Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
CHARITY REGISTRATION NUMBER: 291310
The Cambridge Political Economy Society Trust Unaudited Financial Statements 31 December 2024
ARCHANGEL ACCOUNTING LTD
Chartered accountants Burnham House Splash Lane Wyton Huntingdon UK PE28 2AF
Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Financial Statements
Year ended 31 December 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Statement of financial activities | 3 |
| Statement of financial position | 4 |
| Notes to the financial statements | 5 |
Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Trustees' Annual Report
Year ended 31 December 2024
The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.
Reference and administrative details
Registered charity name The Cambridge Political Economy Society Trust
Charity registration number 291310 Principal office c/o Centre for Business Research, Judge Business School, University of Cambridge, Trumpington Street, Cambridge, CB2 1AG
The trustees P Faulkner J Runde J Aldred B Burchell S Deakin M Kitson S Konzelmann (retired 1 July 2024) S Pratten (retired 1 July 2024) R Martin (appointed 1 July 2024) M Milgate (appointed 1 July 2024) Accountants Archangel Accounting Ltd Chartered accountants Burnham House Splash Lane Wyton Huntingdon UK PE28 2AF
Structure, governance and management
The Trustees of the Cambridge Political Economy Society Trust are responsible for holding the capital and income of the Trust Fund upon trust to apply the income and all or such part or parts of the capital at such time or times and in such manner as the Trustees may in their absolute discretion think fit for the purposes of meeting the charitable objectives and in accordance with the Trust Deed. The Trustees meet regularly to consider and approve grants payable and to ensure that the management is effective.
To be able to fulfil the objectives of the Trust the Trustees are of the opinion that the reserves of the Trust are maintained at a level which represents the commitment to all beneficiaries.
A resolution has been passed at the AGM, to release the Trust from the requirements in the Trust Deeds to have an annual audit, given that there is no statutory requirement to do so.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
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Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Trustees' Annual Report (continued)
Year ended 31 December 2024
Objectives and activities
The charity was established by a Trust Deed dated 21 December 1984.
The objects of The Cambridge Political Economy Society Trust are to promote knowledge and educate the public in relation to political economy and related matters, and to promote research into matters pertaining to political economy and to publish the results of such research.
Achievements and performance
The Trust continued its support of the five year post-doctoral junior research fellowship (JRF) at Girton College which started in 2023 and is now into its second year, as well as the four PhD Scholarship students it is currently supporting. The Trust also made grants to a number of PhD students to help them complete their studies. Details of scholarship recipients and dates of PhDs awarded can be found on the Trust's webpages at www.cpes.org.uk/trust .
The Trust supports organisations and groups by financing small-scale projects, workshops, seminars, and conferences that further the Trust's objectives. During 2024 the Trust funded early career academics to attend conferences and awarded funding to assist with the organisation of the PostKeynesian Economics Society Summer School and the Cambridge Social Ontology Group Summer School (the last of which was agreed in 2021).
Financial review
The Trustees are of the opinion that assets are available to fulfil the obligations of the charity.
The Trustees have wide investment powers and all the investments made during the year fall within these powers.
The Trust has long been in breach of its policy to maintain reserves in the range of £400,000 to £600,000 over the medium term. The situation has however improved this year, partly as a result of a decline of the income the Trust received from the CPES and partly as a result of planned increases in various expenditures over the year. Expenditure exceeded net income by £98,807 and reserves fell from £927,952 at the end of the 2023 financial year to £829,145 by the end of 2024. This still leaves the Trust well above the top end of range but at least moving in the right direction.
The trustees' annual report was approved on 21 May 2025 and signed on behalf of the board of trustees by:
J Runde Trustee
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Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Statement of Financial Activities
Year ended 31 December 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Unrestricted | ||||
| fundsTotal funds | Total funds | |||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 4 | 140,340 | 140,340 | 175,187 |
| Investment income | 5 | 7,505 | 7,505 | 6,333 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total income | 147,845 | 147,845 | 181,520 | |
| ================================ | ================================ | ================================ | ||
| Expenditure | ||||
| Expenditure on charitable activities | 6,7 | (263,771) | (263,771) | (176,102) |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total expenditure | (263,771) | (263,771) | (176,102) | |
| ================================ | ================================ | ================================ | ||
| Net gains/(losses) on investments | 9 | 17,119 | 17,119 | 28,368 |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Net income/(expenditure) and net movement in funds | (98,807) | (98,807) | 33,786 | |
| ================================ | ================================ | ================================ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 927,952 | 927,952 | 894,166 | |
| -------------------------------- | -------------------------------- | -------------------------------- | ||
| Total funds carried forward | 829,145 | 829,145 | 927,952 | |
| ================================ | ================================ | ================================ |
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 5 to 8 form part of these financial statements.
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Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Statement of Financial Position
31 December 2024
| 2024 | 2023 | |||
|---|---|---|---|---|
| Note | £ | £ | £ | |
| Current assets | ||||
| Debtors | 12 | 140,340 | 183,775 | |
| Cash at bank and in hand | 688,805 | 744,177 | ||
| -------------------------------- | -------------------------------- | |||
| 829,145 | 927,952 | |||
| -------------------------------- | -------------------------------- | |||
| Net current assets | 829,145 | 927,952 | ||
| -------------------------------- | -------------------------------- | |||
| Total assets less current liabilities | 829,145 | 927,952 | ||
| ================================ | ================================ | |||
| Funds of the charity | ||||
| Unrestricted funds | 829,145 | 927,952 | ||
| -------------------------------- | -------------------------------- | |||
| Total charity funds | 13 | 829,145 | 927,952 | |
| ================================ | ================================ |
These financial statements were approved by the board of trustees and authorised for issue on 21 May 2025 and are signed on behalf of the board by:
J Runde Trustee
The notes on pages 5 to 8 form part of these financial statements.
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Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Notes to the Financial Statements
Year ended 31 December 2024
1. General information
The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is c/o Centre for Business Research, Judge Business School, University of Cambridge, Trumpington Street, Cambridge, CB2 1AG.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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 (FRS 102) (Charities SORP (FRS 102)) and the Charities Act 2011.
3. Accounting policies
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.
Going concern
There are no material uncertainties about the charity's ability to continue.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. Its financial statements are consolidated into the financial statements of (enter name of group financial statements) which can be obtained from (enter detail). As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102:
(a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked 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 sub-classes: restricted income funds or endowment funds.
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Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Notes to the Financial Statements (continued)
Year ended 31 December 2024
3. Accounting policies (continued)
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 with 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:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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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 services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
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:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds 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 activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, deposits with banks, loans to related parties and investments in non-puttable ordinary shares.
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Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Notes to the Financial Statements (continued)
Year ended 31 December 2024
4.
Donations and legacies
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 |
Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Covenanted payment from Cambridge | |||||
| Political Economy Society Limited | 140,340 | 140,340 |
175,187 | 175,187 | |
| ================================ | ================================ | ================================ | ================================ | ||
| 5. | Investment income | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2024 |
Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Investment Income | 24,624 | 24,624 |
6,333 | 6,333 | |
| ======================= | ======================= | ============== | ============== | ||
| 6. | Expenditure on charitable activities by fund type | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2024 |
Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Grants | 263,771 | 263,771 |
176,102 | 176,102 | |
| ================================ | ================================ | ================================ | ================================ | ||
| 7. | Expenditure on charitable activities by activity type | ||||
| Grant funding | Total funds | Total fund | |||
| of activities | 2024 | 2023 | |||
| £ | £ | £ | |||
| Grants | 263,771 | 263,771 | 176,102 | ||
| ================================ | ================================ | ================================ | |||
| 8. | Analysis of grants | ||||
| 2024 | 2023 | ||||
| £ | £ | ||||
| Grants to institutions | |||||
| Emergency Funding | 369 | - | |||
| Scholarship | 127,822 | 76,233 | |||
| Girton College JRF | 39,347 | 9,769 | |||
| Supplementary Funding | 81,347 | 46,400 | |||
| Small Projects | 14,886 | 43,700 | |||
| -------------------------------- | -------------------------------- | ||||
| 263,771 | 176,102 | ||||
| -------------------------------- | -------------------------------- | ||||
| Total grants | 263,771 | 176,102 | |||
| ================================ | ================================ | ||||
| 9. | Net gains/(losses) on investments | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2024 |
Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on cash held for | |||||
| investment purposes | 17,119 | 17,119 |
28,368 | 28,368 | |
| ============================ | ============================ | ============================ | ============================ |
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Docusign Envelope ID: 93116CA5-0627-4732-8505-8AFF1421B7DD
The Cambridge Political Economy Society Trust
Notes to the Financial Statements (continued)
Year ended 31 December 2024
10. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
11. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
12. Debtors
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Amounts owed by undertakings in which the charity has a | ||
| participating interest | 140,340 | 183,775 |
| ================================ | ================================ |
13. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | ||||||
|---|---|---|---|---|---|---|
| At | Gains and | At | ||||
| 1 | Jan 2024 | Income | Expenditure | losses | 31 Dec 2024 | |
| £ | £ | £ | £ | £ | ||
| General funds | 927,952 | 147,845 | (263,771) | 17,119 | 829,145 | |
| ================================ | ================================ | ================================ | ============================ | ================================ | ||
| At | Gains and | At | ||||
| 1 | Jan 2023 | Income | Expenditure | losses | 31 Dec 2023 | |
| £ | £ | £ | £ | £ | ||
| General funds | 894,166 | 181,520 | (176,102) | 28,368 | 927,952 | |
| ================================ | ================================ | ================================ | ============================ | ================================ |
14. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Current assets | 829,145 | 829,145 |
| ================================ | ================================ | |
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Current assets | 927,952 | 927,952 |
| ================================ | ================================ |
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