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Registered number: 09060589
IFSWF LIMITED
ANNUAL REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
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IFSWF LIMITED
COMPANY INFORMATION
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PricewaterhouseCoopers LLP
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IFSWF LIMITED
CONTENTS
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Independent Auditors' report
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Statement of comprehensive income
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Statement of financial position
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Statement of changes in equity
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Notes to the financial statements
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IFSWF LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their report and the audited financial statements for the year ended 31 December 2025.
Statement of directors' responsibilities in respect of the financial statements
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The directors are responsible for preparing the Directors' report and the financial statements, in accordance with applicable law and regulation.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with International Financial Accounting Standards (IFRSs) as issued by the International Accounting Standards Board (IASB)..
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 of the profit or loss of the Company for that period. In preparing the financial statements, the directors are required to:
∙select suitable accounting policies and then apply them consistently;
∙state whether applicable IFRSs as issued by the International Accounting Standards Board (IASB) have been followed, subject to any material departures disclosed and explained in the financial statements;
∙make judgements and accounting estimates that are reasonable and prudent; and
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities
The directors are also 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 enable them to ensure that the financial statements comply with the Companies Act 2006.
In the case of each director in office at the date of the Directors' Report is approved:
∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware; and
∙they have taken all the steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
The principal activity of International Forum of Sovereign Wealth Funds (IFSWF Limited) during the year ended 31 December 2025 was to encourage appropriate governance, accountability arrangements and sound prudent conduct of investment practices of all IFSWF members.
The profit for the year, after taxation, amounted to £38,486 (2024 - loss £ 52,383)
The Company had net assets at 31 December 2025 of £1,854,094 (2024 - £1,815,608 )
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IFSWF LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors who served during the year were:
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Haoling Liu ( resigned 30 April 2026)
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The directors do not anticipate any significant changes in the activities of the Company.
Limited liability agreement with the company's independent auditors
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The directors have agreed with the company's auditors that the auditors' liability to damages for breach of duty in relation to the audit of the company's financial statements for the year to 31 December 2025 should be limited to the greater of £1,000,000 or 3 times the auditors' fees, and that in any event the auditors' liability for damages should be limited to that part of any loss suffered by the company as is just and equitable having regard to the extent to which the auditors, the company and any third parties are responsible for the loss in question. The shareholders approved this limited liability agreement, as required by the Companies Act 2006, by a resolution dated 11 April 2025.
Disclosure of information to the independent auditors
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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'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's auditors are aware of that information.
Small companies' exemption note
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
The company has taken advantage of the small companies exemption under section 414B of the Companies Act 2006 and has not prepared a strategic report. The directors’ report includes all the information that would otherwise be included in a strategic report.
The auditors, PricewaterhouseCoopers LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on 20 August 2026 and signed on its behalf.
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IFSWF LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSWF LIMITED
Independent auditors’ report to the members of IFSWF Limited
Report on the audit of the financial statements
Opinion
In our opinion, IFSWF Limited’s financial statements:
∙give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of its profit and cash flows for the year then ended;
∙have been properly prepared in accordance with UK-adopted international accounting standards; and
∙have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements, included within the Annual Report, which comprise: the Statement of Financial Position as at 31 December 2025; the Statement of Comprehensive Income, the Statement of Cash Flows and the Statement of Changes in Equity for the year then ended; and the notes to the financial statements, comprising material accounting policy information and other explanatory information..
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities under ISAs (UK) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remained independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, which includes the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
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 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.
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.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the company's ability to continue as a going concern.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Reporting on other information
The other information comprises all of the information in the Annual Report other than the financial statements and our auditors’ report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance 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 knowledge obtained in the audit, or otherwise appears to
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IFSWF LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSWF LIMITED
be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of 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 based on these responsibilities.
With respect to the Directors' Report, we also considered whether the disclosures required by the UK Companies Act 2006 have been included.
Based on our work undertaken in the course of the audit, the Companies Act 2006 requires us also to report certain opinions and matters as described below.
Directors' Report
In our opinion, based on the work undertaken in the course of the audit, the information given in the Directors' Report for the year ended 31 December 2025 is consistent with the financial statements and has been prepared in accordance with applicable legal requirements.
In light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we did not identify any material misstatements in the Directors' Report.
Responsibilities for the financial statements and the audit
Responsibilities of the directors for the financial statements
As explained more fully in the Statement of directors' responsibilities in respect of the financial statements, the directors are responsible for the preparation of the financial statements in accordance with the applicable framework and for being satisfied that they give a true and fair view. The directors are also responsible for such internal control as they 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 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 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 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 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.
Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to the Companies Act 2006 and the applicable UK tax legislation, and we considered the extent to which non-compliance might have a material effect on the financial statements. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to fraudulent financial reporting, specifically the posting of inappropriate journal entries to manipulate financial results, as well as misappropriation of cash from the business. Audit procedures performed by the engagement team included:
∙Enquiry of management in regard to actual and potential fraud and non-compliance with laws and regulations;
∙Reviewing of board meeting minutes throughout the year to identify any significant or unusual transactions and known or suspected instances of fraud or non-compliance with laws and regulations;
∙Identifying and testing the validity of journal entries that met our pre-determined risk criteria and could potentially be used for profit-smoothing; and
∙Reviewing the validity of expenses recognised in statement of comprehensive income; and
∙Testing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
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IFSWF LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF IFSWF LIMITED
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditors’ report.
Use of this report
This report, including the opinions, has been prepared for and only for the company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.
Other required reporting
Companies Act 2006 exception reporting
Under the Companies Act 2006 we are required to report to you if, in our opinion:
∙we have not obtained all the information and explanations we require for our audit; or
∙adequate accounting records have not been kept by the company, or returns adequate for our audit have not been received from branches not visited by us; or
∙certain disclosures of directors’ remuneration specified by law are not made; or
∙the financial statements are not in agreement with the accounting records and returns.
We have no exceptions to report arising from this responsibility.
Entitlement to exemptions
Under the Companies Act 2006 we are required to report to you if, in our opinion, the members were not entitled to: take advantage of the small companies exemption in preparing the Directors' Report; and take advantage of the small companies exemption from preparing a strategic report. We have no exceptions to report arising from this responsibility.
Nicola Bass (Senior Statutory Auditor)
for and on behalf of PricewaterhouseCoopers LLP
Chartered Accountants and Statutory Auditors
London
20 August 2026
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IFSWF LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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Profit/(loss) from operations
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Profit/(loss) for the year
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The notes on pages 10 to 21 form part of these financial statements.
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IFSWF LIMITED
REGISTERED NUMBER: 09060589
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
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Property, plant and equipment
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Trade and other receivables
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Cash and cash equivalents
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Trade and other liabilities
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Issued capital and reserves
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The financial statements on pages 6 to 21 were approved and authorised for issue by the board of directors on 20 August 2026 and were signed on its behalf by:
The notes on pages 10 to 21 form part of these financial statements.
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IFSWF LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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Total comprehensive expense for the year
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Total comprehensive income for the year
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The notes on pages 10 to 21 form part of these financial statements.
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IFSWF LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
Cash flows from operating activities
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Profit/(loss) for the year
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Depreciation of property, plant and equipment
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Movements in working capital:
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(Increase) decrease in trade and other receivables
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(Decrease) increase in trade and other payables
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Cash generated from operations
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Net cash (used in)/from operating activities
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Cash flows from investing activities
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Purchases of property, plant and equipment
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Net cash from/(invested in) investing activities
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Net (decrease)/increase in cash and cash equivalents
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Cash and cash equivalents at the beginning of year
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Cash and cash equivalents at the end of the year
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The notes on pages 10 to 21 form part of these financial statements.
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
IFSWF Limited (the 'Company') is a private limited company limited by guarantee incorporated and domiciled in the United Kingdom. The Company is registered in England and Wales. The Company's registered office is at 80 Colman Street, London, England, EC2R 5BJ. The Company's principal activity is the encouragement of appropriate governance and accountability arrangements, sound prudent conduct of investment practices of all IFSWF members.
The financial statements have been prepared under the historical cost convention in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared using GPB as a currency. They were authorised for issue by the Company's board of directors on 20 August 2026.
Details of the Company's accounting policies, including changes during the year, are included in note 5. The accounting policies have been applied consistently, other than where new policies have been adopted.
In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognised prospectively.
The areas where judgments and estimates have been made in preparing the financial statements and their effects are disclosed in note 3 .
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2.1 Changes in accounting policies
i) New standards, interpretations and amendments effective from 1 January 2025
IAS 21 The effects of changes in foreign exchange rates.
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There are no new standards, interpretations or amendments that materially affect the Company's financial statements.
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Critical accounting estimates and judgements
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In preparing these financial statements, management has made judgments, estimates and assumptions that affect the application of the Company accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.
The only critical accounting judgement and significant estimate relates to the expected credit loss in relation to trade and other receivables. The judgement being which customers should be provided for and the associated estimate of how much. The assessment of expected credit losses includes provisions for specific clients and receivables where the contractual cash flow is deemed at risk. A provision is also made based on an assessment of recoverability of aged receivables where sufficient evidence of recoverability is not evident. It has been determined that there is no reasonable possible change in the next 12 months which could result in a different outcome.
The directors have considered the financial resources available along with the future plans for the Company when considering the going concern of the Company. After making enquiries, the directors have a reasonable expectation that the Company will have access to adequate resources to continue in operational existence for a period of at least 12 months from the approval of the financial statements. Accordingly they continue to adopt the going concern basis in the preparation of the financial statements.
5.Material accounting policies
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The Company recognises revenue when it transfers control over services to a customer. The revenue generated by the company consists of membership fees charged on a calendar basis and recognised over the calendar year.
The Company does not expect to have any contracts where the period between the transfer of the services to the customer and payment by the customer exceeds one year. As a consequence, the Company does not adjust any of the transaction prices for the time value of money.
The tax charge arises on the company's taxable income which is interest receivable. No tax charge has arisen on the Company's activities as they are outside the scope of corporation tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as reported in the Profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
5.Material accounting policies (continued)
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Property, plant and equipment
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Items of property, plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
If significant parts of an item of property, plant and equipment have different useful lives, then they are accounted for as separate items (major components) of property, plant and equipment. Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss. Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated with the expenditure will flow to the Company.
Depreciation is provided on all other items of property, plant and equipment so as to write off their carrying value over their expected useful economic lives. It is provided at the following rates:
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
5.Material accounting policies (continued)
Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
All regular way purchases or sales of financial assets are recognised and derecognised on a trade date basis. Regular way purchases or sales are purchases or sales of financial assets that require delivery of assets within the time frame established by regulation or convention in the marketplace.
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, depending on the classification of the financial assets.
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Impairment of financial assets
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The Company always recognises lifetime expected credit losses for trade receivables. The expected credit losses are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate.
Lifetime expected credit losses represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument. In contrast, 12 months expected credit losses represents the portion of lifetime expected credit losses that is expected to result from default events on a financial instrument that are possible within 12 months after the reporting date.
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The following is an analysis of the Company's revenue for the year from continuing operations:
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Analysis of revenue by country of destination:
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Timing of revenue recognition:
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Services transferred over time
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Profit (loss) from operations
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The operating profit (loss) is stated after charging:
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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During the year, the Company obtained the following services from the Company's auditors:
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Fees payable to the auditors for the audit of the Company's financial statements
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Employee benefit expenses (including directors) comprise:
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The average number of employees as a monthly average, including directors, during the year was 9 (2024: 8). The directors received no remuneration from the Company for services during the year (2024: £nil). No pension contributions were incurred during the year for either employees or directors (2024: £nil).
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The monthly average number of persons was:
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Finance income and expense
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Recognised in profit or loss
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Net finance income recognised in profit or loss
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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11.1 Corporation tax recognised in profit or loss
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Current tax on profits for the year
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The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to losses for the year are as follows:
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Profit/(loss) for the year
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Profit/(loss) before corporation tax
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Tax using the Company's domestic tax rate of 19% (2024:19%)
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Changes in tax rates and factors affecting the future tax charges
There were no factors that may affect future tax charges.
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Property, plant and equipment
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Accumulated depreciation and impairment
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Charge owned for the year
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Charge owned for the year
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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Trade and other receivables
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Prepayments and accrued income
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Other receivables and VAT
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Total current trade and other receivables
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The carrying value of trade and other receivables classified as loans and receivables approximates fair value. During the year debtors of £70,000 were written off (2024: £19,000). As at the year end there was £nil provision on debtors (2024:£70,000).
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The company does not hold any collateral as security (2024: no security held).
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Trade and other liabilities
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Tax and social security payments
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Total current trade and other payables
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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The company has entered into a 1 year lease in respect of it's office premises at an annual cost of £47,400. The lease expires on 31 March 2026.
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The company has applied the recognition exemption for short-term leases and leases of low-value asset. (IFRS 16.60)]
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Lease liabilities are due as follows:
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Contractual undiscounted cash flows due
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Related party transactions
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During the year the Company entered into no transactions (2024: None) with related parties except for the membership fees from members. None of the directors were remunerated for their services to the Company during the year (2024: None).
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Members' liability and voting rights
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IFSWF Limited is a private company, limited by guarantee and has no share capital. Every member of the Company undertakes to contribute to the assets of the Company, in the event of a winding up, such amount as may be required not exceeding £1.
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The company operates without the recourse to external capital or debt.
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The company's capital structure consists of equity and no debt.
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The Company is not subject to any externally imposed capital requirements.
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The gearing ratios at 31 December 2025 and 31 December 2024 were as follows:
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IFSWF LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
18.Capital management (continued)
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Net cash to total equity ratio
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Ultimate controlling party
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The Company is under the control of all IFSWF members.
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