COMPANY REGISTRATION NUMBER: 07432769 CHARITY REGISTRATION NUMBER: 1139515 The Constitution Society Company Limited by Guarantee Unaudited financial statements For the year ended 30 June 2024
The Constitution Society Company Limited by Guarantee Financial statements Year ended 30 June 2024 Page Trustees, annual report (incorporating the directors. report) Independent examinerfs report to the trustees Statement of financial activities (including income and expenditure account) Balance sheet Notes to the financial statements 10
The Constitution Society Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) Year ended 30 June 2024 The trustees, who are also the directors for the purposes of company law. present their report and the unaudited financial statements of the charity for the year ended 30 June 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's goveming document, the Charities Act 2011 and Companies Act 2006 and Accounting and Reporting by Chanties.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published in October 2019. Reference and administrative details Registered charity name The Constitution Society Charity registration number 1139515 Company registration number 07432769 Principal office and registered 61 Petty France office London SW1 H 9EU The trustees The trustees who served during the year and at the date of approval were as follows.. Mr A Kennon (Chaimian) Mr S Payne Mr T L A Price (appointed 8 September 2023) Mrs A Young {resigned 7 November 2023) Mr T R Hickman Ms C P Salters Mrs S J Walshe (appointed 5 December 2024) Mr C J Monaghan {appointed 5 December 2024) Mr E H M Steedman {appointed 5 December 2024) Independent examiner Mr M Proctor FCA Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET
The Constitution Society Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (continued) Year ended 30 June 2024 Objectives and activities The charity's objects, as defined in its Articles of Association, are to advance the education of the public on the subject of the British constitution. Achievements and perforniance Overall purpose of the Constitution Society The Constitution Society is an independent educats'onal foundation which works to promote public understanding of the UK constitution. We monitor consts-tutional developments and proposals for change, and assess them against core constitutional principles. Impmving the process of constitutsonal change The Constitution Society works to encourage informed discussion beleen legislators, a¢ademi¢s and the public about proposals for constitutional change and constitutional developments. During the year, the Society published a number of reports on a range of constitutional themes. These included The Constitutional Status of Northern Ireland.. Consent. Acquiescence, Subjugation. Indifference by Dr Andrew McCom)ick, The City and Federalism: The UK and Germany by Matthew Heathcote, Reporting the Divide: The Media and the Constitutional Debate in Northern Ireland by Dr David Mccann and Semi-Presidentialisation and Executive Accountability.. A Cautionary Tale from Sri Lanka to the UK by Binendri Perera. The Society also published its first monograph.. Northem Ireland and the UK Constitution by Dr Lisa Claire Whitten in assoaation wth Haus Publishing. Looking forward, the Society has commissioned reports on compulsory voting, compulsory constitutional education and democratic accountability in the NHS by by David Klemperer, Emily Board and Dr Keegan Shepard respectively. The Society held several events in the House of Lords and one in Belfast over course of the year. Website The Society's website continued to attract hundreds of thousands of views across the year. This was driven in part by the pages addressed to the A-Level politics syllabus and in part by the regular blogs which the Society publishes, along with the reports of its research fell0v, which are freely accessible. Having engaged a series of regular contributors, the Society has published around two blogs a week across the year.
The Constitution Society Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (continued) Year ended 30 June 2024 Achievements and perforniance (continued) United Kingdom Constitution Monitoring Gn?up The last year has seen the Constitution Society continuing to aid the United Kingdom Constitution Monitoring Group (UKCMG) via finance. editorial and administrative support. The Group, composed of experts and practitioners covering a range of areas of the UK constitution, has published reports this year, wth one geared towards June's election. The Group launched these reports at events held in the House of Lords. After two members of the Group retired from activity, the Constitution Society fa¢ililated the recruitment of new members.. Dame Ursula Brennan and Sir Paul Silk. Governance andpeople During the year Andrew Kennon has acted as Chair among the Society's directors. Sir Malcolm Jack is President of the Society. In September 2023 Mr T L A Price was appointed as a trustee.ln November 2023 Mrs A Young resigned as trustee. Andrew Blick was employed as the director of the Society on a consultancy basis across the year, alongside his position as Head of the Department of Polilical Economy and Professor of Politics and Contemporary History at King's College London. Professor Blick reports to the trusteesldirectors. Dexier Govan continued to act in his role as Director of Research.
The Constitution Society Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (continued) Year ended 30 June 2024 Financial review Rothschild & Co were the Society's fund managers during the year to 30 June 2024 with a mandate to invest prudently in global equity markets. The Directors are confident that the Society's intemal resources are sufficient to support its activities at the current level for at least the next five years. The charity's principal sources of fijnding during the year were from donations and investment income. The net incoming resources for the year amounted to £62,545 (2023 - net incoming resources of £9,010}. The net outgoing resources for the year prior to any revaluation gains were £67.091 (2023 - £146,649}. The total funds held at the year end amounted to £2,567.615 {2023 - £2.505,070), which were comprised of £450,726 unrestricted general funds and £2.116,889 endowment funds. The endowment fund contains an investment portfolio which generates income to fund the Charity's general activities. The charity has appropriate funds to cover its day to day running costs for the next year and so faces 2024125 confident that it can meet demands that will be made on the time and financial resources of the charity by those projects that may arise in the coming year. Reserves policy At 30 June 2024 the Society had free reserves of £38.960 (2023 - £217.602). Policy issues 1. The donor has agreed that Endowment funds may be converted as necessary to Unrestricted funds, to fund operations at roughly the current level of expenditure. 2. A Charity Reserves Policy applies only to Unrestricted funds. The Society's current policy, last reviewed in 2021, is to maintain reserves of £400,000 (calculated as being approximately 3 years, expenditure at that time.) 3. A reserve calculated on the same basis would now amount to approximately £525K. 4. It is likely that the Souety will receive donations of approximately £200K over the next three years. Recommendations - The Society should hold reserves of £350K'. i.e. 2 years, cuent expenditure. If Unrestricted funds fall below £400K, sufficient Endowment funds should be allocated to boost Unrestricted Funds to approximately £500K.
The Constitution Society Company Limited by Guarantee Trustees, annual report (incorporating the directors. report) (continued) Year ended 30 June 2024 Structure, governance and management Goveming document The Constitution Society is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Assoaation. Recruitment, appointment and training of trustees Trustees are appointed from the membership of the charity which. in accordance with the Articles of Association, is open to any individual or organisation which is interested in fvrthering the Charity's work. All new trustees will be provided with copies of= - The Memorandum and Articles ofAssociation of the charity The latest financial statements of the charity In addition, the trustees are encouraged to read Charity Commission and other guidance designed to keep them abreast of their duties and responsibilities. Risk management The charity acknowledges the Charity Commission's recommendation to undertake a review of the major risks to which the charity is exposed. In 2024 the trustees adopted a new and comprehensive register of risks, which details those risks to which the chanty is exposed. This document is addressed and reviewed at each meeting of the trustees as a standing item. Oryanisational structure The twstees are responsible for the management of the affairs of the Charity and are regarded as trustees under the Charities Act 2011 and directors within the meaning of the Companies Act 2006. The present trustees are listed on page 1. Small company provisions This report has been prepared taking advantage of the small companies, exemption of section 415A of the Companies Act 2006. 191312025 The trustees, annual report was approved on trustees by.. and signed on behalf of the board of Al¥u Mr A Kennon (Chairman) Trustee
The Constitution Society Company Limited by Guarantee Independent examiner's report to the trustees of The Constitution Society Year ended 30 June 2024 I report to the charity trustees on my examination of the financial statements of the company for the year ended 30 June 2024 which comprise the statement of financial activities (induding income and expenditure account), balance sheet and the related notes. Responsibilities and basis of report As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act.). Having satisfied myself that the financial statements of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'l. In carrying out my examinats'on I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confim) that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act., or the financial statements do not accord with those records; or the financial statements do not comply wth the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination., or the financial statements have not been prepared in accordance wth the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. (WLLL tlaLty Ilf Mr M Proctor FCA Independent Examiner Lovewell Blake LLP Chartered accountants The Wherry Quay Street Halesworth Suffolk IP19 8ET 1913/2025
The Constitution Society Company Limited by Guarantee Statement of financial activities (including income and expenditure account) Year ended 30 June 2024 2024 Unrestricted Endowment funds funds Total funds 2023 Total funds Note Income and endowments Donations and legacies Investment income 80,000 10,915 80,000 10,915 18,048 Total income 90,915 90,915 18,048 Expenditure Charitable activities 158,006 158,006 164,697 Total expenditure 158,006 158,006 164,697 Net income and net movements in funds before gains and losses on investments (67.091) {67.091) (146,649) Net gains on investments (3.917) 133,553 129,636 155,659 Net income and net movement in funds (71.008) 133.553 62,545 9,010 Reconciliation of funds Total funds brought forward Total funds carried forward 521,734 1,983.336 2,505,070 2,496,060 450,726 2,116,889 2,567,615 2,505,070 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 10 to 16 forni part of these financial statements.
The Constitution Society Company Limited by Guarantee Balance sheet 30 June 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 13 14 1,170 2.527,485 1,202 2.286,266 2,528,655 2,287,468 Current assets Debtors Cash at bank and in hand 15 4,015 40,179 4,006 224.341 44,194 228.347 Creditors: Amounts falling due within one year 16 5,234 10,745 Net current assets 38.960 217,602 Total assets less current liabilities 2,567,615 2,505,070 Net assets 2,567,615 2,505,070 Funds of the charity Endowment funds Unrestricted funds 2.116.889 450,726 1.983,336 521,734 Total charity funds 17 2,567,615 2,505,070 For the year ending 30 June 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476., The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies, regime. The balance sheet continues on the following page. The notes on pages 10 to 16 forni part of these financial statements.
The Constitution Society Company Limited by Guarantee Balance sheet (continued) 30 June 2024 These financial statements were approved by the board of trustees and authorised for issue on 1913/2025 and are signed on behalf of the board by: I1¥U Mr A Kennon (Chairman) Trustee Company registration number: 07432769 The notes on pages 10 to 16 forni part of these financial statements.
The Constitution Society Company Limited by Guarantee Notes to the financial statements Year ended 30 June 2024 General inforniation The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is 61 Petty France, London, SW1 H 9EU. Statement of compliance The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance wth Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial statements have been prepared to give a Yrue and fair, view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair vievy. This departure has involved following the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. Accounting policies (al Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. (b} Going concern There are no material uncertainties about the charity's ability to continue. (c} Fund accounting Unreslricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted fvnds eamiarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sulFdasses: stricted income fvnds or endowment funds. 10
The Constitution Society Company Limited by Guarantee Notes to the financial statements (continued) Year ended 30 June 2024 Accounting policies (continued) (dl Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity.. it is probable that the economic benefits associated wth the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income" income from donations or grants is recognised when there is eviden of entiuement to the gift, receipt is probable and its amount Can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and ServIS are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the ¢ontra¢ted service. This is dassified as unrestricted fvnds unless there is a contractual requirement for it to be spent on a particular purpose and retumed if unspent, in which case it may be regarded as restricted. (e} Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates= expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities. and the sale of donated goods. expenditure on charitable activities indudes all costs inCued by a charity in undertaking activities that further its charitsble aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising fvnds for the Charity nor part of its expenditure on Charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that a¢tivity- Shared costs are apportioned beeen the activities they contn'bute to on a reasonable, justifiable and consistent basis. (fj Tangible assets All fixed assets are inits-ally recorded at cost. 11
The Constitution Society Company Limited by Guarantee Notes to the financial statements (continued) Year ended 30 June 2024 Accounting policies (continued) (gl Depreciation Depreciation is calculated so as to wnte off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows.. Office Equipment 250kn reducing balance Limited by guarantee The company is limited by guarantee whereby the members of the company guarantee the liabilities of the company to the extent of £10 per member. The company's members are its trustees as listed on page 1 of the financial statements. Donations and legacies Endowment fvnds Total funds 2024 Endowment Total Funds funds 2023 Donations 80,000 80.000 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Dividends Interest 10,306 609 10.306 609 13,983 4.065 13,983 4,065 10,915 10.915 18,048 18,048 12
The Constitution Society Company Limited by Guarantee Notes to the financial statements (continued) Year ended 30 June 2024 Expenditure on charitable activities by fund type Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Editorial, articles and consultancy Research fellow contracts Office costs Conferences, seminars and entertaining Staff costs Donations Rent, rates, insurance and deaning Bank charges Depreciation Support costs 10,100 22,000 4,522 1,950 93,260 1,600 20,129 382 302 3,761 10,100 22.000 4.522 1,950 93,260 1.600 20.129 382 302 3,761 5,574 24,000 5.671 5,732 78,312 2,850 19.955 5,574 24,000 5,671 5,732 78,312 2,850 19,955 286 22,317 286 22,317 158,006 158,006 164,697 164,697 Analysis of support costs Unrestricted Total funds Funds 2024 Unrestricted Total Funds funds 2023 Independent examination fees Legal and professional fees Advisory fees 2,706 774 281 2,706 774 281 2,544 1,860 17,913 2,544 1,860 17,913 3,761 3,761 22,317 22,317 Net gains on investments Unrestricted Endowment Total Funds Funds Funds 2024 Gainsl{losses) on listed investments Gainsl{losses) on foreign currency exchanges (8,849) 4,932 133,553 124,704 4,932 (3,917} 133,553 129,636 Unrestricted Endowment Total Funds Funds Funds 2023 Gainsl{losses) on listed investments Gainsl{losses) on foreign cUencY exchanges (42,973} (3,406) 202,038 159,065 13,406) (46,379) 202,038 155,659 13
The Constitution Society Company Limited by Guarantee Notes to the financial statements (continued) Year ended 30 June 2024 Net income Net income is stated after chargin{CredItIng)= 2024 2023 Depreciation of tangible fixed assets 302 286 10. Independent examination fees 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements 2,706 2,544 11. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows.. 2024 2023 Wages and salaries 93,260 78,312 The average head Count of employees during the yearwas 1 (2023.. 2). No employee received employee benefits of more than £60,000 during the year (2023.. Nil). 12. Trustee remuneration and expenses No remuneration or expenses paid to any trustees during the year. 13. Tangible fixed assets Office Equipment Total Cost At 1 July 2023 Additions 7,180 270 7,180 270 At 30 June 2024 7,450 7,450 Depreciation At 1 July 2023 Charge for the year At 30 June 2024 5,978 302 5,978 302 6,280 6,280 Carrying amount At 30 June 2024 1.170 1,170 At 30 June 2023 1,202 1,202 14
The Constitution Society Company Limited by Guarantee Notes to the financial statements (continued) Year ended 30 June 2024 14. Investments Listed investments Cost or valuation At 1 July 2023 Additions Disposals Fair value movements 2,286,266 2,393,931 (2,286,265) 133,553 At 30 June 2024 2,527,485 Impairment At 1 July 2023 and 30 June 2024 Carrying amount At 30 June 2024 2,527,485 At 30 June 2023 2,286,266 All investments shown above are held at valuation. 15. Debtors 2024 2023 Prepayments and accrued income 4.015 4,006 16. cdItorS. Amounts falling due within one year 2024 2023 Accruals and deferred income Social security and other taxes 4,195 1,039 8,524 2,221 5,234 10,745 17. Analysis of charitable funds Unrestricted funds Gains and At losses 30 June 2024 At 1 July 2023 Income Expenditure General funds 521.734 90,915 (158,006) 13,917) 450,726 Gains and At losses 30 June 2023 At 1 July 2022 Income Expenditure General funds 714.762 18,048 (164,697) {46,379) 521,734 15
The Constitution Society Company Limited by Guarantee Notes to the financial statements (continued) Year ended 30 June 2024 17. Analysis of charitable funds (continued) Endowment funds Gains and At losses 30 June 2024 At 1 July 2023 Income Expenditure Permanent Endowment Fund 1.983.336 133,553 2.116,889 Gains and At losses 30 June 2023 At 1 July 2022 Income Expenditure Permanent Endowment Fund 1,781,298 202,038 1,983,336 18. Analysis of net assets between funds Unrestricted Endowment Total Funds Funds Funds 2024 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1.170 454,790 (5,234) 1,170 2,571,679 15,234) 2,116,889 450,726 2,116,889 2,567,615 Unrestricted Endowment Total Funds Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Net assets 1,202 531,277 (10,745) 521.734 1,202 2,514,613 110,745) 2,505,070 1,983,336 1,983,336 16