**Charity Registration No. 1115234 (England and Wales) Charity Registration No. SCO 39261 (Scotland) Company Registration No. 05736932 (England and Wales)** 

## **AMENDED** 

**CVQO LIMITED TRUSTEES' REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2021** 



CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2021
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Chalrman
Vlce Ghalrman
Honorary Treasurer
The Lord Lingndd Kl DLill DL
Ms Olga PA)ttomley MIVA MIOD
Mr John Dowty TD MA ACA
Mr Keith Baldwin BSCIEng} ACGI MS¢ DIC C Eng MIEf FIBC
Professor Martin Doel CBE
Ms Lesley Davies OBE
Professor Simon Denny BA MA PhD. Holder of the Queen,
Award for Enterprise Promollon
Chief Executive
Mr Guy Horrldge Bsc Msc MBA FCGI FCMI FlnstLM
Key management Chief Executive
Mr Guy Horrldge Bsc Msc MBA FCGI FCMI FlnstLM
personnel
D¢puly Chief Execullve Ms Mlchèle Pary BA PGDIP MA
Dlreclor of Finance
Mr Robert Harvey MA ACA
Charity Name
CVQO Llmlled
Charlly number
England arKI Wales
1115234
Charlly number
Swlland
SC039261
Company number
05736932
Reglslored Office
and Prlnclpal
address
3 Archlpelago
Lyon Way
Camberley
Surrey
GU16 7ER
Auditor8
Crowe U.K. LLP
Aqu13 House
49-51 Blagrave Street
Reading
Berkshlre
RG1 1PL
Bankers
Lloydg Bank plc
98 Vlclorla Street
London
SW1E 5JL

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
The Trustees present their rewrt and accounts for the year ended 31 July 2021.
The accounts have been prepared in accordance with the accounting policÈs set out in note 2 to the
accounts and comply with the Charity's governing document, the Companies Act 2006 and the
Statement of Recommended Practice, "Accounting and Reporting by Charities"120151.
The Charity was incorporated on 9 March 2006.
ObJ•¢tlv¢$ and Actlvltl
The charitable purpose of CVQO is lo advance the education and Irabning of youth and adult members
of youth movements and schools lo enable them lo obtain vocat￿nal qualifications.
CVQO is an accredited provider of vocational qualrfThlion5, dellvering educallonal opportunlties lo
members of voluntary youth movements and schools.
A high proportion of school age learners participating in CVQO-led programmes are not predlcted to
achieve five GCSE8 8194 gr8de. Many learners are also enliiled lo free school meals and there is
proven correlation between eligibility for free school me81s and lower academic altalnment. The
vocational qualific81ions offered by CVQO provide these leamer8 Wth a valuable alternative roule lo
achieving formal recognised qualrficalion8.
Most CVQO learners receive their qu81rfic8tion8 completely free of charge through fundlng from the
Education and Skills Funding Agency IESFAI or through CVQO'S partner3hlp funding agreements.
Mo81 of those over 19 make a contrlbullon lo the cost of Ihelr quallf1cal￿n, but this is well below th8
commercial rale that would be charged by colleges or unlversilles. Many of those who are over 19 who
register for a CVQO-led ILM or City & Guilds adult qualific81ion have not achSeved any previous formal
qualification.
Soclal Impact
In 2016 the Ministry of Defence IMOD), the Combined Cadet Force A88ocSallon and CVQO commissloned
the Inslilule for Soclal Innovation and Impact IISIII al the Universlly of Northampton lo undertake
longlludlnal re8earch prolecl. The four-year project was de3Igned lo help understand the soclal Impact
ané return on investment Te3ulllng from the MOD'S expenditure on cadets and th& Cadet Expanslon
Programme ICEP}, 88 well as the benefit8 of the qualifications provlded by CVQO.
The final report wa8 pub118hed In May 2021 and Included 8 number of notable ca￿uSionS which strongly
support the ben8fits derived from participation in the programmes offered by CVQO..
P8rticipalion in the Cadet Forces and access lo vocational qualrficalions have significant positive
impacts on young people, incmsing their performance al school and improving their employment
and career pr05pecls.
Gaining vocational qualifications through CVQO has particularly ¥ignifiGanl po$ltive Impacts on
young people, particularty those that 5vffer economic and other disadvantage5.
11 was estimated that the lifetime value of qualifications for the 2018 - 2019 cohort of CVQO
learners that could be dassified as disadvantaged Ic. 998 Indivldua191, Is in the region of £108.9
million. Thi¥ very signrfirant value is wrely for the disadvantaged cohort. The value of CVQO
awards gained by cadets that are not disadvantaged could not be calculated, bul il 1$ very large
Indeed.
Cadet ForGo Adult Volunteors also benefit grea￿Y in terms of in￿eaSed lrfetime earnings resulting
from new qualifications gained through CVQO.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
In the 2018 - 2019 yeaf 489 CFAVS gained NVQ Level 2 and 3 quallficalions through CVQO.
The value in future earnings to this cohort could be as much as £81,613 per indlvldual, or £38.3
million for the cohort.
Leamers gaining qualffications through CVQO do so either free of charg8 or at subsidised rates. For
those that that are disadvantaged. especially those disengaged from mainstream education, the88
qualiflcalions can be- literally- life.changing. CFAV8 that have no, or lew, qualifications can also change
their career opportunities by gaSning vocation81 qualrflcalions as a result of their participation In the Cadet
Forces.
CVQO ha5 always been confident that both our leamers and 80ciety gained significant benefi18 from our
programmes bul we have been d81ightéd lo sèe the scale of the return being quantified in this report. In
the 2018-19 period most recently examlned by the Unlverslly of Northampton. CVQO'S Inrome was less
than £4.5 million, whllsl the lrfellme beneflls lo the cohort gaining qualifications is conservatively expected
lo be in the reglon of £150+ mlllh)n.
The full report 1$ available al.. htt
www.northam
ton.ac.uk
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cadets
Coronavlrus dl•ruptlon
We beI￿ve that lo achieve the be81 oulGome fcf learners there Is no ¥ub¥lllule lo faCe-t￿f3¢e learnlng and
the Interaction that it provide¥. Our delivery model therefore relled on Ihl8 methodology pdor lo the
Coronavirus pandeml¢.
Lockdown and $o¢ial distancing measures disrupted our activities because we were no longer able lo vl811
learners at their Cadet units or youth group events. Although our 51aff successfully lrans11ioned lo worklng
from home where appropriate, we inevitably encountered challenges mainlainlng contact ¥￿th our learner5
and ensuring that they could continue lo complete their quallficatlon8.
Rather than using our usual face-lTrface dellvery approach we Implemented a varlety of on-line webinars.
video guides and live workshops lo ensure that learners were given opportunities lo complete their
qualifications. This certalnly helped learners progress and we were able lo continue lo fulfil many of our
objectives. However the re8lrlclions did mean that in some cases we were not able lo register as many
new learners as we would have expected In normal circumstances and unfortunately we have not been
able to run a number of the key presllglous events that celebrate Ihelr 8uccess.
Obl•ctlv•s for the year
For the year lo July 2021 our key objectives were..
Strong performance against existing long term learner targets and funding arrangements.
Development of delivery models and virtual tralnlng methodology lo Improve knowledge transfer
lo learners who we are unable lo meet face•to-face.
Conlinualion of the Young Leader5 Award.
Development of the Lion Award in schools.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
Ach5evement8 and performance
Qualifications- Young People
Despite the impact of the Coronavirus pandemic, CVQO was abl8 lo regisler 2,690 ESFA funded leamer5
in the year 12020.. 3,9791. Although this was b8low our annual target il wa5 signrficanlly higher than
expected when il became clear that normal youth group activities would be curtailed for an extended
period. The us8 of virtual learning technology was particularly effective in enabling us to support laarners
with their qualifications, We were, however, very awaro that we did not just want lo become another online
learning centre with the learners feeling they were having an extension of school. Thus we had lo make
our sessions interesting and more interactive. Voluntary learning had lo be fun lo continue lo engage all
our learner8.
Overall. regislralions for learners under 18 lotalled 3,9g8, a decrease of 45% from last year'3 lolal of 7,221.
In particular. we experienced a decrease in the number of BTEC Level 1 Teamwork and Personal Skills
and ILM Young Leaders Award registrations. both of ￿lch were signrficanuy impacted by social distancing
measures bul which are anlicip8ted to increa8e 8gain in 2022.
Quallflcatlons- Adults
The number of new regi8lrallons for 8dull qualifications lotalled 398 {2020'. 4011. The qualrflcalions have
continued lo attract interest despite the ongoing Coronavirus restrictions wth City & Guilds and the BTEC
Level 3 Award in Education & Tralnlng in partlcular provlng popular. We are looking al developing the
Level 4 Education & Trainlng qualiflcalion possibly to trlal next year.
Schools and Ctwnmunlty Pn>Je¢ts
The CVQO Llon Award Is de$lgned lo promote the development of 8-14 year olds through a varied
programme of outdoor acllvllles, flr81 aid $klll$ and Soclal action projectg. Leamlng is designed to
complement regular school work and Is facllltaled by CVQO in8lru¢tors lo support children's mental
wellbelng, reslllence and Gharacler. Thi8 programme run$ al school premises and relies on school fundlng
and charitable donallong. The prolonged disruption lo Schools caused by the Coronavlru8 P8ndemic
prevented us from rolllng out the Award bul we were able lo run a number of pilot progr8mmes which were
well received. We expect that 3ludenls' conllnued return 10 3chools ￿11 enable us to deliver tha Aw8rd to
more18arner8 in the coming year.
W•stmlnse•r Award
For 16 con8eculive years CVQO had run the Weslmin8ler Award programme, whlch was deslgned to
reward those CVQO learners who have not only excelled al their youth group commitmen18, bul gone over
and above. helplng others around them and dI9playlng real altruism.
Unfortunately the Coronavirus pandemic prevented us from holding the event in 2020 but we created 8
new formal for 2021 incorporating a Ilve, on-llne selecllon event and a Covld-safe, UK-based expedillon
for the finalists in July. The Award was open to both 2020 and 2021'$ nomlnees and we were dellghled lo
receive entr￿S from the Army Cadet Force, RAF Air Caéels, Marine So¢iely and Sea Cadets, Fire SeNlce
Cadets, St John Ambulance Cadets, Police Cadets, Combined Cadet Force conts'ngenls within Schools
and The Boys, Brigade.
The finalists worked on a number of imaglnatlV8 and demanding volunteering projects with four p8rtner
charities whilst on the expedition and gained an understanding of issues associated with humanitarian aid.
climate change and conservation. Their 8iJcce8ses were celebrated further vAth their families, fnends and
honoured guests during a lunch at the H￿se of Loré8 in Septemb8r 2021.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2021
Graduation Ceremony
CVQO'$ graduation ceremony normally lakes place annually al the historic buildings of RMA Sandhursl.
The event allows u5 to recognise the hard work and tremendous support we receive each year from our
many Cadet Force Adult Volunteer5 and Vocational Qualification Officers.
Despite the challenges created by the Coronavirus pandemic, many volunteers successfully achieved their
City & Guilds, ILM and BTEC qualrficalions but, unfortunately, social distancing guidelines and limits on
gothenng sizes meant that we were not be able to hold the event in 2020.
The recent easing of re81rictions did, however, enable us lo organise a ceremony in October 2021.
Learners who would have been eligible to allend the previous year's cancelled event w8r8 invited along
with the current year's graduates. The Charity's Chairman, The Lord Lingfield presided over the ceremony
and the volunteers were joined by friends and family lo celebrate their 8ucce88.
Futur• Pl¥n•
The Chief Executive and the Executive Team have identified the followlng as prlorilwd for th& coming year..
Strong performance 8g8in818xisling long term learner targets and funding arrangements.
Development of dellvery models and virtual training methodology lo improve knowledg8 transfer
to learners who we a￿ unable lo meet face-to-lace.
Expansion of th6 Lion Award in schools.
Increased reglslrations from non-MOD youth (Kgan58allon8.
8tructur•, gov•rnan¢• and manag•m•nt
The Charlty ￿ 8 company limiled by gu8ranl8e and not havlng 8 8hare capllal Sn accordance wllh the
Companies Act 2006.
The Tnjslees. who are also the dlreclor8 for the purpose of company law, who served during the year,
wer8..
The Lord Lin9field Ki DLIII DL
Ms Olga Bollomley MIVA MIOD
Mr Keith Baldwln BSclEngl ACGI MSC DIC C Eng MIET FIBC
Mr John Dowiy TD MA ACA
Professor Martin Do81 CBE
Ms Lesley Davies OBE
Professor Simon Denny BA MA PhD. Holder of the Queen'8 Award for Enterprise Promotlon.
Truslees aro recnjiled ￿1 a varloly of ways and from a rang8 of sources. TnJslee8￿0 have be8nappoinled
bringwlh them a wealth of educational. youth, military and financial knovleége.
Tru8te8S are elecled for an Inltial term of three years and al that polnt are el￿[ble to seek reolectlon for
a further three years.
The Chairman has the option to exter￿ any Tru51ee's term for a further one or two years, so as lo avoid
an exodus atanyone lime.
None of the Trustees has any beneficial interest in the company. Al of the Trustees are members of the
ompany and guarantee lo contribute £1 in the event of a winding up.
On the retirement of the Chairman it will be the responsibility of the Trustees lo elect a new Chairman from
amongst them.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2021
Once elected, newTwslees are given an induction pack and invited lo attend a training day.
The Trustees have delegated 8ulhorily for management of the Charity lo the Chlef Executive and the
Exeujtlve Team.
Koy Manag•mont Romunoratlon
The Oireclors conslder that the Board of Dlreclors, who are the CharfV8 Trustees, and th8 Executive
Team comprise the key management personnel of the company In charge of dir8cling and controlling,
running and operating the organisat￿n on a d8y-tcpday basi8.
CVQO'S remuneration policy and procedures for key management personnel are as follows..
The Board18 respon81ble for selllng the Chief Executive's remuneration.,
The Chief Executive sets the s8larl88 of the other members of th8 Exacullve Team.. and,
Pay is r8viewed at least annually.
Stat•m•nt of Tru8t•8•' r••ponilbllltl••
The Trustees (who are also directors of CVQO for the purp08es of company lawl are responsible for
preparing the Tru8lees' Report and the financial slalemenl8 in accordance with applicable law and United
Kingdom Generally Accepted Accounllng Practic8 (United Kingdom Accounting Standards),
Cornpany law requires the Trustees lo prepare financial ¥talements for each financial year. Under company
law the Trusleg¥ musl not approve the financlal slalernents unles5 they are satisfied that they give 8 true
and fair view of the stale of affaiis of the charitable company and of the incorning resources and applicalbn
of resources, including the income and expenditure, of the charllable company for that period. In preparlng
these financial 51alernenls, the Trustees are required lo..
• $818cl suitable accounling pollci8s and Ihen apply them ￿nsIStenI1y,.
observe the method8 and principles in the charit￿ SORP-,
make judgements and estimates that are reasonable and prudent-,
81al8 whether applicable UK accounting standards hav8 been followed. sublecl to any malerlal
departures disclosed and &xplained in the financial slalem8nls', and
prepare the financial statemen18 on the going concern basis unle88 rt18 Inappropriate to pre8ume that
the charitabla company wlll contSnue In buslness.
The Trustees are msponsible for keeping adeqvale accounting records that are sufficient lo show and
explain the charitable company's transactions, disdose with reasonable accuracy at any lime the financial
position of the charitable company and enable them lo en8ure that the flnancial statements coffjply with
the Companies Act 2006, the Charities and Trustee Investment IScolland} Act 2005, the Charities
Accounts (Scollandl Regulations 2006 las amended) and the provislons of the Ch8rily's constilulion. They
are 8180 responsible for safeguarding the assets of the Charity and hence for taklng r8a8on8bl8 steps for
Ihe prevention and detection of fraud and other irregularilles.
Rlth Managoment
CVQO has introduced a formal risk management process lo assess business risks and it has
implemented risk management slralegies. Thi5 has involved idenlffj￿ng th6 types of risks the Charity
faGe5, prioritising them in terms of potential impact and likelihood of OGGurrence and identifying means
of miligaling the risk5. The Chariltys internal controls have also been reassessed lo onsure that Ihoy
continue to minimise th8 risk of fraud and are in line with the guidelines established and recommended
by the Charity Commission.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
The risks are formally revwed al Trustee meetings that are held regularly throughout the year.
The Chief Executive has produced a Business Disaster Recovery Plan which has been lesled and
continues to provide effective cover to the Charity in the event of a signrficanl incident wth potentially
damaging impact on the Charity.
Prlnclpal Rl8kJ
Corornvlrus Pandamlc
Risk.. Future Govemmenl led pandemlc re5ponse5 may restrict access lo CVQO office locations and
prevent 5tsff from belng able to deliver vwational qualrfications in the face-ttrf8ce manner in which they
were de¥igned. Reduced conlaGt wllh potenllal learner¥ may also have an effect on the number of new
regislralions that can be achieved in future periods. More extreme lockdown measures could therefore
have 8 s￿nIfiCant impact on our ability lo recruit, deliver and administer the volume of learners expected
by our k&y funder8 8nd limit our scope to malntaln and Improve the quallty expected by Of81ed.
Millgalion.. All Staff have been provlded with equipment and training to be able to work from home and
mealings can be hèld remotely using vldeo-conferencing technology. When allendance at the office Is
required, slrlcl social dlslanclng and hygiene worklng pracllces are followed. CVQO has been developing
Its educatlonal resoufces and delivery model $0 that inleraclion wllh learners can Increasingly be achieved
wllhoul the need for face-lo-fa¢e contact. Good progr¢8s has been made and further Investment in our
Virtual Learning Environment is planned in the coming year. We work closely vAth the MOD lo ensure th81
we can reach as many potential learners as possib16 and adhere lo thelr CoronavSrus restrl¢llon8 80 that
w8 can contsnue to deliver our key qualification8.
Fln•n¢l41
Risk.. A large proportion of CVQO's income derives from a sinde fundlng arrangement ￿th the Education
and Skills Funding Agency IESFAI. If IhSs contract were lerminal8d or not renewed there would be 8 very
slgnificanl flnancial impact on the Charity.
Mitigation.. Maintain good relations with the funders, Sdentrfy other Irbcome 8ource8, ensure full adhe￿nCe
lo the temis of the agreement, meet or exceed performance lafgels and promote the value of the
qualifications provlded and th8 benefits to the learners who achieve them. Conllnue lo be Of81ed graded
good or above.
Ed￿atIonal Envlronm?nt
Rlsk.. As Government poll¢y on education evolves there Is a rlsk that Ihe Cul￿nI sel of voc81ional
qualilicalions that CVQO offer fall outside future lunding specificallons.
Miligalion.. CVQO continually monitors the education environment and would react quickly lo an
announcement of any future changes in funding requirements and would seek lo develop new vocational
qualifications that continue lo deliver the benefits to young people provided by our present qualifications
and 8180 to meet any new requiremen18 of the fundlng bodies.
Chlld Safryuardlng
Rlsk.. CVQO 1$ committed to preventing any harm to chlldren caused by Its actlvllles. The CharSlY8
putalion could be signrficantly damaged if it fails to safeguard learners engaged in its quallficatlons.
Safety and care of learners 15 a high Of5ted requirement.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
Miligatioll.. All staff are trained on child safeguarding and are provided with a clear and secure fiamework
for ensuring that all children and young people engageé in CVQO activities 8re protected from hami. A
sub•commillee of the Trustees, Board has been established lo oversee safeguarding mallers and lo ensure
that the risk is monitored, reported on and any incidents investigated and action taken when necessary.
Wher8 appropriate we work with the cadet forces 10 8nsure integrity of safeguarding even where CVQO is
not directly responsible.
Data Securlty
Risk.. TPE rlsk that Ihe ChariW5 data is stolen, leaked, lost or held lo ransom as a result of an attack through
the inlernel. This could result in loss of reputation, claims against CVQO, inlerruplion lo ts operatlons or
any combination of these.
Miligallon.. cvao ha5 invested in strong IT security systems including firewall and anti-virus software and
has adopted good data protection practice8 that provide an appropriate level of defence against cyber-
allack. An experienced Data Protection Officer ha8 been appointed and external expertise ulilised lo
perform Iralning, data audits and to implem8nl GDPR policies. All members of $18ff have receiv￿￿ Iralnlng
wllh follow up where necessary.
Compll•nc•
Ri8k,' Data Return Compliance Failure, There is a signKicanl volume of data that musl be provided quarterly
lo key funders and il is important Ihal Ihege returns of data are submitted on a timely basis and wlh a very
hlgh degree of accuracy. Persislenl non-compliance could jeopardise CVQO'S relationship with ils funders.
Mlligatlon.. En8ur8 high 81andards of data varrficallon and valldation occur before submlgslon of the returns
and that the abillty lo perform these process8s 1$ held by a number of employees. All returns are overseon
by the Execullve Team.
Statement of Publlc Beneflt
CVQO has been operating as an independent Charity and Company Limited by Guarantee for fifte8n
year$.
The Trustees confirm that they have complied with the duly in Section 17151 of the Charities Act 2011, 10
have due regard lo the guidance issued by the Charity Commission on public benefit. This is carrK8d out
through the Objects and Powers of the organisalion.
Flnanclal R•vithv
The Charity's surplus for the year lo 31 July 2021 was £211,00012020.. £1,131,000). The outcome was
affected by a decline in regislralion volumes due lo the Coronaviru5 pandernic and a r￿0Very in the value
of our investment portfolio. The variance to the prlor year was largely due lo a one-off ilern which was
recorded as income last year.
Income for the period wa5 £3,806,000 12020.. £5,383,000). In the prior year, our income included
£1,234,000 which had previously been held as deferred income., this was a one-time adjustment following
a change to it5 classrficalion from restricted lo unrestricted funds. In addition. the prior year included
£384,000 relating lo th8 final period of LIBOR funded registration fees. These items did not repeal in the
curr8nl year although designated funds have been sel aside lo continue to support the actsvilies they
previously funded.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
The ESFA continues to provide the ChariW5 Gore grant funding for EnglaTrJ of £3,500,000 12020-.
£3,500,000). This funding has been secured al the same level for 2021122.
In addition to government department grant funding, CVQO draws charitable funding from a raftge of
sources including charitablé trusts and the cadet organisations. Additional funding in the year was £44,000
12020.. £38,000) which helped to cover those not eligible for ESFA grant funding and to allow CVQO to
deliver qualifications lo adults at subsidised rates. We were also very grateful lo receive a legacy of
£20,000 from the estate of a CVQO supporter.
A 8mall numb8r of staff remained fudoughed In the earty part of the year bul we were ￿eSSed lo b8 able
to reinsl8le them lo their roles during the period and although we made clalms for grants under the
government'8 Coronavirus Job Retention Schem8 they were lower than last year at £20.000 12020..
£30.0001.
Income from cash deposS18 vtas lower than In th8 previous year due to falling Intere81 rates bul the
investment portlollo performed well and apprecialeé in value {Inrlu8lve of relnvested income and nel of
charges) by £184,000, reversing the losses experienced in the prlor ye?r12020'. depreciallon of £85.0001.
The year-end valuation was £1,163,00012020.' £979,000).
Expendllure decreased from £4,136,00010 £3,751,000. Thi5 was primarily due lo th6 ongoing effect of the
Coronavlrus pandemic re81rlcllons which reduced expendllure on regislralion fees, travel costs and other
qualificallon dellvery c08ts. The lower expenditure was partially off8el by the recognilion of a provlslon fc
property dilapldatlon cos18 al the Charity's head office building.
Total funds al 31 July 2021 were £3,681,000 12020. £3,470,000). Unrestricted funds ¢omprised Ihe
majorlly of the balance al £3,662.000 12020,. £3.468,1)001 of which £1,191,00012020.' £1,391,000) was
designaleé for MOD Cadet and Adult qU81ifications, and qualifbcations in Scolland. Restrlcled funds
lotallod £19.00012020'. £2,000).
RMorv•• Poll¢y
The Trustees, poliw on reserves strlkeg a balance between applw'ng funds received lo our charitable
purposes and rnainlaining a level of reserves which would allow the Charity lo deal effectively and
r85POll5ibly with the financial challenge thal woulé result from the loss of a major funding stream, The
Trustees consider il appropriate lo hold unrestricted reserves, excluding desSgnaled reserves, of al lea51
the level that would ensure that studen15, already registered, would be able lo complete their courses. This
would ensure that no Student already registered wlh us would be disadvantaged in the event of such a
loss of funding. The policy is reviewed annually. Reserves can also be applled lo funding new or potential
projects where an initial investment is necessary to develop new sustainable areas of 8cllvlty or lo identify
whether or not such sustainable activities can be developed. The balance in unreslricled reseNe$.
excfuding deslgnaled reserves. al 31 July 2021 was £2,471,000 {2020'. £2,077,0001- The Trustees
consider Ihis lo be a reasonable level of reserves and wlll be subject lo regular review.
After deducting the carrwng value of langSble fixed assets held for the Charity's own use there were free
reserves as defined by the Charity Commission of £2,395,00012020, £1,987.0001.
The balance held in reslricled funds al 31 July 2021 was £19,(KIO12020.. £2.000} represents the funding
received for spectfic cohorts of students, be that defined by geographic l¢JcalKin, rourse tille or specific
student needs, that has not yet been expended. These resgrve¥ wll be spent in support of the relevant
students in future periods.
Designated funds al 31 July 2021 were £1,191,00012020.' £1,391,000). Of thi5 sum £1.135,000
designated by the Trustees for the support and delivery of cadet and adult volunteer voralional
qualifications and the remaining £56,000 has been designated lo fund qualrficalions in S￿￿and.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2021
Invostmwts
The Trustees have the authority conferred by the memorandum and articles tsf association to Snvest 89
they See fil and lo delegate the management of investments lo a financial expert. CVQO is not dependent
on investment income lo undertake ils work and is relatively risk adverse but consider5 11 appropriate to
invest a proportion of its available funds in longer term investments in order lo maintain capital alld achieve
a higher return than can be r&alised with bank deposits. Its investment objective is lo invest globally to
maintain the capital value, at least in line ￿th inflation. as measured by the Consumer Prlces Index ICPII
with a largel6d total rèturn of CPI +2.SOA over a rolling three year period whilst minimlsing rl¥k exp08ure
and investment volatility.
CVQO ha5 appointed Brewin Dolphln to manage a portfolio of equity and fixed-interest Inveslmenls. The
Trustees instructed the investment manager that no direct investment (other than Treasury Stock) should
repre58nl more than five percent of the over811 value of the funds and that no investment into a fund holdlng
underfying investments should represent more than len percent of the overall value of the funds when
purchased. In addition inv851men13 should not b8 made In markets where m8rkelabilily Is Ilmiled, or directly
in high risk inveslmenls, structured produc15, hedge fund8 or funds of hedge fund8. The inveslmenl
manager reports lo the Trustees quarterly and the Charity reviews Ils investment slrBlegy annually.
CVQO originally placed £1,000,000 with Brewin Dolphln Sn January 2019. AI 31 July 2021 the value of the
investments was £1,163,000 (2019.. £979,000) reP￿sentIng 8 lotsl return of 16.3% compared lo the largel
of 11.3%.
Fundrnlslng Practlce•
CVQO'S funds derlve prlncSpally from slatulory an¢J government a98ncle8 bul It does raise Small 8um5 fr(¥n
Trusts and Foundallon8 as well for specific purposes. Wg are also fortunate lo receive donations fI￿n
individuals. p8rticul8rly from Indlviduals who have galned a CVQO vocallonal quallflcallon or those that
know them and wish lo show Ihelr appreciation. CVQO1s not set up lo eng898 in large scale fund-raising
livilies like mass mailings, telephone fund-raising or door-to.door campaigns nor do we employ a
professional fund-ralser or engage th8 services of any Ihird-party organisallons lo help raise funds. To Ihls
end. we have not con81dered il necessary or appropdale lo sign up lo any regulatory code of fundraising
practice. We have not recelved any complaints about any aspect of our fund-raislng. CVQO has a stron9
ethos ol re8pecl for the independence and dignity of ils learners and would not countenance any conduct
or 8¢tSvllies that undermined Ihls.
Provl•lon of Informatlon to audltors
Insofar as each of the directors of the Charity al the dale of approval of this report Is aware there is no
relevant audit inlormalion linformalion needed by the Charity's audllor in connection with preparin9 the
audit report) of whlch the Charitys auditor is unaware.
Each director has taken all of the sleps that they should have taken as a dlrector In order to make
themselves awar8 of any relevant audf( informallon and lo es18blish that the Charitys auditor is aware of
that information.
10

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY 2021
Audltors
The Auditors. Crowe U.K. LLP will be proposed in accordance with section 485 of the Companies Act
2006.
Approved by the Board of Directors
and signad on their behalf by:_
The Lord Lingfield KT DLitt DL
Chalrman
MrJo
Hono
nDo
aryT
TD MA ACA
ureT
Dated. 10 QOLI
Dated: IL 7014

Crowe U.L LLP
Crowe
ChorteredAccountonrs
Member of Crowe Global
Aqvls House
4￿518￿78raYe Street
Re3dln8
erk5hire RGI IPL, UK
Tel +44101118 959 7222
Fax +44101118 958 4640
www,crowe.co.uk
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
CVQO LIMITED
Oplnlon
We have audlled Ih8financial statemen18 of CVQO Llmlled for the year ended 31 July 2021 which comprise
the Statement of Flnancial Aclivi118s. Balance Sheet, Statement of cash flows and note8 to the financial
$latements. Including a summary of signif￿an1 accounting policies. The financlal reportlng framework that
has been applied in their preparation 15 applicable law and Unlled Kingdom Accounllng Standards,
induding Financial Reporting Standard 102 The Financial Reportlng Standar(1 applicable Sn the UK arKJ
Republic of Ireland Iunlled Kingdom Generally Accepted Accounting PraGIIGe)-
In our opinion the financial slalemenls..
glve a true and fair view of the state of the charllable company's affalryJ as at 31 July 2021 and of
it8 incoming resources and applicalK)n of re80urces, Includlng ils income 8nd expenditure for the
year then ended.,
have been prop8rly preparod in a¢cordan¢e with Unlled Klngdom Generally Accepted Accounting
Practice., and
have been prepared In accordance wllh the requiremen18 of the Compan[88 Act 2008. the Charllles
and Trustee Inveslrnenl (S￿￿and) Acl 2t))5 an¢J Regulallon 8 of the Chartli88 Accounts (Scotland)
Regulatlons 2006.
Ba•1• for oplnlon
We condu¢led our audit in accordance wSlh Inlemational Standard8 on Auditing (UK) {ISAs (UK}l and
applicable law. Our r8sponsibililies under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We ale indBpendenl of the
charitable company in accordance with th6 ethical requlremenls that are relevant lo our audit of the financial
slalements in th8 UK, including the FRC'S Ethlcal Siandard, and we have fulfilled our other ethical
responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have
obtained is sufficient and appropriate lo provide 8 basis for our oplnion.
Con¢lu•lons r•latlng Io golng concem
In audiling the financial slatemenls, we have concluded that the Iruslees, use of the going concern ba818
of accounllng In the preparation of the financial statements is appropriala.
Based on the work we have performed, we have not Identified any materlal Uncertaint￿ relatlng lo even15
or conditions that. indivirjually or collectively, may c8$1 signrficanl doubl on the charltable company's abillty
lo continue as a going concern for a period of at least Iwelve months from when the financial statements
are aulhorised for issue.
Our responsibilitie¥ and the ￿SponSIbl1111eS of the trustees vlth respect to going concem are described in
the relevant sections of thi$ report.
C￿V K LLPtyilunii& liDbli¢y Er4kndlrdW?￿w1Ik r4iitadnwniyUL3D7N3. Ludwt Ilill, lththnkC4M7JW. A hil
thE LLP,) meJnbEn o I￿17•bIe * Ihe Ikc A￿￿￿EY All uwlveJKy ￿]IN￿rI ￿ Ike fTh tt¢ litU4d JD UK tryt
I￿￿)Iver￿YPrlc1￿￿T￿￿A￿oc￿￿n CimUK EthllJEmbEt ￿1[1. CroweU.K.
12

Crowe
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
CVQO LIMITED (CONTINUED)
Other Inforniatlon
The Iru5tees are responslble for tho other Infomiallon Gontained wilhln the annual report. Tha other
informalDn comprises the information Sncluded in the annual report, other than the financial statements
and our audilorfs report Ih8reon, Our opinion on the financial slalemenls does not ¢ov&r the other
information and, except lo the extent olherwi¥e exFlicitly stated In our report, we do not express any form
of assurance conclusion Ihereon.
Our responsibility is lo read the other Informallon and, In dolng so, consSder whether the other information
18 materially inconslslenl wllh the financlal statements or our knowledge obtained in the audit or otherwise
appears lo be materially misstated. If we Identify such material Inconslslencles or apparent material
mis8lalements, we are required lo delemilne whether this glves rlse lo a material misslalemenl in the
financial statements themselves. If, based on the work we have performed, we conclude Ihal there 18
material mlsslatemenl of Ihls other infom18tlon, we are required lo report th81 fact.
We have nolhlng to report in th15 fegard.
Oplnlons on oth•r matt•rn pr•Krfb•d by th• Compan1￿ Act 2006
In our opinlon based on the work undèrtaken in the cour96 of our audlt
the information given In the Iruslees. report, ￿lch Sncludes the dlrector8' report prepared for the
Purposes of company law, for the financial year for which the flnanclal 8talem8nls are prepared is
consislenl with the financial stalemenls. and
the dlr8clor8' report included wllhln the Iruslees, report have been prepared in accordanc6 wllh
applicable legal requirements.
Matters on whlch wo ar• roqulr•d to roport by •xcoptlon
In light of the kno¥￿edge and understanding of tho charitable company and its envlronrnenl obtsined in the
course of the audit, we have not identif￿d material mis5talemenls in the directors, report induded within
the Irustee8' reFKIrt,
We have nothlng lo report In respect of the followSng matters In rdation to whlch the Companies Act 2006
ané Ihe Charities Accounlg IScolland} Regulations 2006 require us lo report lo you If. In our opinion..
adequate and proper accounllng records have not been kept,. or
the financial slalemenls are not in agreement with the accounting recor(is and retums., or
certain disclosures of Iru5tees' remuneration specified by law are not rnade., or
we have not received all the informallon and explanations we requlre for our audit
Rosponslbllltle8 of tru8teo8
As explained more fully In the trustees, responsibilities statement on page 8 the trustees (who are also the
dSrectors of the charllable company for the purpose8 of company lawl are responsible for the preparation
of the financial statements and for bein9 sallsfied that they glve a true and fair view, and for such internal
control a9 the trnstees determine Is necessary lo enable the prepara￿On of flnancial statements that are
free from malwial misslalemenl. whether ¢Jue to fraud or error.
13

Crowe
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
CVQO LIMITED (CONTINUED)
In praparing th8 financial slalemen15, the Irusleos are responsible for assessSng the ¢harilable companls
ability lo continue a5 a going concern, disclosing, as applicable, mallers related to going concern and using
the going concern basis of accounting unless the Irusle8s either intend lo liquidate the tharilable company
or lo cease operations, or have no r8alislic alternative bul lo do so.
Audltoe• r••pon•lbllltles for the audlt of th• flnanclal •tatem•nt•
We have been appointed as auditor under section 4411Mcl of the Charilie8 and Trustee Invaslment
{ScoUand} Act 2005 and under the Companies Act 2008 and report in accordancè with the Acts and
relevant regulation8 made or having effect Ihereunder.
Our obleclives are lo obtain reasonable assurance about whether the financSal slalements as a whole are
free from malerlal mlsslalement. whether due lo fraud or error. and 1018sue an audllor's report that includes
our opinion. Reasonable assurance Is a hlgh level of assurance, bul is nol a guarantee that an audit
onducled in accordance with ISAS IUKI will always delect a material misstalemenl when il exists.
Misstalemenls can arlse from fraud or error and ar& considered material if, individually or in the aggregate,
Ih8y could reasonably be expected to Influence the e¢onomlc decisions of users taken on the basis of
Ihege flnanclal stalemenls.
Details of the exlenl lo whlch the audll was consldered capable of detecting Irragularilies, inc4uding fraud
and non-compliance wllh laws and regulations are sel out below.
A further descripllon of our responslbSllties for the audll of the financial slalements Is located on Ihe
Flnanclal Reportlng Councll's web8lle al,. www.frc.or
audit
rsres
This description forms
part of our audltor'$ report.
Ext•nt to whlch th• audlt wa8 ¢on81d•r•d capabl• of d•t•ctlng Irr•gularltle•, In¢ludlng fraud
Irregulari1188, Sncluding fraud, are Instanc88 of non-compllance with lawB and regulallon8. We Idenllfled and
89gessed the rlsks of materlal mlsslalemenl of the financlal slalemenls from iffegularllle5, whether due lo
fraud or error, and dlscussed Ih88e between our audit team members. We then de8ign8d and perfomied
audit proCedU￿S responsive lo those rlsks. Includlng oblainlng audit evldence sufficient and appropn81e lo
provide a basis for our opinion.
We obtained an understanding of the legal and regulatory frameworks wlthln whlch the charltable company
OP8rates, focusing on those law8 and regulations that have a direct effect on the delerminalion of material
amounts and disclosures in the financial slalements. The laws and regulations we considered in Ihls
context were the Companles Act 2006, Ihe Charities Act 2011 and The Charities and Trus166 Investment
{Scolland} Act 2005 together wlth the Charities SORP {FRS 1021. We assessed the required compliance
wlth these laws an¢J regulallons as part of our audll [Kocedur￿ on the related fin8ncial slalement items.
In addition, we considered provisions of other laws and regulations that do not have a direcl effect on the
flnancial slalemenls but compliance with ￿lch might be fundamental lo the ¢harilable company's 8bilily
lo operate or to avoid a material penalty. We also considered the opportunities and incentives that may
exist within the charitable company for fraud. The laws and regulations we considered in this context were
General Data Protectlng Regulallons and Safeguardlng of young people and vulnerable adults.
Auditing standards limit the required audit procedures to Identify non￿ompli8n¢e wth these laws and
regulations lo enquiry of th8 Trustees and other management and inspection of regulatory al￿ legal
correspondence, rf any.
14

## **, C rowe** 

## **INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LIMITED (CONTINUED)** 

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of recognition of income and the override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Audit & Risk Committee about their own identification and assessment of the risks of irregularities, sample testing on the posting of journals and income, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity Commission, and reading minutes of meetings of those charged with governance. 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non­ compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non­ compliance with all laws and regulations. 

## **Use of our report** 

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of part 16 of the Companies Act 2006, and to the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and 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 accept or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 


## Alastair Lyon 

Senior Statutory Auditor 

For and on behalf of 

## **Crowe U.K. LLP** 

Statutory Auditor 

## **Reading** 

## **Dated: 12 November 2021** 

15 



CVQO LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
AS AT 31 JULY 2021
COMPANY NUMBER 5736932
Unrestrlcled De9ignated Re8trlcted
funds
funds
Funds
Total
2021
Total
2020
Notes
INCOME AND
ENDOWMENTS FROM:
Donations and legaci88
Charitable aclivili88
Other Iradlng arllvilles
Income from investments
Other income
8.605
3,500.000
177,852
43,342
19,880
37.500
40,105
18.772 3,518.772
177,852
43,342
19,880
22,325
5.134.710
129.569
62,350
34,482
Tot•1 Incomlng re•ourco•
EXPENDITURE ON:
Expenditure on raising
funds
Investmènt manager
expenses
Exp8ndilure on charitable
activities
7,717
7,717
T,202
3,803.297
100,258
39.472 3,743.027
4, 128,880
Total r•8ourc•s •xwndod
Net galns/llossesl on
Investments
13
155323
116 781
Net in¢omel(•Jtpendlture)
2g3,988
(100.2581
16.800
210,530
1,130,593
Transfer botween funds
NET MOVEMENT IN
FUNDS
393,988
1200,2581
16,800
210,530
1.130,593
Total funds brought fonvard
Total funds carried fovward
21
All of the above results are derived from continuing aclivi118s. The Charity has no other re¢ognised gain8
and losses other than Ih05e slated above.
The notes on pages 19 to 31 fcffm part of these financial statements.
16

CVQO LIMITED
BALANCE SHEET
AS AT 31 JULY 2021
COMPANY NUMBER 5736932
2021
2020
No105
FIXED ASSETS
Tangible assets
Inveslmants
12
13
75,626
1162 861
89,672
97
1,238,487
1.068.461
CURRENT ASSETS
Debtors
Cash al bank and In hand
Short tem Inv88tment$
14
59.889
2,536.966
131.808
2,296. 742
2,923,721
2,751.326
CREDITORS.. amounts falllng
duè within oneyear
NET CURRENT ASSETS
TOTAL ASSEfs LE85 CURRENT
LIABILITIES
3.818,899
3,470,369
Provisions
26
NET ASSETS
FUNDS
Restricted funds
19,200
2,400
Unro8trlctedfund•:
Dosignaled funds
19
1,191,006
1,391.264
General funds
2,470.693
2,076. 705
21
Approv8d and authorised for issue by the Board of Directors on Ics 20LI
behall by'.-
and sign8d on ils
The Lord Lingfield KT DLitt DL
Tru$i8e
Mr John
Trustee
DMAACA
Tho notes on pages 19 to 31 fom part of these financlal statements.
17

CVQO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2021
2021
2020
Not89
Cash flow8 from opwatlng
actlvltlo8'.
N•t ¢￿h pr0vidodllus￿j
by op•rating a¢tiviti•#
17
263,126
(554,640)
Net cash US￿ In In¥￿tIng
a¢tlviti08
Purchase of tanglble asset8
Investment Income
Purchase of Inveslmonls {induding
r&invesled dividends)
Bank Inter881 recelvable
Purchase of short term inve8tm8nls
(33.4051
35,803
(35,930)
41.323
(28,7491
7,539
(31.485)
21,021
Net u••d In Inv••tlng
aGtlvltlo1
Change In c88h and cash
equSvalont8 In tho reportlng porlod
56
N•t Fund¥ r•con¢lllatlon:
Net funds al 1th August
Increasel(decr6ase) in cash in the
year
2,296,742
2,861,390
N•t fund• at 31•1 July
Analys1• of ¢a•h and cuh
oqulvalonts
Ca8h in hand
The notes on pag88 19 to 31 fomi part of these financial Statements.
18

CVQO Llmlted
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
COMPANY INFORMATION
The principal activity of Ihe Charity is lo advance the education and training of youth and adult
members of youth movements and in schools to enable them lo obtain vocational qualifications.
The Chanly Iregislered number 1115234 and charity number 057369321 is incorporated and
domiciled in the UK. The address of the registered office 18 3 Archipelago, Lyon Way, Camberley,
Surrgy, GU16 7ER.
ACCOUNTING POUCIES
8a•h of pr•p•ratlon
The financial sialements h8ve been prepared In accordance wlh Accounting and Reporting by
Charities.. Slalemenl of Recomfflended Practice applicable lo charities preparing Ihair account8
in accordance with the Financlal Reporting Standard applicable in the UK and Republic of Irèland
IFRS 1021 leffecllve 1 January 2015) - Charities SORP IFRS 1021, the Financial Reporting
Standard appllcable In the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006.
The Charlty meets the definllion of a publlc benefit entity under FRS 102. Assets and liabilitie8
a￿ Inlllally recognised at historical cost or transaction value unles8 otherwise 8tat•d in the
relevant accounting pollcy note.
Golng concern
The Tru51ees have considered a range of scenarios that may result from prolonged disruption
¢au$ed by the Coronavirus pandemic and other ri8ks. They have assessed Ihe effect on CVQO
Llmiled's cash flow and reserves and consider that there is a reasonable expectation that the
Charity ha8 adequate resources lo continue in operational existence for Ihe foreseeable
future. For this reason, the Tru¥tees continue lo adopl the 'going concern. basis in preparing the
accounts.
bl
Incomo and ￿d0v•ll)0nt
All Income 18 recognlsed once the Charlty has enlillement to the Income. 11 Is probable that the
Income wlll be rec8ived and the amount of income receivable can be measured reli8bly.
Donations are rerAJonised tho Charily h88 been r¥)lffled In wrillng of b)ih lh8 am￿nI 8nd
settlement dale. In the event Ihal a donation is subject lo conditions that require a levd of performance
before the Char￿Y is enllued lo the funds. the Ir￿Me L8 deferred and not recognised until either th058
condilions a￿ fully mel, or the fuffilmenl of those fAindillons 18 whdly within the control of the Charrty
and ills probable ihal Itt￿8 condition8 will be fU￿illed in the rewllng pthod.
Grant Income 18 Included when the related condition for legal enlillement lo the granl has been
met. Resources received relating to a future period will be deferred lo the exlenl Ihal they do not
relate lo the ¢urrenl accounting period such as where grants have been made for a sp8crfIc
numb8r of learners and not all learrws have been regislered within the year.
Durlng the year the Charity received £19.880 (2020.. £29,672) from the UK Government under the
Coronavirus Job Retention Scheme.

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
Expendlturo
Liats'lllies are recognised 88 expendrture as 500n as Iherels a legal or o)n$trudveobligalion commttling
the Charity lo that axpendrture, Il is probable that sewement S￿11 be r8qulred and the amount of the
obligation can ba measured reliably. Al exp8fKliture is accounted fty on an accruals b8SiS.
Costs relats'ng to charitablo activ￿83 indude all costs Itxurred In the dlrecl furtherance ofthe Charitys
objectives.
Irrecovtrable VAT Is charyed against the expenditure he*Jing for whlch 6t was ￿n￿rred.
d)
T•nglble flxed amets and deprnclatlon
Tangible fixed assets are staled at co¥t le58 depredation. Oepreclation 19 provided al r8le8
calculated lo write off the cost less eslimaled residual value of each asset over Ils expected u88ful
lrfe, as follow8..
Building Improvements
Computer Equipment
Fixtures. fillings & equipmenl
L8ngth of the remaining lease temi
33.33% Straight Line Method
25% Straight Line Method
Items under £250 are not capllalised.
Cash and ¢••h •qulval?nt•
Cash 18 represented by cash in hand and deposlls Wlth finan¢lal In$lllullon8 repayable wilhoul
penalty on notice of not more than 24 h¢￿r8. Cash equlvalenls are highly liquid inve8lmenls that
mature In no more than three month3 from the dale of a¢qulsltlon and that are readily convertible
to known 8mounls of cash with insignfflcant rl8k of change In value.
Short t•rm InV￿lmont•
Short temi investments include cash investod in depo$lt accounts accessible within >12
months.
Ll•t•d InvMlment•
Investments are a form of ba5iG financial instrument and are initially recorded al their transaction
Value and subsequently valued at closing mid-market value at the Balance Sheet date. Arw gain
or on revaluation ig taken to the Statement of Financial ActNities. Onty external injections of
cash and withdrawals of cash from the inveslment portrolio are treated as additions and
di5Fwals Wlthin Note 13.
h) Financlal in•trum•nl•
Tho Charity holds only financial assets and flnancial liabilities of a kind that qualrfy as basi¢
financial in51rumenls. Basic financial Instruments include debtors and creditors. Debtor5 an
creditors are initially recognised at transaction value and subsequently measured al amorti59d
cosl. Note 22 provides more information on financial instruments where future cash flows are
anliclpated. with financial assets referring lo fixed a55el investments and debtor balances
excluding prepayments, and financial liabili118s referring to all ¢redilor balances excluding deferred
income and other taxation and SOGial Security.
20

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
Accumulated fund8
General funds are funds whlch can be used in accordance with the charitable objects at the
dlscrelion of the Trustees.
Restricted funds are subject to specific conditions by donors as to how they may be used. The
purposes and uges of the r8slricled funds are 8et out in the notes lo the accounts.
Designated funds comprise funds which have been set aside al the discretion of th8 Trustees
for specrfic purpose5. The purposes and uses of the designated funds are sel out in thè notes lo
the accounts.
i)
Loa•lng and hlr• pureho0 commltmonts
Rentals payable under operating leases afe charged again81 Income on a slralghl line basi8 over
the period of the lease.
k)
Pen•lon•
The Charity operates two defined contribution pension schem85. Contributions are charged In the
accounts as they become payable in aGcordance wSlh the rule¥ of the scheme.
Prov181on• for Il•bllltle•
Provisions ar8 recogni5ed when the enllty has an obllgallon al tho reportlng dale 88 a result of
past evenl,11 Is probable that the enllty wlll be required lo transfer en¢onomlc benefits in settlement
and the amount of the obligallon can be 881imated reliably.
Provlslons affj Inlllally measured at the best esllmale of the 8mounl requlred to sellle the obllgalion
ané are reviewed al each reporting dale. Any aéju81ments lo reflect th8 current be81 e8tlmale are
recognised in the Statement of Financial Activitses.
SIGNIFICANT JUDGEMENTS ANO ESTIMATES
In the application of th8 CharllV8 accounting policies the Tru51ee8 are requlred lo make
ludgemenls, estimates and assumpllons about the carrying values of assets and liabilities that
are not readily apparent from other sources. The estimates and underlwng assumptions are
based on historical experience and other factors that are considered lo be relevant. Actual results
may drffer from these estimates.
The estimates and underlying as¥umplion¥ are reviewed gn an on-going ba¥is. Revisions lo
accounting estimates are recognised in the period in which the estimate iy revised if the revision
affects only that period or in the period of the revision and future periods if the revision affects the
currant and future periods.
The Trustees consider that there are no material judgamenls In applylng accounllng P￿￿￿e8 or
key sources of 881imallon uncertalnty.
21

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
DONATIONS
Unrestrlcted D•slgnat•d R•strl¢t
funds
funds
funds
Total
2021
Tot81
2020
£000
Legacies
Grants rec8ivable for core
activities
Donations and gK18
20,000
20,000
8,000
17,500
25,000
22,000
325
Grants recelvable for
core acllvities,.
Grant (Scotlandl
Adult contribution - ATC
Adult contrSbution - SCC
3,500
14.000
14,QOO
25 500 JIQQQ
INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
Unr•8trlct•d D•slgnatod R•8trlcted
fund•
lund•
fund8
Total
2021
Total
2020
Contract Fundlng
Other Reslrlcted
MOD Cade18 and Adults
3.500,000
3,600,000 3,￿,000
18,772
400.355
18,772
Total
2021
Total
2020
Contracts Funding relates to..
Educalkjn and Skills Fundlng Agency contract
Includad within incom& rol81ing lo Other Reslncted 8re Ihe following granls
LIBOR
Fund generallon - Restrlcted Devolved Nations
Fund generation- Restr￿ed Scouand
Fund generation- ReStr￿ed Northern Ireland
383,695
7,521
7,000
7,000
22

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
INVESTMENT INCOME
Total
2021
Total
2020
Income from Inve8tments
Inter681 receivable
35,803
41,323
21
OTHER INCOMING RESOURCES
Totsl
2021
Tolal
2020
Coronavlrus Job Retention Scheme grant
Other Income
19,880
29,672
44a2
TOTAL RESOURCES EXPENDED
Staff
Co•ts
D•pr•clatlon
Oth•r
¢o•ts
Total
2021
Total
2020
Investment manager
expenges
Charltablfr actlvltS0•
Education & tralning
Actlvilies undartaken
dlreclly
7,717
7,717
7,202
2087915 ￿Ll
74
1607 681 LIL27
Govérnance costs includ8 costs of £12,000 (2020.. £11,550) for audit fe88.
23

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
UnrestnGted
funds
Design8ted
funds
Reslri¢ted
Funds
Total
2020
INCOMEAND
ENDOWMENTS FROM..
Donations end le98cles
Charlteble aGtivi1105
Other trading activities
Income from inveslm8nÉs
Olher Income
8,325
3.500,000
129,569
62.350
30,or2
14,000
400,355
22.325
5, 134,710
129,589
62,350
34.482
1,234.355
4.410
Total Incoming r8sourcgS
EXPENDITURE ON..
Expendlture on r818lng lunds
Investment manager
expenses
Exp6ndltur6 on ch8rtt8ble
activi1188
7,202
7,202
3,618,255
32,531
478,094
4,128,880
Net (lossesJ/galns on
investments
116 761
116 761
NET MOVEMENT IN FUNDS
(11,902)
1,201,824
(59,329)
1, 130.593
Total funds brought fo￿ard
Tot81 funds carried ft)nv8rd
10. TRUSTEES
Non8 of the Trustees lor any p8rsons connected with them) ￿CeiVed any remunerallon during
Iheyear. and none (2020.. 6) ofthem were reimbuv5ed (2020.. £3,288) Iravelling expense$.
24

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
11. EMPLOYEES
Number of employees
The average monthly number of employees during the year was..
2021
Number
2020
Numb8r
Educallon and Tralning
Included inthe average monthly number ofemployees above are 1212020.. 14 parttimeemployee8
rylh equivalent hour8 to 6 {2020.-9 fulllime employees.
2021
2020
Wages and salarl8S
Social Security costs
Other penslon Gosts
1.760,911
174,580
1,834,157
176,191
The wagos and Salaries figure Includes redundancy payments of £25.639 (2020.. £17,332).
The amount of remunerallon earned by directors and trustees in the year was £NII (2020.. £NIIJ.
The number of employees whose annual remuneration was £80,000 or rrrf)rewere.'
2021
Numbor
2020
Number
£100,1)00 - £109,999
£90,000 - £99,999
£80,000 - £89,999
Of the employees whose emoluments exceed £60.000, 312020.. 3) have retirement benefits accruing
under defined contribution pension schemes. Contributions tolalllng £26,400 {2020.' £26,626) were
made lo defined contribulKJn pen3ion schemes on behalf of employees whose emoluments exceed
£60,000.
The key management personnel of the Charlty are noted on page 1. Al the 31 July 2021 the aggregate
employee benefits of key manag8menl personnel was £341.579 (2020." £335.851).
25

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENOED 31 JULY 2021
12. TANGIBLE FIXED ASSETS
Land &
Computer
8uildlng8 Equipment
Fixtures,
fittings &
equipmont
Cost
At 7 August 2020
Additions
DSspo8al8
39,031
16.944
256,628
18.012
23015)
114. 198
449
409.857
33,405
23015)
Al 31 July 2021
249 625
Depreciallon
Al l August 2020
Charge for the year
On dSsposal8
8,283
8.138
203,070
37,424
230151
108.832
1,891
320. 185
47,451
23015)
Al 31 July 2021
41
62
Nel book value
Al 31 July 2021
Al 31 July 2020
13.
INVESTMENTS
2021
2020
M8rket V81ue at l Augusl
Relnvested dividends n81 of Investment m8nagem8nl
fees (excludes accrued dlvSdendsl
Nel unrealS8ed Investment galnslllosse8)
978,789
1,064,065
28,749
31,485
116 761
Market value at 31 July
Historic cost lincludlng c88hl
The followirvJ inve81ment constitutes more than 5./0 of the market value of the portfolio..
Vanguard S&P 500 UCITS EFT USD DIS
59.981
14.
DEBTORS
2021
2020
Trade debtors
Prepayments and accrued income
15.984
4T,955

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
10. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
2020
Trade creditors
Taxes and social security costs
Other creditors
Accruals
Deferred Income (nolo 18}
72,582
47,841
101,440
46,389
17.710
114, 131
117,200
105886
16. DEFERRED INCOME
Deferred income relat88 to gran18 recelved for projects which have not yet been 8tarted or
are partially completed.
The movements during the year were..
2021
2020
Balance at l August
Amounts received
Amounts uU118ed
69,748
51,210
1,660.153
47,445
Balance at 31 July
17. RECONCILIATION OF NET INCOME TO NEf CASH PROVIDED BY OPERATINQ
ACTIVITIES
2021
2020
Nel Income for the r8porkn.ng period
Deprecialion
Interest recelved
Income from Investments
Unrealised IgalnslAo8ses
Decrea8ellincrease) In d8blor8
(Decreaseyincrease in credllors
Increase in provisions
210,530
1,130,593
47.451
50, 780
17,539)
(21,027)
(35.803)
(41,323J
1155,323)
116, 761
71,919
(22,694)
10,109) (1,767, 730)
138 000
Not cash provid•dl{u8•dl by oporatlng actlvltl•8
27

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
18. PENSION AND OTHER POST-REfiREMENT BENEFIT COMMITMENTS
The Charity operates Iwo defined contribution pension schemes. 4912019.. 48} Members have
benefrt5 accruing under the schemes. The assets of th& schemes are held separately from those
of the Charrty in independently administered funds. The penslon charge represents contrfbulions
payable by the Charity lo the funds.
2021
2020
Contributions to defined contribution pension schemes
19. DESIGNATED FUNDS
B81ence al
1 August
2020
IncomirwJ
resources
R880urce8
expended
Transfers
Balanco at
31 July
2021
Scotland and Adult
Dilapldallons
MOD Cadets and Adults
56,909
loo,000
(1,238)
55,671
1100,000)
JlQQ2fiQl J100
The deslgnaled lunds of the Charlly relates lo th8 following..
£55,671 12020.. £56,909) has been designated lo be u8ed in Scotland and on Adult courses. Thls
is expected to be used over the next couple of years.
£1,135.335 (2020.. £1,234,355) which w98 Sel aside out of unre81rlcted furKl3 by the Trustee¥ for
the specrfic purpose of providing training lo MOD Cadets and Adulls. This Is expected lo be used
over the next three year5.
The sxevious dilapidations fund has been replaced by a property provS8lon- See note 28.
DESIGNATED FUNDS Comparatlvo yoar 2020
Balanc& al
I Au9usI
2019
Incoming
resources
Resourc8S
gxpended
8818nce at
31 July
2020
Scotland and Adult
Dilapidations
MOD Cadels and Adults
89,440
100,000
(32,531)
50,909
700,000
1234 355
28

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
RESTRICTED FUNDS
The funds of the Charity indude reslncted funds comprislng Ihe followlng unexpended balance8
of donations and grants held for SPeCrf￿ purwses..
8818nce 8t
t August
2020
Incomlng
resourr£s
Resources
expended
B8lance at
31 July
2021
Devolved Nation8
Northem Ireland
Scotland
Isle of Man
Notlingham8hire and Lincolnshire
7,521
4,251
24,500
(7,5211
14.2511
124,5001
12,4001
2,400
Reslricled funds relal81o income given in support of specific Gohort5 of students be that defined by
geographical location, course lille or specific student need5.
RESTRICTED FUNDS Comparntlv• y•ar 2020
The funds of the Charlly indude reslrlcted funds comprising the followlng unexpended balances
of donations and grants h81d for specrfic purposes..
Balance at
1 Augusl
2019
Incomi
rnsources
Resources
expended
8818n¢e at
31 Jufy
2020
L180R
Nort178rn Ireland
Scotland
Isle of Man
Other income
383,695
9.660
21,000
{383,695J
(68,989)
(21,000)
59.329
2,400
2,400
21. ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrnstrl¢twl Dwlgn•t•d R•strict•d
funds
fund¥J
fynds
Total
Tangible fixed assets
Current assets
C￿￿110r3.. amoun1¥ falling due
Ihin one year
Provisions
1,238,487
1,713.515
1,238,487
2,923,721
1,191,008
19,200
(343,3091
00
(343,3091

CVQO LINIITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
21.
ANALYSIS OF NET ASSETS BETWEEN FUNDS Comparativo year 2020 Icontlnuod)
Unre8tdcted Doolgnated Restrlcted
fund8
fund•
funds
Total
Tangibl6 fixed assets
Current a$5els
Croditors.. amounls falling due
within one year
1,068,46t
1,357.662
1.068,461
2,751,326
1,391.264
2,400
349418
22.
FINANCIAL INSTRUMENTS
2021
2020
Financial a•sot•
Financial assets measured al fair value
Financial assets measured al amortised cost
1,162.861
978, 789
FlnanclJl Ilabllltlo•
Financial liabilities measured at amortised cost
Financl81 as8et8 measured al fair valu8 are investments.
Flnanclal assets measured al amortised cost compri88 trad8 debtors other debtors, accruod
income and cash and castt equivalents excluding prepayments.
Flnanclal Liabllilles measured al amortised cost comprise trade creditors, olh8r creditors, and
8ccruals excludlng deferred income and other18X8tion and social securS1y.
23. COMMITMENTS UNDER opeRATING LEASES
Al 31 July 2021 the CharSty had annual commitments under non-cancellable operating leases as
follows..
Land and bulldlng•
2021
2020
Oth•r
2021
2020
Expiry date..
L655 than one year
8etsveen two and five years
In over five years
128.071
416,582
128,011
512,285
32
18.021
41,228
18,565
59,249
24. COMMITMENTS
At the year end, CVQO Ltd had contracted capital cofflmitm8nts of £Nil (2020.. £Nil).
25. RELATED PARTY TRANSACTIONS
During the year CVQO Ltd had no related paty transactions to disclose.

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
26.
PROVISIONS
The provision relate8 to polential dll8pldation8 Ilabllltbs al CVQO Lt(1 propertles.
31