CSP accounts 2022

Significant improvements to the CSP’s balance sheet highlight underlying volatility

Impact report 2022

Membership growth was the primary driver of the CSP’s financial performance in 2022, as an increase to 63,803 members (2021: 63,107) led to income of £21.2m, up £1.5m on 2021. The CSP returned a surplus before tax of £2.4m, with high inflation contributing to costs of £19m, up £1m on the previous year. 

Council has been looking to generate a surplus each year in order to improve the CSP’s net asset position (everything the CSP owns less everything we owe). The CSP’s net assets were valued at £19.3m at 31 December 2022, up from a net liability of £0.8m at the end of 2021. The improvement is mostly caused by a £22m reduction in the CSP’s pension valuation to a £7.7m liability.  

This remains a highly volatile part of the CSP’s balance sheet. In 2022 the CSP agreed an updated recovery plan over 12 years in order to ensure the CSP is able to meet this long term liability as it falls due.

Council has been focussed on improving the CSP’s organisational sustainability in all areas, with a financial strategy committed to improving the CSP’s reserve position and making best use of our assets.

Reserves are critical to any organisation to enable it to weather economic uncertainty, innovate, and manage organisational risks.

The value of the CSP’s Bedford Row estate declined by £1.8m to £7.6m as the commercial property market in London experienced uncertainties brought about by a combination of economic and societal factors. Bedford Row is currently on the market for sale as the CSP has downsized to more modern premises and staff have a continued focus on supporting our members wherever they work.

Income and expenditure account for the year ended 31 December 2022


2022 £000

2021* £000

Income for services and products21,15019,659
Investment income335100
Income from furlough090
Operating expenses (17,553)
Pension finance charge(539)(482)
Payments to associated charities          -       -
Operating surplus2,4441,814


Income where has it all come from?


2022 £000

2021* £000

Income from journals427502
Income for educational purposes89159
Miscellaneous including grants44531
Total income21,15019,659


Expenditure what has it all cost?

Area of activity

2022 £000

2021* £000

Practice and Development4,8574,750
Employment Relations & Union Services2,9982,640
Strategy, Policy and Engagement4,2243,270
Administration and Finance**5,7696,224
Total expenditure19,04118,035


Balance sheet as at 31 December 2022


2022 £000

2021* £000

Fixed assets  
Tangible and intangible assets***7,9379,773
Current assets  
Debtors and prepayments8711,905
Cash at bank and in hand9311,332
Creditors: amounts falling due within one year(2,258)(3,482)
Net current assets(456)(245)
Total assets less current liabilities27,07126,007
Defined benefit pension scheme liability(7,729)(29,832)
Net assets excluding pension liability29,80326,960
Defined benefit pension scheme liability(29,832)(37,176)
Net assets/(deficit) including pension liability19,342(825)
* 2021 restated accounts
** Also includes HR, governance, business rates, insurance, depreciation and costs associated with the pension scheme
*** Includes the CSP’s owned office building with a market value of £7.6m at 31 December 2022

Number of subscribers: 1

Log in to comment and read comments that have been added