Charity number.. 1068709 Royal Engineers Vocational Educatlon and Training Trust ROYAL ENGINEERS CPD MAXIMISING TALENT THROUCH CONTINUOVS PERSONAL DEVELOPMENT Trustees, report and flnanclal statements for the year ended 31 December 2025
Royal Englneers Vocatlonal Education and Training Trust Contents Page Trustee's report Reference and administratlve details of the Charity, its trustees, and advisers 13-14 Ind&pendent auditor's report 15-18 stalemenl of financial activities 19 Balancè sheet 20 stalemenl of cash flows 21 Notes to thè financial statements 22-34
Royal Engineers Vocational Education and Training Trust Trustee's Report for the year ended 31 December 2025 The Trustees present their annual report and the audited financial statements of the Charity for the yearended 31 December 2025. The financial statements have been prepared in accordance with the accounting policies set out at not8 1 to the accounts and comply with the Charity's trust deed, th8 Charities Act 2011 and the Charities SORP FRS 102. Trustees consider that in preparing these financial statements they have taken into account all information that could reasonably be expected to be available (including levels of reserves held). Therefore, the going concern basis of accounting is deemed appropriate.. there are no material uncertainties. SUMMARY OF LEGAL OBJECTS The object(s) of the Trust are.. °To promote the effici8ncy of th8 Army and in particular the Royal Engin9ers (REJby advancing the education and competency of its personnel both Regular and Reserne, primarily, but not exclusively, through involvement in nationally recognis&d voc£tional education and training schem8s'. EXPLANATION OF AIMS The aims of the Trust are to.. Inform and influence the Corps Whole Life Development Plan in conjunction with S01 Careers, RHQ RE. Ensure that the currency of the existlng quallficalions portfolio is maintained. This includes engagement with external delivery and assessment organlsations where syllabus modifi¢ations force changes. Ensure that the existing qLJalifications portfolio is delivered effectively, 8ffi¢iently, and to standards required by the awarding organisations concerned. Work with Internal and external organisations, agencies, staff and Defence Trade Schools who provlde tralnlng, education and accreditation schemes to the Corps of Royal Engineers to maximlse the efficiency of the Trust's work and oplimise learning and qualification opportunities for all Sappers. Fully develop the scope of the qualification's portfolio to maximise trade prof8ssionalism across the entire RE Workforce. Fund and administ8r the Professional Recognition Awards (PRA) Scheme which offers higher18V81 qualification recognition to all regular and reserve soldiers and officers serving across the Royal Engineers and Queens Gurkha Engineers at or above the rank of Corporal with the relevant qualifiGations, trade, command, and management experience. Fund and administer the Sludy Grant Scheme which offers funding for personal development opportunities to all regular and reserve soldiers and officers serving across the Royal Engineers and the Queens Gurkha Engineers. Fund and administer the Unit Funds scheme which provides direction and financial support to unit commanders, allowing them Ihe flexibility to offer development support to Ihe serving and reserve soldiers and officers within their chain of command. GOVERNANCE Provide assurance to the Chief Royal Engineer that the Charity conforms to all relevant legislation and rules. A Quinquennial Review was carried out in 2019. Provide assurance to the Charity Commission that the Charity conforms to all relevant 18gislation and rules. Maintain close control by Trustees over the Charity's spending to ensure best use of finance, including close cooperation with the fund manager to ensure that risk and reward
Royal Engineers Vocational Education and Training Trust Trustee's Report for the year ended 31 December 2025 (continued) profiles are propedy balanced. Maintain close liaison with the Trustees to ensure that the Charity remains aligned to its aims and strategic objeclivesloutputs for the year Trustees and the Chief Executive Officer to review, define and manage key strategic outputs for the Charity Trustees and the Chief Executive Officer to review, manage and mitigate risk using the REVETh Risk Register. MAIN OBJECTIVES IN 2026 The Trust's maln objectives during the reporting yearwere: Governance: o Creation and delivery of a new brand, including the introduction of the Corps Cap Badge and closer alignment to the Corps Stralegy 2030, embeddlng the Charity at the h&art of its customer base. Accredltatlon: R8-establish core qualifications that have been overlooked or superseded over the last 2 years. Mainlenance and enhancement of the core qualification and accreditation portfolio, giving stability to the offer across the Chatham based Trades. Establishing and developlng relationships with various 8xl8rnal awarding organisations to allow for delivery and growth of the core portfolio. Ongoing Industry and qualifications research and development activity to inform and enhance the core qualifications and accreditation offer. S¢hemes: Establishing new online application processes for the Study Grant and Profe56ional Recognition Awards IPRA) schemes, enhancing customer experience and reducing processing tlme. Continued delivery and administration of the Study Grant, PRA and Unit Fund schemes in line with laid down processes and awarding organisation guldelin6S. Review of Ihe Unit Funds schem8 to enable a proposal of development and improvement to be established. Communicatlons and Projeets: o Roll out new online application processes for the Study Grant and Professional Recognition Awards (PRA) schemes, enhancing customer experience and reducing proGes5ing time. Continue to deliver eslablished outrea¢h interventions lo the units embedding the Charity offer and raising awareness and knowledge of the individual and wider Corps benefits. Creation of a clear enhanced social media presence, generating increased followers and allowing the charity lo track impact and trends. Achievement of the Armed Forces Silver Covenant Award Creation of a clear Stakeholder map to allow the charity to maintain and build strong cohesive and collaborative relationships for futur8 deliv8ry and growth.
Royal Engineers Vocational Education and Tralnlng Trust Trustee's Report for the year ended 31 December 2025 (continued) STRATEGIES FOR ACHIEVING OBJECTIVES IN 2025 The Trust's strategies for aGhieving its main objectives during the reporting year entailed.. Governance: Within the Governance space the Charity employed the following Stralegies to ensure that our objectives were realised-. o Engaged with all key stakeholders both Internal and External to establish a new brand that was fit for purpose and provided longevily for the Charity. Carried out a full review of the Govemance documentation to ensur8 that we were compliant with and aligned lo our core objectives and the Chief Royals 2030 Strategy. Accreditation: Within the Accr6dilation space the Charity employed the following Strategies to 8nsur8 that our objectlV85 w&re realised.. o Engaged with the Training Delivery and Awarding organisations to re-eslablish core quallflcation. Engaged with Training Delivery and Awarding organisatlons to ensur8 that core accreditation was maintained and relevant. Engaged with RHQ RE lo ensure that transition pathways were understood, captured and reported up the Chain of Command for decisions where necessary. Schemes: Within the Schemes space the Charity employed the following Strategies to ensure that our object1ves were realis8d'. Engaged with the Central Communications Hub to ensure that the online processes for the SGhernes were understood and translated into a seamless digital process o Maintained a policy of ¢onlinuou8 improvement in respect of the management, administration and quallty assurance of each of the schemes. Engaged with the 21Cs of the Units lo establish their views and opinions on the Unit Funds, enabling a development proposal to be created Communlcations and Projects: Within the Communication and Projects space the Charlly employed the following Strategies to ensure that our objectives were realised.. Engaged with the Central Communications Hub and the Individual users to ensure that the online processes for the Schemes were fit for purpose during the roll out phase of th8 project. Engage with the Units to arrange and deliver outreach interventions to advertise the benefits and support on offer. Engage wlth the Central Communication Hub lo develop and roll out a clear and engaging body of content aimed at driving up engag8ment and providing greater impact to the end user. o Worked alongside the SERFCA and our internal charity partners to ensure achlevement ofthe Armed Forces Covenant SilverAward.
Royal Engineers Vocational Education and Training Trust Trustee's Report for the year ended 31 December 2025 Icontinuedl DETAILS OF SIGNIFICANT ACTIVITIES IN 2025 The Trusts Slgnificant activities within 2025 include.. Governanc8: The position of Operations Director was gapped from February, wh8n Glen Lishman stepped down through to Mid-June when Gina McDowell took up th8 Post. During this time Glen Lishman provided some stablllty to the organisation through a consullancy arrangement enabling a thorough handover to th8 incoming Operations Director to tak8 plac8. Following a subsequent meeting on the 161fv Oec 2025 Gina McDowell was appointed Chief Executive Officer of the Charity. o Col Alaistair Cooper QVRM TD retired his PDSltion as a Trustee of the Charity, representing the voice of the Reserve soldiers and officers and th8 Board welcomed Lt Col Dan Hall RE to Ihe Board at the mid-year Board of Trustees meeting ensuring maintenanc8 of the voice of the Reserve soldiers and offic8rs. Neil Goldie-scot retired his PDSltlon as a Trustee of the Charity at the end of year meeting and was replaced by David While ex CO of 101 al the Board of Trustees strategy Day. David brings with him a wealth of external financial and fund management experience. Col Chris Stafford retired his position as a Trustee of the Charity following the end of year Board of Trustees meeting. The Board are yet to confirm a replacement. Accredltation: Th8r8 has been a significant shift In qualifications and accreditation this year with the formalisation of our partnership with ProQual as an Awarding Organisation. This has allowed us to reinstate a¢¢redilalion for 4 Trades, Draughtsman Design, Draughlsman E&M, CMT and Surveyor. This r81ationship has seen the reinstatement of qualifications for the 2 Draughtsman pathways at L3 and L5, the Surveyors at L3 and L5 and CMT at L3 and L5. This is significant step forward in terms of our commitment to the serving Sappers and sees 3 Trades now receiving civilian accreditation for the work that they complete on their trade courses. Issues remain with r8instating qualifications with the Defen Awarding Organisation (DAOI. Vvhilst work has and continues to be done, there seems to be continued challenges with DAO in temis of their requirements. A number of these qualifications have now been successfully transposed across to ProQual as an awarding organisation however we remain committed to working through the L3 and L5 Electrotechnical qualification with them and are hopeful of a positive outcome over the coming months.
Royal Englneers Vocatlonal Educatlon and Training Trust Trustee's Report for the year ended 31 December 2025 {continuedl Schemes o All three of the Royal Engineers CPD Charity Schemes continue to be utilised by the Sapper community with numbers rising due to the re-instigalion of the Unit visits and digital applications. The digital application PrO$S for both the Study Grant and PRA sGhemes is now embedded and working well. There hav8 been minor te8thing issues within the roll out phase however on the whole the new process appears to have been welcomed, and we have seen fewer enquirle5 from individuals regarding the paper-based system. Communicatlons and Projects There has been a significant rise in the number of Individuals engaging with The Royal Engineers CPD Charity via social media due to the d6V8Iopm8nt and roll out of a nèw brand and communications strategy. Thls will continue to b8 develop throughout 2026. The Royal Engineers CPD Ch8rily w&re successful in achieving a Silver Armed Forces Covenant Award which was presented to them at Admirally House in September 2025 The Royal Engineers CPD Charity have now undergone a complete role evaluation process which was authorised by the trustees at the December Strategy day. Thls will now be rolled out over the course of 2026 ensuring that the Charity is fit for purpose and able to deliver against its objectives. CONTRIBUTION OF VOLUNTEERS The Trust has no volunteer workers. ACHIEVEMENTS AND PERFORMANCE Throughout 2025, individual qualification and accreditation achievements remain good,. REVETT enabled 976 leamers to achieve accreditation across voGational qualifications, Study Grants and Professional Recognition Awards {up from 564 in 2024). REVETTS output is linked, primarily, to providing and funding qualifications achieved by the Royal Engineers workforce during their trade training, normally belmeen national levels 3 and Table 1 below shows tha type of qualifi¢alions provided to members of the Corps during 2025:
Royal Engineers Vocational Education and Tralning Trust Trustee's Reportfor the year ended 31 December 2025 lconlinued) Table 1. REVETT Total Qualifications and Awards 2025. Military Course Name Qualification name (awarding body) Natlonal Level ME Construction Materials Technology (2-1) Diploma in Construction Materials Technology {ProQual) ME Deslgn Draughtsman (0-21 Diploma for Construction Draughtsman (Military Engineering) IProQual) Level 3 Award in 2D ComputerAided Design (City&Guildsl ME D8sign Draughtsman (2-11 Diploma for Construction Draughlsman (Military Engineering) (ProQuall ME Draughtsman Elèctrlcal and Mechanical (0-2> Diploma for Mechanical and Electrical Draughlsman (Military Engineering} (ProQu81) Level 3 Award in 2D ComputerAided Design Icity&Guild81 ME Draughtsman Electrical and Mechanlcal12-1} Diploma for Mechanical and Electrical Draughtsman {Milltary Engineering) (ProQual} ME Electrlclan 10.21 Diploma in EleclroleGhniGal Studies and Practice (Military Engineering) (DAO) Under Review Award in the Requirements for Elèctrical Installalions BS 7671'.2018 (18th Edition) {City&Gullds) ME Electrlclan12-11 Diploma in EleGtrolechni¢al Studies and Practice (Military Engine8ringl (DAO) Under review Award in Initial and Periodic Inspection and Testing of Electrical Installatlons Icity&Guilds) ME FabricatorlWelder12-1) NVQ Extended Diploma in Engineering Construction Welding Engineering {Cily&Guildsl ME Fitter Air Conditioning and Refrigeration {0-21 Award in F Gas and ODS regulations.. Category l {City&Guildsl Refrigeratlon and Air Conditioning CPD Pathways (City and Guilds) ME Fitter Equipment12-1) NVQ Di loma in En ineerin Maintenance ME Fitter Utilities & Petroleum (2-1 NVQ Di loma in En ineerin Maintenance NIA Mechanical Cit &Guilds Mechanical Cit &Guilds
Royal Engineers Vocational Education and Training Trust Trustee's Report for the year ended 31 December 2025 (continued) Defence Explosive Munitions and Search School Level 2 Award in Working in High Risk Confined Spaces {City&Guilds) L8v813 Award in Control Entry and Arrangements for Confined Spaces (City&Guilds) Level 3 Award in Working as a Member of a Rescue and Recovery Team in Confined SpaGes Icity&Guildsl First Aid at Work (NUCO) NIA ME Armoured Engineer (0-2) Award in Mechanical En ineerin TECOL Project Management Qualification PRINCE2 Foundation and Practitioner Stud Grant formerl Bursaries City&Guilds Professional Racognltlon Awards Licanliateship Affilia18ship Gradualeship Membershi 4and5 Various RSME Gp and REVETT are sublect to regular, detalled External Quallty Assurance vlslts to ensure currency and quality of training and education. We continue to score highly during EQA visits by both City&Guilds and DAO, and are considered across the board, to be 'low risk,, l.e. the highest grading. We maintain Dlrecl Claim status with City&Guilds and will work towards thls with ProQual as we start to certlfy qua15ficatlons. REVETT continued to support the Royal Engineers Workforce at unit level via the delegated Unil CPD Fund. £40,000 was allocated across units within 2025. The fund 8nabled th& chain of command to support the workforce through quick impact allocation across a board range of CPD activities, not just education. The funds were well received and appropriately spent. The Royal Engineers CPD webslte www.re-c d.or .uk continues to provide a valuable resource for the global Royal Engineer workforce.. visitor numbers rose for the second consecutive year. The website offers a useful portal for information on activities caried out by the Royal Engineers CPD Charity and is linked into the broader Corps websites. It has proven to be particularly useful as a means of dlrectlng the Royal Engineer workforce to the online application processes for both the Study Grants and Professlonal Recognltlon Awards. INVESTMENT PERFORMANCE 2025 was, in many respects, a landmark year for markets wilh several key themes. One of Ihese was a weaker US dollar. In the first half of th8 year, th8 dollar recorded its larg8St firsl-half decline in more than 50 years, with the Dollar Index (which measures the dollar against a basket of major currencies) falling by around 10 /0. The primary driver for this was shifting expectations around US interest rates as, whilst inflation softened, markets increasingly priced in future Federal Reserve rate cuts. Interest rat8 Cuts were a theme around the globe. The Bank of England cut interest rates four times during the year, the US Federal Reserve cut rates three tlmes and the European Central Bank delivered two. These moves reflected a weakening global economic backdrop with Royal 1 Fundlng for Project Management Quallfl¢81ions replaced by Study Grants in May 2023.
Royal Engineers Vocational Education and Training Trust Trustee's Report for the year ended 31 December 20251continued) policymakers aiming to stimulate growth, support investment and encourage consumer spending. Despite economic uncertainty, equity markets delivered a strong year. US markets reached all- time highs with the S&P 500 appreciating by 16.66% and the tech heavy Nasdaq gaining 230/0 for the year, despite the Trump Tariff induced sel back in the first quarter. Much of this performance was driven by Al-linked stocks and large technology companies with the "Magnificent 7, increasing their dominance oflhe market. Elsewhere, UK and European markets also p8rform8d strongly, with th8 FTSE-100 increasing by 23.70kn and the AIIShare adding 22.150/0 whilst the Eurostoxx gained 17.5V/o, reinforcing the global strength of equities in 2025. Amongst individual stocks, Nvidia once again stole the spotlight. In July. it became the first company in history lo reach a US$4 trillion rnarket capitalisation, before breaking another milestone in October by becoming the first to hit US$5 trillion. For context, Apple took over two years to move from a US$3 trillion to a US$4 trillion valuation, which it achieved in October this year. Nvidia remains central to th8 Al boom that is driving rapid innovation in high-performance GPUS and the infrastructure underpinning artificial intelligence. Asian markets were standout performers in 2025. Japanese equities outperformed most major global markets and the Nikkei gained 27.91akn whilst Chinese markets also delivered strong gains. South Korea was among the best-P8rforming markets worldwide, rising nearly 70%, highlighting the region's growing influence and resiliènc8, The year was not without its shocks, In April, President Trump's major tariff rollout, which h8 termed as 'Libgration Day" triggered a sharp market sell-off. US equities fell nearly 50k in single day and around 1 ODh overlhe following days. This wiped out roughly US$5 trillion in market value, marking the largest two-day loss on record for th8 US stock market. Whilst further lariff announcemenls also weighed on markets, investors gradually became mor8 accustomed to the volatility as the year progressed and these initial losses were soon made back with the US equity markets achieving all time highs. As 2025 came to a close, the year left a mix of record-breaking achievements and dramatic shifts. Nvidia reached unprecedented valuations, Asian markets surged, and precious melals like gold and silver hit historic highs. At the same time, oil prices slid, Trump's tariffs shook markets, and cryptocurrencies swung wildly. With a weaker dollar and widespread interest rate cuts shaping the backdrop, 2025 was a year where innovatlon, pollcy, and volatility all collided, yet markets showed remarkable resilience throughout. Against this backdrop, the REVETT investment portfolio was valued at £7,560,000 as at 31 December 2024 and achieved a net gain for the year of 8.82 %. By way of comparison, the ARC Steady Growth Charity Index appreciated by 8.64% over the same period. The strongest performing investments within the portfolio were Alphabet, which appreciated by 530kn, BAE Systems, which gained 49 %, Safran, adding 480/0 and Andritz, which added 440/0. The portfolio does contain a holding of Nvidia and this appreciated by 29 % over Ihe course of the year. Amongst the poorer performers are United Health, Elevance Health. Zoelis, Diageo, Unilever and Canadian Pacific. There is a common theme amongst these stocks which is that these are all considered lo be 'defensive' investments which invariably perform better in more difficult market conditions. The portfolio generated an estimated gross annual income of £200,000 and during 2025 a total of £370.000 was paid out, which equates to a total return of 50/0. This level of withdrawal is generally considered to be an achievable long-term return from a portfolio.
Royal Engineers Vocational Education and TraTning Trust Trustee's Report for the year ended 31 December 2025 {continued) FINANCIAL REVIEW GENERAL Net expenditure before other recognised gains and losses was £164,569 (2024-. net expenditure of £1H,187). No additional funds were passed to the Fund Manager for investment in 2025 (2024-. £Nil). Gains on investments amounted to £474,17912024'. gains of £506,197). BALANCE SHEET Accumulated funds increased by £309,610 to £7,660.008 12024.. increased by £362,010 to £7,350,398) Notes to the Slalement of Financial Activities and Balance Sheet provid8 supplemenlary information against each funding activity. INVESTMENT POWERS The Trust Deed provides full and unrestricted powers of investment to the Trustegs, who Sub-delegate investment declslons lo Investment Managers, within the parameters of overall guidance by the Trustees. INVESTMENT HOUSE & POLICY The REVETh investment Is managed by Atomos Ltd in a portfolio with a risk level 5 of 7, with Trusteè authority to move to lev816 if required to exploit opportunities as they arise. The objective of the Fund is unchanged and seeks primarily to achieve capital growth with some requirements for income whilst seeking a balance beeen safety and investment growth potential. RESERVE POLICY (CAPITAL) Trustees have stated that they a duty to honour qualificatlons for a period greater than 5 years, to a rolling horizon of 20 years. Unrestricted resetves total £7,660,008 (2024.. £7,350,398) with no external income str8ams. Fr88 reserves at year-end were £7,658,809 (2024.. £7,349,049). Trustees assess that they have funds and investments to protect quallfications for 10-15 years and to fund the planned excess of expendlture over income 2025-2028. GRANT MAKING POLICIES Grants are considered by the Trust In Ilne with the Trust deed and are duly recorded. REVIEW OF PRINCIPAL FUNDING SOURCES REVETT'S principal source of funding in 2025 was from its investments. PLANS FOR THE FUTURE Within 2026, the Trust intends to.. Continue the operation and funding of its core business.. the provision of appropriate qualifications for the Royal Engineers Workforce. Seek opportunities to improve the range and quality of the qualification's portfolio including
Royal Englneers Vocatlonal Educatlon and Training Trust Trustee's Report for the year ended 31 December 2025 (continued) all the non-chatham based Trade Schools across the Royal Engineers landscape. Continue to collaborate with RHQ RE to ensure a full understanding of accreditation is maintained within the green space Establish a central Learning and Development hub for the Corps, offering advice and guidance on all thing's development. Engage with the other Corps charities to provide a more user-friendly interface to Sappers on what their charities offer. Embed new roles and start to drive further Ghange. Develop and embed new governance documentation, and work towards a new 3-to-5-year strategic vision. Continue to identrfy and develop opportunities lo improve the financial position of the Trust. ACTIVITY REPORTING Allocallon of staff lime to principal objectlV8s and rouline governance is based on the percentage Individual staff members Contribute to 8ach objective or governance. PUBLIC BENEFIT In addition to promoling the éfficlency of the Army and, in particular, RE by advanclng the education and competency of its personnel both Regular and Res8rve. primarily, but not exclusively, through involvement in natlonally recognised vocational educational and training 8chemes, the work of REVETT beneflts the public by.. Ensuring that RE Workforce are qualified for ¢lvilian employment on discharge, thereby making them more likely lo be productive, self-sufficient CitlZ8ns in civilian life. Making enlistment into the Corps more attractive, thereby supportlng recruitment. Making extended service in the Corps more attractive by providing qualification progresslon routes, thereby supporting retention and enhancing the Lived Experience. INDEPENDENT AUDITORS Kreston Reeves Audlt LLP were retained as the REVETT Independent Audilors. STRUCTURE, GOVERNANCE AND MANAGEMENT GOVERNING DOCUMENT The current governing document is the 2016 Consolidating Trust Deed which is available on requesl. APPOINTMENT OF TRUSTEES The Consolidating Trust Deed 2016 provides for a maximum of 7 ex-officio Trustees and maximum of 3 co-opted. The latter are now appointed for a period of twelve months by a resolution of the Trustees passed at a special meeting. Co-opted Trustees may be re-appointed by the same proc8ss. The Trustees who served during the year are detailed on page 13. 10
Royal Engineers Vocational Education and Training Trust Trustee's Report for the year ended 31 December 2025 (continued) TRUSTEE INDUCTION ANO TRAINING New Trustees are briefed on their role and responsibilities and advised to study the guidance provided by the Charity Commission website. in particular The Governance Jigsaw The Essential Trustee. All new Trustees, where possible, attend a trustee training course within 6 months of appointmenl and refresher Iraining every 3 years. ORGANISATIONAL STRUCTURE AND NETWORKS To enable the Trust to achi8ve its objecls, it employs a small operations team lo.. Develop and maintain appropriate policies and procedures. Conduct, promote, update and rgport on operations. Identify, develop, implement, mainlain, and improve accreditation opportunities for Royal Engineers. Administ8r and deliv8r th8 qualifications and support to personal and professional development in accordance with the Trustee's priorities. Although autonomous, the Trustees and their employees collaborate closely with variou5 organisations, inGluding'. The Royal School of Milltary Engineering IRSME) and other establishments training the RE workforce. The Public Private Partnership (PPP) contractors to the RSME, known as Holdfast. H8adquarters Royal Engineers. Other Trusts and organisations supporting education and work-based learning for the Army. Awarding Organlsalions, Includlng the Defence Awarding Organisation IDAOI, City&Guilds and ProQual. RISK MANAGEMENT STATEMENT The Trustees monitor the major risks to which the charity Is exposed, regularly review the risk register, and a satisfied that systems have been established to manage risks identified. The three key risks are assessed to be- Financial investment downturn resultlng in a reduced offer and potentially leading to the closure of the trust in the long term. REVETT has reviewed and 15 Satisfied with its inv&slm8nt manager's performance and will conduct a review in 2024 of the long-term sustainabillty of the current annual budget level. Loss of awarding status. thereby not being able to fulfil the purpose of the trust. The regular EQA visits confirm this risk as low. Loss of b8neficiary confidence in the trust resulting in reputational damage, leading to reduced uptake and making the trust irrelevant to the beneficiaries. This is rnonitored through uplake levels., the increased numbers of Study Grant and Professional Recognition Award applications indicate this risk is being managed effectively.
Royal Engineers Vocational Education and Training Trust Trustee's Report for the year ended 31 Dècèmber 2025 (continued) Statement of Trustees, responsibilitles The Trustees are responsible for preparing the Trustees, report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England & Wales requires Ihe Trustees to prepare finanGial statements for each financial year whlch give a true and fair view of the Charity and its income and application of resources, including its income and expenditure, for that period. In preparing these financial slatemenls. the Trustees are required to.. S818Ct suitab18 accounting policies then apply them consistently observe the methods and principles of the Charities SORP (FRS 102) {2019) make judgements and accounting estimates that are reasonable and prudent state whether applicable UKAccounting Standards IFRS 102) have been followed, subject to any material departurè disclosed and explained in the finanGial statements prepare the financial statemen15 on the going conc8rn basis unless it is inappropriate to assume that the Charity will ¢ontinu6 in busin8S8 The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them lo ensure that the financial statements comply with the Charities Act 2011, th8 Charity (Accounts & Reports) Regulations 2008 and the provisions of the memorandum of Association. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonabl8 st8ps for the prevention and deteclion of fraud and other irregularities. Approved by the Trustees and signed on behalf of the Trustees Colonel GS Cheesman ADC Trustee Date: 11 May 2026 12
Royal Engineers Vocational Educatlon and Tralnlng Trust Reference and administrative details of the Charity, its Trustees and Advisers For the year ended 31 December 2025 Trusteos Ser Appolntment Name Appointment App'd Res Ex-officio Chalr Ex-OffiGio Brig Guy Boxa15 MBE ACOS Infra SC Oct 23 In Post Col Richard Hawkins MBEADC Col Dan Hall VR Corps Col Dec 22 In Post Ex-OffiGio Corps Col Reserves Corps Col Resetves Risk Manager Oct 25 In Post Ex-officio Col Alastair Cooper QVRM TD Lt Col Rob Porter Dec 22 Oct 25 Co-opted Jun 23 In Post Ex-officio Ex-officio Ex-officio Lt Col Chris Stafford Lt Col And Jennin W01 Sp8ncer Eardle Mr Simon Cook S01 Careers COS RSME G Corps SM Nov 23 In Posl In Post In Post July 23 Co-opted Educational SME Ocl 18 In Post 10 Co-opted Mr Neil Goldi8-S¢ot Finan¢ellnvestment SME Feb 2019 Oct 25 M8mb8r8 Sar Appolntment Nam8 Appolntment App'd Res 11 Member Maj (Retd) lan Sidebottom Mrs Gina McDow&ll Corps Treasurer Sep 13 In Post 12 Member CEO REVE Jun 25 In Post Members attend Board Meetings in an advisory capacity but are not Trustees of the Charity and do not hold voting righls. Charlty reglstered number: 1068709 Principal office Headquarters Royal School of Military Engineering Brompton Barracks Chatham Kent ME4 4UG 13
Royal Engineers Vocational Education and Training Trust Reference and administrative detsils of the Charity, its Trustees and Advlsers For the year 8nd8d 31 December 2025 (continued) Independent audltor Kreston Reeves Audit LLP Chartered Accountants statutory Auditor 2nd floor Maritime Place Quayside Chatham Maritime Chatham Kent ME4 4QZ Banker8 Lloyds plc Piccadilly Branch PO Box 100C London BX1 1LT Solicitors Furley Page LLP 39 St Margaret's Street Cant8rbury Kent CT12TX Investment House Atomos Investments Limited Monument Placè 24 Monument street London EC3R 8AJ 14
IndepèndentAuditor's reportto the Trustees of the Royal Engineers Vocational Education and Training Trust We have audited the financial statements of the Royal Engineers Vocational Education and Training Trust {the'charity) forthe year ended 31 December 2025 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows 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 Practicè). In our opinion the financial statements.. give a true and falr vlew of the state of the charity's affairs as at 31 December 2025 and of its income and application of resources for the year then ended., have been properly prepared in accordance with United Kingdom Generally Acc&pt8d Accounting Practice., and have been pr8par8d in accordanc8 Wlth th8 requirements of the Charities Act 2011. Bas18 for oplnlon We ¢ondu¢ted 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 Audllor's rèsponsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial staternents in the United Kingdorn, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirernenls. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinlon. Conclusions relatlng to golng concèrn In auditing the financial statements, we have concluded that thè Trustees, use of the going concern basis of accounting in the preparation of the financial statemen15 is appropriate. Based on th8 work we have performed, we have not identified any material uncertalnties relating to 8vents or Conditions that, individually or collectively, may cast signifi¢anl doubt on the charity's ability to continue as a going concern for a perfod of St least twelve months frorn when the fi'nanclal statements are aulhorised far issue. Our respon5ibililies and the responsibilities of the Trustees wilh respect to going concern are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the Annual report, other than the financial statements and our Auditor's report thereon. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the oth8r information and, in doing so, consider whether the olher information is materially inconsistent with the financi81 statement or our knowledge obtained in the audit or othemise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether 15
Independent Auditor's report to the Trustees of the Royal Engineers Vocational Education and Training Trust (continued) there 15 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 the fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by 8XCePtlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports} Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Trustees, report is inconslstent In any material respecl with the financial statements; or sufficient accounting records have not been kept., or the financial slalements are not in agreement with the accounting records and retum8', or we have not received all the information and explanations we require for our audit. Respectlvo responslblllties of Trustees and audltor As explained more fully in the Trustees, responsibilitie5 Statement, the Trustees are responsible for the preparation of financial statements which give a true and fair view, and for such internal control as the Trustees deterrnine is necessary to enable the prep8ration of the financial statements that are free from material misstatement, whether du8 to fraud or error. In preparing the financial stat&m8nts, the Trustees are responsible for assessing thè charity's ability lo continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees elther intend to liquidate th8 charity or to cease operations, or have no realistic alternative but to do so. Auditor's respon8lbllltle8 for the audlt of the Ilnanclal statements We have been appointed as auditor under section 144 ofthe Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thergunder. Our objectives a to obtain rèasonab18 assurance about whether the financial statements as whole are free from mat8rial misstatement, whether due to fraud or error, and to issue an Auditor's 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 ISA'S (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 economiG decisions of users taken on th8 basis of these financial stalemenls. 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.. Capability of the 8udit in detecting irregulan-ties, including fraud Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management las required by auditing standards), we identified that 16
IndependentAuditor's reporttotheTrustees of the Royal Engineers Vocational Education and Training Trust (continued> the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the finarscial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 1021 Second Edition (released October 20191, and other relevant charity legislation. We communicated identified laws and regulations Ihroughoul our team and remained alert to any indications of non-compliance throughout the audit. We evalualèd Trustees, and management's incenliv6s and opportunilies for fraudulenl manipulation of the financial statements (including the risk of override of conlrols) and determined thal the principal risks related to postlng inappropriate journal Èntries to increase revenue or reduce expenditure, and management bias in accounting estimates. Audit procedures performed by the engagement team included.. Discussions wllh management and assessment of known or suspected instances of non- compliance with Saws and regulations {including health and safety) and fraud., and Assessment of id&ntifiéd fraud risk factors., and Review of cash expenditure to confirm no evidence of personal benefit,. and Challenging assumptions and judgements made by management in its significant accounting estimates., and Performing analytical procedures to identify any unusual or unexpected relationships, including related party IransaGtions, that may indicate risks of material misstatement due to fraud., and Confirmation of related parties with managem8nt, and review of transactions throughout the period to identify any previously undisclosed transaGtion8 Wlth related partie8 outside the normal course of business., and Performing analytical procedures with automated data analytlcs tools to identlfy any unusual or unexpected rÉlatlonships, including related party transactions, that may Indicate risks of material mlsstatement due to fraud., and Reading minutes of meelings of those charged with governance; and Physical inspection of langlble assets susceptiblè to fraud or irregularity. and Review of significant and unusual transaclions., and Identifying and testing journal enlries, in particular any manual entries made at the year- end for financial statement preparation. Because of the inherent limitations of an audit, ther8 is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financlal statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiected in the financial statements, as we will be less lik&ly to become aware of instances of non-compliance. The risk is also greater r8garding irr8gularities occurring due to fraud rather than error, as fraud involves Intentional concealment, forgery, colluslon, omission or misrepresentation. As part of an audit in accordance with ISAS (UK), we exercise professional judgement and maintain professional sGeptiGism throughout the audit. We also.. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is 17
IndependentAuditor's reportto the Trustees of the Royal Engineers Vocational Education and Training Trust (continued) higher than for one resulting from error, as fraud may involve collusion, forgery, intentional ornissions, misrepresentations, or the override of internal control. Obtain an understanding of internal controls relevant to the audit in order to deslgn audil procedure5 that are appropriate in th8 circumstances. bul not for the purpose of expressing an opinion of the effectiveness of the charity's internal Control. Evaluate the appropriateness of aG¢ounting policies used and the reasonableness of accounting estimates and related disGlosures mad8 by thè Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty éxists related to events or conditions that may casl signiflcant doubt on the ¢harity's ability to continue as a going COnrn. If we conclude that a material uncertainty exists, W8 ar8 r8quired to draw attention in my Auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's report. However, future events or conditions may cause the charity lo cease to Gontinue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosurès, and whether the financial statements represent the underlylng transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timlng of the audit and significant audit findings, including any signSficanl deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity's Trustees, as a body, in accordanc8 Wlth Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mighl state to the charity's Trustees those matters we are required to state to them in an Auditor's report and for no other purpose To the fullest extent permitted by law, we do not a¢cept or assume responsibility to anyone other than the charity and its Trustees, as a body, for our audit work, for this report. or for the opinions we have formed. Samantha R$0 FCCA DClk4 and on bohaN of Kr•ston RV•S Audlt LLP Stalulory Ali10T 2nd Fk4x m•rrne Place Qugysid• Chaiham Mathlm• Ch*lh4m K•nt ME4 4QZ Date.. 12 May 2026 Kmton R•ev•g Alth LLP are •l&lble lo act as atIc In lemis of aectlon 1212 of the Companles Acl 20C 18
Royal Engineers Vocatlonal EdL¢cation and Trainlng Trust Statement of financial activities For the year endèd 31 December 2025 Unrestrlcted Restrlcted funds funds 2026 2025 Total funds 2025 Total lunds 2024 Note Income and endowments from.. Donallons and legacles Investments 43,068 212.822 43,068 212.822 38.946 216,860 Total incomg 255.890 255,890 265.806 Expendlture on: Charitable a¢livilies 420,469 420.459 399,993 Total expendlture 420 459 420 459 399 993 Not expendlturg beforg rgvalugtlons 1164,6691 1164,6691 {144,1871 N&1 gainslll9$$g81 on inve$lment8 474,179 474,179 506,197 Net rnov•mènt Sn funds for the year 309,610 309,610 362,010 Rgconclllatlon of fund8 Total funds al 1 January 2025 18 7,350,398 7,350,398 6,988,388 Total fund¥ at 31 December 2026 7 660.008 7 660.008 7.350,398 The Slaternenl of Flnancl81 Acllvlties includgs all gains and losses in the yeaT. All activi1188 felale lo contlnulng operation5. The notes on pages 22 10 34 form part of these financial slalem?nt3. 19
Royal Englnèèrs Vocatlonal Educatlon and Training Trust Balancè Sheet For the year ended 31 De¢ember 2025 Charity Nurnbgr 1068709 2025 2024 Noto Flx8d as$&ts Tangible as$819 14 1.199 1,349 Investments 15 7,671,431 7,289.967 7,872,330 7,291,31S Current as89ts Debtors le 776 555 Cash 81 bank 149,688 103,599 150,443 104.154 Crodltor8: amounts lalllng due within one y&ar 162,7661 145,0721 Net ¢urr•nt a88ets 87.678 59,082 Net a880ts 7 660 OOB 7,350,398 Charlty Funds Unre¥lri¢¢ad fund8 18 7,660,008 0 7,350,398 Total fund• 7 660 008 7 350 398 The finandal 6tBlemenl$ were apprc•ved by the Trustees on 11 May 2028 and 81gned on Ihelr behalf, by.. Brlgadler GJ Boxall MBE. Trustge Colongl Guy Stuart Cheesman ADC, TruBtoe Th8 notes on pages 22 10 34 form part of these financial slalements. 20
Royal Engineers Vocational Education and Tralnlng Trust statement of Cash Flows Forthe year èndèd 31 December 2025 Note 2026 2024 Net cash used in operating actlvltles 22 268,892 287.419 Cash flows from invosting activities Interest and dividends Purchase of tangible lixed assets Proceeds from sal2 of investments Purchas8 of inv&slmenls 212,822 216.860 11.499) 2,566.018 12,568,433) 1.565,354 11.483,215} Cash provld•d by Invostlng actlvltl•s 314,961 212.946 Increasè In cash and cash equivalents in the year 46,069 74.473 Cash and cash equlvalènls al thé béginning of the year 103,699 178,072 Tot41 ¢h and cash equlvalents at tho end of the year 149,668 103,599 Analysls of chang•8 In n•t dèbt At 31 Jan 2025 At 31 Dec 2025 Ca$hflows Cash and cash equlvalgnts Cash 103,599 46,069 149,668 21
Royal Enginèers Vocational Educatlon and Training Trust Note5 to the financial statements For the year ended 31 December 2025 l General Admlnlstratlve Infomiatlon Royal Engineers Vocational Education and Training Trust is an unincorporated charity in England and Wales with the charity registration number 1068709. The addres& of thè registered office is HeadqLJart8rs Royal Engineers, Ravelin Building. Brompton Barracks. Chalham, Kent. ME4 4UG. The charrties principal objectives continue lo be lo promote the effici8ncy ol th& Army and In partlcular the Royal Engineers by advancing the education and competency of its personnel both Regular and Reserve, primarily, bul not exclusivèly through Invtslvemenl In nationally recognised vocational eduGation and training scheme8. 2 Accountlng pollcles 2.1 Basls of preparatlon of flnanclal statements The financi81 slal8ments have b88n prepared In a¢¢oTdan¢$ wllh the Challlies SORP IFRS1021 Accounting and Reporting by CharilieB.' Statement of Recommended Practic8 applicable to charltles preparing their accounts in accordance with the Financial Reporting Standard applicablè in the UK and Republic ol Ir818nd IFRS 102118ffèclive 1 January 20191 and the Charities Act 2011. Royal Engineers Vocalior181 Education 8nd Training Trust m881s th8 definillon ol a publlc benefll enlily under FRS 102. Assets and liabiif(ies are initially recogni88d al historical cost or transaction valu8 unless otherwise slated in the r8lev8nl accounting policy nolelsl, The financial slalements are presented in UK $1grllng. whiGh l¥ th8 ChariV8 lunclional currency, 8nd rounded to the naare81 pound. 2.2 Preparatlon of the account$ on a golng con¢orn ba$1$ The Trusl88s asS8ss whether the use of going concern 1$ approprlale, i.e.,whelher there are any rno1grio1 uncertainties relatèd lo events or condlllons that may cast significant doubl on the ability of the Charity lo continue 88 a going concern. The Truslegs make this 0$$95smenl in rgspèct of a perlod of al least an8 year from th8 date of aulhorisalion for issue of the financial slalewnents and have ¢on¢luded that the Charity has adequate resources to conllnue in operational 8xis18nca for the foreseeable future and there are no material uncertainties about the Charity's ability to ctsnlinue 8$ a going conc8rn. thus they continue lo adopt the going concem basis of accounting in preparing the finan¢ial slalemenls. 2.3 Fund accountlng Unieslricled funds represent unreslricted income which is expendable 81 the discretion of the Trustees in the furtherance of the objects of the charity. SLtch funds may be held In order lo finance both working capital and capital inve8lment. Invgslment incomg, gains and lossgs are allocated lo the approprlale fund. 2.4 Income All income is Te¢ognised once the charity has enlillement lo Ihe income, r( is probable that the Income will be received and Ihe arnount of incclne receivable can bo measured reliably. 22
Royal Englneers Vocatlonal Educatlon and Tralnlng Trust Notes to thg financlal statsments For the year ended 31 D&¢ember 2025 2 Accountlng policies Icontinuedl 2.5 ExpendSture Llabilities are r8cognis8d as 8xpenditur8 as soon as there is an obligation to committing the trust lo the expenditure. All expenditure is accounted for on an accruals basis. Grants payable are payments made lo third parties in the furtherance of the charllable obleclives of the trust and ar& always aulhorised by the trustees. The costs of generating funds consist of inv8slm8nt manag8menl and certain leg81 fees. Cost of charitabl& activities includes grants made and the apportlonmenl of support costs shown in note 7. 2.6 Tangible fixed assets and depreclatlon All assets cosllng mora than £1,000 are capital18. D8prsGialion is provided lo wr51e off the cost, less estlrnated residual value in equal annual inslalmenls over the e$limated u$elul e¢tsn¢ml¢ lives of the assets. The rates of depr8ciation US8d are as follows.. Computer and offic8 equipment 10 . 20•A per annum on cost 2.7 Investments Investments held as fixed assets are Included In th& accounts al mid-markel valuation. 2.8 Debtors Trade and other debtors are recogn18ed al the sgttlement amount. Prepayments are valueé al the amount prepaid. 2.9 Cash at bank and In hand Cash al bank and1n hand includes Gash and short term highly liquid investments with 8 short maturity of three months or less from the date of 8equisllion or opening of the depo$it or similar account. 2.10 Llabllltleg and provlslons Liabilities ar8 r8cognis@d wh8n th8re is an obligation at the Balance sheet dale as a rèsult of a past event, It 15 probable that a transfer of e¢onomi¢ benefit will be required in settlement, and the amount of the selllemenl can be esllmaled reliably. Liabilities are recognised al the amount that the charity anlicipales il will pay to 8elllg the debt or the amount il has received a5 advan¢ed payments for the goods or serVeS il musl provide. Provisions are measured 81 the best estimate of the amounts requlred lo settle the obligation. Where the effect of Ihet lime value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that r8fl8Cts the risks specific lo the liability. The nwlndlng of the discount Is recognised within interest payable and similar ¢harges, 23
Royal Engineer¥ Vocational Education and Training Trust Notes to the financial statements For the year ended 31 D&¢ember 2025 2 Accounting policles Icontlnuedl 2.11 Flnanclal instruments The charity only has financial assets and financial liabilities of a kind Ih8t qualify as basic finanGial inslrum9nts. Basic financial instruments are initiglly recognis&d at tran8aclion valu8 and subsequèntly measur8d al their settlement value. 2.12 Penglons The Gharity operates a defined contribution pension scheme and the pgnsion ¢harg8 represents the amounts payable by the charity lo the fund in re5peGI of the year. 2.13 Donited 80rvlce8 and lacSlltles The Gost of donated services is included in income al a valuation which is an 8slimal8 of the nancial cost bome by th8 dorbor where such a cost Is quanlrfiable and measurable. This amount is mat¢h8d by donated expenditure, apportloned against charitabl8 activities and Support. 2.14 Tender pollcy Twslees introduced a tendor policy that covers expendilurg.. a. Beeen £2,500 and £5,000 throe rgcordgd phona quotallons b. Been £5,000 and £10,000 - three wrlllen quotslions from 8uppllers c. Over £10.000 - Internal tender board selection Irom written quotations 2.16 Taxatlon Royal Engineers Voogtional Education and Trainlng Trust Is a reg181ered charity and accordingly no provision 18 con8idered necessary for laxalion. 2,16 Crltlcal accountlng estlmatès and areas of Judgement Eslimales and judgements are Conllnually evaluated and are based on historical experience and other factors, including expectations of future events that are believed lo be reasonable undgr the circumstanc85. The Charity does not Currently have any Significant accounting eslimales or areas ofjudgemenl. 24
Royal Engineers Vocatlonal EdUCaon and Training Trust Notes to the financial statements For the year ended 31 December 2025 3 Donation8 and Legacies Unrestricted Restrlcted funds funds 2025 2025 Totsl funds 2026 Tot81 funds 2024 Note Other Incomg Donat&d staff tim& 521 42,547 43,068 521 144 43,068 38,946 4 Other Incom• Unrestricted ReBtrict•d lunds funds 2026 2025 Totsl funds 2025 Tol81 funds 2024 Other Inwnfj 521 621 621 621 144 144 Total funds 2025 Total funds 2024 5 Donatsd gervlce$ and fa¢llltlo$ In 2025. don81od 5ervlces and fa¢S1ille8 con81sled of.. Donated staff lirne 25
Royal Engineers Vocational Education and Tralnlng Trust Notes to the financial ytatèments For thè year èndèd 31 Dècember 2025 6 Invgsknent Incomo Total fund$ 202S Total funds 2024 Divldends Bank inlei851 212,212 610 215,497 1,363 212 822 216 860 All of th8 Investment Income was unr&$lricled in 2025 and 2Q24. 7 Anal15 01 oxpgndlturè on chArItsb actlvlt108 Dlrect co$t8 2025 Support costs 2025 Total 2026 Total 2024 Notg Troining Development programm8 Rggislralion and certiflcation feas Hgallh & safety 1gs1ing Tuition wsls Invèslmenl managèment fees 109,220 107,876 104,664 217,096 104,664 200.874 104.784 35.611 4.981 35,611 4,981 22,879 35,228 38,071 3,875 20,153 32,236 399 993 22,879 149 812 236419 Expanditure on charitable aclivllios was £420,459 12024.. £399,993) of whlch £420,459 was unrg$lriclgd {2024'. £399,993) and £Nil was reslricted12024.' £NIII. 26
Royal Engin8•rs Vocatlonal Edueation and Training Trust Notes to the financlal statements For the year ended 31 December 2025 Total Funds 2025 Tolal Funds 2024 8 Training Direct CO8ts Continuous Personal Development Professional Recognition Award 103,840 5,380 86,107 6,121 109,220 92,228 Support Costs Depreclallon of lixed assets Legal and prolesslonal fe$s Insurance IT support & equlpmènl Slalionery Postage and telephone Photocopier BBnk ch8rg$s Staff Trg & dev8lopm8nl Travel and subslslence Mlscellaneous c0818 Hospitality Staff coBIs Donated servlce8 and facilllles- admln salarie8 150 1,489 380 777 183 10 364 150 535 453 566 152 28 570 150 372 1.500 866 18 273 87.818 14,041 92,318 12,934 107,878 108,646 217 096 200 874 27
Royal EngInee Vocatlonal Edu¢atlon and Tralnlng Trust Notès to the financial statements For the year ended 31 December 2025 Unrestrlcted Restricted fund5 funds 2025 2025 Totsl Fund$ 2025 Total Funds 2024 9 Development programme Dlrect costs Oigitisation Project S70 570 Supportcosts Insurance IT support & equlpmenl Marketing & Website Stationery Postage and telephone Subscriptions Pholocopler 8ank charg¥$ Travel and subsisl8nc8 Miscellanaous costs Hospitality Cornmunlcations Hub grant Staff c051s 392 801 1,919 188 10 310 378 392 801 1,929 188 10 310 376 466 584 387 156 366 376 29 155 382 47 20,000 68.325 891 18 282 20.000 64,994 891 18 282 20,000 64,994 Donated seNlc85 and lacllilie8 admln salories 14,466 14,486 12.934 104,664 104.664 104.214 104664 104664 104.784 10 R8glstratlon and cartlficatlon f•88 2026 2024 Direct costs Regislralion Certification Refund Previous Y@ar Exp8ndilure 30,706 12,955 18,0501 12,758 27,017 11,704) 38,071 28
Royal Engineers Vocational Educatlon and Tralnlng Trust Notes to the flnancial statements For the yoar gnded 31 Dpcember 2026 Totsl Funds 2025 Total Funds 2024 11 Tultlon costs Support¢osts Audit fe Insuranc8 IT support & equipment Slalionery P08tsge and telephone Photocopier Bank charges Tiavel and sub818lence Miscellaneous c081s Hospitality Donated services and facilities- admin salari8s S,960 380 777 183 10 364 5,081 453 152 28 150 372 45 12,934 865 18 273 14,041 22.879 20,1S3 12 Net expendlture This 1$ slated after tharging.. 2026 2024 Depreciation of langible fNed assets: owned by the charlty Audilorfs remuneration 150 150 5,081 Durfng the year, nc* Trustees recelved any remuner8llc&n (2024.. £NILI. Durlng th8 yoar, no Trustees rec8lv8d any b8nèfils In klnd {2024'. £NILI. Durfng the year, no Tru8lee8 recelved any reimbursement of exp8nses12024.. £NIL}. 29
Royal Enginegrs Vo¢ational Edu¢ation and Tralnlng Trust Notes to the flnanclal statements FOT the year ended 31 December 2025 13 Staff Costs Staff Costs w¥ro as follows.. 2026 2024 Wages and 3alaries Soei81 sècurity costs Pension costs 136,758 5,631 10,423 141.e24 8,907 10.112 152,812 160643 The average number of persons employed by the Charlly during the year was as follows.. 2025 2024 No. Dlrect charllable employment Management and administration ol the charity 10 10 12 The avorago hgad¢ounl expressed as full-lime equivalents wos.. No. No. Dire¢t charSlable employment Management and adminislralion ol thè Charity No ernployee recelved rernuneratlon amounting lo fflore than £60.WO in either year. Th¥ lolal ¢mploymenl b¢nefils including employer pansion contributions ol the key manag8menl personn81 were £46,03412024'. £50,7131. 30
Royal Enylnggrs Vo¢atlonal Edu¢atlon and Tralnlng Trust Notes to the flnanclal statements For the year ended 31 December 2026 Computer and Office Equipmgnt 14 Tanglblè fixèd assèts Cost Al 1 January 2025 Additions 26.527 At 31 Decembèr 2025 Depreclatlon Al 1 January 2025 Charge for the year 26,178 150 At 31 December 2025 Not book value At 31 December 2025 At 31 December 2024 1 S Flxgd 4888t Invostments Capltal holdlng account Ll8tsd 8o¢urltEè$ Totsl Market value Al 1 January 2025 Additions Revaluallons Sold Cash movernenls 7.078,039 1,463,21S 474.179 11,665,3S41 211,928 7,289,967 1,463,215 474,179 11,665.3541 190,8781 190,8761 Al 31 December 2025 7 450 079 121052 7 571131 Historical cost 6,032.711 Investments at markgt value comprls•: 202S 2024 Capital Holding Account Llslgd Securi1Ses 121.052 211,928 7,460.079 7,078,039 Llsted inv8$tmènls 7,571.131 7 289 967 31
Royal Englneers Vocational Education and Training TruBt Note$ to the finan¢i•l Statèments For the year ended 31 December 2025 16 Debtors 2025 2D24 Trade deblors 775 555 17 Credltors: amounts falllng due wlthln one year 2025 2024 Trade creditors AcGruals an(J defra Income 6,143 66,622 62.765 2,823 42,249 45 072 18 Statèm¢nt of funds Curr•nt y&ar Brought Income forward Expèndlturo Transfèr$ Galnsl Inlloutl (Losses) Carrled fopward Unr•strlct•d lund6 Unr¢$lrlGled Income fund 7 350 398 25S 890 420 4Sg 474 179 7 660 008 Total of fund• 7 350 398 255 890 420 4S9 474 179 7,680 008 PrSor yeor Brought Income forward Expanditura Trgnsfgrs Inlloutl Galn$l (Losses) C8rri8d forward Vnrestrfcted funds Vnrestricled income fund 8 988 388 255,806 399,993 50& 197 7,350,398 Total of funds 6 988 388 25S,8O6 399,993 508 197 7 350 398 32
Royal Englneers Vocatlonal Educatlon and Tralnlng Trust Notes to the ftnanclal statements For the year ended 31 December 2025 19 Analysis of net assets between funds Current year Unrestricted Restricted funds funds 2025 2025 Total funds 2025 Tangible fixed assets Flxed asset Investments Current assets Creditors due within one year 1,199 7,571,131 150,443 162,7661 1,199 7,571.131 150.443 {62,765) 7 860 008 7 660 008 Prlor year Unreslrieled Re8triclèd funds funds 2024 2024 Total fund8 2024 Tangible fixed assets Fixed as581 investmgnls Curr8nl assets Crgdilors dug wlhin one year 1,349 7,289.967 104,154 145.0721 1,349 7,289,9e7 104,154 145,0721 7 350 358 7 3SO 398 20 P•n$lon commltmonts The Chaiily op&rale$ a dtsfined conlribulion5 pension 8ch8me. The assets of the scheme are held separately fiom those of the eharlty in an independently adminislerad fund. Tha pension cost charge represents contributions payable by the charity lo the fund and amounted lo £10.423 {2024'. £10,112). 33
Royal Engineers Vocatlonal EducatSon and Tralnlng Trust Notes to the financlal statements For tho year ended 31 December 2025 21 Related party tran5actlons All funds reeewed and expended are in respect of providing education and training to military and civllian staff Royal Engineer units. Further details are provided in the Trustees, Annual Report. Th8 Trusleas control the Trust. 22 Reconcillatlon of net movement in funds to ngt cash flow from operating actlvltles. Total funds 2025 Total funds 2024 Net movement in funds Add back depreclalion charge Deduct interest and dividends Deduct gains l add back losses on investments Decrease (increase) in debtors Decrease lincreasel in creditors Investment cash movement 309,610 362.01 D 150 150 1212,8221 1216.860) 1474,1791 1506,197} 12201 4,838 17,893 120,5141 90,876 89,154 Net cash used In operatlng actlvltles 268 892 287419 23 Related party dlsclosure Colonel Richard Bouke Hawkins MBE ADC, CSM Spencer Eardley and Colonel Ala8tair Cooper QVRM TD, all TNslees of the Royal Engineers Central Charitable Trust (RECCTI are a150 Truste¢$ of Royal En9ineer8 Vocational Education and Troining Trust IREVETTI for whlch Iransactlons have taken place during the year. FiECCT paid £43 relating lo sundry recharges and donations, whlch was transferred during the year12024.' £1491. There were 8150 reimburs8menls to RECCT from REVETT of £50,005 Quring the year relating lo r?Gharges of staff salaries and various admln charg8s12024.. £49,411). As of 31 December 2025 no balance wa8 owed from RECCT12024'. £nll}, and a baSanc8 of £800 was owed to RECCT12024'. £231. 34