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 2024

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
CONTENTS
Page
Reference and admlnlstratlve details of the Charlty, Its Trustees and advisers
Trustees, report
Independent auditors. roport on the financial statements
Consolidated statement of financial activlties
9-13
14
Consolidated balance sheet
15-16
Charlty balance sheet
Consolldated statement of cash flows
17-18
19
Notes to the financial statements
20-42

CAMBRIDGE UNION SOCIETY
IA company limited by guarantee)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS
FOR THE YEAR ENDED 30 JUNE 2024
Trustees
Dr Mohamed El-Erian MA DPhil
The Rl Hon the Lord Parkinson ofwhitley Bay MA
Sir Christopher J Greenwood CBE CMG QC
Mr D H Branch MA (Cantab)
Ms R Green MA (Cantabl
Mr P Harrison
Mr J N Heath, MA FRICS
Mr D N Robinson MA (Cant3b) FCA
Ms A A K Taylor MA (Hons) (Canlab} (resigned 25 October 2023)
Mr C J M Palmer, Michaelmas President {resigned 1 December 2023)
Ms L Walker. Vice President 2023 (resigned 14 March 2024}
Mr L P M Pausch. Vice President 2024 lappoinled 14 March 2024)
Ms S C Nathan OBE BA (Cantab}
Mr N David Lent President (appointed 1 December2023, resigned 14 March 2024)
Ms N Pauly Easter President (appointed 14 March 2024, resigned 13 June 2024}
Mr A D'Angelo (appointed 2 September 20241
Company registered
number
07091173
Charity registered
number
1136030
Registered office
9a Bridge Street
Cambridge
CB2 1UB
Bursar
Colonel IRetd} J J Brown MA, MBE, FCILT, FCMI
Independentauditors
Streets Audit LLP
Chartered Accountants and Statutory Auditor
3 Wellbrook Court
Girton
Cambridge
CB3 ONA
Bankers
HSBC
63 StAndrew's Street
Cambridge
CB2 3BZ
Solicitors
Howes Percival
Terringlon House
13-15 Hills Road
Cambridge
CB2 1NL
Investmont Managers
Quilter Cheviot
One Kingsway
London
WC2B 6AN
Page 1

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
TRUSTEES, REPORT
FOR THE YEAR ENDED 30 JUNE 2024
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual
report together with the audited financial statements of The Cambridge Union Society (the company} and its
subsidiary, Cambridge Union Society Enterprises Limited (CUSEL} for the year ended 30 June 2024. The
Trustees confirm that the Annual Report and financial statements of the company comply with the current
statutory requirements, the requirements of the company's governing document and the provisions of the
Statement of Recommended Practice ISORP), applicable to charities preparing their accounts in accordan
with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1
January 2015}, as amended by Second Edition 2019.
Objectives and activities
. Policies and objectives
The truslees and officers have embarked on a development strategy for the Union. The overarching aim of the
strategy is to safeguard and promote the future of the charity and its historic buildings by developing its property
to benefit members and enhance its income.
The Trustees and officers have reviewed the general objects of the charity (listed below) that are for the benefit
of the Cambridge Union Society members and of the public more generally. The charity's primary object is the
advancement of education, in particular by..
promoting the skill of debating and the consideration of matters of public life or importance.,
hosling educational events including, but not limited to, debates on lopics of importance and lectures
given by individual persons of dislinclion-,
providing training in the practice of debating to Cambridge Union Society members and also by providing
for the tuition of olhers in the practice of debating by Cambridge Union Society members.,
providing for the entrance of Cambridge Union Society members in debating competitions, including
competitions held by the charity, and also by providing opportunities for members of the public to
compete in the practice of debating.,
the organisation and promotion of events aimed al widening access to Cambridge University and the
promotion of higher education more generally.,
providing opportunities to encourage the exchange of ideas and provision of access by the public to the
charily's facilities and events.,
providing workshops for the pupils of schools and colleges to attend to introduce them to the practice of
debating., and
enabling students and young people from disadvantaged backgrounds to participate in activities and
events aimed at increasing their confidence, skills and aspirations.
The charity organises and hosts three competitions-, the worldwide Inter Varsity, a national and an international
schools, debating competition to encourage Ihe skills of young debaters. Several bursaries are offered to
institutions and individuals with limited means to take part in these competitions each year. The charity also
encourages a number of younger students from slate schools to visit the Union where they are encouraged lo
learn to debate. These schemes continue to grow and broaden their reach in the UK. In addition, the Charity
works inlernalionally with Learning Leaders, a US based charity lo promote free speech in the Far East by
providing prepared material and personal support to schools and Universities developing debating as well as
entry to competitions. The Union is also now expanding work internationally through the schools competition
system notably in India and Africa with more countries applying for contracted agreements.
n setting its policies and objectives, the Trustees have given due consideration to general guidance published
by the Charity Commission relating to public benefit.
Page 2

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee}
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Strategic report
Achievements and performance
. Overview
The Union has delivered a full programme of events over the last year. The trading company continues to
develop its brand, and the popularity of ils hospitality business is improving steadily alongside signifioant
adVan￿S in business systems. The Corporate hosting business has expanded quickly and allows the Union to
make best use of its facilities especially outside of the academic year. Both of these elements means thal
CUSEL is contributing towards the charitable aims of the Society and improving day to day operations on site.
The society offers lo members a full programme of debates, talks and events through internationally acclaimed
personalities and covering a diverse and challenging range of topics. Members are also encouraged to
participale in the outreach programme and compelitive debating. In conjunction with the above the Society now
has developing plans to maintain and modernise its facililies in the medium and longer terms.
b. Review of activities
Building Improvements
Building improvements over the year included further enhancement of the members lounge with club style
furniture and new lighting, the Old Snooker Room was turned into a permanent conference and meeting space
and redecoration was carried out in several areas. The Chamber received a major investment in AV equipment
focusing on updating and improving the speaker syslem. The first of the identified major projects was also
started to improve the long-term resilience of the building with the replacement of the guttering and drains on
Round Church Street with enhanced rainwater goods to cope with increased rainfall. Seemingly unglamorous
but the increased intensity of recent rainfall was overcoming the Victorian rainwater system, and this is being
replaced with larger gutters and drainpipes with repairs and enhancements to roofing and dampcourses. Finally,
the garden continues to be improved both for the benefit of members and customers.
Debating
The Union has seen a full and vibrant programme of competitive debating over the year with more teams and
individuals entering competitions than before the Covid pandemic. The Society hosted large numbers of teams
for all ils major competitions with 44 teams competing at Inter Varsity level from all over the world, 20 teams
attending the Women's competition and 394 schools leams battling it out for the Cambridge Schools title.
Our own teams also recorded an excellent season winning the Leiden and Copenhagen Open compelilions,
being finalists at Oxford IV, Imperial IV and semi finalists at the World Championships in Vietnam, European
Championships in Bulgaria, Doxbridge and Manchester Opens. Nine Cambridge students achieved top 10
placings in these competitions including high rankings for the novices.
Page 3

CAMBRIDGE UNION SOCIETY
{A oompany limited by guarantee)
TRUSTEES. REPORT {CONTINUEDI
FOR THE YEAR ENDED 30JUNE2024
strategic report(continued)
Achievements and performance (continued)
Speakers, Debates and Performance
The Union held 26 main debates across all three terms. These included weekly events all ofwhich had a strong
attendance of over 200 and about a half of which had a full house of 450. In addition a number of smaller
specialist debates were held attracting an average audience of around 60. As usual all these debates lackled
difficult subjects 2nd the discussions this year attracted considerable external interest and media coverage.
National and international politicians, notable academics and business leaders once again generously
supported the Union with their time in participating in Ihese debates.
The Hawking Fellowship was given for the first time as a group award reflecting the importance of collaboralive
development in science. Open Al received the award for its work on ChatGPT and was received by Sam Altman
their CEO. Mr Altman hosted a capacity event where the audience was invited to examine the impact of Al. This
also attracted good natured but probing protest inside and outside the chamber and was considered an
important evening of discussion, later shared on our You Tube account.
A very broad range of speakers attended the Union to participate in panel events or to present their own talks.
From professional sports people to business leaders and celebrities, highlights included talks from the then
Chancellor Jeremy Hunt. physicist Sabrina Paterski, commentator, Ben Shapiro, Nobel Prize winner
Oleksandra Maluiichuk, Speaker of the House Lindsay Hoyle and entrepreneur Peter Thiel. Subjects covered
reflected this breadth and allowed students to interrogate ideas and concepls firsthand.
Outreach
Students from the Union continued and expanded the educational outreach programme. Cambridge state
schools visited regularly being offered time and space in the Union's facilities to develop student
communications skills whilst members assisted with debating activities. This culminated in participation at major
debates each term for invited schools.
Financial review
. Overview
The Society has improved its financial position over the year. The Iwo rnain income streams are memberships
fees and the profits from CUSEL. Ambitious membership targets were set for Michaelmas 2023 and despite
strong early sales these were not met during the year with sales reaching the average figure for recent years of
around 1850 new members. Likewise, trading was muted in the tough economic conditions apparent for most of
the winter and spring period. Sponsorship of the Union a180 decreased with the ending of existing agreements.
CarefLtI budgeting was put in place and costs reduced wherever manageable which proved effective by year end
and in conjunction with improved trading conditions allowed the Society to complete the financial year in sound
condition.
CUSEL continued lo trade effectively and achieved a very significant increase in business hospitality returns
through better use of the facilities. This is considered a successful trading year and better Ihan previous years.
At the end of the year CUSEL covenanted £123,883 to the charity and did pay a full set of rental and service
charges throughout the year which greally enhanced the charity's day lo day operations.
The Society's investment portfolio declined over the year to a net value of £626,553 whilst generating £164,810
in income. This was in line with expectations.
Page 4

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
b. Going concern
The charity has prepared cash flows and budgets for the underlying operations of the charity and ils subsidiary.
Accordingly, the trustees have a reasonable expectalion Ihat Ihe group has adequate resources lo continue in
operational existen￿ for the foreseeable future. For this reason, the trustees continue lo adopt the going
concern basis in preparing the financial slalements. Further details regarding the adoption of the going concern
basis can be found in the Accounting Policies.
c. Reserdos policy
To ensure prudent financial planning, the Trustees have set a target of Resetves to meet up to 3 months of
operations and to provide stabilisalion for emergency, unbudgeted and unexpected workslexpenses at scale for
a sum of £550,000. The reserves are currently kept in investments.
This policy is reviewed regularly.
3 months operational reserves
Stabilisalion for emergency major building maintenance works
£300,000
£250,000
d. Princlpal rlsks and uncertainties
The major risk moving forward is for CUSEL to return the investment made in the Orator and build on that to
provide long term revenue to the charity. This is subjecl to monthly management reviews by Trustees and a
focus on managing performance.
The historic elements of the bulldlng and its infrastructure remain a rlsk whlch is managed with an improving
estate plan and maintenance system.
High utility costs present an ongoing challenge. The predicted rise in ulility costs has been rnanaged as the
Union benefited from changing utility contracts and acquiring fixed priced contracts unlil 2025 during the year
and before prI￿S rose to their maximum.
The ongoing cyber risk and threat to information systems is taken seriously. The Union meets cyber essential
standards Ihrough its IT and systems providers whilst cyber insurance is also in place.
A good relationship be￿een the Trustees and the student officers is essential to the good running of the Union
and has therefore been identified as an important risk to the charity. This has been improved by the inclusion of
the president, vice president as trustees and by regular social gatherings involving both Irustees and Standing
Committee officers.
The Trustees formally review Ihe major strategic risk register twice a year and monitor key risks at each
meeting. The procedure for the selection of potential conlroversial speakers which is considered the most
dynamic risk has been codified to minimise risk to the charity's reputation and in which the Truslees hold Ihe
final decision.
e. Material investments pollcy
In accordance with Ihe charity's laws, Ihe members have aulhorised the trLJStees to invest in such stocks,
shares, investments and property as they see fit. In order lo comply with Ihe recommended practi￿ of the
Charity Commission and of the accounting profession, investments are stated at market value in the accounts.
In common with many universities and similar instilutions, the charity only invests on an ethical basis.
Page 5

CAMBRIDGE UNION SOCIETY
(A company Ilmlted by guaTantee)
TRUSTEES, REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Structure, governance and management
a. Constltution
Cambridge Union Society is registered as a charitable company limited by guarantee and was set up by a Trust
deed.
The Cambridge Union Society was formed and regislered with both Companies House (Registered Company
Number.. 07091173) and the Charity Commission (Registered Charity Number: 1136030) and the assets
transferred from the old to the new charity on 1 July 2010. There have been some small changes to the
constitution of the charity during the reporting year. The subsidiary company, Cambridge Union Society
Enterprlses Limited was created to handle the growing buslness interests of the charily. The Cambridge Union
Society Enterprises Limited or CUSEL (Registered Company Number.. 06785468) started its operations on the 1
July 2010.
b. Trustees
The trustees of the charity who setved during the year are at the head of this report.
Methods of appolntment or election of Trustees
New trustees are currently appointed on the basis of recommendation and formal acceptan￿ by the serving
officers of Standing Committee, Ihe student elected officers who run the Union on a daily basis and by the
serving trustees.
The chair of the trustees is normally recruited from the heads of house of colleges of Cambridge University. The
current chair is the President of Queens College.
In accordance with the laws ofThe Cambridge Union Society, a trustee's term of office shall be for 5 years from
the date of his or her appointment. Prior to Ihe expiration of a trustee's term of office the board may vote,
without the Iruslee being present lo extend thal trustee's term of office for a further 5 years. There shall be no
limit lo the number of times a Irustee's term may be extended. The student Trltstees term of office as a trustee
shall be the same as his or her term of office as the President, Vice president of the Union.
d. Pay policy for senior staff
The Iruslees delegate operational running of the charity to the Bursar. The Bursar's salary is bench marked
against the University pay scales.
Policies adopted for the induction and training of Trustees
Induction and training of new trustees is completed on an informal basis.
f. Organisational structure and decision rnaklng
The truslees set out the general policy of the charity. The day to day affairs of the charity are administered by
the Standing Committee of volunteer officers of the society supported by the regular staff led by the Bursar. The
trading board meets monthly except for August and December and the Union Maln board at least six times a
year to provide slrategic guidance.
Page 6

CAMBRIDGE UNION SOCIETY
(A company limlted by guarantee}
TRUSTEES. REPORT {CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Plans for future perlods
The Union remains popular and is the largest of all student societies at Cambridge. Trustees and members
continue to develop the core aims and objectives of Ihe charity to meet contemporary need and ensure the long-
term relevance of the society lo its members and those we assist.
The Union is developing an overarching plan for ils facilities which represents its largest asset to ensure Ihey
are maintained and utilised to best effect.
The society continues to expand Its reach abroad through supporting contracts for competitions and training.
Statement of Trustees. responsibilities
The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for
preparing the Trustees, report including the Strategic report and the financial statements in accordance with
applicable law and United Kingdom Accounling Standards (United Kingdom Generally Accepted Accounting
Practice).
Company law requires the Trustees to prepare financial statements for each financial . Under company law, the
Trustees must not approve the financial slatements unless Ihey are satisfied that they give a true and fair view
of the state of affairs of the Group and the Charity and of their incoming resourGes and application of resources,
including their income and expendlture, for that period. In preparlng these financial statements, the Trustees are
required to..
select suilable accounting policies and then apply them consistently.,
observe the methods and principles of the Charities SORP (FRS 1021.
make judgments and accounting estimates that are reasonable and prudent;
stale whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any
material departures disclosed and explained in the financial slalements.,
prepare the financial slalements on the going COn￿rTr basis unless it is inappropriate to presume that the
Group will continue in business.
The Trustees are responsible for keeping adequate accounling records that are sufficient to show and explain
the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial
position of the Group and the Charity and enable them to ensure thal the financial statements comply with the
Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and
hence for taking reasonable sleps for the prevention and detection of fraud and olher Irregularities.
Dlsclosure of information to audltors
Each of the persons who are Trustees at the time when this Trustees, report is approved has confimied that:
so far as that Trustee is aware, there is no relevant audit information of which the charitable group's
auditors are unaware, and
thal Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of
any relevant audit information and to eslablish that the charitable group's auditors are aware of that
information.
Page 7

CAMBRIDGE UNION SOCIETY
{A company limited by guarantee>
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
Auditors
The auditors, Streets Audil LLP, have indicated their willingness to continue in office. The designated Trustees
will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved
order
the
members
the
board
of
eir behalf by..
Trustees
on
ands
Dr Mohamed El-Erian MA DPhll
(Chair of Trustees)
Mr D N Roblnson MA (Cantab) FCA
(Trustee)
Page 8

CAMBRIDGE UNION SOCIETY
{A company limited by guaranteo)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY
Opinion
We have audited the financial statements of Cambridge Union Society (the 'parent charitable companll and its
subsidiaries (the 'group') for the year ended 30 June 2024 which comprise Ihe Consolidated statemenl of
financial aclivilies, the Consolidated balance sheet, the Charity balan￿ sheet, the Consolidated slatemenl of
cash flows and the related notes, including a summary of significant accounting policies. The financial reporling
framework that has been applied in their preparalion is applicable law and United Kingdom Accounting
Slandards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK
and Republic of Ireland, {Uniled Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements..
give a true and fair view of the state ofthe Group's and ofthe parent charitable companvs affairs as at 30
June 2024 and of the Group's incoming resources and application of resources, including ils income and
expenditure for the year then ended.
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting
Practice-, and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Audiling (UK} IISAS (UK)) and applicable
law. Our responsibilities under those standards are further described In the Auditors, responsibilities for the audil
of the financial statements section of our report. We are independent of the Group in accordance with the
ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including
the Financial Reporting Council's Ethical Standard, and we have fulfilled our other elhical responsibilities in
accordance with these requirements. We believe Ihat the audit evidence we have obtained is sufficienl and
appropriate lo provide a basis for our opinion.
Conclusions relating to golng concern
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 performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable
companvs abillty to continue as a going concern for a period of at least ￿e1ve months from when the financial
statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going con￿rn are described in the
relevant sections of Ihis report.
Page 9

CAMBRIDGE UNION SOCIETY
(A company limited by guaranteo)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY
(CONTINUED)
Other informatlon
The other information comprEses the information Included in the Annual report other than the flnanclal
slatemenls and our Auditors, report thereon. The Trustees are responsible for the other information contained
within the Annual report. Our opinion on the financial statements does not cover the other information and,
except to the extent otherwise explicitly stated in our report, we do not express any form of assurance
conclusion thereon. Our responsibilily is to read the other informalion and, in doing so, consider whether the
other information is materially inconsislent with the financial statements or our knowledge oblained in the course
of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or
apparent material misstatements, we are reqLtired to determine whether this gives rise to a material
rnisstatement in the financlal statements themselves. If, based on the work we have performed, we conclude
that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit..
the information given in the Trustees, report including the Strategic report for the financial year for which
the financial statements are prepared is consistent with the financial statements.
the Trustees, report and the Strategic report have been prepared in accordance with applicable legal
requirements.
Matters on whlch we are requlred to report by exceptlon
In the light of our knowledge and understanding of Ihe charitable company and ils environment obtained in the
course of the audit, we have not identified material misstatements in the Truslees, report inoluding the Strategic
report.
We have nothing to ieport in respect of the following matters in relation to which Companies Act 2006 requires
us lo report lo you if, in our opinion..
the parent charitable company has not kept adequate and sufficient accounling records, or relums
adequate for our audit have not been received from branches not visited by us. or
the parent charltable company financial statements are not in agreement with the accounting records and
returns., or
certain disclosures of Trustees, remuneration specified by law are not made- or
we have not received 811 the information and explanations we require for our audil.
Page 10

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY
(CONTINUED)
Responslblllties of trustees
As explained more fully in the Trustees, responsibilities statement, the Trustees (who are also the directors of
the charitable company for the purposes of company law) are responsible for the preparation of the financial
statements and for being satisfied that Ihey give a true and fair view, and for such internal control as the
Trustees determine is necessary to enable the preparation of financial statements that are Iree from material
misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent
charitable companvs ability to continue as a going concern, disclosing, as applicable, matters related lo going
concern and using ihe going concern basis of accounting unless the Trustees either intend to liquidate the
Group or the parent charilable company or to cease operations, or have no realistic alternative but to do so.
Page11

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIETY
(CONTINUED)
Audltors. responsibilities for the audlt of the financial statements
Our objectives are to obtaln reasonable assurance aboul whether the financial statements as a whole are free
from material misslalement, whether due to fraud or error, and to issue an Auditors, report that includes our
opinion. Reasonable assuran￿ is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAS (UK) will always detect a material misstatement when il exisls. Misstatements can arise
from fraLEd or error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-complian￿ with laws and regulalions. We design
procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities,
including fraud is detailed below..
Our approach lo identifying and assessing the risks of material misslatement in respect of irregularities,
including fraud and non-compliance with laws and regulations, was as follows:
the engagemenl partner ensured that the engagement team collectively had the appropriate competence,
capabilities and skills to identify or recognise non-complian￿ with applicable laws and regulations.
we identified the laws and regulations applicable to the company through discussions wlth directors and other
management, and from our commercial experience of the sector,.
we focused on specific laws and regulations which we consldered may have a direct materlal effect on the
financial slatements or the operations of the company, inoluding the Companies Act 2006, taxation legislation,
data protection, anli-bribery, employment, environmental, health and safety legislation.,
- we assessed the extent of Complian￿ with the laws and regulations identified above through making enquiries
of management and inspecting legal correspondence., and
identified laws and regulations were communlcated within the audit team regularly and the team remained alert
lo inslances of non-compliance Ihroughout the audit.
We assessed the susceptlbllity of the companvs financial statements to material mlsstatemenl, including
obtaining an understanding of how fraud might occur, by-
making enquiries of management as to where they considered there was susceptibility to fraud, their
knowledge of actual, suspected and alleged fraud., and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and
regulations.
To address the risk of fraud through management bias and override of controls, we..
performed analytical procedures to identify any unusual or unexpected relationships.
tested journal entries to identify unusual transactions.,
assessed whether judgements and assumptions made in determining the accounting estlmates were
indicative of potenlial bias., and
investigated the rationale behind significant or unusual transactions.
Page 12

CAMBRIDGE UNION SOCIETY
{A company limited by guarantee)
INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF CAMBRIDGE UNION SOCIE
(CONTINUED)
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures
which included, but were nol limited to..
agreeing financial statement disclosures to underlying supporting documenlalion.,
enquiring of management as lo actual and potenlial liligation and claims. and
reviewing correspondence with HMRC, relevant regulators and the companls legal advisors.
There are Inherent limitations in our audit prO￿dureS described above. The more removed that laws and
regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations
to enquiry of the directors and olher management and the inspection of regulatory and legal correspondence, if
any.
Material misstatemenls that arise due to fraud can be harder to detect than those that arise from error as Ihey
may involve deliberate concealrnenl or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial
Reporting Council's website at.. www.frc.or
.uklaudilorsres
onsibilities. This description forms part of our
Auditors, report.
Use of our report
This report is made solely to the charitable companys members, as a body, in accordan￿ with Chapter 3 of
Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to Ihe
charitable company's members those matters we are required to state to them in an Auditors, report and for no
other purpose. To the fullest extent permitted by law, we 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 audltor)
for and on behalf of
Streets Audit LLP
Chartered Accountants and Slalulory Auditor
3 Wellbrook Court
Girton
Cambridge
CB3 ONA
Date..
Page 13

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND
EXPENDITURE ACCOUNT)
FOR THE YEAR ENDED 30 JUNE 2024
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Note
Income from:
Donations and legacies
Charitable activities
other trading activities-
Fundraising
Trading subsidiary activities
Investments
other income
20
20
354,524
10,250
333,088
354,524
68,789
1,769,947
164,810
4,139
68,789
1,769,947
164,810
4,139
59,325
1, 526,302
120, 142
26,152
Total income
2,362,229
2,362.229
2,075,259
Expenditure on:
Raising funds:
Investment management
Trading subsidiary costs
Charitable activities
10
4,744
1,510,665
960,594
4,744
1,510,665
960,594
5,830
1,452,249
957,065
Total expenditure
2,476,003
2,476,003
2,415.144
Net expenditur8 before net gains on investments
Net gains on investments
Net movement In funds before other recognlsed
gainsl(losse5)
(113,774)
63,288
(113,774)
63,288
(339,885)
14,292
(50,486)
(50,486)
(325,593J
other recognised gainsl(losses}:
Gains on revaluation of fixed assets
50,000
Net movement Sn funds
{50,486}
150,4861
(275,593)
Reconclllation of funds:
Total funds brought forward
Net movement in funds
8,878,622
(50,486)
8,878,622
(50,486}
9, 154,215
(275,593)
Total funds carried forward
8,828,136
8,828,136
8, 878, 622
The Consolidated statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 20 to 42 form part of these flnancial statements.
Page 14

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
REGISTERED NUMBER: 07091173
CONSOLIDATED BALANCE SHEET {CONTINUED)
AS AT 30 JUNE 2024
2024
2023
Noto
Charity funds
Restricted funds
Unreslricted funds
24
24
8,828,136
8,878, 622
Total funds
8,828,136
8, 878, 622
The Trustees acknowledge their responslbilities for complylng wlth the requiremenls of the Acl wlth respect to
accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees on
and signed on th
behalf by..
U.
Dr Mohamed El-Erian MA DPhil
Chair of Trustees
Mr D N Roblnson MA (Cantab) FCA
Trustee
The notes on pages 20 to 42 form part of Ihese financial statements.
Page 16

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
REGISTERED NUMBER: 07091173
CONSOLIDATED BALANCE SHEET
AS AT 30 JUNE 2024
2024
2023
Note
Fixed assets
Intangible assets
Tangible assels
Investments
Investment property
15
16
18
17
24,367
8,782,647
626,553
1,050,000
31,167
8,932, 757
712,884
1,050,000
10,483,567
10,726,788
Current assets
stocks
Debtors
19
20
36,075
289,276
338,497
29,822
164,522
169.207
Cash at bank and in hand
663,848
363.551
Creditors.. amounts falling due withln one
year
21
1872,450)
(828,432)
Net current liabilities
(208,602)
(464,881)
Total assets less current liabilities
10,274,965
10,261,907
Creditors.. amounts falling due after more
than one year
22
(1,446,829)
(1,383,285J
Total net assets
8,828,136
8, 878,622
Page 15

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
REGISTERED NUMBER: 07091173
CHARITY BALANCE SHEET
AS AT 30 JUNE 2024
2024
2023
Note
Fixed assets
Intangible assels
Tangible assets
Investments
Investment property
15
16
24,367
8,782,647
626,554
1,050,000
31, 167
8,932, 757
712, 865
1,050.000
18
17
10,483,568
10, 726, 789
Current assets
Debtors
Cash at bank and in hand
20
12,925
173,706
56,506
111,187
186,631
167,693
Creditors.. amounts falling due within one
year
21
(409,610)
(638,525)
Net current liabilities
{222,979)
(470,832)
Total assets less current liabilities
10,260,589
10,255,957
Creditors.. amounts falllng due after more
than one year
22
{1,432,453)
(1,320,230)
Total net assets
8,828,136
8,935, 727
Page 17

CAMBRIDGE UNION SOCIETY
{A company limited by guarantee)
REGISTERED NUMBER: 07091173
CHARITY BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024
2024
2023
Note
Charity funds
Restricted funds
Unreslricted funds
24
24
8,828,136
8,935, 727
Total funds
8,828,136
8,935,727
The Charitls net movement in funds for the year was £(111,984) (2023 - £(220,267)).
The Truslees acknowledge thelr responsibilities for complying with the requirements of the Act with respect to
accounting records and preparation of financial slalements.
The financial statements were approved
and
authorised for issue
by the Trustees on
and sign
ir behalf by..
Dr Mohamed El-Erian MA DPhll
(Chair of Trustee8)
Mr D N Roblnson MA jcantab) FCA
(Trustee)
The notes on pages 20 to 42 form part of these financial statements.
Page18

CAMBRIDGE UNION SOCIETY
(A Company limited by guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2024
2024
2023
Cash flows from operating activlties
Net cash used in operating activities
(88,505)
(390,006)
Cash flows from investing aclivities
Dividends, interests and rents from investments
Purchase of tangible fixed assets
Proceeds from sale of investments
Net movement on investments
164,810
(30,1631
120,142
(95,241)
22,009
101,265
149,599
Net cash provided by investing activities
284,246
148,175
Cash flows from finan¢ing activities
Repayments of borrowing
(26,451)
(126,442)
Net cash used in financing activlties
(26,451) (126,442)
Change In cash and eash equivalents in the year
Cash and cash equlvalents at Ihe beginning ofthe year
169,290
(368,273)
53T,480
169,207
Cash and cash equivalents at the end of tha year
338,497
169,207
The notes on pages 20 to 42 forffl part of Ihese financial statements
Page 19

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
General Information
The charity is a private company limited by guarantee, registered in England and Wales and a regislered
charity in England and Wales. The address of the registered office is ga Bridge Street, Cambridge, CB2
1UB.
The charitls functional and presentational currency is GBP.
Accounting pollcles
2.1 Basls of preparation of flnanclal statements
The financial statements have been prepared in accordance with Ihe Charltles SORP IFRS 102) -
Accounting and Reporting by Charities= Statement of Recommended practi￿ applicable to charities
preparing Ihelr accounts in accordance with the Financial Reporting Standard applicable in the UK
and Republic of Ireland (FRS 102) (effective 1 January 2019), the Finanoial Reporting Standard
applicable in Ihe UK and Republic of Ireland (FRS 102} and the Companies Act 2006.
Cambridge Union Society meets the definition of a public benefit enlity under FRS 102. Assets and
liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the
relevant accounting pollcy.
The Consolidated statement of financial activities (SOFA) and Consolidated balance sheet
consolidate the financial statements of the Charity and Its subsidiary undertaking. The results of the
subsidiary are consolidated on a line by line basis.
The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act
2006 and has not presented its own Statemenl of financial activities in these financial statements.
The Charily has taken advantage of the exemptions available lo qualifying entilies and has not
prepared a charity only Slatement of Cash Flows.
2.2 Company ststus
The Union is a company limited by guarantee. The members of the company are the Trustees,
names on page 1. In the event of the Union being wound up, the Ilablllty In respect of the guarantee
is limited to £1 per member of the Union.
2.3 Golng concern
Management have prepared financial forecast and projected cash flows which the Trustees have
reviewed in detail. This review by the Trustees has included Ltnderslanding the assumptions used in
preparing these forecasts and satisfying themselves Ihat, against the current economic backdrop,
the financial projections do indeed look both prudent and reasonable.
Based on this, the Trustees have concluded that the Charity continues lo have sufficient resources
to meet ils liabilities as they fall due for the foreseeable future. As a consequence, these financial
slalemenls have been prepared on a going concern basis.
Page 20

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Accounting policie5 {continued)
2.4 Incom8
All income is recognised once the Charity has entitlement to the income, it is probable that the
income will be received and the amount of income receivable can be rneasured reliably.
Donation income is recognised when it is probable that the donations will be receivable.
Income from charitable activities comprise income received from activities performed in furtherence
of the objects of the charity, including those services provided by members of the society.
Annual memberships are recognised in the academic year to which it relates. Life memberships are
recognised evenly over three academic periods as this Is the length of time the average student
spends In Cambridge and therefore the period of time over which the vast majority of the benefits
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 normally upon nolificalion of the interest paid or payable by the bank.
Rental income under long term leases is accrued over the period of the lease.
Our trading activities comprise income re￿iVed from those activities performed by tho charlty with
the primary purpose of fundraising. This income is recognised upon sale of goods (being bar I
cafeteria sales) or provision of service (upon the hire of rooms or advertisements with the termcard).
Income is recognised exclusive of Value Added Tax.
2.5 Expenditure
Expenditure is reGognised once there is a legal or conslruclive obligalion to transfer economic
benefit to a third party, il is probable that a transfer of economic benefits will be required in
settlement and the amount of the obligation can be measured reliably. Expenditure is classified by
activity. The costs of each activity are made up of the total of direct costs and shared costs,
including support costs involved in undertaking each activity. Direcl costs attributable to a single
activity are allocated directly to that activity. Shared costs which contribute to more than one activity
and support costs which are not attributable lo a single activity are apportioned be￿een Ihose
activities on a basis consistent with the use of resources. All support costs are seen to relate to
charitable activies.
Support cosls are those costs incurred directly in supporl of expenditure on the objecls of the charity
and include management, administration and governance costs. Governance costs are those
incurred in connection with administration of Ihe charity and compliance with constitutional and
stautory requirements, including the annual audit fee.
Costs of generating funds are costs incurred in attracting voluntary income. and Ihose incurred in
trading activities that raise funds.
P8ge 21

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Accounting policies (continued)
2.6 Intangible assèts and amortisation
Intangible assets are capitalised and recognised when future economic benefits are probable, and
the cost or value of the asset can be measured reliably.
Intangible assets are inilially recognised at cost. After recognition. under the cost model, intangible
assets are measured at cost less any accumulated amortisalion and any accumulated impairment
losses.
Amortisallon Is provided on intangible assets at rates calculated to write off Ihe cost of each asset on
a slraight-line basis over its expected useful life.
Amortisation is provlded on the following basis..
Website
20 OA straight Ilne
2.7 Tanglble fixed assets and depreciatlon
Freehold property is included at valuation on an existing use basis, net of depreciation and any
provision for impairment. Depreciation is not charged on freehold land. A formal valuation is held
when the Truslees feel it is necessary to ensure that the carrying value of the freehold property is
not materially different from it's fair value.
Tangible fixed assets (except freehold property) are carried at cost nel of depreciation and any
provision for Impalrment, wilh Ihe except of freehold land, which is included at valuation and not
depreciated. Depreciation is provided at rates calculated to wiite off the cost or valuation of fixed
assets, less their estimated residual value, over their expected useful lives.
At each reporting date the Charily assesses whether there is any indication of impairment. If such
indication exists, the recoverable amount of the asset is determined lo be Ihe higher of ils fair value
less costs to sell and its value in use. An impairment loss is recognised where the carrying amount
exceeds the recoverable amount.
Depreciation Is provided on the following bases=
Freehold property
Fixtures and fillings
Computer equipment
2 % straight line on buildings
10 - 33.33 % straight line
33.33 % straight line
Page 22

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Accounting policies (continued)
2.8 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their
trarisaclion cost and subsequently measured at fair value at the Balan￿ sheet dale, unless the
value cannot be measured reliably in which case it is measured al cost less impairment. Investmenl
gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Losses)
on inveslmenls, in the Consolidated Slatement of Financial Activities.
Investments in subsidiaries are valued at cost less provision for impairment.
Investment property is carried at fair value determined by the Trustees based on professional advice
received. Fair values are derived from the current markel rents and investment property yields for
comparable real estale, adjusted if necessary for any dlfference in the nature, locatlon or condition
of the specific asset. No depreciation is provided. Changes in fair value are recognised in the
Statement of Financial Activities.
2.9 Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowan￿ for
obsolete and slow-moving stocks.
2.10 Debtors
Trade and olher debtors are recognised at the settlement amount after any trade discount offered.
Prepayments are valued al the amount prepaid net of any trade discounts due.
2.11 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short
maturity of Ihree monlhs or less from the date of acquisition or opening of Ihe deposit or similar
account.
2.12 Liabilities and provisions
Liabilities are recognised when Ihere is an obligation at the Balance sheet date as a result of a past
event, it is probable that a transfer of economic benefit will be required in settlement, and the
amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charily anlicipates it will pay to settle the debt or the
amount il has received as advanced payments for Ihe goods or services it musl provide.
Provisions are measured at the best estimate of the amounts required lo 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 reflects the risks specific to the liability. The
unwinding of the discount is recognised in the Consolidated Statement of Financial Aclivities as a
finance cost.
Page 23

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Accountlng polScles {continued)
2.13 Flnancial instruments
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial
inslruments. Basic financial instruments are initially recognised at transaction value and
subsequently measured at their settlement value wilh the exception of bank loans which are
subsequently measured at amortised cost using the effective interest method.
2.14 Operating leases
Rentals paid under operating leases are charged lo the Consolidated statement of flnancial activities
on a straighl-line basis over the lease term.
2.15 Penslons
The group provides defined contribution schemes which meet ils obligations to employees. The
pension charge represents the amounts payable by the company to these funds in respect of the
year.
An annuity is provided for the pension payable to the widow of a former employee. The present
value of the future payments is accounted for, split between amounts due within one year and
amounts due In more than one year.
2.16 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in
furtherance of the general objectives of the Group and which have not been designated for other
purposes.
Critical accounting estlmates and areas of judgment
Eslimales and judgments are continually evaluated and are based on historical experience and other
factors, including expectatlons of future events that are belleved to be reasonable under the
circumstances.
Critical accounting estimates and assumptions..
The Charlty makes estimates and assumptlons concerning the future. The resulting accounting estimales
and assumptions will, by definition, seldorn equal the related actual results. The eslimales and
assumptions thal have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are discussed below.
Fair value of investmenl property which is eslimated using professional advice.
Deferred membership income. Membership income is deferred in relalion to the period the
membership covers.
Page 24

CAMBRIDGE UNION SOCIETY
(A company limited by guarantèe)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Income from donations and legacies
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Donations
20
20
10,250
Total 2023
10,250
10,250
Income from charitable actlvltles
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Member subscriptions
Debating event and competition income
311,718
42,806
311,718
42,806
294,318
38,770
354,524
354,524
333,088
Total 2023
333, 088
333,088
Income from other tradlng activities
Income from fundraising events
Unrestricted
funds
2024
Total
funds
2024
Tofal
funds
2023
Advertising and sponsorship
68,789
68,789
59,325
Total 2023
59,325
59,325
Page 25

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Income from other trading activities (continued)
Income from non charitable trading actiVStl8s
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Income from trading subsidlary
1,769,947
1.769.947
1,526,302
Total 2023
1, 526,302
1,526,302
Trading activites
Unrestrlcted
funds
2024
Total
funds
2024
Total
funds
2023
Net Income from trading subsldlary
Income from trading subsidiary
Expenses from trading subsidiary
1,769,947
1,769,947
1,526,302
{1,510,665) (1,510,665) (1,452,249)
Total 2024
259,282
259,282
74,053
The total income and expenditure from trading activiles shown above dlffers to the financial statements of
the subsidiary company as a result of the elimination of trading within the group on consolidation.
Page 26

CAMBRIDGE UNION SOCIETY
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
Investment income
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Rents
Dividends
145,524
14,794
4,492
145,524
14,794
4,492
100,291
18,623
1,228
Interest receivable
164,810
164,810
120,142
Total 2023
120,142
120, 142
Other incoming rosources
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
other income
4,139
4,139
26,152
Total 2023
26,152
26, 152
10.
Investment management costs
Unrestricted
funds
2024
Total
funds
2024
Total
funds
2023
Investment management fees
4,744
4,744
5,830
Total 2023
5,830
5,830
Page 27

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11. Analysis of expenditure by activities
Activities
undertaken
directly
2024
Support
costs
Total
funds
2024
Total
funds
2023
2024
Membership and speakers
Compelitive debating
443,178
52,586
464,830
908,008
52,586
867,230
89,835
495.764
464,830
960,594
957,065
Tot812023
528,445
428,620
957,065
Analysis of direct costs
Membership
and Competitlve
speakers
debating
2024
2024
Total
funds
2024
Total
funds
2023
Depreciation and amortisation
Advertising and publicity
Membership administration
Premises costs
Member events and tours
Cambridge and external IV
Debating competitions
Debate dinners
187,073
1,500
6,222
206,788
41,595
187,073
1,500
6,222
206,788
41,595
10,500
26,245
15,841
180,366
7,851
653
195, 839
54,270
48,693
18,215
22,558
10,500
26,245
15,841
443,178
52,586
495,764
528,445
Total 2023
438,610
89,835
528,445
Page 28

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
11. Analysis of expenditure by activities {continuedl
Analysis of support costs
Membership
and
speakers
2024
Total
funds
2024
Total
funds
2023
staff costs
Legal and professional fees
Office costs
Provision for bad and doubtful debts
Audit and accountancy fees
Interest on loan
264,364
2,750
78,861
264,364
2,750
78,861
21g,806
14,171
115,870
(28,030)
25,190
81,613
25,450
93,405
25,450
93,405
464,830
464,830
428,620
Total 2023
428, 620
428,620
Governan￿ costs included above totalled £25,450 (2023 - £25,190), being auditors remuneration of
£11,00012023 - £11,000) and non-audil costs of£14,450 (2023- £14,190).
12.
Auditors, remuneration
2024
2023
Fees payable to the Charitls auditor for the audit of the Charivs annual
account5
7,000
7,000
Fees payable to the Charitls auditor in respect of=
All non-audit services not included above
18,450
18,190
Page 29

CAMBRIDGE UNION SOCIETY
IA company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
13. Staff costs
Group
2024
Group
2023
Charlty
2024
Charity
2023
Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes
969,297
82,095
878,043
69,830
219,330
22,922
184,114
19,013
69,123
59,4T2
22,112
16,679
1,120,515
1,007,345
264,364
219,806
The average number of persons employed by the Charity during the year was as follows..
Group
2024
Gmup
2023
Charity
2024
Charity
2023
Staff
44
51
The number of employees whose employee benefits (excluding employer pension costs) exceeded
£60,000 was..
Group
2024
Gmup
2023
In the band £70,001- £80,000
In the band £80,001- £90,000
The key managemenl personnel of the Charity comprise the Bursar and the Trustees. During the year, no
trustees received any remuneration or benefit in kind (2023 £Nil). The total remuneration, including
pension conlribulions and employers nalional insurance contributions of key management personnel
was: £103.835 (2023- £97,499).
14.
Trustees, remuneratlon and expenses
During the year, no Trustees received any rernuneration or other benefits (2023 - £NIL).
During the year ended 30 June 2024, no Trustee expenses have been incurred (2023- £NIL).
Page 30

CAMBRIDGE UNION SOCIETY
(A company IlmTtèd by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
1 S. Intanglble assets
GTOUP and Charity
Website
Cost
At 1 July 2023
34,000
At 30 June 2024
34,000
Amortisation
At 1 July 2023
Charge for the year
2,833
6,800
At 30 June 2024
9,633
Net book value
At 30 June 2024
24,367
At 30 June 2023
3t,t67
Page 31

CAMBRIDGE UNION SOCIETY
(A company limited by guarantao)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
16.
Tangible fixed assets
Group and Charity
Fixtures,
Land and fittings and
buildings
computer Improvoments
(Valuation)
equipment
to bulldings
Total
Cost or valuatlon
At 1 July 2023
Additions
9,623,842
542,688
11,870
235,449
18,293
10,401,979
30,163
At 30 June 2024
9,623,842
554,558
253,742 10,432,142
Depreciatlon
At 1 July 2023
Charge for the year
793,077
159,879
493,933
10,504
182,212
9,890
1,469,222
180,273
At 30 June 2024
952,956
504,437
192,102
1,649,495
Net book value
At 30 June 2024
8,670,886
50,121
61,640
8,782,647
At 30 June 2023
8,830, 765
48, 755
53,237
8,932, 757
Included in land and buildings is freehold land at a valuation of £1,612,000 (2023 £1,612,000), which is
not depreclated. Lambert Smllh Hampton reva5ued Ihe freehold property at 11 October 2021 on an
exisling use basis.
The carrying amount under the cost model of the assets which have been revalued would have been
£950 (2023 - £950).
Page 32

CAMBRIDGE UNION SOCIETY
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
17. Invoslment property
Group and Charity
Freehold
investment
propety
Valuatlon
Al 1 July 2023
1,050,000
At 30 June 2024
1,050,000
The properties were valued by the Trustees on an existing use basis taking into account previous
professional valualions undertaken as at 11 October 2021.
18. Flxed asset investments
Cash held at
investment
manager
Listed
securities
Total
Group
Cost or valuation
At 1 July 2023
Additions
700,271
53,697
1191,025)
55,501
12,593
712,864
53,697
(191,025>
55,501
{4,4841
Disposals
Revalualion5
Movement on cash
(4,484)
At 30 June 2024
618,444
8,109
626,553
Net book value
AI 30 June 2024
618,444
8,109
626,553
At 30 June 2023
700,271
12,593
712,864
Page 33

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee>
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
18. Flxad asset investments (continued)
Investments
in
subsidiary
companies
Cash held at
investment
manager
Listed
securltles
Total
Charity
Cost or valuation
At 1 July 2023
Additions
Disposals
Revaluatlons
Movement on cash
700,271
53,697
(191,025)
55,501
12,593
712,865
53,697
(191,025)
55,501
(4,484)
(4,484)
At 30 June 2024
618,444
8,109
626,554
Net book value
At 30 June 2024
618,444
8,109
626,554
At 30 June 2023
700,277
12,593
712,865
All listed inveslments are listed on recognised stock exchanges. Day-to-day management of the
investments was delegated by the trustees during the year to Quilter Cheviot.
All investmgnts are carried out at their market value. Investment in equities and fixed interest securities
are all traded in quoted public markets. Holdings in common inveslment funds, unit Irusts and open-
ended inveslment companies are al Ihe bid price. The basis of fair value for quoted investments is
equivalent to the markel value, using the bid price. Asset sales and purchases are recognised at the date
of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the charity is considered
in the financial review and investment policy and performance sections of the Trustees, Annual Report.
The main risk lo the charity from the financial instruments lies in the combination of uncertain investment
markets and volatility in yield. Liquidily risk is anticipated to be low as all assets are traded and the
commitment to inletvention by central banks and market regulators has continued to provide for orderly
trading in the markets and so the ability to buy and sell quoted equities and stock is anticipated to
continue. The charitrfs investments are mainly traded in markets with good liquidily and high trading
volumes. The charity has no material investment holdings in rnarkels subject to exchange controls or
trading restrictions.
The charity manages these investment risks by retaining expert advisors and operating an investment
policy that provides for a high degree of diverslfication of holdings wilhln investment asset olasses that
are quoled on recognlsed stock exchanges. The charity does not make use of derivatives and slmllar
complex financial instruments as it lakes the view that investments are held for Iheir volatility in any
partlcular 5 year period will normally be corrected.
Page 34

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
18.
Fixed asset investments (continued)
Principal subsidiaries
The Union has 8 wholly owned subsidiary whlch Is incorporated in the UK. Cambridge Unlon 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 companys results is shown below. Audited
accounts will be filed with the Registrar of Companies.
The followlng were subsidiary undertakings of the Charity..
Names
Company
number
Registered office or prlnclpal Principal activity
place of buslness
Cambridge Union Society
Enterprises Limited
06785468
9a Bridge Street, Cambridge.
CB2 1UB
Trading activilles of
the Union
The above entity is 100 % owned by the charity and is included in the consolidated accounts.
The financial results of the subsidiary for the year were..
Name
Income
Expendlture
Profitl{Lossl
I Surplusl
(Deficit) for
the year
Cambridge Union Society Enterprises Limited
1,769,947
(1,588,959)
180,988
Cambridge Union Soclety Enterprises Limited have net assets of £1.
19. Stocks
Group
2024
Group
2023
Goods for resale
36,075
29,822
Page 35

CAMBRIDGE UNION SOCIETY
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
20. Debtors
Group
2024
Gmup
2023
Charity
2024
Charity
2023
Due within one year
Trade debtors
Other debtors
Prepayments and accrued income
285,930
3,346
146,116
25
9,579
3,346
38, 125
18.381
18,381
289,276
164,522
12,925
56,506
21.
Creditors: Amounts falling due within one year
Group
2024
Group
2023
Charity
2024
Charity
2023
Bank loans
Trade creditors
Amounts owed to group undertakings
Unfunded pension liability
other taxation and social security
other creditors
Accruals and deferred income
126,442
157,071
126,442
75,501
131,677
3,000
36,352
57,583
207,970
69,664
24,360
152,383
3,000
6,802
56,540
166,525
3,000
126,840
92,826
580,120
3, 000
84,825
101,225
355,869
872,450
828,432
409,610
638, 525
The bank loan is secured over the freehold property and Incurs interest at a rate of 2.15 % over the Bank
of England base rate per annum.
Page 36

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
22.
Creditors: Amounts falling due after more than one year
Group
2024
Group
2023
Charity
2024
Charity
2023
Bank loans
Unfunded pension liability
Accruals and deferred income
1,315,497
25,967
105,365
1,275,506
28,967
138,812
1,315,497
25,967
90,989
1,215,506
28,967
75, 757
1,446,829
1,383,285
1,432,453
1,320,230
The bank loan is secured over the freehold property and incurs interest at a rate of 2.15% over the Bank
of England base rate per annum.
23.
Deferred income
GTOUP
2024
Group
2023
Charity
2024
Charity
2023
Deferred income at 1 July 2023
Resources deferred during the year
Amounts released from previous periods
447,559
496,003
561,315
266,379
(330,890) (314,823)
266,248
320, 642
181,755
142, 173
(190,491) (196,567)
Deferred Income at 30 June 2024
677,984
447,559
257,512
266,248
Page 37

CAMBRIDGE UNION SOCIETY
(A company limited by guarantea)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
24. Statement of funds
Statement of funds - current year
As restated
Balance at 1
July 2023
Balance at
30 June
2024
Galnsl
(Loss85>
Income Expenditure
Unrestricted funds
General Funds
Revaluation reserve
7,042,515
1,836,107
2,362,229
(2,476,003)
63,288
6,992,029
1,836,107
8,878,622
2,362,229
(2,476,003)
63,288
8,828,136
Page 38

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
24. Statement of funds (continued)
statement of funds - prior year
As restated
Balance at
30 June
2023
Balance al
l July 2022
Gains/
(Losses)
Income Expendifu
Unrestricted funds
General Funds
Revaluation reserve
7,368, 108
1, 786, 107
2,075,259 (2,415, t44J
14,292
50,000
7,042,515
1,836, 107
9, 154,215
2,075,259
(2,415, 144)
64,292
8,878, 622
25. Analysis of not assets between funds
Analysls of net assets between funds - current perlod
Unrestricted
funds
2024
Total
funds
2024
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Inveslment property
Current assets
Creditors due within one year
Creditors due in more than one year
8,782,647
8,782,647
24,367
24,367
626,553
626,553
1,050,000
1,050,000
663,848
663,848
{872,450) <872,4501
(1,446,829) {1,446,8291
Total
8,828,136
8,828,136
Page 39

CAMBRIDGE UNION SOCIETY
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
25. Analysis of net assets between funds (continued)
Analysls of net assets between funds - prior period
As restated As restated
Unrestricted
Total
funds
funds
2023
2023
Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Investment property
Current assets
Creditors due within 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
(828,432)
(828,432)
(1,383,285) (1.383,285)
Total As restated
8,878, 622
8,878, 622
26.
Reconclllatlon of net movement in funds to net cash flow from operating actlvltles
Group
2024
Group
2023
Nel expenditure for the period (as per Statement of Financial Activities)
{50,486)
(325, 593)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Increase in stocks
Decreasel(increase) In debtors
Increaselldecreasel in creditors
Increase in long term creditors
Lossesl(gains) on inveslments
187,073
(164,810)
16,2531
1126,757}
172,463
{36,447)
{63,288)
180,366
(120,142)
{2, 140J
108,278
(172, 688)
(43, 795)
(14,292)
Net cash used in operatlng acttvities
{88,505)
(390,006)
Page 40

CAMBRIDGE UNION SOCIETY
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
27.
Analysis of cash and cash equivalents
Group
2024
Group
2023
Cash in hand
338,497
169.207
Total cash and cash equlvalents
338,497
169,207
28. Analysis of changes In net debt
At 1 July
2023 Cash flows
New At30 June
advance5
2024
Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year
169,207
{126,442)
11,215,506)
169,290
126,442
1,215,506
338,497
(1,315,497} (1,315,497)
(1,172,741) 1,511,238 (1,315,497} (977,000)
29.
Capltal commitments
Group
2024
Group
2023
Charity
2024
Charity
2023
Conlracted for but not provided in these
financlal statements
Improvements and repairs to buildings
151,046
151,046
30.
Pension commitments
The group provides defined contrtbution pension schemes to ils employees. The assets of these
schemes are held separately from those of the group in independently administered funds. The pension
charge represents conlributions payable by the group lo the funds and amounts to £69,123 (2023
£59,472). £5,202 (2023 - £11,029) was payable to the funds at the balance sheet date.
Page 41

CAMBRIDGE UNION SOCIETY
{A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
31. Prior year adjustments
During the year the company undertook a review of the deferred income balances previously reported as
al 30 June 2023 and identified an error which results in the deferred income beir)g understated by
£57,105 and the brought forward profit and loss reserves overstated by £57,105. The error was originally
posted in the year ended 30 June 2022 and therefore has been adjusted in the prior year brought forward
reserves. This has been accounted for as a prior year adjustment.
During the year a review was undertaken of the turnover categories and it was noted that discretionary
tips recelved from customers that are passed onto staff were incorrectly belng Ireated as part of turnover.
This has now been corrected as has resltlted in turnover reducing by £48,659 and cost of sales also
reduoing by £48,659. This has had no impact on gross profit or overall results and has been accounted
for as a prior year adjustment.
32.
Operatlng lease commitments
At 30 June 2024 the Group and the Charily had commitments to make future minimum lease payments
under non-cancellable operaling leases as follows=
Group
2024
Group
2023
Charlty
2024
Charity
2023
Not later than 1 year
Later Ihan 1 year and not later than 5 years
6,122
17,854
6,122
23,976
6,122
17,854
6, 122
23,976
23,976
30,098
23,976
30,098
33. Related party transactions
Cambridge Union Society Enterprises Limiled is a wholly owned subsidiary of The Cambridge Union
Society. During the year, the charity made sales of £78,393 (2023 £68,000) to the company. The
company has made a gift aid payment of Its taxable profits of£123,883 {2023- £62,607) to the charity. At
30 June 2024 the charity owed £152,383 {2023- £131,677) to the company.
Page 42