The Civil Service Benevolent Fund
the Charity for Civil Servants
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CHARITY FOR CIVIL SERVANTS ANNUAL REPORT AND ACCOUNTS For the year ending 31 December 2024 The Civil Service Benevolent Fund operating as the Charity for Civil Servants
CONTENTS Page Chair's foreword CEO'S statement Trustees, annual report, comprising Trustees, strategic report Impact report 7-15 Financial Review 16-22 Trustees, administrative report 23-28 Auditorfs report 29-32 Financial statements comprising 33-58 Statement of financial activities 33 Balance sheet 34 Cashflow 35 Notes to the accounts 36-58 Thank you to our support partners 59
CHAIR'S FOREWORD Welcome to your Charitys Annual Report and Accounts for 2024. Now more than ever, it's vitally important that the Charity for Civil Servants is here to support all civil senlants, past and present, when times are tough, listening withoutjudgement and offering practical, financial and emotional support. I would also like to pay tribute to the hard- working staff of the Charity and my fellow Trustees for their commitment and continued determination throughout the year. Times continue to be tough but with a new 2025-29 strategic plan in place, the Trustees, Executive Team and l are confident that the Charity for Civil Servants is set to meet the growing demands for our services. We want civil servants to think of us as an umbrella - here to support whatever difficulties they are facing. In September 2024,1 was pleased to welcome As chair of the charity and reflecting on the our new CEO,Jonathan Freeman, MBE who impacts in 2024,1 can report that the Charity is steadfastly leading the Charity with some spent over £3.2m responding to over 70,000 great initiatives planned across the year instances of help, providing almost £1.5m ahead. in financial support- despite some tough resource challenges across the year. Finally, I'd like pass on thanks once again from all Trustees to everyone in the Charity. In 2024, the Charity worked more closely The Charitys work makes such an important than ever with a whole range of stakeholders difference to the lives of so many people and across the Civil Service, forging stronger that is something of which you should be relationships with Government People rightfully proud. Group, others in Cabinet Office alongside many departments and staff networks. We continue to work with other charities to share insight to make sure we can respond appropriately to the support civil seroants need. Sir Peter Schofield KCB Chair of Trustees The Charitys very own Civil Service Mental Health and Wellbeing Conference in October was once again a huge success, improving on the year before. Our community yet again showed an enthusiastic response to our hero campaign, the annual Mega Miles Challenge, where several hundred people took part, and thousands was raised. Plans are in place for the 2025 challenge, seeking to increase with bold signup and fundraising targets. Alongside support from the Cabinet Office and the Northern Ireland Civil Service, I am also grateful for the support we have once again received from the Civil Service Insurance Society, CSIS Charity Fund and Boundless. A special thanks must go to our supporters. donors, partners and volunteers, whose dedication and support makes such a difference.
CEO'S STATEMENT It is an honour to be CEO of the Charity of the engagement we are receiving from the Civil Servants, having been appointed to the Cabinet Secretary to Permanent Secretaries Charity in September 2024. In this short time, and civil servants at all levels, up and down a real sense of momentum has developed the country, has been so encouraging. For around the Charity's growth and impact. me, the Charity has to be at the heart of Building on these positive foundations to the Civil Seniice and it is clear that our ensure a vibrant, growing Charity is my community agree. priority. It's been heart-warming to learn about how much support the Charity has at events like Civil Service Live, for our hero campaign the Mega Miles Challenge, and to see the thousands that took part in our annual Mental Health and Wellbeing Conference. This demonstrates that the Charity has a really important place within that wider Civil Service community that we value so much. A key area of focus in the final quarter of 2024 was putting in place a strategic plan for growth for the next five years, ensuring we are supporting more people in better ways than ever before. Added to this, we have also established a clear business plan for 2025 to put us on a positive and sustainable trajectory. To be able to meet the growing demand for the Charitys support over this period, we have to take swift and decisive action to address the long-standing gap between income and expenditure. Bluntly, this means we need to deliver a step change in our income generation if we are to retain I was once asked what I thought was the key current levels of support to our beneficiaries. to good leadership? My response was that it is to surround yourself with brilliance. And I Alongside these new plans, we have also am very proud to say that is exactly how I feel developed the Charitys values framework. about our team at the Charity, because we which is a fundamental part of our structure really are Better Together. moving forward. It is really important that as a staff team we all spend our days in an organisation where we align with how we all work together. This is about ensuring the Charity is accountable, decisive and kind - all key elements of this values framework. The positive impact of our collective efforts is already showing and will, l am sure, continue to show in the years to come. What we saw at the end of 2024, and now Jonathan Freeman. MBE into the start of 2025, is that it really is worth Chief Executive Officer embracing such drive and change so that we can deliver more support for our community than ever before. We can only deliver our mission because of the support of so many thousands of civil servants across the country getting involved in our events, volunteering their time and donating to the Charity. We see a real sense of drive and energy growing within the civil servant community. supporting us like never before. In particular,
Our Purpose
Our Charitable Purposes
Our Mission
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ACHIEVEMENTS AND PERFORMANCE STRATEGIC REVIEW OF 2024 In 2024, we reduced our budget forecast for grants and support and adapted our policy to ensure that we did not diminish our help numbers or impact. This was achieved through slight reductions on some "tide overf, payments and the extension of limited services from 6 months to one year. This was successful in terms of reaching targets from our 2024 business plan, however the 2025 budget for direct financial assistance is forecast at £1.7m to allow for increased cost of living and the impact of widening eligibility. We continue to focus on ensuring that we have the skills and experience across our teams and that our people are equipped to deliver the Charitys mission. In terms of trends, payments for disability were high in the first two quarters of 2024 and settled down in the last two. However we have noticed a lessening of local authority support which will be reviewed in 2025 as charities cannot be seen as the primary source of financial support. We continued to have a high number of approaches from people struggling with poor wellbeing, and we have found the Thrive app to be an extremely effective solution providing a range of wellbeing support and therapy with very positive outcomes reported. Other apps providing effective support at very reasonable cost are the Law Express app which also offers phone calls to a specialist adviser, and the Grief Works app offers a wide range of activities and support to anyone struggling with bereavement and loss. We continue to invest in income growth, including growing income from existing activity, working to diversify income streams and building long term loyalty to the Charity to ensure we can deliver our services now and for generations to come. AMBITIONS AND PLANS FOR 202S By the end of 2029, our goals are to be increasing our income and providing help to even more people in need, achieving financial sustainability. This means that we intend the Charity to be in a break-even financial position by the end of FY2029. This transformation will take time. The aim for 2025 is to reduce the size of our annual deficit by approximately £0.6M compared to FY2024. In terms of income, the 2025 budget is based on an overall increase of some 14% compared to 2024. We are planning to return overall spend on our Help, Advice and Services (HAS) back to the level originally planned for 2024. We feel strongly that the long-term success of the Charity is dependent on our ability to meaningfully respond to the growing demand on our services. We are planning some important investments in non-staff costs, largely in order to provide the structures and systems essential to our plans for significant longer-term income generation. The plan also provides for some modest capital investment, mainly to develop our staff team but also in line with our commitment as a responsible and sustainable landlord of our head office building.
STEPHANIE'S STORY When Stephanie experienced a pulmonary embolism leaving her unable to work, she reached out to the Charity for Civil Servants for help. A member of our help team listened, understood and tailored our range of services to support Stephanie's individual needs. This meant we provided a listening ear, signposted her to wellbeing services and provided financial support to get her through that particularly difficult period in her life. "I FELT LIKE THE RUG HAD BEEN PULLED FROM UNDER MY FEET AND THE HELP FROM THE CHARITY CAME AT A TIME WHEN I REALLY NEEDED IT. THE FINANCIAL AND EMOTIONAL SUPPORT MEANT THAT I COULD KEEP GOING." "DON'T UNDERESTIMATE THE IMPACT YOUR DONATIONS MAKE. NO MATTER HOW SMALL. EVERY SINGLE DONATION MEANS SOMETHING AND MAKES A DIFFERENCE." *Some elements of this story have been anonymised or changed to protect the person's identity.
IMPACT REPORT Service Delivery Key points to highlight The value of listening to people cannot be overstated - and we do this throughout our work whether people are looking for financial assistance, debt advice, or wellbeing and caring support. Our feedback has consistently evidenced that people feel listened to and notjudged for their situation, and that we look for what we can help with rather than what we can't help with, signposting effectively where we can't directly provide the support needed. To ensure we provide relevant services, we listen to our community. One example is throughout the year we have supported Departments with Listening Circles where specific issues have been identified. The Listening Circles concept allows attendees to attend and contribute with anonymity. Departments then receive a report detailing common themes emerging and conclusions. Feedback received shows the Listening Circles have been valued and we are delighted to have been able to help with a wide range of issues. This insight gives us valuable information about emerging needs to develop new services, such as the benefits checker on our website, with with over 1,221 calculations completed in 2024 to help people claim the benefits they are entitled to. We made several large life-changing grants for adaptations to homes- this reflects the wider problem of the shortage of housing stock, in particular adapted and accessible properties. THE CHARITY FOR CIVIL SERVANTS HELPED PEOPLE OVER t?¢,00 , TIMES.
i£,000 PEOPLE SIGNED UP FOR THE MENTAL HEALTH & WELLBEING CONFERENCE SOMEONE ASKED THE CHARITY FOR HÈLII EVERY MINUTES
MALCOLM'S THANK YOU LETTER "I'm writing to express my familys gratitude to the Charity for Civil Servants. We remain forever grateful to the people in the help team who I spoke to. We want to send our sincere thanks for all they did, for stretching out a hand and a listening ear to someone who was as distraught as I was. We were told that we needed a complete rewiring of the house as the electrics were dangerous, that it was only a matter of time before it would cause a fire. As a family, we were at the end of our tether as there was no way that we could afford the cost. We had to use a torch through most of the winter and if we did turn a light on, it was for as little time as possible... it was horrendous. I was in a bad way emotionally, as was my wife who already suffers from severe anxiety and depression. l eventually got in touch with the Charity for Civil Seants. I spoke to someone on the phone who was really reassuring and throughout the application process, bent over backwards to do all they could to help us. Because of the emotional state I was in, I was also referred to the Charitys wellbeing services. I can only say the person I spoke to was the nicest, kindest and most helpful person that I have ever spoken to. They fully understood the predicament we found ourselves in and did everything in their power to help us. They really are a credit to the Charity. When the Charity said they could help cover the costs, it was such a tremendous relief to both myself, my wife and our disabled son who also lives with us. Now that the rewiring is complete, I cannot stress highly enough how relieved we are to finally stop living by torchlight, in constant fear of causing a fire. We are now safe thanks to the Charity's help. I worked as a civil servant for over 15 years and I'm proud to donate to such a worthwhile cause. *Some elements of this story have been anonymised or changed to protectthe person's identity.
GRANT MAKING POLICY Our charitable objects include relief from hardship or distress (whether financial or otherwise) for the public benefit of current or former civil servants and their dependants. Grants are made within our charitable objects and the agreed strategy of the Charity. All grants are subject to a formal approval process. We award grants based on the four principles below: Eligibility- the applicant must be a current, former or retired eligible person, or their financial dependant; Circumstances underlying the need, for example ill health, caring, bereavement, domestic abuse, relationship breakdown, reduced income or unsafe accommodation; Need - identifying the specific needs and which needs should be prioritised; Alternative resources - for example entitlement to benefits, or grants from other charities. In some cases, this may be additional help rather than alternative help. Grants include financial help payments for a range of situations, including household items and bills, mobility equipment and adaptations, payment to third paty suppliers for advice and counselling, and digital apps and resources to support wellbeing. An interim policy was reviewed and agreed by the Board of Trustees for the period of January 2023 to December 2024, extended into 2025 with a full policy review in July 2025 to implement from September 2025. AMBITIONS AND PLANS FOR 2025 FOR HAS (HELP, ADVICE AND SERVICES) The strategic aim in 2025 for Help, Advice and Services is to deliver powerful social impact through the provision of high quality and relevant help, advice and support to our community. This will be through a mix of digital and casework support- delivering 6,800 financial grants, as well as 1,000 caring, wellbeing and money advice cases. We aim to reach at least 15,000 people in our collaboration with Government People Group at the Mental Health and Wellbeing Conference in October, with an additional 5,000 reached through specialist webinars. We will continue to develop relevant services, including digital resources for 2417 support. We will continue to improve our application process for help and create a mid/later life wellbeing plan for those approaching or in retirement. dlk We're working on understanding more about our social value, with an interim study of some of our key outcomes to provide baselines and external validation of the range of services and financial assistance we offer. This will be followed by refreshed evaluation from the summer of 2025 to provide ongoing feedback on our performance to increase our relevance and our reach. Alongside this our help data will identify any gaps in provision, and we will continue to collaborate with workplace support, staff networks and partner organisations to complement and add value to workplace and other support. 10
A YEAR IN FUNDRAISING & COMMUNICATIONS Throughout 2024 we worked to build awareness of the help the Charity offers, while strengthening relationships with key stakeholders to grow our access to audience and increase fundraising. Fundraising for the Charity included our generous regular donors, most of whom donate monthly through their pay, as well as those who take part in our Community Lottery, participate in our fundraising events, leave a gift in their will, give a grant or organisational donation or make a gift through our website or by post. Our work with the Civil Service community continued to grow with involvement in the Cabinet Office led 'Charities & Partners Week, in April. Followed in May by over 4,700 people taking part and raising funds through the Mega Miles Challenge, bringing together colleagues across the UK Civil Service. Duringjune and July, the Charity was an active part of Civil Service Live, a conference which takes in seven venues across the UK and a chance for civil servants to hear about the services and support the Charity offers. The Charity delivered the online Mental Health and Wellbeing Conference in October with 12,000 participants registered to hear about topics including mental health, bereavement services and financial support and advice. The year finished with our Festivejumper Day event, again bringing together civil servant5 across the UK to support their Charity. As ever, we would like to take this opportunity to thank every single person and organisation who supported the Charity for Civil Servants through making a donation, raising funds or giving their time. We could not do it without your generous support.
LOOKING AHEAD We are focussed on delivering our strategy and to establish a strong and sustainable funding position for the Charity through an effective and innovative range of fundraising approaches that inspire and engage our community and other supporters. Our income target for 2025 is £4.3m representing over 12% growth year on year. We will be focussed on diversifying income channels as we seek to build sustainability over the coming years. This will include recruiting over 4,000 new regular donors to the Charity, engaging grant givers and corporate donors and growing our legacy giving programme. Our Communications team and our Community Fundraising & Engagement team will be focussed on ensuring we build awareness across the UK. RESPONSIBLE FUNDRAISING AND MARKETING We always endeavour to maintain the highest standards of ethics and welfare when we deliver our fundraising and communications. Our supporter promise outlines the commitment made to our supporters and the public, affirming that we ensure that our fundraising is legal, open, honest and respectful. GOALI Our responsible management of our fundraising and communications includes a Data Steward to ensure we operate in compliance with UK legislation around data and privacy, procedures and mitigations in place to secure {Cyber Essentials Certified) and maintain accurate and up-to-date records, safeguarding to ensure we look after vulnerable supporters and an ethics policy to ensure our approach adheres with our charitable purpose and legal requirements. The Charity is registered with the Fundraising Regulator and income generation activities are aligned with the Code of Fundraising Practice. Our website outlines our complaints and other policies for the public and clearly explains how an individual can contact the Charity. As with previous years, no complaints were lodged with the Fundraising Regulator in 2024. 12
11 OUR NORTH STAR To embed the Charity for Civil Servants back into the heart of the Civil Service community STRATEGIC VISION By the end of 2029, our goals are to be increasing our income and providing help to even more people in need, achieving financial sustainability STRATEGIC AIM1 STRATEGIC AIM2 STRATEGIC AIM3 Deliver powerful social impact through the provision of high quality help, advice and support to our community. Establish a strong and sustainable funding position through effective and innovative fundraising approaches. Ensure that the Charity is increasingly well respected, actively supported and promoted across our Community. ENABLING AIM Provide effective support to the Help, Advice & Services and Fundraising & Communications teams, providing insightful information while enabling sound decisions and ensuring that our people are developed and motivated in their roles. ACCOUNTABLE COLLABORATIVE DECISIVE INCLUSIVE KIND 13
COLLABORATIVE We deliver better impact by working and learning together
We value, respect and empower everyone to contribute to their fullest
We are honest, open and considerate of each other
We are focused on delivery and outcomes at pace
We take ownership of our actions and decisions with integrity and responsibility
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JACK'S STORY Just like any other ordinary afternoon, Jack was making his way home from work. When he saw his Dad's number flash up on his phone, he had no idea how serious the call would be. "Dad gave me a call and told me Mum had been in a car accident. When I got to the scene, I could see the traffic built up all the way down the road. I had a million thoughts racing through my mind, a lot of anxiety and fear. l just tried to focus on what I had to do to help Mum." Now that the family were facing an emergency,Jack focused his attention on handling the paperwork surrounding the car accident in addition to his mum's physical and mental wellbeing. This leftjack's own wellbeing as a second priority, and he became exhausted. Thays when he decided to approach his very own charity for help. "I wasn't sure what I needed at that point, but I know I wanted to talk to someone. My line manager could tell I was struggling and recommended reaching out to the Charity for Civil Servants. I spoke to a member of the help team and felt like I was in a safe space. I felt like they were really listening to me." When Jack reached out for help. we were there for him. We scheduled an official conversation with a member of our wellbeing team who talked throughJacKs situation and how he was feeling. Together, they worked out a positive path forward. Jack shifted his focus on taking the next step with his girlfriend and moving into their own place together. Now in a much happier place. he wants to encourage his colleagues to reach out for a charity they can always call their own. "A CONVERSATION CAN SOUND INSIGNIFICANT BUT THE WELLBEING CONVERSATION WITH THE CHARITY WAS A SIGNIFICANT THING FOR ME. THE CIVIL SERVICE IS FULL OF PEOPLE LIKE ME WHO ARE SOCIALLY ORIENTATED AND WANT TO TAKE STEPS TO MAKE THINGS BETTER. THAT WELLBEING CONVERSATION HELPED ME MAP OUT MY OWN FEELINGS AND FIND A WAY FORWARD." *Some elements of this story have been anonymised or changed to protect the person's identity.
FINANCIAL REVIEW OVERVIEW In 2024, the Charity recorded net expenditure of £2.8m (2023: £3.6m) in line with its agreed approach to draw down from its reserves. The Charity has been refining the types of help it provides, ensuring its systems are fit for the future and delivering fundraising initiatives to tackle its long-term financial sustainability challenge. This is before considering the return on the Charitys investments, which was a gain of £1.2m (2023 gain of £1.8m) and the gain on the defined benefit pension scheme of £106k (2023 gain of £204k). Net assets at the year-end were £25.7m, down £1.5m on 2023 (£27.1 m). The Charity's Investment portfolio was valued at £23.7m at 31 December 2024 which was down £1.6m on December 2023 (£25.3m) reflecting the gains of £1.2m, dividends and interest income of £0.7m and £3.3m divested to fund the Charit5ls activities. INCOME In 2024, total income was £4.6m (2023 £4.4m). 4% 616 296 Regular contribution5 for individuals1£3,009kl 6% Investment Income1£690kl Donations1£256kl Events & community giving1£103kl 15% Major Giving1£253kl Legacies1£201 kl 65% Other Income1£84kl The principal source of the Charit5ls income remains regular monthly contributions from individuals, both serving and retired civil servants. Together with Gift Aid, this source of income accounted for over 65% of the Charitys total income (2023: 72.6%). At £3.Om, regular contributions are down £0.2m on the previous year, following the pattern of decline. Major giving amounted to £253k (2023: £221 k) including Cabinet Office Grant £11 Ok (2023: £11 Ok), CSIS Charity Fund for £75k (2023: £75k) and £59k {2023: £25k) from the Northern Ireland Civil Service (NICS). Legacy income was down at £201 k (2023: £280k). Income from investments was £0.7m in 2024 (2023: £0.5m). The CharitYs portfolio is invested in pooled funds with Columbia Threadneedle and the interest is reinvested in the funds. 16
EXPENDITURE FUND MANAGEMENT Total expenditure for the year is £7.3m (2023: The longer-term investments are managed £8m) with £6.2m (2023: £6.7m) being spent in a dynamic pooled fund with Columbia on charitable activities. Threadneedle delivering real returns with volatility control with the aim to deliver a real return of UK CPI + 3% per annum after the payment of investment management fees over a 3-5 year time horizon. Costs of raising funds were £1.2m (2023: £1.3m) and included elements of staff costs and overheads. Total staff costs of £4.3m (2023: £4.3m) were included within direct activities and support costs. The average number of staff {on a full- time equivalent basis) in 2024 was 75 (2023: 85). The short-term portfolio is invested in a short-term money market fund with suitable liquidity and capital protection to meet short-term cash flow requirements. The objective of this fund is to provide income returns broadly in line with the 1-month compounded SONIA (Sterling Overnight Index Average) rate before the deduction of charges. The Charity withdrew £3.3m in the year (2023: £2.7m) from its investment portfolio to fund its expenditure in line with its plan to use its reserves to support civil servants. INVESTMENT MANAGEMENT INVESTMENT PERFORMANCE The purpose of this activity is to generate The value of the portfolio at 31 December investment returns to make the best possible 2024 was £23.7m (£25.3m at 31 December sustainable contribution to the Charitys 2023). The Charity divested £3.3m in the year activities in the current and the long term. to fund its activities and there was a £1.2m increase in market valuation, and dividend As set out in the reserves section, the Charity income of £0.6m. The short-term money is intending to utilise some of its reserves over the next five years by divesting from market portfolio was up 4.7% and the long- its portfolio over this period. As a result, term portfolio was up 7.9%, reflecting global under its Investment Policy, the Charit5ls market volatility and performance. The investments are split into a short-term and Charitys investment performance objectives are set over a three-year horizon to allow long-term pool of assets. The objective of the for short-term downturns. The I nvestment short-term pool is to be available to provide Committee has reviewed benchmark suitable liquidity and capital protection to meet anticipated drawdowns over a 1-2 year data of comparable funds provided by an time horizon and to avoid the need to be in a independent investment adviser and is forced sale position in respect of the fund in satisfied with the overall performance, given which the long-term pool is invested. the mitigating circumstances of current global market challenges. Movements in the Charitys investment holdings during the year and an analysis of the portfolio at year-end are shown in note 1 Oa to the Accounts. 17
APPROACH TO ENVIRONMENT. SOCIAL AND GOVERNANCE (ESG) ISSUES RESERVES The Trustees are mindful of their duty to balance the interests of both current and future beneficiaries. The holding of reserves is one of a range of measures that can In selecting the Charity's investment contribute to stability and continuity of the managers, the Investment Committee took Charity into the future to support future into consideration the approach taken to beneficiaries. The Trustees determine the ESG in investing. Columbia Threadneedle's need for reserves by reference to several approach is to integrate ESG into its factors which they keep under regular investment research in companies to build a review, including the time needed to fuller picture of the risks and opportunities reverse the recent declines in regular giving of all investment opportunities, based on from individuals and the extent to which the belief that sustainable business models. the remainder of its income is dependent organisational stability and the ability to on many small donations and grants. effect positive change, are more likely to It considers fluctuations in beneficiary deliver value to all stakeholders including expenditure and future levels of demand shareholders. Columbia Threadneedle uses for the help and services provided by the 'active ownership, so that through continuous Charity. It also reflects the estimated buy-out monitoring, targeted engagements and cost of the Defined Benefit Pension Scheme strategic voting it drives change and helps which had reduced to £793k December 2024 create future value. Columbia Threadneedle (the last triennial valuation). Based on its includes responsible investment metrics in current analysis, the Trustees feel that the their regular reporting including: a Columbia Charity should continue to retain reserves of Threadneedle ESG Materiality rating, Carbon between £20m and £25m. Intensity, Controversies Exposure and MSCI ESG Score. Both funds outperformed the Columbia Threadneedle benchmarks set on these metrics. Of our total Charity funds of £25.7m, total unrestricted funds were £25.6m at 31 December 2024. In assessing our level of free reserves, we exclude the fixed assets of £1 m as these assets cannot be quickly disposed of. This leaves free reserves of £24.7m (2023: £25.7m) which isjust within the target level of £20m to £25m (2023: £20m to £25m). The Trustees expect reserves to decline over the next few years as we develop the Charitys services to help more people in line with the strategy that was developed in 2015 and refreshed in 2020. Restricted reserves- which are not taken into account in formulating our reserves policy were £85k as at 31 December 2024, details of which are set out in note 14 to the accounts. 18
GOING CONCERNS PENSIONS The Trustees have assessed the Charitys ability to continue as a going concern. The Trustees have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements including a review of updated forecasts to the end of 2026, a consideration of key risks that could negatively impact the Charity such as cost of living, impact on general living and global conflicts. Also, the latest available valuation of the investment portfolio has been reviewed. The pension liability in respect of the defined benefit pension scheme that was closed to all staff for future benefit accrual in 2004 continues to change from one year to the next. This is largely driven by factors outside our control: performance of the assets in the pension scheme reflecting changing conditions in the financial markets and the sensitivity of the pension liability to changes in interest and inflation rates. The Scheme was a multi-employer defined benefit pension scheme, The CSBF Pension and Assurance Scheme, and the Charity accounts for its 92.9% share of the net assets and liabilities of the multi-employer pension scheme which is recognised on the Charitys balance sheet. The Charitys principal source of income continues to be regular monthly contributions from individuals, both serving and retired civil servants. This represented approximately 65.5% of the Charitys income in 2024. As reported in the financial review. contributions in 2023 reflected a net 7% decline and this trend has continued to be modelled in the revised forecasts. The key area of uncertainty relates to any impact of market turmoil on the valuation of investments. The Trustees are satisfied that the Charity has sufficient reserves and liquidity within the investment portfolio to continue as a going concern for the foreseeable future. Cash flow forecasts are regularly prepared and assets in the investment portfolio can be liquidated to meet short term requirements. Contributions paid by the Charity during the year were £93k. The value of our share of the scheme's assets remained stable at £14.5m while the value of the scheme's liabilities (under FRS102 principles) dropped in 2024 from £14.4m to 13.2m resulting in a surplus of £1.2m. The Charity does not to recognise this surplu5 but instead show zero as the pension asset/ liability. This valuation is undertaken using a series of assumptions and judgments. The valuation of the scheme is very sensitive to these assumptions and thus there is a risk that this valuation will change significantly during the coming year, as it has in past years. The Charitys exposure to pension valuation fluctuations is monitored through its risk management framework and its consideration of financial risks. There is an effective budgeting and forecasting process in place for payments into the pension plan. The Charity also actively engages with the pension trustees including in relation to longer term plans for the Scheme. Since closing the defined pension scheme to future staff benefit accrual in 2004, the Charity operates a defined contribution group pension scheme. More details about pensions are set out in note 16 to the accounts. After considering these factors, the Trustees have concluded that there are no material uncertainties, and the Charity has a reasonable expectation that there are adequate resources to continue in operational existence for the foreseeable future and have continued to prepare the financial statements on the going concern basis. 19
PRINCIPAL RISKS AND UNCERTAINTIES Risk is considered in key decision processes in the Charity at Executive and Board level. The Board reviews the major risks faced by the Charity at least annually after more detailed discussions at the Finance and Audit Committee. The current review includes consideration of the adequacy of the actions and mitigations being taken in response to each risk. The Board is satisfied that the major risks facing the Charity have been identified and are being appropriately addressed. This includes the Board's view of the impact of the current economic climate and the consequences for its risk assessment. The key resulting risk for the Charity is the financial risk for the Charity arising from a significant loss in the value of its investments which is detailed below. Overall. the Board considers that the key risks currently facing the Charity are as follows: The Charity has seen a decline in the number of regular donors over the last decade and income from regular donations has fallen. If this decline in regular income is not reversed or other sources of income found, this could threaten the longer- term future of the Charity and its ability to help civil servants. Plans to address this include a targeted fundraising strategy following the 2023 brand refresh, focused interaction with the major Civil Service departments to drive employee engagement with the Charity, and marketing to promote the Charitys purpose that will increase the Charitys perceived relevance and reliance on donations. The Board is aware that these efforts will take time to pay off and reverse trends in income. Whilst this risk has impacted on the Charitys net income, the Charity currently remains in a strong financial position. A key financial risk for the Charity is a significant loss in value of its investment portfolio. The Charity is a long-term investor with a significant portfolio and can sustain short-term market fluctuations. As set out above, the Charitys investments are managed by professional managers and the Charity has access to further independent investment advisers. The Charity has divided its portfolio with an amount to cover its short-term cash requirement held in a separate low volatility liquidity fund. The long-term portfolio is in a fund that targets a real return but with 2/3rds or less of equity volatility. The performance of the managers and the achieved volatility is reviewed by the Investment Committee quarterly. 20
REMUNERATION REMUNERATION POLICY SENIOR MANAGEMENT PAY Oura roach to at the Charit The Charitys purpose and vision means that the Chief Executive and other members of the Senior Management Team require a breadth of experience, skills and personal qualities on a par with high-quality senior- level talent in similar organisations and so the Charity needs to be competitive in the market. They need to be able to liaise and command the respect of senior civil servants and executives of other partnership charities of all sizes through their experience and credibility. At the Charity, we can retain this talent whilst keeping salary costs under control. The Charity had 77 staff as at 31 December 2024, which equates to 70 full-time equivalent employees. Salary and total reward for the Chief Executive are set and reviewed by the Remuneration Committee, a sub-committee of our Board of Trustees. The Remuneration Committee is chaired by the Charitys chair and includes other members ofthe Board, who offer pay expertise in the Not for Profit and other sectors. All other staff salaries are set by the For the purposes of disclosures under the Executive Team. Salaries are arranged in pay Charities SORP (FRS 102), senior management grades across the Charity, using external independent benchmarking and comparison is defined as the Chief Executive Officer data within the Charity and Not for Profit and the other three directors responsible sectors, and considering affordability at the for Finance and Resources, Help, Advice Charity. Salaries are clearly advertised when and Services, and Fundraising and recruiting for new roles. At the Charity, we Communications. believe in recruiting and retaining high- calibre people to represent the organisation's interests. We believe in rewarding staff fairly for the jobs that they do and provide a single The Chief Executive and Directors participate streamlined salary and grading framework in performance appraisal annually as part of for all staff, which is equitable and consistent the appraisal scheme operated for all staff. In with the principle of equal pay for work of the case of the Chief Executive, this includes equal value. seeking detailed feedback from the Chair and Trustees. BENCHMARKING The Charity works hard to retain staff who have been recruited for the specific skills Staff pay levels are reviewed annually. The that they bring to their particular role. Pay annual pay award is reviewed by the Head and reward are determined to ensure that of People and Payroll and the Charitys we can recruit people with the right skills Executive Team and is communicated to the in a competitive market. Many of our staff Charitys nominated union, PCS. The same have detailed knowledge, some of which benefits, apart from annual leave allowance, 15 unique to the Charity and could not be including pensions and terms and conditions, easily replaced. Our staff pay scales and total apply to the Chief Executive and Directors, as reward package reflects our commitment to all other staff. Annual pay increases for the retaining and motivating our staff. Chief Executive and staff are aligned. In 2024, a 5% pay increase was awarded to all staff. 21
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Gender Pay Gap:
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Gender FTE Salary FTE Salary
Male
Female
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Gender FTE Salary FTE Salary
Male
Female
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Salary Quartile Male Female
Overall 30% (23) 70% (54)
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22
TRUSTEES, ADMINISTRATIVE REPORT STRUCTURE AND GOVERNANCE CONSTITUTION AND MEMBERSHIP The Civil Service Benevolent Fund ("the Charity,) was incorporated on 16 June 2010 as a company limited by guarantee (company no. 7286399). In May 2012, the company began operating under the name'The Charity for Civil Servants" The Charity is registered with the Charity Commission in England and Wales (no. 1136870) and is on the Scottish Charity Register (no. SC041956). The Charity is governed by its Articles of Association dated 16June 2010. The Trustees have carefully considered the aims of the Charity and how it measures up to the Public Benefit test. Further detail on the Charitys aims and objectives are provided on page 4. The Charity carries out its activities from its principal office, No. 5 Anne Boleyn's Walk, Cheam, Sutton, SM3 8DY, which is also its registered office. The Charity has been granted continuous patronage by The Monarch since Queen Victoria in 1886. Following the death of our Patron, HM Queen Elizabeth11 in 2022, we are delighted that His Majesty King Charles111 has graciously agreed to be Patron of the Charity. The Charity has one subsidiary, CSBF Enterprises Limited (registered in England and Wales: company number 03119311). More detail is given in Note 10 (c) to the accounts. 23
TRUSTEES AND ADVISORS The Charity is governed by a Trustee Board of between 8 and 12 Trustees. Under the CharItS Articles of Association, one Trustee shall be appointed by the Cabinet Office and that Trustee will be the Chair. Other Trustees are appointed by resolution of the Trustees at the Annual General Meeting. The Board is currently comprised of 11 Trustees. The following Trustees served as members of the Board throughout 2024: Sir Peter Schofield KCB (Chair) Sonia Phippard (Vice-chair) David Kuenssberg Matthew Brook Clara Lane Angela MacDonald James Renwick Jaspal Roopra Mal Singh Michael Smith Luke Treadwell The following Trustees retired during 2024: Joanna Dally The following Trustees were appointed during 2024: Angela MacDonald - appointed 12.07.24 No Trustees had any disclosable interests under the Companies Act 2006. Trustees are responsible for reviewing the structure, size and composition of the Board, including the skills, knowledge and experience required. Trustees seek to identify candidates to fill Board vacancies as and when they arise and open advertising or the services of external advisers are considered to facilitate the search for suitable candidates. Trustees are appointed for an initial term of up to three years, to provide for an orderly succession, and are eligible to serve a second term, up to a maximum of six years. Trustees receive individual induction sessions, as well as being provided with relevant background information and training to help familiarise them with their responsibilities. 24
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Nominations and Investment Finance and Audit
Remuneration Committee Committee Group
Committee
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Auditor: Bankers: Solicitors:
25
TRUSTEE APPOINTMENT, INDUCTION AND TRAINING The Charity recruits new trustees on a regular basis to maintain an effective Board and appoints new trustees in line with the Articles of Association. The process of appointment is informed by reviewing our skills and board effectiveness review to determine skills gaps within the Board of Trustees. All nominations of potential new appointments are reviewed by the existing Board of Trustees. Where a vacancy occurs outside of the annual recruitment process, trustees may be appointed to the vacancy until the next Annual General Meeting. New trustees go through a comprehensive induction programme to ensure they understand the objectives of the Charity and their responsibilities as trustees. SAFEGUARDING POLICY Safeguarding is everyone's responsibility. The Charity for Civil Servants has a duty of care to safeguard people we help, people who support us and volunteer with us, staff and Trustees. We have a responsibility to safeguard children and vulnerable adults. Vulnerable can refer to the situation someone is in, or refer to a lack of mental capacity, mental or physical frailty, for example an inability to communicate. dementia or mobility impairment. A safeguarding issue can arise in any setting and can be immediate concern or an allegation about something happening now, in the past or in the future. It can be one incident or a series of incidents. We have a policy, procedures, information and training so that all staff and volunteers can identify and respond appropriately to safeguarding concerns, reporting to relevant agencies such as the police or local authority safeguarding bodies. The policy also refers to other policies, for example whistleblowing. The Board of Trustees delegates a Safeguarding Trustee Lead. The other Safeguarding Leads at the Charity are the Director of HAS, the Head of HAS Operations and the Chair of the Safeguarding Group. The Safeguarding Leads respond to incident reports. The Safeguarding Group reviews policy, best practice and procedures. This group consists of the Safeguarding Leads and representatives from the Charity at all levels. An annual update and report are submitted to the Board of Trustees. All serious incidents are reported to the Board of Trustees as they occur. and we notify The Charity Commission of any serious incident. 26
TRUSTEE RESPONSIBILITIES The Trustees are responsible for preparing the Trustees, Report (which comprises the Trustees, Administrative Report and the Trustees, Strategic Report) and the accounts in accordance with applicable law and regulations. Charity law requires the Trustees to prepare financial statements for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards) and applicable law. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the situation of the charitable company and of its net incoming resources for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then apply them consistently,. Observe the methods and principles in the Charities Statement of Recommended Practice (SORP); Make judgments and accounting estimates that are reasonable and prudent; State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charitable companys transactions and disclose with reasonable accuracy at any time the financial position of the 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 Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. YJER+i1 The Trustees at the date of approval of this report have confirmed, as far as they are aware, that there is no relevant audit information (information needed by the Charity's auditor in connection with preparing the audit report) of which the Charitys auditor is unaware. Each Trustee has taken all the steps that they should have taken as a Trustee to make themselves aware of any relevant audit information and to establish that the companYs auditor is aware of that information. CHARITY GOVERNANCE CODE The Charitys Trustees acknowledge that the Charity for Civil Servants is best placed to fulfil its vision, mission and strategic goals if it has effective governance in place. The Charity continues to utilise the Charity Governance Code as a tool to support the Board to reflect upon its governance structures and consider the most appropriate ways to adopt the Code's principles and recommended practices. The Trustees also continue to uphold their legal responsibilities and recognise that behaviour and culture are integral, both in supporting the Charity to deliver its objects most effectively for its beneficiaries, benefit, and in achieving good governance. 27
The Charitys governance structures continued to work well during 2024, and most Board meetings were held in person with a remote option for those unable to join face to face. Larger committee meetings were also held predominantly in person, with smaller meetings being held virtually. The Trustees, annual Away Day was held in person. A triennial externally facilitated board effectiveness review conducted in 2021 concluded that the Charity already had strong systems of governance in place, and work to apply the recommendations arising from the review was completed in 2022. The Charity and its Trustees remain committed to improving the Charitls governance standards and on increasing its overall effectiveness as an organisation and will undertake a board effectiveness review in 2025. This Annual Report, which incorporates the Trustees, Strategic Report and Administrative Report, was approved by the Trustees on the [21/0512025], and signed on their behalf by: Sir Peter Schofield KCB Chair, Board of Trustees [21 /0512025] 28
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CHARITY FOR CIVIL SERVANTS Opinion We have audited the financial statements of Charity for Civil Servants for the year ended 31 December 2024 which comprise the Charitable Company Statement of Financial Activities, the Charitable Company Balance Sheet, the Charitable Company Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the charitable companys affairs as at 31 December 2024 and of the group's and parent charitable companls net movement in funds, including the income and expenditure. for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 29
Other information
Opinions on other matters prescribed by the Companies Act 2006
Matters on which we are required to report by exception
30
Responsibilities of trustees for the financial statements As explained more fully in the trustees, responsibilities statement, the trustees {who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable companys ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the Charity Commission, GDPR, health and safety regulations and employment law, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011, Charities SORP (2019), and tax regulations. We evaluated managemenys incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to revenue recognition, and management override of controls, opening balances and investments. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities,. Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud," Evaluating management's controls designed to prevent and detect irregularities; Identifying and testingjournals, in particularjournal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and 31
Challenging assumptions and judgements made by management in their critical accounting estimates Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Steve Harper (Senior Statutory Auditor) For and on behalf of Haysmac LLP. Statutory Auditor 10 Queen Street Place London EC4R 1AG 30/05/2025 32
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Unrestricted Restricted 2024
Funds Funds Total
Funds
Income from Note £000 £000 £000
2 3,581
Other income 3 298
Investment income 4 690
Total income 4,569
Expenditure on
1,085
113
1,198
Charitable activities
6,153
Total charitable expenditure 6,153
Total expenditure 5 7,351
(2,782)
11a 1,197
(1,585)
11b -
17 106
Net movement in funds for the (1,479)
year
Reconciliation of funds
27,131
1 January
Funds carried forward at 25,652
31 December
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33
| 2024 ~~_~~ |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Total ~~_~~ |
|||||||||||
| Note | £000 ~~_~~ |
||||||||||
| Fixed assets | |||||||||||
| Intangible assets | 9 | 351 | |||||||||
| Tangible | assets | 10 | 472 | ||||||||
| Investment assets | 11 | 24,259 | |||||||||
| Total fixed assets | 25,082 | ||||||||||
| Current assets | Current assets | ||||||||||
| Debtors | 12 | 554 | |||||||||
| Cash | at bank and in hand | 305 | |||||||||
| Total current assets | 859 | ||||||||||
| Liabilities | |||||||||||
| 13 Creditors: amounts falling due within |
(289) | ||||||||||
| one year | ~~a~~ | ||||||||||
| Net current assets | 570 | ||||||||||
| Total assets less current liabilities | 25,652 | ||||||||||
| Net assets | 25,652 | ||||||||||
| Total net assets | 25,652 | ||||||||||
| The funds of the Charity: | |||||||||||
| Unrestricted funds | 25,200 | ||||||||||
| Revaluation reserve | 367 | ||||||||||
| Total unrestricted funds | 15 | 25,567 | |||||||||
| Restricted income funds | 15 | 85 | |||||||||
| Total charity funds | 25,652 |
34
Notes to the accounts for the year ended 31 December 2024 Note ~~—~~ 2024
| Note |
2024 ~~—~~ |
~~2023~~ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash | flows | from operating activities: | £000 ~~a~~ |
~~£000~~ | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | cash | used | in | operating activities | A | (3,124) | (2,833) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Cash | flows | from investing | activities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment | income | 4 | 2 | 4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase | of | intangible assets | 9 | (15) | (80) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Purchase | of | property, | plant and | equipment | 10 | (14) | (5) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Payments | to | pension | fund | 17 | (94) | (93) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Rebate | reinvested | 11a | 0 | 2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disposal | ofinvestments | investments | 11a | 3,350 | 2,670 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | cash | provided by investing activities | 3,229 | 2,498 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Change | incash | cashand | and | andcash | cash | equivalents inthe | 105 ~~OO~~ |
~~(335),~~ | ||||||||||||||||||||||||||||||||||||||||||||||||
| reporting | period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash | and | cash | equivalents at | the | beginning of | 200 | 517 | |||||||||||||||||||||||||||||||||||||||||||||||||
| the | reporting | period | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents at the end of the | Cash and cash equivalents at the end of the | Cash and cash equivalents at the end of the | Cash and cash equivalents at the end of the | Cash and cash equivalents at the end of the | Cash and cash equivalents at the end of the | B | 305 | 200 | ||||||||||||||||||||||||||||||||||||||||||||||||
| reporting | period | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to | the | cash | flow statement | 2024 ~~a~~ |
~~2023~~ | |||||||||||||||||||||||||||||||||||||||||||||||||||
| A. Reconciliation of net income/expenditure to net cash flowfrom operating activities |
A. Reconciliation of net income/expenditure to | £000 ~~—__~~ |
~~£000~~ | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | (expenditure) / | income forthe | the | reporting | (1,478) | (1,254) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| period | (as | perthe | the | statement | offinancial | financial | activities) | |||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments | for: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment | management | fees | 11a | 113 | 89 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Gain | on | investments | 11a | (1,197) | (1,765) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Depreciation | & | amortisation | charges | 9&10 | 168 | 177 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Investment | income reinvested | 4 | (688) | (463) | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| (Increase)/Decrease | in debtors | 12 | (22) | 844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Decrease | in | creditors | 13 | (113) | (180) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | Pension | scheme | interest | 17 | 3 | (5) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Net | pension | scheme | expenses | 17 | 196 | 293 | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Pension | scheme | Gain | 17 | (106) | (205) | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net cash | used | in | operating | activities | (3,124) | (2,833) | ||||||||||||||||||||||||||||||||||||||||||||||||||
| B. Analysis of cash and cash equivalents | B. Analysis of cash and cash equivalents | B. Analysis of cash and cash equivalents | B. Analysis of cash and cash equivalents | B. Analysis of cash and cash equivalents | B. Analysis of cash and cash equivalents | B. Analysis of cash and cash equivalents | 2024 | 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||
| £000 | £000 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cash | in | hand | 305 | 201 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total cash and cash equivalents | Total cash and cash equivalents | Total cash and cash equivalents | Total cash and cash equivalents | Total cash and cash equivalents | Total cash and cash equivalents | 305 | 201 |
35
Charity for Civil Servants Notes to the accounts for the year ended 31 December 2024 Status of the Charity The Charity was incorporated in England and Wales on 16th June 2010 (company number 7286399) and is limited by guarantee of its members. The guarantee of each member is restricted to £1 sterling. The address of the registered office is No. 5 Anne Boleyn's Walk, Cheam, Surrey, SM3 8DY. The Charity meets the definition of a public benefit entity under FRS 102. It is registered in England and Wales (charity number: 1136870) and in Scotland (charity number: SC041956). Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)- (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The financial statements are drawn up under the historical cost convention except that the freehold property was valued as at 30June 2000 and investments are carried at market value. The financial statements are presented in pounds sterling which is also the functional currency of the Charity. The Charity has one wholly owned subsidiary undertaking. CSBF Enterprises Limited (company number 03119311). This is not consolidated on the basis that the amounts in the subsidiary are immaterial in the context of the Charity. Going concern The Trustees have assessed the Charitys ability to continue as a going concern. The Trustees have considered several factors when forming their conclusion as to whether the use of the going concern basis is appropriate when preparing these financial statements including a review of updated forecasts to the end of 2026, a consideration of key risks that could negatively impact the charity such as cost of living, impact on general living and global conflicts. Also, the latest available valuation of the investment portfolio has been reviewed. The Charity's principal source of income continues to be regular monthly contributions from individuals, both serving and retired civil servants. This represented approximately 65.5% of the Charitys income in 2024. As reported in the financial review, contributions in 2023 reflected a net 7% decline and this trend has continued to be modelled in the revised forecasts. The key area of uncertainty relates to any impact of market turmoil on the valuation of investments. The Trustees are satisfied that the Charity has sufficient reserves and liquidity within the investment portfolio to continue as a going concern for the foreseeable future. Cash flow forecasts are regularly prepared and assets in the investment porrfolio can be liquidated to meet short term requirements. 36
Charity for Civil Servants Notes to the accounts for the year ended 31 December 2024 After considering these factors, the Trustees have concluded that there are no material uncertainties. Income Income is recognised in the accounts of the Charity when all of the following criteria are met: Entitlement - control over the rights or other access to the economic benefit has passed to the Charity. Probability- it is more likely than not that the economic benefits associated with the transaction or gift will flow to the Charity. Measurement- the monetary value or amount of the income can be measured reliably and the costs incurred for the transaction and the costs to complete the transaction can be measured reliably. Contributions, and any related recoverable tax, are accounted for when they are due. Donations are accounted for when received. Pecuniary legacies are recorded as income when notified; residuary legacies are recorded when the Charity is legally entitled to the income, receipt is probable and the amounts can be reasonably quantified on the basis of estate accounts or, where not available, on the basis of probate asset values. Income from investments represents distributions, as notified by the investment managers, that are reinvested. Income from Government Grants is recognised using the accrual model basis. Grant Income is recognised when there is reasonable assurance that a) any conditions attached to receiving the grant will be met and b) the grants will be received. Grants relating to revenue are recognised in income over the periods in which related costs are incurred for which the grant is intended to compensate. Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to commit the Charity to expenditure as a result of a past event, it is probable that settlement will be required and the amount of the obligation can be measured or estimated reliably. Grants payable are accounted for when approved by the Charity and notified to beneficiaries. All other expenditure is accounted for on an accruals basis. Governance costs represent expenditure on strategic planning for the Charitys future development, internal and external audit, legal advice to trustees and costs associated with constitutional and statutory requirements including the cost of Board meetings and preparing statutory accounts. Costs which cannot be directly attributed to individual activities reflected on the Statement of Financial Activities are allocated on a basis consistent with the use of resources, being the relevant proportions of either staff costs, time spent or assets utilised. Irrecoverable VAT is charged as a cost against the artivity for which the expenditure was incurred. 37
Charity for Civil Servants Notes to the accounts for the year ended 31 December 2024 Allocation of support costs Support costs are those functions that assist the work of the Charity but do not dirertly undertake charitable activities. Support costs include central management and office costs, finance, HR, information technology and systems, analysis and insight, defined benefit pension scheme expenses and governance costs which support the Charitys activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. Tangible fixed assets Tangible fixed assets costing more than £1,000 are capitalised. All fixed assets are recorded at cost and are depreciated at rates to write off the excess of the cost or valuation over the anticipated residual value of individual assets evenly over their estimated useful lives. These rates are currently as follows: Freehold building and property improvements 3-4% p.a. on valuation and cost Fixtures, fittings & office equipment 15% p.a. on cost Other computer hardware & software 33113 % p.a. on cost Intangible fixed assets Intangible fixed assets are non-monetary fixed assets that do not have physical substance but are identifiable and are controlled by the Charity through custody or legal rights. An intangible asset is recognised when it is separable or arises from contractual or other legal rights and if it is probable that its expected future economic benefits will flow to the Charity, and if its cost or value can be measured reliably. Intangible fixed assets costing more than £2,000 are capitalised. Intangible assets are measured initially at cost and subsequently at cost less impairment and less any accumulated amortisation. The residual value of intangible fixed assets is nil when calculating the charge for amortisation unless reliable evidence exists to the contrary. Amortisation of intangible fixed assets is charged as an expense to the relevant statement of financial activities category reflecting the use of the asset. Intangible assets are amortised on a straight-line basis over their useful economic lives. If the useful life cannot be estimated reliably it is presumed to be no more than five years. Amortisation commences on development expenditure when an intangible asset is available for use. The amortisation rates used are as follows: Software and website costs: 33,. % per annum 38
Charity for Civil Servants Notes to the accounts for the year ended 31 December 2024 Major system development: 20% per annum Intangible assets are only reviewed for impairment if there are indicators that the asset may be impaired. Investment assets Investments are measured initially at cost and valued in the balance sheet at fair value (their market value) at the balance sheet date. Investment net gains and losses, whether realised or unrealised, are combined and shown in the heading'Net gains/(losses) on investments, in the Statement of Financial Activities. Investment Property The Charity holds an investment propety at No 5 Anne Boleyn's Walk, Cheam. The ground floor is occupied by the Charity itself and during 2023 the remaining floors were let out to tenants. The propety was revalued as of 31 st December 2023 for investment purposes and the investment property portion of the freehold building held on a revaluation basis. Freehold property where the Charity occupied the space in the year continues to be held at cost. Investment Charges The arrangement with the investment manager, Columbia Threadneedle, is for the Charity to invest in two pooled funds where the fees are deducted directly in calculating the value of the units in the funds. Fees from this point are not separately identifiable and are in effect netted off in arriving at the gain on investments. The Ongoing Charges Figure (OCF) for the long-term fund is 0.5% (including an AMC of 0.40%). The OCF for the short-term fund is 0.46% (including an AMC of 0.40%). The Charity received a 0.2% rebate on short-term fund's AMC, and this is reflected under Other Income. The amount shown in the accounts is the estimated annual fees provided by the investment manager. Pensions Employer costs relating to the defined contribution pension scheme are included as expenditure when they become payable in accordance with the rules of the scheme. The Charity also contributes to a defined benefit pension scheme, which was closed in 2004 to future benefit accrual. The current service costs of the scheme, together with the scheme interest cost less the expected return on the scheme assets for the year, are charged to the Statement of Financial Activities (SOFA). The actuarial losses on the scheme are recognised immediately as other recognised losses. The Charity does not recognise pension surpluses on its Balance sheet as FRS 102 only permits a surplus to be recognised where the employer is able to recover that surplus either through reduced contributions in future or through refunds from the plan. The assets of the scheme are measured at fair value at the balance sheet date. Liabilities are measured on an actuarial basis at the balance sheet date using the projected unit method and discounted at a rate equivalent to the current rate of return on a high-quality corporate bond of equivalent term to the scheme liabilities. Any resulting defined benefit liability will 39
Charity for Civil Servants Notes to the accounts for the year ended 31 December 2024 be presented separately after other net assets on the face of the balance sheet. Financial instruments The Charity has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost. Financial assets held at amortised cost comprise cash and bank and in hand, short term cash deposits together with debtors excluding prepayments. Financial liabilities held at amortised cost comprise short- and long-term creditors excluding deferred income and taxation payable. No discounting has been applied to these financial instruments on the basis that the periods over which amounts will be settled are such that any discounting would be immaterial. Investments, including bonds and cash held as part of the investment portfolio are held at fair value at the balance sheet date, with gains and losses being recognised within income and expenditure. Investments in subsidiary undertakings are held at cost less impairment. Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, trustees are required to make judgements, estimates, and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affected current and future periods. The only significant sources of uncertainty in our estimations that have a significant effect on the amounts recognised in the financial statements are the defined benefit pension scheme and estimated residuary legacies receivable. Further details, including assumptions used, are disclosed in Note 16 (defined pension scheme), and under Income in the accounting policies (residuary legacies).
| 2. | 2. | 2024 | |||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| £000 | |||||||||||||||||||||
| 2,981 | |||||||||||||||||||||
| 169 | |||||||||||||||||||||
| 201 | |||||||||||||||||||||
| 127 | |||||||||||||||||||||
| 103 | |||||||||||||||||||||
| 3,581 | |||||||||||||||||||||
| 3. Other | Income | ||||||||||||||||||||
| 2024 | |||||||||||||||||||||
| £000 | |||||||||||||||||||||
| - | |||||||||||||||||||||
| 214 | |||||||||||||||||||||
| 84 | |||||||||||||||||||||
| 298 |
| 4. Investment income | 2024 | |
|---|---|---|
| £000 | ||
| 2 688 |
||
| 690 |
41
5. Expenditure 2024
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----- Start of picture text -----
Financial Support Direct Support 2024
(Note 5a) Activities costs Total
(Note 5b)
£000 £000 £000 £000
Charitable activities
Total expenditure at 2024 1,529 3,217 2,605 7,351
Expenditure 2023
Financial Support Direct Support 2023
(Note 4a) Activities costs Total
(Note 5b)
£000 £000 £000 £000
Charitable activities
Total expenditure at 2023 1,924 3,502 2,579 8,005
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42
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----- Start of picture text -----
2024 2024 2024
Total
£000 £000 £000
105
7
198
44
7
213
289
531
121
10
4
-
-
1,504 25 1,529
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43
(b) Analysis of support costs 2024
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----- Start of picture text -----
2024
Governance DB Pension Finance H.R IT & Systems Central Total
Scheme Analysis Services
£000 £000 £000 £000 £000 £000 £000 £000 £000
funds
Charitable
activities
In 2024 715 51 196 169 254 486 563 171 2,605
Analysis of support costs 2023
2023
Governance DB Pension Finance H.R IT & Systems Central Total
Scheme Analysis Services
£000 £000 £000 £000 £000 £000 £000 £000 £000
funds
Charitable
activities
In 2023 690 41 294 214 250 276 566 248 2,579
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2024 £000 - 8 33 41
44
6. Net Income/expenditure for the year
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2024 £000 168 27 6
7. Trustees and employees
| Total | 2024 £000 3,518 343 462 4,323 |
|---|---|
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2024
22.57
31.71
21.1
31.28 44.10 75.38
-
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45
| ~~Homebased~~ | ~~HQ~~ | ~~2023~~ | |
|---|---|---|---|
| ~~Homebased~~ | ~~HQ~~ | 2024 | ~~2023~~ |
| ~~Homebased~~ | ~~HQ~~ | ~~2023~~ | |
| 16.5 | 75 | 24 | 30 |
| 16 | 19 | 35 | 38 |
| 2.5 | 21 | 23.5 | 24 |
| 35 | 47.5 | 82.5 | - |
| 40 | 52 | - | 92 |
| 2024 | 2023 |
|---|---|
| 4 | 2 |
| 4 | - |
| - | 5 |
| 2 | - |
| - | 1 |
| £66,173 | £84,426 |
46
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----- Start of picture text -----
Position Basic 2024 Ers ni Total 2023 Total
Salary Employers remuneration remuneration
Pension
conts.
Total £129,285 £695 £31,165 £14,325 £175,470
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8. Volunteers
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| Cost or valuation Balance at 31.12.2024 Accumulated amortization Balance at 31.12.2024 Net book value at 31.12.2024 |
Website software £000 921 570 351 |
Website software £000 921 570 351 |
Website software £000 921 570 351 |
|---|---|---|---|
| 921 | |||
| 570 | |||
| 351 |
47
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Freehold Fixtures, Total
property
equipment
Cost or valuation £000 £000 £000
940 339 1,279
- 14 14
-
(85) (85)
Balance at 31.12.2024 940 268 1,208
Accumulated depreciation
805
15
(84)
Balance at 31.12.2024 485 251 736
Net book value at 31.12.2024 455 17 472
11. Fixed asset investments
(a) Investment portfolio 2024
Movements in the investment portfolio in the year £000
Market value at 1 January 25,270
597
91
(3,350)
(113)
1,197
Market value at 31 December 23,692
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48
| LongTerm | LongTerm | LongTerm | LongTerm | LongTerm | LongTerm | LongTerm | LongTerm | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | £21,078,439 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total held with Columbia Threadneedle | Total held with Columbia Threadneedle | Total held with Columbia Threadneedle | £23,692,378 | ||||||||||||||||||||||
| The | Shor~~t-~~Term fund is mainly comprised offixed income and cash to mitigate any shor~~t-~~term | ||||||||||||||||||||||||
| market | volatility. The Long-term fund's assetweighting as at 31 December 2024 is analysed | ||||||||||||||||||||||||
| below: | |||||||||||||||||||||||||
| Weighting | |||||||||||||||||||||||||
| (%) | |||||||||||||||||||||||||
| LongTerm | Term | Fund | |||||||||||||||||||||||
| Fixed | Income | 45.6 | |||||||||||||||||||||||
| Equities | 51.1 | ||||||||||||||||||||||||
| Derivatives | - | ||||||||||||||||||||||||
| Cash | 3.3 | ||||||||||||||||||||||||
| Total | 100.0 | ||||||||||||||||||||||||
| (b) | Investment building | ||||||||||||||||||||||||
| Total | |||||||||||||||||||||||||
| £000 | |||||||||||||||||||||||||
| Opening balance | 567 | ||||||||||||||||||||||||
| Closing | Closing | Closing | Closing | Closing | Closing | Closing | Closingbalance | balance | balance | balance | balance | 567 |
(c) Investment in subsidiary
49
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12. Debtors 2024
£000
32
-
158
101
88
172
3
-
554
2024 2023
£000 £000
26 58
61 76
13 13
- 61
76 94
113 100
289 402
2024
£000
58
1,529
(1,574)
13
26
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50
| ~~14.~~ | ~~14.Operating~~ | ~~Operating~~ | ~~Operating~~ | ~~OperatingLeases~~ | ~~Leases- equipment~~ | ~~equipment~~ | ~~equipment~~ | ~~equipment~~ | ~~equipment~~ | ~~equipment~~ | 2024 | ~~2023~~ |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ~~14.~~ | ~~14. Operating~~ | ~~Operating~~ | ~~Operating~~ | ~~Operating Leases~~ | ~~Leases - equipment~~ | ~~equipment~~ | ~~equipment~~ | ~~equipment~~ | ~~equipment~~ | ~~equipment~~ | ~~2023~~ | |
| £000 ~~—~~ |
~~£000~~ | |||||||||||
| Equipment | Rentals charged | in the year | 2 | 7 | ||||||||
| 2024 ~~—~~ |
~~2023~~ | |||||||||||
| £000 ~~—~~ |
~~£000~~ | |||||||||||
| The total future minimum lease payments under | The total future minimum lease payments under | |||||||||||
| operating leases | are due as | follows: | ||||||||||
| - | in less than one | year | - | 4 | ||||||||
| ~~-~~in | inmore | more | morethan | thanone | oneyearand | and | less | less | less | thanfive | - fiveyears |
- |
15. Funds
Unrestricted funds
Restricted funds
Customs & Excise Family Fund
Fenton Trust
Civil Aviation Authority Fund
51
The Black Bequest Fund
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Dementia Fund
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Analysis of movements
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Restricted Income Transfers Expenditure
Funds Balance between Balance
Funds
£000 £000 £000 £000 £000
Balance at 87 2 - (4) 85
31 December
2024
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52
Analysis of net assets by fund
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Investment Net Current Total
assets assets Pension
scheme
£000 £000 £000 £000 £000
Unrestricted 25,567
funds
Restricted 85
funds
Balance at 25,652
31 December
2024
Analysis of movements for the Year Ended 31 December 2023
Restricted Income Transfers Expenditure
Funds Balance between Funds Balance
£000 £000 £000 £000 £000
Balance at 45 45 - (3) 87
31 December
2023
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53
Analysis of movements for the Year Ended 31 December 2023
| Restricted | Intangible | Intangible | Intangible | Intangible | Invest- | Net Current | Defined | Defined | Total | |
|---|---|---|---|---|---|---|---|---|---|---|
| Funds | &tangible | ment | assets | Pension | ||||||
| fixed assets | assets | scheme | ||||||||
| £000 | £000 | £000 | £000 | £000 | ||||||
| Unrestricted | 962 | 25,837 | 245 | 27,044 | ||||||
| funds | ||||||||||
| Restricted | 87 | 87 | ||||||||
| funds | ||||||||||
| Balance at | 962 | 25,837 | 332 | - | 27,131 | |||||
| 31 December | ||||||||||
| 2023 |
16. Taxation
17. Pension
54
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| Present value of scheme liabilities surplus in Scheme |
2024 £000 |
2023 £000 |
||
|---|---|---|---|---|
| (13,251) | (14,386) | |||
| 1,290 | 1,020 |
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| Scheme liabilities at 31 December | 2024 £000 |
2023 £000 |
||
|---|---|---|---|---|
| 13,251 | 14,386 |
| Fair value of scheme assets at 1 January Fair value of scheme assets at 31 December |
2024 £000 |
2023 £000 15,406 |
2023 £000 |
|
|---|---|---|---|---|
| 14,541 |
55
Amounts included within Statement of Financial Activities
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| 2024 £000 |
2023 £000 |
||
|---|---|---|---|
| (93) | (504) |
Fair value of scheme assets
| Total value of assets | 2024 £000 14,542 |
2024 | % | % | 2023 £000 |
2023 £000 |
% | |
|---|---|---|---|---|---|---|---|---|
| £000 | ||||||||
| 100 | 15,406 | 100 |
56
Assumptions 2024 2023
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| The amounts for the current and | previous periods 2024 £000 14,541 (13,251) 1,290 (1,290) (22) 1,099 (855) |
previous periods 2024 £000 14,541 (13,251) 1,290 (1,290) (22) 1,099 (855) |
are as follows: 2023 2022 £000 £000 |
are as follows: 2023 2022 £000 £000 |
are as follows: 2023 2022 £000 £000 |
2021 £000 |
2020 £000 |
||
|---|---|---|---|---|---|---|---|---|---|
| 1,290 | |||||||||
| (1,290) (22) 1,099 (855) |
57
18. Related parties
19. Statement of Financial Activities for the Year Ended 31 December 2023
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Unre- Restrict- 2023
stricted ed Funds Total
Funds Funds
Income from £000 £000 £000
3,798
Other income 151
Investment Income 467
Total income 4,416
Expenditure on
1,225
89
1,314
Charitable activities
6,691
Total charitable expenditure 6,691
Total expenditure 8,005
(3,589)
1,765
365
204
Net movement in funds for the year (1,255)
Reconciliation of funds
28,386
Funds carried forward at 31 December 2023 27,131
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58
.411¥ ({ -THAivk: THANK YOU The Charity for Civil Servants is not able to achieve the impact as demonstrated in this report, without the generous support from our donors, fundraisers and partners. Your commitment in backing the Charity is vital and underpins the work we deliver help to thousands of civil servants. For this, the Charity extends our upmost gratitude to each and every one of you. 59