Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 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.FDW27M￿BO75712OSfjA6 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.FDW27M￿BO75712OSfjA6 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$bury PC MA Phd, Chair Lent 2023 (resigned 1 June 2023} Dr Mohamed EkErian MA DPhil. Chair Easter 2023 (appointed 1 June 20231 The Rt Hon the Lord Parkn'nson of Whrtley Bay MA lappoinled 17 March 20231 Sir Christopher J Greenwood CBE CMG QC Mr D H Branch MA (Cantab) Ms R Green MA (Cantabl Mr P Harrison (appointed 15 De¢ember 2022) Mr J N Heath. MA FRICS Mr D N Robinson MA Icantsbl FCA Ms A A K Taylor MA IHonsl Canlabl Iresigned 25 October 20231 Miss L E Bro￿ IBAI. MIch￿lMaS 2022 President (appointed 1 July 2022, resigned 15 December 20221 Mr D T Eagleson 8A (Honsl. Vice President 22-23 (resigned 1 June 20231 Mr C Ge¢yge BA. Lent 2023 President (appointed 1 December 2022. re$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 Charte￿d Accountsnls and Statutory Auditor 3 Wellbrook Court Girton Cambridge CB3 ONA Page 1 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 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.FDW27M￿BO75712OSfjA6 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 lectu￿3 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 pa￿cipate 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 a￿a$ 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 y￿h 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.FDW27M￿BO75712OSfjA6 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 V￿thoUt 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.FDW27M￿BO75712OSfjA6 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 mill￿n 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$0 supported the Union outrea¢h s¢heme to lo¢al schools Creating interest in the discussion of STEM 53 individual speaker events took place, giving students the opportunity to hear from leaders from all backgrounds and industries. Highlights included US Presidential Candidate Marianne Williamson. former Speaker of the Hoc John Bercow. Love 151and winner Ekin Su. Russian dissident Mikhail Khodorkovsky. the PM of Montenegro and the President of Armenia along with many more politicians. ambassadors and cultural figures. The visits of speakers such as leader of the Belarusian opposition Sviallana Tsikhanouskaya. loolball figures Daniel Levy and Claudio Ranieri, ¢y¢lisl Bradley Wiggins were ￿Vered by national media as v*ll as drivbng Signifi￿nI Lbse of on line viewng a$ 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, Afr￿caribbea￿ Society, and the Cambridge Climate Society, to freely share facilities wth smaller less well resourced groups. Page 5 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 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.FDW27M￿BO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 d. Mat•rlal InV￿lMents 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 so￿ety 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.FDW27M￿BO75712OSfjA6 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 a￿OrdanCe 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-FDW27M￿BO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarante•l TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2023 Statsm•nt of Tw$t*es' r￿pOnsIbIlItI0$ 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 p￿pare 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 expendI￿re, for that period. In preparing these finanaal statements, the Trustees are required lo.. select suitable accounting poliaes and then apply them consistenly.. observe the meth￿5 and pnnciples ol the Charities SORP IFRS 1021". make judgments and a¢￿Un￿n9 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$' report is approved has confimied Ihal.. so far as that Trustee is aware, there is no relevanl audr( infornialion of which the charitable group's auditor5 are unaware, and that Trustee has tsken all the steps that ought lo have been tsken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that inlormalion. Audllors The auditors. Streets Audrt LLP, have indicated their wningness to conts.nue in office. The designated Trustee5 wll propose a motion ￿appoIntIng the audrtors at a meeting of the Trustees. Approved by order 18 D￿ernber2023 of the members of the board of and signed on iheir behalf by.. Trustees on Dr Mohamgd El-Erlan MA DPhll Mr D N Robln$on MA jcantsbj FCA Page 9 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 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$ rela￿ng 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 v￿h respect to going concem are described in the relevant sections of this report. Page 10 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 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 kno￿edge obtained in the course of the audit, or olherwse appears lo be malenally misstsled. If we Identify such material in¢onsislencies or appa￿nI 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$latement of this other infomiatson, ￿ are required to report that fad. We have nothing to report in this regard. Oplnlon on othor matters proscrlbed by the Companbfrs Act 2006 In our opinion, basetJ on the work undertaken in the course of the audil.. the information given in the Trustees, report including the Strategic report for the financial year for %thich the financial statements are prepared is consistent with the financial statements. the Trustees, report and the Strategic rerK)rt have been prepafed in accordance with applicable legal requirements. Matt•rg on whlch w• aro roquirnd to rnport by èxcèption In the light of our kno¥￿edge and understanding of the charitable company and its environment obtained in the course of the audit, y￿ have not identsfied material misstatements in the Trustees, report including the Strateglc report. We have nothing to report in respecl of the following matters in relat￿￿ to i•thich Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not Vi51ted by u5,. or the parent ¢harilable company financial stslements are not in agreement wlh the accounting records and retums., or certain disclosures of Trustees. remunerats.on specifieil by law are not made". or we have not received all the infom)ation and explanations VR require for our audit. Page 11 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY (CONTINUED) Rg$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.FDW27M￿BO75712OSfjA6 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 a￿yS 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. 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 Chari￿5 auditor in respect of.. All non-audil Services not included above 18.190 3,615 Page 31 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 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 $1 64 The number of employees whose employee benefits lexduding employer pension costs) exeeeded £80,000 was.. Group 2023 No. Group 2022 No. In the band £70,001- £80,000 The key management personnel of the Charity comprise the Bursar and the Trustees. During the year, no Iru51ee5 received any remuneration or benefit in kind 12022 - £NIll. The total remuneration, including pension conlnbutions and employets nab.onal insurance conlributsons of key management personnel was: £97.49912022 - £104,482). 14. Trustees. romuneration and expenses During the year, no Trustees receive(l any ￿Muneration or other benefits (2022- £NIL). During the year ended 30 June 2023, no Trustee expenses have been incurred (2022- £NILJ. Page 32 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 1S. Intangible assets Group and Charlty Website Cost Additions 34.000 AI 30 June 2023 34.000 Amortisation Charge for the year 2.833 At 30 June 2023 2.833 Nat book value AI 30 June 2023 31.167 AI 30 June 2022 Page 33 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 16. Tangible fixed assets Group and Charlty Fixture5, Land and fittIDg5 and Improvemèn l>uildlg$ 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.FDW27M￿BO75712OSfjA6 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 ma￿et. A review by the trustees in the current year resulted in an inGrea$e in the valuatson of one propety. 18. Flx•d 488•t Investments Cash hald at Lbsted Invostmant lecurities managèr Total Group Cost or valuatSon At 1 July 2022 Add((ions Disposals Revaluations 729.954 185.079 (234.1101 19,348 69,883 799.B37 185.079 1234.1101 19,348 157.290 Movement on cash 157,2901 At 30 June 2023 700.271 12,593 712,864 Not book value AI 30 June 2023 TOO.271 12,593 712.864 At 30 June 2022 729,954 69,883 799,837 Page 35 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 18. Fixed asset investments (continued) Investments in 5ub5idiary compani•$ 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.FDW27M￿BO75712OSfjA6 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.FDW27M￿BO75712OSfjA6 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 nUM￿r Registered office or principal Principal activity place of business Cambridge Union s￿Iety 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 I￿om9 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.FDW27M￿BO75712OSfjA6 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 underta￿n9$ 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.FDW27M￿BO75712OSfjA6 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￿$¢ al a rate of 2.750h over the Bank of England base rate per annum. 23. D•fèrrèd Incom• Group 2023 Group 2022 Charlty 2023 Charity 2022 Deferred income at 1 July 2022 Regources deferred during the year Amounts released from previous periods 438,898 266,379 1314.8231 251, 708 320,642 251, 708 342,833 142.173 224,57T (155,643? {196.S671 (155,643? D•f8rr•d Income at 30 June 2023 390,454 438,898 266,248 320,642 Page 40 Docusign Envdope ID.. 466FBBs3.FDW27M￿BO75712OSfjA6 CAMBRIDGE UNION SOCIETY IA ¢¢)mpany limited by guarants•l NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2023 24. Statement of funds ststem•nt of fund$ - 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.FDW27M￿BO75712OSfjA6 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.FDW27M￿BO75712OSfjA6 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 0￿￿tIng 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.FDW27M￿BO75712OSfjA6 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 P￿￿O￿$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 p￿VIouS 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.FDW27M￿BO75712OSfjA6 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