Company registration number-. 04023541 Charity registration number.. 1085494 Civitas Limited {Company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2024 MG Group {Professional Services) Ltd 166 College Road Harrow Middlesex HA1 1BH
Civitas Limited Contents Reference and Administrative Details Trustees Report 2to8 Statement of Trustees, Responsibilities Independent Examiner's Report 10 Statement of Financial Activities 11 to 12 Balance Sheet 13 Statement of Cash Flows 14 Notes to the Financial Statements 15to26
Civitas Limited Reference and Administrative Details Chief Executive Officer Jim Mcconalogue Trustees Dr David Green Sir A W Rudge T Harris D W Costain JEMShaw Peter Desmond Clifford Lloyd Jim Mcconalogue Secretary Principal Office 55 Tufton Street Westminster London SW1P 3QL Company Registration Number 04023541 Charity Registration Number 1085494 Independent Examiner Gavin Fernandes, FCA, CTA Page 1
Civitas Limited Trustees Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial slalemenls of the charitable company for the year ended 31 December 2024.The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with Ihe Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective I January 2019>. Objectlves, strategles and activitl8S Objects and alms The Trustees have considered the Charity Commission guidelines on public benefit and are salisfiad that Civitas benefits the public by pursuing the following aims, which fall inlo three main groups.. the direct provision of education through Civilas Saturday and evening schools", conducting research into social and economic problems to improve the slock of public knowledge. raise understanding and encourage informed discussion; providing teaching materials and talks for schools. Civilas is a community of researchers and supportefs committed to discovering how best to strengthen democracy. maintain personal freedom and achieve opportunity for all. We strive to achieve our ideals through independent research, reasoned argument, lucid explanation and open public debate. We make our work available in books, pamphlets, online, and in electronic formats and encourage authors to make their arguments accessible to non-specialists. We have published a knowledge-rich primary school curriculum designed lo enable children of all abilities to share in the intellectual heritage of Western civilisation. Uniquely among think tanks, we play an active, practical part in rebuilding civil society, particularly by running schools on Saturdays and after-school hours so that children who are falling behind al school can achieve Iheif full potential. Under the companvs memorandum of association, the charFty is established to advance the studies of ethics and religion and any other charitable purpose. Page 2
Civitas Limited Trustees Report Objectlves, strategies and activities Primary Education for Children Falling Behind at School Many primary school pupils are not learning the basics. On Salurdays and after school hours during weekdays we provide lessons in English and malhs for children who have fallen behind. We use a no-frills approach which concentrates on high-quality teaching along traditional lines to enable children lo master essential skills quickly. We emphasise small class sizes, reading through synthetic phonics and mental arithmetic. In 2024, Civitas operated twelve supplementary schools in London. Our pupils tend to come from disadvantaged backgrounds. Although many of the parents have high aspirations for their children, they often lack the skills and experience to help them continue learning OLJtside regular school hours. The aim of the project is lo encourage disadvantaged children to be high-achievers, to reach their full academic potential and thereby lo open up new opportunities. EVENTS Civitas has hosted numerous events, including: A cross-party parliamenlary round table was held on 'The future of independent schooling in England.. What needs to change?'123 January), with the Commissioners from The Civilas, Commission on the Future for Independent Schools, MPS and peers, asking questions on where the sector is and where they wanl it lo be in the future. A discussion event was held on a new essay collection lo be published, 'Sovereign Wealth Funds.. What's the big idea .and what could it mean for Britain?, with several of the contributors speaking including Chairman of Civitas, David Green- John Penrose MP., John Crompton,. Professor Adam Dixon and,. Richard Hyde (13 March). We held an event with Professor Robert Tombs on 'How do we respond to new hislorical narratives largely hoslile lo the Weslem liberal order?, {19 March). The then Labour MP Jon Cruddas spoke at Civitas on the question. 'Could a new focus on family, work and self-reliance help generate greater civic renewal?'118 April). A discussion was held in the House of Lords on 'Slarting up the public conversation about parenting. 115 May), focusing on parental responsibility in the early years of childhood development. A range of panellisls Spoke including.. Tim Loughton MP (Con), chair of All-Party Parliamentary Group Dn First 1001 Days,. Baroness Blower {Labl, former General Secretary of the National Union of Teachers,. Keilh Reed, Chief Executive of the Parent-lnfant Foundation., Jane Harris, Chief Executive, Speech and Language UK,. Felicity Gillespie, Director ol the Gharity Kindred Squared- and Lord Hodgson. An event was held on 'Fixing Britain's Broken Defence Procurement System, with The Rt Hon Mr Mark Francois and The Rt Hon John Spellar, (Members of the Defence Select Committee), chaired by Robert Clark {17 April). We held a discussion with author Helen Joyce on 'Transgender policy.. what's next after the Cass review?, (17 June). Civitas held an event with The Knowledge Network, with guèst speaker Daisy Chrislodoulou (Wednesday 19 June)- Page 3
Civitas Limited Trustees Report The football governance report was launched with author Aaryaman Banerji and a panel of speakers in the House of Lords on 9 September. Civitas held a lunchtime discussion on 'Europe's fertility decline and the fall of model Scandinavia, with Anna RotkirGh, a family demographer and Director of the Population Research Institute at Vaesloliitto, the Family Federation of Finland (October). Civilas held an event with curriculum developer Christine Counsell as speaker along with The Knowledge Network membership in Lichfield110 October}. A Civitas essay collection was launched. with authors for 'Living with the Dragon,: What does a coherent UK policy towards China look like?, on 14 October in the House of Commons. We presented and discussed a volume of published essays edited by Robert Clark {Ihen Senior Fellow at Civilasl and Dr Robert Seely MBE {former Isle of Wight MP and member of the Foreign Affairs Selecl Committee) and authored by China. defence, trade. foreign policy, and human rights experts. to establish how the UK can craft a more practical and robust relationship with the People's Republic of China. A discussion seminar was held on Joanna Williams. latest report, 'Teachers or Parents.. Who is responsible for raising the next generation?. in October. Civitas held an event with Lord Frost on 'Brexil Reopened?. at an event on 29 October. Civilas held a discussion, 'The Care Dilemma.. Caring Enough in the Age of Sex Equality,, with David Goodhart to discuss his recent boak. which explores the drarnatic changes we have seen to farnily life over the last half century. The Care Dilemma argues that we need a new policy settlement that supports gender equality while also recognising the importance of stable families and community lifè, and that sees having children as a public as well as private good118 November). Civitas held a seminar ta discuss Esmé Partridge's report, 'Restoring the Value of Parishes.. The Foundalions of Welfare, Community, and Spiritual Belonging in England,. BOOKSIREPORTS 'Universal Ghildcare.. Is il good for children?, Maria Lyons, February 2024. 'Independent schools.. What does the public think?, (An interim report by the Commission on the Future for Independent Schools). Daniel Lilley and Ellen Paslernack, February 2024. 'Sover6ign Wealth Funds.. Whal's the bi9 idea and what could it mean for Britain?. David G. Green, Eugene O'callaghan, John Penrose MP, The Rt Hon Liam Byrne MP, Adam Dixon. John Crompton, Dag Delter, Richard Hyde, Hari Menon, Rachel Neal {Ediled by Jim McConalogue}, March 2024. 'Back to basics.. what is childcare policy for?: Towards a childcare system based on choice,, Ellen Pasternack and George Cook, April 2024. 'Exploring Religious Pluralism in the Classroom.. How lo use religious education in schools lo combat extremism.. David Conway, June 2024. 'Boosling Britain's Food Exports.. What are our prospects and what Can we learn from Australia, the Netherlands, New Zealand, and Norway?, Phil Radford, July 2024. Page 4
Civitas Limited Trustees Report 'A Whole New Ball Game.. A New Era for Competition and Good Governance in Football?, Aaryaman Banerji, August 2024. 'Teachers or Parents.. Who is rosponsible for raising the next generation?, Joanna Williams, September 2024. 'SME Manufacturers.. Meeting the challenges of affordable energy and a skilled workforce,, Robert Clark, September 2024. 'Living with the Dragon.. What does a coherent UK policy towards China look like?, The Rl Hon Sir Malcom Rifkind KCMG KC, Lord Alton, Charles Parton. Rl Hon Liam Byrne MP, Gray Sergeant. Darren Spinck, Andrew Cainey, Kevin Rowlands, Andrew Chubb, Sam Dunning, Harry Haleffl {Ediled by Robert Seely and Robert Clark}, October 2024. 'Restoring the Value of Parishes.. The Foundalions of Welfare, Community and Spiritual Belonging in England,. Esmé Partridge, November 2024. 'Marriage and the stable society-. The continued importance of marriage., Daniel Lilley, December 2024. Public Benefit The trustees confirm that they have complied with the requirements of sectson 17 of the Charities Act 2011 to have due regard to the public benefit guidance PLtblished by the Charity Commission for England and Wale5. To achieve this Ihe charity reports that it offers the following public benefit. The direct provision of education through Civitas Saturday and evening schools. Conducting research into social and economic problems to improve the stock of public knowledge. raise understanding and encourage informed discussion. Providing leaching materials and talks for schools. Financial review On 31st December 2024 the charity had nel assets of £720,358 12023.. £784.274) represented by unrestricted funds of £508,83812023'. £440,152) and restricted funds of £211,52012023.- £344,122). These are considered available and adequate lo fulfil the obligations of the charity for the foreseeable future. Policy on reserves The policy of the Iruslees is to maintain a financial reserve up lo the equivalent of an average year's expenditure, to be exceeded only for specific purposes. s*Jch as the provision of premises or projects subject to restricted funding. Page 5
Civitas Limited Trustees Report Plans for future periods Aims and key objectives ft)r future periods In 2025, Civitas intends to continue to produce high-calibre research on supporting and strengthening ivil society. covering the role of teachers and schools, the content of school curricula, marriage and families. support for small businesses and manufacturing Gapacity, initiatives for growth and prosperity, welfare reform, crime and justice and other issues. We will continue to engage with researchers, charity and business leaders. practitioners, teachèrs and academics through our publications and events activity. STRUCTURE, GOVERNANCE AND MANAGEMENT Major risks and management ol those risks Principal risks The key risks faced by the charity relate mostly lo future funding. Most of the funding is linked to short- to medium-term restricted projects. The charity has a 25-year history of successfully raising sufficient funds to support its aclivilies. The trustees regularly review financial performance in its accoLtnts al quarterly meetings. The Gharity could face risk to reputation under regulalory frameworks.. if the charity were to become involved in partisan political activity, this might run contrary lo its charitable objectives. This risk is managed through maintaining independence from party politics. Projects are also regularly reviewed by senior management to ensure that there is no overall partisanship activity across the work or the perception of it. The charity maintains a strict policy of retaining editorial independence. Civitas does not receive Inor does it seek) any government funding. We value our independence and rely entirely on voluntary donations to fund our research and educational work. Governing Document The charity is controlled by its governing document and is a limited Gompany, limited by guarantee, as defined by the Companies Act 2006. Page 6
Civitas Limited Trustees Report REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04023541 (England and Wales) Reglstered Charity number 1085494 Registered office 55 Tufton Street Westminster London SW1P 3QL Trustees D W Costain Sir A W Rudge JEMShaw T Harris Dr D G Green PDCLloyd Company Secretary J Mcconalogue Independent Examiner Gavin Fernandes, FCA, CTA Other Officers of the Charity CEO - Jim Mcconalogue Page 7
Civitas Limited Trustees Report REFERENCE AND ADMINISTRATIVE DETAILS Principal Bankers Barclays Bank PLC Pall Mall Corporate Centre PO Box 15163 London, SWIA 1QD The Cooperative Bank PO Box 250 Skelmersdale, WN8 6WT Metro Bank PLC One Southampton Row London, WC1B SHA Alderrnore Bank PLC 1st Floor, Block B, Western House, Lynch Wood Pelerborough, PE2 6FZ CAF Bank Limited 25 Kings Hill Avenue, Kings Hill West Malling, Kent, ME19 4JQ Interactive Investor 201 Deansgate, Manchester, M3 3NW Report of the trustees, incorpor the company directors, on I g tin a strategic report, approved by order of the board of trustees, as -. &nd signed on the board's behalf by.. D W Costain Trustee Page 8
Civitas Limited Statement of Trustees, Responsibilities The trustees (who are also the directors of Civitas Limited for the purposes of company law) are responsible for preparing the trustees, report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees musl not approve the financial statements unless they are satisfied that they give a true and fair view of the stal& of affairs of the charitable company and of its incoming resources and application of resources. including its income and expenditure, for that period. In preparing these financial statements, the trustees are required lo.. select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP, makejudgemenls and estimates that are reasonable and prudent.. stale whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the f1nancial stslements-, and prepare the financial slatemenls on the going concern basis unless il is inappropriate to presume that the charitable company will continue in business. The Iruslees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charitable company's transactions and disclose with reasonable accuracy at any lime the financial position of the charitable company and enable them to ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved bylhe Iruslees ofthe charity on....................... and signed on its behalf by-. D W Costain Trustee Page 9
Independent Examiner's Report to the trustees of Civitas Limited I report to the charily trustees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 11 to 26. Respective responsibilities of trustees and examiner As the charity's trustees of Civitas Limited (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of Civitas Limited are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 1.the 2011 Act'}. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{5){b) of the 2011 Act. Independent examiner's statement Since Civitas Limited's gross income exceeded £250,000 your examiner musl be a member of a body listed in section 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my altention in connection with the examination giving me cause to believe- 1. accounting records were not kept as required by section 130 of the Charities Acl 2011 and, with respect to its were not kepl as required by section 386 of the 2006 Act., or 2. the accounts do not accord with those records" or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination., or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Gavin Fernandes, FCA, CTA For and on behalf of MG Group (Professional Services) Ltd Chartered Accountants 166 College Road Harrow Middlesex HA1 1BH
Civitas Limited Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2024 Note Income and Endowments from: Grants, Donations and Legacies Charitable activities Investment income 87,000 11,163 24,275 395,469 16,424 482.469 27,587 24.275 Total income 122,438 411.893 534,331 Expenditure on: Expenditure on raising fund Charitable activities 1144) (68.789 11441 613,284) 1544,495 Total expenditure Gains on investment assets (68.9331 15,181 (544.4951 {613,4281 15,181 Nel incomel{expenditure) Nel movement in funds 68,686 1132,602) 163,9161 68,686 {132,602) {63,9161 Reconciliation of funds Total funds brought forward 440,152 344.122 784,274 Total funds carried forward 18 508,838 211.520 720,358 Unrestricted funds Restricted funds Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Investment incorne 92,112 11,216 21,620 493,881 11.945 585,993 23,161 21,620 Total income 124,948 505,826 630,774 Expenditure on: Expenditure on raising fund Charitable activities 1128) 1183,4101 (128) 1691.787) 508,377 Total expenditure Losses on investment assets 1183,5381 14,304) (508.3771 {691,915} 14,304} Net expenditure 62.894) 12,5511 (65,445) Net movement in funds (62,894) {2.5511 165,4451 Reconciliation of funds Total funds brought fOard 503.046 346.673 849,719 Page11
Civitas Limited Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted funds Total 2023 Noto Total funds carried fomard 18 440,152 344,122 784,274 All of the charity's activities derive from continuing operalions during the above two periods. The funds breakdown is shown in note 18. Page 12
Civitas Limited (Registration number: 04023541) Balance Sheet as at 31 December 2024 2024 2023 Note Fixed assets Tangible assets Investments 12 13 934 220,824 1.152 206.016 221,758 207.168 Current assets Stocks Debtors Cash al bank and in hand 14 15 16 3,381 15,878 528,468 3,425 16,231 572,496 547,727 592,152 Creditors: Amounts falling due within one year Net current assets 17 {49,127} 115,0461 498,600 577,106 Net assets 720,358 784,274 Funds of the charity: Restricted funds 211,520 344,122 Unrestrlcted income funds Unrestricted funds 508.838 440.152 Total funds 18 720,358 784,274 For the financial year ending 31 December 2024 the charity was entitled lo exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities: The m&rnbers have not required the charity to obtain an audit of ils accounts for the year in question in accordance with section 476,. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect lo accounting records and the preparalion of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject lo the small companies regime. The financial ssatements on pages 11 to 26 were approved by the trustees, and authorised for issue on 2¢/£/2.>..and signed on their behalf by.. D W Costain Tmstee Page 13
Civitas Limited Statement of Cash Flows for the Year Ended 31 December 2024 2024 2023 Note Cash flows from operating activities Net cash expenditure {63,916) 165,445) Adjustments to cash flows from non-cash items Depreciation Investment income Revaluation of investments 778 (24,2751 (14,808 {102,221) 1,319 {21,620} 4,304 {81,4421 Working capital adjustments Decrease in stocks Decreasellincreasel in debtors IDecreasellincrease in creditors Increase in deferred income 14 15 17 44 353 12,590) 36,671 1,655 16151 2,177 Nel cash flows from operating activities Cash flows from investing activities Interest Teceivable and similar income Purchase of tangible fixed assets Nel cash flows frorn investing activities Nel decrease in cash and cash equivalents Cash and cash equivalents al 1 January Cash and cash equivalents at 31 December 67,7431 78.225 24,275 15601 21,620 11,062) 12 23.715 20,558 144.0281 572,496 {57,6671 630,163 528,468 572.496 All of the cash flows are derived from continuing operations during the above kn periods. Page 14
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 1 Charity status The charity is limited by share ¢apilal. incorporated in England and Wales The address of ils registered office is- 55 Tufion Street Westminster London SW1P 3QL 2 Accounting pollcles Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are sel out below. These policies have been corisislently applied to all the years presented, unless otherwise staled. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities. Statement of Recommended Practice applicable lo charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 leffectlV8 1 January 20191 {Charilies SORP IFRS 102}I, the Financial R6POrting Standard applicable in the UK and Republic of Ireland IFRS 1021. They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparation Civilas Li4nited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value with the exception of investments which are included al market value. Going Concern The Irustees consider that there are no material uncertainties about the charilys ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity. Income and endowments All income is recognised once the charity has enlitlemenl to the income, il is probable Ihal the income will be received and the amount of the income receivable can be measured reliably. Donations and legacies Donations and subscriptions are included as income as soon as they are received, unless the donor has imposed pre-conditions on the use of the funds, in which case the donations are carried fomard until the pre-conditions are mel. Voluntary help is not recognised in the Statement of Financial Activities. Membership, publications and investment income are included in the period to which they relate. Page 15
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Grants receivable Granls and slatulory funding are recognised once the resource is receivable by the charity and can be measured with reasonable reliability. Deferred income Deferred income represents amounts received for future periods and is released to incoming resources in the period for which, il has been received. Such income is only deferr8d when.. The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has unconditional enlitlemenl. Investment income Dividends are reco9nised once the dividend has been declared and notification has been received of the dividend due. Expenditure All expenditure is recognised once there is a legal or conslruclive obligation to that expenditure, it is probable settlement is required and the amount can be measLtred reliably. All costs are allocated to the applicable expenditure headin9 that aggregate similar costs lo that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consislenl with the use of resources, wilh central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income. Ihe management of investments and those incurred in trading a¢livities that raise funds. Governance costs These include the costs altributable lo the charity's compliance with constitutional and statutory requirements, including audit, strategic management and trustees's meelings and reimbursed expenses. Taxation The charity is considered lo pass the tests set out in Paragraph 1 Schedule 6 of th8 Finance Act 2010 and therefore il meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is Potentially exempt from taxation in respect of income or capitsl gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Acl 1992. to the extent that such income or gains are applied exclusively lo charitable purposes. Tangible fixed assets Individual fixed assets are initially recorded at cost, less any subsequenl accumulated depreciation and subsequent accumulated impairment losses. Page 16
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Depreciation and amortisation Depreciation is provided on tangible fixed assets so as lo wrile off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Furniture and eq*Jipment Deprectation method and rate 330/0 on straight line method Fixed asset investments Fixed asset investments. other than programme related investments. are included at market value at the balance sheet date. Realised gains and losses on investments are calculated as the difference between sales proceeds and their market value al the start of the year. or their subsequent cost, and are charged or credited lo the Statement of Financial Activities in the period of disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged to the Statement of Financial Activities based on Ihe rnarket value al the year end. Stock Stock is valued at the lower of cost and estimated selling price less cost5 to complete and sell. after dtje regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out IFIFOI method. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services perfomied in the ordinary course of business. Trade debtors are recognised initially al the transaclian price. They are subsequently measured at amortised cost using the effective interest method. less provision for impairment. A provision for Ihe impairment of trade debtors is estsblished when there is objective evidence that the charity will not be able to collect all amounts due according to the original terms of the receivables. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-lerm highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. Trade creditors Trade creditors are obligations lo pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional right, at the end of the reporting period, lo defer settlement of the creditor for al least e1ve months after the reporting date. If there is an unconditional right to defer settlement for at least twèlve months after Ihe reporting dale. they are presented as non-current Trade creditors are recognised initially al the transaction price and subsequently measured al amortised cost using thè effective interest method. Page 17
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Fund structure Linreslricted incorne funds are general funds that are available for use at the truslees's discretion in furtherance of the objectives of the charity. Restricted funds can only be used for parlicular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the noles lo the financial statements. Financial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a paty to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the Contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transaction price (including transaction coslsl, except for those financial assets classified as al fair value through profit or loss. which are initially measured ai fair value (which is norm311y Ihe transaction price excluding transaction costs}, unless the arrangement constilules a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a rnarket rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to sel off the recognised amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the contractual rights lo Ihe cash flows from the financial asset expire or are settled, b) the charity transfers to anolher party sub5tanlially all of the risks and rewards of ownership of the financial asset, or c) the charily. despite having retained some, bul not all. significanl risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Page 18
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Investments Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, inveslmenls ar8 maasured at cost lèss impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideralion including the issue of shares qualifying for merger relief, cost is measured by reference lo the nominal value of the shares issued plus fair value of other consideralion. Any premium is ignored. Fair value measurement The best evidence of fair value is a quoted price for an identical asset in an active market. When quoted prices are unavailable. the price of a recent transaction for an identical asset provides evidence of fair value as long as there has not been a significant change in economic circumstances or a significant lapse of time since the transaction took place. If the market is not active and recent transactions of an identical asset on their own are not a good estimate of fair value, the fair value is estimated by using a valuation technique. 3 Income from donations and legacies Unrestricted funds Restricted funds Total 2024 Total 2023 General Grants and Donations., Donations- Unrestricted Donations and Grants- Restricted 87,000 87,000 395,469 92.112 493,881 395,469 87,000 395.469 482.469 585,993 4 Income from charitable activities Unrestricted funds Restricted funds Total 2024 Total 2023 General Parenls Fee5 Publication Sales Membership & Subscriptions 16,425 16.425 2.084 9,079 11,945 2,652 8,564 2,084 9,079 11,163 16,425 27.588 23,161 Page 19
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 5 Investment income Unrestricted funds Total 2024 Total 2023 General Interest receivable and similar income; Interest receivsble on bank deposils Other income from fixed asset investments 11,566 12,709 11,566 12,709 8,975 12,645 24,275 24,275 21,620 6 Expenditure on charltable activities Unrestricted funds Restrlcted funds Total 2024 Total 2023 General Charitable actiTVities Defence Security Democracy Food security Independent Schools Commission Manufacturing projeclls) Governance Project Supplementary Schools Net Zero Project Children and Families Staff NIC (Employers} Staff pensions (Defined conlributionl - pension scheme 1 Wages and salaries Wages ar7d salaries Staff NIC {Employers) Staff pensions {Defined contribution) - pension scheme 1 Rent and rates Printing. postage and stationery Sundry expenses Research and development Independent examiner's fee Bank charges 17041 (7041 (3,9621 16,0001 14,6061 (3.9121 (1,327) 1175,510) 121.6001 128.038) 15,101) 113,9981 {2.845} {1.5001 1187,952) {13,9981 (2,845} 11,50QI {187,952) {20,699) 120,699) 13,8751 13,875) {3,3641 191,373) 1234,2861 {25,2681 {291,2311 (25,566} 1291,2311 {25,5661 13.8681 (31,5831 127,0631 15531 (16,9551 13,4501 12,6491 (33,027) 118,424) 11,450) {4,532) {3.780} {2,9231 (33.0271 {18.4241 (1,4501 14,5321 13,7801 12,9231 Page 20
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Unrestricled funds Reslricted funds Total 2024 Total 2023 General Depreciation of fixtures and fittings 1778) 17781 613,284 1,3191 691.787 544,495 7 Net incomingloutgoing resources Nel outgoing resources for the year include= 2024 2023 Depreciation of fixed assets 778 1,319 8 Trustees remuneration and expenses No trustees, nor any persons connected with them, have received any remuneration from the charity during th& year. 9 Staff costs The aggregate payroll costs were as follows.. 2024 2023 Staff costs durlng Ihe year were.. Wages and salaries Social security costs Pension costs 291,231 25,566 3,875 325,659 30,369 7.232 320,672 363,260 The monthly average number of persons (including senior management leam} employed by the charity during ihe year expressed as full time equivalents was as follows.. 2024 2023 No Civitas staff Supplementary schools project leaching 20 21 28 29 The number of employees whose emoluments fell within the following bands was.. 2024 2023 No £60,001- £70,000 £70,001- £80.000 Page 21
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 10 Independent examine¢s remuneration 2024 2023 Other fees to examiners Independent Accotjnls Examination 3,780 3,450 11 Taxation The charity is a registered Charity and is therefore exempt from taxation. Page 22
Civilas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 12 Tangible fixed assets Furniture and equiprnent Total Cost At 1 January 2024 Additions 37.029 560 37,029 560 At 31 December 2024 37.589 37.589 Depreciatlon At 1 January 2024 Charge for the year At 31 Decembèr 2024 35,877 778 35.877 778 36,655 36,655 Net book value At 31 December 2024 934 934 At 31 December 2023 1,152 1,152 13 Flxed asset investments 2024 2023 Other inveslrnenls 220,824 206,016 Other investments Listed investments Tolal Cost or Valuation At 1 January 2024 Revaluation 206,016 14,808 206,016 14,808 At 31 December 2024 220,824 220,824 Net book value At 31 December 2024 220,824 220,824 At 31 December 2023 206,016 206.016 Page 23
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 14 Stock 2024 2023 Stocks 3,381 3.425 15 Debtors 2024 2023 Prepayments Other debtors 11,015 4,863 11.944 4.287 15,878 16,231 16 Cash and cash equivalents 2024 2023 Cash on hand Cash at bank 5,659 522,809 376 572,120 528,468 572.496 At the reporting dale, £981 of cash was held on behalf of the company by the investment adviser. The company retains full control over these funds. 17 Creditors: amounts falllng due wlthln one year 2024 2023 Other taxation and social security Other creditors Accruals Deferred income 7,534 1.142 3,780 36.671 10,306 1,140 3,600 49,127 15,046 Deferred Income comprises income received in advance for events and services to be delivered in future periods. The movement in the deferred income balance is as follows 2024 2023 Opèning Balance at 1 January Amount deferred in year Released to income in the year Deferred income al year end 36,671 36.671 Page 24
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 18 Funds Balance al Other 31 Incomlng Resources recognised December resources expended {gains)Ilosses 2024 Balance at 1 January 2024 Unreslri¢ted funds General 1440,152) 1122.438) 1344,1221 411,893 68,933 (15,181) 1508,8381 {211.5201 Restricted funds 544.495 Total funds 784.274 15,181 720,358 Balance at 31 Balance at 1 January 2023 Other Incoming Resources recognised December resources expended <gains)Ilosses 2023 Unrestricted funds General (503.0461 {124.948) 1346,673) 505,826 183,538 4,304 1440,1521 1344,1221 Restricted funds 508,377 Total funds 849,719 630,774 691,915 784,274 The restricted funds are for the following purposes.. The Civitas Schools {supplementary schools). A Commission for the future of independent schools. Children and families projects on li) childcare policy.. {ii) care leavers going to university,. liiil a comparative analysis of international education data; {iv) study of various programmes taught in schools., Iv) family stability and marriage., {vil shaping of childhood development in the early years. A project on churches and support for the parish system-, a defence and security study of the dependence of UK universities on China,. a food security project, a study of the impact of net zero goals,. research on corporate governance and its imp8Ct on businesses and consumers: and football governance. Page 25
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2024 19 Analysis of net assets between funds Unrestricted funds RestTiCted funds Total funds 2024 General Tangible fixed assets Fixed asset investments Current assets Current liabilities 934 220,824 336,207 49,127 934 220,824 547,727 49,127 211.520 Total net assets 508.838 211.520 720,358 Unrestricted funds Restricted funds Total funds 2023 General Tangible fixed assets Fixed asset investments Current assets Current liabilities 1,152 206,016 248,030 {15.0461 1,152 206.016 592,152 115,0461 344,122 Total net assets 440,152 344,122 784.274 20 Analysis of net funds At31 December 2024 At 1 January 2024 Cash flow Cash at bank and in hand 572,496 (45,0101 527.486 Net debt 572,496 (45,0101 527,486 At31 December 2023 At 1 January 2023 Cash flow Cash at bank and in hand 630,163 157,667) 572,496 Nel debt 630.163 157,667) 572,496 Page 26
Civitas Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 Unrestricted funds 2024 Restrlcted funds Total 2023 General Total Income and Endowments from: Donations and legacies {analysed below) Charitable activities lanalysed below) Inveslment income lanalysed below) 87,000 395.469 482,469 585,993 11,163 16,424 27,587 23.161 24.275 24.275 21.620 Total income 122,438 411,893 534,331 630,774 Expenditure on". Raising funds (analysed below) Charitable activities lanalysed below) (144> {144) 1128} {68,789 544,495 613,2841 691,787 Total expenditure Other recognised gains and losses Net income/{expenditure} (68,933) 15,181 1544.495) (613,4281 15.181 1691,9151 14,3041 68,686 132,6021 (63,9161 {65,4451 Nel movernent in funds 68,686 1132,6021 (63.9161 (65,4451 Reconclliation of funds Total funds brought forward 440,152 344.122 784,274 849.719 Total fun(is carried forward 508.838 211,520 720,358 784,274 Page 27
Civitas Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 Unrestricted funds 2024 Restricted funds Total 2023 General Total Donations and legacies Defence Security Democracy Economic Independence Project ERAF SME SUeY Governance Supplementary Schools Gender Project Children and Families Donations 40,750 40,750 126,250 23.000 7.210 8,125 283,912 1,119 54,353 7,210 8,125 283,912 1,119 54,353 87.000 26,688 244,081 73,862 92,112 87,000 87,000 395,469 482.469 585,993 2024 Unrestricted funds 2024 Restricted funds Total 2023 General Total Charltable actlvlties Supplementary Schools Publication sales Membership 16,424 16,424 2.084 9.079 11,945 2,652 8.564 2,084 9,079 11,163 16,424 27,587 23,161 2024 Unrestricted funds 2024 Total 2023 General Total Investment income Income from listed investments Interest on cash deposits 12,709 11,566 12,709 11,566 12,645 8,975 24,275 24,275 21,620 Page 28
Civitas Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 Unrestricted funds 2024 Total 2023 General Total Raising funds Investment management charge 1144) 144 1144) 144 128 128 2024 Unrestricted funds 2024 Restricted funds Total 2023 General Total Charitable activities Defence Security Democracy Food security Independent Schools Commission Manufacturing projectls) Governance Project Supplementary Schools Nel Zero Project Children and Families Staff NIC (Employers) Staff pensions {Defined contribulionl pansion schame 1 Wages and salaries Wages and salaries Staff NIC (Employers) Staff pensions (Defined contribution) pension scheme 1 Rent and rates Printing, postage and stationery Sundry expenses Research and development Independent examiner's fee Bank charges Depreciation of fixtures and fittings 1704) (704) 13,9621 16,0001 14,6061 {3,9121 {1,3271 1175,5101 121,6001 128.0381 {5.1011 (13.998) 12,8451 (1.5001 1187,952) (13.9981 {2,845} (1,500) 1187,9521 (20,6991 {20,6991 13.8751 {3,875} {3,3641 191,3731 1234,2861 125,2681 1291,231) {25,566) 1291,231) 125,5661 {3,8681 131,5831 127,0631 {5531 116,9551 13,450} 12.649} 11.319 {33,0271 (18,4241 11,450) 14,532) 13,780) (2,923) 778 133,027) 118,424) 11,450) 14,532) 13,780} 12,9231 1778) Page 29
Civitas Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2024 2024 Unrestrlcled funds 2024 Restricted funds Total 2023 General Total 68.789 544,495 1613,284) 691.787 Page 30