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Strong Foundations; Lasting Impact

Charity Finance Group Annual Report and Financial Statements 2024/25

Registered Company number: 03182826

Charity Finance Group (CFG) is the charity and membership organisation that supports other charitable

We do this by helping them to make their money and resources go further, by putting financial leadership at the heart of their decision-making. Since CFG was founded in 1987, we have evolved to welcome to membership all finance professionals working for charitable and social change organisations.

and dynamic.

Today, CFG’s vibrant community manages around one third of the UK’s entire charity income. We are a diverse, inclusive and growing community that’s passionate about delivering impact through financial leadership. Together, we lead the way for charity finance. 2

Contents
Charity Finance Group: What is our purpose?	4	Training for excellence by Joanna Strumilowska	58
A message from our Chair	5	CFG news highlights: winter/spring 2025	61
Strategic goals for 2024/25	7	What our members say ...	62
Meeting and reporting on Public Benefit	11	Our corporate partners	64
Financials at a glance	13	Review ofthe financial position	66
Performance at a glance	14	Structure, management, and governance	69
Report of the Board of Trustees: 2024/25	23	Statement of the Board of Trustees’ responsibilities	76
How did we do?	25	CFG’s Board of Trustees	78
Influencing positive change by Caron Bradshaw OBE	29	Independent auditor’s report	83
A year of transition by Kath Qualtrough	32	Financial statements 2024/25:	88
CFG news highlights: spring/summer 2024	35	Consolidated statement offinancial activities	89
Member voice: Neil Goulder, Artichoke	36	Balance sheet	90
Investing in innovation by Sarah Lomax	39	Consolidated statement ofcash flows	91
Strengthening our foundations by Dr Clare Mills	42	Notes to the financial statements	92
CFG news highlights: autumn/winter 2024	45
Supporting our people through change by Harriet Deeks	46
Putting members at the heart of change by Milly Durrant	49
Celebrating volunteers and building communities by Zoe Bennett	52
A year of policy and campaign wins by Richard Sagar	55

What is our purpose?

CFG is passionately committed to supporting other charitable and social purpose organisations. We do this through our services, resources, networks and communities.

is well managed and placed at the heart of decision-making, it has the power to transform organisations and increase their impact.” - Caron Bradshaw OBE, CEO, CFG

To achieve this, and to meet our charitable objects, our work is focused on achieving three main outcomes:

OUTCOME 1

Well-developed skills, learning, knowledge and practice

OUTCOME 2

OUTCOME 3

A supportive and understanding operating environment

A message from our Chair

A very warm welcome to our 2024/25 Annual Report and Financial Statements . The theme of this year’s report is Strong Foundations; Lasting Impact and it neatly encapsulates CFG's journey over the past year. This marks my first period as CFG's Chair, and I'm excited to be in post as the organisation strengthens its structure and continues to push forward. I’d like to thank Kevin O’Brien for his support as interim Chair.

In our 2023/24 annual report, we noted that we had moved out of

During that year we launched ambitious digital transformation projects. This planned investment – delayed for several years due to the pandemic

embedding modern technologies that will better serve our organisation and communities.

These new systems will help streamline internal processes and provide a strong foundation to develop new tools, build peer networks and increase engagement. We know that new technologies are nothing without the people who’ll use them. In 2024/25, we’ve continued investing in our team’s wellbeing and development, and created several new roles to boost capacity.

Like many charitable organisations, we’ve been impacted by increased Employer National Insurance Contributions and continue adjusting to global economic and social uncertainty. Consistent with our spirit of innovation, we are moving to a co-leadership model, welcoming Sarah Lomax and Clare Mills as CFG’s co-CEOs as Caron Bradshaw steps back. We believe this approach will bring new perspectives, ensure continuity and manage transition risk.

At our annual conference in 2025, CFG’s special advisor Pesh Framjee rightly said we’re no longer navigating a changing world, we are i n a changed world . Investing in our future so we can continue to support our people – our members, corporate and sector partners, funders,

By investing in new talent, we have unlocked fresh ideas and secured new opportunities. We’ve progressed important work across training and development, campaigning, advocacy and much more. We know

substantial. However, if we don’t invest in our future and ensure strong foundations, the risk is much greater.

Hugh Wallace, Chair

Strategic goals for 2024/25

Our three strategic goals for the year 2024/25 are:

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1 2 3
Be the Promote Use our
‘go-to’ and support position to
convene
body
leadership at powerful
all levels networks
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Be the go-to body Our priority is to maintain our position as a trusted and respected source of guidance across the UK charity sector on strong financial leadership, as well as governance and broader management issues, that will . . . .

We draw on our collective expertise and stature to be a bold, brave and confident advocate for the sector, both in partnership with other sector bodies and as an individual organisation. CFG also draws upon its learning and experience to continually improve.

We strive to be an ‘exemplar’ organisation and share, where relevant, our own knowledge and experience, recognising that we have common purposes and experiences with our members.

Promote and support financial leadership at all levels CFG promotes and supports the development of financial leadership skills of individuals working within the charity sector, irrespective of their background, aspirations or career stage.

We strive to be relevant to and inclusive of all those who . . . . . . wish to develop their financial skills, whether it be for the benefit of their organisation, their own professional development and/or the wider sector.

Use our position to convene powerful networks

We use our position as a membership organisation to bring together different groups from within, and with, the sector. CFG connects individuals and organisations so that they can:

support each other’s learning and knowledge, leading ~~~~~ to great social impact. position finance at the heart of decision making, to inform, instigate and shape better policy (regulation drive effective governance and sustainable operations. and legislation) and enhance public understanding in order to nurture a supportive environment.

Meeting and reporting on public benefit

in section 4 of the Charities Act 2011 to have due regard to the Charity Commission’s general guidance on public

on the Board of CFG.

leadership in the charity sector. We deliver a range of training, guidance

As of the end of March 2025, there were 170,862 charities in England and Wales registered with the Charity Commission, and 25,000 charities registered with the Scottish Charity Regulator (OSCR). Alongside those, there are many more exempted or excepted charities and a host of voluntary organisations, community organisations, social enterprises and faith groups which share a commitment to social purposes.

These charitable organisations work across a range of issues providing help to the vulnerable, delivering social change and making the world a

We also work to improve the operating and regulatory environment for charities so that they can carry out their missions effectively. And we inspire diversity in thinking about finance and its importance to charities’ work.

sustainability in an often volatile and unpredictable environment. In this way, we are supporting millions of beneficiaries in the UK and around world.

This report shares many of CFG’s activities and achievements during the year, as set against our strategic aims and our plans for 2024/25.

charitable organisations can make the best use of their resources. It is accepted, across the charity sector and by regulators, that this enables them to better achieve their charitable purposes.

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Income
Financials Expenditure
at a glance
Well-developed skills, £1,386,830 (+14%)
learning, knowledge and
practice [1] £1,255,510 (+13%)
E�ective governance and £241,400 (+2%)
leadership, with �nance at
the heart of it 2 £276,540 (+36%)
A supportive and £134,570 (+26%)
understanding operating
environment 3 £467,033 (+57%)
2025
1 £1,213,907 (+43%) 1 £849,627 (+15%)
£1,114,613 (+20%) £931,532 (+23%)
2 £235,622 (-34%) 2 £358,800 (-42%)
£203,419 (-9%) £223,212 (-7%)
3 £106,660 (+70%) 3 £62,763 (-8%)
£296,860 (-9%) £326,850 (+7%)
2024 2023
Note: £121,792 was spent on activities to raise funds during the year, compared to £108,419 in 2023/4 (an increase of 12%).
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Performance at a glance

Charity membership

-121 Difference

2024/25 2023/24 6,184 2022/23 5,746 5,409 +438 Difference

-35 Difference

2022/23

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2023/24
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+1 Difference

+4 Difference

In the months leading up to the spring 2024 renewal period, the total number of our charity members decreased. The majority of those who did not renew their membership were in the £1-5m income bracket. The main reason cited for leaving was the impact of the increase in Employer National Insurance Contributions from April 2025. Other reasons were changes in personnel and new internal policies to reduce spending on membership subscriptions.

Finance skills for all

We continue to attract more professionals from the broader operations function, including HR, IT and general charity leadership positions to our events and programmes. We have also seen an increase in the number of member contacts on our database and this trend is set to continue.

membership is accessible to every individual in each member charity,

or responsibility. This approach helps the whole organisation improve their understanding of the importance and functioning of finance and operations.

asking them what they needed from CFG and what they valued. Our Membership Survey saw a good response rate and the insights provided through this supported the development of new products and services.

This year, we concluded the phasing out of our legacy pricing structure for membership fees and continued with ‘rolling membership’. Feedback on rolling membership has been very positive, with charitable organisations now able to begin membership at any point during the year.

we can improve member sign-up and make the experience as simple

provider.

capacity to focus on having more in-depth conversations with our charity members, and convene and facilitate more groups and forums. This will help us to respond more rapidly to our members’ evolving needs and provide greater support.

With the planned investment in our systems and positive feedback from our Membership Survey about the value of CFG membership, we are feeling positive about the future. With a smoother renewals and joiningup processes, as well as our ‘win-back’ campaigns, we believe that the CFG community will continue to grow and thrive in the coming months.

the basics right’.

We produced new membership materials and launched a series of online meetings to directly share the value of CFG membership. Our research showed that members were not always aware of the full range of has been extremely positive.

Corporate partnerships

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2024/25 99 16 97
+3 +5 -1
2023/24 96 13 98
2022/23 96 20 63
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Corporate partners
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New corporate partners

Exhibitors and hosts at events

We are delighted to have increased our number of corporate partners and have welcomed 16 new corporate partners in 2024/25. We believe this is due to the strong plan we had for renewals and recruitment at

Our corporate partners have been exceptionally active in 2024/25, sharing their resources, knowledge and experience with our charity members in numerous ways.

we’re delighted to have representation from a wide range of sectors, from accountancy and tax through to HR and technology.

We are delighted to have increased our number of corporate partners and have welcomed 16 new corporate partners in 2024/25

Supporting the community

The enthusiasm for exhibiting at our events continued in 2024/25. We welcomed nearly 50 exhibitors to Annual Conference in June 2024 and were able to keep the price of the exhibition stands competitive. We were delighted that so many of our corporate partners joined us at

sponsors, we were able to provide a diverse and exciting agenda, attracting more than 500 attendees representing charities of every size.

in-person Digital Conference, and we continued to deliver our popular investment training events alongside our partners.

We did not attract as many corporate partners to our Annual Fundraising Dinner, held in October 2024. Several organisations were unable to support the event due to internal policy changes which prevented them from hosting clients.

We have taken this feedback on board and are now exploring how we can develop the event to ensure that it is not only congruous with corporate policies, but is also a more inclusive event that both charity members and corporate sponsors are proud to be a part of.

The ongoing support of our corporate partners is vital to the success of our events programming, and to CFG’s success as a whole. We thank all our corporate partners for their ongoing commitment and enthusiasm.

Events and training

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||||||| |---|---|---|---|---|---| |Difference|Difference|Difference|Difference|Difference|Difference| |+5|+4|+13|+17|-11|+91|

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Difference +1,388

For 2024/2025, this �gure includes all bookable free-to-attend webinars, members’ meetings and forums. It does not include policy-led roundtables.

Building technical confidence

In 2024/25, we ran more events than in the previous financial year, and welcomed more people online and in-person to our events than ever before. We continued to focus on delivering high-quality training courses and webinars, to ensure members gain as much access to our community’s collective knowledge as possible. These training sessions complemented| sour our tanchflagship Inspiring Financia | Leadership (IFL) course by providing attendees with the opportunity to improve their technical skills and increase knowledge and confidence. A Significant portion of our growing events and trainings programme was free-to-attend. By the end of the financial year, we had begun to roll out financial training to leaders of other related sectors, such as heritage and banking. This follows on from the successful training that we delivered to Arts Council England’s grant recipient network during the year.

20 chantyanc ms.

Communications, digital and media

Number Website of media Twitter Website total unique page Linkedin Linkedin Bluesky mentions and followers page views views followers impressions followers comments X X X X X 24/25 23/24 22/23 24/25 23/24 22/23 24/25 23/24 22/23 24/25 23/24 22/23 24/25 23/24 22/23 24/25 23/24 22/23 24/25 23/24 22/23 Difference Difference Difference Difference Difference Difference Difference -661 +8,049 - +893 -43,687 - +23

Figure as of end of September 2024. Combines organic and sponsored impressions. Figure as of December 2023. **Figure as of August 2025.

CFG’s Communications and Digital Team continued to build on the success of 2023/24, further establishing the organisation as a leader

on strong relationships with the sector press and other media contacts, CFG was invited to comment on a wide range of news events and topics,

of our members and key stakeholders remain active on the platform, we felt that the platform no longer aligned with our values, and we had seen a marked reduction in activity and engagement. We have chosen to

In addition to coverage within the sector, CFG’s work following the government’s announcement of a rise in National Insurance contributions led to CFG’s Deputy CEO, Clare Mills, appearing on ITV News and BBC Radio 4’s MoneyBox. Statistics from CFG’s survey on the impact of the rise in Employer National Insurance Contributions (ERNICs) were cited by MPs and Lords during debate in Parliament.

Bluesky. We continue to see a growth in followers on LinkedIn and it is proving to be effective for stimulating conversations, sharing knowledge and driving meaningful engagement.

We continued our partnership with Good Finance UK which means we continue to serve additional data-rich and timely content to our social

During the year, we received more than 50 online media mentions, a

guest articles, including to Charity Times and the Association of Independent Museum’s regular bulletin. At this time, we are still unable to consistently and accurately track and measure all media mentions, particularly in print, as this requires a dedicated media monitoring service.

During the year, we received more than 50 online media mentions, a significant increase on the previous year. We also continued to contribute guest articles, including to Charity Times and the Association of Independent Museum’s regular bulletin.

Report of the Board of Trustees

The year 2024/25 once again presented a mixed picture for CFG, our charity members, corporate partners and the wider sector. As the financial year began, we sensed that many organisations had turned a corner from the pandemic and cost of living crisis.

However, we knew that we were not quite out of the woods. The vast majority of charities and our members continued to balance reduced incomes with increased demand, set against a backdrop of continued economic uncertainty. The cost of living crisis was, and still is, far from over.

The new Labour Government’s �rst �scal event in October 2024 increased that pressure. An unexpected rise in Employer National Insurance Contributions as of April 2025 meant that CFG, along with other charitable organisations who employ sta�, were facing higher costs.

This led to immediate concern among our members and the wider charity sector, and our own research conducted in November 2024 and March 2025 showed that those initial concerns were justi�ed. Like many other charities we had to re-forecast quickly and adjust.

Throughout the year, CFG engaged with policy makers on behalf of our members and the wider sector. We continually highlighted the di�culties that many charities were facing, particularly after the rise in Employer National Insurance Contributions, and advocated for measures that would alleviate some of the economic pressures.

Despite the economic realities, there were many highlights during the year, and we made enormous progress with our internal objective of ‘getting the basics right’ and our digital transformation work – something the Board of Trustees have been particularly supportive of. We also launched a number of new services and products which were inspired and shaped by our charity members and corporate partners. This is testament to the team’s ability to innovate, adapt and deliver.

We continued to invest in our team this year. Based on forecasts during the year, the Board accepted the Remuneration Committee’s recommendations for a cost of living increase to sta� salaries of 2% from April 2025, re�ecting that in�ation continued to have an e�ect on living costs throughout 2024/25.

Outside of pay, we continued to support sta� by again approving two wellbeing weeks, in July/August 2024 and January 2025, to allow sta� vital time to refresh and recharge. We have also continued to invest in training Mental Health First Aiders and ensuring 24/7 mental health support is available for those sta� members who need it. Personal development training continued, with sta� undertaking a range of external courses and internal training sessions.

We were delighted to welcome new trustees during the year: with Sue Pemberton, David McHattie and Jenny Howard joining us in November 2024. Hugh Wallace was also appointed as Chair of the Board of Trustees, and we said thank you and farewell to Kevin O’Brien, who served as a trustee and interim chair. Through sharing his energy, skills and experiences so generously, Kevin made tremendous contributions to CFG. We’d also like to thank Stella Smith for her dedicated service as a CFG trustee, as she left the Board in June 2024.

As ever, we thank CFG’s sta� team, volunteers, charity members and corporate partners for providing so many highlights during the year. We are grateful to our funders and donors for their generosity, and our sector peers and external stakeholders who engage so willingly and supportively. The charity �nance community is characterised by energy, professionalism and mutual support, and we are thankful that CFG contributes to that community, and helps organisations to build strong foundations that create a lasting impact.

How did we do?

Be the go-to body

OUR STRATEGIC GOAL

Be the go-to body:

Our priority is to maintain our position as a trusted and respected source of guidance across the UK charity sector on strong �nancial leadership, as well as governance and broader management issues, that will determine �nancial security.

We draw on our collective expertise and stature to be a bold, brave and con�dent advocate for the sector, both in partnership with other sector bodies and as an individual organisation. CFG also draws upon its learning and experience to continually improve.

We strive to be an ‘exemplar’ organisation and share, where relevant, our own knowledge and experience, recognising that we have common purposes and experiences with our members.

KEY ACHIEVEMENTS/OUTPUTS

We welcomed more attendees to our events and trainings programme and grew our conferences, and the number of members attending Special Interest Groups and discussion forums have continued to grow.

Our sta� participated in external events and contributed to third-party publications to share CFG’s expertise and thought leadership.

We responded quickly to regular media enquiries, ful�lling nearly all media requests.

We engaged with members and partners to respond to a number of government consultations, including the SORP consultation and continued to be the UK Country Champion for the IFR4NPO project.

We proactively engaged members on government policy, raising their concerns on issues that impact their �nancial sustainability, such as the increase in Employer National Insurance Contributions.

We continued to work closely with sector partners, including ACEVO and NCVO, and supported the work to develop the Civil Society Covenant.

We continued to run Gift Aid Awareness Day and support other charity sector campaigns.

WHAT WE LEARNED

CFG is seen as a trusted and in�uential advocate for the charity sector. We are also seen as the voice on issues impacting the �nancial sustainability of the sector. We will build on this reputation by highlighting our policy work and media appearances more frequently.

Collaboration with a diverse range of organisations, sector leaders and institutions means that we gain new insights and connections, which bene�t our members and partners, and the wider sector. Collaboration leads to stronger results and lasting impact.

Our policy work is valued by many stakeholders including members, partners and other infrastructure bodies. The demand for our specialist knowledge remains high.

Promote and support financial leaderships at all levels

OUR STRATEGIC GOAL

KEY ACHIEVEMENTS/OUTPUTS

WHAT WE LEARNED

Promote and support �nancial leadership at all levels:

CFG promotes and supports the development of �nancial leadership skills of individuals working within the charity sector, regardless of their background, aspirations or career stage.

We strive to be relevant to and inclusive of all those who wish to develop their �nancial skills, whether it be for the bene�t of their organisation, their own professional development and/or the wider sector.

Our volunteers and contributors are crucial to delivering support to those looking to improve their �nancial skills.

Our Inspiring Financial Leadership and Peer Mentoring Scheme continued to be over-subscribed, demonstrating a clear demand for personal and leadership development skills.

Our network and discussion groups are growing, connecting diverse groups for peer support, learning and leadership development.

We undertook a full member survey in 2024 to better understand our members and their needs. By capturing better data and the views of our members we can better understand how they want to connect and engage.

We renewed our successful partnership with the Association of Independent Museums, bringing more charities into membership from the cultural sector and supporting the development of �nancial leadership in this area.

We worked closely with Arts Council England to develop bespoke charity �nance training for their members.

We developed the �rst phase of The Finance Journey tool with the support of technical experts from JP Morgan’s Force for Good programme and a new member-led steering group.

We must develop a framework of key principles to underpin good relations with our volunteers and contributors and formally recognise and value their contributions.

There continues to be a strong appetite for connection and community, and this can be found through CFG. Creating safe, secure online communities and forums is priority work for our digital transformation project.

Regular membership surveys are vital to understanding how to respond and prioritise our members’ diverse needs. The results of the 2024 survey helped us to improve our current o�ering, and better understand what we need to deliver in the future.

Working with umbrella and other membership organisations is an e�ective way to share our community’s expertise and upskill non-�nance leaders.

By further developing The Finance Journey and putting the framework at the heart of CFG’s digital transformation work and strategy, we have the opportunity to support professionals to become transformative leaders.

Use our position to convene powerful networks

OUR STRATEGIC GOAL

KEY ACHIEVEMENTS/OUTPUTS

WHAT WE LEARNED

Use our position to convene powerful networks:

We use our position as a membership organisation to bring together di�erent groups from within, and with, the sector. CFG connects individuals and organisations so that they can:

Support each other’s learning and knowledge, leading to great social impact.

Position �nance at the heart of decision making, to drive e�ective governance and sustainable operations.

Inform, instigate and shape better policy (regulation and legislation) and enhance public understanding in order to nurture a supportive environment.

We convened roundtables, forums and groups that cut across sectors and topics and brought together experts with diverse backgrounds. Notable successes were the Charity Investment Governance Principles work and the development of our SORP consultation workshops.

CFG’s CEO continued work as co-convenor of the Civil Society Group (CSG), working with infrastructure colleagues on engagement with policy makers and decision takers, as well as in�uencing the CSG’s programme of work. We have contributed to the development of the Civil Society Covenant, an important piece of work that resets the relationship between government and civil society.

We continued to support sector research projects, including the VCSE Barometer Survey by Nottingham Trent University which builds insight into real-time trends, changes and challenges in the UK sector.

We continue to reach new audiences via our fortnightly newsletter, Finance Focus and podcast. These channels are useful for members and partners to connect with others, share their news and best practice, and seek support from the community.

Our active and diverse community means that we can bring together diverse talents and expertise, often quickly, to respond to the needs of our members and the wider sector. This shows the importance of establishing and valuing our networks and communities.

We have a great story to share about our policy and campaigns work and we need to talk about this more consistently. Growing our Policy and Communications teams in 2024/25 meant we were able to tell CFG’s story and share our work more e�ectively.

There is high demand for CFG’s unique blend of technical information, shared learning, networking and thought leadership. Whilst we want to respond to all needs and demands, we must balance this with the need to remain �nancially sustainable. Bringing together people through forums, roundtables and members’ meetings means we can better understand how to prioritise and share our work.

CEO’S COMMENT LTS Influencing positive change Caron Bradshaw OBE, CEO, Charity Finance Group You will likely know that this is my last annual report as CEO of CFG, a role which I have been privileged to hold since 2010. Whilst much of this will already have been said by

You will likely know that this is my last annual report as CEO of CFG, a role which I have been privileged to hold since 2010. Whilst much of this will already have been said by the time this Trustees’ Annual Report is published, I do want to take this additional opportunity to thank all the CFG staff, members and trustees, as well as all those from across the sector and beyond who I’ve worked with during this time.

business development capacity, but this is still a bittersweet moment as I look back on the past 15 years, as well as look forward with excitement at what is to come for CFG.

The year was not without challenges but still provides me with great hope for the future, as CFG took steps to strengthen our own foundations in order to create a lasting impact for years to come. As stated in our previous report, we have moved beyond the survival mode and made the decision to invest in key areas. CFG’s Board has been bold in committing to potentially operating outside of our lower reserves range.

We added many new posts this year, initially on a proof-of-concept basis, as well as creating a £100,000 pot for our digital transformation project, which we truly feel will be a gamechanger for the organisation and allow us to provide even greater support for our members and the wider sector.

A big year for policy and advocacy

There was, of course, a big change this year with the General Election in

tone from the new government out of the blocks was incredibly positive. As I’ve said in previous statements, it’s been really noticeable how open various ministers have been to having dialogue with the sector.

However, the operating environment remains very hostile and great tone alone will not keep the wolf from the door. The announcement in the government’s October 2024 budget that there would be a rise in Employer National Insurance Contributions (ERNICs) caused much

of charities have since closed their doors, and many more have had to

Clearly, there have been times when the government would have

honest discussions with relevant departments since. We are pleased that CFG has been engaged in regular updates with the Treasury, alongside our partners at NCVO and ACEVO. These allowed us to raise our members’ concerns and to lobby for changes which will provide huge benefit to the sector, at little cost to the exchequer.

So, as I close the book on my time as CEO, I’m proud that CFG are providing vital support in these tricky times. The whole CFG team, including our fabulous Board of Trustees, has worked incredibly hard to do this.

My heartfelt thanks also go out to all our members and partners who continue to make this entire CFG community a place of learning,

serve. I hope you enjoy reading all about our highlights and challenges in this annual report.

Caron Bradshaw

The next step, of course, is action and for the government to avoid the common pitfalls of developing policy in a vacuum. During the year, I attended an event at 10 Downing Street, focused on resetting the relationship between government and civil society, alongside other sector leaders. This included the announcement of the Civil Society Covenant and provided further opportunities to have full and frank discussions with ministers.

Proud to provide valuable support We recognise how difficult things are for our members, and this is

the reason we worked hard to highlight just how much value CFG membership provides. We have continued to provide many services completely free of charge. We remain committed to supporting the whole sector, not only our members, and this is particularly important at

Clearly, there have been times when the 8overnment would have benefited from talkin8 to the sector and we have had some robust and honest discussions with relevant departments since. We are pleased that CFG has been engaged in regular updates with the Treasury

FINANCE

A year of transition

By Kath Qualtrough, Interim Director of Finance, CFG

The past year at CFG has been one of transformation, challenge and resilience. As we continue to evolve in response to sector-wide pressures and internal shifts, I’m proud of the progress we’ve made and the foundations we’re laying.

to higher than expected grant and gift in kind income - membership income fell short, reflecting broader economic pressures. We've responded by refining our services and deepening our understanding of what our community values.

On the expenditure side, we saw a small overspend, largely driven by costs associated with our digital transformation programme. This included the implementation of our new finance system, as well as spending on key platforms like our new CRM and website. While this investment was anticipated, it took longer than expected to move away from existing platforms.

Following discussion with our Board, we decided to expense all digital costs incurred in 2024/25 rather than capitalising any as intangible assets. This is due to the fact that we are budgeting for software development costs annually over the coming three years given the pace of change we are seeing with the relatively new systems we selected.

digital Despite these pressures, the designated fund we set up for the transformation work of £100,000 helped buffer the impact on free reserves. We are reporting a deficit for the year, but one that aligns with the scale of change we’ve undertaken, and one that reflects the strategic investment we are making to strengthen our foundations for the future.

33 ex ee, f el

Strengthening financial stewardship

One of my key priorities since joining CFG has been to support our

and also with those running the projects that support our members. It’s essential that those closest to the work can make informed decisions about any changes to project plans that may be needed and have the right data and information available.

The economic environment continues to challenge us. The national insurance hike and ongoing cost of living crisis have impacted both

to our members, our partners, and our team to ensure CFG remains responsive, relevant, and resilient.

A message to our members

Finance is everyone’s business. Whether you’re running a programme, managing a team, or leading a charity, understanding your financial position is key to making good decisions and driving impact. CFG are here to support you on that journey.

I encourage you to explore the tools, insights and community that

contracts. We’ve had to be agile, ensuring continuity of work, especially when roles are temporarily vacant between contracts. It’s a balancing act, but one we’re managing with care and creativity.

milestone. While the system is now live, the real work lies in tailoring it to CFG’s needs and ensuring seamless integration with our new CRM and website. The CRM, in particular, will be central to our operations, serving as the hub for data and member engagement.

utilising all that CFG provides for the sector, organisations can build those strong foundations, and create a lasting impact.

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Kath Qualtrough
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Beyond systems, we’re investing in our people. From budget holder

wider team, that’s equipped to lead CFG into its next chapter.

Looking ahead

2025/26 will be another year of digital evolution but, beyond that, I see exciting opportunities for CFG. With stronger systems and clearer

ways. Whether it’s convening conversations on policy changes or delivering high-value events, our focus will remain on supporting our members and amplifying their voices.

CFG news highlights: spring/summer 2024

CFG leadership evolves

CFG begins a new financial year by welcoming a new chair. Kevin O’Brien, former Chair of CFG’s Finance and Audit Committee, has been appointed as CFG’s interim Chair, taking the reins from Gary Forster. Kevin commented: ‘I’m looking forward to leading the Board through 2024 and playing a role in the future development of CFG. At the heart of the decisions we will make will be a desire to focus on continuity and impact.’ The Board also confirmed that CFG’s directors Sarah Lomax

and Clare Mills will become joint deputy CEOs following Caron Bradshaw’s appointment as a non-executive director at Lending Standards Board.

New Labour Government

CFG looks forward to working with the new government, stating: ‘There’s a lot of work to be done at home and abroad: reversing social and economic decline; tackling the cost of living crisis, poverty and inequality; putting local government and public services on a sustainable footing and promoting unity, not

division… Our sector will continue to advocate for communities everywhere, work with policymakers to find positive and practical

solutions to challenges, and hold the new government to account when necessary.’

CFG unveils brand refresh

Following a year-long consultation process with members and other stakeholders, CFG reveals new branding, including a new logo, strong visual identity and new colour palette. The brand refresh lays the foundations for work that will take place later in the year to develop a new CRM and website. CFG’s Gift Aid Awareness campaign also gets a fresh new look with an updated logo and new resources.

UK riots condemned

As part of the Civil Society Group, CFG joins with 39 other organisations to sign a statement to ‘reject and condemn the actions of those involved in the recent wave

country. The group’s statement acknowledges the ‘sense of shock and horror’ those working

in civil society organisations are feeling, and goes on to say that ‘civil society leaders will play a leading role in the community response.’

IN THE NEWS

10 June, Civil Society Relatively modest fee increases can

27 June, Civil Society CFG annual conference – Announcement of CIGP

24 July, Civil Society CFG unveils bolder branding

7 August, Civil Society CSG statement on racist violence

MEMBER VOICES

Bringing art to the streets Neil Goulder, Finance Director at Artichoke, shares how CFG membership has helped build the financial resilience behind some of the UK’s most ambitious public art events.

At Artichoke, we create extraordinary art in public spaces - free, outdoor events which transform cities and communities. From Royal de Luxe’s iconic Sultan’s Elephant – which roamed London’s streets in 2006 – to Lumiere, the UK’s light art biennial in Durham, our work is bold, imaginative, and logistically complex. But behind every giant puppet, intricate structure or dazzling light installation is a finely tuned financial engine. And that's where my role

But behind every giant puppet, intricate structure or dazzling light is a finely tuned financial engine. And that's where my comes in.

When I joined Artichoke eight years ago, it quickly became clear to me that we needed a transformation of our accounting systems, IT infrastructure and our approach to project costing.

CFG: My professional lifeline As Finance Director, I wear many secondary hats: IT lead, financial report designer, and even all-round handyman. CFG has been my lifeline for staying informed and effective. Without an inhouse technical department behind me, I rely on CFG’s annual conference, roundups, and workshops to keep me up to date on sector changes: especially the things I didn’t know I needed to know.

CFG’s technical helplines have been invaluable, especially when navigating complex issues like Museums and Galleries Exhibition Tax Relief (MGETR), which has become vital to our financial sustainability. CFG was an invaluable sounding board when we faced a disagreement with our auditors, and is always there for us when we need clarity on a technical issue.

From crisis to confidence

One of the most transformative shifts I made early on was changing the language around core costs and overheads, to ensure that each project was able to pay for the core resources it consumed. That shift helped us build six months of reserves within three years.

Why CFG matters

Artichoke’s work is ambitious and unconventional. We operate in public spaces, often with tight timelines and complex logistics. To do this, we need financial resilience, strategic foresight, and sector-specific knowledge. CFG helps me deliver all three.

CFG membership is a partnership which empowers you to lead your

especially those in small teams or complex sectors – CFG is an essential part of their toolkit.

focusing on our mission.

Connecting with the sector

events, especially the Annual Conference and Digital & Tech Conference, offer a chance to connect with peers, share experiences, and learn from others. My relationship with CFG works both ways: I have presented at CFG events on MGETR, creative use of reserves, and the automation of financial information. I also recently joined (and presented at) ARTSIG, CFG’s special interest group for arts charities.

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These connections have helped me grow as a leader and given me fresh perspectives on the challenges we face. Whether it’s a chat over lunch or a deep dive into financial strategy, CFG creates space for reflection and innovation.

can be very insular. CFG’s events, especially the Annual Conference and Digital & Tech Conference, offer a chance to connect with peers, share experiences and learn from others.

CFG’S LEADERSHIP Investing in innovation

By Sarah Lomax, Deputy CEO, Charity Finance Group

three words capture the essence of our journey: support, connection and value. These principles have guided everything we do as we serve our

A challenging landscape

From the hike in Employer National Insurance Contributions to decreasing donations and under-funded contracts, the pressures have been relentless.

These external pressures have been reflected in a slight decrease in our charity membership renewals, though we remain deeply grateful to our members and partners who continue to support our work and charitable objectives.

The biggest focus for our Commercial Services Directorate has been strengthening our foundations while expanding our reach. We were delighted to welcome Milly Durrant as our new Head of Membership in July 2024, who immediately undertook a comprehensive survey of our membership to better understand their evolving needs. This insight has proven invaluable in shaping our service delivery.

Simultaneously, we’ve embarked on an ambitious digital transformation project, working toward completion in 2025/26. While this inevitably impacted our capacity and resources, I’m incredibly proud of our teams who have continued to provide a balanced programme of membership services and events.

Highlighting value and success

Recent work to quantify the value of CFG membership revealed that members receive approximately £12,000 worth of value annually – and that doesn't include invaluable benefits like our policy and advocacy work, which we carry out on behalf of the entire sector. We’re committed

to not just maintaining but enhancing this value proposition as we navigate the challenges ahead.

Our Annual Conference 2024 was another resounding success, selling out once again and reinforcing the appetite for high-quality, face-to-face networking and learning opportunities. The Finance Leaders’ Discussion Group has gone from strength to strength, while we successfully

time.

Beyond our regular programming, we delivered a comprehensive bespoke training course for Arts Council England and continued to develop our Finance Journey framework – an initiative that I’m particularly

stage.

Innovation and adaptation

Our approach to strategy remains dynamic and responsive. As a leadership team, we review our rolling strategy annually with the Board, using our Risk Plus approach to evaluate not only risks but also opportunities. This has led us to launch several new initiatives, including a new Turnaround Discussion Group and enhanced mentoring programmes.

members with the new SORP. We’ll be running consultations with members and implementing comprehensive training programmes to ensure they’re fully prepared for these changes.

I’m particularly enthusiastic about our new Transformation Collaborative

This, alongside our expanding consultancy services and the Finance

needs.

Optimism for the future

As we continue to support our members, we remain optimistic about the future. The charity sector’s resilience never ceases to inspire us, and CFG’s role in fostering that resilience remains as vital as ever. The path ahead may be challenging, but with our strengthened foundations, enhanced digital capabilities, and unwavering commitment to our members and the wider sector, we’re well-positioned to continue driving positive change.

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We’ve also worked closely with internal teams to successfully launch CFG’s rebrand and are preparing for our Annual Conference 2025 with a move to a new venue and the introduction of a new conference app. These changes reflect our deep commitment| to continuously| aimproving our member experience.

challenges. We’re working toward completing our digital transformation projects, and another major area of focus will be supporting our

The charity sector’s resilience never ceases to inspire us, and CFG’s role in fostering that resilience remains as vital as ever.

Strengthening our foundations

By Dr Clare Mills, Deputy CEO, Charity Finance Group

One of my regular sayings is, if I wanted to go to such and such a place, I wouldn’t start from here. Coming from a policy background, it’s often the case that we are seeking to improve a position or system that has evolved over time, rather than designing on a blank piece of paper and then creating the reality against the design.

Moving away from policy and looking at developing a culture of continuous improvement, we also come up against the ‘I wouldn’t start from here’ paradox – because here is where we are! We have no option but to start from here.

For the past three years, CFG has had ‘getting the basics right’ as one of our internal priorities or focus areas. When we review how much

What are ‘the basics’?

To make more measurable progress on priority areas, we went back by ‘the basics’ and what we meant by ‘right’, to develop a common to basics! We reviewed our staff’s understanding of what we meant understanding of what ‘getting the basics right’ means.

processes. The ideas that came out of those conversations fell roughly but reflected that they had a range of understanding about our business

second part of our discussions probed what we meant by ‘getting it into three categories: people, processes/workflows, and IT/digital. The right’, what that looks like, and understanding the impact.

In summary, getting the basics right in an organisation like CFG means:

members and civil society in general.

making smart use of our time and resources, while harnessing insight and information to ensure operations move smoothly and decisions are well-informed.

supported by systems and tools, policies and procedures that are known, understood and used consistently.

Quick wins and lasting improvement

Having started work in the pre-digital era, when the arrival of the fax machine was a game changer, I can see that the things that mattered then are still the things that matter now. Supporting our people, working with our members, managing our external stakeholders, keeping track of

‘what’ that have been at the heart of organisations and businesses for decades.

But the way we work – how we do things, rather than what we do – can change dramatically. To adapt and take advantage of opportunities such

strong foundations – and to do that we need to go right back to basics!

we could quickly make visible improvement. Working in small groups, the team took a selection of ‘basics’ and developed a description of what getting those right would look like, within those categories of people, processes, and IT/digital.

However, we know that even quick wins take time – so what should

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completed a short poll to say where they felt we should focus immediately. Keen to make progress, two working groups formed and got to work on two areas: our project management processes and

Having a creative, dynamic and engaged body of staff is fantastic,

because everyone shares that vision of working smarter and using the tools we have to save time and improve the way we do things. We’re going to continue working on ‘getting the basics right’ in short bursts or sprints over the coming months, picking an area where we can make improvements, shaping our ideas together, putting changes in place and then checking progress.

Having a creative, dynamic and engaged body

that vision of working smarter and using the tools we have to save time and improve the way we do things.

CFG news highlights: autumn/winter 2024

CFG welcomes new directors

CFG members Sue Hall and Kath Qualtrough join CFG as Interim Digital Transformation Director and Interim Finance Director respectively. Caron Bradshaw says: ‘We are delighted to welcome Kath and Sue to the CFG team. Their passion for CFG, as well as being experts, will be invaluable and will help us to continue to put members at the heart of what we do.’

Charity leaders set out wish list

As part of the Civil Society Group, CFG urges the Chancellor of the Exchequer, Rachel Reeves, to ‘invest to secure’ the future of philanthropic giving by setting out a range of low-cost, high-impact measures. These include increasing charity tax limits in line

Gift Aid review and launching a consultation on the introduction of VAT relief on charitable donations and donated goods.

CFG launches biggest ever Gift Aid Awareness Day campaign On October 3 2024, CFG, alongside thousands of other charities, celebrated Gift Aid Awareness Day and social media was awash with posts encouraging donors to #TickTheBox. In total, there were 2961 posts with an estimated reach of nearly half a million people.

CFG reacts to autumn budget

budget on 30 October 2024, and among the announced changes was an increase in Employer National Insurance Contributions. Following the news, CFG launched a survey to understand the impact that this would have on the sector, which revealed deep concerns about the abilities of charities to absorb the increase in costs.

CFG publish ‘Charity Banking Challenges 2024’ report

charities face with banking. Following a survey of nearly 2000 charity trustees and volunteers, the report indicated a systemic issue that requires urgent attention.

IN THE NEWS

3 October, Civil Society

survey shows

30 October, Civil Society Tributes paid to former CFG Chair Ian Theodoreson

27 November, Civil Society Over 90% of charities experienced banking issues in the past two years

4 December, Third Sector Two thirds of charities likely to consider job cuts due to NI hike

CFG, alongside sector partners, launched a joint report on the challenges and barriers

HR AND OPERATIONS

Supporting our people through change

At CFG, we know that our people are our greatest asset. Over the past

systems, and continued to build a culture where everyone feels valued and supported.

Welcoming new faces and systems

2024/25 saw a wave of new starters join CFG, and we’re proud of the success of our recruitment and onboarding processes. From the outset, our aim has been to make people feel part of the team, which is especially important for a remote organisation like ours. Creating a sense of belonging is central to our culture, and we’ve worked hard to ensure new colleagues feel connected and supported from day one.

Change hasn’t just come in the form of new faces though. Throughout the year, we have been rolling out a programme of digital transformation, which included the successful implementation of our new HR system in March 2025.

Transitions like these can be challenging, so we’ve prioritised clear

systems’ changes on the horizon, including a new website and CRM, it’s more important than ever that we continue to support our people through this.

Listening and learning Our how annual Birdsong staff survey remains a vital tool for understanding we were proud to see 100% of respondents agree with statements ourstaff are feeling and where we can improve. This financial year, such as ‘I enjoy working with the people in this charity’, ‘I am happy with the flexible working practices here,’ and ‘I have access to appropriate emotional and mental health support at work when or if I need it.’ We

improve their physical and mental wellbeing, which is a testament to the culture we’re building together.

As a membership organisation and a leader within the charity sector, CFG continues to strive to be an exemplar in how we support our people.

we hope to encourage other organisations to adopt similar practices. We

recognise the importance of face-to-face connection.

Looking ahead

relationships and sharing learning. In March, we welcomed experienced charity CEO and leadership trainer Duncan Dunlop to deliver a session on values-based leadership, which was an inspiring reminder of why we do what we do and the impact we can have.

Investing in development and wellbeing

As we move into another year of change, our focus remains clear: to support our people, strengthen our culture, and ensure CFG continues to be a place where everyone can thrive. We’ll keep reviewing our policies

Together, we’re building a resilient, inclusive and forward-looking organisation, one where people feel empowered to do their best work and are supported every step of the way.

Professional development continues to be a key focus. We continue to put time aside for our monthly DEAL (Drop Everything And Learn) hour,

remains a valuable tool, and we’ve also invested in targeted training to help staff upskill in key areas. These initiatives reflect our commitment to helping every member of the team grow and thrive. Setting time aside for training is also vital to the implementation of our new systems which

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We’re grateful to our Board for continuing to support our twice-yearly wellbeing weeks. These breaks, where the whole team steps away from

returning to a mountain of emails. They’ve become a vital part of our wellbeing strategy. Alongside this, our two trained Mental Health First Aiders continue to be an important touchpoint for peer support.

MEMBERS, VOLUNTEERS AND PARTNERS

Putting members at the heart of change By Milly Durrant, Head of Membership, CFG

As I re�ect on my �rst full year as Head of Membership at CFG, I’m struck by just how much we’ve achieved together as a vibrant membership community. When I joined in June 2024, I had high expectations based on that incredible �rst impression attending the Annual Conference. But even those expectations have been exceeded by the energy, engagement and passion I’ve witnessed from our members and partners throughout the last year.

Listening to our members

One of the highlights of this year has been our comprehensive member survey, launched in November 2024. With 120 members taking part, this piece of work really cemented what I suspected from day one – that we have an exceptionally engaged and vibrant community who really value CFG and being part of such a supportive network. The results have been both validating and enlightening, helping us all at CFG to understand exactly what makes membership so valuable and where we can do even better.

I was particularly struck by the survey �ndings that showed just how much our members value being part of our community. Nearly nine out of ten members told us they’re satis�ed with their CFG bene�ts, resources and support services, with 84% rating membership as ‘good’ or ‘excellent’ value for money. Perhaps most telling of all, 63% believe every charity should be a CFG member – that’s the kind of advocacy that speaks volumes about why we’re here! We’ll soon be inviting members to recommend CFG to their wider charity networks as a result!

What surprised me most was learning that some members weren’t fully aware of the breadth of bene�ts available to them. As one respondent put it: “Until I completed the survey, I was unaware of lots of the resources and bene�ts that are apparently available to me.” This feedback has been invaluable in helping us prioritise our communications and member engagement work this year. We now hold

regular member bene�t drop-in webinars to remind existing members of all that we o�er, whilst allowing new prospects to come and hear more about our community.

Growing our community

Beyond the survey, this year has been marked by tremendous growth and energy. Our renewal target was challenging, with many charities feeling the e�ects of the ERNICs rise and a di�cult global political and economic climate.

I’ve seen our forums and Special Interest Groups �ourish with increased participation.

Our 2025 Annual Conference was another personal highlight – seeing our biggest turnout yet. The day truly reinforced everything I love about the CFG community: the willingness to share knowledge, the collaborative spirit, and the genuine care members have for supporting each other and strengthening the charity sector. As one delegate told us afterwards: “Conferences can sound really dull, but the day was stu�ed with practical tips, inspiring stories, and a sense of others being in the same boat. Even sharing common frustrations was reassuring! I came away with ideas that we can implement in our charity.”

An exciting year ahead

Looking ahead, I’m energised by the opportunities that lie before us. Our digital transformation project is well under way and aims to do just that – transform our systems to allow us to do more for you, our members.

We are excited about bringing online a new website that will create more personalised learning experiences, improve self-service, and bring more people together in shared online spaces.

A new CRM system will allow us to have a better idea of our members’ needs and focus areas, So we can improve and personalise our offering, whilst vastly improving efficiencies. We've expanded our Peer Mentoring Scheme to run twice yearly due to high demand and have introduced

What excites me most, though, is the opportunity to build even stronger connections within our community. Over the past year, I’ve had countless conversations with members and partners at events, through surveys, via email and in informal settings, and each one reinforces my belief that CFG’s strength lies in generosity and expertise. You share your knowledge freely, support each other through challenges, and consistently advocate for the transformational impact of charity finance.

With economic uncertainties continuing to challenge our sector, I’m more convinced than ever that membership communities like ours are essential. Together, we’re elevating the entire sector, ensuring charity networks they need to help their organisations thrive. finance professionals and charity leaders have the tools, knowledge and

Milly Durant volunteers

and building stronger communities

By Zoe Bennett, Membership and Engagement Manager

By Zoe Bennett, Membership Engagement Manager, CFG

Our member communities are at the heart of what we do at CFG and the driving force behind our mission to

This year, we’ve not only celebrated the incredible contributions of our

expand our volunteering framework, ensuring we can support even more members while recognising the vital role our volunteers play.

Our volunteer champions

Our volunteers continue to be the backbone of CFG’s most impactful initiatives. Simon Hopkins has been instrumental in leading both the Finance Journey development and initiating the launch of our new Turnaround Special Interest Group, bringing his extensive experience and to support charities facing financial challenges. knowledge

Jon King continues to chair our hugely popular Finance Leaders Special Interest Group with dedication and insight. The group is a hub of conversation and a supportive peer network.

Alan Sharpe’s leadership of the Large Charities Special Interest Group remains invaluable for our bigger member organisations, while Nicki Deeson continues to bring the latest thought leadership to our Peer Mentoring Scheme and deserves special recognition for her work with our alumni mentors.

We are also hugely grateful for the work of our overseas and large charity Special Interest Groups who are dedicated to ensuring our programme of specialist events deliver the best possible impact to our members.

Strengthening the framework

We’ve recently undertaken comprehensive work to support sour volunteers more effectively. We've completed a full volunteer audit, giving us a complete picture of our Nv current time. This has enabled us to clearly identify our volunteers and prospects for the first

volunteer roles – from chairs and moderators to special advisers – and draft robust ‘Terms of Reference’ that outline roles, remits and conduct expectations.

We’re also developing a structured onboarding programme that will welcome new volunteers, covering everything from role guidelines to social media guidance and training opportunities. Overall, this framework ensures our volunteers feel properly supported and equipped to make the most of their contribution to CFG.

A vision for volunteer-led excellence

The exciting part is what comes next. As our digital transformation project progresses, we’re creating new opportunities for member engagement and volunteer leadership. Our new CRM system, our new forums platform and website will revolutionise both the volunteer and member experience.

Our plan is that each Special Interest Group will soon have its own

in itself, we want to each and every volunteer to feel genuinely valued for their contribution.

The power of community

As we move forward, one thing remains constant: CFG simply wouldn’t be able to achieve what we do without these amazing champions. They are key players in convening our powerful networks and communities, and their willingness to share expertise, facilitate discussions, and support

sector special.

As we continue to grow and evolve, I’m excited about expanding these opportunities for members to contribute, lead, and shape the future of CFG. If you’re interested in volunteering or want to learn more about the opportunities available, I’d love to hear from you. After all, the more we share and connect, the stronger our community becomes. Thank you to every volunteer who has given their time, expertise, and passion to CFG

connect with the experts leading their communities. We’re creating a dedicated volunteer page on our new website where members can

clearly online. The launch of the forums platform will be particularly transformative, creating new moderator roles and enabling more dynamic, ongoing discussions within our specialist communities.

supporting. This model recognises that our members are the real experts, and that peer-to-peer learning and leadership creates the most valuable experiences for our community.

A year of policy

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We’re also implementing regular recognition programmes, ensuring our volunteers receive the thanks and congratulations they deserve from our

and campaign wins

By Richard Sagar, Head of Policy, Charity Finance Group

2024/25 has been a landmark year for Charity Finance Group’s policy and campaigns work, marked by strategic wins, sector-wide collaboration, and meaningful engagement with government and regulators. As ever, our focus has been on amplifying the voice of charities and

thrive. ensuring that the financial and regulatory environment enables them to

thrive.

Shaping policy and practice

consultation on the Charities Statement of Recommended Practice (SORP). Recognising the importance of this framework to charity reporting and transparency, CFG took a leading role in coordinating sector. Through a series of workshops and surveys, we brought together more than 100 charities to seek their feedback and view on the Exposure response but also reinforced CFG’s position as a trusted convener and Draft. This collaborative effort not only strengthened the sector's advocate in technical policy matters.

Another long-standing priority for CFG has been the charity audit threshold. For years, we have argued that the threshold should be increased in line with inflation to reduce unnecessary burdens on charities. This year, our persistence paid off: the Department for Media and Sport (DCMS) launched a consultation on the issue, directly influenced by our advocacy. While the final outcome is expected later in autumn 2025, we remain optimistic that our sector. proposals will be adopted, marking a significant win for the

Improving banking services

Banking access and service quality have continued to be a challenge for many, particularly smaller charities. Following the publication of ‘Charity Banking Challenges 2024’, a report based on a survey of more than 2,000 charity leaders, we were invited to appear on two segments of BBC Radio 4’s Money Box to talk about charity

banking and our work. Later in the year, we published a practical toolkit titled ‘Communicating with your bank: raising an issue or concern’ to help

their banks.

CFG’s Charitable Sector Banking Forum has also been meeting regularly, bringing together sector colleagues, regulators and banks to develop

risk, which is a vital piece of work for transforming how the sector thinks about and manages risk.

Finally, in partnership with other sector bodies and experts, CFG launched the Charity Investment Governance Principles which provide a clear framework for trustees and charity leaders to make informed, responsible investment decisions. We will continue to promote these principles and support their adoption across the sector.

charities, and work towards solutions.

Collaborations and communications

As we’ve previously noted in this report, the autumn budget saw a major blow to charities with the increase in ERNICs. Our survey of member charities revealed widespread concern. This research led to a report on ITV News, which included an interview with our Deputy CEO Dr Clare Mills and input from some of our members. Later on, we were delighted that the issue had been raised in Parliament and almost led to an exemption for smaller charities.

policy and communications. Whether through technical consultations, regulatory engagement, strategic partnerships and campaigns, our goal

charities can focus on what they do best – serving communities and changing lives.

CFG’s Gift Aid Awareness Day on 3 October 2024 was the most successful yet. This was thanks in no small part to Dionne Sturdy-Clow who joined

to Shine programme. Gift Aid Awareness Day 2024 saw thousands of posts on social media. It was incredibly rewarding to see the impact of the campaign reflected in a 7% increase in the total amount of Gift Aid claimed by charities in 2024/25.

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This year, engagement with the Treasury has further increased, and we were invited to participate in a newly established forum with HMT

We’ve worked closely with the Charity Commission for England and Wales, OSCR, and the Charity Commission for Northern Ireland. We’re now collaborating on reshaping the Charity Commission’s guidance on

This year, engagement with the Treasury has further increased, and we were invited to participate in a newly established forum with HMT and civil society

Training for excellence

By Joanna Strumilowska, Head of Learning and Events

The past year has been an incredibly busy and exciting one for the events team, one marked by signi�cant growth and change. During 2024/25, CFG’s events team delivered an incredibly packed calendar of events with 74 conferences, webinars and members meetings and 35 training courses that provided attendees with a wealth of expertise and knowledge.

The team grew during the year, as we welcomed three new team members, after sadly losing our brilliant Events Manager Sarah Boorman to pastures new. This growth allowed us to build on the events that we already had and increase our output, as well as the number of people attending.

The year’s highlights

As usual, the priority for the �rst part of 2024/25 was our Annual Conference, which was bigger and better than ever! We were delighted to see so many people come together for a day of learning and sharing. There were some incredible sessions on a wide range of topics, from speakers discussing the challenges and opportunities of arti�cial intelligence, to the more technical aspects of charity �nance like reserves and audits. The sheer breadth of knowledge on display from both our charity members and corporate partners was simply astounding. The incredible feedback we received from attendees both on the day and in the weeks following showed just how valuable the conference is to the sector.

Beyond the Annual Conference, our comprehensive programme included everything from networking events through to topical conferences, targeted training sessions, insightful webinars, and essential member meetings. The diversity in programming not only serves our community’s varied learning needs but also plays a crucial role in CFG’s �nancial sustainability, with events contributing a signi�cant portion of our annual income.

Building on success and looking forward

The success of our bespoke training programmes has been particularly encouraging. Our focused e�orts on upskilling non-�nance leaders within charitable organisations have proven invaluable, helping to build �nancial literacy and con�dence across the sector. This work has enabled us to forge stronger relationships with more corporate and sector partners than ever before, and has created rich opportunities for knowledge sharing and professional development.

None of this would have been possible without the dedicated support of our colleagues across CFG, particularly the marketing and corporate partnerships teams, whose expertise and collaboration have been instrumental in our success. Most of all, we are deeply grateful to our partners, volunteers, and the many generous professionals from across the sector who give their time so willingly to share their knowledge and insights at our events.

What’s next

We’re excited about several new initiatives on the horizon. Our comprehensive SORP training programme promises to address one of the sector’s most pressing technical needs, while a reimagined Annual Fundraising Dinner will o�er members and partners fresh opportunities to network and celebrate the sector’s impact.

We will continue to broaden our training portfolio and will be looking into delivering more training courses based on the sector’s requirements, integrating our output with our training and development framework, The Finance Journey. It’s important that we continue to build on innovative formats and topics, and evolve the programme with the sector’s changing needs and pressures.

community. We are extremely grateful to those who attend, contribute and feedback on our events and training. This helps us to continually shape and improve our programmes.

Inspiring members through high-quality learning and networking opportunities is at the heart of everything we do at CFG and we’re looking forward to another year of growth, learning and success for us all.

Joanna Strumilowska

CFG news highlights: winter/spring 2025

New CFG chair announced

CFG paid tribute to outgoing interim Chair, Kevin O’Brien, who had stepped into the role in 2024, and welcomed Hugh Wallace into his

at Research Data Scotland, brings a useful combination of digital expertise and charity sector experience which will be extremely valuable for CFG. We also welcomed Sue Pemberton, Jenny Howard and David McHattie as CFG’s new trustees.

Charity investment governance principles launched

CFG, alongside partners including NCVO, WVCA and others, jointly launched new governance principles to help bring charity leaders greater

about their investments. The principles are

CFG leaves X/Twitter

On 26 February 2025, CFG announced that we will no longer be posting to X. The decision was made as the platform no longer aligns with the CFG values of integrity, support and dynamism, as the platform continues to increasingly promote divisive content.

Charities and sector experts invited to engage in SORP consultation

On 25 March, following the drafting of the updated Statement of Recommended Practice (SORP), CFG invited charities and sector experts to join together to respond to the proposed changes. The consultation was announced in December 2024 by the charities SORP-making body which worked with the sector-based SORP Committee to draft the new accounting requirements.

IN THE PRESS

16 January, Civil Society New investing principles for trustees and charity leaders launch

17 January, ITV News Charities warn of closures due to hike in National Insurance

February 26, Civil Society Peers vote to exempt charities from ERNICs rise

19 March, Civil Society Charities struggling with lack of warning ~~>~~ ahead of NICs rise ~~_____—~~

and complete the Charity Commission’s CC14 guidance.

What our members say g “I just wanted to feed back how brilliant I think CFG is! I have only been a member since joining my charity and I have attended so many useful conferences/training courses. The updates are fantastic and I am getting so much value from the membership. I also called the helpline the other day which was useful. Thanks for everything you are doing!”

have value, it’s more important to support and be part of a group which is there to speak up for all charities.”

“I thoroughly enjoyed the annual conference – it was exceptionally well-organised, with a thoughtfully planned timetable and a strong, varied range of topics. I left with many actionable takeaways and found the overall experience to be both engaging and extremely worthwhile.”

the commercial sector into the charity sector, CFG was invaluable in helping me navigate all the new things I was having to deal with. The training is second to none in the sector.”

professionals facing similar issues and challenges in the “I find CFG an essential network to be in touchwith finance workplace, to be able to discuss and work through them together. Identifying areas where finance directors y can also add value in their role, through sharing resources and experience, is a fantastic support.”
“I do find the CFG groups really good for helping with that [imposter syndrome]. It’s easy to feel a bit isolated with work related issues at times, but whenever I’ve connected with other CFG members, I realise similar issues are being faced by others in similar roles, and it’s been very beneficial to talk these through.”

“The peer mentoring sessions have been hugely hugely indebted to you and CFG for allowing me beneficial so far, for me personally, and Iam to participate in this.”

Our corporate partners

We extend our gratitude to our corporate partners* for their support throughout the year. Our shared vision has a huge impact on the charities we serve.

AAB Business & Tax Advisory LLP Accounting without Borders AccountsIQ Adapta Consulting Aedon.Accounting Allen Lane Altum Consulting Barclays Barnett Waddingham Bates Wells & Braithwaite London LLP BDO LLP BHP Chartered Accountants Bishop Fleming Broadstone Corporate Bene�ts Limited Brown Advisory BuyingStation Buzzacott CAF Bank Cambridge & Counties Bank Candex Solutions Ltd Cartwright Financial Solutions Limited Cazenove Charities

Charity Bank

Charles Russell Speechlys LLP Cloud Doing Good Co-operative Bank Crowe U.K. LLP Downing LLP Ebury Partners UK Limited Ecclesiastical Insurance Eton Bridge Partners Ltd Eureka Solutions (Scotland) Ltd Evelyn Partners Farrer & Co LLP Forvis Mazars LLP Goodman Jones Goodman Masson Grant Thornton UK LLP HaysMac HSBC UK HSF Health Plan Ltd HW Fisher Insignis Asset Management Ltd iplicit

ISIO

Ivy Rock Partners James Hambro & Partners King & Shaxson Limited LAKE Lane Clark & Peacock LLP LGT Wealth Management UK LLP Lloyds Bank PLC Marble Mayne Recruitment Menzies MHA M-hance Mills & Reeve Moore Kingston Smith LLP Natwest Corporate Banking Services New Test Corp Newmark Newton Investment Management Nyman Libson Paul One Broker Insurance PEM Penningtons Manches Cooper LLP

Continued over

PIB Insurance Brokers PKF Littlejohn PMCL Consulting Price Bailey PricewaterhouseCoopers Provira Limited Quantum Advisory Quilter Cheviot Rathbones Investment Management RBC Brewin Dolphin

RSM

Russell-Cooke

Sage UK Limited Sarasin & Partners Sayer Vincent Smartdesc Spence & Partners Stuart Davis Consulting Ltd Third FD

Third Sector Property UHY Hacker Young LLP Unit4 Business Software Limited United Trust Bank Unity Trust Bank PLC Utility Aid Waverton Investment Management Wrigleys Xledger

*As of 3 September 2025.

A very special mention to our partner organisation the Association of Independent Museums (AIM) .

Review of financial position

CFG’s business model

CFG has a history of working in partnership and through collaboration. This means that CFG will avoid duplication where others are meeting needs in a cost-e�ective way. Since the pandemic, we’ve seen that working together not only achieves e�ciency – it drives e�cacy. CFG’s business model was perfectly positioned to lean into a new appetite for collaboration across the sector and continues to do so now.

CFG currently earns nearly all income through membership fees, sponsorship and delegate fees, supplemented by modest grant income. The brilliant core support received from the Paul Hamlyn Foundation over �ve years from 2018 was due to come to an end in last year, but was generously extended for a further two years up to 2025/26. In the �nancial year 2024/25, we received £35k from the Paul Hamlyn Foundation.

Additionally, grant funding support was gratefully received during the year from the City of London (£48k), the Rank Foundation (£11k), Friends Provident Foundation (£10k), Barrow Cadbury (£1k) and the Civil Society Group released £5k of project funds to CFG. This recognition of the importance of not only supporting the work of CFG with project-based and core funding, but also the role of infrastructure in the ecosystem of the sector, is hugely appreciated and we are very grateful.

Our funding model is predicated on the fact that corporate partners want to engage with us for two main purposes; to connect with not-forpro�t organisations that may purchase their products and services, and to support the wider sector through sharing their expertise, �nancially supporting CFG’s provision of services and hosting our activities.

We believe that a blend of channels and approaches is necessary to ensure that our bene�ciaries can access CFG services in a manner

most suitable to their needs. This has not fundamentally changed our business model but has evolved our methods of delivery.

Corporate support subsidises the cost of services to our charity members. Without corporate partners’ support CFG could not e�ectively deliver to the sector without changing our business model. This continues to be a core part of our sustainability.

This year has once again seen a rise in our training and event income as more professionals have come to appreciate the value they bring.

Results for the year

For the �nancial year 2024/25 the trustees had planned a small de�cit for CFG along with £100k investment in our digital transformation, and the year ended with a de�cit of £123,601 across all funds and a small de�cit of £714 on just unrestricted funds (2024: surplus of £99,576 on all funds and surplus of £55,719 on unrestricted funds).

Income improved signi�cantly in 2024/25, £1,997,274 compared to £1,822,887 in the prior year. Expenditure of £2,120,875 was correspondingly higher than £1,723,311 spent in the prior year, an increase of 23% re�ecting our investment particularly in the digital transformation project: designated funds of £100,000 for 2024/25 were set aside at the start of the year speci�cally for this work and fully spent within the year.

CFG’s target unrestricted reserves range is from £175,000 to £280,000. Free reserves at the end of 2024/25 stand at £188,387 compared to £189,101 for 2023/24. CFG’s unrestricted reserves are just within the lower end of the acceptable reserves policy level. To o�set this, a surplus budget is planned for 2025/26.

Designated funds have been retained for our popular Inspiring Financial Leadership Course, with Restricted funds held for our important work on the Charity Investment Governance Principles.

Reserves policy

As part of the annual budget setting process, CFG’s Finance and Audit

policy agreed previously was still valid and that CFG maintained free reserves to:

~~>~~ provide a sustainable and appropriate level of working capital; ~~=>~~ allow for periods of unexpected drops in planned income; ~~=>~~ cope with sudden short-term increases in planned expenditure; ~~>~~ provide cover for other risks, contingencies or unforeseen events (these would have a low likelihood of occurring but, if they did, would

Investment policy

CFG receives income on an annual basis through membership subscriptions, sponsorship, grants and other sources. We plan activities on a rolling three-year basis and budget to expend all anticipated income, except for retaining a prudent amount in reserves. We have no permanent endowment and provide for capital expenditure within the budget. The only funds of CFG that are not expendable within 12 months of receipt are reserves and any grants or contracts for activities over a longer period.

Consequently, the Board of Trustees does not consider that it is prudent to invest income for the longer-term. Our policy is therefore to retain funds as cash and place them on bank deposit at the best rate obtainable. As a result, the Board of Trustees considers that it is not appropriate for CFG to adopt an ethical investment policy at this time.

After a review of our reserves by the trustees in June 2024, the agreed reserves range changed to £175,000-£280,000. Our available free reserves as at 31 March 2025 were £188,387 (2024: £189,101) within the current agreed range. The Board will at times designate

that fall outside the normal business

as usual expenditure, or back into free reserves to withstand other pressures. Any funds received that can only be lawfully used for a specific charitable purpose will be held as restricted funds.

Structure, management and governance

Structure

Charity Finance Group (CFG) was incorporated by guarantee on 29 March 1996 and registered in England and Wales, changing our name from the Charity Finance Directors’ Group on 20 March 2015. The charity has been trading as CFG since 2012.

We have no share capital and the guarantee is limited to £1 per member. The governing document is the Memorandum and Articles of Association of the company, which was amended on 6 November 2014 by Group Members’ special resolution and on 5 October 2017 following a Company Member Resolution.

The Board of Trustees are the directors of the company, and we have one wholly-owned trading subsidiary, CFDG Trading Limited, which carries out all trading activities for CFG. See note 1 to the �nancial statements.

The Board

The Board consists of up to ten trustees, all able to serve two terms of three years. Up to seven are required to be elected from CFG’s membership, and the Board may appoint three non-member trustees to bring in wider necessary skills and experience.

Member trustees are elected by their fellow members. The O�ce Holders are allowed a further period of appointment if they would have less than two years in the role due to their appointment date, subject to a maximum period of service as Trustee of eight years. Non-member trustees are appointed after an open recruitment process. The Chair and O�ce Holders of the Board are appointed by the trustees from among their number. The Board meets four times a year and holds additional strategy planning sessions and away days in order to closely engage with the work CFG delivers.

The Board receives regular updates on day-to-day activities, new risks and progress against key objectives. This provides the Board with regular and valuable information in order to carry out their duties and responsibilities. Sub-committees and task and �nish sub-groups of the Board are convened to expedite the execution of duties.

Sub-committees, currently: Nominations Committee; Remuneration Committee; and Finance & Audit Committee. They are governed by their own terms of reference and delegated duties are approved by the full Board. Sub-committees are served by trustees and co-opted independent appointees. A special advisor and expert forums/ad hoc working groups provide support and advice to the Board and sta�.

Board induction and conduct

Trustees sign a code of conduct and complete a register of interests, which is reviewed annually. Induction support and a Trustee handbook are provided to new trustees by the sta� team and Chair. The handbook includes a copy of relevant policies, procedures, governance information and role descriptions.

Management

Day-to-day management of CFG is delegated to the CEO and senior sta� in accordance with an agreed Scheme of Delegation. Performance and risk are monitored against strategic objectives. CFG’s average headcount during the year to 31 March 2025 was 19 members of permanent sta�.

Risk management

CFG’s strategic risks are de�ned as those matters which could inhibit or, if managed appropriately, advance the achievement of our charitable objects as articulated in our rolling strategy and supporting decision making framework (we refer to this as ‘CFG Essentials’). Trustees do

not fix whether something is a strategic risk by category or by nature, but rather have adopted a dynamic approach which considers the appropriate risk response to a wide range of variables. The major risk elements have been reviewed, and systems or procedures have been established to manage them. The Board of Trustees are and the impact of risk. CFG continues to view active risk management as a day-to-day aspect of running the organisation. Risk is the responsibility of every member of satisfied that reasonable steps are being taken to limit the probability and Board meetings ensuring CFG has the best opportunity to prevent issues arising, minimise risks and maximise opportunities. staff and all trustees. It has been embedded intostaff activities, reporting The leadership team review risk on a regular basis, especially when considering changes to plans or new opportunities. The trustees review a ‘risk issues’ log at Finance & Audit Committee (twice a year) and Board meetings (once a

year) in order to monitor the effectiveness of CFG's risk

management. A register of Risk Controls records the major processes, policies, procedures and controls that are in place. Key changes in risk are reported to the Board as required and it is a standing agenda item at every Board meeting.

Reflecting on the challenges ofthe last financial year

in terms of getting the basics right, supporting our people and amending our systems, policies and procedures and dealing with increased risks of fraud, the top three risks faced were in the following categories:

People and development Reputation Systems, policies and procedures

We were pretty accurate in predicting the areas of signi�cant risk we would face during the �nancial period. We anticipated people and development, systems, policies and procedures and �nancial and resource management would be our top three topics.

Going forward, we anticipate our major risks will continue to be related to �nancial and resource management, people and development and systems, policies and procedures.

Risk: Financial and resource management Financial and Resource Management accounted for the fourth greatest number of risk issues logged in the �nancial period. We have turned a corner in terms of our business model and removed the structural de�cit. However, as the �nancial environment is still immensely tough for our members it is possible that income will be challenging to come by in the next �nancial period. In particular, we are seeing charity closures and some charities putting a blanket moratorium on membership subscriptions.

Risk: People and development

As in 2023/24, the next 12 months continue to be a period of intense change, including our digital tools, processes and growing our products and services, against a backdrop of transition in the leadership team. Our people remain at the heart of everything we do, and we will continue to support them, investing in wellbeing and development to maintain high engagement and manage the risk to the delivery of our charitable objectives.

Risk: Systems, policies and procedures

Improvements to our systems, policies and procedures continue to be necessary as we complete our digital transformation work. We are making progress on replacing three core operating systems and will manage risks by co-designing systems, policies and processes, where possible, with those members of the sta� team who will be most a�ected by the changes and who are well placed to help identify where we can improve for the best impact.

Financial and resource management

This report has been produced for the performance of the charity up to the 31 March 2025. For this year, the on-going cost of living crisis has had a major impact on individuals, companies and charities. CFG was not isolated from that.

CFG’s key income lines are membership (charities and corporate entities), our Annual Conference and our Annual Fundraising Dinner. Our income for 2024/25 is due to renewals that commence predominantly in February and March (for an April membership year) and on a rolling basis throughout the year. This again held up for the year.

Going forward, we anticipate our major risks will continue to be related to �nancial and resource management, people and development and systems, policies and procedures.

a surplus, with new business development plans and capitalising on our investments in people and digital transformation, which will all enable us

The trustees have stated the following principles for CFG going forward: ~~,~~ We will continue to trade our way through the turbulent global scene, pivoting services where necessary to continue our support to the sector.
The trustees are determined that CFG will continue to avoid
redundancies (and at the time of this report, none have been made at CFG as a result of the pandemic or cost of living crisis).
We will continue to advocate on behalf of the sector for more support for the vital work charities do. Therefore, at the time of producing

consider it is appropriate for the going concern basis to be adopted in P preparing the financial statements in this report. RemunerauonsHow we decide to pay staff CFG is an accredited Living Wage employer, and we are committed to

attract and retain the right skills to have the greatest impact in delivering ensuring that we pay our staff fairly and in a way which ensures we our charitable objectives.

In accordance with the Statement of Recommended Practice (SORP) CFG discloses:

all payments to trustees (no trustees receive ‘pay’) ~~~»~~ the number of staff in receipt of more than £60,000 and above (in bands of £10,000) ~~~~~ pensions and other benefits.

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CFG has a Remuneration Committee which meets annually, comprised of the CFG Chair, CFG Vice Chair, one other trustee and one other (who shall be appointed by the Chair), which sets the pay for all sta�. In 2024/25 the CEO and DECO with responsibility for HR were in attendance for the meeting, and no members of the Executive are members of the Committee. The main responsibilities of the Committee are to:

Review the CFG salary banding and make sure amendments are appropriate to ensure that CFG salaries remain competitive.
Determine the remuneration package of the Chief Executive. Approve the annual percentage increase in the payroll for all sta� (which can be zero) taking into account the average RPI for the previous year.
Approve any consolidated pay awards and sta� salary increases outside of the annual review process as recommended from time to time by the Chief Executive.
Approve any non-consolidated pay awards (bonus) as recommended by the Chief Executive.
Determine pension arrangements and ensure that contractual terms on termination are fair to the individual and the charity, that poor performance is not rewarded and a duty to mitigate loss is recognised.

For the �nancial year 2024/25, CFG awarded a cost of living uplift in salary of 2.00%, reviewing in light of the continued economic impact and reducing level of in�ation (2023/24: 6%).

In determining CFG’s remuneration policy, the Remuneration Committee takes into account all factors which are deemed necessary. The objective of the policy is to ensure that the Chief Executive and sta� team are provided with appropriate incentives to encourage enhanced performance and are, in a fair and responsible manner, rewarded for their individual contributions to the success of the charity.

The appropriateness and relevance of the remuneration policy is reviewed annually, including reference to comparisons with other charities ensuring CFG remains sensitive to the broader issues e.g. pay and employment conditions elsewhere.

Equality, diversity and inclusion (EDI)

Despite the work we have undertaken in previous years, we acknowledge there is still much to do to make sure our activities and our internal organisation matches our commitment to equality, diversity and inclusion.

We regularly review our progress towards ensuring that sta�, trustees and members are not subjected to practices that lead to inequality, lack of diversity or exclusion. One of our trustees is our EDI champion on the Board. Our EDI strategy remains focused on:

CFG as a place of work

CFG as a membership body CFG’s role in the wider sector

Alongside other charity infrastructure bodies, CFG continues to take part in collaborative working on addressing racism and in 2024/25 our CEO participated in the ACEVO initiative Further Faster . Since the publication of the Home Truths report in 2020, we have been part of a group of civil society leaders working together on anti-racism. This work has been di�cult and is far from complete, but some progress has been made.

Through the Civil Society Group, we worked together with New Ways during 2023 to look at that progress in more detail and to see how the good intentions behind the original commitments made to support Home Truths could be turned into real impact across the sector. From Good Intentions to Impact: Supercharging race equity in the charity sector

provides a detailed summary of the work done by infrastructure bodies on this critical issue. It also provides clear recommendations, identifying �ve key catalysts for race equity change:

1. Prioritising diversity in leadership

2. Working transparently in the open

We have committed to ongoing improvements and to ensuring that future reports include our performance against targets and relevant benchmarks where possible. However, data collection relating to protected characteristics remains di�cult with a small sta� team and we have not yet reached the position where we can make relevant disclosures. As our headcount increases, we hope to be able to produce statistical reporting which has minimal risk of identifying individuals. In the meantime, we will continue to learn, and engage our sta� and trustees through various communications channels, including our annual sta� survey, to challenge our assumptions and monitor our performance.

3. Visible anti-racist leadership

4. Breaking through the discomfort

5. Safeguarding and support

We have published several pieces on our website and in other publications, and we will continue to develop CFG’s position as thought leaders on EDI and leadership, as well as sharing and amplifying voices from across the sector with lived experience, practical information and thought-provoking discussions.

Fundraising

We hope that by highlighting this work and noticing the other work going on across the sector, particularly the work of Home Truths 2, CFG and the other partners in the Civil Society Group can continue to shine a light on the important journey towards anti-racism that must continue.

In our recruitment we follow the #ShowTheSalary and

NonGradsWelcome campaigns’ guidance. We make sure we only ask for educational quali�cations which are relevant to the role advertised and do not specify education to degree level for roles unless a degree is of direct relevance to ful�lling the role tasks and responsibilities. Salaries for roles are included in adverts as we recognise failure to do so acts as a disproportionate discouragement to women and people from the global majority and/or disadvantaged backgrounds. Our recruitment packs, sta� handbook and other documentation have been reviewed and use inclusive language. We promote vacancies widely and now advertise all roles on the Diverse Jobs platform.

We have continued to be registered with the Fundraising Regulator although our direct fundraising has been at a low level, almost exclusively through our in-person Annual Fundraising Dinner.

We only raised funds through a JustGiving page, through which supporters of our work could make donations. Gift Aid has also been collected by JustGiving on our behalf on donations made. Supporters have been made aware of the JustGiving page through our website, mailings to members and through social media channels, thereby protecting the general public from unreasonable intrusion or pressure. No other fundraising activities were undertaken.

We are pleased to report that no complaints regarding any fundraising activities with stakeholders have been received.

Statement of the Board of Trustees’ responsibilities

The trustees are responsible for preparing the strategic report, the report of the Board of Trustees and the Financial Statements in accordance with applicable law and regulations. Company law requires

in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Financial statements are published on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and

other jurisdictions. The maintenance and integrity of the charity’s website is the responsibility of the trustees. The trustees’ responsibility also

therein.

statements, the trustees are required to:

Select suitable accounting policies and then apply them consistently.
Make judgements and accounting estimates that are reasonable and prudent.
State whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in

relevant audit information of which the charitable company’s auditors are unaware, and that they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditors are aware of that information.

Appointment of auditors

Forvis Mazars LLP were reappointed during the year as our auditors and they will be proposed for reappointment in the coming year.

is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records

with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CFG’s Board of Trustees

Hugh Wallace, Chair of the Board of Trustees

Hugh Wallace joined the Board in January 2023 and became Chair in January 2025. Hugh is

Scotland, a charity focused on enabling access to public sector data about people, places and businesses.

to deliver a common payments platform in Scottish Government and support digital service development within Scotland’s Social Security agency. His previous roles include leading the digital teams at Oxfam and National Museums Scotland, as well as heading up the design function in a digital agency.

Anna Bennett

Anna joined the CFG Board in November 2023. She is Director of Finance, IT and Facilities at London’s Air Ambulance Charity. Prior to this role, she worked in charity audit, advising and supporting a large range of charities. Before this, Anna was Finance Director at Hospice UK and Director of Finance & Operations at BBC Children in Need.

Anna has been a CFG member for most of her career and is passionate about using her

CFG membership.

Jenny Howard

Jenny Howard brings a wealth of experience

served as Finance Director at Carr-Gomm, London Wildlife Trust and Muscular Dystrophy Campaign.

Since 2019, Jenny has been the Director of Finance and Digital at the Marine Society and Sea Cadets in which she oversees IT and Stores, in addition to managing MSSC’s

organisation’s training and support and is now delighted to join the organisation and help CFG support the charity sector.

Angela Linton

National Foundation for Youth Music. Angela has a breadth of experience working in charitable organisations across the cultural sector and being a trustee. Angela is a Real Living Wage Advocate, is a member of the Living Wage Foundations, Funders Steering Committee and is Co-Chair of Making London a Living Wage City.

David McHattie

Prior to retiring in September 2020, David was a member of the senior management team within Barclays London Corporate Banking. His penultimate role was Head of Charities for 7 years which gave a good insight into the charity sector, including working with CFG.

Through this role he became familiar with

are facing and the important role that CFG plays to help charities large and small. David was responsible for launching and chairing the Barclays National Charities Day Conference,

Mwiza Mkandawire

Mwiza is the Head of Finance and

Administration at Transaid, an INGO where she has been since 2019. Prior to that she worked at arts charity Artsadmin Ltd for 11 years.

a CFG Inspiring Financial Leadership Alumni. Before joining Artsadmin Ltd in 2008 she worked with various organisations in both the commercial and charity sectors in Malawi. She has excellent knowledge and understanding

charities. Mwiza resigned as a Trustee on 29 September 2025.

sector.

Tim Nicholls

Tim is currently Head of Finance and Resources at Tudor Trust, a large grant making charity

positions within the charity sector for over ten years. Before moving to the charity sector, he enjoyed a successful career in the NHS. Until 2021, Tim was an elected Council Member of the Association of Accounting Technicians (AAT) and has held several Trustee roles across the sector.

Sue Pemberton

With a strong focus on advising charities throughout her career, Sue brings invaluable expertise and a deep understanding of the sector’s unique challenges. Sue’s work involved developing strategies with charities that recognise the importance of their people in delivering critical services with balancing tight budgets.

Sue retired in January 2023 after a distinguished 37-year career in Corporate

Kelly Ryder

Kelly is Head of Finance for the Orchard Trust, a charity based in the Forest of Dean who support adults with learning and physical

lives. Prior to this, Kelly worked for many years

about using it to serve CFG members and also to increase awareness of the challenges faced by charities in the social care sector.

Director at Isio. Since retiring, Sue has still been undertaking some freelance consultancy work, and is now delighted to have joined CFG where she can help the organisation support the whole charity sector.

Tony Wells

Tony is Director of Resources at Emmaus UK, a homelessness charity. Previously, he held the position of Director of Finance & Resources at The Connection, a homelessness charity in London. He joined the charity as Financial Controller, after qualifying as a Chartered Accountant in 2018.

As a relative newcomer to the world of charity finance, Tony completed CFG's Inspiring Financial Leadership course in 2021. He was promoted to his role the following year. Tony is passionate about using his leadership and financial skills for the benefit of the CFG community and wider sector.

Hugh Wallace By order of the Board, 09 October 2025

Independent auditor’s report to the members of Charity Finance Group Opinion

Opinion

We have audited the �nancial statements of Charity Finance Group (the ‘charity’) for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Balance Sheets, the Consolidated Statement of Cash Flows and notes to the �nancial statements, including a summary of signi�cant accounting policies. The �nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the �nancial statements:

give a true and fair view of the state of the charity and the group’s a�airs as at 31 March 2025 and of the group’s 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 Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the �nancial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the �nancial statements in the UK, including the FRC’s Ethical Standard and we have ful�lled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is su�cient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the �nancial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the �nancial statements is appropriate.

Based on the work we have performed, we have not identi�ed any material uncertainties relating to events or conditions that, individually or collectively, may cast signi�cant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the �nancial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Trustees’ Report, other than the �nancial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the �nancial 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.

In connection with our audit of the �nancial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the �nancial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. Ifwe identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the �nancial statements or a material misstatement of the other information. 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.

Opinions 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 which includes the ~~>~~ Directors’ Report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is

the Directors’ Report included within the Trustees’ Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ Report included within the Trustees’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

» records and returns; or the financial statements are not in agreement with the accounting ~~~~~ certain disclosures of trustees’ remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 56, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the �nancial statements and for being satis�ed that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of �nancial statements that are free from material misstatement, whether due to fraud or error.

In preparing the �nancial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the �nancial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance 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 it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to in�uence the economic decisions of users taken on the basis of the �nancial statements.

design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the charity and its activities, we considered that noncompliance with the following laws and regulations might have a material e�ect on the �nancial statements, Charities Act 2011, tax legislation, safeguarding, pensions legislation, employment regulation and health and safety regulation, anti-bribery, corruption and fraud and money laundering.

To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to noncompliance, our procedures included, but were not limited to:

Inquiring of management and, where appropriate, those charged with governance, as to whether the charity is in compliance with laws and regulations, and discussing their policies and procedures regarding compliance with laws and regulations;
Inspecting correspondence, if any, with relevant licensing or regulatory authorities;
Communicating identi�ed laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit; and
Considering the risk of acts by the charity which were contrary to applicable laws and regulations, including fraud.

We also considered those laws and regulations that have a direct e�ect on the preparation of the �nancial statements, such as tax legislation, pension legislation, the Companies Act 2006, the Charities Act 2011 and the Charities Statement of Recommended Practice.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Irregularities, including fraud, are instances of noncompliance with laws and regulations. We

In addition, we evaluated the trustees’ and management’s incentives and

including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with management. As with any audit, there remained a risk of nondetection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

particular in relation to income recognition (which we pinpointed to the

Our audit procedures in relation to fraud included but were not limited to:

Making enquiries of the trustees and management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team the risks of fraud; and
Addressing the risks of fraud through management override of controls by performing journal entry testing.

statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the charity’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity’s members those matters we are required to state to them in an auditor’s 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 charity and the charity’s members as a body for our audit work, for this report, or for the opinions we have formed.

(Senior Statutory Auditor) for and on behalf of Forvis Mazars LLP

Chartered Accountants and Statutory Auditor 6 Sutton Plaza, Sutton Court Road, Sutton, Surrey, SMl 4FS Date: 08/12/2025

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87
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Financial statements for year ended 31 March 2025

Consolidated statement of financial activities

There are no recognised gains or losses other than those in the statement of �nancial activities. Therefore, no statement of total recognised gains or losses has been prepared.

The notes on pages 92 to 110 form part of these �nancial statements.

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Unrestricted Restricted Total Total
Notes Funds Funds 2025 2024
£ £ £ £
INCOME
Donations 2 81,159 37,401 118,560 127,640
Income from charitable activities 3 1,762,800 - 1,762,800 1,556,189
Income from trading activities 4 95,596 - 95,596 109,920
Investment income 5 16,661 - 16,661 15,479
Other income 3,657 - 3,657 13,659
TOTAL INCOME 1,959,873 37,401 1,997,274 1,822,887
EXPENDITURE
Expenditure on charitable activities 6 2,050,862 70,013 2,120,875 1,723,311
TOTAL EXPENDITURE 2,050,862 70,013 2,120,875 1,723,311
Net (expenditure) / income and net movement in funds (90,989) (32,612) (123,601) 99,576
for the year before transfers
Transfer between funds (1,193) 1,193 - -
Net (expenditure) / income and net movement in funds (92,182) (31,419) (123,601) 99,576
for the year
Reconciliation of funds
Total funds, brought forward 325,371 43,857 369,228 269,652
Total funds, carried forward 233,189 12,438 245,627 369,228
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Balance sheet

The notes on pages 92 to 110 form part of these �nancial statements.

Approved by the Trustees on 09 October 2025 and signed on their behalf by Hugh Wallace (Chair):

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Notes 2025 2024
£ £ £ £
Charity Group Charity Group
Fixed assets
Tangible �xed assets 8 - - - -
Investments 8.1 10,000 - 10,000 -
Current assets
Debtors 9 744,386 379,056 657,240 455,223
Short term deposits 329,072 329,072 313,017 313,017
Cash at bank and in hand 260,519 643,042 464,845 787,314
1,333,977 1,351,170 1,435,102 1,555,554
Liabilities
Creditors falling due with in one year 10 (1,210,455) (1,102,158) (1,121,114) (1,169,010)
Net current assets 123,522 249,012 313,988 386,544
Creditors falling due after one year 10 (3,385) (3,385) (17,316) (17,316)
Net assets 130,137 245,627 306,672 369,228
The funds of the charity
Unrestricted funds:
General 11 72,897 188,387 126,545 189,101
Designated 11 44,802 44,802 136,270 136,270
Restricted funds 11 12,438 12,438 43,857 43,857
Total charity funds 130,137 245,627 306,672 369,228
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Consolidated statement of cash �ows

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2025 2024
£ £ £ £
Cash Flows from Operating Activities
Net Expenditure (123,601) 99,576
Adjustments for:
Depreciation - -
Interest Expense 1,620 2,504
Trade and Other Receivables 76,167 (3,138)
Trade and Other Payables (95,399) 37,625
Cash Flows (used in)/generated from Operations (141,213) 136,567
Interest paid (1,620) (2,504)
Net Cash Flow (used in)/generated from Operating Activities (142,833) 134,063
Cash Flows from Finance Activities
Repayment of loan 14,616 14,616
14,616 14,616
Net (decrease) / increase in Cash (128,217) 148,679
At 1 April Cash Flows At 31 March
2024 2025
Cash at bank 787,314 (144,272) 643,042
Cash on deposit 313,017 16,055 329,072
1,100,331 (128,217) 972,114
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Financial statements for year ended 31 March 2025

Notes to the financial statements

Accounting policies

The �nancial statements have been prepared in accordance with 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 (FRS 102) (e�ective 1 January 2019) – (Charities SORP (FRS 102)) and the Companies Act 2006.

The Charity Finance Group meets the de�nition of a public bene�t entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The principal accounting policies of the Group are set out below:

Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the charitable objectives of CFG.

Recognition of income

All income (including grants) is accounted for as soon as CFG has entitlement to the income, there is certainty of receipt and the amount is quanti�able.

Donated facilities

Donated facilities are included at the value to CFG i.e., the value CFG would have paid in the open market. Although the SORP recommends that the value of donated facilities is included in voluntary income, they are included under the relevant category of income for charitable activities because CFG considers this gives a fairer presentation.

Consolidation

The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the �nancial statements of the charity and of its subsidiary undertaking, namely CFDG Trading Limited. The results of the subsidiary are consolidated on a line-by-line basis.

The charity has availed itself of paragraph 3(3) of Schedule 4 of the Companies Act and adapted the Companies Act formats to re�ect the special nature of the charity’s activities. No separate SOFA or income and expenditure account has been presented for the charity alone as permitted by section 408 of the Companies Act 2006 and paragraph 397 of the SORP.

Members’ subscriptions and events & conferences and deferred income

Subscriptions and events income are accounted for in the year to which they apply. Subscription income received during the year that relates to a subsequent �nancial accounting period is carried forward as a creditor in the balance sheet and shown as deferred subscriptions income. It is accrued in line with the bene�ts received.

Pensions

Contributions to our de�ned contribution group personal pension scheme are charged to revenue according to the period to which they relate.

Expenditure

All expenditure is accounted for on an accruals basis and has been listed under headings that aggregate all the costs related to that activity. Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing CFG to the expenditure. Where costs cannot be directly attributed, they have been allocated to activities on a basis consistent with the use of the resources. Direct costs, including directly attributable salaries, are allocated on an actual basis to the key strategic areas of activity. Overheads and other salaries are allocated between expenses headings based on time spent.

The cost of the Annual Fundraising Dinner covers direct expenditure on the dinner together with the appropriate allocation of sta� and support costs.

Charitable activities include expenditure associated with the operation of CFG and the provision of our services.

Operating leases

The lease of 15/18 White Lion Street, London, N1 9PG stopped from November 2023. Rent is now being paid to Canopi for 82 Tanner Street, London, England, SE1 3GN.

Going concern

Free unrestricted reserves of CFG at the year-end amount to £188,387. After consideration of the current strategic plan and with an aligned three-year forward forecast reviewed, the Trustees consider there is a reasonable expectation that the CFG group has adequate resources to continue in operational existence for the foreseeable future. The Trustees are also satis�ed with the controls in place for monitoring and �exing the budget throughout the years. There are no material uncertainties that would impact on the charity’s ability to continue. Accordingly, we continue to adopt the going concern basis in preparing this annual report and �nancial statements.

Intangible and Tangible Fixed assets

All �xed assets are stated at historical cost less depreciation. Assets with a cost more than £2,000 and which are intended to be of ongoing use to CFG in carrying out its activities are capitalised as �xed assets. Depreciation/amortisation is charged on all tangible/intangible �xed assets at 25% of cost per annum, so as to write them o� over their expected useful lives.

Significant judgements and estimates

No signi�cant judgements or estimates have been required in the production of these accounts.

Investments

The investment in the subsidiary CFDG Trading Limited is valued at cost.

Notes to the financial statements

1. Results from the trading activities of the subsidiary

The charity has one wholly owned subsidiary which is incorporated in Great Britain. CFDG Trading Limited was incorporated on 5th February 2009 to raise funds via commercial activities and sponsorship for CFG. CFDG Trading Limited donates taxable pro�ts to CFG under Gift Aid, subject to its working capital requirements being maintained.

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2025 2024
£ £
CFDG Trading Limited
Turnover 609,739 472,430
Cost of sales (193,324) (140,000)
Gross pro�t 416,415 332,430
Administrative expenses (3,481) 4,242
Operating pro�t 412,934 336,672
Interest receivable – –
Pro�t before tax and Gift Aid distribution 412,934 336,672
Fund balance brought forward 72,557 35,885
Distribution to parent charity (360,000) (300,000)
Retained in subsidiary 125,491 72,557
Balance sheet
Current assets 939,855 744,196
Current liabilities (814,365) (671,639)
Net assets 125,490 72,557
Share capital 10,000 10,000
Reserves 115,490 62,557
Total funding 125,490 72,557
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2. Donations

Income from charitable activities
Income from trading activities

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Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Donations & Grants 81,159 37,401 118,560 127,640
81,159 37,401 118,560 127,640
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Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Developing skills, learning, knowledge and practice 1,386,830 – 1,386,830 1,213,907
Inspiring Financial Leadership 241,400 – 241,400 235,622
Encouraging a supportive environment 134,570 – 134,570 106,660
1,762,800 - 1,762,800 1,556,189
Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
-
Other Trading Activities 95,596 95,596 109,920
-
95,596 95,596 109,920
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5. Investment income

Expenditure on charitable activities

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Unrestricted Restricted Total Total
Funds Funds 2025 2024
£ £ £ £
Bank interest 16,661 - 16,661 15,479
-
16,661 16,661 15,479
Sta� costs Support Other Total Total
costs direct costs 2025 2024
Analysis for total expenditure £ £
Raising funds 31,637 11,832 78,323 121,792 108,419
Charitable activities
Develop skills, learning, knowledge & practice 667,961 240,613 346,936 1,255,510 1,114,613
Inspire �nancial leadership 173,200 62,978 40,362 276,540 203,419
Encourage a supportive environment 291,729 106,565 68,739 467,033 296,860
1,164,527 421,988 534,360 2,120,875 1,723,311
Total expenditure 2023-24 980,359 362,398 380,554 1,723,311
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7. Analysis of support cost

All support costs are allocated on the basis of sta� time. Sta�ng support costs have not been analysed as the majority of CFG sta� work directly on activities and the amount that can be allocated to support is therefore not material.

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Raising Develop Inspire Encourage Total Total
funds skills, �nancial a supportive 2025 2024
learning, leadership environment
knowledge
& practice
£ £
Support cost
Premises & O�ce Services 707 14,382 3,764 6,370 25,223 91,489
IT & Communications 4,082 83,005 21,726 36,762 145,575 86,557
Human Resources, Recruitment & 3,421 69,570 18,209 30,811 122,011 65,380
Training
Financial Costs 2,258 45,927 12,021 20,341 80,547 84,940
Depreciation - - - - - -
Governance (incl External Audit) 1,364 27,729 7,258 12,281 48,632 34,032
11,832 240,613 62,978 106,565 421,988 362,398
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7.1. Net

(expenditure) / income

a) These are stated after charging:

Operating lease commitments

The minimum payments, which CFG is committed to make in the coming year under operating leases, are as follows:

b) Valuation of donated resources

Donated facilities are included at the value to CFG. These are largely made up of meeting and training venues, audiovisual equipment and refreshments.

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2024 2024
£ £
Auditor's remuneration
Audit 30,683 26,250
Operating lease premises 13,467 60,770
Depreciation - -
Operating lease premises 13,467 60,770
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2025 2025
£ £
Group and Charity property
- -
Leases which expire:
- -
Within one year
- -
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|||| |---|---|---| |2025|2024| |£|£| |Charitable activities| |Develop skills, learning, knowledge & practice|45,000|25,442| |Total|45,000|25,442|

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7.2. Trustees and employee information

a) Trustee information

No remuneration was paid to or waived by any Trustee during the year (2024: Nil). No expenses for travel and subsistence were reimbursed to trustees during the year (2024: Nil).

b) Employee information

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i) Employee numbers 2025 2024
No. No.
Full time equivalent number of sta� employed during the year was: 20.4 16.6
Average headcount during the year was: 22.2 18.0
ii) Employee costs £ £
Salaries 934,915 774,819
Social security 96,178 79,614
Pension 71,904 58,582
Sub-total salaried staff 1,102,997 913,015
Holiday pay accruals 2,033 (287)
Other 2,028 -
Total employee costs 1,107,058 912,728
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7.2. continued…

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iii) The number of employees whose total pay amounted to £60,000 or above for the year is as follows: 2025 2024
No. No.
£120,001 - £130,000 0 1
£110,000 - £120,000 1 0
£80,001 - £90,000 2 1
£60,001 - £70,000 0 2
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Total pay for this purpose includes gross salary but excludes expenses. Systems are in place for the correct management of expenses.

iv) Benefits

Three members of sta� included in the above bandings for 2025 (2024: 4 employee) have bene�ts accruing under CFG’s group pension arrangement. The employer contributions into the group personal pension scheme during the year on behalf of these members of sta� amounted to £23,399 (2024: £25,464).

There were twenty three active members of sta� in total accruing bene�ts under the group’s personal pension schemes as at 31 March 2025 (2024: nineteen).

c) Remuneration of Key Management Personnel

d) Pensions

The total of employee bene�ts including pension contributions received by Key Management Personnel in 2025 is £298,664 (2024: £311,230). CFG’s Board had de�ned that “key management personnel” would be based on our scheme of delegation where signi�cant control had been delegated to the CEO and others; namely Directors or those making decisions of a signi�cant nature. As a result, the following roles have been included; CEO, Director of Finance and Operations, Director of Commercial Services and Director of Policy and Engagement.

CFG o�ers an auto-enrolment compliant group personal pension scheme which is currently administered and managed by The Peoples Pension. For previously signed up employees CFG has a group pension scheme which is currently administered and managed by Aegon. New employees are enrolled at an employee contribution rate of 3%. CFG pays twice the percentage that the employee contributes up to a maximum of 10%. The amount of outstanding contributions as at 31 March 2025 was £10,156 (2024: £3,919).

100

Tangible and Intangible fixed assets - Group and Charity

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O�ce Computers Software Total
Furniture (Tangible (Intangible
(Tangible �xed assets) �xed assets)
�xed assets)
£ £ £ £
Cost
As at 1 April 2024 27,522 18,573 218,281 264,376
Additions - - - -
Disposals (22,856) - - (22,856)
As at 31 March 2024 4,666 18,573 218,281 241,520
Depreciation/Amortisation
As at 1 April 2024 (27,522) (18,573) (218,281) (264,376)
Charge for the year - - - -
Additions - - - -
Disposals (22,856) - - (22,856)
As at 31 March 2025 (4,666) (18,573) (218,281) (241,520)
Net book value
As at 31 March 2025 – – – –
As at 31 March 2024 – – – –
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The above �xed assets are used to support all of CFG’s activities. As at 31st March 2024, CFDG Trading Ltd had no �xed assets.

101

8.1. Investment

9. Debtors

All amounts fall due within one year.

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2025 2024
Shares in Charity
No. £ £
At historic cost:
Investment in Subsidiary-CFDG Trading Ltd 10,000 10,000 10,000
10,000 10,000
Principal Subsidiary Undertakings Registered Percentage No. of £1
in
CFDG Trading Limited England & 100% 10,000
Wales
Company No: 06810640
Registered O�ce: 82 Tanner Street, London, England, SE1 3GN
2025 2024
£ £ £ £
Charity Group Charity Group
Trade debtors 169,759 289,143 228,927 378,175
Bad debt provision (18,399) (47,076) (12,915) (46,729)
Deposits - - 11,410 11,410
Amounts due from subsidiary undertakings 456,808 - 317,451 -
Prepayments 135,215 135,215 112,367 112,367
Accrued income 1,003 1,774 317,451 -
744,386 379,056 657,240 455,223
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102

10. Creditors

All deferred income brought forward at the beginning of the year was released to income during the year (2024: same). All deferred income relates to membership fees and event bookings in advance.

Creditors falling due after one year

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2025 2024
£ £ £ £
Charity Group Charity Group
Trade creditors 36,942 36,942 53,870 57,585
Other creditors 35,062 42,779 71,315 78,665
Deferred income 605,205 955,044 629,665 972,788
Amounts due to subsidiary undertakings 465,853 - 306,292 -
Bank loan- Current portion 13,854 13,854 12,918 12,918
VAT Control Account 29,554 29,554 43,135 43,135
Net Salary 13,828 13,828 - -
Pension Contributions 10,157 10,157 3,919 3,919
1,210,455 1,102,158 1,121,114 1,169,010
Bank loan 3,385 3,385 17,316 17,316
3,385 3,385 17,316 17,316
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The loan listed above (2025: value £17,239) was provided by Social Investment Business FM Ltd, under the UK Government’s Coronavirus Business Interruption Loan Scheme (CBILS). The loan term is 5 years; interest rate in year 1 was 9% and 7% in subsequent years; there was a 12 month repayment holiday; there are no early repayment fees. £14,616 was repaid in 2024/25.

103

11. Outline Summary of Fund Movements

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Balance at Income Expenditure Transfer Balance at
01/04/2024 between 31/03/2025
funds
£ £ £ £ £
Restricted funds:
Charity Investment Governance 33,524 20,500 41,586 - 12,438
Time to shine 10,333 10,662 23,167 2,172 (0)
Small Charities Programme - 6,239 5,259 (980) 0
43,857 37,401 70,012 1,192 12,438
Designated funds:
IFL Training 27,070 36,177 18,445 - 44,802
Quali�cation Training Contracts 9,200 - (1,450) (10,650) -
Future investment 100,000 - 70,808 (29,192) (0)
136,270 36,177 87,803 (39,842) 44,802
Unrestricted fund:
General Funds 189,101 1,923,697 1,963,061 38,650 188,387
325,371 1,959,873 2,050,863 (1,192) 233,189
Total funds 369,228 1,997,274 2,120,875 - 245,627
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104

11. Continued…

Analysis of charitable funds - previous year

The only Restricted Fund continuing into 2025/6 �nancial year is for our Charity Investment Governance principles, where funders are supporting CFG’s work that aims to bring charity leaders greater clarity and con�dence when making decisions about their investments.

In March 2025 the Board agreed to release the balance of our Future Investment and Quali�cation Training Contracts (QTCs) designated funds into General Funds at year end 2024/5, as we are not currently supporting any sta� on QTCs and the Future Investment fund was for our year of Digital Transformation, with these costs now in project budgets for 2025/6 and thereafter. The Inspiring Financial Leadership (IFL) training fund is co-hosted with Bayes Business School and Sayer Vincent, aimed to support those who have responsibility for leading the �nancial management of a charity or contributing to the charity’s strategic development and planning.

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Balance at Income Expenditure Transfer Balance at
2024 between 31/03/2025
funds
£ £ £ £ £
Restricted funds:
Charity Investment Governance - 60,000 26,476 26,476 33,524
Time to shine - 15,991 5,658 5,658 10,333
Small Charities Programme - - - - -
- 75,991 32,134 - 43,857
Designated funds:
IFL Training 26,757 40,031 12,718 (27,000) 27,070
Quali�cation Training Contracts 15,000 - 5,800 - 9,200
Future investment 50,000 - - 50,000 100,000
91,757 40,031 18,518 23,000 136,270
Unrestricted fund:
General Funds 177,895 1,706,865 1,672,659 (23,000) 189,101
269,652 1,746,896 1,691,177 - 325,371
Total funds 269,652 1,822,887 1,723,311 - 369,228
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105

12. Related party transactions

During the year ending 31 March 2025, the charity charged its subsidiary £193,324 for management fees relating to CFDG Trading Ltd’s activities (2024: £140,000). CFDG Trading Ltd donated £360,000 to CFG from its pro�ts (2024: £300,000). There were no other related party transactions. As at 31 March, the balance due to CFDG Trading Ltd from CFG was £9,044 (2024: £11,159 balance due from CFDG Trading Ltd to CFG ).

In addition, the following related party transactions are noted with the following trustees:

Angela Linton Chief Operating O�cer - The National Foundation for Youth Music (£1,283) Anna Bennett Director of Finance, IT and Facilities - London’s Air Ambulance Charity (£1,986) Kelly Ryder Finance Manager, The Orchard Trust (£1,322) Mwiza Mkandawire Head of Finance, Transaid Worldwide Services (£335) Tim Nicholls Chief Operating O�cer, The Arts Society (£115) Tony Wells Director, Emmaus UK (£455) Caron Bradshaw Member of the Audit and Risk Cttee British Asian Trust (£1,598) Hugh Wallace Chief Information O�cer - Research Data Scotland (£886)

These transactions with trustees relate to charity membership and delegate fee payments made to CFG.

106

13. Summary of Assets and Liabilities by Fund

----- Start of picture text -----
Current Year Unrestricted Designated Restricted Total Funds
Funds Funds Funds
£ £ £ £
Intangible Fixed Assets – – – –
Tangible Fixed Assets – – – –
Current Assets 1,293,930 44,802 12,438 1,351,170
Current Liabilities (1,102,158) - - (1,102,158)
Long-term Liabilities (3,385) - - (3,385)
Totals 188,387 44,802 12,438 245,627
Prior Year Unrestricted Designated Restricted Total
Funds Funds Funds Funds
£ £ £ £
Intangible Fixed Assets - - - -
Tangible Fixed Assets - - - -
Current Assets 1,375,427 136,270 43,857 1,555,554
Current Liabilities (1,169,010) - - (1,169,010)
Long-term Liabilities (17,316) - - (17,316)
Totals 189,101 136,270 43,857 369,228
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107

Comparative statement of financial activities For the year ended 31 March 2024 (incorporating the income and expenditure account)

----- Start of picture text -----
2024
Unrestricted Funds Restricted Funds Total Funds
£ £ £
Income from:
Donations and legacies 51,649 75,991 127,640
Charitable activities -
Develop skills, learning, knowledge & practice 1,213,907 - 1,213,907
Inspire �nancial leadership 235,622 - 235,622
Encourage a supportive environment 106,660 - 106,660
Other trading activities
Fundraising events 109,920 - 109,920
Investments 15,479 - 15,479
Other 13,659 - 13,659
TOTAL INCOME 1,746,896 75,991 1,822,887
Expenditure on:
Raising funds 108,419 - 108,419
Charitable activities
Develop skills, learning, knowledge & practice 1,114,613 - 1,114,613
Inspire �nancial leadership 203,419 - 203,419
Encourage a supportive environment 264,726 32,134 296,860
TOTAL EXPENDITURE 1,691,177 32,134 1,723,311
Transfer between funds - - -
NET INCOME AFTER TRANSFER BETWEEN FUNDS 55,719 43,857 99,576
TOTAL FUNDS BROUGHT FORWARD AT 1 APRIL 269,652 - 269,652
TOTAL FUNDS CARRIED FORWARD AT 31 MARCH 325,371 43,857 369,228
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108

Charity Finance Group (CFG) 82 Tanner Street London SE1 3GN www.cfg.org.uk info@cfg.org.uk

Telephone: 0845 345 3192 Fax: 0845 345 3193 Registered charity in England and Wales no.: 1054914 Registered charity in Scotland no.: SC052037 Company no.: 3182826

2025-03-31-accounts

Strong Foundations; Lasting Impact

Charity Finance Group (CFG) is the charity and membership organisation that supports other charitable

Contents

What is our purpose?

OUTCOME 1

OUTCOME 2

OUTCOME 3

A message from our Chair

Strategic goals for 2024/25

on the Board of CFG.

Charity membership

Finance skills for all

Corporate partnerships

Supporting the community

Events and training

Building technical confidence

Communications, digital and media

Report of the Board of Trustees

How did we do?

Be the go-to body

OUR STRATEGIC GOAL

Be the go-to body:

KEY ACHIEVEMENTS/OUTPUTS

WHAT WE LEARNED

Promote and support financial leaderships at all levels

OUR STRATEGIC GOAL

KEY ACHIEVEMENTS/OUTPUTS

WHAT WE LEARNED

Promote and support �nancial leadership at all levels:

Use our position to convene powerful networks

OUR STRATEGIC GOAL

KEY ACHIEVEMENTS/OUTPUTS

WHAT WE LEARNED

Use our position to convene powerful networks:

A big year for policy and advocacy

Proud to provide valuable support We recognise how difficult things are for our members, and this is

FINANCE

Strengthening financial stewardship

A message to our members

Looking ahead

CFG news highlights: spring/summer 2024

CFG leadership evolves

New Labour Government

CFG unveils brand refresh

UK riots condemned

IN THE NEWS

MEMBER VOICES

From crisis to confidence

Why CFG matters

Connecting with the sector

CFG’S LEADERSHIP Investing in innovation

A challenging landscape

Highlighting value and success

Innovation and adaptation

Optimism for the future

What are ‘the basics’?

Quick wins and lasting improvement

CFG news highlights: autumn/winter 2024

CFG welcomes new directors

Charity leaders set out wish list

CFG reacts to autumn budget

CFG publish ‘Charity Banking Challenges 2024’ report

IN THE NEWS

HR AND OPERATIONS

Supporting our people through change

Welcoming new faces and systems

Looking ahead

Investing in development and wellbeing

Listening to our members

Growing our community

An exciting year ahead

and building stronger communities

By Zoe Bennett, Membership Engagement Manager, CFG

Our volunteer champions

Strengthening the framework

A vision for volunteer-led excellence

The power of community

A year of policy

and campaign wins