CPA COMMONWEALTH PARLIAMENTARY ASSOCIATION ChArlty RegiitratiOD No. 263147 CPA Charltable Funds Annual Report and Fln8ncip41 StAtement8 31 December 2024
Contents Annual rtport Statern¢ot of TrDStetJ' re5pon¥lbllltles Indeptndent audttor's rtport ij Statement offlnaneill irtlwltl 15 BAlaN¢e 5h¢et 16 Stattm¢rAt of eash llo 17 iyotes to the flnan¢l•l stAttmenti 18
CPA Charitable Funds Annual report for the year ended 31 December 2024 ADMINISTRATIVE INFORMATION The Commonwe4lih Parliamentary A$wi8tion (CPA) w&8 estsblishuj in 1911 os th¢ Empire Parliamentary A550ciation. In 1948. lh¢ name wa5 chgnged to the Cotnmonwulrh P8rli8meniary Assaciaiion. On the 7 November 2024. the name w05 changd CPA Charitable Funds ICPACFI and adopted 8 rtew consiiwtion. The CPA ChaTitable Fundg is a Tegigiered charity ITl$tratiOn number263l471 under th¢ laws of th¢ UrLited Kin8dom with 115 princi1 oifJc¢ and r¢8isitt¢d addre8s loLAd al Room1031104, Richmond Hous¢ Houscs of Parliamenl, tKsndD¢) SWIA OAA. Unilcd Kitlgdom Isirt¢e June 20181. Th¢ CPA Charitable Fund5 is run by a iKard of Tru&iees which detennines its strategy and ov¢rall mana8emenl. Trustee8 of CPA Charlt•b Mr5. Joy Marie Burch {Appoinled 7 Novcmber 20241 Osei Kyei-Mcns&h Bon$u {Appoini¢d 7 November 2024) N&tional Assembly. GhaTha Dep. Lyndon Trott OBE (Appointed 7 Nov 2024) Gu¢rns¢y A$$embly. Guernsty Hon. Keshava Sudh8kar IAppointed 7 Nov 20241 Lokh Sabha. India Syed Naveed Qamar IAppoind 7 Nov 2024) National Assembly of Pakistan of CPA Ch#rlt•ble F Preildent of the A$io¢lAtlon Hon. Ben Franklin, MLC A¢tln¥ Chalrperson of the EAe¢utlve Commll¢e¢ Hon. Arthur Holdu, MP Vl¢e-ChaIrperson of the Exttutlve Comml¢tet Hon. Arthur Hold, MP Tr¢4iur¢r of the HOD. AnurNg Sharm4 MP Chalrperson of th¢ Commonwealth Women P*rllimentsrlfins (CWP) Hon. Zllinab GitDb4 MP Sm•ll Branthei Chlllrperion Hon. Joy Burch. MLA CPWD Chalrpenon Hon. Laura KBnu5hu, MP Page 2
R lonal Tru5t¢ Afrl Hon. Osei Kyei Mensah Bonsu, MP Hon. Solomon Ixch¢sa Ts¢noli, MP Hon. Raymond Cbatitna Nkhat4 MP Rt. Horh. Dr Aba55 Bundu, MP Hon. Mahindll YApi Abeywardena. MP Hon. K8zi Nlbil Ahmrf MP Auitralla Hon. Curtis Pitt. MLA SellBior the Hon. Sue Litles HOD. Mark Sbclton, MHA Brl¢lsh l$lindi and MedlteTr#Trein Hon. Stuart Mcmillan. MSP Hon. Chris Elmo NIP D¢puty Mary Le Hegartti C&n&dA Terry r)JRuid. MP Hon. Rah C.houhaD, MLA HOD. Doona Skelly, MPP CirlbbtAn. Amtrlcas ind Atlxntk Hon. Anhur Holder, MP Hon. Gordon J. Burton, MHA Holl. Dr Dessima Williams IDdl Hon. Ritu Kb&nduri Bhu8haD, MLA Shri Biswajit Dairnary, MLA Hon. Vday Pratap Singh. MP PAtIfl¢ Hort. Carn]el Sepuloni. MP Hotl. N8iqaoJ8 Lal8b&lavu Hotl. [1cle Tel. MP South-E*ii AAla Hon. Norailli Ahmad MP HOD. Law aJ¢xTr Kiang, MP Hon. Mohd Fahmi Aliman, MP PAge 3
ProfeMIoDal Advisers ind Partner Orygnisxtion$: Extsrn*l Audlton: Buzzacott Audit LLP 130 Wood Street LA)ndon EC2V 6DL Inttrnal Audlton: Sayer Vincent LLP Invict& House 108-114 Golden Latle Loodon ECIY OTL BAnk: N&tsonal We8tmin5ter B&Thk pl¢ Victoria Branch 169 Victoria Stre tmdon SWIE SNA Trinity Bridg¢ 55 GroBvenor StTttI Mayfair London WIK 3HY L¢yl Advl8eri: Rllssell Cooke LLP 2 Putney Hill London SW15 6AB Page 4
CPA Charitable Funds Annual report for the year ended 31 December 2024 STRUCTUR& GOVERNANCE AND MANAGEMENT Governing Do¢ument The CPA Ch#riiable Funds ha5 its own consiinjiion 'CPA Charitablc Funds Constiluiion. as adopied by Ihe Gener31 Assunbly of th¢ Association in Sydney. New South Wales on 7 November 2024. Th¢ year 2024 was a year of tnngitiort for the Charity. For the prriod up uthril 7 November 2024, the Charity Loniinucd to provid¢ the operaiiongl activitiC5 of the Commonwealth ParliaTn¢ntary A$$ociaiion ICPAI. As a Tesult of decisions rtlade at the General ASsblY on 7 Nov¥nber2024 and approved by the Charities Commission afierLonsultation with them in prepardlioD foT o chan8e in Ihe legal status of the CPA in the United Kingdorn, the nam¢ and operational activities of thc CPA were Eratlsferred 10 a non-chariiable Unincorporat &ssociaiion. Following ItL¢se decisions. IheCPA Charitabl¢ Funds retains significtttlt finan¢ial r¢sources includin8 the TTUSt Fund$. STATEMENT OF TRUSTEES, RESPONSIBILITIES TNste¢y ar¢ Tespon5ible for Preparing the Annual Report llnd the finan¢iel stal¢m¢nts in ttccordance with applicable law and United Kingdom Accounting Stsndards {United Kingdom Generally Accepted Accounting PTa¢iiee). Thc lw 8pplieable lo charitiC5 in England 8nd Wale5. Teqiiircs the TnJ#ee$ io pr¢pare financiBI 51atc]D¢nis for each fLn&n¢ial y¢Nrwhich giveamieand loir vi¢w of Ihesiate of the affairs of thechuity andof the incomeand¢xpendiiure of the Charity for thot Peri. In preparing these financial $MiemeThl& the Trustccs are rquired to.. Selcct suitable a¢¢ounting policies and apply Ihem ¢on$iBienily. Ob$er¥e the method5 and principles in Accounting and Rworting by Ch2ri1ie5 Siat¢m¢nl of R0MMended Pr&rti¢e applicable lo charities PT¢paring their accounts in accoTdoD¢e with th¢ Financial Rwrting SMndord applicable in the UK and Republic of Ireland IFRS 1021. Mak¢ judgemen15 and e11¢$ that are Teas(mable and prudenL Slaie whether applicable Uniied Kingdom accounting StdardS have bccn followed, Subj1 to any material d¢pxrNres disc105cd and cxplained in the fLnancial stdlemcnts. Prepare Ili¢ financial statement5 on a going con¢ern bisis unl5 it 15 inllppropriate to presume that thc Chon'ty will continue in opeTa¢ion. The TTU5t¢cs Ire rt4pon$ibl¢ for keeping proper8¢¢ounting records that di5c105e with reasonable accuracy It any time the fin8nci&l position of the Charity and enable it lo ensure that the financial siatemenls comply with the Chariisej Aci 2011, Ihc appliGabl¢ Charities {Accounls and R¢pottsl Regulation8. and thc prowi5i(FllS of thc Charity's CoD51itution and Trust Dttd5. They arc alw responsible for 5afeguardin8 the assets of Ihecharity and, ¢¢. for tsking reasonable steps for the prevention and d¢t¢¢tion of fraud and other itr¢8ulatbti¢s. Reerultment and AJbPOintment of n¢w TruJteeJ The rntinber$ of the Exccutive Ci>mmitl¢¢ of th¢ CPA appointed the first set of up to five Trnstees. Thc ¢on8kntution of the CPACF allows for Trustees thttnselves to appoint up tts two tNSte¢s. All Tru51ee5 are unpaid, Page 5
CPA Charitable Fund8 Annual report for the year ended 31 December 2024 Induetlon and Trlning of new Trultttg The CPA Headqu&rter5 S¢(T¢tal or8anises inductian session$ for new TTU5tees, with p&niculaT emplwis on their legal tesponsibilities. New Tru5¢¢eg also r&ive recent dllta on the oper8tlOll5 of the CPACF, including financial reportsand minute5 Ot'immedialcpasi me¢tin8s. The CPA Headquarter5 S¢¢r¢t2rx updaies Trustee5 on re¢¢ntCh8rity le8islalionldevelopm¢llt$ al their mething5. Organliatlonil Structure The CPA 4grc¢d, at its General Assembly in (kiober 2023 in Ghana, to restnJ¢iur¢ ihe Charity by cstabli5hirtg a non- ¢harii&ble unincorpoTatcd a850cialion. which assumed th¢ operntional role of the CPA on 7 NOWnber 2024. The existing charity. renarn as CPA Charitable Fund5, will remain in ¢xisienLe and its Kstricted funds, held in the Confer¢ncc A$$i$18nce Fund and the Working Capital Fund. will be used to tnak¢ grnnts for ir8 charitable purposes. Tbe CPA makes availllbl¢ to CPACF 5UPPOrt and resources to enAble CPACF its openi¢. to ineludc.. administration,. staff., aLLountin8 and finon¢i81 reporting. equipttL¢n¢', insurance ddmini5tration,' and, wh¢r¢ wssible. The CPA provides the above resources and such other T¢sources a5 the CPACF may reasonably requiTe, in ¢ither ¢w a$ agreed betwttn Ihc CPA and CPACF. The CPA provid¢s the resources to CPACF withour chaT8e, Rlik Mon•g¢m¢nt The Trustee5 arc rpo$1b1e fur risk management. Risks identified are rcvicwed, SesSed and appropriate a¢tion in¢orporAled as part of risk rnili88tion. During 2024. Ihc main risks and uncertainties facing the CPACF were.. SIlIf1¢ant volatiliry in global financial mark¢l$ under-perfomjance of the Investtnent Management services governance. given ihc CPACF'S 3lalus aq a UK Charity wilh th UK Ind inlernaiional TnL4ttts. The impaLI en investments ofihc uncertainty in respect of the mocToeconomic 8nd geopolilicdl clim&. Impact of & Silficent sellwoff in global investment markets reduLing the vaJu¢ of the Trusi Funds. Appropriate 5ySt¢m$ Bnd lor actions have been and ¢orttit)ue to devcloptsl to idenhfy and mitigate risk. The8e systems or actions include.. maximisins thc CPACF'$ inv¢$im¢rht rub within an agr¢ed risk appe¢it¢ frjmework. busine Bnd finan¢ial risk management plan {risk re8iSter) which details the ThaTe of risk {i.e. external, 8overnance, operation21, liquidity and security) likclih¢)d of occurrence, control$ in plate And the risk holder. &ppropTiatC insuranrg cover ImanaBcmcnt liabiliry.. Tnjsiees. liability, employment practice5 liability and le8al liability,. otfice cover: e4nploy¢r'$ liability public liabiliry. business interruption, oifiet contents: health and Iifel. Page 6
CPA Charitable Funds Annual report for the year ended 31 December 2024 STATEMENf OF PURPOSK, AIMS, 0ECTIvEs AND PUBLIC BENEFIT Objects Under stction 1111 of the CPA Charitable Funds, Conslituiion, Ihe ¢harity'B objcas are.prOMOte knowledge ofthe conjhiriiioncl, le.$1{l. economic, soc¢al and cul¢ural aspecls of porliamettiory democrucy wilh porricular reference 10 ihe COVJYÉriés ofihe Commonwealih ofN¥rtio•ts io cor4niries ou¢srdE ihe Commonweulih having ¢lose AtsiOr*coliyndr1laelQryfS0cJQIlortS wilh si., M•5n Alrnj CPA Charit8bl¢ Funds maintains Nwo Trust Funds.. the Confer¢n¢e As$i8tinc¢ Fund ICAFI and the Workin8 Capital Fund {WCF). The main aim of Ibe CAF is to provide fInlia1 aid and as5iStatLce io any of the Br8n¢he8 to assist thcm IN organi$ins, constiDJting and holding plertary conferences. By contrast, thc WCF has a broader remit.. In fvrtheraThce of ihe object5 of th¢ Fund but not further or oiherwise the Trustee5 sh&ll have the following poweT8'. to defray where rtecess&ry rcason&ble ¢o$t$ of travelling and B¢Gommodaiion and other expcnses of Parliameniariarts, o]Yicials &nd oihers visiting ¢ountiie8 holding ¢du¢ation&l sttninars in accoTdathc¢ with th¢ objects of the Charity on parliamentary pra¢ii¢e and procedure and olh¢r related 5ubject5 and lo provid¢ finan¢ial a55LSt8nce io th¢ host Coun where need in the provisiotl of facilitie¥ for such seminars,. Ibl to proviiJ¢ travel grants lo leCtur$ on PArliAmenlary matters to visit universities schools and other educational instibjtions for the purptsse$ of advanctng education in parlIamtary matters with rtiCUlAr emph1$ on youn8 peT50ns' (cl lo d¢Y Sonable cosis of transport81ion and accommodat50n other ¢xpenses of Parliarneniarions ond 01¢1&1$ of arty Commonwealth county Irav¢lliThg in pur5u4ncr of the $iudy of Parliamentary in$tinitions: to Provide firtan¢iAI support to swdy groups of Parliamentarians and others for the advaThcemetLt of edU110n in subjetts whith further the Charity's obje¢ts and for the di55Wlt141ion of their findin85 and reports, {el io discharge the reasonablc ¢osl$ 8Trd expense5 involvtyl in other charitablc activities proposed by the manber$ of the Charity in furthttanv of the objects of the Charity (dl Seetion 2 of the Constitutii>n sets out the powers availabl¢ ¢0 th¢ Charity- Page 7
CPA Charitable Funds Annual report for the year ended 31 December 2024 FINANCIAL REVIEW Durit)8 the tNnsition of the CPA to a ncw l¢gal status, the 2024 mcmbership fe¢5 WCTe invoi¢ed by the new the non- charitable unincoryixated asgociation to build up Ibeir $tsrtin8 capital. This has resulted irl a $i8nifJcani reduction or income. The total revenue for lh¢ fin8nciAI year undcr review droppcd 10 £469.28012023.. £3.106,893). Of this, the charity's core income was from finart¢i&l investments {47/01 and partn¢Tship income134D/bl. 2U23 cor¢ income strcam was from BTanGh M¢mbership fees (88•/0) and financial invesimenis I I/) with a small amount coming from other50urcu such as partncrship incom¢, subseriptions for the ParllattltOrian and adwejtising income. Thc chority ¢ontinud delivering a ronge of pro8rwnmes and GovernDneemeetirt8s, mainly physically durins ihc y. The annual 67th Plenary Conference twk placc in Sydney, Australia in Novembcr 2024. BaUs¢ of the lack of membership incomt, there was a lar8e deficit for the year. Thi¥ was &ll incurred from the genernl Teservcs of the charity and permitted under the obj¢ci$ of th¢ ih8Tlty. Thc Charity ComTni55ion was congulied throughout ttL¢ transiliorb pericMI and approved the actions of the ¢hority. The expenditUTC on physical ¢onf¢r¢n¢¢s, other even15 &nd programmes and dcploym¢nl$ meant that the deficii for the year amouni¥d 10 £2,66U.135 {2023., deficit of £107.8(J5I. Global financial m¢rket$ produced a TOnable p¢rfonnance, despite the Lonlinuation of the WAr in Ukraine and the confliLt ITh Gaza, resulting tn gairts for the year of £444,836 (2023,, gaing of £253,976). Toial r¢v¢nu¢ d¢cre45ed by £2.637,613 when ¢omparcd io the Previous financial perriod, mainly due to the ab5encc of membership fees. In¢om¢ from Investments decrc4sLxl by £84,192 10 £221,3, largely because of a r¢ductioTh in company dividend5. Total £yting ¢o%is during the reporting period wcrc£3,l29,41512023.. £3.214.698). made up of Ihe co8 of rai%iMg fypjds, iot&lling155,85712 Q/ql.and dire¢i¢hdrltttbleocilvliies totalling£3,073,558198%1. In 2023. these wcrE£49,(W)2 12°A} and £3,165.6(kn198 0/0) re8pectivtly. Ai the iimc of the transfer of operational aciivittes from the chariry to CPA, in November 2024. a paymu)t Lif £35,000 was madc to CPACF in re5peei of ihe langible a$g¢l$ Df the charity IransfcrTed lo CPA, These a$sets represenied the Ik)ok valuc of both tangible fixed 888ets and Intellectulll Properry Ri8hi$ in use by the CPA on 31 Decembcr 2024. At the rnd ofthe fJn8ncial year the CPACF'S unr¢5triGted reserves wnvunlcd lo £884.143 12023., £3.295.3271. The free reserves rcmaincd81 £884,143 as ihevalueof langibleassds wer¢tran$ferred lo the non-ch8ritablcuninc0TP)r8d a$50¢iatyon {2023.. £3.275,996). In addition lo the Gtheral R¢$¢rves. the Working Capital Trllst Fund 2nd thc Conferencc As8l$tance Tnjst Fund ITnanAged under separate Trust tkedsl, h&d tot&1 funds of £7,549,01012023.. £7,353,125}. Income from each Tru$t Fund is Used for th¢ aims stated above. RerY Polley A5 at Dtcetnkr 2024, the CPACF held unrestricted and restricted reserves of £884.143 alld £7.549,010 respectively. The TnJ8tees rtol¢ Ihat thi5 IS 5ignific2nlly morc than the required amount in the reaerves policy which mandat¢5 thai reserves ought to be sufficient to ¢ov¢r thr¢¢ 10 six month5 of owational pendIlrE of the organisalion. Thi5 figure will be kept under teview and thc Trusttts will con5id¢r the scope for releasing fund5 from these resetves to meei the strntegic prioriiics of the CPACF. Pag¢ 8
CPA Charitable Funds Annual report for the year ended 31 December 2024 Inveitm¢nt Pollcy CPA Ch8rirablc Funds has Investments in two tnjst fund5 under thc guidancc and superyijion of the fijnds, TN$t¢es. Undcr lh¢ tru51 deeds the nds. Trustees are mandated as up 10 fiveTrustees whoaTe noi munbersof EXCO appointed by a rcsolution of the me]nbcr5 of CPA. MernlKr5 of th¢ EK¢¢ulive CtsrDmitt¢¢ of the CPA are precluded from becoming TNstees. These Tru51ees are listed on page 6. The PUTposes of the Trust Funds CAF and WCF ar¢ listed in the above section on Main Aims. The Tnjsiees have the to invest in such 510ck5. 5hare8 and investments as they fjt. The policy is 10 adopt ¢auiious.10.moderaie risk invegm)ent strategy aimed at mlmi51n8 income and capital growth. Wiihin this sITal¢gy. the Trusiees have set a targct of cxcttding thc avcragc markct PCTfoTTnan¢e for o similar fijnd, base4J on the market value of the portfolio. The Trustees have a fornial InvlMent Policy Statthnent that.. Defines Ind assign$ th¢ r¢spon$ibiliii¢s of All p8ni¢8. Establishes a clcaT understanding of thc invlment goal$ objectives of Futtdlsl assets. Offery guidance and lirni181ions lo inveslmeni advisors andlor managers regarding Ihc investment of Fundlsl assct5. Est¥blishes a basis for evaluating investtnenl results. Provides guidelin on monagins Fundlsl as$ei$ in 8¢cordance with pn2dent, ethical and environmental considerations. the Tru51 Deed5 of tho Fundl81, and thc Trnslet Ac¢ 2900. Trinity Bridge hBvc b¢en 8ppointed m8n88¢ the trus¢ furtds. The TNsiee8 mei three limes in 2024 to review the funds. perforniBnee. Invtttment Performinee Th¢ valu¢ of th¢ AssOci10n.5 lisied investsnents increased by £153.26212Vol fTOrn £7,374.97S at 31 LkL%mb¢r 2023 10 £7.528,237 a$ al thc cnd of th¢ r¢ring pwiud, Th¢ Chdrity holds no unlisted funds. The t8rgci return on ihe Tru5tee5' Portfolio of investments, within an agreed level of risk appetit¢, 18 6°A from I Jthuary 2024. Thi$ i$ apportioned between #nrtual ittvestmeni income {2.10/.l and long-ienn c8piial appreciaiiun {3.91/0l, with a targeted total rtturn of 6Y.. In 2020 & Socially Reswnsibl¢ Portfolio proposed by Trinity Brid8e was adopkd. The fin8nci21 m8rkets adaptd 10 the volRiility created by the continued war in Ukraine and the Conflict In Gaza. How¢v¢r, the $lock markct5 remained volatile, and more fluctuations rem&in a distinct possibiliry, notwiihstanding the peace negotiations that 4re under way lo rc501vc both nflicts. The Ttusteu will ¢onllnU¢ to monitor the p¢rfornian¢¢ of th¢ investments regularly. Page 9
CPA Charltble FuDdJ ADnual report for the yur ended 31 Dettmber 2024 Followw the implEm•nl•tion of tb¢ (Protrcthm ad Soctsl Invulmeirl) Aei 3010. th¢ TfiJ#¢M h•vè revimv4dCPACF'8fithII8lTrg xiivili8Vd¢OUfThithItth¢yCOrnplYWlththe regu10n. Th¢r¢wveno ffiJthi5in8 tiviux thJna8 2024. alld the CPACF did aol mikn use of •ny fLmdN"Kts. Th¢ of ¢h¢ ch•rity b) CPACF Mublag the Ch$ lo updtt¢ its Pl for th¢ fvtu¥¢ with the confthrr th its objectscan i mllt with ¢h•rithbl¢¥r•Dts in #¢COTdan¢¢ wilh th¢ aihrA alKve. The fin¢la1 1tr¢8y reyrdini the deployTh¢thLof uDrnJtri¢i will be #ddrtssedby th¢ Tntte5 during th¢ yeAr2025. Trnst#s hthve appmv p to £60,rK)O * b¢ diilmuxd io wpport oftk Commonw¢lllth Parliwti¢nwi•Dswi¢h Dlubililiu Capithl Inv¢wll¢nt Fund PTojKIs. Audlt• Byz%4cott AMdi¢ LLP. RB8i•Trd Audikn8 h•v¢ indkoled th•fr vAlliw¢•s ty wNtinu• in offi¢e it li th•t th¢y b¢ ouditm for ¢h ywr. The Boud ofTh¥es ¥woved thisThportop 23 JUM 2025. si¢d on boblfof th• Bovd 0fThMI'. Ninw.. i¥4£bA Èr)T TiiS£ Truth¢ Of CPAChwi¢•ble Fund ofth¢ CPA Chm¢abk Fun& 10
CPA Charitable Funds AnnuAI report for the year ended 31 December 2024 Independent audi¢or'J report to ¢b¢ r¥$ttts of CPA Chgritxble Fvud$ Oplnlon We have audited the finaneial statement5 of Commonwealth Parli8mentary A550ciation (the 'Gharity') for thc ycar ended 31 December2024 whi¢h ¢ompris¢the staiementof financial a¢itviiies. the balance Sheet. the Statement of cash tlows. and the related notes to th¢ fiDan¢ial stament8, including a summary of i¢couniing policies. The financihl reporting framewotl( that ha5 becn applied in th¢ir preparlon is applicable law and Uttited Kin8dom Accounting SiandaTd5, including Finan¢ial Rewrtin8 Standard IQ2 'Thc Financial Rep)rtin8 Standard applicllblc in th¢ UK And Republic of Ircland, (United Kingdom Generally AcceNed Accountin8 Prn¢ti¢e). In our opinion. th¢ financial st3tementB'. • gi¥e & truc and fair vicw ofihe state of the ch8riiy's affair5 as at 31 De¢¢mber 2024 and of its incoming r¢stsur¢es and &pplicaiion of resouTLCS for the year th¢n end¢d,' • h&vc beffl properly prepared in aC¢OTdgnce with United Kingdom Generally Accepted AQuIbling Pri¢ii¢¢,' and • have bcen prepared in a¢¢ordin¢e with the requirements of the Chariti¢s Aet 2011. Blili for oplftlo We conducted our Audii in 8¢eordance with International Standdrds on Auditing IUKI {ISAs IUKII And appli¢&ble law. thr resnSibIlitIES undcr ihose stdArdS orc further describcd in the audi¢or'$ restxinsibilities for thc audit of the fin8nci81 statements seciion of tsur report. W¢ ar¢ independent of the charity in &¢cord8nce with ihe ethical rcquircments thal are Televath¢ 10 our ¥udiLoI'thc financial 51alemcnts in th¢ UK, itscludinx the FRC's Eihical sIdrd. and we havc fulfilled our other dbi¢41 respc4Jsibilities in accordance with these requiremenr5. We bclicve that the audit ¢vid¢n¢e we have obtained is suITicienl and appropriate 10 provide a b&5is for our opini¢)n. Conelusloni relatlng to 8oln8 ¢onc¢rD In auditing the fin8n¢ial $¢8teml$, w¢ hav¢¢oncluded that the INJtccs' of Ih¢8oin8 concern b15 of accounting in th¢ pr¢p8rntion of the financial st&temenlS is appropri&te. Based on th¢ work we have perforned, we havc not Identifi any mAterhal uncertainties relating to ev16 or nditi(pn$ th81. individually or collectively may rast signifi¢anL doubt on thc charity's ability to Continue 8oinB concern for a PETiryJ of It l¢ast tt¥¢lve months from when the finan¢ial statements &Te auihorisd for issue. (Jr re5ponyibiliiie5 and the r¢sportsibtliti¢s of the Slee5 With Tespcct to going roncem are dascribed in the relevant 5e¢tioTJ$ of this re. Page 11
Other Inforrn•tlo The other inform81iw comprises the infoTrtLation trttluded in the annual rqK)rt. oihcr than th¢ fiNan¢i81 statements and our audiior's reportthcrco#. The tru$t¢¢J are re$wn5ible forth¢ othEr information cont&ined within thE annual repojt Our opinion on the financial statctnenis does not cover the other irtftkrni&tion and we do noi exprcss Y fonn of &s$uran¢e ¢on¢lusion thereon. OurTesponsibility i5tOTeadtheoiherÈnfonnation and, in doing so, ¢on$id¢rwh•herthe other infoThnation is materi211y inconsistent with the financial stat¢tnenls or our knowled8e obtained in Ihc COUTse of the audit or olheTWi5e appears to be materially mis$iated. If we idenrify such inconsistencies or appllrent Tnatetial missiaiements. we are required to daermine whcth¢r this gives rise 10 a material mi$stAiemenl in the financial statements them$¢lves. If. b¢d OD th¢work we have [Ortn, we ¢ortclude that there 15 a material misstatement of this other infomjation, w¢ are Tcquired 10 r¢p)rt that faci. W¢ hav¢ nothin8 to report in thi$ r¢8ard. Mattern whl¢h we ar¢ r¢qulred to teport by exeeptlo In the light of lh¢ knowl¢dge and under5tandinB of th¢ ¢haiity and its envtronmenl obtained in the Course of the audit, we have.noi idcniified fftaterial misstattments in thc Iruslee5' rcptsrt. We httve nothin8 lo rep)rt in rcspcGt of th¢ followin8 marter5 in Telation towhich the Charities (Account5 and Reports) Re8ulation$ 2008 requires us io report to you if, itl our opinion.. Ihe informalion givcn in the tru8¢¢es' report is inconsistent in Any maieriAi resPCCt with thc financid $tatemenL8', or sufficient accountitlg re¢ord8 hAve noi been kept.. or • the finan¢iel $i&im)ent$ are not ltt 18reem¢nt wilh Ihe accountin8 record4 or we havc not rtteived 811 th¢ inforniation Bnd explon&tion8 we require for our audit. Ripon$lbll(tle$ of truiteei A5explained mor¢ fvlly in the tru51te5' 5nsIbiliti¢s st#temeni sd out on pagc 5, thctrusteE5 ar¢ rrsponsiblc for the prePallOn of the financial $thtementS 8nd forbeing satisfied ¢hat they give a trne and fair view, and for $u¢h intemal control lls the trusltts dctennine 15 ll¢8ry to enable the preparation of finaneial stsiementS that are free from matcril misstat¢m¢n( whh¢r due to fraud OT error. In Pp8r1n8 the fingneiol ststcments, thr tAtee$ Are resrA)nsiblc for assessing th¢ ¢h8rity'$ ability kn continuc &5 a going fOrt¢em, disclosing, 85 applicable, tn&tters relAted to going concern using the going concern basis of accounting unless thetnJsi¢es eith¢r innd (oliquidatc th¢chaTityorto cea5eoper81ion5. orhavcnor¢&li5tic alternative but to do so. Page 12
Auditor's responsibllltl¢J f•r ¢h¢ Audit of the fin•ntlal ststements Wc hAve been woint(d as auditor under section 144 of the Charitle5 Act 2011 and report in ae£ordance with the Act and relevant regulations rnad¢ or having ¢ff#t thereunder. OUT obj¢¢tive$ are to obtain re4son&ble assurdnce about wh¢th¢r th¢ fjuancial st2tements as a whole are frtt frorp material misstatement, whether due lo fraud OT ern)r, and ro issue an audi(OT'S rwrt thai includes OUT opinion. Reagonable assurance is a high level of assurance but isnota&uaranieethat an audit conducted in accordan¢e with ISAS IUKI will always d¢t¢¢t a m&terial misstatement when it ex15ts. Nlis$1otementS C8n arise from fraud or error and are considered malcrial if, individually or in the aggregate. thcy could reawnably be exp¢ci¢d to intlu¢nce the cconomic d#i$iorts of uscrs taken based on Ih¢se fin&n¢ial sia¢emeftts. INe8ul8ri1ie8. including frau(L aTe ij)ston¢es of nvn.¢ompliance with laws and regulation5. Wc dcsign pr¢c&lure5 it) linc with OUT rtspon$ibiliti¥, ouilined abovc. lo deleci material misStalcrnen¢S in respeci of irregulariti&s. including fraud. Thc ¢xlenl to which our proredur¢$ can detect ItTe8ulariiies, including fraud is dctttiled below. Chjr 8pproa¢h to identifying Hnd assessing the risks of m8t¢rial misstatement in respect of irreBul4TiIic5, includin8 fraud and non.Gompli8tb¢¢ W1th laws and regulations, wa5 as follow$.' the engagement partncr cnsured thai th¢ engagement team eolleclively hAd the Appropriaie competence, Lapabililies Ind skill$ lo identify or rceolse non-¢omplian¢¢ with appli¢Abl¢ laws and regulaiions. and we obtained an und¢TStandtn8 of the le881 and Tegulalory fr4meworks that are applicable to the charity and detemiined thai the mos15ignifiGant frameworks which are directly relevant lo spccific agserlions itl Ihe fin3ncial $i&icmeni$ &r¢ those that relate to the reporting ftam¢woTk Istaiemenl of ReLommended PrdCliCC'. A¢¢ouniin8 and Reporting by Charilir5 pr¢p8rin8 their account5 in accordan with the Financial Reporting Standard 8ppIic8ble in the unit Kingdotn and Ryubli¢ of Ireland IFRS 1021 and the Charitie& Act 20111 and Ihos¢ thai rclalc lo data protection {General Data Protection Regul&tionl. We &8yeBsed the Bu5CCPtibility thf th¢ ¢lwMty's finAn¢ial JtaLcmcnls lo rnlltcrial misstatrment, in¢ludin8 obtsinin8 an undersianding of how fraud mi8hi occur. by.. making enquiriu of m&n&gemeni as ¢0 Iheir knowl¢d8e of actual. su5ted, And all¢ged hud; and ¢on$idering the internal controls in pl8ce to mitigate ri8k$ of frAud and non-compliancc with law5 and regulations. To addre the risk of fraud thr¢)ugh mono8¢m¢nt bias and override of contro15, we.. pOrnI analytrcal procedures to identify any unu5ua] or uneXpted relation$hip$,' tested journal entries to identify unusual transa¢tions- and ass¢5scd whether judg¢tnents' and aMptionS made in d¢t¢rniinirbg th¢ aEwunting estimate for theprovi5ion for trAd debt8 were indicative of W¢ntia] bia$. Page 13
Amditor'j rtspansibiiitiu forthe *vdlt •( lh¢ lln••¢ial stst¢ments {contlnued In r¢spons¢ to the risk of Irregulariti fjnd non-mpliance with laws alld regulatioDs. we desi1 Procedure5 which iD¢luded, but were not limited to.. re4ding the rnitLUtes of meetings of those charged with 8overnance: and enquiriog of Ma[ement a5 to tUal orhd pot¢rtti81 litl8ation and claim& There are illhert liTnitlllion$ in our audit procedures de5CTibed abov¢. The more removed laws and regul8¢iorts 3re from financial transaction5, the less likely it is thai we would beLomeawaTe of non-¢omplianee. Auditing standard5 also IiTnil the Audit pro¢uTeS Tequired to identify thon-complianee with laws and8latIOnS to ¢nquiry of the trustee5 and other management and the ithspKtion of r¢Aulatuy aThd le8&1 corresponden¢¢. if any. Mawial mi$$tstemenls Ih&l arise du¢ to froud be harder to delect than those th&t Aris¢ from erw 86 they may involve delibm¢¢ ¢onceAlment or eollu5l0n. A further description of our responsibilities for the audit of the financial statemenrs is located on the Fitsincial Reporting Coun¢il's websitr al wiYw.frc.org.ukl&udi¢uTsrespDnsibilities. This dcscription lormg part Df ow audiLOT' report. U4¢ of our report This r¢port 1$ made solely lothe charity's ITusie¢s, as & Ix)dy, in accurd8ncc with PyJ¢ 4 of th¢ Charities IAccounis and Reports) Rcsulativns 2008. Our audit Work has bcen undert•k¢n $0 th#( we mi8hi Btate to the chuity'3 ITusiee$ those matters we are required io stai¢ to them in an audiioes report and for Do other purpose. To the fUllt cxlcnt wmitted by law, we do noi 8cccpl or Ume rcJponsibility 10 4nyone other thon the charity and th¢ rh8rity's tnL$¢s as a body. for audit work, for thig TeporL or for the opinion5 we have fornied. Buzwott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date: 25 lune 2025 ButtsLOtt Audit LLP is eli8Lble to act 45 an iudiior in i¢rn)s of section 1212 of the Cotnpani¢s A¢t 20( P#ge14
CPA Charitable Funds Statement of financial Activities for the year ended 31 December 2024 Unr¢strl¢ted fund Restricted ds Tot#1 2024 Totil 2023 Note Income from: Investments Charitable actswlits Branch mernbership f£cs Subscripiiorks for the ParliaenrIatt Partnership io¢ome Oth¢T 101.968 119.935 221.903 306.095 3,108 2,396 157J61 84,312 3.108 2,396 157.561 84,312 2.723,735 2.557 68.143 6.363 Total 349.345 19,935 469.280 3.106.893 Expendlture on.. Rfjisingfvnds Investment Matlagcmcllt Costs Chtsriioble ocisvilt Parliamentery B¢n¢hmarking and Development Public Outreach Communi¢*ion$ and Publishitlg 1,407 54,450 55.857 49,092 2,182,6(Y) 120,049 467,007 303,293 2,485.902 120,649 467,7 2,630,883 34.179 500,544 Total 2.771,672 357.743 3,129,415 3,214,698 Net exptndlture b¢lore g8lng1(1•e1j on Investmenti (2,422,327) (237.8081 12,660,135) (107.805) Net gains on invcsttnenl8 12 11.143 433,693 444,836 253,976 thovement In fundi (2,411,IB41 195,885 {2.215.299} 146,171 Reconelllstlon of funds BAlin¢¢ brouzht forward 17 3.295.327 7,353,125 10.648.452 10.502.281 Balance carrled forward 17 884,143 7.549.010 8.433.153 10.648.452 All recognisd gains and1055es have becn includd in the SOFA. All expenditure on raising fuDd$ and chariiAbl¢ activities continued in 2024 from January until the CPC in Nov¢mb¢r. From November 2024, Ihe Charity cu¥¢d to be involv¢d in th¢ operational activities of the CPA and hencefon¥ard u5¢$ its fund5 to tnAke grants for it5 charitable pose. Page 15
CPA ChArltable Funth BAlnee sheet as at 31 Deeember 2024 2014 2•23 N•t• Ftsed Aurt TBible 19,331 7.374.975 12 7,528.238 7.528.238 7,394J06 Currmt uf•ts D¢btws sh¢ten depoiit Cuh at Illhd 13 14 64.572 31KI,01 I 80J,306 361.623 1919,539 307281 1.167.889 3.588.44J Cr•dltorK f8lllN8 wlthin on¢ 13 (262.9741 P34397) N•t¢4rr•D¢ IM• 9,915 3.254,146 8.433,153 LO,648,432 UnYMITlel Q¢nml fund 17 884.143 3295.327 Conference as8lRthnc• WwkinR ¢apitrl fvnd 17 17 4.774.934 2.774.076 4,704,377 2.648.748 .433,153 10,648.452 fuuncl •Mm¢nts w¢r¢4KYorf wtr#)Tistd fwdilthbution. by th¢ TnulfjesoTh D•*.. l3Jurte 2025 and oty its belf by: N•m&" LYp4DiiA' TLIYf TnE¢ of CPA CtiaTitable Fu PA Cthitlbk Fylldl Pa8e 16
CPA Charitable Funds Stvdtement of eash flows for the year ended 31 December 2024 2024 2023 Clih flowi from oper•tlnK actlvltl 12,647.8021 {932,520) Caih flowi from Invtstlng •¢tlvltle8 Interest and dividends Purchase of computer and equipment Proceeds frofft $ale of Compu and equipm¢nt PuTLhase of inv¢gim¢nts Proceeds from the sale of investments Movem¢n¢ in investment cash account Movement in short lernh dcposit N¢1 ea5h prowlded by Inwt$tln8 O¢tlvltlei 221.903 306,095 {18.734} 20,432 12,759,17O} 3.033.634 17.109 2,619,530 3.143,827 {3,346,487} 3.173,296 222,512 708,578 1.045,260 Change In ¢ash and eash equlvilents In the r¢portlng p¢rlod Caih and ¢aih equlvalents at the brylnnlThi of the reportlng petlod Cash And ¢*$h equlvaltnti At the end of the reportlni p¢rlod 496.025 307.281 803.306 112,740 194,541 307.281 2024 2023 Rttonelllatlon of iyet M•vement In Fundi to Net Cuh Flow Irom Oper•tlng Aetlvltlti Net movement in hjnds (2,215.299 8.509 297.051 (71.324) (221,9031 (444,8361 {2.647.8021 146.171 38.352 {19,872) 1537.lQ)I 13(kn,0951 1253,9761 1932.5201 DepTeciaiion chargc5 DecreaseJlln¢reas¢l in d¢btor8 (Decrease) ill ¢r¢diiors lThteresi and dividend8 (Gain$) OD lrtvestmcnis Net easb Inl operating actlvltl AnAlysls of Cash Ind Calh Kqulvalenti 2024 2023 Cash It bank 8nd in hand 803.306 803,306 307,281 307,28L No separate Te¢onciliation of ttet debt has been prepared as th¢ i$ no difference behveen the net cash (debt) of the ¢harity and the above cash and cash quivalents. Page 17
CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2024 Summ•ry of Attoulliing Polltle$ {al BAili of a¢¢ollntlng The CPACF is a Tegistcred charity Irtgislrntion numbcr 2631471 under the laws of the United Kingdom witb its principal office and regi5teTed addrcs$ lo¢at¢d ai lioom1031104. Richmond House, Houses of Parliament. London SWIA OAA. United Kingdom {sin¢e June 2018). Und¢r $cction 1111 of the Constitution of ihc CPA. tht Association'8 aim is 'to propnoie knowledge OJ ihe consliÉulioKal. leg1s1ati. economic. social culthrul fupe¢ts ofparltomeniary democmcy wi¢h Farliculdr reference io ihe ¢ounlrie.r oJÈke Commonwealth L)fNo(ions and io coun¢iTes or4ts¢de ilte Commonwealth haAg close htsloricalandwrliqmefffary osso¢10i1g% wiÉh IL. Th¢ fjnancial 8tatement5 have been prepar und¢r Ih¢ hisiori¢al cost conveniion with item5 rccoBnized ai ¢osi or tTan5aLtion value unl¢s5 oiherwi$¢ $iated in thege noie5 10 the financial 5taiemertt$. The finxntial statements have been prepared ID a¢cordance with the Siatement of Recommendtd Protii¢e.. Aecouniing and Reporting by Charities preparin8 their &LL<)unis in accordance with Ihe Fin4n¢iil R¢TXFrting Standard applicable in Ihc Unilcd Kin8dom and Republic of Ireland IFRS 1021, Charities SORP {FRS1021. and the ChNrit1¢5 A¢1 201 I. The fin¢181 s¢atemenis h8v¢ been prepared 10 give a 'true and fair. vicw and hove deparied from the Chariiie5 (Accounts and Rerts) R¢RuldiionB 2008 only to ihe cxieni r¢quir¢d io prvvide a 'itlLe and fuir viN'. This deparNr¢ has involved following Accounting and R¢porting by Charities preparing their acrount$ in 8¢Lordan¢e with thc Financial Reporting Standord appliLable in the UK and Republic of ITel8nd IFRS 1021 rather than the Accouniing and RcportiDg by Charities.. Siatenieni ofRecommcndcd Practic¢ ¢ff¢Gtiv¢ from l April 2005 which has sin¢e beet) withdrawn. The financial stlllcmcnts are pre8enied in erling and Rre Tounded w the nearest pound. The charity Lon5titule8 A public benefit entity as defined by FRS 102. (b) 1o¢ornt r¢eoinl¢lon Interest on fund5 held on dcposit 1$ iD¢lud¢d when receivable and the arnount Can be measured reliably when noiifjcaiion is received of the interest paid or p&yable by ihe bank. Divid¢nds Are reLO8nised when no(ificaiion Ès received of the dividend du Grants received are aceouThted for on aTh a¢¢ruals basis bastsj on the period to which it relat. (e) Expendlture reeognltlon Liibilili¢S are reco8ni5ed as expenditure whcn Ih¢T¢ 1$ & legal or con51nJctive commiirn¢nt. il 13 probable tha¢ settlement will be required. and th¢ amount of the obli8aiioTh can be mea5ur¢d reliably. All ¢Kp¢ndiiur¢ is accounted for on en accru&15 ba$i5. Page 18
CPA Charitable Fund$ Notes to the financlal statements for the year ended 31 December 2024 (d) Allocailon of gilPPOrt and governance ¢ost$ Any supp)rt costs are allocated between governanee costs Dnd oth¢r $uppm costs. Governance costs comprise all costs involving the public a¢¢ountability of rhe Charity and its lompliance wilh rcgulation and good pr8Ctice. These costs irhclude CO$L$ relAied 10 sÉan]tory audir and Icgal fets tO8etheT with aTJ 8PPOrtionment ot'overhe tld support ¢osis. {g) Fynd Attountlng UnTestrict¢d fund$ are available for use at the diseretion of the Trn51ee5 in rther&th¢e of the 8eneral ObjIlVe$ of the ChaTity. Resrricted fund8 are funds which are 10 be us¢d in acLordancc with specific Testrictions irnWJ5ed by The Charity's funding pthers. Note 17 out the aim and usc of each restrict fund. 10 Oper#tln8 lea Ren¢BIs pay8ble under operating lea5cs. where subs18ntially all the risks ind rewards of ownership remain with the le550r. are ¢har8ed 10 the SOFA in thc yror in which they fAII due. (gl For¢l8n exch4n8e B&18nces denominated in I0]n currenLies are tran51ulcd into Pounds Sterling at theraie of ¢xchJnse prevailing at the bxlmnce sheet dalc. Financial tran$a¢iion$ arc translated at the raie of exchange prevailing or) the dat¢ Ihe tran¢t10n is pro¢¢$$vA. Ihl Flx¢d •vet Invejtment Invesmienls arc 4 fonn of b&sic financial in5tTument and Are reeo8nised initially at Iheir ttan$action value and measured sub5cquenily ai Iheir fair value a5 at the balan¢e sheet d&ie using the clo$ing quoi¢d market price. The SOFA includes the net gain5 and losscs arising on revaluation and di5posal$ Ihrou8hout the year. ( TAn8lble fixed 11gets A Thd depr¢¢litlon All a55¢ts cosiing mor¢ than £3SO are capitdli5¢d and valued ai historical $t. DepreLiation is ehftrged on IT and other equipment on a straighi-linebasis over th¢ir estimated useful life Of Ihreeyears from the yearof 8cqui51tion. All tongibl¢ fixed asyels and intcll¢¢¢ual property rights were tr4n5f¢rred to the CPA when Ihc new orglnisation Lssumed the opcrationul arliviii¢s of the charity in Novunber 2024 on receipt of a p?yTn¢nt of £35,(KK>. U) RelI1d gMlft¥ And losws All gaits$ 8nd lo5 are taken lo th¢ SOFA as they arise. Re&li5ed gain5 and10sses on investments ar¢ ¢alcul&ted a$ the difference bctween $&1¢s proceeds and their opening carrying value or their PUT¢h8se value if 8cquired subBwuent to th¢ first day of the financial year. Unrcalisd gains and losses ore ¢Altul3ted Ag the ditTereDCC btheen the fair value 8t the year end and their ¢wryin8 value. Realised and unre&lised investment g8iDs and 1055cs ar¢ EombiD¢d in the SOFA. Page 19
CPA Charitable Funds Notes to the finvdncial statements for the year ended 31 December 2024 Ik) Debto Branch fees and othcTdebiors are re¢OlS arthe genlement amount due, less any provision forbad OT doubrful amount, Su¢k provisions are specifil and applied in a consi5terLI Inonner baled on debis aging and other factors affecting potenlial reeoveT&bility such a5 thc si4tu$ of the branch. Prcpa)rynent$ ar¢ valued at the amount prcp&id n¢t of any trade discounts due. (l) Credlton and provl8lon¥ Creditors and provisions are recogni5ed where the Charity has & present obligation resul¢in8 from a past event that probably will result in the IraD$f¢r of fvnds to a ihird party and the amount due to settle th¢ pblig81ion can be measured or esiimaied reliably. Creditor5 and Provision5 are TewsDised &t their settlement arnount &fter allowtlJB for any tnde discounts du¢. (ml Ciih And c•ih ¢qulv•lents Cash and cash ffjuivalents in the 8h flow $lat¢mcnt cnprise cash in hand. balances with banks. invesimeoiB in mon¢y market in5trumcnl$ f¢pTf8¢niin8 short-tern, highly liquid investh¢nrs that are mdily conv¥tible lo knrjwn amounts of cash. (n) Short-term dtposlt Short-l¢rm dcposits are defined as funds placed in inte$t.braing accountsor financial insirwn¢nis wilh original moturiiies of more than three months but no( cxce¢din8 ttvelve monihs. Thcse typically in¢lud¢ iem) deposits, noiice 2ccount5, or shorl-d&ied certilicaics of dcposit held with UK-regulalcd finaft¢i81 in$titution¥ {0} Golni eoneern Thc Trusiec5 consider thai Ih¢re are no material unc¢rtainiie8 aboui ihe Charity's Èbility to conLinuc as a going concern. With respect to the next rcportin8 perirMJ. the most significant areas of unccrtainty that 8ff¢¢t th¢ Charity's &8seis relate io the ongoing macroeconomic and geopoliitcal climate, and the iTnpart thcs¢ will have on thc Icvel of invcstrneni returns and pcrforman¢e of ih¢ Chariry's investmen15. (S¢¢ the investment policy ar¥J th¢ risk managemeni sections of the Trusices. annudl report for rnorc infomiaiionl. OperatioThal platL& Telal¢d budgas and foreca8ts continue io bc reviewed and have been upd#¢¢d for 2025-2026. In 2024, the Chariry continued lo fijnd a¢tiWiLies from existing r¢s¢rves, bui membership fees were rrt¢ived by the CPA- the non-charitablc unineorrxTrraltd &88ociatioll that 15 at Wtn's Icngth to CPA CharitsbSc Funds. From 7 November 2024 the llOD4haritable organisalion SUmed the operational rolc of the or8anis&iion and adopted th¢ name CPA. Following the above review 8nd de5pire fijture forwasts being, to a degree, urt¢¢rtairt because of Ihc are highlighted th¢ Trusi¢¢s consider that th¢ Charity'$ aSSs, and in particular, liquid tiinds arc adequate to rn<¢t 1¢$ annual obligaiion5 at least for the next two years considering the or8anisational changes highlighted above affecting th¢ Ch8TSty. Pag¢ 20
CPA Charitable Funds Notes to the financl21 statements for the year ended 31 December 2024 lo) CoiDK coneern (¢oll¢lnuedl As a rlt of the Above review of the Charity's fitsallcial position, reservcs Icvcls arKi futurc plan5, th¢ Trustees are of the view that the Charity remAins a going concern in respcct of a periimi of al leost hvo yegTS from the date of approval of thes¢ financial wi¢ments. notwithstanding the unccrtainties outlined alx>ve. (p) Judyments ind e8tlmate• JUdgeMt$ tnade by the Trustees, in thc appli¢&tyon of these accounting policie5 that have signifieAni effeci on the financial 5talcments and estimates with 8 si]Ificant risk of mai¢rial adjustm¢nt in Ihe nexl reporting period is deemed to be in rclaiion to the provi$ion for doubrful debis. The CPA HQ S¢rrti8riat is CUtTently h051ed by the UK P8rliAmenl on the PaTliamefitary Est8te. The Trusitts do not believe that th¢ VNlu¢ of this benefjt, although ll Gift itt Kio4 Can be measured wilh suffjcicnl aL'¢uracy. lrtvMtm¢nt In¢om¢ Unreitrleted funds RtrICte fund TotAI 2024 2024 Dividends- equiiies Intcrcst- fixed irttere8t securities Interest on cash and money morkei deposits 68,176 42.200 9.559 69,840 43,298 108,765 1.098 99,206 101,968 19.935 221,W3 Unr¢i¢rlrted Rtjtrleted fundi To¢•l 2023 21123 Dividend$- equities Intere81- fixed in¢crc$i $e¢urilies Inte81 00 ¢08h and money market deposits 83.832 62,431 8.422 85,872 63.957 156,266 1.526 147.844 151,410 154,685 306.095 Invcstmenl income ¢on$ists of dividend & interc5t re¢¢ived from invesmients. bank intcrcst llnd int¢ft5t ¢am on ternj deposits. Page21
CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2024 P4rt#¢rshlp Income Total 2024 Total 2023 FCDO- Commortw¢&lih Parliameni8ry Good Governance FCDO- Boiswana Parliamcllt4ry Good Governance 157.561 01.121 7,022 157.561 68.143 Staff Cfjits Total 2024 Totl 2023 SalAries and wa8e5 Social se¢uriry cos Pension costs 980.768 106,543 66,772 1.140.233 117,558 69,182 1.154.085 1,326,973 Staff ¢oiti relit¢ ¢9 th¢ p¢rl•d l JAAUAry to 7 Novembtr 2024. At thAt polnt, the Actlvltles of th• ehgrity'$ op¢rntlon•l expendlture were trnn$ferrtd over to the CPA And no further sttT colts were fn¢urrtd. In addition. ben¢fLt$-in-kind payments of £1 1.94612023.. £13,118) ¢ovv h¢Nlih. travel insurdnce and dcath-in. Service expense5 to th¢ CPACF. These payments covcrthl by a PAYE S¢ttl¢ment A8reernent with HNQ Customs and Excige. The avmg¢ number of employees during the year w&q'. 2024 No. 2Q23 M8tLagemertt Charitable activities 20 19 23 22 Page 22
CPA Charfitable Funds Notes to the financial statements for the year ended 31 December 2024 Key mana8ement persojjnel 2024 2023 Secretary G¢neral Depury Secretary General and D1ClUr of Operaiions Finan¢e DitOr 129.451 91,935 55,973 144,575 106.04S 59,11 277,3541 309.726 Stiff Costi {eontlnuwl) The key maThagernctht wsonnel ¢ompriscd m¢mb¢rs of the Senior M&nag¢meDI T¢am (sfvrri. The SMT is made UP L)f ihe Sccrct&ry Gcn¢T81, D¢puty Secretary General. Fin&nce DI¢10¢, Head of Human Relourees, Hd of IT and Digilul Servi¢e$, He8d of Pro8ramme5 and HeadOl'SteBY and Communications. Stiff toit8. Includlng IC ond ¢mployer peDJlon tontrlbutloni. Ire redueed btcauie they only Cover the perlod up to 7 November 2024. Si&ff receiving emolumenu in exceB5 of £60.(KM) are afier 8ddirLg ba¢k salary CrifiCe element. (eKclusive of pension contribution$ paid by ¢h¢ CPA Secrelariatl. during the yeBr wer¢ as follows.. To¢il 2024 Total 2023 No. £60,1MX). £70,0) £70.LK)1- £80,000 £90,(M)I - £IOO,O(K) £I(M),IK)I-£iIO,O £110.[ . £120,OtK> All of th¢ employcts whose emolurnents wert greater than £60.ffl0 are part of the personal pensiotj $¢h¢m¢ and the CPA Secretarial paid £29.21212023.. £31,133) for these employees. Sthff eogtl 4r¢ r¢du£¢d b¢¢auie Ihey only ¢oYtr the perlod up to 7 November 2024. P8g¢ 23
CPA Charitable Funds Notes to the financial ststements for the year ended 31 December 2024 Penslon Scheme The CPA SecTeiariat's Personal Pension Scheme I"Sch¢]n¢"I for employee5 15 with Scottish Widows which eOTllTnenr on l August 2010. The Scheme is fut)ded by contTibuiion5 from Scheme members and the CPA Se¥re¢8riat. The Schemc is Iyer&ted on & Personal Pension Scheme basis and is not a defined ben¢fit5 final salarie$ arTEingerrbeDt. contributi18 are invested with Scottish Widov48 under Ihepen5ion Tul&8 to produ¢¢ the maximum nd of monies &1 Telirement for caeh individual tnernb. MembeT5 can contribute towards the c08t of their benefits at rares beNttn the range of 2-15 /0 of artnual sary. CPA SccTeiari8t pays 160/0. In 2017. in respoDx to ihe UK Pension Act 2008. CPA Secretsriat reg15tered for aul¢JmAti¢ e¢Jrolmen¢. From April 2017 $taff memkns can contribte within ihi5 addition81 scheme. towards the cost of th¢ir benefit$ at rates of of aThnual salary. CPA SccTetar121 pays 5QA. In NoverrLb¢r 2024, the administration of the Pension s¢h¢m¢ w&8 transfeTrd from the Chority to th¢ CPA. Pert$bon xheme Icontlnu¢d} Tot1 2024 Totgl 202J Total Pr¢mium8 paid L¢s$'. Contributions from employees 141,224 (74,952) 132,914 (63,732} Ernployer Conrribuiion$ 66,272 69,182 Toill Expendl¢ure Dlreet costi Support ¢osts Total 2024 202 Note Coit of gen¢r•tlne fundi Inve5tmeni managemcnt cost5 55.857 55,857 Coit of¢h•rllible iftlvl¢kJ P8rliament8ry Benchmarking and Developmeni Public Outrc&ch Communication8 and Publishitlg 1,860,429 85,847 250.987 625.473 34,802 216,020 2.485,902 120.649 467.007 10 2.253.120 876295 3.129.415 Page 24
CPA Charitable Funds Notes to the financial Statements for the year ended 31 December 2024 Dlre¢t Support tosts TotAI 202J Note Coit ofgeneratlng funds InvestsDeni m&n4wement costs 49.092 49.092 C¢Mt of chsrltible lctlvltl Parliamentary Bertchrnarkin8 and Development Publie Outreach Communications and Publishing 1.869.966 12,169 266,18S 760,917 22,010 234,359 2,630,883 34.179 500,544 io 2,197,412 1,017,286 3.214.698 Allo¢tlon of Support c11 Toll 2024 cOt of ohirltable aetlwltlei Parliameni&ry Benchm8rking aThd Development Public Outreach Communications and Publishing 313,965 27,634 46.020 151,644 17.470 1.538 2.593 8,438 6,074 338 79.536 4,425 625,473 34,802 108,434 9.544 16,103 52,373 2.097 27,469 216.020 439,869 38,716 65.316 212,455 8.509 111,430 876.295 Page 25
CPA Charitable Funds Note$ to the finAncial ststements for the yeAr ended 31 Decejnber 2024 Totsi 2023 Co$t ofchgrltable Atdvltlej Parliamentary Bthehmarking aThd Development Public OutreaL'h Communication5 and Publishing 401,350 25.265 44,139 190.520 731 1.277 5,511 28,687 830 70,956 760,917 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 Support CO81$ are allocat btheen gctivities based otl the proportion of diTe¢t ¢xp¢nditt]re attributable to each a¢liYity. Governance Co315 cts5$ified as governance r¢l8te to the gencrdl running of the Charity and in¢luded operations of the Board of Trusieu and those addressins constitutional, audiL dnd other staw¢ory matters. and are made up of the following.. 2024 2023 ExM#7 Audltor's remuneraion StaNtory audit Iniemal Auditor's fe Legal & pr(pfe$sional fe&s Consullanls. fc Offi¢eTS tr8v¢I 18.(K]O 12,570 62,678 3,449 14.733 20,520 45,278 25,(b5 111.430 94,862 Page 26
CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2024 P•rtlamentary Ben¢hmArklng Development 2024 202J P051-Ele¢iiort Seminars Ttthnical A55)stanrc Programmes Commonwe8lih Women Parliamen¢arièns Srnall Bran¢h Commonwe4lih P4rliamerttOri8ns with Disabilities Commonwealth Heads of Govern]n¢nt$ Meeting Parliatncntary A¢8d¢my Them81ic ond P8rliamentary Pwtice & Pr(Kedure Benchmarks CoTllmoDw¢81ih Re8ional Conferences Annual P8Tlia]n¢niary and Mid-year Executive Conferen¢e Artificial InielligenLe and Di$infom)otion Cornmonwe&lih Parliamentary GIMMi GovernCe Environrll¢nial Impact Fund Boiswana Parliamcnlary Good Govern8nce Dir¢¢i siaff 60 13.8511 105.906 65.625 73,088 21.061 133.499 11.030 8.866 55,(K)O 662.456 65.266 122,577 30,(M)O 53.758 9,1 97,846 71.698 ¢16,056 l32.446 17,677 49.088 717,1 26 54.028 7,022 591.209 509.786 1,800,429 1.869.966 Publlc OutreAth 2024 2023 Commonwvdlth Youth ParliatD¢nt Direct *aff ¢o$ts 57.482 28,365 (4.9321 17,101 85,847 12.169 Page 27
CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2024 CommunIeitloni & Publlshing 2024 2023 The Parliamentsrian PrinliDg Disrribuiion F¢¢$ to eontributors 22,021 25,387 1.050 29.484 26,727 1,5( 48.458 57.711 CPA Website Books. P¢Tiodical$ aDd inforniaiion Dir1 statycos 22.830 3,634 176,065 25,189 .195 182,090 250,987 206.185 11. Tnglbl¢ 158eti Tansible fixed asse¢s ¢omprise of ¢ompuier and Offi equipmcnL 2024 2023 Coit At l January Additions EliminBl¢d on disposal 205,716 9,611 1215.J27} 186,982 18,734 At 31 t)e¢¢mber 205,716 DeprtoltloTh At l January alargc (or thc year Eliminated on disposal 186.385 8,509 (194,8941 148,033 38,352 At 31 DecemF*r 186,385 N¢t book valu¢ at 31 December 19.331 Page 28
CPA Charitable Funds Notes to the financial ststements for the year ended 31 December 2024 2024 2023 12. Investent Market value at l Jartuary AdditTOnS Disposal PTweed5 Investments cash account movrtncni Re&lised Ilosse81 Unrcllli8ed g&iDOllossesl 7.374.975 7.170.320 2,759.170 3.346.487 {3,033,6341 {3,173,296} (17,109) 1222 J12) 149.303} 1147.2091 494,139 401,185 Market value at 31 December 7,528,238 7.374,975 Hisiori¢al eosi valve ai 31 tkeember 6,438,896 6.783,444 A2. Inv¢•tmen¢i l¢ontlnuedl Th¢ toi81 unreali8ed gains at 31 December 2024 ¢¢mstiNte movements on the revaluation and are a6 follows.. 11124 2023 UnTeali5ed gains includd al¥¢.. On invrgimEni¥ 1,089,342 591.531 Total unrealised 8ainy al 31 Decemb Re¢ortciliaiion of movernenls itl Urtrealiged gains.. Unreali5cd gains 8t l J8nu8ry In respeci of disposal in the y¢AT Add.. n¢t gainslllosses) arising on revalu81ion in the year 1,089,342 591.531 591,531 3.672 494,139 222,846 {32,5001 401,185 Toial unrealiscd gain5 at 31 Decetnber 1.089.342 591,531 Flxed Interut urltles An•lyili of InveJtmtDt Equitles CAsh 2ff24 1,528,087 5.914.235 85.915 7.528.237 2023 1,636.190 5.659,192 79,593 7.374,975 The underlying a$$ds contained within th¢ variou$ funds invested in by the Chority are reeo8jjis on a listed Stock exchange. Pag¢ 29
CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2024 13. Debtor# 2024 2023 Branch fee8 Less.. ProYi$ion for doubtfijl debts 111,749 1.020,292 (111,7491 1874.672) 145,620 Net br8n¢h fees Staff advances Oth¥ debtors and prepaym¢nl$ 2.600 213.403 64,572 64.572 361,623 J4. Short-term depoilt 2024 2023 Close Broihers business no¢i¢¢ ai¢ount and short-teTm deposit 31N),011 2.919.539 3,01] 2 919.359 IS. Credltori-, Amoun¢1 FBlllng Due Wlthlffj Ont Year L¥ote 2024 2023 Trad¢ cr¢dilOT5 Gener a¢¢al$ Parliamentary B¢nchmarkith8 and Development ac¢Nals Ttx and 80cial security Defr income 68,786 37,&10 143.199 86.505 137,148 78,445 25,679 469 16 262,974 334,297 Page 30
CPA Charitable Funds Notes to the finvdnciydl statements for the year ended 31 December 2024 16. D¢f¢rr¢d Incom At l Jan Rele&5ed to 2024 Income Deferred ITh the yeAr 31 Dec 21124 BrdD¢h f¢¢$- 2024 469 469 469 469 At l Jan Rele*ied to 2023 Ineome Deferred In the yeir At 31 Dec 21123 Brdnrh fees- 2023 581.493 (581,493) 469 469 581,493 1581.493) 469 469 D¢ferr¢d income is primarily represented by annual membership fees receivd ID advance for the tollowing y¢ar. As 2024 Tnembership wer¢ invoiced and sellled into ihc sepanie CPA entity which took on Ihc operationd aGtivili¢s of the ch8rtty from 8 Novcmbcr 2024, this piym¢nl 1$ no lonRer refleCd in thc chIty'S IccourLIs. 17. Movement In funds AtlJ4n Income Expendlture At 31 De¢ 2024 2024 Tr•nsf¢ri CPA HeadquArter8 Se¢r¢t4r14¢ nr&8tricted Fu General Te5crvc cstri lcd Fund 3,295,327 349,345 {2.771,672) 11,143 884.143 Conference A55l$tin¢¢ Fund ICAF) 4,704,377 73.Z09 1275 J561 272,904 4.774,934 Working Capital Fuod IWCFI 2.648.748 46,726 182.1871 160,789 2.774,076 Total rtstricted furtds 7,353.125 119.935 (357,7431 433.693 7,549.010 Totxl fundi 10.648,452 469.280 13,129,415) 444,836 8,433,153 Page31
CPA Charfitable Funds otes to the financial statements for the year ended 31 December 2024 AtlJan Income Expendlture Calns {Lossesy Tranifer8 At31 Dec 2023 2023 CPA Headqvarten Secr*tarlat ric General reserve 3.196,305 2.952,208 12,857,652} 4.466 3,295,327 ConfueTr¢c Assistance Fund ICAF) WorkitLS Capital Fund {WCFI 4.704.709 95,043 (255.9901 (101,0561 160.615 4.704.377 2,601.267 59.642 88.895 2.648.748 Total re5tri¢led fvhds 7,305.976 154,685 1357,046} 249,510 7,353,125 Total fundi 10,502,281 3,106,893 13,214,698) 253.976 10,648,452 17. Movtrnent In fundi {e•ntlnued) Unreitrlcted funds The 8iTrcraf rcSVe rcprescnts the aceumulated surplus whi¢h is 4vailf4ble for spcnding on CPACF, obj¢ciiv¢s. Itt 2018, 10 be(Icr addre%5 the likely risks and finanrial PTcssures faced by the CPA in the medium lo long.temi, th¢ Trustees agr¢ed a poliLy 10 ret&in 411 tsnrcsiricied reserves ai bween 3 10 6 mooths plinncd opvraiing expenditure. With Ihe C$lablishmcni of the non-¢hariiable unincorporaied as50¢iaiiott thai bcgan 10 vndertak¢ rhe operational rol¢ of Ihc CPA from 8 Novcmb¢r 2024. the general r¢5crves will ¢oniinu¢ be uscd lo funtj CXISling ¢haritoble aclivilics until such iiine as Ihe 51rategy is amended. P4e 32
CPA Charitable Funds Notes to the fmancial statements for the ye&r ended 31 December 2024 Re$trIe¢¢d fund$ ConfeTenC¢ Fund (CAF) The main aim of Ihc CAF is to provide finan¢i81 aid and aBSi5tance to any of thc Branches to assist thern in OTgarhising. con51ituling oDd holding plenary conferences Worklng Capilal Fund (WCF) In furtherarlce of the objects of the Fund but nor further OT otherwise the Tw8¥ $h811 have the following )wer$.' {al to dcfray where ne¢¢ssary wsonable costs of trllvelling and ac¢ommodation 8nd oiher expen5e5 of Parli8mcnl8ri4ns, pifiGial$ 8nd others visitin8 countries holding edue&iion81 semin8rs in accordance with th¢ Dbj¢cls of the Charity on parliamentary prnctice and wo¢¢dure 8nd other related subjeLls and 10 provide fiTJ8n¢ial &ssisiance to the host county wh¢Te rteeded in the provision of facilities for such seminars; {bl lo provide travel grants io lecnjrers on parliamentary matters to visit universities schools and oth cducalion81 institutiorts for the purrrfjses of &dvAn¢ithg thlu¢ation in Parliamentary mllrters with particular ¢mphasis on young persons,. (cl ¢0 defrlly reasonable of transportation Ind ocwmmodaiion and other expenses of Parliameniari8n$ and olyicials ofany Commonwealth ¢ourttry travelling in pursuanc¢ of the study of Parliamenw instiiution5- lo provide finaD¢i81 $upport 10 sNdy groups of Parliamentarians And others for the &dvancernerht of cducalion in subjcEts whi¢h further th¢ Charity's objccts and for lh¢ dIss¢minlon of their finding5 report5: and lel to discharge Ihe r¢asonRbl¢ co$t$ and expenses Involv Èn any other charitable HetlVLlie5 proposed by the mthnbcrs of the Charity in funh¢r8nce of the object5 of th¢ Charity (dl Page 33
CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2024 l& Anal18 of net a$*ts between fundi Unr¢strleted R#trkted Vundi FuDds 2024 2024 Total Fundi 2024 Tangible fixed ass¢ts Fixed &ssei investment Curreni wets Current liabilitie• 189.918 7.338.319 7,528237 907,629 260,261 (213,4041 1,167.8 149,5701 1262.9741 884,143 7,549,010 8,433.153 Unreitrkt¢d R¢Jtrl¢ted Fundi 2023 TotAI Fynd 1023 2023 Tan8ible fixed awts Frxcd asset inveSthsent Current fjsseL4 CurMI liabililics 19,331 177.342 3.409.655 {311,001} 3.295.327 19,331 7,197,633 7.374,975 178,788 3.588.H3 (23.296) 1334,297) 7.353,125 10,648,452 Pllge 34
CPA Charitable Funds Notes to the fJDan¢ial statements for the year ended 31 December 2024 19. Rtl•ted p*rtleJ' tranilction 2024 was a year of transition for tbe CPACF. For the tod up uniil 7 November 2024. CPACF ¢oThtinu¢d lo Provide the operaiional acitvilies of the Commonwealth Partiamenthry A5SOtiaiion {CPAI. On Ihc 7 November 2024, at the Gerteral Assembly, the name and oper8tionaJ activities of the CPACF was transferred lo a non-ch8rit2ble unincorporatcd assoLiaiion. In 2024 the CPACF patd £112.410 on behalf of IS Ex¢cuiive Commtiiee members IEXCOI for iheir travel and 4ccommodaiion. Total transa¢lion$ b¢tw¢vn CPA and CPACF amoun15 (0 £237.710. They Are for reimbur&erneni of meJnb¢rship fe¢5, managemcni ch4rgL¥, paymLni for Iransfer of8$5ets and inielle¢iual propLfty riBliis, and pr¥'paymeni & advoncu for 2025 progrllmme r¢lai¢d evcni$. Thc OUlsiandin8 bolan¢L b¢iw¢¢n CPA and CPACF t the yiar-end amounis lo £20.095, 2023.. £265.2(X) was paid to 35 Parliaments of meD)btts of EXCO for their travel And Accommodaiionl. None of the EXCO members received r¢mun¢r81ion or benefits from employment with the CPA. EXCO m¢rnkrs actol as Trts51c¢s for th¢ eharity durin8 Iheir r¢rm in office up until Ih¢ir resignaii¢)n on 7 November 2024. Page 35
CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2024 20. CompRrAtlve $tatem¢nt of nnllntlal 4CtlThltlu 2023 UDr¢ttrl¢ttd fuDd$ Restrkted Total 2023 Note Income from: Investments Chariittble acriwiie$ Branch membership fees Sub$¢ripiions for the Pxrliamentarian P8riner$hip income Oiher 151,410 154.685 306,095 2.723.735 2,557 68,143 6.363 2.723,735 2,557 68.143 6.363 Totsl 2.952.208 154.685 xpendlture on.. Rai.rin8fynds Inv¢5rmLni Managfflienl C051s Char¢iftbl¥ (Ériivliie Parliamcniary B¢nchmarking 2nd Devclopment Public Outrelleh Communi¢*rion5 and Publt$hing Tot4J 3,IU6.893 1,180 47.912 49.092 2,321.749 34,179 500.544 309.134 2,630,883 34,179 500.544 2,857.652 357,046 Net l¢¥pe#dltureVlncome before 811n51{10s5¢$) on Investmehts 3,214,698 94,556 1202,3611 Net gainlI05$eSl on investmen¢$ Net mov¢ment In fundi 1107,8051 12 4,466 249.510 253,976 99,022 47.149 146.171 Retonelll•iion offund$ Bxl¥nce brought fonvard B•lin¢e carrled forwArd 17 3,196,305 7,305,976 10,502,281 17 3,295,327 7.353,125 10.048,452 Page 36