REGISTERED NUMBER: 09132366 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

COMMONWEALTH ENTERPRISE & INVESTMENT

COUNCIL

Page

Company Information

1

Chairman's Foreword

2

Balance Sheet

3

Notes to the Financial Statements

5

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

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

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.

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

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.

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.

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 ) .

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

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.

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.

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).