernonn The trustees delegate operational running of the charity to the Bursar. The Bursarfs salary is benchmarked against the University pay scales. f. Flnanclal rlsk management The Trustees have assessed the major risks to which the Group and the Charity are exposed, in particular Ih05e related lo the operations and finances of the Group and the Charrty. and are satisfied that systems and procedu$ a in place lo mrtigale exposu to the major risks. Plans for future periods The Society is planning for a major membership campaign induding significant effort to recruit from Anglia Ruskin University once again lo increase Ihe breadth and diversty of membership. The management of Debating ha5 been intensified with the selection of an addilional Debating Officer and further investment in competitive debating both in UK and abioad for the ¢oming 3Gademi¢ year. CUSEL has a development plan for ils eventing bLJsiness to substantially increase revenue for its buildings Page 8
Docusign Envdope ID.. 466FBBS3-FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarante•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Statsm•nt of Tw$t*es' rpOnsIbIlItI0$ The Trustees (who are also the directors of the Charity for the purposes of company lawl are responsible for preparing the Trustees, report including the Slraleyi¢ report and the financial stslements in accordance wlh applicable law and United Kingdom Accounting Stsndards (United lfjngdom Generally Ac¢epted Ac¢ounb'ng Pra¢licel. Company law requi$ the Trustees to ppare ffinancial stslements for each financial year, Under company law, the Trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the slate of affairs of the Group and the Charity and of their incoming resources and application of resources. including their income and expendIre, for that period. In preparing these finanaal statements, the Trustees are required lo.. select suitable accounting poliaes and then apply them consistenly.. observe the meth5 and pnnciples ol the Charities SORP IFRS 1021". make judgments and a¢Unn9 estsmate$ that afe reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any material departures disclosed and explained in the financial stslements". prepare the financial statements on the going con¢em basis unle$¥ il is inappropriate lo presume that the Group wll ntinUe In business. The Trustees are responsible for kee.9 adequate acwinting rec(ffds that are suffiaenl to show and explain the Group and the Charity's transactions and disclose %wih reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial stalements comply with the Companies A¢1 2006. They are also responsible for safegvarding the assets of the Group and the Charity and hence for taking reasonable steps for the preventson and delecb.on of fraud and other irregularilieg. Dl8closur8 of Inforniatlon to audltors Each of the persons who are Twslees at the time vthen this Tru$tee$' report is approved has confimied Ihal.. so far as that Trustee is aware, there is no relevanl audr( infornialion of which the charitable group's auditor5 are unaware, and that Trustee has tsken all the steps that ought lo have been tsken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that inlormalion. Audllors The auditors. Streets Audrt LLP, have indicated their wningness to conts.nue in office. The designated Trustee5 wll propose a motion appoIntIng the audrtors at a meeting of the Trustees. Approved by order 18 Dernber2023 of the members of the board of and signed on iheir behalf by.. Trustees on Dr Mohamgd El-Erlan MA DPhll Mr D N Robln$on MA jcantsbj FCA Page 9
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY Oplnlon We have audited the financial ststements of Cambridge Union Society Ithe 'parent charitable companl) and ils subsidiaries Ilhe 'group'l for the year ende(1 30 June 2023 lch compnse the Consolidated slalemenl of financial aclivilies. the Consolidated balance sheet. Ihe Charity balance sheet. the Consolidated slalement of cash flows and the related notes. including a summary of significant ac¢ounts'n9 policies. The financial pOrting framework that has been applied in their preparation is applicable law and United Kingdom Accounts'ng Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial stslements.. give a Iwe and fair view of the stste of the Group's and of the parent ¢harilable company's affairs as al 30 June 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended., have been properfy prepared in acwdance Trmih United Kingdom Generally AG¢epted Accounting Practice". and have been prepared in accordance wth the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in a¢¢ordan¢e wth International Standard$ on Auditing IUKI IISA$ IUKII and applicable law. Our responsibilities under those standard$ are fvrther described in the Auditor$' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant lo our audit of the financial 51atemenls In the United Kingdom, including the Financial Reportin9 Counul's Ethical Standard. and have fulfilled our other ethical responsibilities in accordance wth these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate lo provide a basis for our opinion. Conclu$ion$ relang to going c¢)ncem In auditing the financial statements, we have concluded that the Trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not idents'fied any material uncertainties relating to events or conditions that, individually or colleth'vely, may cast Signfficant doubt on the Group's or the parent charitable company's ability to continue as a going concem for a period of at least tsvelve months from when the financial statements are aulhoNsed Issue. Our responsibilities and the responsibilities of Ihe Trustees vh respect to going concem are described in the relevant sections of this report. Page 10
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY (CONTINUED) Other Infomiatlon The other information comprises the infomation included in the Anftual report other than the financial slatemenlg and our Auditors, report thereon. The Trustees are sponsible for the other inlomiab'on contained wlhin the Annual report. Our opinion on the financial statements does not cover the other information and. except to the extent otherwse explicitly stated in our report. we do not express any forni of assurance conclusion thereon. Our responsibility is lo read the other infomation and, in doing so, consider whether the other infomiation is materially inconsistent with the financial slalements or our knoedge obtained in the course of the audit, or olherwse appears lo be malenally misstsled. If we Identify such material in¢onsislencies or appanI material misslalemenls. we are quired lo detem)ine vdhether this gives rise to a material misslalemenl in the financial ststements themselves. If, based on the work have perfomied, we conclude that there 1$ a material mis$latement of this other infomiatson, are required to report that fad. We have nothing to report in this regard. Oplnlon on othor matters proscrlbed by the Companbfrs Act 2006 In our opinion, basetJ on the work undertaken in the course of the audil.. the information given in the Trustees, report including the Strategic report for the financial year for %thich the financial statements are prepared is consistent with the financial statements. the Trustees, report and the Strategic rerK)rt have been prepafed in accordance with applicable legal requirements. Matt•rg on whlch w• aro roquirnd to rnport by èxcèption In the light of our kno¥edge and understanding of the charitable company and its environment obtained in the course of the audit, y have not identsfied material misstatements in the Trustees, report including the Strateglc report. We have nothing to report in respecl of the following matters in relat to i•thich Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not Vi51ted by u5,. or the parent ¢harilable company financial stslements are not in agreement wlh the accounting records and retums., or certain disclosures of Trustees. remunerats.on specifieil by law are not made". or we have not received all the infom)ation and explanations VR require for our audit. Page 11
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY (CONTINUED) Rg$pon$lbilitio$ of tru$ts&s As explained more fully in the TfUStees' responsibiliti.es stslement. the Trustees (who are also the directors of the charitable company for the purposes of Company lawl are responsible for the preparation of the financial ststements and for being satisfied that they give a true and fair wew. and for su¢h internal control a$ the Trustees detemiine is necessary to enable the preparation of financial statements that are free from material misstalemenl, whether due to fraud or error. In preparing the financial slatemenls, the Tru$lee$ are responsible for assessing the Group's and the parent charitsble company's ability to conbnue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accountsng unless the Trustees either intend to liquidate the Group or the parent charitable company or lo Cease operations, or h4ve no reali5tsc allemalive bul lo do so. Page 12
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY (CONTINUED) Audltors. ro$pon$ibllltbo$ for tho audit of thg finan¢ial $tatsm¢nts Our objectives are to obtain 8$onable assurance 81)oul Ythelher the financial statements 8$ 8 whole are free from material misstslement. whether due to fraud or error. and lo issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audrt condu¢ted in accordance with ISAS IUKI wll ayS detect a material misstatement vthen it exists. Misstatements can arise from fraud or error and are considered material rf. individualty or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial 51alemenls. Irregularities, including fraud, are instances of non<ompliance wth laws and regulations. We design procedures in line with our responsibilitses, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which ¢JJr procedure5 are capable of detecting irregularrties, including fraud is detailed below.. Our approach lo identi.n9 and assessing the risk$ of material mis$latement in respect of irregularrties, including fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured tho1 the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance wlh applicable laws and regulations., we identified the laws and regulats'ons applicable to the company through discussions with directors and other management, and from our commercial experience of Ihe seclw. we focused on Specific laws and regulations %thich we considered may have a direct material effect on the financial slalemenls or the operations of the company. induding the Companies Act 20C£, laxalion le9islalion, data protection, anli-bribery, employment. environmentsl. heatth and safety legislation,. we assessed the exient of compliance the laws and regulah'ons entified above Ihrough making enquiries of management and inspecting legal correspondence., and identified laws and regulations were communicated Ythin the audit team regularly and the team remained alert to instances of non4ompliance throughout the audit. We assessed the susceptibility ol the company's financial statemenls to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as lo where they considered there was susceptibility lo fraud, their knovledge of actual. suspected and alleged fraud. and considering the intemal controls in place to mthgate risks of fraud and non-compliance with laws and regulations. To address the nsk of fraud through management bias and override of controls, we.. perfomied analytical procedures to identify any unusual or unexpected relationships., lesled journal entries to identfy unusual transactions., assessed whetherjudgements and assumplions made in determining the accounting estimates were indicative of potential bias", and investigated the rationale behind swnfficant or unusual transactions. Page 13
Docusign Envdope ID.. 466FBBS3-FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarante•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY (CONTINUED) In response to the risk of irregularities and non-compliance Mth laws and regulations, we designed procedures which included, but were not limited to.. - agreeing financial stslemenl disclosures to underlwng supporting dsxumentation", enquiring of management as lo athial and potential liligation and claims., and There are inherent limitations in OUT audit procedures described above. The more removed that law5 and regulations are from finanaal transactions, the less likely il is that we would become aware of non-compliance. Auditing stsndards alsts limit the audit procedures QUIred lo identify non-compliance with laws and regulations to enquiry ol the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstalemenls that arise due to fraud can be harder to delect than those that arise from error as they may involve deliberate concealment or collusion. A further tjescriplion of our responsibilities for the aLKlil of the financial $tstemenl$ 1$ Iated on the Financial Reporti'n9 Council's website at.. WVh¥.frc.or .ukJauditorsres nsibilities. This descripb'on forms part of our Auditors, report. U¥9 of our r9PQrt This report is made solely lo the charitable company's members. as a i)ody, in accordance wrth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken $0 that we might stale lo the charitable ompany'$ members those matters VR are required to state to them in an Auditors, report and for no other purpose. To the fullest extent perniiited by law, ¥ do not accept or assume responsibility to anyone other than the charitable company and its members, as a body. for our audit work, for this report, or for the opinions we have formed. Shane Tharby (Senior statutory auditor) for and on behalf of Stro0ts Audit LLP Chartered Accounlanls anil Stslutory Auditor 3 Wellbrook Court Girton Cambridge CB3 ONA Date.. 19 December 2023 Page 14
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 30 JUNE 2023 As stated Total funds 2022 Unrestrictod funds 2023 Total funds 2023 Nots Income from: Donations and legacies Charitable acliwlies Other trading aclivilies.. Fundraising Trading activities Investments Other income 10,250 333,088 10,250 333,088 3,240 396,361 59,325 1.574,961 120,142 26,152 59,325 1.574,961 120,142 26,152 77,455 7,629,460 77,922 840 Total Incomo 2,123,918 2.123,918 2, 185,278 Exp•ndlturè on: Raising funds". Investment management Other raising funds Charitable acliwtses 10 S,830 1.500,908 957,065 5,830 1.500,908 957,065 6, 762 1,346,643 891,476 Total oxp8ndltur• 2,463,803 2.463,803 2,244,881 Nat aXP8ndltur• b8forg not galnslllossesl on Invostments Nel gainslllossesl on investments N8t mo¥em8nt In funds b8for8 0th8r rncognlsad galns 1339,8851 14,292 1339,8851 14,292 (59.603) (68,930? 1325,5931 1325,5931 (128,533) Other recogni$ed gains". Gains on revaluation of fixed assets so,000 50,000 Net movement in funds 1275,5931 1275,5931 (128,533? Page 15
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l CONSOUDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI (CONTINUED} FOR THE YEAR ENDED 30 JUNE 2023 As restated Total runds 2022 Unrostrictsd funds 2023 Total funds 2023 R•¢on¢llSatlon of fund¥: Total funds brought forward Net movement in funds 9.211,320 127S,5931 9.211,320 1275,5931 9,339.853 (128,533) Total funds carrlod forward 8.935,727 8.935,72Y 9,211,320 The Consolidated stslement of finanual activities includes all gains and losses recognised in the year. The notes on pages 22 to 45 fomi part of these financial stalements. Page 16
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢ompany limited by guarantee) REGISTERED NUMBER: 07091173 CONSOLIOATEO BALANCE SHEET AS AT 30 JUNE 2023 As stated 2022 2023 Mote Flx•d ass•ts Intangible assets Tangible assets Investments Investment propety 15 31,167 8.932,757 712,864 1,050,000 16 18 17 9,071,058 799,837 1,000,000 10,726,788 70,870,895 Current assots Stocks Debtors Cash al bank and in hand 19 20 29,822 164,522 169,207 27,682 272,800 537,480 363,SS1 837,962 Creditors.. amounts falling due within one year 21 1828,4321 (I,¢X)1, 120) Not current Ilabllltl•s {464,8811 (163, 158) Total a880ts lès$ currnnt liabilitièy 10,261.907 10, 707, T3T Creditor$.' amounts falling due after more than one year 11,326,180) (1,496,417) Total n•t as$ots 8,935.727 9,211,320 Page 17
Docusign Envdope ID.. 466FBBS3-FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢ompany limited by guarantee) REGISTERED NUMBER: 07091173 CONSOUDATED 8ALANCE SHEET ICONTINUEDI AS AT 30 JUNE 2023 As restated 2022 2023 Mote Charlty funds Restricted funds 24 Unrestricted funds 24 ,935.727 9,211,320 Totsl fund$ 8,935,727 9,211.320 The Trustees acknovAedge their responsibilities for complying wih the qu1MentS of the Act with respect lo accounting records and preparation of financial Stslements. The financial statements were approved and aulhorised for issue by the Trustees 18 Dec8rnb8r 2023 and si9ned on their behalf by.. on *IOCCI4JFIL74 Dr Mohamod El-Erian PIA DPhll Chalr of Trustees Mr 6'fEobin8on MA IC4ntab} FCA TNslee The notes on pages 22 to 45 fomi part of these financial statements. Page 18
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢ompany limited by guarantee) REGISTERED NUMBER: 07091173 CHARITY BALANCE SHEET AS AT 30 JUNE 2023 As stated 2022 2023 Mote Flx•d ass•ts Intangible assets Tangible assets Investments Investment propety 15 31,167 8.932,757 712,865 1,050,000 16 18 17 9,071,058 799,838 1,000,000 10,726,789 70,870,896 Current assots Debtors Cash al bank and in hand 20 56,S06 111.187 318, 727 297,572 167,693 616,299 Creditors.. amounts fallin9 due within one year 21 {638,5251 (836,072) Net current Ilabllltles {470,8321 (219, 713) Total a880ts 1858 curront Ilabilitie 10.255.9S7 10,651,183 Creditors. amounts falling due after more than one year 11,320,230) (1,496,417) Total net assots 8,935.727 9, 154, 766 Page 19
Docusign Envdope ID.. 466FBBS3-FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢ompany limited by guarantee) REGISTERED NUMBER: 07091173 CHARITY BALANCE SHEET {CONTINUEDI AS AT 30 JUNE 2023 As restated 2022 2023 Mote Charlty funds Restricted funds 24 Unrestricted funds 24 ,935.727 9, 154, 766 Totsl fund$ 8,935,727 9, 154. 766 The Charitys nel movement in funds for the year was £1220.2671 (2022- £1336.$43)). The Trustees acknOedge their responsibilities for complying wth the requirements of the Act with respect lo accounting records and preparation of financial statements. The financial statements were approved and aulhorised for issue by the TN81ees on 18 December 2023 and signed on their behalf by.. AelMIXIIEAIP4J•......................... Dr Mohamed El-Erlan M DPhll Mr D N Robln8on MA ICantab} FCA The notes on pages 22 to 45 form part of these financial statements. Page 20
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 JUNE 2023 As restated 2022 2023 Cash flow from operating activities Nel cash used in operating activitie5 {390.0061 147,442 Cash flovpa from investing activiti8s Dividends, interests and rents from investrnenls Purchase ol tangible fixed assets Proceeds from sale of investments Nel movement on investments 120.142 {95,2411 22.009 101.265 77,922 (83,580) 198,563 Not cash provlded by Investlng actlvStles 148.175 192.90S Cash flovA from financln9 actlvltbos Repayments of borrowng {126.4421 (31,670? Not cash u8•d In financlng activltlo¥ {126,4421 131,6101 Change In cash and cash ¢qul¥aknts In the year Cash and cash equivalents at the beginning of the year {368.2731 537,480 308.737 228, 743 Cash and ¢a$h •quival•nts at •nd of th• yr 169.207 537,480 The notes on pages 22 to 45 fom part of these financial Slalements Page 21
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 General inforniation The charity is a private company limited by guarantee. giSted in England and Wales and a registered charity in England and Wales. The address of the registered office is 9a Bridge Street, Cambrid9e, C82 1UB. The charity's fvnctional and presenlats.onal currency is GBP. Accounting policie8 2.1 Basls of proparatlon of financlal stst•monts The finanaal statements have been prepared in accordance wth the Charities SORP IFRS 1021- Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance the Financial Reporting Standard applicable in the UK nd Republic ol Iland IFRS 1021 leffecbve 1 January 20191. the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Cambridge Union Society meets the definition of a public benefit entity under FRS 102. Assets and liabilits'es are initially recognised at historical cost or transaction value unless otherwise stated in the relevant a¢untIng policy. The Consolidated statement of financial acbwtses ISOFAI and Consolidated balance sheet con$olidale the financial slalemenls of the Charty and ils subsidiary undertaking. The re$ull$ of the subsidiary are consolidated on a line by line basis. The Charity has taken advantsge of the exempts'on all¢x¥ed under section 408 of the Companies Act 2006 and has not presented ils ovm Stslement of financial aclivrties in these financial stslemenls. The Charity has tsken advantage of the exempts'ons available to qualty'ng entities and has not prepared a charity onty Statement of Cash Flows. 2.2 Company status The Union is a company limite(I by guaranlee. The members of the company are the Iruslee, names on page 1. In the event of the Union being wound up, the liability in respect of the guarantee is limited to £1 per member of the Union. 2.3 Going concem Management have prepared financial forecals and projected cash flows ¥thi¢h the Trustees have reviewed in detail. This review by the Trustees has included understanding the assumptions used in preparing these forecasts and satisfying themselves that, against the current economic backdrop, the financial projections do indeed look both prudent and reasonable. Based on this. the Trustees have conduded that the Chanty continues lo have sufficient resources lo meet its liabilities as they fall due for the foreseeable futu. As a consequence. these financial statement have been prepared on a going concem basis. Page 22
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 A¢¢ountlng poll¢l•$ l¢ontlnu•d} 2.4 Income All income is recognised once the Charity has enlrfement to the income. il is probable that the income wll be received and the amount of income receivable be measured lIablY. Donation income is recognised vthen rt is probable that the donations will be receivable. Income from chantsble actiwb.es comprise income received from ath"vib"es performed in fvrtherence of the objects of the charity. induding those seryices provKled by members of the society. Annual memberships are recognised in the academic year to lch rt relates. Life memberships are recognised evenly over three academic periods as this is the length of time the average sludenl spend5 in Cambridge and therefore the period of b.me over which the vast majority of the benfils are provided. Dividends are recognised on a receivables basis. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the company.. this Is rMallY upon nolificalion of the interest paid or payablè by the bank. Rentsl income under long tem leases is aCCftd over the period of the lease. Our trading activities Comprise income received from tho$e activities perfomied by the charity with the primary purpose of fvndraising. This income is recognised upon sale ol goods Ibeing bar I caleteria sales) or provision of service lupon the hire of rooms or advertisements wf(h the lerm¢ardl. Ineome is recognised exclusive of Value Added Tax. 2.5 Expendltur• Expenditure is recognised once there is a legal or constnjctive obligation to transfer economic benefit lo a third party. il is probable that a transfer of economic benefi15 wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity a made up of the lotsl of di¢1 costs and shared costs, including support costs involved in undertaking each acbvity. Direcl wsts attributable to a single activity are allocated dire¢lly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned befvleen those activities on a basis consistent with the use of resources. All support costs are seen to relate to charitable aclivies. Support costs are those costs incurred direcuy in support of expenditu on the objects of the charity and include management. administration and govemance costs. Govemance costs are those incurred in connection wth administration of the charity and compliance with constitutional and slautory requirements, including the annual audit fee. Costs of generating funds are costs inrre<l in attracting voluntary income, and those incurred in trading activities that raise funds. Page 23
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 A¢¢ountlng poll¢l•$ l¢ontlnu•d} 2.6 Intangible assets and amortisation Intangible assets are caprtalised and recognised en ftjlure economic benefits are probable, and the cost or value of the asset can be measure(I reliably. Intangible assets are initialty recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisalion and any accumulated impairment losses. Amortisalion 1$ provi¢Jed on inlangible assets al rales calculated lo write off the ¢osl of each asset on $traight-line ba$1$ over its expec¢ed useful lrfe. Amortisation is provided on the followng basis-. Computer so3re 20 % straight line 2.7 Tangible fixod •¥8gts and dgprg¢iation Freehold Property is included 41 valuation on an exisb.ng use basis, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. The Trustees have a formal valuation every two years and consider whether there has been a significant movement in the inleNening period vthi¢h should be ¢onsidered. Tangible fixed assets lexcept freehold propetyl are carried al cost nel ol depreciation and any provision for Impairment, wlh the exeeplion of freehold land, which Is included at valuation and not depreciated. Depreciation is prowded at rates calculated lo vrrile off the cost or valuation of fixed assets, less their esbmaled SIdUal value. over their expected usefvl lives on the following basis". At each reporti'ng date the Chanty assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is detemiined to be the higher of it5 fair value less costs to sell and ils value In use. An impairment loss Is recognised where the carrying amount exceeds the recoverable amount. Land is nol depreciated. Depreciation on other assets is charged $0 as lo alb¢*e the cost of tsngible fixed assets less their residual value over their ests'mated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Freehold property 2% straight line on buildings Fixtures and fitb'ng$ 10- 33.33% straight line Computer equipment 33.33% straight line Freehold building improvements- 10% straight line Assets under construction Not depreciated unts"l asset brought into use Page 24
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 A¢¢ountlng poll¢l•$ l¢ontlnu•d} 2.8 Investments Fixed asset investments are a fomi of financial inslwmenl and are inrtially re¢ognised at their Iransacts'on cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in vthich case it is measured at cost less impairment. Investment gains and losses, vthether realised or unrealised, are combined and presented as 'GainsllLossesl on inveslmenls, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cosl less provision for impairment. Investment propety is carried at fair value deterniined by the Trustees based on professional advice received. Fair values are derived from Ihe current market rents and investment property yields for ¢ornparable real eslale, adiusled if necessary for any difference in the nature, location or Condition of the spe¢ifi¢ asset. No depreuab.on is provided. Changes in fair value are recognised In the Slalemenl of Financial Activities. 2.9 Stocks Stocks are valued at the lower of cost and net 811$able value after making due allowance for obsolete and slow-moving stocks. 2.10 Oebtor¥ Trade and other debtors a recognised at ihe settlement amount after any trade discount offered. Prepaymenlg are valued 41 the amount prepaid nel of any trade discounts due. 2.11 Ca•h at bank and In hand Cash at bank and in hand includes cash and short-term hwhty liquid investments with a short maturity of three months or less from the date of acquisits'on or opening of the deposit or similar account. 2.12 Liabilitl•s and provl$ions Liabilities are cOgnised vknen the is an ¢)bligation al the Balan sheet date as a result of a pa$1 event, it is probable that a transfer of economic benefil will be required in settlement, and the arnount of the settlemerbt can be estimated reliably. Liabilities a Tecognised at the amount that the Chartty anticipates il wll pay to settle the debt or the amount il has weived as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of Ihe amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that rellects the risks specific to the liability. The unwnding tsf the discount is renised in the Consolidated Stslement of Financial Aclivrties as a finance cost. Page 25
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 A¢¢ountlng poll¢l•$ l¢ontlnu•d} 2.13 Financial instruments The Group only has financial assets and finawal liabilities of a kind th qualify as basic financial instruments. Basic financial instwments are initially nised al transaction value and subsequently measured at their settlement value wth the exception of bank loans which are subsequently measured al amortised cost using the effective interest method. 2.14 Oporatlng l••$•$ Rentsls paid under operabng leases a charged lo the Consolidated statement of financial a¢tivilies on a $traighl-line basis over the lease lemi. 2.15 Pèn8lon$ The group provides defined conlribution schemes vknich meet ils obligations to employees. The pension charge represenls the amounts payable by the company to these fvnds in respect of the year. An annuity is provided for the pension payable to the wdow of a fomer employee. The present value of the lulure payments is a¢Unted for. split belween amounts due within one year and amounts due in more than one year. 2.16 Fund a¢¢ounllng General funds are unreslri¢led lunds which are available for use at the discretion of the Trustees in furtherance of the general objecb.ves of the Group and vthich have not been designated for other purposes. Crltlcal accountlng 8stbmates and areas of ludgmonl Estimates and judgments are contsnually evaluated and are based on historical experience and other factors, including expectalions of futu events that are believed to be reasonable under the ¢ircumslan¢e$. Critical accounting estimates and assumptions.. The Chanty makes eslimales and assumptions conceming the future. The $v[ting accounting estimates and assumptions wll. by definib"on. seldom equal the lated actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the Carrying amounts of assets and liabilits'es wthin the next finanaal year are discussed below. Fair value of investments and fixed asset investments. Investmen15 and fixed assets inve5tment5 are estimated based on fair value using prfofessinal advice. Deferred membership in¢ome. Membership InMe is deferred in relion to the period the membership covers. Page 26
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Income from donations and legacies Unrestrict8d nds 2023 Totsl funds 2023 Total runds 2022 Donations 10,250 10.250 3,240 Total 2022 3.240 3,240 Incomg from Charitablg a¢tiviti8s Unr•strlctod funds 2023 Total funds 2023 Total funds 2022 Member sUbriptsOn$ Debating event and competition income 294,318 38,770 294,318 38.770 351,907 44.460 333.088 333,088 396,367 Total 2022 396,361 396,361 Incomè Imm other trading activiiies Income from fundralslng events UnTe5tricted fund$ 2023 Total funds 2023 Total funds 2022 Advertising and sponsorship 59,325 59.32S 77,455 Total 2022 77,455 77,455 Page 27
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Income from other trading activities (continued) Incom• from non charltsblo ts3dlng a¢ll¥ltl•s Unrestricted fund¥ 2023 Total funds 2023 Total funds 2022 Income from trading subsidiary 1,574,961 1,574.961 1,629,460 Tol812022 1.629,460 1,629,460 Tradlng actlYlts• As restated Total funds 2022 Unrn8trSct•d fund* 2023 Total fund¥ 2023 Not Incom• from trad5ng subsSdiary Income from trading subsidiary Expenses from trading subsidiary 1,574,961 1,574.961 1,629,460 11.500,9081 11,500.9081 (1,346.643? Total 2023 74,053 74.053 282,817 The total income and expenditure from trading acb"viles shown above differs lo the financial stalementy of the subsidiary company as a result of the eliminabon of trading wU)in the group on consolidation. Page 28
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 Investment income Unrestrict8d nds 2023 Totsl funds 2023 Total runds 2022 Rents Dividends Interest receivable 100,291 18,623 1,228 100,291 18.623 1.228 59, 723 18, 199 120,142 120,142 77,922 ro1812022 77,922 77,922 other Incomlng r88ourc•s Unr•strlctod nds 2023 Total fund$ 2023 Total funds 2022 Other income 26,152 26.1 $2 840 Total 2022 840 840 10. Inv8stm8nt managomont costs Unrestricted fund$ 2023 Total fund$ 2023 Total funds 2022 Investment management fees 5,830 5.830 6, 762 Total 2022 6, 762 6, 762 Page 29
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 11. Analysis of expenditure by activities Activitiès undertaken directty 2023 Support costs 2023 Total funds 2023 Total funds 2022 Membership and speakers Competitive debating 438,610 89,835 428,620 867,230 89.83S 802,672 88,804 528,445 428,620 957,065 891,476 Total 2022 511,946 379,530 891,476 Analysls of dlroct costs Momr$hIP and Comp•tltlvo 8p•akers debatlng 2023 2023 Total funds 2023 Total funds 2022 Depreciation Advertising and publicity Membership administration Premises. cost5 Member events and tours Cambridge and extemal IV Debating competions Debate dinner5 180,366 7,482 653 195,839 54,270 180.366 7.8S1 653 195.839 54.270 48,693 18,215 22.558 185, 775 22,063 3, 169 194, 145 20, TOO 10,964 9,379 65,811 369 48,693 18,215 22,558 438,610 89,835 528,445 511,946 Total 2022 423. 142 88.804 511,946 Page 30
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 11. Analysis of expenditure by activities Icontinuedl Analys1$ of supp¢rt costs eMrShIp and sp•ak•rs 2023 Total funds 2023 Total funds 2022 Staff costs Legal and professional fees Office costs Provision for bad and doubtlul debts Audit and accountancy fees Interest on loan 219,806 14.171 115,870 128,0301 25.190 81,613 219.806 14,171 115.870 {28,0301 25,190 81,613 200, 128 (16,253? 109,467 13,362 25,390 47,436 428.620 428.620 379,530 Tol812022 379,530 379,530 Governance costs included above totalled £25,190 12022 - £13,790), being audrtors remuneration of £31,00012022 - £10,175) and non-audit cos15 of £14,19012022- £3,615>. 12. Audltors. remuneratlon 2023 2022 Fees payable lo the Charivs auditor for the audit of the Charitys annual a¢¢ounts 7.000 10,175 Fees payable lo the Chari5 auditor in respect of.. All non-audil Services not included above 18.190 3,615 Page 31
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 13. Staff costs Group 2023 Gmup 2022 Charity 2023 Charity 2022 Wages and salaries Social security Costs Contribution to defined contribution pension schemes 926,702 69,030 754,272 20,108 184.114 19.013 167, 706 18,366 59.472 48,813 16.679 16,056 1,056,004 823, 193 219,806 200, 128 The average number of persons employed by the Charity during the year was as follows.. Group 2023 No. Group 2022 No. Charlty 2023 No. Charity 2022 No. Staff $1 64 The number of employees whose employee benefits lexduding employer pension costs) exeeeded £80,000 was.. Group 2023 No. Group 2022 No. In the band £70,001- £80,000 The key management personnel of the Charity comprise the Bursar and the Trustees. During the year, no Iru51ee5 received any remuneration or benefit in kind 12022 - £NIll. The total remuneration, including pension conlnbutions and employets nab.onal insurance conlributsons of key management personnel was: £97.49912022 - £104,482). 14. Trustees. romuneration and expenses During the year, no Trustees receive(l any Muneration or other benefits (2022- £NIL). During the year ended 30 June 2023, no Trustee expenses have been incurred (2022- £NILJ. Page 32
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 1S. Intangible assets Group and Charlty Website Cost Additions 34.000 AI 30 June 2023 34.000 Amortisation Charge for the year 2.833 At 30 June 2023 2.833 Nat book value AI 30 June 2023 31.167 AI 30 June 2022 Page 33
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 16. Tangible fixed assets Group and Charlty Fixture5, Land and fittIDg5 and Improvemèn l>uildlg$ comput•r {Valuatlonl •qulpm•nt bulldlng Total Cost or valuatlon Al 1 July 2022 la$ previousty stated) Prior Year Adjustment 9,552,175 71.331 532,$94 206,647 10,291,416 71,331 Al 1 July 2022 las reslaledl Additions Disposals 9.623,506 336 532,S94 10,094 206,647 10,362,747 50,811 61.241 122,0091 122.0091 AI 30 June 2023 9.623,842 542,688 23S,449 10,401.979 Dopreclatlon Al 1 July 2022 Charge for the year 633.198 159.879 483.273 10,660 17S,218 6,994 1,291.689 177,S33 AI 30 June 2023 793.077 493.933 182,212 1,469.222 Not book value AI 30 June 2023 8.830.765 48.75$ 53,237 8,932,757 AI 30 June 2022 (as rnstatgd) 8.990.308 49,321 31,429 9,071,058 Incltjded in land and buildings is Ireehold land at a valuatson of £1.612.00012022 - £1.612.0001. which is not depreciated. Lambert Smrth Hampton revalued the freehold propety at 11 October 2021 on an existing use basis. The carrying amount under the cost model of assets vknich have been valued would have been £950 (2022- £950). Page 34
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 17. Investment property Group and Charlty Freehold Invèstmènt prop&rty Valuation Al 1 July 2022 Surplus on revalu*ion 1,000,000 so.000 AI 30 June 2023 1,050.000 The properties were valued by Lambert Smith Hampton al 11 October 2021 on an existing use ba51S. Lambert Smith Hampton are a firm of commercial propety consultants and estsle agents with suitsble experience of the Cambridge propety maet. A review by the trustees in the current year resulted in an inGrea$e in the valuatson of one propety. 18. Flx•d 488•t Investments Cash hald at Lbsted Invostmant lecurities managèr Total Group Cost or valuatSon At 1 July 2022 Add((ions Disposals Revaluations 729.954 185.079 (234.1101 19,348 69,883 799.B37 185.079 1234.1101 19,348 157.290 Movement on cash 157,2901 At 30 June 2023 700.271 12,593 712,864 Not book value AI 30 June 2023 TOO.271 12,593 712.864 At 30 June 2022 729,954 69,883 799,837 Page 35
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 18. Fixed asset investments (continued) Investments in 5ub5idiary compani•$ Cash held at Listed Investment s•¢urltl•$ manager Total Charlty Cost or valuation Al 1 July 2022 Additions Disposals Revaluations Movement on cash 729,954 185.079 1234.1101 19.348 69,883 799.838 185.079 1234,1101 19.348 157,2901 157,2901 AI 30 June 2023 700.271 12,593 712.865 N•t book valuè AI 30 June 2023 700,271 12,593 712,865 AI 30 June 2022 729.954 69,883 799,838 Page 36
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 18. Fixed asset investments (continued) All listed investments are listed on COgnised stock exchanges. Day-It>day management of the investments was delegated by the trustees during the year to Quilter Cheviot. All investments are carried out at their market value. Investment in equities and fixed interest securities are all traded in quoted public markets. Holdings in common investment funds, unil trusts and open- ended investment companies are al the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. A$$et sales and purchases are recognised at the date of trade al cost Ilhat 1$ Iheir Iransacb'on value). The significance of financial Instrument5 to the ongoing financial sustainability ol the charity is considered in the financial review and investment policy and performance 5ecb.ons of the Trustee5' Annual Report. The main risk lo the charity from the financial in$lrumenl$ lies in the combination of uncertain investment markets and volatility in yield. Liquidity risk is ants¢ipated to be low as all a$$el$ are traded and the commitment to intervention by central baks and market regulators has continued lo provide for orderly trading in the markets and so the abilty to buy and sell quoted equities and stock is anlicipaled to eontinue. The charity's inve51menls are mainty traded in marke15 With good liquidity and high trading volumes. The charity has no malenal investment holdings in mafkels subject lo exchange controls or trading reslriclions. The charity manages these investsnent risks by retaining expert advisors and operating an investment policy that provides lor a high degree of diversificabon of holdings within investment as5el classes that are quoted on recognised stock exchanges. The charity does not make use of denvalives and similar eomplex financial instruments as il lakes the view that investments are held for their volatility in any particular 5 year period VAII normally be corrected. Prlnclpal subgldiarie# The Union hag a wholly owned subsidiary thich is incorporated in the UK. Cambridge Unitsn Society Enterprises Limited operates the trading activities of the Union. The company covenants its taxable profits to The Cambridge Union Society. A summary of the company's results is shown below. Audited accounts will be filed with the Registrar of Companies. Page 37
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 18. Fixed asset investments (continued) The following wa$ a Subsidiary undertaking of Ihe Charty.. Name Company nUMr Registered office or principal Principal activity place of business Cambridge Union sIety Enterprises Limited 06785468 9a Bridge Slreel, Cambridge, CB2 1VB Trading a¢livf(ies of the Union Holdlng In¢lud•d In consolldatlon 100% Yes The financial results of the subsidiary for the year were.. Name Iom9 Expgndltur• ProfiUILossl I Surplusl (Deficit) for the ytar Not a$$ets Cambridge Union So¢iety Enterprises Limited 1,574,961 {1,568,908} 6,053 19. Stock8 Group 2023 Group 2022 Finished goods and goods for resale 29.B22 27,682 Page 38
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 20. Debtors Group 2023 Gmup 2022 Charity 2023 Charity 2022 Du• wfthln one y•ar Trade debtor$ Amounts owed by 9TOUP undertakings Other debtors Prepayments and accrued income 146,116 253,823 38.125 87.478 216,022 25 18,381 3, 750 15,227 18.381 15,227 164,522 272,800 56.506 318, 727 21. Crtdltorn: Amounts falllng duo wlthln om yo•r Group Group As restaled 2023 2022 Charity Charlty As restated 2023 2022 Bank loans Trade creditors 126,442 157,071 126.442 225,990 126,442 75,S01 131.677 3.000 36,352 57,583 207.970 126,442 94,959 171,696 3,663 31,375 125,097 282, T80 Amounts owed lo group undertan9$ Unfunded pension liabilrty Other tsxats'on and social security Other creditors Accruals and deferred income 3.000 84,82S 101,22S 355.869 3.663 82,325 151.384 411,316 828,432 1,001, 120 638.S25 836,012 The bank loan is secured over the freehold property and incurs interest al a rate of 2.75% over the Bank of England base rate per annum. Page 39
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 22. Creditors: Amounts falling due after more than one year Group 2023 Gmup 2022 Charity 2023 Charity 2022 Bank loans Unftjnded pension liability Accruals and deferred income 1.215,506 28,967 81.707 1.341,948 30.394 124,075 1,215.506 28.967 75.757 7,341,948 30.394 124,075 1.326,180 1.496.417 1,320,230 7,496,477 The bank loan is secured over the freehold propety and incurs Inte$¢ al a rate of 2.750h over the Bank of England base rate per annum. 23. D•fèrrèd Incom• Group 2023 Group 2022 Charlty 2023 Charity 2022 Deferred income at 1 July 2022 Regources deferred during the year Amounts released from previous periods 438,898 266,379 1314.8231 251, 708 320,642 251, 708 342,833 142.173 224,57T (155,643? {196.S671 (155,643? D•f8rr•d Income at 30 June 2023 390,454 438,898 266,248 320,642 Page 40
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 24. Statement of funds ststem•nt of fund$ - current year Balance at 30 June 2023 Balance at 1 July 2022 GainBI {L055e¥l Income Expendlture Unrestricted funds General Funds Revaluation reserve 7.425,213 1.786,107 1123.918 12.463.803) 14.292 50,000 7,099.620 1,836.107 9.211,320 2.123,918 12,463,803) 64.292 8,935.727 Page 41
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 24. Statement of funds Icontinuedl ststem•nt of fund$ - prlor yoar 8alance at 30 Jun 2022 Balance at 1 July 2027 Gains/ (Losses) Income Expendrtu Unrestricted funds General Funds Revaluation reserve 7.396.065 1,943. 788 2. 185,278 (2.087.200) (157.681) (68,930) 7,425,213 7, 786. 707 9.339,853 2. 185,278 (2,244,881) (68,930) 9,211,320 25. Analysls of net assets between funds Analys18 of n•t assets b•t¥wen funds- current year Unrestrlctod funds 2023 Total fund$ 2023 Tangible fixed asselg Intangible fixed asgel8 Fixed asset investments Investment propety Current assets Creditors due vthin one year Creditors due in more than one year 8,932,757 8,932.757 31,167 31.167 712,864 712.864 1,050,000 1,050,000 363,551 363.551 1828,4321 1828,4321 11,326,180) 11,326,180) Total 8.935,727 8,935,727 Page 42
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 2S. Analysis of net assets between funds (continued) Analys1$ of n•t assets bètwn funds- prlor year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments Investment property Current assets Creditors due wthin one year Creditors due in more than one year 9,071,058 9,071.058 799,837 799,837 7,000.000 7,000.000 837,962 837,962 (1,001, 120) (1,001, 120) (7,496,477) (7,496,417) Total 9,211,320 9,211,320 28. R•conclllatlon of net mov•m?nt In fvnds to not cash flow from 0tIng actlvltl•s Group 2023 Group 2022 Nel expenditure for the year las per Slalemenl of Finanual Activikn"e$} {325.5931 (128,533) AdJustm8nts for: Depreciats'on charges Dividends, Inte$1$ and rents from investments Increase in stocks Decreasellincreasel in debtors Increaselldecreasel in creditors Increase in long lemi ¢ditorS Lossesllgainsl on invesbnenls 180,366 {120.1421 12,1401 108,278 {172.6881 {43.7951 114,2921 185, 775 (77,922? (9.642) (195,037) 277,361 26,510 68,930 Net cash provided byl(used inl operating activities {390.0061 147,442 Page 43
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 27. Analysis of cash and cash equivalents Group 2023 Group 2022 Cash in hand 169.207 537,480 Totsl cash and ca$h oquival*nts 169,207 537,480 28. Analys18 of changos in net debt Other non. ca¥h At 30 Juno changes 2023 At1Juty 2022 Cash flo? Cash al bank and in hand Debt due within 1 year Debt due after 1 year 537,480 {126,4421 11.341,9481 {368,2731 126,442 169.207 {126,4421 1126,4421 126.442 11,215.5061 1930,9101 {241,8311 11,172,741) 29. Penslon commltmonts The group provide5 defined contribution pension seheme5 10 ils employees. The assets of these scheme5 are held separately from those of the group Independently administered funds. The pension charge represents Contributions payable by the group lo the lunds and amounts lo £59,472 12022 - £48,381). £11,02912022 - £4,613> was payable to the funds at the balance sheet date. 30. Prior year adjustment During the year the group tjndertook a VIeW of the trade credilor balances PO$1Y reported as at 30 June 2022 and identified an error which resutted in the profits being understated in the year to 30 June 2022 and creditors being overstated as at 30 June 2022 by £56,554 in the trading subsidiary. This has been accounted for as a prior year adjustment in the trading subsidiary accounts. 11 was also noteil that no accrual had been prowded in the pVIouS year for the final retention on the building improvements. This resuhed in the fixed assets and creditors both being understaed as al 30 June 2022 by £71,331. This has also been accoLbnted for as a prior year adjustment in the charity- Page 44
Docusign Envdope ID.. 466FBBs3.FDW27MBO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 31. Operating lease commitments AI 30 June 2023 the Group anil the Charity had commitments to make future minimum lease payments under non-cancellable operab'ng leases as follows.. Group 2023 Group 2022 Charity 2023 Chaiyty 2022 Not later than l year Later than 1 year and not later than 5 years 6,122 23.976 6,122 23.976 30,098 30,098 32. R•lat•d party tran8actSon8 Cambridge Union Society Enterprises Limited 15 a wholty owned subsidiary of The Cambridge Union Soeiety. During the year, the charity made sales of £68.000 12022 £nill lo the company. The company has made a gift aid payment of ils taxable profits of £62.60712022 £74.8071 to the charity. Al 30 June 2023 the ¢harity owed £131.676 to the company {2022- £30,481 being a debtor balance of £141,215 less creditor balance of £171,6961. Page 45