IRIS Accounts Production v25.3.0.601 09132366 Board of Directors Board of Directors 1.8.24 31.7.25 31.7.25 true false true false false true false iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 09132366 2024-07-31 09132366 2025-07-31 09132366 2024-08-01 2025-07-31 09132366 2023-07-31 09132366 2023-08-01 2024-07-31 09132366 2024-07-31 09132366 ns15:EnglandWales 2024-08-01 2025-07-31 09132366 ns14:PoundSterling 2024-08-01 2025-07-31 09132366 ns10:Director1 2024-08-01 2025-07-31 09132366 ns10:Director2 2024-08-01 2025-07-31 09132366 ns10:CompanyLimitedByGuarantee 2024-08-01 2025-07-31 09132366 ns10:SmallEntities 2024-08-01 2025-07-31 09132366 ns10:AuditExempt-NoAccountantsReport 2024-08-01 2025-07-31 09132366 ns10:SmallCompaniesRegimeForDirectorsReport 2024-08-01 2025-07-31 09132366 ns10:SmallCompaniesRegimeForAccounts 2024-08-01 2025-07-31 09132366 ns10:FullAccounts 2024-08-01 2025-07-31 09132366 ns10:Director3 2024-08-01 2025-07-31 09132366 ns10:Director5 2024-08-01 2025-07-31 09132366 ns10:Director6 2024-08-01 2025-07-31 09132366 ns10:Director7 2024-08-01 2025-07-31 09132366 ns10:Director8 2024-08-01 2025-07-31 09132366 ns10:RegisteredOffice 2024-08-01 2025-07-31 09132366 ns5:CurrentFinancialInstruments 2025-07-31 09132366 ns5:CurrentFinancialInstruments 2024-07-31 09132366 ns5:FurtherSpecificReserve1ComponentTotalEquity 2025-07-31 09132366 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-07-31 09132366 ns5:RetainedEarningsAccumulatedLosses 2025-07-31 09132366 ns5:RetainedEarningsAccumulatedLosses 2024-07-31 09132366 ns5:PlantMachinery 2024-07-31 09132366 ns5:PlantMachinery 2024-08-01 2025-07-31 09132366 ns5:PlantMachinery 2025-07-31 09132366 ns5:PlantMachinery 2024-07-31 09132366 ns5:CostValuation 2024-07-31 09132366 ns5:CostValuation ns5:ListedExchangeTraded 2024-07-31 09132366 ns5:AdditionsToInvestments 2025-07-31 09132366 ns5:AdditionsToInvestments ns5:ListedExchangeTraded 2025-07-31 09132366 ns5:RevaluationsIncreaseDecreaseInInvestments 2025-07-31 09132366 ns5:RevaluationsIncreaseDecreaseInInvestments ns5:ListedExchangeTraded 2025-07-31 09132366 ns5:CostValuation 2025-07-31 09132366 ns5:CostValuation ns5:ListedExchangeTraded 2025-07-31 09132366 ns5:ListedExchangeTraded 2025-07-31 09132366 ns5:ListedExchangeTraded 2024-07-31 09132366 ns5:Subsidiary1 2024-08-01 2025-07-31 09132366 1 ns5:Subsidiary1 2024-08-01 2025-07-31 09132366 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-07-31 09132366 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-07-31 09132366 ns5:Non-currentFinancialInstruments 2025-07-31 09132366 ns5:Non-currentFinancialInstruments 2024-07-31 09132366 ns5:CurrentFinancialInstruments 2024-08-01 2025-07-31 09132366 ns5:WithinOneYear 2025-07-31 09132366 ns5:WithinOneYear 2024-07-31 09132366 ns5:RetainedEarningsAccumulatedLosses 2024-07-31 09132366 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-07-31 09132366 ns5:RetainedEarningsAccumulatedLosses 2024-08-01 2025-07-31 09132366 ns5:FurtherSpecificReserve1ComponentTotalEquity 2024-08-01 2025-07-31

REGISTERED NUMBER: 09132366 (England and Wales)

| UNAUDITED FINANCIAL STATEMENTS |

| FOR THE YEAR ENDED 31 JULY 2025 |

| FOR |

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL |

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page |

| Company Information | 1 |

| Chairman's Foreword | 2 |

| Balance Sheet | 3 |

| Notes to the Financial Statements | 5 |

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL |

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

| DIRECTORS: | Lord Marland of Odstock

| Ms S Cohen CVO OBE

| N D S Cooke

| Mrs F Muscat

| Ms P O'Leary

| B T Soyoye

| Lord Swire

| REGISTERED OFFICE: | 5th Floor

| Thames Tower

| Station Road

| Reading

| Berkshire

| RG1 1LX

| REGISTERED NUMBER: | 09132366 (England and Wales)

| ACCOUNTANTS: | Fawcetts LLP

| Chartered Accountants

| Windover House

| St. Ann Street

| Salisbury

| SP1 2DR

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

CHAIRMAN'S FOREWORD

FOR THE YEAR ENDED 31 JULY 2025

The financial year 2024/25 was more challenging than expected. The global backdrop and international upheaval resulting from the imposition of significant US tariffs has had an impact on businesses' expansion plans. Despite this challenging climate, the Commonwealth remains a positive force in the global economy, standing as a powerful voice against protectionism and is unashamedly pro-trade and investment. As countries and companies look to restructure their supply chains as tariffs take effect, Commonwealth countries offer high growth, and innovative and diverse alternatives. CWEIC remains the key to exploring opportunities and delivering outcomes.

The Commonwealth remains a vital place for doing business. Two pan-Commonwealth events in 2024/25 demonstrated this. In partnership with the Government of Samoa, CWEIC delivered the Commonwealth Business Forum (CBF), convening Heads of Government, Ministers, and the Commonwealth's leading businesses for several days of discussions. While distance made CBF logistically challenging for some, CWEIC exceeded its initial expectations and delivered representation from every region of the Commonwealth in a high impact event that served both our Strategic Partners and Commonwealth Governments that chose to make the long journey. Now, with a new Commonwealth Secretary-General, Shirley Botchwey in place, the Commonwealth is entering a phase of renewal and growth with trade and investment as one of the main strategic pillars.

The Commonwealth Trade and Investment Summit (CTIS) was convened for the 4th time at London's Mansion House with a strong focus on Africa and Sub-Sovereign Governments, including Lagos, Enugu and Zanzibar. The majority of Strategic Partners played leading roles in discussions that helped to set the agenda for coming CWEIC engagements.

As we approach the Commonwealth Heads of Government Meeting, and Commonwealth Business Forum in Antigua & Barbuda in 2026, CWEIC's Board has reviewed the structures through which we deliver major events on behalf of Commonwealth Governments, the Commonwealth Secretariat, and the Commonwealth Business community. Following consultation with a range of stakeholders, the Board endorsed a proposal to form Commonwealth Business Forums Limited, a not-for-profit, wholly-owned subsidiary of CWEIC, its remit being to deliver the Commonwealth Business Forum, and other pan-Commonwealth events.

CWEIC will focus on expanding Commonwealth trade and investment across 56 countries by continuing to grow the network and by exploring new opportunities for Strategic Partners, with a renewed interest in enhancing connections between the Commonwealth and new partners such as the Middle East, the European Union, and Morocco.

CWEIC will continue to fund the Commonwealth Business Forum, subsidised by its wider activities, and has provided a £300,000 interest-free loan to Commonwealth Business Forums Limited to support CBF 2026.

On behalf of the CWEIC Board, I would like to thank Rosie Glazebrook for serving as CEO for the last three years. Rosie will now continue to contribute her expertise to CWEIC as part of our new Advisory Board.

We are pleased to welcome back Samantha Cohen as CEO. Sam led us successfully through the challenging COVID years and is well placed to lead us in the new era of renewed focus on expansion and growth.

The future is bright for both the Commonwealth and CWEIC. There are exciting new opportunities to explore and CWEIC Strategic Partners will be at the forefront of delivering them.

Lord Marland

Chairman

CWEIC

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

BALANCE SHEET

31 JULY 2025

| 2025 | 2024 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Tangible assets | 4 | 3,493 |  | 3,033 |  |

Investments | 5 | 990,721 |  | 943,658 |  |

994,214 |  | 946,691 |  |

CURRENT ASSETS

Debtors | 6 | 612,562 |  | 457,778 |  |

Cash at bank and in hand | 7 | 1,234,488 |  | 1,331,354 |  |

1,847,050 |  | 1,789,132 |  |

CREDITORS

Amounts falling due within one year | 8 | 1,058,284 |  | 1,046,615 |  |

NET CURRENT ASSETS | 788,766 |  | 742,517 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 1,782,980 |  | 1,689,208 |  |

PROVISIONS FOR LIABILITIES | 47,303 |  | 35,423 |  |

NET ASSETS | 1,735,677 |  | 1,653,785 |  |

RESERVES

Non-distributable profits reserve | 10 | 165,162 |  | 129,866 |  |

Income and expenditure account | 10 | 1,570,515 |  | 1,523,919 |  |

1,735,677 |  | 1,653,785 |  |

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

BALANCE SHEET - continued

31 JULY 2025

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 September 2025 and were signed on its behalf by:

Lord Marland of Odstock - Director

Ms S Cohen CVO OBE - Director

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. | STATUTORY INFORMATION

| Commonwealth Enterprise & Investment Council is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. | ACCOUNTING POLICIES

| Basis of preparing the financial statements

| These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

| The financial statements have been prepared on a going concern basis and are presented in Sterling (£) which is the functional currency of the company.

| The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

| Preparation of consolidated financial statements

| The financial statements contain information about Commonwealth Enterprise & Investment Council as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

| Related party exemption

| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

| Turnover

| Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT.

| Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Tangible fixed assets

| Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

| Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

| Office equipment - 33% straight line

| The profit or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

| Fixed asset investments

| Investments are included at closing market value at the balance sheet date. Any fair value gains arising are not realised profits and therefore are transferred to a separately designated non-distributable profits reserve. Investment income is accounted for on an accruals basis.

| Cash and cash equivalents

| Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with

| banks, and other short-term liquid investments with original maturities of three months or less.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| Taxation

| The tax expense represents the sum of the tax currently payable and deferred tax.

| Current tax

| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

| Deferred tax

| Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are

| recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

| The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Foreign exchange

| Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

| Leases

| Rentals payable under operating leases, including any lease incentives received, are charged to surplus or deficit on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

| Pension costs and other post-retirement benefits

| The company contributes to the individual defined contribution pension schemes of employees. Contributions are charged to surplus or deficit in the period to which they relate.

| Debtors

| Debtors are measured at their recoverable amount.

| Creditors and provisions

| Creditors and provision are recognised where the company has a present obligation resulting from a past event that will probably 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 normally recognised at their settlement amount after allowing for any trade discounts due.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the year was 16 (2024 - 15 ) .

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

4. | TANGIBLE FIXED ASSETS

| Plant and

| machinery

| etc

£ |

| COST

| At 1 August 2024 | 28,977 |  |

| Additions | 3,881 |  |

| Disposals | (2,954 | ) |

| At 31 July 2025 | 29,904 |  |

| DEPRECIATION

| At 1 August 2024 | 25,944 |  |

| Charge for year | 3,421 |  |

| Eliminated on disposal | (2,954 | ) |

| At 31 July 2025 | 26,411 |  |

| NET BOOK VALUE

| At 31 July 2025 | 3,493 |  |

| At 31 July 2024 | 3,033 |  |

5. | FIXED ASSET INVESTMENTS

| Shares in |

| group |  | Listed |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| COST OR VALUATION

| At 1 August 2024 | - |  | 943,658 |  | 943,658 |  |

| Additions | 1 |  | - |  | 1 |  |

| Revaluations | - |  | 47,062 |  | 47,062 |  |

| At 31 July 2025 | 1 |  | 990,720 |  | 990,721 |  |

| NET BOOK VALUE

| At 31 July 2025 | 1 |  | 990,720 |  | 990,721 |  |

| At 31 July 2024 | - |  | 943,658 |  | 943,658 |  |

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

5. | FIXED ASSET INVESTMENTS - continued

| Cost or valuation at 31 July 2025 is represented by:

| Shares in |

| group |  | Listed |

| undertakings |  | investments |  | Totals

£ | £ | £ |

| Valuation in 2025 | - |  | 185,720 |  | 185,720 |  |

| Cost | 1 |  | 805,000 |  | 805,001 |  |

1 |  | 990,720 |  | 990,721 |  |

| The company's investments at the Balance Sheet date in the share capital of companies include the following:

| Commonwealth Business Forums Limited

| Registered office: 5th Floor Thames Tower, Station Road, Reading, RG1 1LX

| Nature of business: Management consultancy and conference organisers

| %

| Class of shares: | holding |

| Ordinary | 100.00 |

6. | DEBTORS

2025 | 2024 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 277,000 |  | 438,938 |  |

| Other debtors | 6,399 |  | 6,400 |  |

| Prepayments and accrued income | 29,163 |  | 12,440 |  |

312,562 |  | 457,778 |  |

| Amounts falling due after more than one year:

| Amounts owed by group undertakings | 300,000 |  | - |  |

| Aggregate amounts | 612,562 |  | 457,778 |  |

| During the year, Commonwealth Enterprise & Investment Council made a loan of £300,000 to Commonwealth Business Forums Limited to assist with its startup, operational costs, and to support CBF 2026.

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

7. | CASH AT BANK AND IN HAND

2025 | 2024 |

£ | £ |

| Current account | 180,580 |  | 40,978 |  |

| Flagstone investment deposit | 966,085 |  | 1,105,000 |  |

| Flagstone investment savings | 87,288 |  | 184,841 |  |

| Cash in hand | 535 |  | 535 |  |

1,234,488 |  | 1,331,354 |  |

8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

2025 | 2024 |

£ | £ |

| Trade creditors | 17,581 |  | 47,049 |  |

| Amounts owed to group undertakings | 75,000 |  | - |  |

| Taxation and social security | 61,991 |  | 106,764 |  |

| Other creditors | 903,712 |  | 892,802 |  |

1,058,284 |  | 1,046,615 |  |

| Included in other creditors is £804,727 (2024 - £832,862) of deferred income.

9. | LEASING AGREEMENTS

| Minimum lease payments under non-cancellable operating leases fall due as follows:

2025 | 2024 |

£ | £ |

| Within one year | 17,000 |  | 27,150 |  |

| An annual lease was formally signed in September 2025.

| COMMONWEALTH ENTERPRISE & INVESTMENT |

| COUNCIL (REGISTERED NUMBER: 09132366) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

10. | RESERVES

| Income |

| and |  | Non-distributable |

| expenditure |  | profits |

| account |  | reserve |  | Totals

£ | £ | £ |

| At 1 August 2024 | 1,523,919 |  | 129,866 |  | 1,653,785 |  |

| Surplus for the year | 81,892 |  | 81,892 |  |

| Changes in fair value | (47,062 | ) | 47,062 |  | - |  |

| Deferred tax on changes in fair value | 11,766 |  | (11,766 | ) | - |  |

| At 31 July 2025 | 1,570,515 |  | 165,162 |  | 1,735,677 |  |

| The non-distributable profits reserve is used to record gains in the fair value of investments and losses to the extent that such a loss relates to a previous gain on the same asset. It is also used to record any corresponding deferred tax (charge)/credit on fair value changes in investments.

11. | LIMITED BY GUARANTEE

| The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1. At the balance sheet date there were eight members (2024 - eight).