Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 Charlty number: 1179724 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE CONTENTS Page Rfrferencg and Admini#tratlve Detalls of the Charlty, Its Trustgos and Advlsers Trustees. Report Tru$tsg$' Responsibilitios Statement Independent Examlnorfs Report 9-10 Statement of FSnanclal Actlvltlos Balancg Shgot 12 Notes to the Flnanclal Ststsmgnts 13-21
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARrrY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2025 Trustees Dslo, Henry Barlow Mr Jeremy Carver Professor John Lonsdale Iresigned 21 September 20241 Dr Gordon Johnson (appointed 22 September 20241 Charlty reglstered numbgr 1179724 Prlnclpal office Pok Rafoah House 11 Madingley Road Combridge CB3 OEG Director DrAnil Seal Treasuror Mr Darren PU11 A Independent Examlnor Peters Eknrthy & Moor8 Chartered Accountsnts Sallsbury Houso Slalion Road Cambridge CB12LA Bankers National Weslmlnsler Bank PIC Carnbridge C82 3NE Page 1
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2025 OBJECTS AND PURPOSES OF THE CENTRE The Malaysian Commonwealth Sludles Centre in Cambridge IMCSCI was established by Trust Deed, dated 30 Aprfl 1995, with Ihe aim of furthering Commonwealth Studies. primarily In the University of Cambridge but also elsewhere in cooperation, where appropriate, with other trusts. The Trustees hold the funds raised for the Centre for application in accordance with the purposes set out in the Trust Deed. ORGANISATION AND MANAGEMENT OF THE CENTRE MCSC was origlnally 8Stablished as an exempt Gharity under. what is now, Schedule 3(28} of the Charities Act 2011 on account of ils connection with the University of Cambridge. In vw of the increaslngly close relationship btheen the acllvilies of the MCSC and the Cambridge Malayslan Education and Development Trust ICMEDTI. the Finance CDmmittee of the University Tecommended that folding-in of the two trusts should take place. Thls recommendation was unanlmously approved by the Trustees of both Irusls. On 1 August 2018, the MCSC Trustees, together with the University, executed a Deed of Amendment of th9 Trust Deed to enable inter alia MCSC lo become a charity registered with the Charty Commission rather than as an exempl charity under Ihg auspices of the University. The Obj&cls and Purposes of the charity remain unchanged. As at 31 July 2025 the folding-in has not been 8xeculed and the Iwo trusts continue to report Ihelr financial rosulls separately. To date. no transfer of assets has taken place. and no declsion has been taken regardlng when such a transfer might occur. CMEDT and MCSC conllnue lo remain separate and disllncl charities. However. they are managed on a unified basis. Under the leims of the amended MCSC Trust Deod, the followlng serve as Trustees.. Professor John Lonsdale (Chairman and Tiustgel Trtired on 21 S&ptember2024 Dr Gordon Johnson (Chairman and Truste81 from 22 Sept&mb8r 2024 for thTre yea Dato, Henry Barlow (Deputy Executive Chaimanl unlil 11 July 2026 Mr Jeremy Carver until 11 July 2026 Glven the fin8nryal circumstance8 of the Trust, all appDintment8 of Trustees are subiecl to annual reviw. The Charity Commisslon regi8t8red the MCSC as a charity (Regislralion Number 11797241 on 29 August 2018. Adminlstratlve arrangements MCSC'S base is at 11 Madingley Road, Cambildge. Thls properly comprises a detached freehoFd house owned by the Yayasan Pok Rafeah Berdaftar and is leased lo the MCSC for a peppercom rent in return foi upkeep of the property, costs that are shared with CMEDT. The MCSC rèmains most grateful lo the Yayasan Pok Rafeah Berdaftar for Ihelr generosity. No value has been included in the accounts for this donalton. During 2024-25, administrative and secretarial assistance for the MCSC was provided al the Centre'5 base al 11 Madlngley Road. Roeruitment, inductlon, and tralnlng of Trustèes All Trustees have considerable administrative experience and knowledge of related governance prOdUre8. In most Cases having run or held senior positions in educational, business or professional inslilulions. Some Trustees are leading figures from within the University of Cambridge and ils College3. 11 is the polScy of the Trust that all new Trustees should receive full minutes of pievious meeting8 of Trustees and Ihelr Executive Commiitee as well as details of accounts and budgets for at least three years prlor to appointment,. that they should recelve a copy of the Trust Deed and any rules and regulatlon8 made under it; and that they should be given an Informal briefing by the officers and invlted lo conlacl the Chairman ol the Executive Committee for further and better particulars or for any matters adslng after pgrusing background popers. Further identified training requirements are mel on an ad hoc basis. Page 2
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 oriicers of the Trust The following setved as officers of MCSC Isuring the financial year 2024-25. Professor John Lonsdale 85 Chainnan of the fruslees.. Dr Anil Seal as Director of Ihg Malaysian Commonwealth StUds Cent. Dalo, Henry Barlow as fnJste& and Deputy ExeGulive Chalm)an, based in Malaysia.. Dr Nicholas Branson as Treasurerof the Malaysi8n Gommonwe<h Studies Centre until June 2025. Mr Darren Purcell as freasurerof Ihe Malaysian Commonweallh Sludi8s Gent frorn June 2025 Professor Lonsdale retired from 21 September 2024. and was succeeded as Chairman by Dr Gordon Johnson. By resolution of the Trustees, the tenure of officer8 is until 11 July 2026. Executive Committee Chairman (Professor John Lonsdale unbl 21 S8Ptember 2024,. Dr Gordon Johnson from 22 September 20241., Director (Dr Anil Seal)., Deputy Executive Chairman (Dalo, Henry Barlow). Treasurer (Dr Nicholas Branson unlll June 2025., Mr Darren Purcell from June 2025) Remuneration Committee the ExeGutive Committee (exclusive of any offIr whose own stipend Dr honorarium was being determlned) ACTIVITIES OF THE CENTRE AND DEVELOPMENTS DURING THE YEAR TO 31 JULY 2025 The Cenlre's core purposes 8re lo help fortify the connections baeen Cambridge and the countries of the Commonwealth by programmes concemed wllh Commonwealth studies (whether education. research, or public policy), in cooper81ion with other bodies in Cambridge and beyond. In pursull of Ih8se aims, the Centre works closely with the C8mbrldge Malaysian Educallon and Development Trust ICMEDTI, whose int&rests are closely related lo Ihose of the Centre. For the avoidance of doubl, the Trustses havg approved th8 following dofinilion of'commonwealth Studies,: For the purposes of wc>rk supported by the Malaysian Commonwealth Studies Cenlre, the term 'Commonweallh Studies, shall be deemed lo cover mallers, of both academic and strategic import, which are of conc6m within the Commonwealth or whreh have a bearing on the Commonwealth. tivities of the Trust The core remit Is lo promote Cambridge's relatlonship with Malaysia and. more broadly. wlh the developing countries of the Commonwealth and beyond. where Cambridge has the experience and oxpertise lo make important conlrlbulions. The Trust's programme of activities, in conjuncllon with the Cambridge Malaysian Educ91ion and Development Trust ICMEDTI, has continued lo be pursued as 8Ctively a8 POS8ible given financial con81rainls. The four current programmes are: Affordable EducatSon 111) The Miligalion of Climate Change and Natural Disasters liiil Sustainable Development and Smart Villages liv} Electoral Democracy in the Commonwealth land beyond) Income of the Trust In response lo a request put by the Trust lo the Malaysian Government in 2020, the Government of Malaysi8 agreed to m8ke addS1ional contributions lo CMEDT of £1m a year for three years from 2020-21. The first of these contributions was received by CMEDf in February 2021, and the second on 6 June 2022. The third conlributlon was received by CMEDT shortly after the 2022-23 year-end. In 2023-24, CMEDT Ir8nsferred £300.000 lo MCSC Page 3
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 JULY2025 in November 2023. The principal income for the year-end 2025 was a donation of £85,821 from CMEDT. Thls contribution was result of the Sussful sale by Cambridge Education and Development Trust's wholty owned company CATS Slep Limited of the product CATS Step, whose development MCSC, together with CMEDT. had supported for many years. 3.1 AFFORDABLE EDUCATION Engllsh Languaga Lgarningj Teaching and As8e88ment Background A key romil addressed by MCSC18nd CMEDD since 2010 was to help Malaysia improve the proficlency of its people8 In the Engllsh languago. Accessiblo T8Sting System f¢ats step) The Accessible Testing System cats step. created by tho trusts, repTesenls an Innovative and unique system of learnlng and assessing functional English. Among ils core purposes. the system has been designed lo enable pupi15 of varying 8bllitles and from different backgrounds lo improve their proficiency in English through a slep- by-step process, with the learning material being an integral part of the system along with the assessments. The system Is callbraled against CEFR stsndards. After many years of investment in cats slep, the sofiware was finally sold by CATS Stsp Limited (the company tasked with ils development and a subsidiary of the Cambridge Education and Development Trust {CEDTI which has trustees in common with CMEDT and MCSCI lo Peoplecert, a global teader in the assessment and certification of professional skills. The right to d&ploy the intellectual property in Malaysia has been rolained by CATS Slep Limited. The proceeds from the sale lo PeOplert amounted to £700,000. As noted earlier, during 2024-25 MCSC received £85,821 from CMEOT., this donation was ma(le possible by the sale of cats slep. The Trustees expect further donations lo be received In the comlng years. THE MITIGATION OF CLIMATE CHANGE AND NATURAL DISASTERS Danum Valley, and the South East Asla Ralnforfr5t R8sear¢h Partnershlp ISEARRP) The continuing support by MCSC and CMEDT for Danum Valley, via SEARRP, has been vital In underplnning the long-lerm monitoring and data collection programmes essential in an erd of global environmental change, In particular the seminal contributions that SEARRP and Danum Valley makg lo the development of conservation and suslainabilily policy and best-practlce in Malaysia and, through Malaysla, for tho world. Links with Cambridge remaln integral to future plans, particularfy through the work of many Cambridge-based academics who collaborate with SEARRP, notably the cent for Atmospheric scien at Cambridge, chaired by Professor John Pyle, who is also chair of the SEARRP Board of TNstees on which Dalo. Henry Barbw. Trustee of CMEDT and MCSC, also serves. Aslan Network of Cllmate Sclenco and TgGhnology {ANCST) and the Wlndow-to-cambridge at UKM The establishment of the Asian Nelwork on Climate S¢4ence and Technology, which, since ils launch in 2013 ¥Jnder the leadershlp of Professor Lord (Julian) Hunt of Chesterton la Trustee of CMEDTI, together wllh Professor Joy Perelra (now also a Tru51ee of CMEDTI. who leads UKM'S Soulh-Easl Asia Dlsa8ter Prevention Inillalivg ISEADPRII, has created a flourishing international network whlch has facilitated wllaborallon and the exchange of information between world-class researchers on the scientific and technological aspects of climate change and cllmale drlven disasters specific lo Asian conditions. From its base al SEADPRI-UKM, with support from workl-class Institutions In the Commonwealth and beyond, ANCST coordinates special topic groups on key climate Scien and technology topics, ongaging and mobllisSng more than 2.500 scionlists, policy-makers and privale-sector practitioners through over 50 workshops and Page 4
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 as8ocSaled event8. 3.3 SUSTAINABLE DEVELOPMENT AND SMART VILLAGES Among PToje¢ts supported by CMEDT and MCSC in Tecgnt years afe a community energy projed in Tanzania, a mlnlgrld project in Uganda, a prolocl to Glean plasllc waste from river systems in and around N8irobi, Kenya, a mobile mlnlgrtd project in Kenya, a farm irrigation system for rural off-grid farmers in Uganda, and a minlgrid project in Lesotho. Recently completed projects include a low-cost cold-slore project in Uganda. a remote access-lo-heallhcare project, an off-grid technology projeGI in Tanzania, and a minigrld modelling tool for Malaysia and Somaliland. 3.4 GOOD GOVERNANCE AND ELECTORAL DEMOCRACY IN THE COMMONWEALTH (AND BEYOND) For the past 20 years MCSC. together with CMEDT since its eslablishmenl, have played the key role In establishing and leading an annual Cambridge Conference providing a forum in which Chlef Election Commissioners and those who lead Election Management Bodies in the Commonweallh18nd beyond) can meet together lo exchange infomation and ideas about pollcy and practice in superlnlending elections which are as free and as fair as circumstances permit. OTHER ACTIVITIES Awards In collaboratlon wlth tho Nehru Trust for Cambrldge Unlverslty {NTCUI During 2024-25 MCSC, in collaboralior¢ wlth other bodies, supported al Cambridge University one Ph.D. student lin Economics and Land Economy) (2023-24.. Iwo Ph.D. students in Economics and Land Economy and students taking the MBA Degree). PUBLIC BENEFIT The above accounts of the Trust's activities amply demonslrale the public benefll arlsing from each programme. Affordable education. sustainable development, food security, the miligalion of cllmale change and nalurol disasters, and the promollon of 8lecloral democracy in the Commonwealth and beyond, are selfévldenlly programmès of great actual and potential benefit to the public. The Trustees are satisfied that the activities of the Trust, as described In this report and in the accompanying accounts, are entirely for charitable purposes and fully meet the 'public b&nefil' requirement of the Charities Act 2011. The Trustees confirm that they have referred lo the guidance conlalned In the Charity Commission's general guKlance on publlc benefit. CAPITAL POSITION AND INVESTMENTS The Centre was established with monies generously, and wholly and exclusively. donated by sources in Malaysia which had been encouraged by the Government of Malaysoa to make these benefaGlions. The funds of the Centre are currently hekl In the Natwest bank account. In recent years the trust has relied on donations from CMEDT lo remain a going concem. The Trust's future depends crilically upon securing additSonal income. The possibility of some form of merger with CMEDT remains for future consideration by the Trustees of the Irusls. The Trustses do nol have an ethical investment pollcy as such. relyng on the policies adopted by the University in respect of118 Endowment Fund and M&G in respect of Charifund. ASSESSMENT OF FUTURE FINANCIAL POSITION OF THE CENTRE The Trustees have agreed to deploy the Irusl's remalning resources on further agreed joint programmes, as well as on activities rallfied by the Trustees and conducted exclusively by MCSC {in the main, awards specifically for Page 5
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 JULY 2025 cert8ln categories of Commonwealth 8tuden18). Flnanclal Roview The total income for the ye8r ended 31 July 2025 was £86,971 {2023-24.' £310,633). The total expenditure for the year ended 31 July 2025 was £187,2871202&24: £538,497). The nel movement in funds was a net deficit of £100,31612023-24= nel deficlt of £230,985}. The total assets less liabilities as 8131 July 2025 were £43.75912023-24.' £144,075). GOING CONCERN The Trust's charitable activities were reduced during 20225 to mainlaln reserves. The Director, Dr Anil Seal, is continuing lo liaise with the Malaysian Government lo secure a renewed funding commitment Ilhe previous funding commilment having concluded in 2023-2024 with the reIpt of £1mnl- AS noted earlior in this report, a grant of £85,821 was received from CMEDT. The donation from CMEDT had been pos8lble due lo a donation from Cambridge Educallon and Development Trust ICEDTI, whose subsidiary has sold the Intellectual property rights to Cats Slep lo Peoplecert. 11 is expected that further donations will be recelved from CEDT in the comlng years. Thereafter, the Trust's conlinuatton, and also the continuation of MCSC. remalns an open question Ltnder constant review by its Executive Committee and officer8. The trust ha8 lolal assets less liabililles of £43,759 as al 31 July 202512024: £144,075). The Trustees monitor the avai18ble resources closely and consider which programmes may best benefrt from current funds. Trustees do not commll beyond their available resources and curtail activities to suit the available funds. In the absence of further funding from the Malaysian Govemmenl, the Trustees cannot al present guarantee the eonlinualion of MCSC activities al levels similar lo prior years. The Tru8tee8 will continue lo give grants with the available fund8 and look for further opportunities. RESERVES POLICY All the funds of the Centre are invested, and the income is fully deployed for the purposes of the Trust. Any unspent income in any year WOLJld be held agalnsl expenditure in future years in the hope of avolding major swings in the level of actlvllles of the Trust from year lo year. Th8 Trust does not have a specific policy for what level of reserves il should hold. 11 is the current policy of the Trusle8S that the Trust should spend more than Its ncome, thereby reduclng the level of its reserves. RISK MANAGEMENT The Trustees have examined the major strategic, business and operallonal risks which the Trust faces, and are satisfied that the regular reports they recelve al meetings enable them lo assess these risks, and to pul in hand on a timely basis any necessary actions (mainly changes In the numbar of awards offered from year to year and expendilure on the principal schemes) to lessen or avoid them. A risk register h89 been prepared and is kept under regular review. The principal risk relates lo the unexpected loss of key staff. The rlsk has been miligaled through the clo88 connections which exist be08n the Trust and senior members of the UniverSY who support the work of the Trust. The other principal rl¥k relates lo the POS8ible need for the Trust lo conlfibute additional resources lo joint projects with CMEDT If the anticipated additional funding for CMEDT from Malaysia is not forthcoming. There are currently no other malor risks requiring the attentSon of the TTUStees. Trustee Indemnlly insurance is In place, IrMJelher with employer'g and Ihird-party liability insurance. Bulldings and contents insurance is in place Page 6
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE TRUSTEES, REPORT (CONTINUED} FOR THE YEAR ENDED 31 JULY 2025 for 11 M8dingl8y Road, In accordance with the tem)s of the leas8. The Executive Committee ensures that the projected cost of all the Tru81's approved programmes can be mel within the resources of the Trust. Approved by order of the members of the board of Trustees and signed on their behalf by.. Dr Gordon Johnson Chalrman Dale.. 24dg Page 7
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE STATEMENT OF TRUSTEES. RESPONSIBILITIES FOR THE YEAR ENDED 31 JULY 2025 The Trustees are responsible for preparing the Trustees, Report and the fin8ndal slalements in accordance with applicable law and United Kingdom Accounting Standards Iunlled Kingdom Generally Aocepled Accounting Praclice)- The law 8pplicable lo charllies In England & WaS requires the Trustees lo prepare financial slalemenls for each financial which givg a true and fair view of the slate of affairs of the Charity and of ils incoming resources and application of resourcgs, includlng ils income and expendllure. for that period. In preparing these financial slalemenls, the Trustees are required lo= select suitable accounting policies and then apply them consislenlly., observe the method8 and principles of the Charities SORP {FRS 1021; make judgements and accounting eslimales that are reasonable and prudent., state whether applicable UK Awunling Standard8 IFRS 1021 have been followed. sublecl lo any materlal depariures disclosed and explained in the financial slalemenls., prepare the financial statements on the going Ggncern basis unless il 18 inappropriate to presume that the Charity will continue in business. The Trustees are responslblè for keeping adequate accounting records that are sufficient to show and explaln the Charills transactions and dlsclose with reasonable accuracy al any time the financial position of the Charity and enable them lo ensurg that the financial statements comply with the Charlties Act 2011. the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are a180 responsible for safeguarding the assets of the Charity and hence for taklng reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on its behalf by: f- Dr Gordon Johnson Chairman Dale: Iq Page 8
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2025 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE {'thg Charlty.) I report to the charity Tfuslees on my examination of the accounts of the Charbty for the year ended 31 July 2025. RESPONSIBILITIES AND BASIS OF REPORT As the fru818es of the Charity you are respon8lble for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 {'Ihe 2011 Act,). I report in respect of my examination of the Charills accounts carried out under section 145 of the 2011 Act and in caTryng out my examination I have followed the applicable DiTeclion8 given by the Charity Commission under section 145151(bl of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Your allenlion is drawn lo the fact that the Charity has prepared the accounls in accordance with Accounting and Reporting by Charlties.. Slalemenl of Recommended Practice applicable lo charilles preparing their accounts in accordance with the Financial Reporting Standard applittble in the UK and Republic of Ireland IFRS 1021 in preference to the Accounting and Reportlng by Chari119s-. Slalement of Recommended Practice issued on 1 April 2005 which 18 referred lo in the exlanl r8gulalions bul has been withdrawn. l understand Ihal this has been done in order for the accounts lo provide a true and fair vlew in accordance wlth the Geneially A¢pIe Accounting Practice effeclive for reporting periods beginning on or after 1 January 2019. I have completed my examination. I confirm that no mallers have come lo my attention in connecllon with the examination giving me cause lo believe that in any material respect.. accounting iecords were not kept in respect of the Ch8rity as requlred by section 130 of the 2011 Act-, or the accounts do not accord with those records.. or the accounts do not comply with tho applicable iequiremgnts concerning the form and conlenl of accounts set oul in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair, view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts lo be reached. Page 9
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2025 Thls report is made solely lo the CharSlls Truste8s. as a body, in accordan with Part 4 of the Charities {AccoiJnts and Reports} Regulations 2008. My work has been undertaken so that I might slate lo the Charills Trustees those matters l am required to stste lo them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responslbllity to anyone other than the Charity and the Charity's Trustees as a body, for my wo¥k or for this report. Signed". NtsL' Nlkki Loan Dated.. 06 May 2026 FCA PETER8 ELWORTHY & MOORE Chartered Accounlanls Salisbury House Station Road Cambridge C8121A Page10
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAM8RIDGE STATEMENT OF FINANCIAL ACTivrriES FOR THE YEAR ENDED 31 JULY 2025 Unrgstricted funds 2025 Total funds 2025 Total funds 2024 Nots INCOME FROM: Donations Investments 85.821 1,150 85,821 1,150 300,000 10,633 TOTAL INCOME 86.971 86,971 310.633 EXPENDITURE ON: Charitable activities 187,287 187,287 538,497 TOTAL EXPENDITURE 187,287 187.287 538,497 NET EXPENDITURE BEFORE NET LOSSES ON INVESTMENTS Net losses on investments {100.3161 {100,316) {227.884} (3,121} NET MOVEMENT IN FUNDS {100.3161 {100.316) {230.9851 RECONCILIATION OF FUNDS: Total funds brought forward Not movement in funds 144,075 1100,3161 144,075 {100,316) 375,080 {230,9851 TOTAL FUNDS CARRIED FORWARD 43,759 43,759 144,075 The Statement of Financial Activities includes all gaSn8 ancl losses recognised in the year. The notes on pages 13 to 21 form part of these financial stslemènts. Page11
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 TPIE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE BALANCE SHEET AS AT 31 JULY 2025 2025 2024 Notg CURRENT ASSETS Debtors Cash al bank and in hand 11.384 49,548 6,193 170,461 60,932 176,654 Creditors: amounts falllng due thIn one 12 {17,173) 132,579} NET CURRENT Assgrs 43,759 144,075 TOTAL NET ASSETS 43.759 144,075 CHARITY FUNDS Unrestricted funds 43,759 144,075 TOTAL FUNDS 43.759 144,075 The flnanclal statements were 8PPToved and aulhorised for issue by the Trustees and signed on thelr behalf by.. Dr Gordon Johnyon Chalrman Dale.. 2p l The notes on paggs 13 10 21 form part of these financial Statements. Page 12
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 GENERAL INFORMATION The Malaysian Commonwealth Studies Centre in Cambridge is a Ch8rftabla Trust registered with the Charity Commission of England and Wales. The financSal slalemgnts aro prepared under the hlslorical cost convention as modlfied by the valuation of investments al fair value. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slalemenls have been prepared in accordan with the Charities SORP IFRS 1021 Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wilh the Financial Reporting Standard appllcable in the UK and Republic of IFRS 102) leffeclive 1 January 2019}, the Financial Reporting Standard applicable in the UK and Republic of Irgland {FRS 1021 and the Charities Act 2011. The financial statements have been prepared to give a 'lrue and fair view and have departed from the Charllles (Accounts and Reports) Regulatlons 2008 only lo the extent required lo provide 8 'lrue and fairf view. This departure has involved following the Charities SORP IFRS 1021 published In October 2019 rather than the Accounting and Reporting by Charities.. Slalement of Recommended Practice effective from 1 April 2005 whlch has since been withdrawn. The Malaysian Commonwealth Studies Centre In Cambridge meets the deflnllion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or Iransadton value unl8ss otherwise stated in the relevant accounting policy. No material accounting estimates orjudgemenls are used in the preparation of the accounts. 2.2 GOING CONCERN The Trust's charitable acllvltles were reduced during 2024-25 to maintain reserves. The Director, Dr Anll Seal, is continuing lo liaise with the Malaysian Government lo secure a renewed funding ommilment {the previous funding cornmitmenl having concluded in 2023-2024 with the receipt of £1mnl. As noted earlier in this report, 8 gr8nl of £85,821 was reiVed from CMEDT. The donation from CMEDT had been possible due lo a donalitsn from Cambridge Education and Development Trust {CEDT}, whose subsidlary has sold the intellectual property rlghls lo Cats Step lo PeoplerL 11 is expected that further donations will be received from CEDT in the coming years. Thereafter, the Trust's conlinualion, and also the conlinualion of MCSC, rem8lns an opon question under ¢onslanl review by ils Executive Commlllee and officers. The trust ha8 tot81 assets less liabilit8 of £43,759 as at 31 July 2025 {2024: £144,075}. The Trustees moniloi Ihe available Tesources closely and consider which programmes may best benefit from current funds. Trustees do not commit beyond their available resources and curtail activities lo suit the available funds. In the absence of further funding from the Malay8lan Government, the Trustees cannot al present guarantee the conlinualion of MCSC activities at levels slmilar to prior years. The Trustees will continue to give grants wllh the available funds and look for further OPPOrtunilies. Page 13
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POLICIES ICONTINUED) 2.3 INCOME All inGome is recognised once the Charity has enlillement lo the income, il is probable that the incomg will bg rgceived and the amount of income receivable can be measured reliably. Investment income is accounted for when reivable. 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, il 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 actlvily are made up of the lolal of dlrecl costs and shared costs, includlng support costs involved in undertaking each aclivily. Dlrecl costs allributabla lo a slngle activity are allocated directly to th81 actlvlty. Shared cos15 which contribute to more than one aclivily and support costs which are not atttibulable to a 8ingl& activity are apportioned between those activities on a basis consistent with the use of resources. Expendllure on charitable activities is incurred on directly undertaking the actlvilies which furthtsr the Charills obleclives. 88 well as any associated support cost8. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions aliaching are fulfilled. Grants offered subject lo conditions which have not been mel al the year end are noted as a commitment, bul not accTued as expenditure. The maln projects of the charity are affordable educallon, food security and sustainable development, rnlligalion of climate change. and electoral demorJacy in the Commonwealth. Governan costs comprise all costs involving the public accounlabllily of the charity and 118 compliance with regulation and good practi. Thèse c(Y6ts Include costs ielated to the Ind8pendent Examination and legal fees. Support costs are costs for the administration of charftable activities. They comprise rent, rates. ulililies, office property costs. telephone, salaries, legal, travel, and governance costs for the charity. Support costs are allocated lo charitable activities in proportion lo the direct Costs of those activities as this basis is deemed lo be consislenl with sOUrce use. 2.5 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade dis¢ount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.6 CASH AT BANK AND IN HAND Cash al bank and In hand includes cash and short-term hSghly liquid investments wlth a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Paga 14
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ACCOUNTING POLICIES (CONTINUED) 2.7 LIABILITIES AND PROVISIONS Liabillites are recognised when there is an obligatitsn at the Balan Sheet d81e ag a re8uII of a past event, il is probable that 8 transfer of economic benefit will be required in selllement, and the arnount of the selllement eAn be e811maled reliably. Liabilltles are recognlsed al the amount that the Charity anlicipales il will pay to sellle the debt or the amount it has received as advanced payments for the goods or service8 It musl provide. 2.8 PENSIONS Eligible staff are member8 of thè UnlversiEy of Cambridge's Conlribulory Pension Scheme ICPS) to whlch the Trust conlribules. As the TTUSI is unable lo identify ils share of the underlying assets and liabilities of the CPS on a reasonable and consistent basis, il accounts as if the CPS were a defined contribution scheme. so that the cost is equal to the lolal of contrlbullons payable in the year. 2.9 FUND ACCOUNTING General funds are unreslrlcted funds whlch are available for use al the discretion of the Trustees in furtherance of the general objectives of the Chaiily and which have not been designated for other purposes. Page 15
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 INCOME FROM DONATIONS Unrestricted funds 2025 Total funds 2025 Total funds 2024 Donations 85,821 85,821 300,000 TOTAL 2024 300,000 300,000 The donation in the current and prior year was reiVed from the Cambridge Malayslan EduGalion and Development Trust and is unrestricted. INVESTMENT INCOME Unrestrlcted funds 2025 Total funds 2025 Total funds 2024 Dlvldends and InleT8sI 1,150 1,150 10,633 Investment income In 2024 was unrestricted. ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltles undertaken dlrectly 2025 Grant fundlng of actlvltlgs 2025 Support ¢osts 2025 Total funds 2025 Total funds 2024 Promotion and Education Electoral Democracy Engllsh Language Climate Change 33,834 28.602 21,208 6,000 25,273 18,147 13,456 15,825 65,107 46,749 34,664 40.767 107.170 fj4,991 291,718 74,618 24,942 TOTAL 2025 83,644 30.942 72,701 187,287 538,497 TOTAL 2024 91.391 284,178 162.928 538,497 Page 16
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 ANALYSIS OF EXPENDITURE BY ACTIVITIES (CoriNUED) ANALYSIS OF SUPPORT COSTS Totsl funds 2025 Total funds 2024 Staff costs Rent. ratès. and ulllllies Property costs Telephone, postage, and couriers Office expenses Travel Bank charges Admlnislralive expenses Apprenticeship levy Governance costs {inclLFding staff costs) 15,502 8,672 13,520 990 8,297 1.588 248 6,808 81,333 9,594 17,366 2,301 7,121 7.537 123 19,617 90 17.846 19.076 72,701 162,928 ANALYSIS OF GRANTS Grants to Grants to Institutlons Indlvlduals 2025 2025 Total funds 2025 Total funds 2024 Promolion and Educallon English Language Cllmate Change 4.000 2,000 6,000 37,500 194,396 52,282 24,942 24.942 TOTAL 2025 28,942 2.000 30,942 284,178 TOTAL 2024 246,678 37,500 284,178 Grants to indlviduals are paid lo the Unlversity of C8mbridge College at which they are studng. The Charity has made the followlng material grants to institutions during the year.. Page 17
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ANALYSIS OF GRANTS {CONTINUED) 2025 2024 NAME OF INSTITUTION Gonville & Caius College. Cambridge CATS Step Limited South Eagl Asia Rainforest Research Partnership Swansea UniveTSlty {support for Danum Valley) 4,000 194,398 20.000 32,282 24,942 28.942 246.678 INDEPENDENT EXAMINER'S REMUNERATION 2025 2024 Fees payable lo the Charitys independent examiner for the independent examinatlon of the Charity's annual accounts 7,188 6.840 STAFF COSTS 2025 2024 Wages and salaries Social secuiity costs Contribution lo defined Gonlribution pension schemes ApprentlCe8hip levy 23,999 2,499 80,491 7,732 4,116 90 26,498 92,429 Pag8 18
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 ThE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 STAFF COSTS ICONTINUEDI The average number of persons employed by the Charity during the year was as follows-. 2025 2024 No. Employees The key management personnel are the Trustees, the Director and the former Treasurer, as set out on page 3 of this report. The Director and the foimer Treasurer are the only members who re1ve employmènt remuneration from the Trust. Remuneration is approved by the Executive Committee after considering the recommendations of the Remuneration Committee. In setting the levels of remuneration. the Remuneration Committee has regard lo compBrable pay levels In the University of CambrFdge. The total pald to Key Management Personnel by MCSC and CMEDf was £52,996 12024. £84,087), Including social security costs and pension costs. These costs were apportioned between CMEDT and MCSC. therefore the nel Gharge to MCSC was £26,498 (2024.. £43.1271. The number of employees whose employee benefits paid by both MCSC and CMEDT lexcludlng employer pension costs) exceeded £60,000 in lotsl was.. 2025 2024 In the band £80,001 - £90,000 Page 19
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY2025 TRUSTEES. REMUNERATION AND EXPENSES During the year, no Trustees reiVed any remuneration or other benefits {2024 - £NILI. Durtng the year ended 31 July 2025, no Trustee expenses have been Incurred12024- £NIL)- 10. TAXATION Malaysian Commonwealth SludEs Centre Is a registered charfty and is exempl from tsx on income and capital gains falling wh1n Chapter 3 01 Part 11 lo the Corporation Tax Act 2010 or Section 256 of the Taxation of Capital Gains Act 1992 to the exlenl that they are applied lo ils chaiitable objectives. No lax charges have arisen in the Charitable Trust. 11. DEBTORS 2025 2024 DUE WITHIN ONE YEAR other debtors Prepayments 3,792 7,592 6,193 11.3B4 6,193 Page 20
Docusign EnvelopÈ ID". 22CF0062-782G8515-8394-8DC07B243477 THE MALAYSIAN COMMONWEALTH STUDIES CENTRE IN CAMBRIDGE NOTES TO THE FINANCIAL STATEMENTS FOR THEYEAR ENDED 31 JULY 2025 12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Due lo Cambridge Malaysian Educatton and Development Trust Accruals 2,033 8,759 8,109 15.711 15.140 17.173 32,579 13. PENSION COMMITMENTS The charlty operates a defined conlribullon penslon scheme. The assets of the Scheme are helll separately from Ih08e of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £nil 12024: £4,1161- No balan(8 was payable lo the fund al the balance sheet dale {2024.. £nill. 14. RELATED PARTY TRANSACTIONS Some trustees have close ties with the University of Cambridge and ils Colleges, and some of the officers and Irustegs are also officers or Iruslees of the MCSC with whlch the work of the ITUSI Is closely associated, as set out in the Trustees, report on page 3. These related Interests are included In the register of declared interests of officers and trustees which is updated al least once a year. Durlng the year. the trust recelved £260,000 12024.. £300.000 grant) from CMEDT, £174.179 of which was to settl& an inler-lrust creditor balance and £85,821 was a grant. The lotsl value of shared c08ts belween MCSC and CMEOT during the year was £359.785 {2024.' £980,218). No 8mounl was due to or from MCSC and CMEDT at the year end12024.' £8,109 balance due to CMEDT). During the year, MCSC advanced £53,504 12024.. £42.0001 towards the èxpenses incurrgd by the Director on travels lo Indla. 500A of these costs being subsequently claimed from CMEDT. During the year. no funding was given lo Cambrldge Education and Development Trust for the CAT8 Slep project {2024.. £360,000 given of which £180,000 wa8 recharged}. A grant of £49,883 was given to SEARRP, of which Henry Barlow is 8 trustee {£24,942 of this was recharged to CMEDTI12024.' £104,564 given and £52.282 recharged to CMEDTI. Where a Iruslee is also a dlreclor or Iruslee of a grantee, the trustee does not lake part in the funding decision. Page 21