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2025-05-31-accounts

Charity registration number 1211095 (England and Wales)

Company registration number 13382551

THE CSJ FOUNDATION

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2025

THE CSJ FOUNDATION

LEGAL AND ADMINISTRATIVE INFORMATION

Directors L Noe (Chair)
A Cook
L Greig
N Maughan (Appointed 20 January 2025)
R Moodgal
M Muroki
C Usher-Smith
Key management personnel N Gamester Managing Director
J Heldreich Finance and Operations
Director
Charity number (England and Wales) 1211095
Company number 13382551
Registered office Kings Buildings 16 Smith Square
London
Westminster
SW1P 3HQ
Auditor UHY Hacker Young
14 Park Row
Nottingham
NG1 6GR

THE CSJ FOUNDATION

CONTENTS

Page
Trustees' report 1 - 7
Independent auditor's report 8 - 11
Statement of financial activities 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 24

THE CSJ FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MAY 2025

The trustees present their annual report and financial statements for the year ended 31 May 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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).

Objectives and activities

Purpose

The objects of the Charity are for the public benefit in the United Kingdom:

*"the voluntary sector" means charities and other voluntary organisations:

THE CSJ FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

Main activities

The CSJ Foundation was established in December 2021 (and registered as a UK charity in November 2024) to amplify the work done by grassroots charities and transform the way they are seen and funded. These charities rarely get the recognition or funding they deserve. The majority of UK charities are small, but charitable funding is skewed towards the largest charities at the top: more than 88% of all charitable income goes to just 5% of charities. This imbalance matters as it is the frontline charities, rooted in their communities, who work to solve the most challenging and entrenched social problems – day in and day out. And they do it without fanfare and often on a shoestring budget. The CSJ Foundation was established to address this by connecting the very best frontline charities with our network of philanthropists and policy makers at the heart of government.

We are the only Foundation in the UK that combines a 20-year pedigree of nation changing policy impact, an alliance of 900+ frontline charities, and a hyper-local charitable investment model. We believe we have an unparalleled understanding of the most effective poverty-fighting frontline charities that operate across the UK, with a specialism in creating value for those seeking to direct their investment towards high-impact, hyper local social causes. We attempt to pinpoint the best local charities to ensure donors make informed decisions about their giving. We aim to provide first-hand, relational, due-diligence and a quality assured charity portfolio to deliver maximum impact, meaning that we de-risk philanthropy, helping donors avoid costly mistakes by investing in what works. We have a track record of informing national policymaking, supported by the CSJ’s policy expertise and the first-hand experience and expertise of the CSJF’s Alliance.

Public benefit

The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing their aims and objectives and when planning for future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Strategy for achieving aims and objectives

The CSJ Foundation’s strategy is to support smaller charities to achieve two main aims: 1) to enable these charities to have a voice in national debates and policy discussions; 2) to fund these charities by connecting them with donors. We do this because traditionally smaller voluntary organisations have limited opportunities in both areas.

Through our partnership with the Centre for Social Justice, we find smaller charities that are helping to tackle poverty and seek their input into national policy creation. These organisations are working on the front lines to solve major issues of social deprivation and so we seek their advice and expertise to inform decision-makers in Westminster. For example, some of our charities that work with prison-leavers are more effective at directing them into work and reducing reoffending than government programmes – therefore we seek to learn from the smaller charities to understand what they do and whether there are lessons that can be rolled out more widely. We measure the effectiveness of this by recording how many smaller charities are cited in CSJ research and how many of their solutions are put forward by the CSJ as recommendations for national policy.

Over the past two years, one of the primary ways we have done this is through our ‘Big Listen’ series – a roadshow of events across England, Scotland and Wales in which we gather charities and local leaders to tackle pressing issues of the day. To date, we have hosted over 15 Big Listens in cities and towns across the UK which have gathered over 500 charities alongside political figures and philanthropists. These events have directly informed research such as Two Nations: The State of Poverty in the UK and Supercharging Philanthropy.

THE CSJ FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

Grant-making policy

The CSJ Foundation undertakes due-diligence on small UK charities which enables us to advise donors to direct their grants to these charities. The donors we work with often cite the lack of general information about smaller charities and the difficulty they face in locating these charities as a major barrier to their giving. Therefore, the CSJF is helping to increase the flow of funding to small charities by providing high-quality research and due diligence that otherwise donors would not have.

The CSJF oversees a network of over 900 small charities across the UK, managed by our regional offices who understand these charities through personal and desk-based due diligence. By providing this analysis we are able to further our objectives of supporting the voluntary sector, promoting the efficiency and effectiveness of charities, and relieving poverty and hardship by directing grants.

ACHIEVEMENTS AND PERFORMANCE

This year, the CSJF continued to support smaller charities with both funding and opportunities to engage in national policy making. In addition to this, we hosted our annual small charity Awards ceremony, designed to celebrate some of the most impactful small charities.

Funding

In total this year, we helped to direct over £5.9m of philanthropic funding. The CSJF directs funding in two main ways: first by advising donors and philanthropists on how to best direct their giving to community-based charities; second by managing and administering other foundations to ensure they operate efficiently and deliver impact in their own grant-making.

The CSJF provides administrative support to several family foundations, providing back office administration, financial oversight, governance and legal support, and assistance with charitable grant-making. In addition to this, the CSJF helps philanthropists find high-impact small charities by undertaking charity due-diligence, connecting donors with charitable organisations, and recommending investment into charitable organisations. In some cases, the CSJF facilitates the grant-giving in order to provide a seamless grant-making process for philanthropists. Following all donations made through the CSJF, we also provide detailed impact reports outlining how each grant has been spent and the impact generated.

THE CSJ FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

Policy

Many small charities have found innovative solutions to social problems which they are helping to address in their community. Therefore, smaller charities have a lot of expertise to offer for national decision-makers seeking policy solutions to social problems. Over the past year, the CSJF enabled 452 charities to engage in policy work being cited in 30 policy papers – the vast majority of which are based outside of London and have been identified through the CSJF’s regional office network. Of these, 70 recommendations were proposed taken directly from the examples given by charities. These recommendations covered issues like work and welfare – using programmes like ‘micro jobs’ to get the long-term unemployed into work; school attendance – proposing the introduction of attendance mentors to increase school attendance; using sport to improve educational attainment, and more.

In addition to this, the CSJF also published its own policy report, Supercharging Philanthropy , in March 2025. This was produced following 12 months of research including six ‘Big Listen’ events across the UK (we also launched a Scottish edition of the report in April). DCMS minister, Chris Bryant spoke at the launch plus a top-tier panel comprising philanthropists and sector experts. The report generated significant interest within government leading to multiple briefings across government departments.

As noted above, we undertook a ‘Big Listen’ series during the year to engage with charities and philanthropists right across the UK. These events are designed to bring together stakeholders to discuss specific issues in order to capture the sector expertise to inform policy formation. This year the insights gleaned from our Big Listens informed our Supercharging Philanthropy report.

Awards

Each year the CSJF runs a major small charity Awards programme, designed to celebrate and showcase the best small charities in the UK. The CSJF manages the application process to assess the best applicants before shortlisting. A panel of expert, external judges are then tasked to choose the winners. The CSJF then hosts a large event in London with an audience of senior influencers from politics, business, philanthropy and entertainment. Each winning charity is awarded £20,000 prize money and is given a platform to showcase their work. The winning charities this year were: The Boathouse Youth, New Beginnings Foundation, OneEighty, and Clean Slate Solutions.

Financial position

The Statement of Financial Activities is set out on page 12. The assets and liabilities are given in the balance sheet on page 13. The financial statements should be read in conjunction with the related notes on pages 15 to 24.

The Trustees regard the financial position of the Charity at 31 May 2025 to be satisfactory and they are content that the current unrestricted reserves position leaves it with a sound base from which future activity can be built.

Going concern

To assess whether The CSJ Foundation is a going concern, the Trustees and Key Management Personnel have considered the latest financial position of the Charity alongside cashflow forecasts and budgets for the coming twelve months. Following scrutiny of these forecasts, the reasonableness of the key assumptions underlying their preparation and a review of the financial control processes in place to mitigate the risk of income generation targets not being met, the Trustees and Key Management Personnel believe that the Charity remains a going concern.

THE CSJ FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

Reserves policy

The CSJ Foundation aim to maintain unrestricted reserves equivalent to at least four months of future running costs (excluding any grant awards). This equates to £302k and the Trustees consider that this will provide sufficient funds to cover support and governance costs.

Unrestricted free reserves at the end of the period were £293k and equate to 3.9 months. Whilst reserves are not yet in line with policy, the Trustees consider the current level of reserves to be acceptable for an organisation in its infancy and will monitor the planned reserves build as the organisation continues to grow.

Funding sources

The CSJ Foundation would like to thank all of its supporters who have funded us over this period enabling us to continue our work of supporting small, poverty-fighting charities.

PLANS FOR FUTURE PERIODS

Over the years ahead, the CSJ Foundation aims to continue its work supporting small charities. In particular, we will continue our Big Listen series of events which enable community-based charities to impart their learning and expertise into national policy-making. We will continue to work with donors to facilitate their giving to charity and, in time, the CSJ Foundation hopes to raise an endowment fund which it will manage to provide an additional vehicle for grant-making to small UK charities.

Since launching the CSJ Foundation, we have learned that while there is a strong appetite among funders to support smaller charities, there isn’t a proven infrastructure to deliver this. The CSJF has built that infrastructure, through our network of regional offices across the UK, and will continue to work with funders of all sizes to help direct more funding to charities that need it most.

Structure, governance and management

Constitution

The CSJ Foundation is a company Limited by Guarantee (company number 13382551) and was constituted by a memorandum and articles of association dated 5 May 2021 and updated in June 2024. The CSJ Foundation gained charitable status on 25 November 2024 and has the registered charity number 1211095.

Governance framework

The Charity is operated by its Board of Trustees who are ultimately responsible for all decisions undertaken and who meet four times a year. The Managing Director is appointed by the Trustees to manage the day-today operations of the Charity.

The Centre for Social Justice is the sole member of The CSJ Foundation.

THE CSJ FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

L Noe (Chair) A Cook L Greig N Maughan (Appointed 20 January 2025) R Moodgal M Muroki C Usher-Smith

Recruitment and appointment of new trustees

Trustees are appointed through an open and transparent recruitment process. Trustees are appointed for an initial 3-year term at the expiry of which they are eligible for re-appointment.

The minimum number of trustees is three, there is no maximum. There must always be at least two trustees who are not directors, officers or employees of the Centre for Social Justice.

Any new trustee or trustees would be appointed by reference to their abilities to operate a charity of this nature and the existing trustees would ensure at all times that they were thus competent.

Pay policy for senior staff

The Trustees consider the Board of Trustees and the Managing Director and the Finance and Operations Director to comprise the Key Management Personnel of the Charity in charge of directing and controlling, running and operating the Charity on a day-to-day basis. All Trustees give of their time freely and no Trustee received remuneration in the year.

The pay of the senior staff, where applicable, is reviewed annually in accordance with average earnings and in consideration of increases in cost of living and inflation.

Risk management

The Trustees have a duty to identify and review the risks to which the Charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The Trustees are satisfied that the existing systems which are in place to protect against risk are adequate to mitigate the Charity's exposure.

Statement of trustees' responsibilities

The trustees, who are also the directors of The CSJ Foundation for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

THE CSJ FOUNDATION

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently;

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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.

Auditor

In accordance with the company's articles, a resolution proposing that UHY Hacker Young be reappointed as auditor of the company will be put at a General Meeting.

Exemption

The trustees’ report has been prepared taking advantage of the exemptions available to small companies under the Companies Act 2006.

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

..............................

L Noe Chair

Date: ............................................. 26 February 2026

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF THE CSJ FOUNDATION

Opinion

We have audited the financial statements of The CSJ Foundation (the ‘charity’) for the year ended 31 May 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the 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 sufficient 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 charity’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.

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CSJ FOUNDATION

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the 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

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CSJ FOUNDATION

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 industry in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to the acts by the charitable company, which were contrary to applicable laws and regulations including fraud, 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. We evaluated management’s 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 inflated revenue and the charitable company’s net income for the year and potentially undisclosed related parties.

Audit procedures performed included:

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF THE CSJ FOUNDATION

David Allum Senior Statutory Auditor For and on behalf of UHY Hacker Young

27 February 2026 Date: .........................

Chartered Accountants Statutory Auditor

UHY Hacker Young is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

THE CSJ FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MAY 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income from:
Donations and legacies
3
1,118,249
989,000
Total income
1,118,249
989,000
Expenditure on:
Raising funds
4
51,436
-
Charitable activities
5
972,706
989,000
Total expenditure
1,024,142
989,000
Net income and movement in funds
94,107
-
Reconciliation of funds:
Fund balances at 1 June 2024
198,734
-
Fund balances at 31 May 2025
292,841
-		 Total
funds
2025
£
2,107,249
2,107,249
51,436
1,961,706
2,013,142
94,107
198,734
292,841		 Total
funds
2024
£
851,521
851,521
48,807
750,250
799,057
52,464
146,271
198,734

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE CSJ FOUNDATION

BALANCE SHEET

AS AT 31 MAY 2025

2025
Notes
£
Current assets
Debtors
12
112,351
Cash at bank and in hand
426,016
538,367
Creditors: amounts falling due within
one year
13
(245,526)
Net current assets
The funds of the charity
Unrestricted funds
16		 2024
£
£
61,642
270,123
331,765
(133,031)
292,841
292,841
292,841		 £
198,734
198,734
198,734

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

26 February 2026

The financial statements were approved by the trustees on ......................... 26 February 2026

.............................. L Noe Chair

Company registration number 13382551 (England and Wales)

THE CSJ FOUNDATION

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MAY 2025

2025
Notes
£
Cash flows from operating activities
Cash generated from operations
19
Net cash generated from investing activities
Net cash generated from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2024
£
£
155,892
-
-
155,892
270,123
426,016		 £
15,250
-
-
15,250
254,874
270,123

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

1 Accounting policies

Charity information

The CSJ Foundation is a private company limited by guarantee incorporated in England and Wales. The registered office is Kings Buildings 16 Smith Square, London, Westminster, SW1P 3HQ.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price.

1.8 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

1 Accounting policies

(Continued)

1.9 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

There were no critical accounting estimates in the year to 31 May 2025.

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

3 Income from donations and legacies

Unrestricted
Restricted
funds
funds
2025
2025
£
£
Income
1,063,249
989,000
Foundation
administration
55,000
-
1,118,249
989,000		 Total
Unrestricted
funds
funds
2025
2024
£
£
2,052,249
826,521
55,000
25,000
2,107,249
851,521		 Total
funds
2024
£
826,521
25,000
851,521

In 2025, income from donations, legacies and grants included £989,000 (2024: £nil) attributable to restricted funds and £1,118,249 (2024: £851,521) attributable to unrestricted funds.

4 Expenditure on raising funds

Unrestricted
funds
2025
£
Fundraising and publicity
Direct costs
12,724
Other fundraising costs
2,500
Wages and salaries
36,212
51,436		 Total
Unrestricted
funds
funds
2025
2024
£
£
12,724
11,429
2,500
2,500
36,212
34,878
51,436
48,807		 Total
funds
2024
£
11,429
2,500
34,878
48,807

All expenditure in 2025 and 2024 is attributable to unrestricted funds.

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

5 Expenditure on charitable activities

Total
2025
£
Administrative expenses
Wages and salaries
370,391
Staff welfare
88
Staff training
471
Travelling expenses
45,641
Sundry expenses
653
Event costs
107,507
524,751
Grants payable (see note 6)
1,304,000
Share of support and governance costs (see note 7)
Support
132,955
1,961,706
Analysis by fund
Unrestricted funds
972,706
Restricted funds
989,000
1,961,706
6
Grants payable
Unrestricted
Restricted
Total
Unrestricted
funds
funds
funds
funds
2025
2025
2025
2024
£
£
£
£
Grants to institutions:
Grants paid
315,000
989,000
1,304,000
80,000		 Total
2024
£
356,558
926
73
42,050
4,984
163,824
568,415
80,000
101,835
750,250
750,250
-
750,250
Total
funds
2024
£
80,000

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

7
Support costs allocated to activities
Premises and facilities
IT and communications
Governance (finance and admin)
Recharges
Analysed between:
Unrestricted
8
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements		 2025
£
2,297
5,534
77,624
47,500
132,955
132,955
2025
£
9,000		 2024
£
2,225
11,832
40,278
47,500
101,835
101,835
2024
£
-

9 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

10 Employees

The average monthly number of employees during the year was:

The average monthly number of employees during the year was:
2025 2024
Number Number
6 6
Employment costs 2025 2024
£ £
Wages and salaries 349,496 337,815
Social security costs 41,779 38,624
Other pension costs 15,328 14,997
406,603 391,436

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

10 Employees (Continued)
The number of employees whose annual remuneration was more than
£60,000 is as follows:
2025 2024
Number Number
£70,000 - £80,000 1 1
£110,000 - £120,000 1 1
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2025 2024
£ £
Aggregate compensation 136,145 131,271

The Key Management Personnel of the Charity are considered to be the Trustees, the Managing Director and the Finance and Operations Director. The total employee benefits include employers pension contributions and employers national insurance for Key Management Personnel.

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

12
Debtors
Amounts falling due within one year:
Trade debtors
Amounts owed by fellow group undertakings
Other debtors		 2025
£
17,251
40,000
55,100
112,351		 2024
£
6,251
25,000
30,391
61,642

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MAY 2025

13 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Amounts owed to fellow group undertakings
Accruals and deferred income
14
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
14,694
5,914
100,978
123,940
245,526
2025
£
15,328		 2024
£
12,859
24,091
6,436
89,645
133,031
2024
£
14,997

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 June Incoming Resources At 31 May
2024 resources expended 2025
£ £ £ £
Restricted funds - 989,000 (989,000) -

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Previous year:
General funds		 At 1 June
2024
£
198,734
At 1 June
2023
£
146,271		 Incoming
resources
Resources
expended
At 31 May
2025
£
£
£
1,118,249
(1,024,142)
292,841
Incoming
resources
Resources
expended
At 31 May
2024
£
£
£
851,521
(799,057)
198,734

17 Analysis of net assets between funds

Unrestricted
funds
2025
£
At 31 May 2025:
Current assets/(liabilities) 292,841
292,841
Unrestricted
funds
2024
£
At 31 May 2024:
Current assets/(liabilities) 198,734
198,734

THE CSJ FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2025

18 Related party transactions

Transactions with related parties

During the year, the charity received unrestricted income totalling £85,500 from two trustees. These donations were made without conditions and on normal charitable terms.

During the year, the entity charged recharges of £15,000 (2024: £25,000) to Smith Square Trading (an entity with directors in common). As at 31 May 2025, an amount of £40,000 (2024: £25,000) was due from Smith Square Trading and is included within amounts owed by group undertakings.

During the year, the entity paid recharges of £50,000 (2024: £50,000) and also paid a grant of £315,000 (2024: £nil) to The Centre for Social Justice (an entity with directors in common). As at 31 May 2025, an amount of £100,978 (2024: £6,437) was due to The Centre for Social Justice and is included within amounts owed to group undertakings.

19
Cash generated from operations
Surplus for the year
Movements in working capital:
(Increase) in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2025
£
94,107
(50,709)
112,495
155,893		 2024
£
52,464
(28,243)
(8,971)
15,250

20 Analysis of changes in net funds

The charity had no material debt during the year.