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 bel￿een 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, cu￿ent 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
A￿l¥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:
I￿1¥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 ServI￿S 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 inCu￿ed 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
be￿een 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 cU￿encY 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. c￿dItorS. 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