REGISTERED CHARITY NiIMBEIL. 10381189 Report of th¢ Trustee5 And Unaudited Financial Statements for the Year Ended 31 March 2024 for The Yorkshire Cadet Trust The Yorksblre Cadet Trust Contents of the FlnaD¢lal Ststsments for the Year Ended 31 MArch 2024 Page Report of the Trustees Independent EJamlner's Report ststement of Flnaneial Activities Ba12n¢e Sheet IYote$ to the Financial Statements 7 to 14 The Yorkshire Cadet Trust Report of the Trustees forthe Year Ended 31 Mareb 2024 The ttustees PTesent theiT ttport with the fmancial statements of the chaiity for the year ended 31 March 2024. The trnstees have adopt￿1 the provisions of Accounting and Reporting by Charities.. StateM￿t of Recommendal Prdctice applicable to charities prepaIing their accounts in accordanc¢ with the Financial Reporting Standard appjicable in the UK and Republic of lttland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives of the charlty The objective of the TTU5t is to make ￿antS forthe benefit of ￿detS serving in the sea cadet co￿s, royal marine Cadets. anny cadet force, airtraining cO￿S or any combined ¢adel for¢¢ within the Yorkshire and the HumberTegion, namety.- in makinggrants to cadets to enable them to attend camps, COu￿e$ and tfdining and to participate in sports, games, competitions, expeditions and other adventutous training alld activities including gtznts forthe purcha se of suitabk clothing and equipment for such purposes. in making grants to promote the efficiency and welfare of the units, sub-units. companies, win&s, detachrnents and squadmns of Ihe aforesaid Cadeto￿an]sationSbY improving the faci]ities and amcnities of training and services. and in making grants in support of or donations to any other Charitable trust which may exist from time to time for the benefit of cadet forces generally. b) Activities The Tmst rdises funds from the public but does nol WO￿ with professional fulldraisers or commercial participators. The Trust he]ps chlldren and young people by providing support to Navy, Arniy and Air Force cadets who are Memb￿ of detachments based in Yorkshire and the Humber region. Publlc beneflt The charity's aims and achievements set out within this report. The aLtivities set out in this report have been undertakth to fvrther the charity's charitable purposes for the publi¢ benefrt. The TLu5tees have complied with the duty under section 4 of the Chaiities Act 201 I to have due regard to pub]i¢ benefit guidance published by the Chaiyties Cornmission and the Trn8tees have paid due regard to this guidance in deciding what artivtti¢s the chaiity should undertake. L￿1]ng the year the chaTity approval grdnts totslling £12200 (2023 £12,861). which benefitted cadets and detacbments frorn all three services, cadet forces. In addilion to the group events, individuals were assisted in attending at￿￿al camps and many other individual actAVities. FINANCIAL REVIEW Investment policy and objective5 The resources of Thc Yolkshire Cadet Trust aTe to be invested and proceeds from the capital and revenue aTr to be used for the general wellbeing of cadets. as descthed in the ofyectives and activities (abov¢). The funds may bc investal in any type of investment. Rexerves policy The Trnstees hav¢ cstablish¢d a policy Whe￿bY reserves held by the Charity will be at a sufficient level to ensu￿ its SUStainabi]ity by pro(kncing investment income. The ￿rrent level of ￿Se￿eS is £1281,115 (2023.. £1,227,574). Thi8 provides sufficient funds to Gover govemance and supw>rt costs and to r¢spond to emergency applications for grants, l]ich may aiise from time to time. Included in the cU￿ent reserves are restricted funds of £2 J27 in respect of: cadels in the Lecds area: £ I l O. - cadets in th¢ YO￿ area: £692; and the annual photo ¢ompetition'. £1,525. Page I The Yorksbire Cadet Trust Report of the Trustses for the Year Ended 31 Mareh 2024 FufiiRE PLANS The Trnst will continue with the investmalts policy and objeLtives, as set out aEx)ve, in the view to fiirtheT SilPW>rt ihe generdl wellbeing of cadets. The charity looks fO￿ard to the annual phOtO￿phY Competilion which serves to celebrate th¢ a¢hievanents of Cadets. The Cadets will take photowaphs and post them ￿gUlarlY to their social media feed and, by doing thig, generate mateiial that can be used to raise the Prof￿ of the Cadet Forces and the achievements of individua]s within them. STRucfuRE, GOVERNAIYCE AND MANAGEMENr Governing document The charity is conlrolled by its governing document, a deed of tnLSt, and constitutes an unincorporated charity. The Yo￿$hire Cadet Trust is constituted under a trnst de￿ datal 28 FebDJary 1994 and modified by a deol of amendmetst dated 10 September 2008. Recrnitment and appolntment of new trustees Initially three Trnstees, called the Frst Cowopted Trustees, were appointal by the Cadet Committee of the Terilorial Auxlliary and Volunteer Reser4e Association, now known as the Re5erYe Forces and Cadds Association fory0￿Shl and the Humber. In addition, seven ExQffKio TnJ$tee$ were appointed. These are: . The Chainnan of the Association b. The District Commander of the Sea Cadet Corps . The Commandant, yo￿Shire (North and West) Amly Cadet Force d. The Commandant, Humberside and South Yorkshire Anny Cadet Forc¢ e. The Regional Commandant, Alr Training Corp (North) f. The Chief Executive of the Association Vice Chainnan (Youth and Cadets) The first Covopted TNstees hold oifice for a tenn of 10 years. The T￿St¢eS appoint future Cowopted Twstees for a speCif￿d time. Org2nlsatlon The Twstees meet twice a year to asse&s pnt app]ications and to cfflsider the investment perfornia￿e of the assets avallabl¢ to the organisatioll. Risk The Trustees bave examioed the major strdtegic, business and operational risks which the charily faces and cOnf￿M that the systans have been established to enable regular reports lo be produced, so that the neceS￿ry steps (2n be taken to lessen these risks. REFERENCE AND ADMIMSTRATtVE DETAILS Reglstered Cknrity number 1038089 Principal addreBS RFCA for Yorkshire & The Humber 20 St Georges Place YoTk North yo￿ShI Y024 IDS Page 2 The Yorksblre Cadet Trust Report of the Trustees for the Year Ended 31 March 2024 Trustees The trustees who served durmg the yearwere: Co-opted TTUStees: Colonel NJ Wilkinson Flt Lt Paul M Smiih (appointed on 6 October 2023) Ex-official Trnstees: Colonel DI Fuller Group Captain MD Leeming Colonel Ff Owen Lieutenant Colonel DK Rhodes Colonel JK Wnght Colonel H Gell (y￿e Chaimian (Youth and Cadet$}) (representing the kn Training Corys) (representing Humb¢tside and South Yorf(sbire Amiy Cadet Force) (Chaimlan of the Association) (ryresenting Chief Executive of the Association) (representing yo￿shITe (North and West) Anny Cadet Force) Independent Examlner Clive Owen LLP Chartered Accountants Oak Tree House,HanYood Road Northminster Business Pa Upper Poppleton York Y026 6QU Bankers Lloyds Bank PLC 2 Pavement Yorf( YOI 2NE Solficltors Hethertons LLP Tudor Court Opus Avenue Business PaAL Yo Y026 6RS Investment Mrdnager Investec Wealth & Investment Limit¢d 2 Gresham Street London EC2V 7QP Approved by orde of the board of tNstees on 15 January 2025 and si8ned on its behalf by: Colonel J K W ' TTUStee Page 3 Independent ExAn￿ller'S Report to the Trustees of Tbe Yorksblre Cadet Trust Independent examiner's report to the trustees of The Yorltshire Cadet Trust I report to the charity trustees on my examination of the a¢￿unt8 of The Yod(shire Cadet Trust (the Trn8t) foi the year ended 31 March 2024. Respoll5ibililles and basis of report As the charity tTUStees of the Trust you are ￿SpOn￿bIe for the prepardtion of the accounts in accordance with the requirements of the Charities Act 2011 Cthe Act). I report in respect of my exarnination of the TTUSt's accounts ca￿led out under Scction 145 of the Act and in ¢arrying out my examination I have followed all applicable Directions gtvcn by thc Charity Commission under S¢ction 145(5)(b) of the Act. Independent examiner's ststement I have completed my examination. I confrm that no matelial matters bave come to my attention in conneclion with the cxamination wing me ¢aus¢ to believe that in any mat¢rAal resp¢ct: accounting ttc0￿s were not kept in respect of the Trnst as required by Section 130 of the Act. or the a¢count5 do not ac¢ord with those records; or the accounts do not compty with the applicable requirem¢nts concerning tbe fomi and conta]t of accounts Set out in the Charities (Accounts and Rep)rts) Regulations 2008 otherthan any requirement that the a¢counts give a trne and fair view ￿￿1ch is not a maller considered as part of an independcnt examination. I have no concerns and have come acTOSS no othermatters in connection with the cxamillation to which attention should be drawn in this report in order to ¢nable a properunderstanding of the accounts to be reached. CIA'UQ ccf . Phillipa Symington Acffj CA(SA) Clive Owen LLP Chartered Accountants Oak Tree House, Halwood Road Northminsler Business PaA( Upper Poppleton Yo Y026 6QU ifj I￿￿10 202g Page 4 The Yorkshlre Cadet Trust Statement of Finandal Activitie for the Yc&r Ended 31 March 2024 2024 Total funds 2023 Total funds UnTestTiCted fund Reslricted funds Notes INCOME ATrID ENDOWMENfs FROM Donations and legaeies 2520 2,520 845 Investment income 18,455 18.455 16,116 Total 20,975 16.961 EXPEIYDITURE ON Raising funds 4,912 4,912 4,895 Charitable activities Charitable 13,766 250 14,016 Total 18,678 250 18,928 20,570 Net gains/Oosses) on itivestments 7,689 7,689 NET INCOMEI(EXPENDrruRE) 9.986 (250) 9,736 (5,748) (110548) Transfers behveen funds Other recognised gainslOos5es) Gains on revaluatiOD of r￿ed assets 12 43,805 83,655 Net movement In funds 53,791 (250) 53,541 (32,641) RECONCILIATJOIY OF FUMYS Total fiwds bllTrught forward 1224,997 2.577 ,227574 1,260215 TOTAL FUIYDS cARR￿D FORWARD 78.788 2,327 1281,115 1227 574 Th¢ notes fomi part of these fmancial statements Page 5 Tbe Yorksbire Cadet Trust Balance Sheet 31 M2r¢h 2024 2024 Total funds 2023 Total funds Unrestricted fund Restricted funds Notes FIXED ￿￿ETs Tan￿ble assets Investments Investments Investment P￿pertY 5,850 5,850 5,850 581288 640 000 581288 640 000 555,716 640,000 io 1227,138 1,227,138 1201,566 ClIRREl￿ ASSETS Cash at bank and in hand 56,150 2,327 58,477 32200 CREDITORS Amounts falling due within one year (4,500) (4,500) (6,192) NET CURRENf LSSETS 53.977 TOTAL ASSETS LESS CURRENT LIABILITIES 1278,788 2,327 1,281,115 1227574 NET ￿ETs 1278,788 2,327 1281115 ￿74 12 un￿striCted funds Revaluation reserve Restricted funds 1,168240 110,548 1,111.449 110,548 2.577 TOTAL FUNDS 1227574 The fmancml statonents were approved by the Board of Trustees and authorised for issue on 15 January 2025 and were Signed on its half by: Colonel J K W t - Trustee The notes forni part of these fmancial stalements Page 6 The Yorksbirt Cadet Trust Notes to the Finanelal Statements for the Year Ended 31 Mareh 2024 STATufoRY INFORMATION The yo￿hlre Cadet Trust 15 an unincOry￿rdted Charity, governed by a deed of trnst. The registered charity number and piincipal address can be found on page 2. ACCOI]NTING POLICIES Basis of prepAring the financial statements The financial statemalts of the cbarity, which is a public beneftt entity under FRS 102, have been preP￿Ted in accoNlancc with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statanent of R￿ornMended Prnctice appticable to chatilies preparing their accounts in acconlance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Fn)ancial Reporting Standard 102 The Financial Reporting Standard app]icable in the UK and Repub]ic of Ireland, and the Charities Act 2011. The finan¢nl statements have been ptepaTed under the historical cost convention, with the exception of investments and inveslment properties which are included at fair value. as modifjed by revaluations. ThaE were no rnat￿La1 departures from that standard. The prillcip&I accounting policies adopted in the pryarntion of the fU￿ncI&l statemaLts are set out below and have remained unchanged from the pr¢vious year, and a]so have been consistently applied wtihin the same account. Finaneial reporting stsndard 102 - reduced disclosure exemption5 The charity bas taken advantage of the following disclosure exemption in preparing these financial stateM￿t8, as pern]itted by FRS 102 The Financial Reporting Standard applicable in the UK and Republic of lrniand,: the requirements of Section 7 Statement of Cash Flows. Income and receipt of endowment Inci)ming resources that may be applied for the dMIity's general purposes are treated as ￿￿Test[ICted, incoming resouffes and are credited to ￿n￿StriCted funds,. Wh￿￿ income is ￿qUIred to be used for a specific purpose, the amount is treated as 'iestticted' incoming reSou￿e8 and is credited to the appropriate k5tri¢ted fund,. Donationsand legacies, income from chaTitsbk activities and investmfflt income account￿} for in the period ill which the charity is entitled io the re¢¢ipt. Expenditure Liabilities reco ￿]sed as expenditUTe a5 soon as there is a legal or constrnctive obligation committing the harity to that expthditure, it is probable thai a transfer of economic bfflefits will be requiff d in settlement and the ajnount of the obbgation can be measured reliabty. Expenditure is accounted for on an accruals basis and has been classified under headings that ag￿egate all cost related to the category. Wh¢re costs cannot be directly attnbuted to particular headitLgs they have been allocat81 to activities on a basis consistent with the use of resources. Grants payable are charged in the year when the offer is conveyed to the recipient except in tl)ose cases where the offer is condition&L such ￿ntS being recognised as expenditu￿ when the conditions attaching are fulfffled. Tangible fixed assets Tan￿ble fLxed assets under the cost model are stated at historical cost less acewnulated depreciation and any accumulat¢d irnpairment losses. Where tan￿b]e fjxed assets donated, historical cost is deemed to be the fair vabje of the goods at the date of the donation. No depreciatiL)n is provided on silverwaTr. Pa8e 7 continued... The Yorkshire Cadet Trust Notes to the Financi41 Ststements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - tondnued InvestmeDt property Inveslment properties must be M￿sUred initialty at COA and subsequffltly at fair value at the reporting date, except Whe￿ that property is rented to anotherwup enttiy. Depreciation is not provided on investment property measured at fair value. Taxallon The chatity is exempt from tax on tis charltable activities. Fund accounting Unrestricted funds Can be used in accordance with the chatitable objectives at the discretion of the T￿Stees. Restricted fu Restricted funds can onty be used forparticularpurposes, as specifjed by the donor. IDvestm¢Dts Listed investments are measured initially at co& and ￿bS¢quelltty at fair value (their rna￿et value) at the reporting date. Financial instruments The charily has fnnncnl assets and liabllities of a kind that qualify as basic fmancial insttuments. Basic rmancial instrnments are initially tteoglllsed at ￿n￿¢tion value and subsequaitty M￿sllred at their settkment value. Crfilleal a¢¢ountlllg judgements Ydnd key resour¢es of estimatlon uncertainty In the app]ication of the cbarity's accountitig policies the Trustees are r¢quired to make judgements, estimates and assmiptions about the ca￿]ng amount of certain assets and liabilities. The estimates and asso¢Mt assumptions are based on histOTical experience and other facto￿ that arc Considered to be relevant. DONATIONS AIYD LEGACIES 2024 2023 Voluntary income 845 All of the £2,520 received in 2024 (2023: £845)was to unrestricted funds. Im￿STmE￿r INCOME 2024 2023 Rents received Dividends received Bank interest 6,544 11,485 426 5,399 10,633 84 18,455 16,116 All of the £18,455 received in 2024 (2023- £16,116) was to unrestricted funds. Page 8 continued... The YorlL8ILire Cadet Trust Notes to the Financial Stxtethents - contlnued for the Year Ended 31 March 2024 CHARITABLE AcfivITIES COSTS 2024 2023 Grants to individua]s Support Costs 12,200 1,566 250 12,861 2,814 (see note 6) 14,016 15,675 In 2024 £13,766 (2023: £15,675) of the costs w¢re paid from unre5tticted funds and £250 (2023: £niD from restricted funds. SUPPORT COSTS 2024 2023 Independ¢nt ¢xamin¢fs fees Bank charges 1,506 60 2.754 60 1566 2,814 TRUSTEESI REMUNERATION AIW BEIYEFrrs There were no trustees, remuneration or otherbenefrts for the year ended 31 March 2024 norfor tbe year ended 31 March 2023. Trustees, expenses There wer¢ no trustees, expenses paid for the year ended 31 Mar¢h2024 nor for the yvdr endal 31 March 2023. TANGIBLE FIXED ASSETS Sllv¢r*vare COST At l April 2023 and 31 March 2024 IYET BOOK VALUE At 31 March 2024 5,850 At 31 March 2023 5.850 Page 9 ¢ontinued... The Yorkshire Cadet Trust Notes to the Financial Ststements - eontinued for theyear Ended 31 March 2024 FIXED A&8ET INVESTMENrs Listed investments At l April 2023 Additions Dlsposals Unrea]i8ed ￿in/00Ss) 555,716 145,605 (163,83 8) 43,805 At 31 March 2024 581288 NET BOOK VALiiE At 31 March 2024 581288 At 31 March 2023 555 716 At the reporting date investments valued at £427,977 were in UK assets and £153,31 l it] ovet5eas assets. The fairvalue of listed investments is detem)ined by the ma&et price at the balanG¢ sheet date. Listed investments are made up of ihe following: 2024 2023 Asset allocation: Fr