REGISTERED NUMBER: 03448159 (England and Wales)

Report of the Directors and

Financial Statements

for the Year Ended 31 December 2025

for

Certified Public Accountants Association

Page

Company Information

1

Chairman's Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Income Statement

10

Balance Sheet

11

Notes to the Financial Statements

12

DIRECTORS:

C N Schei

Ms A J Hale

M J W Fuller

L Haywood

R Cooper

H K Sohal

C E Lee

P C Hall

REGISTERED OFFICE:

105-109 New Street

Blackrod

Bolton

BL6 5AG

REGISTERED NUMBER:

03448159 (England and Wales)

SENIOR STATUTORY AUDITOR:

A J Bennewith FCA, FCPA, FFA, FFTA, DChA, FRSA

AUDITORS:

Bennewith 2018 Limited (Statutory Auditors)

Upper Ground Floor

18 Farnham Road

Guildford

Surrey

GU1 4XA

The year ended 31 December 2025 has been one of significant development and transition for the Association, both in terms of governance and financial performance.

At the 2025 Annual General Meeting, William Annand retired from his role as Chairman and stepped down from the Board of Trustees after many years of dedicated service.

For a number of years prior to September 2025 it was my pleasure and privilege to serve as Deputy to Bill until his retirement, and on behalf of the whole membership and the Trustees, I would like to extend our sincere thanks and best wishes to him for a long and happy retirement.

The Board is pleased that Bill has agreed to continue supporting the Association as its first Honorary President until at least the 2026 AGM, providing valuable continuity and guidance during this period of change.

A major focus during the year has been the comprehensive review of CPAA's constitutional framework. Working alongside Ian Waters and Julia Penny, the Association has undertaken a detailed revision of its Articles and Byelaws. This work has culminated in the adoption of a new Constitution, effective from January 2026. The revised framework strengthens governance arrangements and introduces enhanced membership standards, supporting CPAA's long-term objective of increasing recognition while maintaining robust professional standards.

Financially, the Association has delivered a strong performance in 2025. Total income increased to £940,826, representing a 12.8% increase on the prior year (2024: £834,081). This growth is largely attributable to the Member Insurance Scheme now being fully recharged to members, improving transparency and alignment between income and associated costs.

After cost of sales, the Association generated a gross surplus of £692,114 (2024: £549,287). While operating expenses increased to £649,030 (2024: £548,594), reflecting continued investment in member services and governance, this resulted in an operating surplus of £43,084, compared to £693 in the previous year. After taxation, the Association reported a net surplus of £40,390, representing a significant improvement on the small deficit recorded in 2024.

Membership activity remained strong, with 121 applications received during the year, 83 of which were from CPAA's core demographic of small accountancy practitioners engaged in public practice within the United Kingdom. The introduction of higher entry standards under the new Constitution is expected to reduce the number of successful applications in future periods. However, this reflects a deliberate strategic shift towards strengthening the overall quality and standing of CPAA membership.

The CPAA Professional Certification programme continued to develop during 2025. Fourteen candidates registered for the 2025 cohort, with an average age of 49, reflecting the profile of CPAA's wider membership base. The cohort was predominantly UK-based, with 93% of candidates residing in the United Kingdom. Overall, 43% of candidates were awarded the Certification. Engagement levels were high, with 86% of candidates attempting at least one examination sitting. However, completion rates were affected by non-submission of the required self-reflective component, with 33% of those who attempted the examination not submitting this element. This highlights an area where additional support and clearer communication will be introduced in future cohorts.

CPAA's commitment to continuing professional development and member support remained central to its activities. Seminars were held across the UK during the year, with 250 members attending in March and 217 in September. In addition, the Association delivered over 20 hours of technical CPD content via webinars. Members continued to benefit from practical guidance on anti-money laundering and compliance matters through CPAA's practice-focused resources and helpline.

The Board of Trustees met on four occasions during the year, providing oversight of the Association's activities and supporting the delivery of its strategic objectives.

As CPAA moves into 2026, the implementation of the new Constitution represents a significant milestone. While the changes introduced may present short-term challenges, particularly in relation to membership growth, they place the Association on a stronger footing for the future. The Board remains committed to supporting members, maintaining high professional standards, and ensuring that CPAA continues to represent and serve the needs of small accountancy practitioners across the UK.

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of providing a mutual professional association for accountants.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

C N Schei

Ms A J Hale

M J W Fuller

L Haywood

R Cooper

H K Sohal

C E Lee

Other changes in directors holding office are as follows:

W Annand - resigned 25 September 2025

P C Hall - appointed 22 September 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Annual Report and the 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 company 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, Bennewith 2018 Limited (Statutory Auditors), will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

C N Schei - Director

21 July 2026

Opinion

We have audited the financial statements of Certified Public Accountants Association (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet and Notes to the Financial Statements, 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 company's affairs as at 31 December 2025 and of its surplus 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 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 in the Annual Report, but does not include the financial statements and our Report of the Auditors 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 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 this gives rise to a material misstatement in the financial statements themselves. 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.

Opinions 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the 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' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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 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 a Report of the Auditors 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.

- the nature of the industry and sector, control environment and business performance;

- results of enquiries of management about their own identification and assessment of the risks of irregularities;

- any matters we have identified

Having obtained and reviewed the company's documentation of their policies and procedures relating to:

- identifying, evaluating and complying with laws and regulations and whether they were aware of instances of non-compliance;

-detecting and responding the the risks of fraud and whether they have any knowledge of any actual, suspected or alleged fraud;

- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

- the matters discussed amount the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing and recognition of income. In common with all audits under ISAs(UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provision of the laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations were considered in this context included UK Companies Act, health and safety and tax legislation.

In addition, we considered provision of other laws and regulations that do not have a direct effect on the financial statements but compliance with whish may be fundamental to the company's ability to prepare or to avoid a material penalty.

Audit response to risks identified

Our procedures to respond to risks identified including the following:

-reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions to relevant laws and regulations described as having a direct effect on the financial statements;

- enquiring of management concerning actual and potential litigation claims;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- reviewing correspondence with HMRC; and

- in addressing the risk of fraud through management override of controls, testing appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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 Report of the Auditors.

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 a Report of the Auditors 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.

A J Bennewith FCA, FCPA, FFA, FFTA, DChA, FRSA (Senior Statutory Auditor)

for and on behalf of Bennewith 2018 Limited (Statutory Auditors)

Upper Ground Floor

18 Farnham Road

Guildford

Surrey

GU1 4XA

10 September 2026

TURNOVER

940,826

834,081

Cost of sales

248,712

284,794

GROSS SURPLUS

692,114

549,287

Administrative expenses

649,030

548,594

OPERATING SURPLUS and

SURPLUS BEFORE TAXATION

43,084

693

Tax on surplus

2,694

3,017

SURPLUS/(DEFICIT) FOR THE FINANCIAL YEAR

40,390

(2,324

)

FIXED ASSETS

Intangible assets

5

40,121

56,046

Tangible assets

6

222,466

223,991

262,587

280,037

CURRENT ASSETS

Debtors

7

156,867

174,726

Investments

8

3

3

Cash at bank

605,495

533,140

762,365

707,869

CREDITORS

Amounts falling due within one year

9

(13,415

)

(16,301

)

NET CURRENT ASSETS

748,950

691,568

TOTAL ASSETS LESS CURRENT LIABILITIES

1,011,537

971,605

CREDITORS

Amounts falling due after more than one year

10

-

(458

)

NET ASSETS

1,011,537

971,147

RESERVES

Income and expenditure account

1,011,537

971,147

1,011,537

971,147

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

The financial statements were approved by the Board of Directors and authorised for issue on 21 July 2026 and were signed on its behalf by:

C N Schei - Director

1.	STATUTORY INFORMATION

Certified Public Accountants Association is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Office Equipment

-

Straight line over 5 years

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

Income

Income represents subscriptions and the value of work carried out in respect of services provided to members.

Freehold land and buildings

Freehold land and buildings are stated at the cost of purchase and renovations and have not been depreciated. Financial Reporting Standard 17 requires freehold property to be depreciated. The standard has not been complied with in this case as the Directors consider the value of the building to be more than the purchase cost. It is not believed that this will have any material affect on the financial statements at present.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2024 - 13 ) .

4.	OPERATING SURPLUS

The operating surplus is stated after charging:

31.12.25

31.12.24

£

£

Depreciation - owned assets

1,625

1,603

Website amortisation

15,925

18,056

Directors' remuneration

65,094

65,552

Governance costs - branch representatives

1,621

1,424

Auditor's remuneration

4,125

4,500

Auditor's fee non audit work

1,875

2,064

5.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2025

and 31 December 2025

79,570

AMORTISATION

At 1 January 2025

23,524

Charge for year

15,925

At 31 December 2025

39,449

NET BOOK VALUE

At 31 December 2025

40,121

At 31 December 2024

56,046

6.	TANGIBLE FIXED ASSETS

Land and

Office

buildings

Equipment

Totals

£

£

£

COST

At 1 January 2025

219,575

8,025

227,600

Additions

-

100

100

At 31 December 2025

219,575

8,125

227,700

DEPRECIATION

At 1 January 2025

-

3,609

3,609

Charge for year

-

1,625

1,625

At 31 December 2025

-

5,234

5,234

NET BOOK VALUE

At 31 December 2025

219,575

2,891

222,466

At 31 December 2024

219,575

4,416

223,991

Included in cost of land and buildings is freehold land of £ 219,575 (2024 - £ 219,575 ) which is not depreciated.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Other debtors

156,867

174,726

8.	CURRENT ASSET INVESTMENTS

31.12.25

31.12.24

£

£

Shares in group undertakings

3

3

9.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

57

3,608

Taxation and social security

2,694

3,017

Other creditors

10,664

9,676

13,415

16,301

10.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.25

31.12.24

£

£

Trade creditors

-

458

11.	FINANCIAL COMMITMENTS

As at 31 December Certified Public Accountants Association had annual commitments under operating leases as follows:

2025

2024

£

£

within one year

458

1,416

within 2-5 years

0

458

more than 5 years

0

0

Total

458

1,874