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Registered number: 06291886 CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE) DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors | Sir Sherard Cowper-Coles (Chair)
| Mr Duncan Clark OBE (Vice Chair)
| Mr Kenneth Macpherson (Vice Chair)
| Mr Peter Burnett OBE BSS (Chief Executive)
| Sir Charles Bowman
| Mr Adrian Cartwright
| Mrs Sharon Cheng
| Ms Samantha Deave
| Mr David King
| Ms Suwin Lee
| Mr Qing Pan
| Mr David Pilsbury
| Ms Caroline Raggett
| Mr Neil Sampson
| Mr David Slater
| Mr Wilson Del Socorro
| Sir James Wood
| Mr Shixu Yang
Company secretary | Mr Robert Ismay
Registered number | 06291886
Registered office | Kings Building
| 16 Smith Square
| London
| SW1P 3HQ
Independent auditors | Sopher + Co LLP
| Chartered Accountants
| 5 Elstree Gate
| Elstree Way
| Borehamwood
| Hertfordshire
| WD6 1JD
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
CONTENTS
| Page
Directors' Report | 1 - 5
Directors' Responsibilities Statement | 6
Independent Auditors' Report | 7 - 10
Consolidated Statement of Comprehensive Income | 11
Consolidated Statement of Financial Position | 12
Company Statement of Financial Position | 13
Consolidated Statement of Changes in Equity | 14
Company Statement of Changes in Equity | 15
Consolidated Statement of Cash Flows | 16
Notes to the Financial Statements | 17 - 28
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT FOR THE YEAR ENDED 31 MARCH 2025 The directors present their report and the financial statements for the year ended 31 March 2025.
Principal activities
The China-Britain Business Council (CBBC) is the United Kingdom's leading membership organisation promoting UK-China trade, investment and commerce. We have a diverse membership consisting of large UK multinationals, UK SMEs and some Chinese companies. CBBC's principal activities cover the delivery of a wide range of China business development services in both the UK and China, including policy analysis, commercial services, market access advice and the organisation of large-scale VIP events and conferences. Through our network of offices in China and the UK, CBBC provides companies with support to access the potential of the China market and assists to develop a business strategy. Practical in-market assistance includes the “Launchpad®” platform which allows our clients to benefit from a dedicated CBBC resource inside our Wholly Foreign-Owned Enterprise (WFOE). Performance Group turnover decreased by £530k compared to FY2023/24, however gross margin has remained strong at 37% compared to 36% in the previous year, resulting in gross margin of £1.47m. Overheads and staff costs have risen by 2%. The resulting Group net deficit before tax was £187k (FY23/24: deficit £29k). Membership revenues have remained stable at £1.2m, and whilst there has been a reduction in the numbers of SME members in particular, our membership proposition remains strong with growth in our large and premium membership categories. With the launch of our Strategic Partner membership category, designed for multinational companies with a key stake in the UK-China business relationship, and a growing premium membership, membership remains the core of our business. Thus we continue to develop our advocacy capability and other member services to attract more members and improve membership revenues in all categories. A new CBBC Advisory Council has been created as part of the Strategic Partner membership initiative. This is the forum for policy discussion at the most senior membership level and will support and shape CBBC’s advocacy work in the UK and China. Launchpad revenues remained stable, just 4% below the prior year, however events revenues reduced by £122k (18%), and other commercial services revenues reduced by £271k (34%) in the year to March 2024. The Department for Business & Trade International Markets contract, entered into by CBBC and Grant Thornton (the prime contractor) was more stable this year, but the revenues generated were still lower than last year by £40k (13%). The contract ceased on 28 July 2025 and has not been re-tendered as the Department has taken the delivery of these services in-house. The turnover delivered by the WFOE in China, included in the above, decreased by £467k (17%) during the year.
Business environment
The election of the Labour government in July 2024 has resulted in a marked improvement in UK-China relations. Arguing that dialogue with China is routine diplomatic work and essential to the UK economy, the new government has proactively sought engagement with China. resulting in visits by senior ministers including Foreign Secretary, David Lammy, Chancellor of the Exchequer, Rachel Reeves, and Secretary of State for Energy Security and Net Zero, Ed Miliband. There have been milestone breakthroughs such as the revival of the UK-China Economic and Financial Dialogue (EFD). The new government’s approach to China has also resulted in political decisions favourable to business, such as not placing China in the higher, stricter tier of the new Foreign Influence Registration Scheme. These actions have reinforced the message that the UK seeks constructive, pragmatic relations, and they have been well received in China. British businesses, meanwhile, report that improved ties have given their operations in China greater momentum and improved relations with all stakeholders. Page 1
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 On the economic front, two-way trade and investment flows have gained modest momentum. According to the Office for National Statistics, bilateral trade volumes between the UK, China, and Hong Kong expanded by 1.5% to £126.1 billion in the four quarters to the end of Q1 2025. In the UK, Chinese companies in the automotive, apparel, and entertainment sectors have performed particularly well, and CBBC has also noted an increase in enquiries and interest from prospective Chinese members. Challenges and risks remain. China’s economic recovery is still uneven, with weak consumer confidence weighing on demand in premium segments where UK companies are heavily represented. The impact of US tariffs remains uncertain, with the potential to either boost or hinder UK-China trade. The bilateral relationship, though improving, remains vulnerable to disruption from geopolitical tensions, sensitive political issues, or unforeseen business difficulties. Going concern The business performance in the year to March 2025 resulted in a deficit largely due to the late launch of the new strategic partner membership category; despite this delay we have seen resilient membership revenues, improving membership retention and strong interest in our premium and large corporate membership. Having reviewed the business and refocused in light of the DBT service contract ceasing in July 2025, the executive reassessed the revenue generation possibilities in the commercial services team and agreed a revised 2025/26 budget incorporating revised income targets. Following the Board’s review of CBBC’s going concern assessment, a number of scenarios and uncertainties were considered, and the Board adopted the revised revenue assumptions as the 2025/26 budget which despite the reduced revenues, still returns the business to a position of modest surplus generation. The Group continues to have a positive cash position with cash balances a little under £3.5m as at the date of approval of these financial statements. The Group has no borrowing. Therefore, after careful consideration, and the encouraging membership performance in the higher value membership categories, with a full programme of events scheduled for the remainder of the year and revised commercial strategy and income targets to replace the revenue from the DBT contract, the Board is confident that the Group will continue to have adequate financial resources to realise assets and discharge liabilities as they fall due over the period to 30 September 2026. Consequently, these financial statements are prepared on a going concern basis. Page 2
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Constitution China-Britain Business Council is incorporated as a company limited by guarantee and not having share capital. Honorary President Lord Sassoon Kt
Directors
The Articles of Association provide that CBBC shall be managed by a Board. The Board shall consist of not less than 11 or more than 24 Board Members, comprising: - the Chair; - the Chief Executive Officer; - the Vice-Chairs; - the Elected Board Members; and - the Co-opted Board Members. The Board met four times during the financial year. The directors who served during the year were:
Sir Sherard Cowper-Coles (Chair)
Mr Duncan Clark OBE (Vice Chair)
Mr Gordon Orr (Vice Chair) (resigned 13 December 2024)
Mr Kenneth Macpherson (Vice Chair)
Mr Peter Burnett OBE BSS (Chief Executive) (appointed 15 July 2024)
Sir Charles Bowman
Mr Adrian Cartwright (appointed 13 December 2024)
Mrs Sharon Cheng
Ms Samantha Deave (appointed 7 August 2024)
Mr David King
Ms Suwin Lee
Mr Qing Pan
Mr David Pilsbury
Ms Caroline Raggett
Mr Neil Sampson
Mr David Slater
Mr Wilson Del Socorro
Sir James Wood
Mr Shixu Yang The Company Secretary is Mr Robert Ismay. In addition, the Secretary of State for International Trade, and the Secretary of State for Foreign, Commonwealth and Development Affairs are each invited to appoint one observer. Other observers include representatives from CBI, China Chamber of Commerce in the UK, the British Chambers of Commerce in Hong Kong and the British Chambers of Commerce in China.
Appointment of CEO
Peter Burnett OBE BBS, join CBBC as Chief Executive on 15 July 2024. Page 3
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025
Committees
The Board may delegate powers to committees and sub-committees. CBBC currently has an Executive Committee, an Audit & Financial Risk Committee and a Nominations Committee. The Executive Committee meets every month and is chaired by the Chief Executive. The Executive Committee comprises of the following individuals: Mr Peter Burnett, Chief Executive Ms Lise Bertelsen, Executive Director Mr Adriaan Commandeur, Chief Membership Officer Mr Robert Ismay, Chief Operating Officer Mr Kiran Patel, Senior Director, Commercial Mr Tom Simpson, Managing Director, China operations Ms Claire Urry, Chief Commercial Officer The Audit & Financial Risk Committee is chaired by Ms Suwin Lee. Sir Charles Bowman and Mr Neil Sampson are members. Meetings of the Audit & Financial Risk Committee are attended by the Chief Executive and the Chief Operating Officer at the invitation of the Chairman of the Committee. The Committee met four times during the year. The Nominations Committee is chaired Mr Kenneth Macpherson and Ms Caroline Raggett is also a member. Meetings of the Nominations Committee are attended by the Chief Commercial Officer at the invitation of the Chairman of the Committee. The Committee met three times during the year.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.
Auditors
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as the auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. Page 4
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 This report was approved by the board and signed on its behalf.
Mr Peter Burnett OBE BSS (Chief Executive) Director
Date: 3 September 2025
Page 5
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 The directors are responsible for preparing the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies for the Group's financial statements and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 6
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF CHINA-BRITAIN BUSINESS COUNCIL
Opinion
We have audited the financial statements of China-Britain Business Council (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2025 and of the Group's loss for the year then ended; ∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and ∙have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Other information
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 Page 7
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF CHINA-BRITAIN BUSINESS COUNCIL (CONTINUED) knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Opinion on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or ∙the parent Company financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Group Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 6, the directors 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 directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
Auditors' responsibilities for the audit of the financial statements
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 Auditors' 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 Page 8
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF CHINA-BRITAIN BUSINESS COUNCIL (CONTINUED) 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 on the basis of these Group 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 are capable of detecting irregularities, including fraud is detailed below: Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud. ∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; ∙we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of Events management and international relations sector. ∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation; ∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and ∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: ∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; ∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and ∙understanding the design of the Company’s remuneration policies. To address the risk of fraud through management bias and override of controls, we: ∙performed analytical procedures to identify any unusual or unexpected relationships; ∙tested journal entries to identify unusual transactions; ∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and ∙investigated the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: ∙agreeing financial statement disclosures to underlying supporting documentation; ∙reading the minutes of meetings of those charged with governance; ∙enquiring of management as to actual and potential litigation and claims; and ∙reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 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 directors and other management and the inspection of regulatory and legal correspondence, if any. Page 9
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
INDEPENDENT AUDITORS' REPORT TO THE SHAREHOLDERS OF CHINA-BRITAIN BUSINESS COUNCIL (CONTINUED) Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Stephen Iseman FCA (Senior Statutory Auditor) for and on behalf of Sopher + Co LLP Chartered Accountants 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD 3 September 2025 Page 10
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2025
| 2025 | 2024
Note | £ | £
Turnover |  | 3,958,341 | 4,488,549
Cost of sales |  | (2,490,125) | (2,894,919)
Gross profit |  | 1,468,216 | 1,593,630
Administrative expenses |  | (1,707,052) | (1,670,019)
Other operating Income | 3 | 36,367 | 20,041
Interest receivable and similar income |  | 25,896 | 27,159
Interest payable and similar expenses |  | (10,936) | -
Loss before taxation |  | (187,509) | (29,189)
Taxation | 6 | 7,814 | 50,734
(Loss)/profit for the financial year |  | (179,695) | 21,545
Currency translation differences |  | (28,946) | 6,574
Total comprehensive income for the year |  | (208,641) | 28,119
(Loss)/profit for the year attributable to: |  |  |
Owners of the parent Company |  | (179,695) | 21,545
There were no recognised gains and losses for 2025 or 2024 other than those included in the consolidated statement of comprehensive income.
The notes on pages 17 to 28 form part of these financial statements.
Page 11
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:06291886
CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 7 |  | 24,687 |  | -
Tangible fixed assets | 8 |  | 633,043 |  | 217,453
|  |  | 657,730 |  | 217,453
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 1,773,170 |  | 2,898,811 |
Bank and cash balances | 11 | 3,660,779 |  | 2,997,486 |
|  | 5,433,949 |  | 5,896,297 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 12 | (5,493,846) |  | (5,695,744) |
Net current (liabilities)/assets |  |  | (59,897) |  | 200,553
Total assets less current liabilities |  |  | 597,833 |  | 418,006
Creditors: amounts falling due after more than one year | 13 |  | (388,468) |  | -
Provisions for liabilities |  |  |  |  |
Other provisions | 15 |  | (28,470) |  | (28,470)
Net assets |  |  | 180,895 |  | 389,536
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | 180,895 |  | 389,536
|  |  | 180,895 |  | 389,536
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2025.
Sir Sherard Cowper-Coles (Chair) | Ms Suwin Lee
Director | Director
The notes on pages 17 to 28 form part of these financial statements. Page 12
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE) REGISTERED NUMBER:06291886
COMPANY STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 7 |  | 24,687 |  | -
Tangible fixed assets | 8 |  | 538,935 |  | 54,584
Investments | 9 |  | - |  | -
|  |  | 563,622 |  | 54,584
Current assets |  |  |  |  |
Debtors: amounts falling due within one year | 10 | 571,430 |  | 559,414 |
Bank and cash balances | 11 | 1,510,740 |  | 1,961,820 |
|  | 2,082,170 |  | 2,521,234 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 12 | (2,027,873) |  | (2,194,432) |
Net current assets |  |  | 54,297 |  | 326,802
Total assets less current liabilities |  |  | 617,919 |  | 381,386
Creditors: amounts falling due after more than one year | 13 |  | (388,468) |  | -
Provisions for liabilities |  |  |  |  |
Other provisions | 15 |  | (28,470) |  | (28,470)
Net assets |  |  | 200,981 |  | 352,916
Capital and reserves |  |  |  |  |
Profit and loss account |  |  | 200,981 |  | 352,916
|  |  | 200,981 |  | 352,916
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 September 2025.
Sir Sherard Cowper-Coles (Chair) | Ms Suwin Lee
Director | Director
The notes on pages 17 to 28 form part of these financial statements. Page 13
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Profit and loss account | Total equity
| £ | £
At 1 April 2023 | 361,417 | 361,417
Profit for the year | 21,545 | 21,545
Currency translation differences | 6,574 | 6,574
At 1 April 2024 | 389,536 | 389,536
Loss for the year | (179,695) | (179,695)
Currency translation differences | (28,946) | (28,946)
At 31 March 2025 | 180,895 | 180,895
| The notes on pages 17 to 28 form part of these financial statements.
Page 14
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
COMPANY STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2025
| Profit and loss account | Total equity
| £ | £
At 1 April 2023 | 693,654 | 693,654
Loss for the year | (340,738) | (340,738)
At 1 April 2024 | 352,916 | 352,916
Loss for the year | (151,935) | (151,935)
At 31 March 2025 | 200,981 | 200,981
| The notes on pages 17 to 28 form part of these financial statements.
Page 15
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Loss for the financial year | (179,695) | 21,545
Adjustments for: |  |
Amortisation of intangible assets | 5,313 | -
Depreciation of tangible assets | 220,227 | 112,883
Interest payable | 10,936 | -
Interest receivable | (25,896) | (27,159)
Taxation charge | (7,814) | (50,734)
Decrease/(increase) in debtors | 1,141,742 | (1,314,278)
(Decrease)/increase in creditors | (343,826) | 687,815
Corporation tax paid | (8,286) | (12,894)
Foreign exchange differences | (2,744) | 24,852
Net cash generated from/(used in) operating activities | 809,957 | (557,970)
Cash flows from/(used in) investing activities |  |
Purchase of intangible fixed assets | (30,000) | -
Purchase of tangible fixed assets | (8,298) | (197,901)
Interest received | 25,896 | 27,159
Interest paid on lease liability | (10,936) | -
Net cash used in investing activities | (23,338) | (170,742)
Cash flows from financing activities |  |
Repayment of lease liability | (105,060) | -
Net cash used in financing activities | (105,060) | -
Net increase/(decrease) in cash and cash equivalents | 681,559 | (728,712)
Cash and cash equivalents at beginning of year | 2,997,485 | 3,748,676
Effect of exchange rate on cash and equivalents | (18,264) | (22,479)
Cash and cash equivalents at the end of year | 3,660,780 | 2,997,485
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 3,660,780 | 2,997,485
The notes on pages 17 to 28 form part of these financial statements.
Page 16
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
1. | General information
China-Britain Business Council is a private limited company by guarantee without share capital, registered in England and Wales. The company's registered number is 06291886 and registered office address is King's Building, 16 Smith Square, London, SW1P 3HQ. Details of the principal activity are set out in the Directors report on page 1. 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The following principal accounting policies have been applied:
| 2.2 | Basis of consolidation
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
| 2.3 | Going concern
The Company's forecast and projections, taking account of reasonably possible changes in trading performance and the continued financial support from the parent company, show that the Company should be able to continue to meet its operating liabilities as they fall due. Therefore, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for at least 12 months from the date of their approval of the financial statements. Accordingly, they continue to adopt the going concern basis in preparing the annual report and accounts. Please refer to the Director's report for further details.
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is £ Sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. Page 17
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation (continued)
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Turnover represents the value, net of value added tax, of all income recognised including grants, charges and subscriptions receivable for the period. Grants received for future events are deferred. Membership subscriptions are recognised over the period to which they relate, and subscriptions paid in advance are deferred in the consolidation statement of financial position and amortised over the period of the subscription. Revenue from service delivered contracts is recognised when the performance obligation has been met and the company is entitled to the revenue.
| 2.6 | Finance costs
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.7 | Pensions
The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations. The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 18
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.8 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.9 | Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years. The estimated useful lives range as follows:
|  |  |  | Software | - | 4 | years
| 2.10 | Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 19
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.10 | Tangible fixed assets (continued)
Depreciation is provided on the following basis:
|  |  |  | Right-of-use asset | - |  | over the term of the lease
|  |  |  | Fixtures and fittings | - | 20% | Straight Line
|  |  |  | Office improvements | - |  | Straight line over the life of lease
|  |  |  | Computer equipment | - | 25% | Straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.11 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.12 | Debtors
Short-term debtors are measured at the transaction price, less any impairment
| 2.13 | Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
| 2.14 | Lease Liability
The company has early adopted the requirements of FRS102 Section 20 Leases, which permits the recognition of lease liabilities and corresponding right-of-use assets from the current financial period in advance of the mandatory effective date. At the commencement date of a lease, the company recognises a lease liability representing the present value of future lease payments, discounted using the company’s incremental borrowing rate. Lease liabilities are subsequently measured at amortised cost using the effective interest method, with interest expense recognised over the lease term and the liability reduced for lease payments made. The maturity analysis of lease liabilities at the reporting date is shown in Note 13. Right-of-use assets associated with these lease liabilities are presented within tangible fixed assets under 'Right-of-use Asset' (see Note 8) and are depreciated over the lease term. Page 20
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 2.Accounting policies (continued)
| 2.15 | Creditors
Short-term creditors are measured at the transaction price.
| 2.16 | Provisions for liabilities
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
3. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Net rents receivable | 36,367 | 20,041
4. | Auditors' remuneration
| During the year, the Group obtained the following services from the Company's auditors:
|  | 2025 | 2024
|  | £ | £
| Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements | 25,000 | 24,131
5. | Employees
| The average monthly number of employees, including directors, during the year was 49 (2024 - 52).
Page 21
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
6. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Adjustments in respect of previous periods | - | (63,628)
| Foreign tax |  |
| Foreign tax on income for the year | 326 | 12,894
| Foreign tax in respect of prior periods | (8,140) | -
| Total tax credit for year | (7,814) | (50,734)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - lower than) the small profits rate of corporation tax in the UK of 19% (2024 - 19%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Loss on ordinary activities before tax | (187,509) | (29,189)
| Loss on ordinary activities multiplied by the small profits rate of corporation tax in the UK of 19% (2024 - 19%) | (35,627) | (5,546)
| Effects of: |  |
| Expenses not deductible for tax purposes | 8,828 | (13,835)
| Depreciation for year in excess of capital allowances | 8,813 | 12,559
| Adjustments to tax charge in respect of prior periods | - | (63,628)
| Adjustment to tax charge in respect of prior periods - overseas tax | (8,140) | -
| Short-term timing difference leading to a decrease in taxation | 1,621 | (2,194)
| Unrelieved loss carried forward | 17,603 | 66,079
| Difference between overseas tax rate and the UK rate | (912) | (44,169)
| Total tax charge for the year | (7,814) | (50,734)
| Factors that may affect future tax charges
The Company has losses of £933,325 (2024: £840,678) available to carry forward against future trading profits. No provision has been made for a deferred tax asset in respect of the excess of these losses over accelerated capital allowances in view of uncertainty as to when they may prove recoverable. Page 22
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
7. | Intangible assets
| Group and Company
|  | Computer software
|  | £
| Cost |
| Additions | 30,000
| At 31 March 2025 | 30,000
| Amortisation |
| Charge for the year on owned assets | 5,313
| At 31 March 2025 | 5,313
| Net book value |
| At 31 March 2025 | 24,687
| At 31 March 2024 | -
Page 23
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
8. | Tangible fixed assets
| Group
|  | Right-of-use asset | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 April 2024 | - | 83,442 | 448,958 | 556,248 | 1,088,648
| Additions | 635,458 | 1,103 | 2,573 | 4,622 | 643,756
| Exchange adjustments | - | - | - | (7,899) | (7,899)
| At 31 March 2025 | 635,458 | 84,545 | 451,531 | 552,971 | 1,724,505
| Depreciation |  |  |  |  |
| At 1 April 2024 | - | 77,493 | 422,563 | 371,139 | 871,195
| Charge for the year on owned assets | 104,470 | 5,970 | 26,481 | 83,306 | 220,227
| Exchange adjustments | - | - | - | 40 | 40
| At 31 March 2025 | 104,470 | 83,463 | 449,044 | 454,485 | 1,091,462
| Net book value |  |  |  |  |
| At 31 March 2025 | 530,988 | 1,082 | 2,487 | 98,486 | 633,043
| At 31 March 2024 | - | 5,949 | 26,395 | 185,109 | 217,453
Page 24
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 8.Tangible fixed assets (continued)
| Company
|  | Right-of-use asset | Fixtures and fittings | Office equipment | Computer equipment | Total
|  | £ | £ | £ | £ | £
| Cost |  |  |  |  |
| At 1 April 2024 | - | 83,442 | 448,958 | 292,083 | 824,483
| Additions | 635,458 | 1,103 | 2,573 | 3,157 | 642,291
| At 31 March 2025 | 635,458 | 84,545 | 451,531 | 295,240 | 1,466,774
| Depreciation |  |  |  |  |
| At 1 April 2024 | - | 77,493 | 422,563 | 269,843 | 769,899
| Charge for the year on owned assets | 104,470 | 5,970 | 26,481 | 21,020 | 157,941
| At 31 March 2025 | 104,470 | 83,463 | 449,044 | 290,863 | 927,840
| Net book value |  |  |  |  |
| At 31 March 2025 | 530,988 | 1,082 | 2,487 | 4,377 | 538,934
| At 31 March 2024 | - | 5,949 | 26,395 | 22,240 | 54,584
Page 25
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
9. | Fixed asset investments
| Company
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 April 2024 | 157,895
| At 31 March 2025 | 157,895
| Impairment |
| At 1 April 2024 | 157,895
| At 31 March 2025 | 157,895
10. | Debtors
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade debtors | 1,171,188 | 1,997,108 | 443,438 | 341,723
| Amounts owed by group undertakings | - | - | 11,491 | -
| Other debtors | 449,293 | 668,307 | 31,214 | 33,753
| Prepayments and accrued income | 152,689 | 233,396 | 85,287 | 183,938
|  | 1,773,170 | 2,898,811 | 571,430 | 559,414
11. | Cash and cash equivalents
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Cash at bank and in hand | 3,660,780 | 2,997,485 | 1,510,739 | 1,961,820
| Included in the Group's cash balance is £2.3m of advanced Launchpad deposits to fund future project costs.
Page 26
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
12. | Creditors: Amounts falling due within one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Trade creditors | 187,264 | 233,157 | 92,080 | 119,434
| Amounts owed to group undertakings | - | - | - | 150,302
| Other taxation and social security | 58,337 | 61,422 | 58,337 | 61,422
| Lease liability | 141,931 | - | 141,931 | -
| Other creditors | 1,412,455 | 1,806,689 | 856,371 | 1,094,932
| Accruals and deferred income | 3,693,859 | 3,594,476 | 879,154 | 768,342
|  | 5,493,846 | 5,695,744 | 2,027,873 | 2,194,432
13. | Creditors: Amounts falling due after more than one year
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Lease liability | 388,468 | - | 388,468 | -
14. | Lease liability
| Minimum lease payments fall due as follows:
|  | Group | Group | Company | Company
|  | 2025 | 2024 | 2025 | 2024
|  | £ | £ | £ | £
| Within one year | 141,931 | - | 141,931 | -
| 1-2 years | 86,568 | - | 86,568 | -
| 2-5 years | 301,900 | - | 301,900 | -
|  | 530,399 | - | 530,399 | -
Page 27
CHINA-BRITAIN BUSINESS COUNCIL (A COMPANY LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
15. | Provisions
| Group
|  | Dilapidat- ions | Total
|  | £ | £
| At 1 April 2024 | 28,470 | 28,470
| At 31 March 2025 | 28,470 | 28,470
| Company
|  | Dilapidat- ions | Total
|  | £ | £
| At 1 April 2024 | 28,470 | 28,470
| At 31 March 2025 | 28,470 | 28,470
16. | Pension commitments
The Company contributes to a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £100,470 (2024 - £101,696). Contributions totalling £14,299 (2024 - £Nil) were payable to the fund at the reporting date and are included in creditors
17. | Related party transactions
| The Company has taken advantage of the exemption available in accordance with FRS 102 33.1A ‘Related party disclosures’ not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of the group.
Page 28