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 be￿een 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 COn￿rn. 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 R￿V•S Audlt LLP
Stalulory A￿li10T
2nd Fk4x
m•r￿rne 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 a￿￿tIc￿ 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 serV￿eS 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. Be￿een £2,500 and £5,000 throe rgcordgd phona quotallons
b. Be￿en £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 EdUCa￿on 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&$lricled in 2025 and 2Q24.
7 Anal￿15 01 oxpgndlturè on chArItsb￿ actlvlt108
Dlrect
co$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 def￿ra￿ 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