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2023-12-31-accounts

Charity Registration No. 263147

Commonwealth Parliamentary Association Annual Report and Financial Statements 31 December 2023

Contents

Annual report 2
Statement of Trustees’ responsibilities 9
Independent auditor’s report 17
Statement of financial activities 21
Balance sheet 22
Statement of cash flow 23
Notes to the financial statements 24

Commonwealth Parliamentary Association

Annual report for the year ended 31 December 2023

ADMINISTRATIVE INFORMATION

The Commonwealth Parliamentary Association (CPA) was established in 1911 as the Empire Parliamentary Association. In 1948, the name was changed to the Commonwealth Parliamentary Association.

The CPA is a registered charity (registration number 263147) under the laws of the United Kingdom with its principal office and registered address located at Room103/104, Richmond House, Houses of Parliament, London SW1A 0AA, United Kingdom (since June 2018).

The CPA is run by an Executive Committee which acts as the board of Trustees of the Charity and determines its strategy and overall management. Day-to-day direction of the Charity is vested in the Secretary-General.

PATRON OF THE ASSOCIATION

Awaiting confirmation

VICE-PATRON OF THE ASSOCIATION Vacant – TBC

OFFICERS OF THE ASSOCIATION

President of the Association

Hon. Ben Franklin, MLC President of the Legislative Council of NSW (Oct 2023 – to date)

Vice-President of the Association

Vacant – TBC

Chairperson of the Executive Committee

Hon. Ian Liddell-Grainger, MP United Kingdom (Sep 2022 – to date)

Vice-Chairperson of the Executive Committee

Hon. Arthur Holder, MP Speaker of the House of Assembly Barbados ( also Regional Representative for CAA Region )

Treasurer of the Association

Hon. Anurag Sharma, MP Member of Parliament of India (Sep 2022 – to date)

Chairperson of the Commonwealth Women Parliamentarians (CWP)

Hon. Zainab Gimba, MP Member of Parliament of Nigeria (Sep 2022 - to date)

Page 2

Small Branches Chairperson

Hon. Joy Burch, MLA Speaker of the Australia Capital Territory Legislative Assembly (Sep 2022 – to date)

CPwD Chairperson

Hon. Laura Kanushu, MP Member of Parliament of Uganda (Sep 2022 – to date)

REGIONAL REPRESENTATIVES

Africa

Vacant (Awaiting nomination) Vacant (Awaiting nomination)

Hon. Osei Kyei Mensah Bonsu, MP Ghana (2019 – to date)

Hon. Solomon Lechesa Tsenoli, MP Deputy Speaker of the National Assembly South Africa (2021 – to date)

Hon. Raymond Chatima Nkhata, MP Malawi (2022 – to date)

Rt. Hon. Dr Abass Bundu, MP Speaker of the Parliament Sierra Leone (2019 – to date)

Asia

Vacant

Hon. Mahinda Yapa Abeywardena, MP Speaker of the Parliament Sri Lanka (2019 – to date)

Hon. Kazi Nabil Ahmed, MP Bangladesh (2022 – to date)

Australia

Hon. Curtis Pitt, MLA Speaker of Legislative Assembly Queensland (2023 – to date)

Senator the Hon. Sue Lines President of the Senate Australia Federal (2022 – to date)

Page 3

Hon. Mark Shelton, MHA Speaker of the House of Assembly Tasmania (2022 – to date)

British Islands and Mediterranean

Hon. Stuart McMillan, MSP Scotland (2016 – to date)

Hon. Chris Elmore, MP United Kingdom (2022 – to date)

Deputy Mary Le Hegarat Jersey (2023 – to date)

Canada

Hon. Terry Duguid, MP Canada Federal (2022 – to date)

Hon. Rah Chouhan, MLA British Columbia (2023 – to date)

Hon. Donna Skelly, MPP Ontario (2023 – to date)

Caribbean, Americas and Atlantic

Hon. Arthur Holder, MP Speaker of the House of Assembly Barbados (2021 – to date)

Hon. Gordon J. Burton, MHA Speaker of the House of Assembly Turks and Caicos (2021 – to date)

Hon. Dr Dessima Williams President of the Senate Grenada (2023 – to date)

India

Hon. Ritu Khanduri Bhushan, MLA Speaker of the Legislative Assembly Uttarakhand (2022 – to date)

Shri Biswajit Daimary, MLA Speaker of the Legislative Assembly Assam (2021 – to date)

Hon. Uday Pratap Singh, MP India Union (2023 – to date)

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Pacific

Hon. Carmel Sepuloni, MP New Zealand (2023 – to date)

Hon. Naiqama Lalabalavu Speaker of Parliament Fiji (2022 – to date)

Hon. Dulcie Tei, MP Tonga (2023 – to date)

South-East Asia

Hon. Noraini Ahmad, MP Malaysia (2023 – to date)

Hon. Law Choo Kiang, MP Penang (2022 – to date)

Hon. Mohd Fahmi Aliman, MP Singapore (2023 – to date)

FORMER OFFICERS AND MEMBERS OF THE EXECUTIVE COMMITTEE DURING 2021

Treasurer of the Association

Hon. Datuk Shamsul Iskandar Md Akin, MP Federal Parliament of Malaysia (2019 – to Sep 2022)

Chairperson of the Commonwealth Women Parliamentarians (CWP)

Hon. Shandana Gulzar Khan, MNA National Assembly of Pakistan (2019 – to Sep 2022)

FORMER REGIONAL REPRESENTATIVES DURING 2023

Africa

Hon. Dr. Benson Makali Mulu, MP Kenya (2017 – 2023)

Asia

Hon. Dr Lal Chand Ukrani, MPA Sindh (2017 – 2023)

Australia

N/A

Page 5

British Islands and Mediterranean

Hon. Leona Roberts, MLA Falkland Islands (2017 – 2023)

Canada

Hon. Randy Weekes, MLA Speaker of the Legislative Assembly Saskatchewan (2021 – 2023)

Hon. Ted Arnott, MLA Speaker of the Legislative Assembly Ontario (2022 – 2023)

Caribbean, Americas and Atlantic

Hon. Claudius J. Francis, MHA Speaker of the House of Assembly St. Lucia (2021 – 2023)

India

N/A

Pacific

Hon. Gerry Brownlee, MP New Zealand (2016 – 2023)

Hon. Theresa Kaetavara, MHR Deputy Speaker of the House of Representative Bougainville (2021 – 2023)

South-East Asia

Hon. Lim Biow Chuan, MP Deputy Speaker of the Parliament Singapore (2020 – 2023)

Trustees of CPA Trust Funds

Secretary-General Mr Stephen Twigg (Appointed Aug 2020) Commonwealth Parliamentary Association (CPA)

Treasurer of the Association Shri Anurag Sharma, MP (Appointed Sep 2022) Member of Parliament of India

Hon. Lyndon Trott (Appointed Aug 2020) Guernsey Assembly Guernsey

Page 6

Senior Management Team (SMT)

Secretary-General Mr Stephen Twigg

Deputy Secretary-General Mr Jarvis Matiya

Finance Director Mr Paul Townley

Head of Human Resources Mrs Sharon Moses

Head of IT and Digital Services Mr Chinonso Orekie

Head of Programmes Mr Matthew Salik Head of Strategy and Engagement Ms Emily Davies

Professional Advisers and Partner Organisations:

External Auditors: Buzzacott LLP 130 Wood Street London EC2V 6DL Internal Auditors: Sayer Vincent LLP Invicta House 108-114 Golden Lane London EC1Y 0TL Bank: National Westminster Bank plc Victoria Branch 169 Victoria Street London SW1E 5NA Investment Managers: Close Brothers Asset Management 10 Exchange Square Primrose Street London EC2AR 2BY Legal Advisers: Bates Wells & Braithwaite London LLP 10 Queen Street Place London EC4R 1BE Russell Cooke LLP 2 Putney Hill London SW15 6AB

Page 7

Commonwealth Secretariat:

Marlborough House Pall Mall, London SW1Y 5HX

The Commonwealth Secretariat is the governmental wing of the Commonwealth and has 53 countries as its members. The CPA’s relationship with the Commonwealth Secretariat is informal. However, it is recognised that the CPA is the parliamentary wing of the Commonwealth and some CPA programmes are implemented jointly with the Commonwealth Secretariat. The Commonwealth SecretaryGeneral or their representative attends the CPA Annual Conference and the CPA Secretary-General and/or the Officers of the Association participate in the Commonwealth Heads of Government Meeting (CHOGM).

Inter-Parliamentary Union:

5 Chemin du Pommier Case postale 330 CH-1218 Le Grand Saconnex Geneva, Switzerland

The Inter-Parliamentary Union (IPU) deals with the national parliaments of all countries around the world. The Association’s relationship with the IPU is informal. However, national CPA parliamentary members are also members of the IPU.

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The CPA has its own constitution ‘ Constitution of the Commonwealth Parliamentary Association ’ as adopted by the General Assembly of the Association at its meeting in Cyprus on 6 September 1993 and amended by the General Assembly of the Association from time-to-time.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

Trustees, working through the Executive Committee, are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales, requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the Charity and of the income and expenditure of the Charity for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable it to ensure that the financial statements comply with the Charities Act 2011 , the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Charity’s Constitution and Trust Deeds. 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.

Website

The Trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Recruitment and Appointment of new Trustees

Members of the Executive Committee act as the Trustees of the Charity. The General Assembly elects new Trustees on the advice of the regions of the CPA. All Trustees are unpaid.

Induction and Training of new Trustees

The CPA Headquarters Secretariat organises induction sessions for new Trustees, with particular emphasis on their legal responsibilities. New Trustees also receive recent data on the operations of the CPA, including financial reports and minutes of immediate past meetings. The CPA Headquarters Secretariat updates Trustees on recent Charity legislation/developments at their bi-annual meetings.

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

Organisational Structure

The Secretary-General is responsible for the day-to-day management of the CPA. He is supported by two Directors: Deputy Secretary-General and Finance Director. The Secretary-General makes decisions on operational matters, in consultation with the SMT.

The Secretary-General reports to the Executive Committee, and annually to the General Assembly on the operations of the CPA Headquarters Secretariat. The Executive Committee meets twice a year, and reports to the General Assembly. Certain aspects of the work of the Executive Committee are undertaken between meetings by the Coordinating Committee. The Sub-Committees of the Executive Committee meet on the margins during its meetings. These are the Audit Committee, Planning and Review Sub-Committee, and Finance Sub-Committee.

The members of the CPA agreed at the General Assembly to restructure the CPA by establishing a non-charitable unincorporated association, which it is expected will assume the operational role of the CPA in January 2025. It is proposed that the existing CPA charity will remain in existence and its restricted funds will be used to make grants for its charitable purposes.

Branches

The CPA is composed of Branches that have been admitted as Members to the Association. Each Branch is autonomous, raises its own finances and pays an annual subscription to the Association’s International Headquarters. The Commonwealth Parliamentary Association Secretariat is the International Headquarters for the Association. It has close links with over 171 members Branches (2021: 171 Branches) on a day-to-day working level. Income raised by the Association’s Headquarters Secretariat is used to pay for the CPA’s programmes of work and for the meetings and conferences of its members. The annual subscription is determined at meetings of the General Assembly.

Risk Management

The Trustees are responsible for risk management. Risks identified by the SMT are reviewed, assessed and appropriate action incorporated as part of operational delivery. During 2023, the main risks and uncertainties facing the Association were:

Appropriate systems and /or actions have been and continue to be developed to identify and mitigate risk. These systems or actions include:

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

Pay-Setting Policy for Key Management Personnel

The Trustees have an established pay-setting policy for the charity’s key management personnel and other staff. It is based on an approved pay band. Progression from one spine point to another within a given band is on the basis of satisfactory performance. The Trustees adopted the pay band on the recommendation of independent pay review consultants. In addition, for staff at the top of their pay band, one off payments are awarded dependent on performance.

STATEMENT OF PURPOSE, AIMS, OBJECTIVES AND PUBLIC BENEFIT

Statement of purpose

The CPA connects, develops, promotes and supports Parliamentarians and their staff to identify benchmarks of good governance, and implement the enduring values of the Commonwealth.

Aims

Under section 1(1) of the Constitution of the CPA, the Association’s aim is ‘ to promote knowledge of the constitutional, legislative, economic, social and cultural aspects of parliamentary democracy with particular reference to the countries of the Commonwealth. ’

Main Objectives

In April 2022 the Trustees approved a revised strategy covering the period 2022 – 2025.

The previous plan focused primarily on internal operational matters of the Association so as to ensure we were able to deliver activities efficiently and comprehensively to our members. We are pleased to say that the majority of these objectives have been achieved so it was deemed appropriate and indeed necessary for the future development of the Association for our new plan to be much more outward facing.

The new Strategic Plan 2022-2025 enables the CPA to build upon the organisation’s existing strengths and the substantial progress made by the Secretariat and membership in recent years, whilst also addressing the challenges the organisation is likely to face between now and 2025.

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

The plan sets out six core objectives, the tools which will be utilised to achieve them and the six cross-cutting themes that will be mainstreamed within all future CPA work.

The Strategic Objectives set out are:

  1. Strengthen the capacity and maximise the effectiveness of Parliamentarians and parliamentary staff and enable mutual learning.

  2. Protect and uphold the independence of Parliaments, the principle of the separation of powers and broader human rights as set out in the Commonwealth Charter through strong, strategic partnerships.

  3. Persuade the UK Government to implement legislation recognising the CPA as an international, interparliamentary organisation.

  4. Support Parliaments and Parliamentarians to adapt, innovate and recover from crises such as COVID-19 or natural disasters.

  5. Support and enable the Commonwealth Women Parliamentarians (CWP), CPA Small Branches and Commonwealth Parliamentarians with Disabilities (CPwD) networks to fulfil their strategic objectives.

  6. Promote the values of the Commonwealth, parliamentary democracy and sustainable development to a wide audience.

The Plan’s six cross-cutting themes are:

Each year, the Trustees review the objectives and activities to ensure that they continue to be relevant. In carrying out this review, the Trustees have considered the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives that have been set, and in planning the Charity's future activities. In particular, the Trustees consider how planned activities contribute to the aims and objectives they have set.

Activities and Public Benefit

The Association carries out a wide range of activities in pursuit of its charitable aims and the Trustees consider that these activities, as summarised below, provide benefit both to the Association’s members and (indirectly) to the wider community in Commonwealth countries/dependencies.

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

In 2017, the CPA launched a new Policy Framework which is based on the Association’s mission statement. This is articulated in its current ‘ Statement of Purpose ’, and identifies its role in connecting and supporting Parliamentarians and their staff across the Commonwealth to identify and implement benchmarks of good governance and implement the enduring values of the Commonwealth to promote parliamentary democracy. The new Policy Framework proposes three Strategic Programme pillars which form the basis for all CPA’s work. These include: Parliamentary Benchmarking and Development; Public Outreach Activities; and Communications and Publishing.

In 2023, in conjunction with the new Strategic plan the CPA Headquarters Secretariat commenced to implement a revised programme, with particular focus on parliamentary development and benchmarking, post-election seminars and technical assistance programmes together with an emphasis on youth engagement through, for example, the CPA’s Commonwealth Day activities and the Commonwealth Youth Parliament.

Details are set out in full in the CPA’s Annual Report and Performance Review 2023 and the report outlines CPA activity across all the strategic objectives of the CPA Strategic Plan and includes our work on Parliamentary Benchmarking and Development ( which includes three CPA networks – Commonwealth Women Parliamentarians, CPA Small Branches and Commonwealth Parliamentarians with Disabilities); Public Outreach; and Communications and Publishing . Further CPA activity is covered under the areas of CPA Branch Visits, CPA Regional Conferences and working with partner organisations.

FINANCIAL REVIEW

The total revenue for the financial year under review was £3,106,893 (2022: £2,789,705). Of this, the Association’s core funding stream was from Branch Membership fees (88%) and financial investments (10%) with a small amount coming from other sources such as partnership income, subscriptions for the Parliamentarian and advertising income.

With the end of travel restrictions from the Covid-19 pandemic, the Association has resumed delivering a range of programmes and Governance meetings not only physically, but in a hybrid and fully virtual manner. Our Mid-Year Conference was held in Gibraltar in April 2023 and the 66[th] Annual Plenary Conference in Accra, Ghana in September 2023. As a result of these physical conferences and deployments, the deficit for the year was £107,805 (2022: deficit of £177,719).

The continued war in Ukraine and other macro-economic factors have prolonged the market uncertainty on our investment portfolios, although there were gains for the year of £253,976 (2022: losses of £1,107,303)

Total revenue increased by £317,188 when compared to the previous financial period, an increase of 11%. Membership fee rates increased by £131,635, an increase of 5% from 2022. This was due to 16 subnational branches choosing to increase its delegation by one, as approved at the General Assembly in Halifax. Income from Investments increased by £117,588 to £306,095.

Total operating costs during the reporting period were £3,214,698 (2022: £2,967,424), made up of the costs of raising funds , totalling £49,092 (2 %), and direct charitable activities totalling £3,165,606 (98%). In 2022, these were £54,513 (2 %) and £2,912,911 (98 %) respectively.

At the end of the financial year the Association’s unrestricted reserves amounted to £3,295,327 (2022: £3,196,305) with free reserves, after deducting the value of tangible assets, amounting to £3,275,996 (2022: £3,157,356) which is in excess of the target in the reserves policy.

In addition to the General Reserves, the Working Capital Trust Fund and the Conference Assistance Trust Fund (managed by Trustees under separate Trust Deeds), had total funds of £7,353,125 (2022: £7,305,976). Income from each Trust Fund is used for the benefit of the members in support of the wider objectives of the Association.

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

Financial Strategy

The Trustees agreed on the CPA financial strategy in South Africa in August 2013. The issues addressed included reserve levels, income generation, and financial and administrative control policies for the Association. Trustees have kept the strategy under review and in particular to ensure that it meets the wider strategic objectives of the CPA. The Strategic Plan covering the period 2022 – 2025 further reinforced and informed the existing Financial Strategy.

Reserves Policy

In 2018 the Reserves Policy of the Association was reviewed, and the Trustees agreed a change in policy to one that better addresses the likely risks and financial pressures faced by the CPA in the medium to long-term. Trustees have accordingly agreed a policy to retain unrestricted reserves at between 3 to 6 months planned operating expenditure. As at December 2023, the Association held unrestricted reserves of £3,295,327, of which £3,275,996 were free reserves. The Trustees note that this is significantly in excess of the required amount in the reserves policy. This figure will be kept under review and the Trustees will consider the scope for releasing funds from these reserves to meet the strategic priorities of the CPA. As the travel restrictions were lifted in 2022, a full range of physical activities, including Plenary Conferences have taken place, resulting in a significant increase in operating costs. We foresee the level of reserves to reduce gradually in the future.

Investment Policy

The CPA has investments in two trust funds under the guidance and supervision of the funds’ Trustees. Under the trust deeds the funds’ Trustees are mandated as the Secretary General, the Association’s Treasurer and another member of the CPA who is not a member of the Executive Committee. These Trustees are listed on page 6. The purposes of these funds are to promote knowledge and education about the constitutional legislatures within a parliamentary democratic framework, arrange study group meetings, seminars and conferences, and provide facilities for the exchange of visits between members of branches of the CPA.

The Trustees have the power to invest in such stocks, shares and investments as they see fit. The policy is to adopt a cautious-to-moderate risk investment strategy aimed at maximising income and capital growth. Within this strategy, the Trustees have set a target of exceeding the average market performance for a similar fund, based on the market value of the portfolio.

The Trustees have a formal Investment Policy Statement that:

Close Brothers Asset Management have been appointed to manage the trust funds. The Trustees met three times in 2023 to review the funds’ performance.

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

Investment Performance

The value of the Association’s listed investments increased by £204,665 (3%) from £7,170,320 at 31 December 2022 to £7,374,975 as at the end of the reporting period. The Charity holds no unlisted funds.

The target total return on the Trustees’ portfolio of investments, within an agreed level of risk appetite, is 6% from 1 January 2023. This is apportioned between annual investment income (2.1%) and long-term capital appreciation (3.9%), with a targeted total return of 6%. In 2020 a Socially Responsible Portfolio proposed by Close Brothers was adopted.

With the prolonged war in Ukraine and the Israel-Gaza war in the middle east, the stock markets remained volatile, and more fluctuations remain a distinct possibility. The Trustees will continue to monitor the performance of the investments. It is encouraging to note a degree of recovery of the funds towards the end of 2023.

Fundraising

Following the implementation of the Charities (Protection and Social Investment) Act 2016 , the Trustees have reviewed its fundraising activities and confirm that it complies with the regulation. There were no fundraising activities and the Association did not make use of any external fundraisers.

PLANS FOR FUTURE PERIODS

A new Strategic Plan covering 2022-2025 has been prepared and approved by the Trustees in April 2022. This plan was produced after wide ranging consultations had taken place, both internally and externally to ensure it meets the needs of the members.

The CPA will continue to pursue its key aims of holding conferences and seminars; disseminating information on Parliamentarians and political issues; organising international exchanges among Members and officials of Parliaments and Legislatures; and assisting newly emerging Commonwealth democracies.

The members of the CPA agreed at the General Assembly to restructure the CPA by establishing a non-charitable unincorporated association, which it is expected will assume the operational role of the CPA in January 2025. It is proposed that the existing CPA charity will remain in existence and its restricted funds will be used to make grants for its charitable purposes.

Operational plans, related budgets and forecasts have all been reviewed and updated for the years 2024 - 2026.

The CPA Headquarters Secretariat continuously strives to ensure that it can serve its membership to the highest possible standards as well as remaining a relevant and valuable service. To that effect, the Secretariat continues to review its programme, communications and outreach activities and delivery methodology to ensure it can continue to provide a full-spectrum service.

Following the Covid-19 Pandemic, the CPA Headquarters Secretariat has continued to review whether it is providing adequate support to its Members and Branches within the conditions and resources of the Association. For example, creating long-term online services, the development of remote resources and platforms as well as harnessing technology for maximum impact.

The CPA will ensure members continue to receive a full range of services and support and where Branches are taking longer to pay outstanding fees than in the past, as a result of the continuing difficult and challenging times, the CPA is committed to provide support.

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Commonwealth Parliamentary Association Annual report for the year ended 31 December 2023

Drawing upon this feedback and the vision of the Secretary-General and CPA Officers, the plan sets out the following six core objectives, the tools which will be utilised to achieve them and cross-cutting themes will be mainstreamed within all future CPA work. It will be accompanied each year of its implementation by an Annual Business Plan, which will identify the priority activities and outputs necessary in order to achieve the plan’s objectives which have been set out earlier in the Main Objectives section.

It is hoped that this new Strategic Plan will enable the CPA to build upon the organisation’s existing strengths and the substantial progress made by the Secretariat and membership in recent years, whilst also addressing the challenges the organisation is likely to face between now and 2025.

Auditors

Buzzacott LLP, Registered Auditors, have indicated their willingness to continue in office and it is proposed that they be re-appointed auditors for the ensuing year.

The Executive Committee approved this report on the 8 May 2024.

Signed on behalf of the Executive Committee:

…………………………………………. ………………………………………………….. Hon. Ian Liddell-Grainger, MP Mr Stephen Twigg Chairperson of the Executive Committee Secretary-General

Signed on behalf of the Executive Committee:

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Independent auditor’s report to the trustees of Commonwealth Parliamentary Association

Opinion

We have audited the financial statements of Commonwealth Parliamentary Association (the ‘charity’) for the year ended 31 December 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows, and the related notes to the financial statements, including a summary of 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:

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.

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Other information

The other information comprises the information included in the annual report and performance review 2023, and 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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report.

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 trustees’ responsibilities statement set out on page 9, the trustees 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 charity or to cease operations, or have no realistic alternative but to do so.

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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 based on 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 can detect irregularities, including fraud is detailed below.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

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Auditor’s responsibilities for the audit of the financial statements (continued)

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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 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.

06 June 2024 Buzzacott LLP Statutory Auditor 130 Wood Street London EC2V 6DL

Buzzacott LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006

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Commonwealth Parliamentary Association Statement of financial activities for the year ended 31 December 2023

Note
Unrestricted
funds
£
Income from:
Investments
2
151,410
Charitable activities
Branch membership fees
2,723,735
Subscriptions for the Parliamentarian
2,557
Partnership income
3
68,143
Other
6,363
Total
2,952,208
Expenditure on:
Raising funds
Investment Management Costs
1,180
Charitable activities
Parliamentary Benchmarking and
Development
2,321,749
Public Outreach
34,179
Communications and Publishing
500,544
Total
6
2,857,652
Net (expenditure)/income before
gains/(losses) on investments
94,556
Net gains/(losses) on investments
12
4,466
Net movement in funds
99,022
Reconciliation of funds
Balance brought forward
17
3,196,305
Balance carried forward
17
3,295,327		 Restricted
funds
£
154,685
-
-
-
-
154,685
47,912
309,134
-
-
357,046
(202,361)
249,510
47,149
7,305,976
7,353,125		 Total
2023
£
306,095
2,723,735
2,557
68,143
6,363
3,106,893
49,092
2,630,883
34,179
500,544
3,214,698
(107,805)
253,976
146,171
10,502,281
10,648,452		 Total
2022
£
188,507
2,592,100
2,795
-
6,303
2,789,705
54,513
2,280,522
100,144
532,245
2,967,424
(177,719)
(1,107,303)
(1,285,022)
11,787,303
10,502,281

All recognised gains and losses have been included in the SOFA. All expenditure on raising funds and charitable activities will continue in 2024. From January 2025, it is anticipated that the Charity will use its funds to make grants for its charitable purposes.

Page 21

Commonwealth Parliamentary Association Balance sheet as at 31 December 2023

Note
Fixed asset
Tangible assets
11
Investments
12
Current assets
Debtors
13
Short term deposit
14
Cash at bank and in hand
Creditors:amounts falling due within one
year
15
Net current assets
Net assets
Funds
Unrestricted
General fund
17
Restricted
Conference assistance fund
17
Working capital fund
17		 2023
£
361,623
2,919,539
307,281
3,588,443
(334,297)		 2023
£
19,331
7,374,975
7,394,306
3,254,146
10,648,452
3,295,327
4,704,377
2,648,748
10,648,452		 2022
£
341,751
3,628,117
194,541
4,164,409
(871,397)		 2022
£
38,949
7,170,320
7,209,269
3,293,012
10,502,281
3,196,305
4,704,709
2,601,267
10,502,281

The financial statements were approved, and authorised for distribution, by the Executive Committee on

Date 8 May 2024 and signed on its behalf by:

……………………………………..……

………………………………………….

Hon. Ian Liddell-Grainger, MP Chairperson of the Executive Committee

Mr Stephen Twigg Secretary-General

Page 22

Commonwealth Parliamentary Association

Statement of cash flows for the year ended 31 December 2023

2023
£
Cash flows from operating activities
(932,520)
Cash flows from investing activities
Interest and dividends
306,095
Purchase of computer and equipment
(18,734)
Proceeds from sale of computer and equipment
-
Purchase of investments
(3,346,487)
Proceeds from the sale of investments
3,173,296
Movement in investment cash account
222,512
Movement in short term deposit
708,578
Net cash provided by investing activities
1,045,260
Change in cash and cash equivalents in the reporting period
112,740
Cash and cash equivalents at the beginning of the reporting period
194,541
Cash and cash equivalents at the end of the reporting period
307,281
NOTES TO THE CASH FLOW STATEMENT
2023
£
Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities
Net movement in funds
146,171
Depreciation charges
38,352
(Increase)/Decrease in debtors
(19,872)
(Decrease) in creditors
(537,100)
Interest and dividends
(306,095)
(Gains)/Losses on investments
(253,976)
Net cash (used in) operating activities
(932,520)
Analysis of Cash and Cash Equivalents
2023
£
Cash at bank and in hand
307,281
307,281		 2022
£
(195,929)
188,507
(6,487)
2,024
(3,175,642)
2,903,982
227,039
(18,000)
121,423
(74,506)
269,047
194,541
2022
£
(1,285,022)
42,511
302,126
(174,340)
(188,507)
1,107,303
(195,929)
2022
£
194,541
194,541

No separate reconciliation of net debt has been prepared as there is no difference between the net cash (debt) of the charity and the above cash and cash equivalents.

Page 23

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

1. Summary of Accounting Policies

(a) Basis of accounting

The CPA is a registered charity (registration number 263147) under the laws of the United Kingdom with its principal office and registered address located at Room103/104, Richmond House, Houses of Parliament, London SW1A 0AA, United Kingdom (since June 2018).

Under section 1(1) of the Constitution of the CPA, the Association’s aim is ‘to promote knowledge of the constitutional, legislative, economic, social and cultural aspects of parliamentary democracy with particular reference to the countries of the Commonwealth.’

The financial statements have been prepared under the historical cost convention with items recognized at cost or transaction value unless otherwise stated in these notes to the financial statements. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), Charities SORP (FRS102), and the Charities Act 2011.

The financial statements have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

The financial statements are presented in sterling and are rounded to the nearest pound. The charity constitutes a public benefit entity as defined by FRS 102.

(b) Income recognition

All membership fee income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably. In the event of branch suspension, we stop recognising its income.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably when notification is received of the interest paid or payable by the bank. Dividends are recognised when notification is received of the dividend due.

Grants received are accounted for on an accruals basis based on the period to which it relates.

(c) Expenditure recognition

Liabilities are recognised as expenditure when there is a legal or constructive commitment, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accrual’s basis.

Page 24

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

(d) Allocation of support and governance costs

Support costs are allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the Charity and its compliance with regulation and good practice. These costs include costs related to statutory audit and legal fees together with an apportionment of overhead and support costs.

The Secretariat operates a defined contribution pension scheme for the benefit of its employees. The net assets of the fund are held separately from those of the Charity. Contributions payables are charged to the SOFA in the year in which they are incurred.

(f) Employee benefits

(g) Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the Charity’s funding partners. Note 17 sets out the aim and use of each restricted fund.

(h) Operating leases

Rentals payable under operating leases, where substantially all the risks and rewards of ownership remain with the lessor, are charged to the SOFA in the year in which they fall due.

(i) Subventions to Branches

Branches’ outstanding travel claims are accrued at the end of the financial year. If after one year from the date of accrual such claims have not been made, the accrued amounts are written back.

(j) Foreign exchange

Balances denominated in foreign currencies are translated into Pounds Sterling at the rate of exchange prevailing at the balance sheet date. Financial transactions are translated at the rate of exchange prevailing on the date the transaction is processed.

Page 25

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

(k) Fixed asset investments

Investments are a form of basic financial instrument and are recognised initially at their transaction value and measured subsequently at their fair value as at the balance sheet date using the closing quoted market price. The SOFA includes the net gains and losses arising on revaluation and disposals throughout the year.

(l) Tangible fixed assets and depreciation

All assets costing more than £350 are capitalised and valued at historical cost. Depreciation is charged on IT and other equipment on a straight-line basis over their estimated useful life of three years from the year of acquisition.

(m) Realised gains and losses

All gains and losses are taken to the SOFA as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the SOFA.

(n) Stocks

Stocks are not included in the balance sheet and costs are written off as incurred.

(o) Debtors

Branch fees and other debtors are recognised at the settlement amount due, less any provision for bad or doubtful amount. Such provisions are specific and applied in a consistent manner based on debts aging and other factors affecting potential recoverability such as the status of the branch. Prepayments are valued at the amount prepaid net of any trade discounts due.

(p) Creditors and provisions

Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that probably will result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount after allowing for any trade discounts due.

(q) Cash and cash equivalents

Cash and cash equivalents in the cash flow statement comprise cash in hand, balances with banks, investments in money market instruments representing short-term, highly liquid investments that are readily convertible to known amounts of cash.

Page 26

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

(r) Going concern

The Trustees consider that there are no material uncertainties about the Charity’s ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the Charity’s assets relate to the ongoing macroeconomic and geopolitical climate, and the impact these will have on the level of investment return and performance of the Charity’s investments. (See the investment policy and the risk management sections of the Trustees’ annual report for more information).

Operational plans, related budgets and forecasts continue to be reviewed and have been updated for 2024-2025.

In 2024, the Charity will continue to fund activities from existing reserves but membership fees are to be received by the non-charitable unincorporated association that will assume the operational role of the CPA from January 2025.

Following the above review and despite future forecasts being, to a degree, uncertain as a result of the area highlighted earlier, the Trustees consider that the Charity’s assets, and in particular, liquid funds are adequate to meet its annual obligations in the next two years taking into account the organisational changes highlighted above affecting the Charity.

As a result of the above review of the Charity’s financial position, reserves levels and future plans, the Trustees are of the view that the Charity remains a going concern in respect to a period of one year from the date of approval of these financial statements, notwithstanding the uncertainties outlined above.

(s) Judgements and estimates

Judgements made by the Trustees, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next reporting period is deemed to be in relation to the provision for doubtful debts. The CPA HQ Secretariat is currently hosted by the UK Parliament on the Parliamentary Estate. The Trustees do not believe that the value of this benefit, although a Gift in Kind, can be measured with sufficient accuracy.

2. Investment Income

2023
Unrestricted
funds
£
Dividends – equities
2,040
Interest – fixed interest securities
1,526
Interest on cash and money market deposits
147,844
151,410		 Restricted
funds
£
83,832
62,431
8,422
154,685		 Total
2023
£
85,872
63,957
156,266
306,095

Page 27

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

2. Investment Income (continued)

2022
Unrestricted
funds
£
Dividends – equities
2,479
Interest – fixed interest securities
680
Interest on cash and money market deposits
48,739
51,898		 Restricted
funds
£
104,259
25,737
6,613
136,609		 Total
2022
£
106,738
26,417
55,352
188,507

Investment income consists of dividend & interest received from investments, bank interest and interest earned on term deposits.

3. Partnership Income

FCDO – Commonwealth Parliamentary Good Governance
FCDO – Botswana Parliamentary Good Governance		 Total
2023
£
61,121
7,022
68,143		 Total
2022
£
-
-
-

4. Staff Costs

Salaries and wages
Social security costs
Pension costs		 Total
2023
£
1,140,233
117,558
69,182
1,326,973		 Total
2022
£
1,024,075
103,290
62,138
1,189,503

Page 28

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

4. Staff Costs (continued)

In addition, benefits-in-kind payments of £13,118 (2022: £18,179) cover health, travel insurance and death-inservice expenses to the Association. These payments are covered by a PAYE Settlement Agreement with HM Customs and Excise.

The average number of employees during the year was:
Management
Charitable activities
Key management personnel
Secretary General
Deputy Secretary General and Director of Operations
Finance Director		 2023
No.
3
19
22
2023
£
144,575
106,045
59,106
309,726		 2022
No.
3
18
21
2022
£
132,776
97,920
55,832
286,528

The key management personnel comprised members of the Senior Management Team (SMT). The SMT is made up of the Secretary General, Deputy Secretary General, Finance Director, Head of Human Resources, Head of IT and Digital Services, Head of Programmes and Head of Strategy and Engagement.

Page 29

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

4. Staff Costs (continued)

Staff receiving emoluments in excess of £60,000 are after adding back salary sacrifice element, (exclusive of pension contributions paid by the CPA Secretariat), during the year were as follows:

£60,000 - £70,000
£70,001 - £80,000
£80,001 - £90,000
£90,001 - £100,000
£100,001 - £110,000
£110,001 - £120,000		 Total
2023
No.
4
1
-
1
-
1
7		 Total
2022
No.
5
-
1
-
1
-
7

All of the employees whose emoluments were greater than £60,000 are part of the personal pension scheme and the CPA Secretariat paid £31,133 (2022: £29,235) for these employees.

£268,640 was paid to 35 Parliaments of members of the Executive Committee for their travel and accommodation (2022: £151,344 was paid to 20 Parliaments of members of the Executive Committee and £1,848 for a spouse of one of the Executive Committee for their travel and accommodation). None of the Executive Committee members received remuneration or benefits from employment with the CPA (2022: none).

5. Pension scheme

The CPA Secretariat’s Personal Pension Scheme (“Scheme”) for employees is with Scottish Widows, which commenced on 1[st] August 2010. The Scheme is funded by contributions from Scheme members and the CPA Secretariat.

The Scheme is operated on a Personal Pension Scheme basis and is not a defined benefits final salaries arrangement. Contributions are invested with Scottish Widows under the pension rules to produce the maximum fund of monies at retirement for each individual member. Members can contribute towards the cost of their benefits at rates between the range of 2-15% of annual salary. CPA Secretariat pays 16%.

In 2017, in response to the UK Pension Act 2008, CPA Secretariat registered for automatic enrolment. From April 2017 staff members can contribute within this additional scheme, towards the cost of their benefits at rates of 3% of annual salary. CPA Secretariat pays 5%.

Page 30

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

5. Pension scheme (continued)


Total Premiums paid
Less: Contributions from employees
Employer Contributions
6.
Total Expenditure
2023
Note
Cost of generating funds
Investment management costs
Cost of charitable activities
Parliamentary Benchmarking and
Development
8
Public Outreach
9
Communications and Publishing
10		 Direct
costs
£
49,092
1,869,966
12,169
266,185
2,197,412		 Support
costs
£
-
760,917
22,010
234,359
1,017,286		 Total
2023
£
132,914
(63,732)
69,182
Total
2023
£
49,092
2,630,883
34,179
500,544
3,214,698		 Total
2022
£
121,890
(59,752)
62,138

(Note 6a)

Page 31

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

6. Total Expenditure (continued)

2022
Note
Cost of generating funds
Investment management costs
Cost of charitable activities
Parliamentary Benchmarking and
Development
8
Public Outreach
9
Communications and Publishing
10		 Direct
costs
£
54,513
1,686,455
74,599
285,134
2,100,701		 Support
costs
£
-
594,067
25,545
247,111
866,723
(Note 6a)		 Total
2022
£
54,513
2,280,522
100,144
532,245
2,967,424

6a. Allocation of Support Costs

2023
Cost of charitable
activities
Parliamentary
Benchmarking and
Development
Public Outreach
Communications and
Publishing		 Staff
costs
£
HR
costs
£
IT support
costs
£
Facilities
£
Depreciation
£
Governance
£
Total
2023
£
401,350
25,265 44,139 190,520
28,687
70,956
760,917
11,609
731
1,277
5,511
830
2,052
22,010
123,614
7,782 13,595
58,679
8,835
21,854
234,359
536,573
33,778 59,011 254,710
38,352 94,862 1,017,286		 Total
2023
£
760,917
22,010
234,359

Page 32

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

6a. Allocation of Support Costs (continued)

2022
Cost of charitable
activities
Parliamentary
Benchmarking and
Development
Public Outreach
Communications and
Publishing		 Staff
costs
£
HR
costs
£
IT support
costs
£
Facilities
£
Depreciation
£
Governance
£
341,499
23,421 34,548 103,440
29,138
62,021
14,684
1,007
1,486
4,448
1,253
2,667
142,052
9,742 14,371
43,028
12,120
25,798
498,235
34,170 50,405 150,916
42,511 90,486		 Total
2022
£
594,067
25,545
247,111
866,723

Support costs are allocated between activities based on the proportion of direct expenditure attributable to each activity.

7. Governance

Costs classified as governance relate to the general running of the Charity and included operations of the Board of Trustees and those addressing constitutional, audit, and other statutory matters, and are made up of the following:

External Auditor’s remuneration
-
Statutory audit
Internal Auditor’s fees
Legal & professional fees
Consultants’ fees
Officers travel		 2023
£
20,520
-
45,278
3,999
25,065
94,862		 2022
£
17,160
23,760
35,290
2,981
11,295
90,486

Page 33

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

8. Parliamentary Benchmarking and Development

Post-Election Seminars
Technical Assistance Programmes
Commonwealth Women Parliamentarians
Small Branches Committees Workshop
Parliamentarians Disabilities Network
Commonwealth Heads of Governments Meeting
Parliamentary Academy
International Humanitarian Law Handbook for Commonwealth
Thematic and Parliamentary Practice & Procedure
Commonwealth Partnership for Democracy
Commonwealth Regional Conferences
Annual Parliamentary and Mid-year Executive Conference
Conference on the 4thIndustrial Revolution
Commonwealth Parliamentary Good Governance
Botswana Parliamentary Good Governance
Direct staff costs
9.
Public Outreach
Commonwealth Youth Parliament
Direct staff costs		 2023
£
53,758
9,901
97,846
71,698
46,056
-
132,446
-
17,677
22,111
49,088
717,100
26
54,028
7,022
591,209
1,869,966
2023
£
(4,932)
17,101
12,169		 2022
£
38,628
22,672
90,615
60,027
14,557
2,391
151,666
1,710
1,038
2,509
62,486
764,348
-
-
-
473,808
1,686,455
2022
£
54,225
20,374
74,599

Page 34

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

10. Communications and Publishing

The Parliamentarian
Printing
Distribution
Fees to contributors
Annual Report

CPA Website
Books, periodicals and information
Direct staff costs
Tangible assets
Tangible fixed assets comprise of computer and office equipment.
Cost
At 1 January
Additions
Eliminated on disposal
At 31 December
Depreciation
At 1 January
Charge for the year
Eliminated on disposal
At 31 December
Net book value at 31 December		 2023
£
29,484
26,727
1,500
57,711
-

25,189
1,195
182,090
266,185
2023
£
186,982
18,734
-
205,716
148,033
38,352
-
186,385
19,331		 2022
£
24,793
28,729
1,950
55,472
135
30,365
2,075
197,087
285,134
2022
£
193,739
6,487
(13,244)
186,982
116,742
42,511
(11,220)
148,033
38,949

11. Tangible assets

Tangible fixed assets comprise of computer and office equipment.

Page 35

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

12. Investments
Market value at 1 January
Additions
Disposal proceeds
Investments cash account movement
Realised (losses)
Unrealised gains/(losses)
Market value at 31 December
Historical cost value at 31 December		 2023
£
7,170,320
3,346,487
(3,173,296)
(222,512)
(147,209)
401,185
7,374,975
6,783,444		 2022
£
8,233,002
3,175,642
(2,903,982)
(227,039)
(123,722)
(983,581)
7,170,320
6,947,474

The total unrealised gains at 31 December 2023 constitute movements on the revaluation and are as follows:

Unrealised gains included above:
On investments
Total unrealised gains at 31 December
Reconciliation of movements in unrealised gains:
Unrealised gains at 1 January
In respect of disposal in the year
Add: net gains/(losses) arising on revaluation in the year
Total unrealised gains at 31 December
Analysis of investments assets
Fixed
interest
securities
Equities
£
£
2023
1,636,190
5,659,192
_ _
2022
1,832,931
5,035,283
_ _		 2023
£
591,531
591,531
222,846
(32,500)
401,185
591,531

Cash

£

79,593
_

302,106
_		 2022
£
222,846
222,846
1,239,968
(33,541)
(983,581)
222,846
Total
£
7,374,975
_
7,170,320
_

The underlying assets contained within the various funds invested in by the Charity are recognised on a listed stock exchange.

Page 36

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

13.
Debtors
Branch fees
Less: Provision for doubtful debts
Net branch fees
Staff advances
Other debtors and prepayments
14.
Short term deposit investment
Close Brothers business notice account and term deposit
15. Creditors: Amounts Falling Due Within One Year
Note
Trade creditors
General accruals
Parliamentary Benchmarking and Development
accruals
Tax and social security
Deferred income
16		 2023
£
1,020,292
(874,672)
145,620
2,600
213,403
361,623
2023
£
2,919,539
2,919,359
2023
£
143,199
86,505
78,445
25,679
469
334,297		 2022
£
1,032,163
(818,334)
213,829
2,600
125,322
341,751
2022
£
3,628,117
3,628,117
2022
£
86,635
111,200
62,908
29,161
581,493
871,397

Page 37

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

16. Deferred income

Branch fees - 2023
Branch fees - 2022		 At
1 Jan
2023
£
Released to
income
£
581,493
(581,493)
581,493
(581,493)
At
1 Jan
2022
£
Released to
income
£
852,628
(852,628)
852,628
(852,628)		 Deferred
in the
year
£
469
469
Deferred
in the
year
£
581,493
581,493		 At
31 Dec
2023
£
469
469
At
31 Dec
2022
£
581,493
581,493

Deferred income is primarily represented by annual membership fees received in advance for the following year. As 2024 membership fees are being paid to the non-charitable unincorporated association that will assume the operational role of the CPA, this payment is no longer reflected in the Charity’s accounts.

The deferred income in 2023 is represented by 2024 Parliamentarian Magazine subscriptions received in 2023, released as income in 2024. (2022: represents 2023 memberships received in 2022 which were treated as deferred income and released as income in 2023 in line with the membership period).

Page 38

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

17. Movement in funds

7. Movement in funds
At 1 Jan Income Expenditure Gains
(Losses)/		 At 31 Dec
2023
2023 Transfers
£ £ £ £ £
CPA Headquarters Secretariat
Unrestricted Funds
General reserve 3,196,305 2,952,208 (2,857,652) 4,466 3,295,327
Restricted Funds
Conference Assistance Fund (CAF) 4,704,709 95,043 (255,990) 160,615 4,704,377
Working Capital Fund (WCF) 2,601,267 59,642 (101,056) 88,895 2,648,748
____ ____ ____ ____ ____
Total restricted funds 7,305,976 154,685 (357,046) 249,510 7,353,125
____ ____ ____ ____ ____
Total funds 10,502,281 3,106,893 (3,214,698) 253,976 10,648,452
____ ____ ____ ____ ____

Page 39

Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

17. Movement in funds (continued)

At 1 Jan Income Expenditure Gains
(Losses)/		 At 31 Dec
2022
2022 Transfers
£ £ £ £ £
CPA Headquarters Secretariat
Unrestricted Funds
General reserve 3,136,354 2,653,096 (2,565,857) (27,288) 3,196,305
Restricted Funds
Conference Assistance Fund (CAF) 5,590,089 87,609 (273,449) (699,540) 4,704,709
Working Capital Fund (WCF) 3,060,860 49,000 (128,118) (380,475) 2,601,267
____ ____ ____ ____ ____
Total restricted funds 8,650,949 136,609 (401,567) (1,080,015) 7,305,976
____ ____ ____ ____ ____
Total funds 11,787,303 2,789,705 (2,967,424) (1,107,303) 10,502,281
____ ____ ____ ____ ____

Unrestricted funds

In 2018, to better address the likely risks and financial pressures faced by the CPA in the medium to long-term, the Trustees have accordingly agreed a policy to retain all unrestricted reserves at between 3 to 6 months planned operating expenditure. With the establishment of the non-charitable unincorporated association that will assume the operational role of the CPA in January 2025, and which is due to receive membership fees from 2024 onwards, general reserves will be utilised during 2024 to continue to fund existing charitable activities.

Restricted funds

Conference Assistance Fund (CAF)

The object of the fund is to advance the charitable purposes of the Commonwealth Parliamentary Association as directed by the Trust Deed by applying the income or such parts of the capital as the Trustees may deem fit which are to provide financial aid and assistance to assist Branches to organise, constitute and hold plenary conferences and to assist Branches to facilitate the attendance of Regional Representative and/or delegates at plenary conferences. Expenditure is restricted to fulfilling these aims.

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Commonwealth Parliamentary Association

Notes to the financial statements for the year ended 31 December 2023

17. Movement in funds (continued)

Working Capital Fund (WCF)

The object of the fund is to advance the charitable purposes of the Commonwealth Parliamentary Association as directed by the Trust Deed by applying the income or such parts of the capital as the Trustees may deem fit which are to provide financial aid to host Branches and Parliamentarians officials to organise educational seminars in accordance with the objects of the Association on parliamentary practice and procedure. Expenditure is restricted to fulfilling these aims.

18. Analysis of net assets between funds

Unrestricted
Funds
2023
£
Tangible fixed assets
19,331
Fixed asset investment
177,342
Current assets
3,409,655
Current liabilities
(311,001)
3,295,327
Unrestricted
Funds
2022
£
Tangible fixed assets
38,949
Fixed asset investment
172,440
Current assets
3,805,260
Current liabilities
(820,344)
3,196,305		 Restricted
Funds
2023
£
Total
Funds
2023
£
-
19,331
7,197,633
7,374,975
178,788
3,588,443
(23,296)
(334,297)
7,353,125
10,648,452
Restricted
Funds
2022
£
Total
Funds
2022
£
-
38,949
6,997,880
7,170,320
359,149
4,164,409
(51,053)
(871,397)
7,305,976
10,502,281		 Total
Funds
2023
£
19,331
7,374,975
3,588,443
(334,297)

19. Related parties’ transaction

Other than transactions with key management personnel and Executive Committee members as disclosed in note 4, there have been no related party transactions in the reporting period that require disclosure.

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Commonwealth Parliamentary Association Notes to the financial statements for the year ended 31 December 2023

20. Comparative statement of financial activities

Note
Unrestricted
funds
£
Income from:
Investments
2
51,898
Charitable activities
Branch membership fees
2,592,100
Subscriptions for the Parliamentarian
2,795
Other
6,303
Total
2,653,096
Expenditure on:
Raising funds
Investment Management Costs
1,247
Charitable activities
Parliamentary Benchmarking and
Development
1,932,221
Public Outreach
100,144
Communications and Publishing
532,245
Total
6
2,565,857
Net (expenditure)/income before (losses)
on investments
87,239
Net (losses) on investments
12
(27,288)
Net movement in funds
59,951
Reconciliation of funds
Balance brought forward
17
3,136,354
Balance carried forward
17
3,196,305		 Restricted
funds
£
136,609
-
-
-
136,609
53,266
348,301
-
-
401,567
(264,958)
(1,080,015)
(1,344,973)
8,650,949
7,305,976		 Total
2022
£
188,507
2,592,100
2,795
6,303
2,789,705
54,513
2,280,522
100,144
532,245
2,967,424
(177,719)
(1,107,303)
(1,285,022)
11,787,303
10,502,281

21. Post balance sheet events

The members of the CPA agreed at the General Assembly to restructure the CPA by establishing a non-charitable unincorporated association, which it is expected will assume the operational role of the CPA in January 2025. It is proposed that the existing CPA charity will remain in existence and its restricted funds will be used to make grants for its charitable purposes.

In 2024, the Charity will continue to fund activities from existing reserves but membership fees are to be received by the non-charitable unincorporated association that will assume the operational role of the CPA from January 2025.

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