OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2025-12-31-accounts

Charity Registration No. 263147

CPA Charitable Funds Annual Report and Financial Statements 31 December 2025

Contents

Reference and Administrative information 2
3
9
Statement of financial activities 13
Balance sheet 14
Statement of cash flow 15
Notes to the financial statements 16

CPA Charitable Funds Annual report for the year ended 31 December 2025

REFERENCE AND 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. On the 7 November 2024, the name was changed to CPA Charitable Funds (CPACF) and adopted a new constitution.

The CPA Charitable Funds 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 Charitable Funds is run by a board of Trustees which determines its strategy and overall management.

Trustees of CPA Charitable Funds

Mrs. Joy Marie Burch (Appointed 8 November 2024)

Osei Kyei-Mensah Bonsu (Appointed 8 November 2024) National Assembly, Ghana

Dep. Lyndon Trott OBE (Appointed 8 Nov 2024) Guernsey Assembly, Guernsey

Hon. Keshava Sudhakar (Appointed 8 Nov 2024) Lok Sabha, India

Former Trustees of CPA Charitable Funds

Syed Naveed Qamar, (resigned 10 October 2025) National Assembly of Pakistan

Professional Advisers and Partner Organisations:

External Auditors: Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Bank: National Westminster Bank plc Victoria Branch 169 Victoria Street London SW1E 5NA Investment Managers: Trinity Bridge Wigmore Yard 42 Wigmore Street London W1U 2RY Legal Advisers: Russell Cooke LLP 2 Putney Hill London SW15 6AB

Page 2

CPA Charitable Funds Annual report for the year ended 31 December 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

Assembly of the Association in Sydney, New South Wales on 7 November 2024. The year 2024 was a year of transition for the Charity. For the period up until 7 November 2024, the Charity continued to provide the operational activities of the Commonwealth Parliamentary Association (CPA). As a result of decisions made at the General Assembly on 7 November 2024 and approved by the Charities Commission after consultation with them in preparation for a change in the legal status of the CPA in the United Kingdom, the name and operational activities of the CPA were transferred to a non-charitable unincorporated association. Following these decisions, the CPA Charitable Funds retains significant financial resources including the Trust Funds.

STATEMENT OF TRUSTEE

The Trustees 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 maintaining 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 Charity (Accounts and Reports) Regulations 2008 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.

Recruitment and Appointment of new Trustees

The members of the Executive Committee of the CPA appointed the first set of up to five Trustees. The constitution of the CPACF allows for Trustees themselves to appoint up to two trustees. All Trustees are unpaid.

Page 3

CPA Charitable Funds Annual report for the year ended 31 December 2025

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 CPACF, including financial reports and minutes of immediate past meetings. The CPA Headquarters Secretariat updates Trustees on recent Charity legislation/developments at their meetings.

Organisational Structure

The CPA agreed, at its General Assembly in October 2023 in Ghana, to restructure the Charity by establishing a noncharitable unincorporated association, which assumed the operational role of the CPA on 7 November 2024. The existing charity, renamed as CPA Charitable Funds, will remain in existence and its restricted funds, held in the Conference Assistance Fund and the Working Capital Fund, will be used to make grants for its charitable purposes. The CPA makes available to CPACF support and resources to enable CPACF to operate, to include: administration; staff; accounting and financial reporting; equipment; insurance administration; and, where possible, access to IT facilities

The CPA provides the above resources and such other resources as the CPACF may reasonably require, in either case as agreed between the CPA and CPACF. The Trustees maintain key management oversight responsibilities over the CPACF Charity.

The CPA provides the resources to CPACF without charge. A notional amount of £36k is estimated to represent the pro-bono resources that are used for the benefit of the Charity (see note 18).

Risk Management

The Trustees are responsible for risk management. Risks identified are reviewed, assessed and appropriate action incorporated as part of risk mitigation. During 2025, the main risks and uncertainties facing the CPACF were:

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

Page 4

CPA Charitable Funds Annual report for the year ended 31 December 2025

STATEMENT OF PURPOSE, AIMS, OBJECTIVES AND PUBLIC BENEFIT

Objects

to promote knowledge of the constitutional, legislative, representational, oversight, financial control, economic, social and cultural aspects of parliamentary democracy with particular reference to the countries of the Commonwealth of Nations and to countries outside the Commonwealth having close historical and parliamentary associations with it.

Main Aims

CPA Charitable Funds maintains two Trust Funds: The Conference Assistance Fund (CAF) and the Working Capital Fund (WCF). Additional funds are invested in an unrestricted portfolio which are legacy funds built up over the years which were part of HQ Secretariat reserves.

The main aim of the CAF is to provide financial aid and assistance to any of the Branches to assist them in organising, constituting and holding plenary conferences.

By contrast, the WCF has a broader remit:

In furtherance of the objects of the Fund but not further or otherwise the Trustees shall have the following powers:

(a) to defray where necessary reasonable costs of travelling and accommodation and other expenses of Parliamentarians, officials and others visiting countries holding educational seminars in accordance with the objects of the Charity on parliamentary practice and procedure and other related subjects and to provide financial assistance to the host country where needed in the provision of facilities for such seminars;

(b) to provide travel grants to lecturers on parliamentary matters to visit universities, schools and other educational institutions for the purposes of advancing education in parliamentary matters with particular emphasis on young persons;

(c) to defray reasonable costs of transportation and accommodation and other expenses of Parliamentarians and officials of any Commonwealth country travelling in pursuance of the study of Parliamentary institutions;

(d) to provide financial support to study groups of Parliamentarians and others for the advancement of

(e) to discharge the reasonable costs and expenses involved in any other charitable activities proposed by the members of the Charity in furtherance of the objects of the Charity.

Section 2 of the Constitution sets out the powers available to the Charity.

Page 5

CPA Charitable Funds Annual report for the year ended 31 December 2025

Achievements and Financial Performance

The charity continued to provide funding to branches to host plenary conferences and regional conferences. The annual 68[th] Plenary Conference took place in Barbados in October 2025.

Further details of the financial performance are noted below.

Financial Review

For the financial year under review, CPA Charitable Funds income was from financial investments in the amount of £115,269 and other income of £99,696 totalling £124,945.

The expenditure on the CPC has resulted in a total cost of £462,914, with net expenditure of £247,969 before accounting for gains in the investment portfolios. Gains on investment were £612,951, a good performance, despite the continuation of the war in Ukraine and the conflict in Gaza. Net movement of the year was a surplus of £364,982.

Trustees acknowledge the expenditure from the Conference Assistance Fund, the Working Capital Fund and the expenses from unrestricted funds were carried out to further the objects of the charity, and specifically to assist the gender strengthening project, the parliamentarians with disabilities stream of work and the small branches network. Such expenditure amounted to £410,179 for the year 2025.

At the end of the financial year the CPA Charitable Funds unrestricted reserves amounted to £997,901 (2024: £884,143). The Working Capital Trust Fund and the Conference Assistance Trust Fund (managed under separate Trust Deeds) had total funds of £7,800,234 (2024: £7,549,010).

Reserves Policy

As at 31 December 2025, the CPA Charitable Funds held unrestricted and restricted funds of £997,901 and £7,800,234 respectively. The Trustees note that this is significantly more than the required amount to meet the reserves policy which mandates that reserves ought to be sufficient to cover three to six months (£200k to £400k) of expenditure of the organisation. This figure will be kept under review, and the Trustees will consider the scope for releasing funds to meet the strategic priorities of the CPACF.

Investment Policy

Under the trust deeds, up to five Trustees can be appointed. Members of the Executive Committee of the CPA are precluded from becoming Trustees. Further the Trustees may co-opt up to 2 trustees, as and when they deem necessary. These Trustees are listed on page 2. The purposes of the Trust Funds CAF and WCF are listed in the above section on Main Aims.

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.

Page 6

CPA Charitable Funds Annual report for the year ended 31 December 2025

The Trustees have a formal Investment Policy Statement that:

Establishes a clear understanding of the investment goals and objectives of Fund(s) assets.

Establishes a basis for evaluating investment results.

Provides guidelines on managing Fund(s) assets in accordance with prudent, ethical and environmental considerations, the Trust Deeds of the Fund(s), and the Trustee Act 2000 .

Trinity Bridge has been appointed to manage the trust funds. The Trustees met three times in 2025 performance.

Investment Performance

The value of the CPA Charitable Funds listed investments increased by £440,758 (6%) from £7,528,238 at 31 December 2024 to £7,968,996 as at the end of the reporting period. The Charity holds no unlisted funds.

January 2025. 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 Trinity Bridge was adopted.

The financial markets adapted to the volatility created by the continued war in Ukraine and the conflict in Gaza. However, global stock markets remained volatile, and more fluctuations remain a distinct possibility, in particular because of the high valuation of some areas of the global stock markets, such as the perceived bubble in the AI sector. The Trustees will continue to monitor the performance of the investments regularly.

Fundraising

Following the implementation of the Charities (Protection and Social Investment) Act 2016 , the Trustees have activities during 2025, and the CPACF did not make use of any external fundraisers. A fundraiser role has been created and there may be opportunities for fundraising to be conducted for the benefit of the charity in the future.

PLANS FOR FUTURE PERIODS

The renaming of the charity to CPACF enables the charity to update its plans with the confidence that its objects can be met with charitable grants in accordance with the aims stated above. The financial strategy regarding the deployment of unrestricted funds will be addressed by the Trustees during the year 2026. Trustees have approved up to £240,000 to be disbursed in support of the Commonwealth Parliamentarians with Disabilities Capital Investment Fund projects, Gender Strengthening Fund, Regional Initiative and Technical Assistance Fund.

Page 7

CPA Charitable Funds Annual report for the year ended 31 December 2025

Auditors

Buzzacott Audit LLP are the auditors for the year under review. A tender exercise is under way, including the incumbent auditors to determine which firm will be instructed to conduct the audit for the year 2026 financial statements. The tender exercise concluded in March 2026 with the reappointment of Buzzacott Audit LLP.

The Board of Trustees approved this report on Date.

Signed on behalf of the Board of Trustees:

Name: Name: Trustee of CPA Charitable Fund Trustee of the CPA Charitable Funds

Page 8

CPA Charitable Funds Annual report for the year ended 31 December 2025

Opinion

ended 31 December 2025 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 Standar The Financial Reporting Standard applicable in the UK and Republic of (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 for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical 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 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 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.

Page 9

Other information

The other information comprises the information included in the annual report, other 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 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:

the financial statements are not in agreement with the accounting records; or

Responsibilities of trustees

As explained more 3, 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.

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.

Page 10

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 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:

understanding of how fraud might occur, by:

Page 11

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

reading the minutes of meetings of those charged with governance; and

enquiring of management as to actual and potential litigation and claims.

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 report.

Use of our report

matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted for our audit work, for this report, or for the opinions we have formed.

Buzzacott Audit LLP Statutory Auditor 130 Wood Street London EC2V 6DL Date: 22 April 2026

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

Page 12

CPA Charitable Funds Statement of financial activities for the year ended 31 December 2025

Note
Unrestricted
funds
£
Income from:
Investments
2
19,190
Charitable activities
Branch membership fees
-
Subscriptions for the Parliamentarian
-
Partnership income
3
-
Other
99,676
Total
118,866
Expenditure on:
Raising funds
Investment Management Costs
1,353
Charitable activities
Parliamentary Benchmarking and
Development
19,702
Public Outreach
(70)
Communications and Publishing
-
Total
6
20,985
Net expenditure before gains/(losses) on
investments
97,881
Net gains on investments
12
15,877
Net movement in funds
113,758
Reconciliation of funds
Balance brought forward
17
884,143
Balance carried forward
17
997,901		 Restricted
funds
£
96,079
-
-
-
-
96,079
51,452
390,477
-
-
441,929
(345,850)
597,074
251,224
7,549,010
7,800,234		 Total
2025
£
115,269
-
-
-
99,676
214,945
52,805
410,179
(70)
-
462,914
(247,969)
612,951
364,982
8,433,153
8,798,135		 Total
2024
£
221,903
3,108
2,396
157,561
84,312
469,280
55,857
2,485,902
120,649
467,007
3,129,415
(2,660,135)
444,836
(2,215,299)
10,648,452
8,433,153

All recognised gains and losses have been included in the SOFA.

Page 13

CPA Charitable Funds Balance sheet as at 31 December 2025

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		 2025
£
25,576
-
907,713
933,289
(104,150)		 2025
£
-
7,968,996
7,968,996
829,139
8,798,135
997,901
4,882,012
2,918,222
8,798,135		 2024
£
64,572
300,011
803,306
1,167,889
(262,974)		 2024
£
-
7,528,238
7,528,238
904,915
8,433,153
884,143
4,774,934
2,774,076
8,433,153

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

Date: _____ and signed on its behalf by:

Name: Trustee of CPA Charitable Funds

Name: Trustee of the CPA Charitable Funds

Page 14

CPA Charitable Funds Statement of cash flows for the year ended 31 December 2025

2025
£
Cash flows from operating activities
(483,066)
Cash flows from investing activities
Interest and dividends
115,269
Purchase of computer and equipment
-
Proceeds from sale of computer and equipment
-
Purchase of investments
(3,189,531)
Proceeds from the sale of investments
3,406,381
Movement in investment cash account
(44,657)
Movement in short term deposit
300,011
Net cash provided by investing activities
587,473
Change in cash and cash equivalents in the reporting period
104,407
Cash and cash equivalents at the beginning of the reporting period
803,306
Cash and cash equivalents at the end of the reporting period
907,713
2025
£
Reconciliation of Net Movement in Funds to Net Cash Flow from Operating Activities
Net movement in funds
364,982
Depreciation charges
-
Decrease in debtors
38,996
(Decrease) in creditors
(158,824)
Interest and dividends
(115,269)
(Gains) on investments
(612,951)
Net cash (used in) operating activities
(483,066)
Analysis of Cash and Cash Equivalents
2025
£
Cash at bank and in hand
907,713
907,713		 2025
£
(483,066)
115,269
-
-
(3,189,531)
3,406,381
(44,657)
300,011		 2024
£
(2,647,802)
221,903
(9,611)
20,432
(2,759,170)
3,033,634
17,109
2,619,530
3,143,827
496,025
307,281
803,306
2024
£
(2,215,299)
8,509
297,051
(71,324)
(221,903)
(444,836)
(2,647,802)
2024
£
803,306
803,306

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 15

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

1. Summary of Accounting Policies

(a) Basis of accounting

The CPACF 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).

to promote knowledge of the constitutional, legislative, economic, social and cultural aspects of parliamentary democracy with particular reference to the countries of the Commonwealth of Nations and to countries outside the Commonwealth having close historical and parliamentary associations with it.

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.

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

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.

Other income includes the recovery of historical bad debts.

Gifts in Kind estimated at £36,000 are not recognised within the financial statements as they are deemed to be immaterial.

Grants received are accounted for on an accruals basis based on the period to which they relate.

(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 accruals basis.

Page 16

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

(d) Allocation of support and governance costs

Any 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.

(e) Pension costs

CPACF does not operate any pension scheme.

(f) 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 rtners. Note 17 sets out the aim and use of each restricted fund.

(g) 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.

(h) 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.

(i) 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. All tangible fixed assets and intellectual property rights were transferred to the CPA when the new organisation assumed the operational activities of the charity in November 2024 on receipt of a payment of £35,000.

(j) 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.

Page 17

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

(k) 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.

(l) 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.

(m) 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.

(n) Short-term deposit

UK-regulated financial institutions

(o) Going concern

The Trustees

going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the ing macroeconomic and geopolitical climate, and the impact these will

Operational plans, related budgets and forecasts continue to be reviewed and have been updated for 2026-2027.

During 2025, CPACF continued to run down somewhat the unrestricted funds of the charity. Investment returns markets with strategic allocations to fixed income and alternatives.

Following the above review and despite future forecasts being, to a degree, uncertain because of the area highlighted earlier, the Trustees adequate to meet its annual obligations for as much as five years.

As a result of the above review of the organisation's financial position, reserves levels and plans, the Trustees are of the view that the organisation remains a going concern in respect to a period of at least five years from the date of approval of these financial statements, notwithstanding the uncertainties outlined above.

Page 18

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

(r) 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 reporting period include the benefits derived from free office occupancy hosted by the UK Parliamentary Estate. No estimate of the quantum is recognised as it is not possible to quantify it. Gifts in Kind estimated at £36,000 are not recognised within the financial statements as it is immaterial but disclosed in note 18 for transparency.

2. Investment Income

2025
Unrestricted
funds
£
Dividends
equities
793
Interest
fixed interest securities
1,445
Interest on cash and deposits
16,952
19,190
2024
Unrestricted
funds
£
Dividends
equities
1,664
Interest
fixed interest securities
1,098
Interest on cash and deposits
99,206
101,968		 Restricted
funds
£
31,597
58,836
5,646
96,079
Restricted
funds
£
68,176
42,200
9,559
119,935		 Total
2025
£
32,390
60,281
22,598
115,269
Total
2024
£
69,840
43,298
108,765
221,903

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		 Total
2025
£
-		 Total
2024
£
157,561
157,561
-

Page 19

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

4. Staff Costs

Salaries and wages
Social security costs
Pension costs		 Total
2025
£
-
-
-		 Total
2024
£
980,768
106,545
66,772
- 1,154,085

2024 staff costs relate to the operational expenditure were transferred over to the CPA and no further staff costs were incurred . In addition, £11,946 was paid to cover a PAYE Settlement Agreement with HM Customs and Excise. These payments are to cover benefits-in-kind payments for health, travel insurance and death-in-service expenses.

In 2024, the key management personnel (KMP) 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 Communications.

During 2025, the KMP comprised the Secretary-General, the Director of Finance and the Financial Accountant. Gifts in Kind related to the KMP is estimated at £36,000 and are not recognised within the financial statements but are disclosed in note 18 for transparency. Key management personnel also include the Trustees who are not remunerated.

The average number of employees during the year was:
Management Directors
Charitable activities
Secretary General
Deputy Secretary General and Director of Operations
Finance Director		 2025
No.
-
-		 2024
No.
3
20
- 23
2025
£
-
-
-		 2024
£
129,451
91,935
55,973
- 277,359

Page 20

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

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
£90,001 - £100,000
£100,001 - £110,000		 Total
2025
No.
-
-
-
-
-		 Total
2024
No.
4
1
-
1
6

All the employees whose emoluments were greater than £60,000 are part of the personal pension scheme and in 2024 the CPA Secretariat paid £29,212 for these employees.

5. Pension scheme

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% or 5% depending on when they began employment with the CPA.

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%.

In November 2024, the administration of the Pension scheme was transferred from the Charity to the CPA.

Total Premium paid
Less: Contributions from employees		 2025
£
-
-
-		 2024
£
141,224
(74,952)
66,272

Page 21

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

6. Total Expenditure

2025
Note
Cost of generating funds
Investment management costs
Cost of charitable activities
Parliamentary Benchmarking and
Development
8
Public Outreach
9
Communications and Publishing
10

2024
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
£
52,805
401,217
(70)
-
453,952
Direct
costs
£
55,857
1,860,429
85,847
250,987
2,253,120		 Support
costs
£
-
8,962
-
-
8,962
Support
costs
£
-
625,473
34,802
216,020
876,295		 Total
2025
£
52,805
410,179
(70)
-
462,914
Total
2024
£
55,857
2,485,902
120,649
467,007
3,129,415

Page 22

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

6a. Allocation of Support Costs

2025
Cost of charitable
activities
Parliamentary
Benchmarking and
Development
Public Outreach
Communications and
Publishing
2024
Cost of charitable
activities
Parliamentary
Benchmarking and
Development
Public Outreach
Communications and
Publishing		 Staff
costs
£
-
-
-
-
Staff
costs
£
313,965
17,470
108,434
439,869		 HR
costs
£
IT support
costs
£
Facilities
£
-
-
2,212
-
-
-
-
-
-
-
-
2,212
HR
costs
£
IT support
costs
£
Facilities
£
27,634 46,620
151,644
1,538
2,593
8,438
9,544 16,103
52,373
38,716 65,316
212,455		 Depreciation
£
-
-
-
-

Depreciation
£
6,074
338
2,097
8,509		 Governance
£
6,750
-
-
6,750
Governance
£
79,536
4,425
27,469
111,430		 Total
2025
£
8,962
-
-
8,962
Total
2024
£
625,473
34,802
216,020
876,295

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

Page 23

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

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:

-
Statutory audit 2025
-
Statutory audit over provision 2024
Legal & professional fees
Officers travel
8.
Parliamentary Benchmarking and Development		 2025
£
5,400
(8,400)
-
9,750
-
-
6,750		 2024
£
18,000
-
12,570
62,678
3,449
14,733
111,430
Post-Election Seminars
Technical Assistance Programmes
Commonwealth Women Parliamentarians
Small Branches
Commonwealth Parliamentarians with Disabilities
Commonwealth Heads of Governments Meeting
Parliamentary Academy
Thematic and Parliamentary Practice & Procedure
Benchmarks
Commonwealth Regional Conferences
Annual Parliamentary Conference
Artificial Intelligence and Disinformation
Commonwealth Parliamentary Good Governance
Environmental Impact Fund
Direct staff costs		 2025
£
-
16,389
(388)
-
(20,000)
(381)
(1,440)
-
-
75,000
332,037
-
-
-
-
401,217		 2024
£
60
(3,851)
105,966
65,625
73,088
21,061
133,499
11,030
8,866
55,000
662,456
65,266
122,577
30,000
509,786
1,860,429

Page 24

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

9. Public Outreach

Commonwealth Youth Parliament
Direct staff costs
Communications & Publishing
The Parliamentarian
Printing
Distribution
Fees to contributors
CPA Website
Books, periodicals and information
Direct staff costs		 2025
£
(70)
-
(70)
2025
£
-
-
-
-
-
-
-
-		 2024
£
57,482
28,365
85,847
2024
£
22,021
25,387
1,050
48,458
22,830
3,634
176,065
250,987

10. Communications & Publishing

Page 25

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

11. 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
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		 2025
£
-
-
-
-
-
-
-
-
-
2025
£
7,528,238
3,189,531
(3,406,381)
44,657
190,826
422,125
7,968,996
6,417,798		 2024
£
205,716
9,611
(215,327)
-
186,385
8,509
(194,894)
-
-
2024
£
7,374,975
2,759,170
(3,033,634)
(17,109)
(49,303)
494,139
7,528,238
6,438,896

Page 26

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

12. Investments (continued)

The total unrealised gains at 31 December 2025 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 investment assets
Fixed
interest
securities
Equities
£
£
2025
1,789,687
6,046,591
_
_

2024
1,528,087
5,914,235
__________
__________

he underlying assets contained within the various funds invested in by the Charity
tock exchange.
ebtors
Branch fees
Less: Provision for doubtful debts
Net branch fees
Other debtors and prepayments		 2025
£
2024
£
1,551,198
1,089,342
1,551,198
1,089,342
1,089,342
591,531
39,731
3,672
422,125
494,139
1,551,198
1,089,342
Cash
Total
£
£
132,718
7,968,996
_
_
85,915
7,528,237
_
_
re recognised on a listed
2025
£
2024
£
-
111,749
-
(114,749)
-
-
25,576
64,572
25,576
64,572		 2024
£
1,089,342
1,089,342
591,531
3,672
494,139
1,089,342


a

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

13. Debtors

Page 27

CPA Charitable Funds

Notes to the financial statements for the

year ended 31 December 2025

14. Short-term deposit
Close Brothers business notice account and short-term
deposit
15. Creditors: Amounts Falling Due Within One Year
Note
Trade creditors
General accruals
Parliamentary Benchmarking and Development
accruals		 2025
£
-
-
2025
£
14,203
34,947
55,000
104,150		 2024
£
300,011
300,011
2024
£
68,786
57,040
137,148
262,974

Page 28

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

16. Movement in funds

6. Movement in funds
At 1 Jan Income Expenditure Gains
(Losses)/		 At 31 Dec
2025
2025 Transfers
£ £ £ £ £
CPA Headquarters Secretariat
Unrestricted Funds
General reserve 884,143 118,866 (20,985) 15,877 997,901
Restricted Funds
Conference Assistance Fund (CAF) 4,774,934 59,712 (331,537) 378,903 4,882,012
Working Capital Fund (WCF) 2,774,076 36,367 (110,392) 218,171 2,918,222
____ ____ ____ ____ ____
Total restricted funds 7,549,010 96,079 (441,929) 597,074 7,800,234
____ ____ ____ ____ ____
Total funds 8,433,153 214,945 (462,914) 612,951 8,798,135
____ ____ ____ ____ ____
At 1 Jan Income Expenditure Gains
(Losses)/		 At 31 Dec
2024
2024 Transfers
£ £ £ £ £
CPA Headquarters Secretariat
Unrestricted Funds
General reserve 3,295,327 349,345 (2,771,672) 11,143 884,143
Restricted Funds
Conference Assistance Fund (CAF) 4,704,377 73,209 (275,556) 272,904 4,774,934
Working Capital Fund (WCF) 2,648,748 46,726 (82,187) 160,789 2,774,076
____ ____ ____ ____ ____
Total restricted funds 7,353,125 119,935 (357,743) 433,693 7,549,010
____ ____ ____ ____ ____
Total funds 10,648,452 469,280 (3,129,415) 444,836 8,433,153
____ ____ ____ ____ ____

Page 29

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

16. Movement in funds (continued)

Unrestricted funds

objectives.

In 2018, to better address the likely risks and financial pressures faced by the CPA in the medium to long-term, the Trustees 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 began to undertake the operational role of the CPA from 8 November 2024, the general reserves will continue be used to fund existing charitable activities until such time as the strategy is amended.

Restricted funds

Conference Assistance Fund (CAF)

The main aim of the CAF is to provide financial aid and assistance to any of the Branches to assist them in organising, constituting and holding plenary conferences

Working Capital Fund (WCF)

In furtherance of the objects of the Fund but not further or otherwise the Trustees shall have the following powers:

(a) to defray where necessary reasonable costs of travelling and accommodation and other expenses of Parliamentarians, officials and others visiting countries holding educational seminars in accordance with the objects of the Charity on parliamentary practice and procedure and other related subjects and to provide financial assistance to the host country where needed in the provision of facilities for such seminars;

(b) to provide travel grants to lecturers on parliamentary matters to visit universities schools and other educational institutions for the purposes of advancing education in parliamentary matters with particular emphasis on young persons;

(c) to defray reasonable costs of transportation and accommodation and other expenses of Parliamentarians and officials of any Commonwealth country travelling in pursuance of the study of Parliamentary institutions;

(d) to provide financial support to study groups of Parliamentarians and others for the advancement of reports; and

(e) to discharge the reasonable costs and expenses involved in any other charitable activities proposed by the members of the Charity in furtherance of the objects of the Charity

Page 30

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

17. Analysis of net assets between funds

Unrestricted
Funds
2025
£
Fixed asset investment
206,650
Current assets
842,368
Current liabilities
(51,117)
997,901
Unrestricted
Funds
2024
£
Tangible fixed assets
-
Fixed asset investment
189,918
Current assets
907,629
Current liabilities
(213,404)
884,143		 Restricted
Funds
2025
£
7,762,346
90,921
(53,033)
7,800,234
Restricted
Funds
2024
£
-
7,338,319
260,261
(49,570)
7,549,010		 Total
Funds
2025
£
7,968,996
933,289
(104,150)
8,798,135
Total
Funds
2024
£
-
7,528,237
1,167,890
(262,974)
8,433,153

Page 31

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

18 and Gift in Kind

As of 1 January 2025, the CPACF is managed independently by its own appointed Trustees. However, CPACF continued to receive support from CPA for its day-to-day operations. For transparency and disclosure, total transactions between CPA and CPACF amounts to £177,227.

However, during the transition in 2024 financials, the transactions between CPACF and CPA amounted to £237,710. They were for reimbursement of membership fees, management charges, payment for transfer of assets and intellectual property rights, and prepayment & advances for 2025 programme related events. The outstanding balance between CPA and CPACF at the year-end amounts to £16,389 (2024: £20,095).

No payment was made on behalf of the Trustees. None of the Trustees received remuneration or benefits from employment with CPACF.

In 2024 the CPACF paid £112,410 on behalf of 15 Executive Committee members (EXCO) for their travel and accommodation. EXCO members acted as Trustees for the charity during their term in office up until their resignation on 7 November 2024. None of the EXCO members received remuneration or benefits from employment.

The CPACF 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.

The operations of the CPACF were supported by CPA who made available its resources which include: administration; staff; accounting and financial reporting; equipment and IT facilities. The value of the resources provided is estimated at £36,000.

Page 32

CPA Charitable Funds Notes to the financial statements for the year ended 31 December 2025

19. Comparative statement of financial

activities 2024
Note
Unrestricted
funds
£
Income from:
Investments
2
101,968
Charitable activities
Branch membership fees
3,108
Subscriptions for the Parliamentarian
2,396
Partnership income
3
157,561
Other
84,312
Total
349,345
Expenditure on:
Raising funds
Investment Management Costs
1,407
Charitable activities
Parliamentary Benchmarking and
Development
2,182,609
Public Outreach
120,649
Communications and Publishing
467,007
Total
6
2,771,672
Net expenditure before gains/(losses) on
investments
(2,422,327)
Net gains on investments
12
11,143
Net movement in funds
(2,411,184)
Reconciliation of funds
Balance brought forward
17
3,295,327
Balance carried forward
17
884,143		 Restricted
funds
£
119,935

-
-
-
-
119,935
54,450
303,293
-
-
357,743
(237,808)
433,693
195,885
7,353,125
7,549,010		 Total
2024
£
221,903
3,108
2,396
157,561
84,312
469,280
55,857
2,485,902
120,649
467,007
3,129,415
(2,660,135)
444,836
(2,215,299)
10,648,452
8,433,153

Page 33