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 CoMpan￿S 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 conSide￿d 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
per￿ptIOn 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 Cha￿tieS 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 RecOmfne￿dtr￿ 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 con￿mS 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 lO￿ard
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
Dep￿CiatiOn
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.
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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.
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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, strat￿lC 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 lo￿ar
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