REGISTERED NUMBER: 03886916 (England and Wales)

Financial Statements

for the Year Ended 31 December 2025

for

Confederation of Paper Industries

Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

N Fishburne

K J Bussey

U Leofgren

A Veitch

P J Barber

D J Richardson

SECRETARY:

N Fishburne

REGISTERED OFFICE:

Kingston House

Lydiard Fields

Swindon

Wiltshire

SN5 8UB

REGISTERED NUMBER:

03886916 (England and Wales)

BANKERS:

Coutts and Co

440 Strand

London

WC2R 0QR

SOLICITORS:

Thrings LLP

6 Drakes Meadow

Penny Lane

Swindon

Wiltshire

SN3 3LL

FIXED ASSETS

Tangible assets

5

19,494

12,647

Investments

6

264,972

264,972

284,466

277,619

CURRENT ASSETS

Debtors

7

551,907

758,427

Short term deposits

8

1,000,000

1,018,000

Cash at bank

1,242,362

1,043,585

2,794,269

2,820,012

CREDITORS

Amounts falling due within one year

9

1,730,915

1,651,451

NET CURRENT ASSETS

1,063,354

1,168,561

TOTAL ASSETS LESS CURRENT LIABILITIES

1,347,820

1,446,180

RESERVES

Retained earnings

1,347,820

1,446,180

1,347,820

1,446,180

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 6 May 2026 and were signed on its behalf by:

N Fishburne - Director

1.	STATUTORY INFORMATION

The Company is a private Company limited by guarantee and is registered in England and Wales. The address of the Company's registered office is shown on the company information page.

2.	STATEMENT OF COMPLIANCE

The financial statements of the Company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102 Section 1A, "The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland ("FRS 102 1A") and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements are prepared on a going concern basis, under the historical cost convention.

The preparation of financial statements in conformity with FRS 102 1A requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Investments in subsidiaries are a significant balance. The directors review the carrying value annually and ensure it is supportable with reference to the balance sheet of the subsidiary and by assessing the future plans of the business. If appropriate, an impairment is recorded.

The company's functional and presentation currency is the pound sterling.

Revenue recognition

Revenue relates to subscription fees and recharges to members. Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for services rendered, net of returns, discounts and rebates allowed by the company and value added taxes.

Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the inputed rate of interest.

The Company recognises revenue when the following conditions are satisfied:

i. the Company has provided the service;

ii. the amount of revenue can be measured reliably;

iii. it is probable that the economic benefits associated with the transaction can be measured reliably.

Subscription fee income

Turnover from subscription income is recognised on a time basis. Any income that does not relate to the period in which it arises is either accrued or deferred accordingly.

Sale of services

Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the balance sheet date. Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.

Interest receivable

Interest income is recognised using the effective interest method.

Dividend income

Dividend income is recognised when the right to receive payment is established.

Tangible fixed assets

Tangible assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes the original purchase price, costs directly attributable to bringing the asset to its working condition for its intended use, dismantling and restoration costs and borrowing costs capitalised.

Depreciation and residual values

Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset over its expected useful life as follows:

Fixtures and fittings

- 25% on straight line basis

Computer equipment

- 33% on straight line basis

The assets' residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any changes is accounted for prospectively.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less any provision for impairment.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the assets original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans and overdrafts and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalent

Cash and cash equivalents includes cash in hand, deposits held at call with banks and other short-term highly liquid investments with original maturities of three months or less.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 14 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2025

-

28,470

28,470

Additions

1,321

15,077

16,398

Disposals

-

(17,577

)

(17,577

)

At 31 December 2025

1,321

25,970

27,291

DEPRECIATION

At 1 January 2025

-

15,823

15,823

Charge for year

55

7,987

8,042

Eliminated on disposal

-

(16,068

)

(16,068

)

At 31 December 2025

55

7,742

7,797

NET BOOK VALUE

At 31 December 2025

1,266

18,228

19,494

At 31 December 2024

-

12,647

12,647

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertaking

£

COST

At 1 January 2025

and 31 December 2025

867,233

PROVISIONS

At 1 January 2025

and 31 December 2025

602,261

NET BOOK VALUE

At 31 December 2025

264,972

At 31 December 2024

264,972

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as

restated

£

£

Trade debtors

417,124

641,607

Amounts owed by group undertakings

335

-

Prepayments

134,448

116,820

551,907

758,427

8.	CURRENT ASSET INVESTMENTS

2025

2024

as

restated

£

£

Short term deposits

1,000,000

1,018,000

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

as

restated

£

£

Trade creditors

35,566

15,362

Amounts owed to group undertakings

-

4,148

Social security and other taxes

298,750

295,847

Other creditors

66,493

48,715

Deferred income

1,330,106

1,287,379

1,730,915

1,651,451

10.	LEASING AGREEMENTS

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

2025

2024

as

restated

£

£

Within one year

40,041

40,152

Between one and five years

9,478

13,502

49,519

53,654

11.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Martin Longmore (Senior Statutory Auditor)

for and on behalf of Sumer Auditco Limited

12.	RELATED PARTY DISCLOSURES

The Paper Sector Climate Change Management Co. Limited (TMC)

Subsidiary

During the year the company made sales to TMC of £336,599 (2024: £323,653).

The company was due £699 from TMC at the year end and this is included in trade debtors (2024: £2,901).

They received a dividend in the year from TMC for £50,000 (2024: £50,000).

Papercycle Limited

Subsidiary

The company owed £Nil to Papercycle at the year end and this is included in amounts owed to group undertakings (2024: £4,148).

The Company was due £335 from Papercycle at the year end and this is included in amounts owed to group undertakings, and due £252 included in trade debtors (2024: £78, included in trade debtors).