Company registration number.. 04023541 Charity registration number.. 1085494 Civitas Limited Icompany limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 December 2025 MG Group (Professional Services) Ltd 166 College Road Harrow Middlesex HA1 1BH
Civitas Limited Contents Reference and AdrniTrislralive Details Tnjstèès Report 2to9 Statement of Truslee5' Responsibilities Independent Examinèr's Report Statement of Finan¢ial Activities 12to13 8alance Sheet 14 Statement of Cash Flows 15 Notes to the Financial Statements 16to30
Civitas Limited Reference and Administrative Details Chief Executive Officer Jim McCon8lcyJue Trust¢¢$ Dr David Grèen SirA W Rudge T Harris D W Costain JEMShaw Peter Desmond Clifford Lloyd JiTll Mcconalogue Secretary Principal Office 55 Tufton Street Wèstminster London SW1P3QL Company Règistration Numb¥r 04023541 Charity Registration Number 1085494 Independent Examln•r Gavin Fernandes, FCA, CTA Page 1
Civitas Limited Trustees Report The trustees, who are directors for the purposes ol company18w, present the annual report together with the Iin8ncial statements of the charitable company for the year ended 31 Decernber 2025.The trustees have adopted the provisions ol Accounting and Rèporting by Charities.. Ststement of Recomrllended Practice applicable to charities preparing their accounts in accor(lance with the Financial Reporting Siandar(l applicable in the UK and Republic ol Ireland IFRS 1021 (effective l January 20191. Objectlves, strategios and a¢tÈvities Objects and aims The Trusteés have considered the Charity Commission gvidelines on public ben8fit and are salisfiecl that Civitas benefits the public by pursuing tha folk>wing aims. which fall into three main groups.. the direct provision of education through Civitas Saturday and evening schools., conducting research into social and economic problems to improve the stock ol public knowled9e, raise understanding and encourage Informed discussion., providing teaching materials and talks for schools. Civitas is a community ol researchers and supporters committed to discovering how be5110 strengthen demoGracy. maintain personal freedom and achieve opportunity for all. We strive lo achieve our ideals through independent research, reasoned argument. lucid explanation and open public debate. We makè our work available in books, pamphlèts. online. and in electronic formats and encourage authors lo make their arguments accessible to non-specialists. Uniquely among think tanks. we play an active. practical part in rèbuilding civil society, particularly by running schools on Saturdays and after-school hours so that children who are fallin9 behind al h0o1 can achieve their full potèntial. Under the CoMpanS memorandum ol associalion, the charity Is established to advance the studiès ol ethics and religion and any other charitable purpose. Page 2
Civitas Limited Trustees Report Objectives, stratègies and aclivities Primary Education for Children Falling Behind al School Many primary school pupils are not learning the basics. On Saturdays and afteT s¢hool hoEtrs during weekdays we provide lessons in English and maths for children who have fallen behind. We use a no-frills approach which concentr31es on high-qualily teaching along traditional lines to enable children lo master essential skills quickly. We emphasisè small class sizes. reading through synthetic phonics and mental arithrnetic. In 2025, Civitss operated ten supplementary schools in London. Our pupi15 lend to come from disadvantagacs ba¢kgrounds. Although many of the parents have high aspirations for their children. they often lack the skills and experience lo help them continue learning outside regular school hours. The aim of the project is to encourage disadvantaged children lo be high-achievers. lo reach Iheir full academic potential and thereby lo open up new opportunities. EVENTS Civiias has hosled numerous events. including.. A one-day conference was held in the House ol Lords and at Civilas on the 'Foundatson for the Future. Strengthening Parent-lnlant Interaction in the Early Years and the Flourishing of Families. to bring togetheT contributions for a Civilas report. Its purpose was lo invite expert5 to reth1nk the policy and publi narrative on the role of parènt-inlanl interaction in the earfy years and the flourishing of families. Civitas researchers worked alongside the 'European Federation ol Par6nts and Carers at Home, IFEFAFI to gather laading policymakers. economists, and thought 198ders from Hurigary. Finland. Poland and the US. lo examine the role of family. parenting. and policy in fosterin9 thriving children and families 121 February). Chaired by Jim Mcconalogue and Anne Fenell, the speakers included James Heckman. Nobel Economic PrEe Winner, on 'Measuring the ValLJe of Raising Children. IUSAI," Eri¢a Komisar, psychoanalyst and author IUSAI., Prol Ole Henrik Hansen (Denmarkl, Lea Pulkkinen IFinlandl and David Goodhart IUKI. A lunchtimè di$¢ussion was held on 'Trump, BritairTr and the Middle East.. with Ed Husain and Amjad Taha. We questioned what Britain's approach should be towards the Middle East, how we are perceived by countTres in the region, and reflected on how both 8rilain and the US should look. dorneslically, lo respondl13 F8bruaryl. A workshop event was held for the purposes of a research exercise, A real industrial strategy.. What Hard Tech needs, which involved organising six roundtables with 30 serial CEOS and manufacturing entreprenèurs. lo ask them what they need to enable them lo grow and scale up16 FebTU8ry. Old Queen Street Calél. Their testiTnonies were written up lor a report by Phil Radford. We launched the new MakeUKICivitas report at the National Manufacturing Conference. Make UK'S annual event, which enablèd our report to be shared across the manufacturing sector14 March). Page 3
Civitas Limited Trustees Report An aftemoon seminar was held on 'Chrislianily and the Creation of England,, with Bijan Omrani in conversation with E5me Partridge. The key focLJS ol the discussion was on a new book by Bijan Omrani, God is an Englishman". Chrisbanity and the Creation ol England, which argues that with the decline ol Christianity. an important part of Britain's culture is being lost115 May). A discu55ion was held on 'Could a new ¢(>hort of mid-markel independent schools bé viable?, with Dani81 Lilley, a former Senior Researcher at Civitas and the leading researcher on the Civitas. Commission on the Future for Independent S¢hools. Civitas, Comrnission suggested that large nurnbers of paients would like to send their children to independent schools, but that fees are often a barrier127 Marchl. We held a breakfast reception on 'GrDWth and Scaling Up SME manufacturers.. The discussion included a range of MPS and peets. two CEOS from manufaclLEring SMES, offiGia15 from manufacturing org3nisalions. Department for Business and Trade officials, and policy analysts. Anastasia de Waal and Claira Daley held a panel discussion in the House of Lords, sponsored by Lord Hodgson of Aslley Abbolts CBE, on.. 'How can suc¢ossful acadetnies be fostered? And what holds them back?. on Monday 30 June. Speakers included Dr Nicola Crossley (CEO, Liberty A¢adeffly TrL5StI. Sir Daniel Moynihan ICEO. The Harris Federalionl, Cathie Paine (CEO. REAch2 Academy Trusll, 8eth Ragheb (CEO, Wembley Multi-Academy Trust) and Gareth Stevens ICEO, Inspiration Trusll. We held a research seminar wilh Nile Gardiner from the Heritage Foundation think-tank in Washington DC on 'Whal can Britain learn from Modern America?'117 Julyl. Martin Loughlin, Professor of Public Law at the London S¢hool of Economic5 spoke on 'BTitsin's Constitution. Judicial Review and thè Rights Revolution,, drawing on arguments from his latest book, Againsl Constitulionalism115 OctDberl. Civitas held 8n aftemoon seminar with Philip Cunliffe IAssociate Professor of International Rdalions at UGLI on his new book, The National Interest.. Politics After Globalization128 October). A CivilaslKnowledge Hub event was held at Civitas on the evening of 1 October. focusing on knowledge-rich education and itnprovements to mainstream education lor children and young people with special educational needs and disabilities ISENDI. Page 4
Civitas Limited Trustees Report BOOKS 'The Commission on the Future for Independent Schools,. Developed by Daniel Lilley and a team Df cornmissioners, Edward Davi&s (Policy Dirèctor. The Centre for Social Justice)". Jodh Dhesi Ichief Execulive Officer of ihe King Edward Vl Foundation, 8irminghaml," John Edward (Head ol Operations c>f the Scottish Council on Global Affairs, former Director of the Scottish Council ol Independent Schools)., Unity Jones (Director ol Insights and Innovation, Lift Schools),. Barney Northover (Partner at vwv. specialising in strategic afjd governanee advice lor schools),. Professor Dame Alison Peacock (CEO of the Chartered College ol Tea¢hingi.' and Diana Young (Writer & PR consultant), January 2025. 'Balancing taxes and bentrfits.. The net recipience puzzle,, Daniel Lilley and Ellen Paslernack, February 2025. 'A Nation of Inllovators.. How the Industrial Strategy can kick-sl8rt growth in advanced manuf8Cturing . Phil Radford, May 2025. 'The Growth Mission.. A Blueprint for Scaling up SME Manufacturers,, CivitaslMakeUK report, March 2025. 'The many tiers of British Justi.. When identity politics and progressivist causes Irurnp impartrdl policing., H8rdeep Singh, June 2025. 'Woke Capitalism.. Past. Present and Future,, Jim Mcconalogue and J08nna Williams, August 2025. 'The quiet triumph ol British engineering.. Competitive advantage in premium cars, ¢ivil 8erospace and power machinew. Phil Radlord, October 2025. 'In defence of standards,. Joann8 Williams, November 2025. 'Renewing Classical Liberal Education.. What il is and lis history,, Bfiar Lipson and Daniel Dieppe, Noverllber 2025. '8riefing'. How did England's students perform in the most recent international assessments?, November 2025. 'The value of a knowledge-rich curriculum.. An essay collection,, Ruth Ashbee, Jeremy Baker, Tom 8ennett, Christine Counsell. Tara Dodson. Kasia Glinka, Harry Hudson, Jim Knight. Emma Lennard, Jason Molloy. Ben Newmark. Naomi Pilling, Rebecca Ryman, Clare Sealy, David Steiner, Joshu8 Vallance. DOan Wili3m. Oecember 2025. Public Bon¢fit The trustees confim that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission foi England and Wales. To achieve this the charity reports that it offers the following public benefit. Page 5
Civitas Llmited Trustees Report The direct provision ol education through Civilas Saturday and Èvening schools. Conducting research into social and economic problems to improve the stock of public knowledge, raise understanding and encourage infomied discussion. Providing teaching matèrials and talks for schools. Finan¢i•l review On 31st December 2025 the charity had nel assets of £647.227 12024.. £720,358) represented by unrestricted funds 01 £441,170 12024.. £508,838) and restflcted funds of £206.057 12024.. £211,520). These are conSided available and adequate to fulfil the obligations of the charity for the foreseeable lulure. Policy on reserves The policy ol the trustees is to maintain a financial reserve up to the èquivalent of an average year's expenditure. lo be exceeded only for specific purposes, suoh as the provision of promises or projects subjecl to restricted funding. Plans for future p•riod5 Aims and kgy obJ•ebves for future yriods In 2025. Civilas intends to continue to produce high-calibre research on supporting and strengthening civil society. covering the role ol téachers and schools, the content ol school curricula, rnarriage and families, 5UPPOrt for small businesses and manufacturing capacity. initiatives for growth and prosperity. welfare reform, crime and j$tiCe and other issues. We will continue to engage with researchers, charity and business leaders, practitioners, tèachers and academiGs through our publications and events activity. Page 6
Civitas Limited Trustees Report STRUCTURE, GOVERNANCE AND MANAGEMENT Major risks and manag•ment ofthose rlsks Principal risks The key risks laced by the charity relate mostly to fLJture funding. Most ol th8 funding is linked to short- to medium-lerm restricted proiects. The charity has a 25-year history of successfully raising sufficient funds tl) SUPPOrt Its acliviu'es. The trustees regularly review financial performance in its accounts al quarterly meetings. The charity could face risk to reputation under regulatory frameworks.. if the ch8rity were lo become involved in partisan political activity, this might run contrary to its charitable objectives. This risk is managed through mainiaining Independen from paty politics. Projects arè also regularfy reviewed by senior management to ensure that there is no overall partlS8nship activity across the work or the perptIOn ol It. The charity maintains a strict policy of retaining editorial independence. Civilas does not re¢eive Inor does il seek) any government funding. We value our independerice and rely entirely on voluntary donations to fund our research and educational work. G?verning Document The charity is controlled by its governing document and 1$ 8 limited company, limitèd by guarantee, as defined by the Companies Act 2006. Page 7
Civitas Limited Trustees Report REFERENCE ANO ADMINISTRATIVE DETAJLS Reglstered Company number 04023541 IEngland and Wales) Re9l$tered Charity number 1085494 Regist&rèd office 55 Tufton Street Westminster London SW1P 3QL Trustees Dr David Green SIT A W Rudge T Harris D W Cosiain JEMSh8w Peter Desrnond Clifford Lloyd Company S•crètary Jim Mcconalogue Independent Examiner Gavin Fernandès. FCA, CTA Other Offic•r$ of the Charlty CEO - Jim Mcconalogue Page 8
Civilas Limited Trustees Report REFERENCE AND ADMINISTRATIVE DETAILS Prlncipal Bankers Barclays Bank PLC Pall Mall Corporate Centrè PO Box 15163 London, SW1A 1QD The Cooperative Bank PO Box 250 Skelmersdale, WN8 6WT Metro Bank PLC One Southampton Row London, WC1B SHA Aldermore Bank PLC 15l Floor, Block B, Western House, Lyneh Wood Peterborough. PE2 6FZ CAF Bank Limited 25 Kings Hill Avenue. Kings Hill West Ma11ing, Kent, ME19 4JQ Interactive Investor 201 Deansgale. Manchester. M3 3NW Report of the trustees, inc company directors. on ting a strategic report, approved by ordef of the board of trustees. as Ihe signed on the board's behalf by.. D W Costain Trustee Page g
Civitas Limited Statement of Trustees. Responslbilities The trustees (who are also the directors of Civil#s Limited for the purposès of company lawl are responsible for prèparing the trustees, report and the financial statements in accordance with the United Kingdom AccoLJnling Standards (United Kingdom Generally Accepted Accounting Praclicel and applicable law anLI regulations. Company law requirss the Iruslees lo prepare financial slalernents for each finaricial year. Under offlpany law the trustees must not approve the financial slalements unless they arè satisfied that Ihoy give a true and fair view of the state ol affairs of the charitable company and of its incoming resources and application of resources, including ils Income and expenditure, for that period. In prèparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently., observe the methods and principles in the Charities SORP.. make judgements and estimates that are rea50nablè and prudenl., state whelher applicable UK AcGounting Standards have been followed, subject to any m8lerial departures disclosed and explained in the financial ststèments., and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the ¢haritable company will continue In business. The trustees are responsible for keeping adequale accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any limè the financial position of thè charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable stèps for the prevention and detection of fraud and other irregularities. Approved by the trL*slees of the ch8rity on.............. and signed on its behalf by.. D W Costain Trustee Page 10
Civitas Limited Independent Examlner's Report to the trustees of Civitas Limited I report to the charity Irusl88s on my examination of the accounts of the charity for the year ended 31 De¢ember 2025 which are set out on pages 12 to 30. Respective responsibilitt•s of trustèas and examiner As the charity's trustees of Civitas Limile(J land also its directors for the purposes of company lawl you are responsiblè for the preparation of the accounts in accordance with the requiremtrnts ol the Companies Acl 20061'the 2006 Act'l. Having satisfied myself that the accounts of Civitas Limited are not TeqLJired lo be audited under Part 16 ol the 2006 Act and are eligible for independent examination. I report in respect of my examinab'on of yoijr charity's accounts as ¢arrièd out under section 145 of the Charities A¢t 2011 1.the 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 14515llbl of the 2011 Act. Independent examiner's statement Since Civitas Limitad's gross income exceeded £250.000 your examiner must be a member ol a body listed in section 145 of the 2011 Act. l ¢onlirrn that l am qualified to undertake thg examinalion because I am a rnernber of . which is one of the listed bDdies. I have completed my examination. I confirm thal no matters have come lo my attention in conneGtion with the examination giving me cause to believe.. 1. accounting records were not kept as required by section 130 of the ChatieS Act 2011 and, wth respect lo ils wère not kept as required by section 386 of thé 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 15 not a matter consic*ered as p8rt of an independent examination., or 4. the accounts have not been prepared in 8ceordanc8 With the methods and principles of th8 Statement of RecOmfnedtr Practice for accounting and reporting by charities lapplicable to charities pieparing their accounts in accordance with Ihe Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. I have no conmS and have come across no Other matters in connedion with the examination to which attention should be drawn in t retx>rt in order lo enable a proper understanding ol the accounts to bè reached. Gavin Femande , FCA, CTA For and on behalf of MG Group (Professional Services) Lld Ch8rtered Acctsunlants 166 College RoadHarrow Middlesex HA1 18H Date.. Page11
Clvltas Limited Statement of Financial Activities for the Year Ended 31 December 2025 Ilncluding Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted fund$ Restricted funds Total 2025 Noto In¢ome and Endowmènts from.. Grants, Donations and Legacies Charitable activities Investment income 134,452 9.171 20.285 357,273 15.289 491.725 24,460 20,285 Total income 163.9r)8 372,$62 536.470 Expenditure on: Expenditure on raising fund Charitable activities Gov8man¢e costs Support costs 11441 115,1831 13.9301 242,407 11441 1393.2081 13.9301 242.4071 1378,Q251 Total expenditure Gains on investment 8sstrts 1261,6641 30,088 1378,0251 1639,6891 30,088 Net expenditure 67.668 15.4631 173,131 Net movement in funds 167,6681 15,4631 173,1311 Rèconciliation of funds Totsl funds brought forward Total funds carried forward 508.838 211.520 720,358 22 441.170 Unrestricted fund5 206.057 Restricled funds 647.227 Total 2024 Not• Income and Endowments from: Donations and legacies Charitable activilies Invesiment 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- Raising funds Charitable activities GovernanGe ¢osts Support costs 11441 16.3831 13.7801 58.6261 11441 1429,5591 13.7801 179.9451 1423,1761 1121,3191 Total expenditure 168,9331 1544.4951 1613.4281 Page 12
Civitas Limited Statement of Financial Activities for the Year Ended 31 December 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) UnrestrScted funds R•strlct•d funds Total 2024 Note Gains on investment assets 15,181 15,181 Nel incomellexpenditurel 68,686 1132,6021 163,9161 Net movement in funds 68,686 1132.6021 163,9161 Reconciliation of funds Total funds brought lOard 440.152 344,122 784,274 Totsl funds carried forward 22 508.838 211,520 720.358 All of the charity's activities derive from continuing operations during the above Iwo periods. The funds breakdown is shown in note 22. Page 13
Civitas Limited {Registration number.. 04023541) Balance Sheet as at 31 December 2025 2025 2024 Note Fixed assets Tangible assets Investments 376 250,912 934 220,824 16 251.288 221,758 Curr&nt assèts Stocks Debtors Cash at bank and in hand 3,294 47,121 405.507 3,381 15,878 528,468 18 19 455,922 547,727 Creditors.. Amounts falling due WFthin one year 20 59,983 49,127 Net current assets 395,939 498.600 Net assets 647.227 720,358 Funds of th• ¢harity-. Restricted funds 2Q6,057 211.520 Unrestricted income funds Unrestricted funds 441.170 508,838 Total funds 22 647.227 720.358 For the financial year ending 31 December 2025 the charity was enlitted lo ex&mplion from audit under sedion 477 01 the CoFnpanies Act 2006 relating to STnall companies. Directors, responsibilities.. The members have not reqLJired the charity to obtain an audit ol its accounts for the year in question in accordance with section 476., and The directors ackllowledge their responsibilitle5 for Complyng with the quirementS of the Act wilh respect to accounting records and the Preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. ncial statements on pages 12 to 30 were approved by the trustees. and authorised lor ISSLJe on .and signed on their behalf by.. D W Coslain Trustee Page 14
Civitas Limited Statement of Cash Flows for the Year Ended 31 December 2025 2025 2024 Noto Cash flows from operating activitie5 Net C8sh expenditLJre 173,1311 163,9161 Adjustments to cash flow$ from nonwcash items DepCiatiOn Investment Income Revalualion Of investments 9,10 558 120,2851 130,088 1122,946 778 124,2751 114.808 It02,2211 Working capital adjustments Decrease in stocks Ilncreaselldecrease in debtors Increasellde¢reasel in creditors Increase in deferred income 17 18 20 87 131.2431 4,527 6,329 44 353 12,5901 36,671 Net cash flows from operating aetivitses Cash flows from investing a¢livitiÈs Interest oceivable and similar income Purchase ol tangible fixed assets 143,246 67,743 20.285 24,275 15601 Net cash flows from investing 8¢tivitiès Net decrease in cash and ¢ash equivalents 20.285 23,715 1122,9611 528,468 144.0281 572.496 Cash and ¢ash eouivalents at 1 January Cash and cash equivalents at 31 December 405.507 528.468 All of thè cash flows are derived from continuing operations during the above two periods. Page 15
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 1 Charfty status The Gharity Is limited by guarantee, Incorporated In England and Wales, and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £Nil towards the assets ol the charity in the event of liquidation. The address ol its regist8rèd office is". 55 TLSfton Street Westrninsler London SW1P3QL 2 Accounting policies Summary of significant accounting policies and key a¢¢ounting estimates The pnncipal accounting policie5 applied In the preparation ol these financial stalements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stat8mÈnt of Reeornfnèndèd Practice applicablè to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 1021 leffective 1 January 20191- (Charitie5 SORP IFRS 10211. the FinarEcial Reporting Standard applicable in ltte UK and Republic of Irelènd IFRS 1021. They also comply with the Companies Act 2006 and Charities Act 2011. Basis of preparation Civitas Limited meets the definitiDn of a public benefit entity under FRS 102. Assets and liabilities are initially recognised 81 historical cost or Ir8nsaclion value with the exception ol investments which are included at market valLJe. Gotng ¢on¢èrn The trustees Consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the cairying value of assets held by the chaTIty. Incomè and Èndowmènts All income is recognised once the charity has entitlement to the incorne, il Is probable that the income will be received and the amount of the incorne receivable can btr measured reliably. Page 16
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 Dgnations and legacie5 Donations and subscriptions are induded as Income as soon as they are received, unless the donor has imposed pre-conditions on the L5se of the funds, in which case the donations are carried forward until the pre-condition5 are rnet. Voluntary help is not recognised In the Statement ol Financial Aclivilie5. Membèrship. publications and investment income are included in the period to which they relate. Grants r¢¢eivable Gfanls and statutory funding are rècognised once the resource is receivable by the charity and ¢an be measured with reasonable reliability. Doferrnd income Deferred income represenls amounts received for fLslure periods and is rel885ed lo incoming resources i the period for which. it has been received. Such inGotlle is only deferied when. The donor specifies that the grant or donation Tnust only be used in fulLJr& a¢¢ounting periods., or The donor has imposed conditions whith musl be met before the charity has unconditional enlidement. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend duè. Expènditur8 All expenditure is recognised once there is a legal or constructive obligation lo that expenditure, it is probable settlement is required and the amount can bB measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where Costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of rèsources, with ¢Èntral staff costs allocated on the basis ol lime spent. and depreciation charges allocated on the portion of the asset's use. Other support costs arè allocated based on the spread of $18ff cost5. Raising funds These are costs incuried in attracting voluntary income, the management of investments and those incurred in Irading activities that raise funds. Governance costs These include the costs attributable lo the charity's compliance with constitutional and slalulory requirements, in¢luding audit, stratlC management and trustees's meetings and reimbursed expenses. Page 17
Civitas Limited Noles to the Financial Statements for the Year Ended 31 December 2025 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a chafltable company for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received within catègoriès ¢overed by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such incomg or gains are applied exclusively to charitable pijrposes. Tanglbla flx8d assats Individual fixed assets arè initially rè¢orded at ¢osl, less any subsequent accumulated dèprèciation and subsequent accumulated impairment losses. Depreciation and amortisation Depieciation 15 provided on tsngible fixed a55ets so as lo write off the cosl or valuation, less any estimated residual value, over their expected usèlLJI Èconomi¢ lifg as follows.. Assèt class Fumilur8 and equipment Depreciation method and rate 33°/o on straight line method Fixed asset investments Fixed asset inveslmenls, other than programme related investments, are included al 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 at the start of the year. or their subsequent wst, and are charged or credited lo Ihe Statement of Financial Activities in the period ol disposal. Unrealised gains and losses represent the movement in market values during the year and are credited or charged lo the Statement of Financial Aclivities based on the market value at the year end. Stoek Stock is valuèd 81 the lower of c051 and estimated selling price less costs to complete and séll, after du& regard for obsolete and slow movin9 Stocks. Cost Is determined Ljsing th¢ firsl-in, first-out IFIFOI rnethod. Trade debtors Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of busin85S. Trade debtors are fecognised initially al the transaction price. They are subsequently measured at amortised cost using the effective Inte$t method, less prtsvision loi impairment. A provisiol) for the impairment of trade debtors is established when there is objective evidence that the charity will not bè able lo collect all amounts due according to the original terms of the receivables. Page 18
Clvltas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 Cash and cash equivalents Cash and cash equivalents comprise ¢ash on hand and call dep051tS, and other short-term highly liquid investments that arè readily convertible to a known amount ol ¢ash and are subject lo an insignificant risk of change in value. Trad• er•dltors Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from supplieis. AccoLJnts payable are classified 85 Current liabilib'es il the charity does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor lor at lèast twÈlve months after the reporting dale. If there Is an unconditional right lo defer seltlemerit lor al leasl Melve months after the reporting date, they are presented as non-current liabilities. Trade creditors are recognised ini118lly at th& transaction price and substrquently measured al amortisèd cost using the effective interest method. Fund structure Unrestricted inGome funds are general funds that are availablè for use at the trustees's discretion in furtherance of the objectives of the charity. Restricted funds can only be used for particular reslr4Cted purposes within the objects of the charity. Reslflctions arise when specified by the donor or when funds are raised for p8rti¢ular restricted purposes. Further explanalion ol the nature and purpose ol each fund is included in the notes lo the financial Statements. Pensions and other post rètlr•m•nt obligations The charity operates 8 defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the ¢harity has no legal or constructive obligation to pay further COTltributions even il the fund does not hold sufficient assets to pay all employees the benefits relating to èmployee service in the current and prior pèriods. Conlfibulions lo defined contribulion plans are recognised in the Statement of Fin8noial Activities when they are due. If contribution payments exceed th& ¢onlribLJtion due for service, thè excess is recognised as a prepayment. Flnanclal Instruments Classification Financial assets and financial liabilities are re¢ognised when the charity becomes a party lo the contractual provisions of the Instrument. Financial liabilities and equity instruments are classified according lo 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 Ils liabilil*s. Page 19
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 Rerognition and measurement All financial assets and liabilities are initially measured at transaction price (including Iransacb'on costs), except lor those financial Èssets classified as at lair valLJe through profit or loss, which are Initially easured at fair value (which is nomally the transaction price exclu(Jing transaction costs), unless the arrangement conslilutes a financing transaction. If an arrangement constitutes a financing transaction, the Iinancial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for 8 silnilar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists 8 legally enforceable right to sel off the recognised amounts and the charity intends either to settle on a nèt basis, or to realise the assèt and settle Ihe liability simultaneously. Financial assets are derecognised when and only when al the conlradual rights to the cash flows from the financial asset expire or are setUÈd, bl the charity Iranslers to another party substantially all of the risks and rewards of ownership of the financial asset. or cl the charity. despite having retained some, but not all, significant risks and rewards of ownèrship, has transferred ¢ontrol of the asset lo another party. Financial liabi5ities are derecognised only when the obligation specified In the contract is discharged, cancelled c>r expires. Investmènts Investments in non-convertible preference shares and non-puttable ordinary or preleren¢e shares (where shares are publicly traded or their fair value is reliably measurable) are me85ured at fair value through profit or loss. Where fair value cannot be ffleasured reliably, inveslrTtents are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acqtjirèd for consideration including the issue of shares qualifyq.ng for merger relief. cost is measured by reference to the nominal value of the shares issuèd plus fair value of other consideration. Any premium is ignor8d. Fair value measurement The best evidence of lair value is a quoted price loi an identical asset in an active market. When quoted prices are unavailable. the price of a recent transaction for an identical asset provides evidence ol fair value as long as there has not been a significant change in economic circutllstances or a 5ignilicant lapse of lirne since the transaction took place. If the market is not active and recent transactions ol an idenli¢al asset on their own are not a good estimate of fair value. the fair value is eslim8ted by using a valuation technique. Page 20
Civitas Limlted Notes to the Flnancial Statements for the Year Ended 31 December 2025 3 Income from donation5 and lègaclès Unrestricted funds Restricted funds Total 2025 Total 2024 General Grants and Donations.. Donations - Unrestricted Donations and Grants - Restrided 134,452 134,452 357,273 87.000 395,469 357.273 134,452 357.273 491,725 482,469 4 Income from charitsblo a¢tlvltlas Unrestricted funds Réstricted funds Total 2025 Total 2024 Gèneral Parents Fees Publication Sales Membership & Subscriptions 15,289 15,289 2,956 6,215 16,425 2,084 9.079 2.956 6.215 9,171 15.289 24,460 27,588 5 Investment incorne Unr8Stricted funds Total 2025 Total 2024 Genefal Interesl receivable and similar income.. Interest receivable on bank derK)sits Other incomè from fixed asset investmen15 7,889 12.396 7.889 12,396 11.566 12,709 20,285 20,285 24,275 Page 21
Clvltas Llmited Notes to the Financial Ststements for the Year Ended 31 December 2025 6 Exp•ndlture on raising funds Unrestricted fund$ Totsl 2025 Total 2024 General Other investment management costs-, Amounts payable to inv8stm8nt managers 144 144 144 144 144 144 7 Expenditure on charitablè activltl Unrèstricted funds Restrlcted funds Total 2025 Total 2024 Gènèral Charitablè actlvltlgs Defence Security Democracy SME SuNeylERAF Prisions and Policing Independent Schools Commission Manufacturing projectlsl Governance Project Supplementary Schwls CLEN Project Chilclren and Families Staff pension5 IDÈlined contribulionl pension scheme 1 Staff pensions IDefined contribution) pènsion scheme 1 UR Printing. postage and stationery Research and development Wages and salaries Staff NIC (Employersl {7041 17161 13,5001 18241 19,1971 17161 13,5001 18241 19,1971 113.9981 12,8451 11,5001 1187.9521 1171,2861 116,7861 18,414} 1171,2861 116,7861 18.4141 120,6991 11,8211 11,8211 11,8511 18,9511 16,2321 18,9511 16,2321 1146,7901 18,691 14,5321 1177,5481 117,9301 429.559 1146.7901 18.691 15.183 378.025 Page 22
Civitas Limited Notes to the Financlal Statements for the Year Ended 31 December 2025 8 Governance costs Unrastricted fund5 Total 2025 Total 2024 General Independent examiner fees Examination of the financial sl8lements 3,930 3.930 3,780 3,930 3,930 3,780 9 Support costs Unrèstrlcted funds Total 2025 Total 2024 General Staff costs Wages and salaries Social security Pension costs Depreoialion. amorbsation and other similar G05ts Rent and rates Printing. postage and stationery Sundry expenses Bank charges 184.800 12,971 3.138 558 32,000 4,416 1,431 3,093 184,800 12,971 3,138 558 32,000 4,416 1,431 3,093 113,683 7,636 2,024 778 33,027 18.424 1.450 2,923 242,407 242.407 179.945 10 Net incomingloutgoing rèsources Net outgoing resources ftsr th8 year include.. 2025 2024 Depreaalion of fixed asstrts 558 778 Page 23
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 11 Trustees rèmunèration and exponsès No trustè85. nor any persons connected with them, have received any remuneration from the charity during the year. 12 Staff costs The aggregate payToII costs were as follows.. 2025 2024 Staff cg$ts during the year were.. Wages and salaries Social security Costs Pension costs 331,590 31.662 4.959 291.231 25.566 3,875 368,211 32D.672 The monthly average number of persons (including senior management team) employed by the charity during the year expressed as full time equivalents was as follows.. 2025 No 2024 No Civita5 Staff Supplementary schools project leaching 20 26 28 The number of employee5 whose emoluments fell within the followtng band5 was". 2025 No 2024 No £70,001 - £80,000 P8ge 24
Civitas Limlted Notes to the Financial Statements for the Year Ended 31 December 2025 13 Independent examinerfs remuneration 2025 2024 Independent Accounts Examination 3.930 3.780 14 Taxatlon The oharity is a regisltsred Charity and Is ther&fore exempt from taxalion. 15 Tangible fixed assets Furniture and equlpment Totsl Cost At 1 January 2025 37.589 37,589 At 31 DecÈmb&r 2025 37,589 37,589 Accumulated Depreciation Al l January 2025 Charge for the year 36,655 558 36,655 558 Al 31 December 2025 37,213 37.213 Net book value Al 31 DeGember 2025 376 376 At 31 December 2024 934 934 18 Fixed a$$¢t inve$tmont$ 2025 2024 Oth6r investments 250,912 220,824 Page 25
Civitas Llmlted Notes to the Financial Statements for Ihe Year Ended 31 December 2025 Other Inv•stmènts Listed Invèstmants Total Cost or Valuation Al 1 Jenuary 2025 Revaluation 220.824 30.088 220,824 30,088 At 31 December 2025 250,912 250,912 Net book value Al 31 December 2025 250,912 250,912 Al 31 D&¢ember 2024 220,824 220.824 17 Sto¢k 2025 2024 Stocks 3,294 3.381 18 Dtrbtors 2025 2024 Prepayments Other debtors 11,015 36,106 11,015 4,863 47,121 15,878 19 Cash and cash 8qui¥al•nts 2025 2024 Cash on hand Cash at bank 5.449 400.058 5,659 522,809 405,507 528.468 Al the reporting date, £501 12024 £9811 of cash was held on behalf of the cofflp8ny by the investment adviser. The company retains full control over these fund5. Page 26
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 20 Creditors- amounts falling due within one year 2025 2024 Oth8r taxation and social security Other creditors Accruals D8l&ire¢J in¢ome 11.910 1.143 3,930 43.000 7.534 1,142 3,780 36.671 59.983 4g,127 Deferred Income comprises income received in advance lor events and services to be delivered in future periods. The mov8menl in the deferred income balance is as follows 2025 2024 Opening Balance at 1 January Amount deferred in year Rele8sed to income in the year 36.671 43.000 36,671 36.671 43.000 36.671 21 Pension and other schemes Defined contribution pensiort s¢heme The charity operate5 a defined contribution pension scheme. The pension cost charge lor the year represents contributions payable by the charity to thé schème and 8mounled lo £4.95912024 £3,875). 22 Funds Balance at Other 31 Incoming Resources fecognised Decembèr r•soure•$ •xpènd8d gainslllossèsl 2025 Balance at 1 January 2025 Unrestrlct•d fund$ General 1508.8381 1163,9081 211.520 372,5621 261,664 130,0881 1441.1701 1206,0571 Restricted funds 378.025 Total funds 1720.358 536,470 639.689 130,0881 647,2271 Page 27
Civitas Limited Notes to the Financial Statements for Ihe Year Ended 31 December 2025 Balance at Olher 31 Incomlng R•sour¢¥$ r•¢ogni$ed Dècèmbèr resources expended galnslllossesl 2024 Balance at 1 January 2024 Unr•$tri¢ted funds General 1440,1521 1122,4381 1344.122 68.933 115,1811 1508,8381 Restricted funds 411.893 544.495 211.520 Total funds 1784,2741 534,3311 613.428 115,1811 720,3581 The restricted funds are for the following purpose5'. The Civitas S¢hools Isupplemenlary schools). A Commission for the future of independent schools. Educ8lion and families projects on lil classical liberal education., lill improving the school curriculum., liiil standards in education., livl a comparative analysis of intérnational education data., Iv) family policy and the approaches lo the earfy years., Ivil supporting leadership in schools lor developing effective curriculum- Iviil the role of mobile devices in the lives of young people. A project on the comparative advantages in successful British ènginèèring s8ctors', rèsèarch on scaling up SME manufacturers, a proje¢t on encouraging growth in advanced manufacturing., a project on policing policy.. research on corporate governance and ethics. Page 28
Civitas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 23 Analysi$ of net assets bètween funds Unrestrictod funds Restricted fund$ Total funds 2025 Gèneral Tangible fixed assets Fixed asset investrllents Current assets Current liabilities 376 250.912 249.865 159,983 376 250,912 455.922 159,983 206,057 Total net assets 441,170 206.057 647.227 Unr6strictÈd fund5 Total fund5 at31 December 2024 R•strlcted funds G8n•ral Tangible fixed assets Fixed asset investments Current assets Currenl liabilities 934 220,824 336,207 49.1271 508.838 934 220,824 547.727 149.127 211,520 Total net assets 211.520 720.358 24 Analysis of nèt funds At31 December 2025 At 1 January 2025 Cash flow Cash al bank and in hand 528.468 1122,9611 405.507 Net debt 528.468 1122,9611 405.507 Page 29
Clvitas Limited Notes to the Financial Statements for the Year Ended 31 December 2025 A131 Decèmber 2024 At 1 January 2024 Cash flow Cash at bank and in hand 572,496 144,0281 528,468 Net debt 572.496 144,0281 528,468 Page 30
Civilas Limlted Detailed Statement of Financial Activities for the Year Ended 31 December 2025 2025 Unrestrlctèd funds 2025 Restricted funds Total 2024 General Total Income and Endowments from= Donations and legacies lanalysed belowl Charitable activities lanalysed below) Investment incomè18nalysed below) Total Income 134,452 9,171 20,285 357,273 1 5,289 491,725 24,460 20.285 482.469 27,587 24,275 163,908 372,562 536.470 534,331 Expènditure on: Raising funds lanalysed below) Charitable 8clivilies lanalysèd below) Governance costs lanalysed below) Support costs lanalys6d belowl Total expènditure Gaiosllosses on Investment assets lanalysèd below) Net expenditure 11441 115,1831 13,9301 242,4071 11441 1393,2081 13,9301 1242.407 11441 1429.5591 13,7801 179,9451 1378.0251 1261.6641 1378,0251 1639.6891 1613.4281 30.088 30.088 15,181 167,6681 15,463 173,1311 163.916 Net movement in funds 167,668) 15.4631 173.1311 163,9161 Re¢onciliatlon of funds Total funds brought forward Total funds carried loar 508,838 211,520 720.358 784,274 441.170 206,057 647.227 720,358 Page 31
Civitas Limited Detalled Statement of Financlal Activities for the Year Ended 31 December 2025 202S Unrestricted funds 2025 R•strÉc¢ed funds Total 2024 General Total Donatlons and legacies EduGation ERAF SME Survey Governance Supplementary Schools Gender Proj&ct Children and Familiès Donations 73,897 73.897 40,750 7.210 8,125 283.912 1,119 54.353 87,000 7,500 245.195 13,881 16.800 7.500 245,195 13.881 16.800 134,452 134,452 134,452 357,273 491,725 482,469 2025 Unrestricted funds 2025 Restricted fund$ Total 2024 Gèneral Total Charitable activitles Supplementary Schools Publication sales Sponsorship 15.289 15,289 2.956 6,215 16,424 2,084 9,079 2,956 6,215 9.171 15,289 24.460 27.587 2025 Unrestrictgd funds 2025 Total 2024 General Total Investment ineome Income from listed investments Interest on cash deposits 12,396 7.889 12,396 7,889 12.709 11.566 20.285 20.285 24,275 Page 32
Clvitas Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2025 2025 Unrestricted funds 2025 Total 2024 General Total Raising funds Investment tll8nagement ¢harge 1441 144 144 144 144 2025 Unrestrict8d funds 2025 Restricted funds Total 2024 Gèneral Totsl Charllable activities Delence Security Democracy SME SurveylERAF Prisions and Policing Independent Schools Commission Manufactunng projecllsl Governance Project Supplementary Schools CLEN Project Children and Families Staff pensions IDeline(t contribution) pension scheme 1 Staff pensions (Defined contribution) - pension scheme 1- UR Printing, postage and stationery Reseaifjh and developrTTenl Wages and salaries Staff NIC IEmployersl 17041 17161 13,5001 18241 19,1971 17161 13.5001 18241 19,1971 113,9981 12.8451 11,5001 1787.9521 1171.2861 116,7861 18.4141 1171.2861 116,7861 18.4141 120,6991 11.8211 11,8211 11,8511 18.9511 16,2321 18,9511 16,2321 1146.7901 18.691 14,5321 1177,5481 117,9301 1429.559 1146.7901 18,691 115,183 1378,0251 393 2081 Page 33
Clvilas Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2025 2025 UnrÈstriet•d funds 2025 Total 2024 General Total Governance costs Independent Examiner's remuneration 3,9301 3,930 13.930 3,930 3.780 13.7801 2025 Unrestrictèd funds 2025 Total 2024 General Total Support costs Staff pensions (Defined contribution) - pension scheme 13,1381 132.0001 14,4161 11.4311 13,0931 15581 13.1381 132,0001 14.4161 11,4311 13,0931 15581 12,0241 133,0271 118,4241 11,4501 12,9231 17781 {113,6831 Rent and rates Printing. postage and stationery Sundry èxpenses Bank charges Dèpreciation of fixtures and fittings Wages 8nd salaries-R Wages and salari05 Staff NIC (Employers) Staff NIC (Employers) 1184,8001 1184.8001 17,6361 12.971 12.971 242,407 242.407 179.945 Page 34
Civitas Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2025 2025 Unrèstricted funds 2025 Total 2024 Genèral Total Gainsllosses on investment assets Gain on programme related investments 30,088 30,088 15,181 30.088 30,088 15,181 Page 35