Charity Registration No. 1115234 (England and Wale3)
Charity Registration No. SCO 39261 (Scotland)
Company Registratson No. 05736932 (Enaland and Wales)
CVQO LIMITED
TRUSTEES. REPORT AND ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
LEGAL AND ADMINISTRATIVE INFORMATION
Tru$le88
Ch8*man
Vice Chairman
Honorary Trea8urer
Th8 Lord Lln9field Kt DLitt DL
M8 Olga &)ttomley MIVA MIOD
MrJohn DOW TD MA ACA
Mr Keith Baldwin BSC(Engl ACGI Msc DIC C Eng MIET FI8C
Professor Martin Dool CBE
s Lesley Davies OBE
Profe88or Simon Denny BA MA PhD. Holder of tho Queen'8
Award for EnleryKl88 Promotion
Chlef Executiv8
Mr Guy Horrldge BS¢ Msc MBA FCGI FCMI Fln8tLM
Key management Chlef Executlve
Mr Guy Hothdg8 Bsc Msc MBA FCGI FCMI Fln8tLM
per80nnd
Deputy Chlef Executlve M8 Michè18 Parry BA PGDIP MA
Olrector of Flnance
Mr Robert Harvey MA ACA
Charlty Nam8
CVQO Llmlted
Charlly number
England and Wal88
1115234
Charlly number
Scotland
SC039281
Company number
05736932
Reg18tered Offl¢e
and Prin¢lpal
addres6
3 Archipelago
Lyon Way
Camberley
Surrey
GU18 7ER
Auditors
Crowe U.K. LLP
Aqui8 House
4￿51 Blagrava Street
Reading
Berkshl
RG11PL
Bankers
Lloyds Bank plc
98 Vlcloria Slregt
London
SW1E5JL

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
Tho TN$t8e$ rxesent thelr rep(rt and accounts for the year ended 31 July 2022.
The accounts have been prepared in accordance with the accounting polici8S Set out in note 210 the
acxounts and comply with the Chariws governing document, the Companies Act 2LTh and the
statement of Recommended Practice. "Accounting and Reporting by Charities" (20191.
The Charlty was incorporat8d on g March 2(M)6.
Obloctlvu and Actlvlti
Tha charitable purpose of CVQO is lo advance the education and training of youth and adult members
of youth movements and schools to enable them to obtain vocational qualrfications.
CVQO is an accredited provlder ol vocation81 qualifications. delivering educational opportunitie8 to
members of voluntary youth movements and schools, induding the Amiy Cadet Force. RAF Air Cadets,
Maring Society and Sea Cadet8, Combined Cadet Force contingents within 8chool8. Sl John Ambulance
Cadels, the Fire Cadets, The Smut$ and the Volunte8r Police Cadets.
A high proportion of sGhool age l&¥rners participallng in CVQO-led progr8mme8 are not predicted to
achieve five GCSE8 0194 grad&. Many leamers are 8180 entitled lo free school meals and th8r8 is a
proven corwlalion between eligibilrty for free school mealg and lower academic attainment. The
VOC81ional qualifi¢8tion$ offered by CVQO provlde thes8 learners wlth a valuable allemative route lo
achieve fomlal recognised qualifi¢8lion8.
M051 CVQO learners recelve Ihelr quallflcalions completely free of charge through fundlng from the
Education and Skills Funding Agency IESFAI or through CVQO'S partner8hip fundlng agreements.
MOJJI of th088 ov•r 19 make a contribution to Ihe Cost of Ihelr quallfl¢otlon, bul thls 1$ well below the
commercial rale that would be charged by colleges or unlversllles. Many of tho$e who are over 19 who
register for 8 CVQ04ed ILM or Clty & Gullds adult qualrflcalbn have not achlevad any prevlous forn81
qualification.
8oclal lrnpact
In 2016 the Mlnislry of Defence IMOD), the Combined Cadet Force As80clalion and CVQO commlssloned
the Inslllute for Social Innovallon and Impact (Isll) at the Universlly of Northampton to undertake
longltudlnal research project. The four-year project wa8 de81gn8d lo help understand the social Impact
and return on investment resulling from the MOD'S expenditure on cade18 and the Cadet Expan8lon
Programme {CEPI, 88 well as the benefits of the quallffcations provided by CVQO.
The final report was published in May 2021 and Induded 8 number of notable conduslons whlch 8lron9ly
8UPPOrt the benefits derived from participation in the programmes offered by CVQO..
Participalron in the Cadet Forces and access to vocallonal qualrfNtion$ have signiftant posltlve
impacts on young people. increasing their performance al 8chool and improving their employment
and career prospects.
Gaining vocational qualrficatlons through CVQO has particularly Signif￿ant positive impacts on
vung people, particularly those Ihal suffer e¢onomic and other disadvantages.
It was estimated Ihat the lrfetime value of qualificalions ft)r the 2018 - 2019 cohort of CVQO
leamers that could be classrfied 88 disadvantaged Ic. 998 individua181. 18 in the region of £108.9
million. This very significant valu8 is purely for the disaévanlaL*d Cohort. The value of CVQO
awards gained by cadets that are not disadvanlaged could Tr)t be ¢al¢ulaled, but It Is also Ilkely
to be very large.
Cadet Force Adult Vdunleers I"CFAV5') a150 benefit greatly in te￿¥ of increased lrfelime
eamings resulting from naw quaiificatlon8 galned through CVQO.

CVQO UMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
In the 2018 - 2019 year 469 CFAV8 galned NVQ Level 2 and 3 qu816fications through CVQO.
The value in future earnings lo this cohort could be as much as £81,613 per individual, or £38.3
million for the cohort.
Leamers gaining qualrfication5 through CVQO do 80 either free of charge or al subsidised rates. For
those that that 8re dlsadvantw, especlally tho8& disengaged from mainstream education, these
qualificatlons can be- lrterally- lrfe-changlng. CFAVS that have no. orfew, qualrfulions can also change
their career opportunities by gaining vo¢alional qualrfications as a result of their participation in the Cadet
CVQO ha8 always b8on confident that both our18amars and Society gained signrf￿nI benefrts from our
programmos bul we have been delighted lo see the scale of the retum being quanlw In th18 report. In
Iha 2018-19 period most recendy examlned by the Unlversity of Northampton, CVQO'8 income was le88
than £4.5 million, whilst the lrfetime benefits lo the cohort galning qualrficalions is conservatively axpecled
to be Sn the reglon of £150+ mllll¢Jn.
A more detalled synopsis of the report18 avallable al..
221
df.
Coronavlrus dl•ruptlon
We believe that lo achl8ve the best outcome for leamers there Is no sub811tute for face-lo-face learnlng
and the inleraclion that 11 provlde$. Our dellvery mo(lel therefore relled on Ihls melhodology prior lo the
Coronavirus pandemlc.
Lockdown and 80cial dlslanclng mea8ur88 d18nJpted our actlvltles because we were no longer able lo v1811
learner8 al their cadet unlls or youth group events. Although our 81off successfully tran8ilioned lo worklng
from home where 8pproprlate. we inevitably encounlergd challenges malntalning contact ￿￿th our learners
and en8uriThJ that they could o)ntinue lo complete Iheir quallfi¢alions.
Rather than using our USLtal lace-lo-face delbvery approach we implemented a variety of on-llne weblnars.
vldeo guldes and Ilve workshops lo ensure Ihal leamers were given opportunltles lo cixnplele Ihelr
qU81fficalion8. Thi$ helpeil learners progre$$ and we were able lo continue lo fulfil many of our objectSve8.
though the reslrlctlons were progresslvely lifted during the porlod, our ablllty lo register a8 many new
learners as we would have expected in normal cir(aJm51ances was1Smlled. Many of the org8nisalion8 that
our learners come from experlenced significant fa118 in their membershlp as a re8uII of the pandem1¢ both
amongst young people and the adult volunteers who are Sn8trumental in recrulllng new member8 and
running the groups. Membership is starting to grow again bul the new recrult8 are typically loo young lo
bpnefil frorn our ESFA lunded qualrficalions. Athough this bodes well for the future. we expect that il w411
lake al least a couple of years before the higher numbers in the new Cohort become eligible. In the
meantlme therefore our reglslrallon volume8 may continue to run below their hlstork levels.
Obl•ctlvos for th• year
For the year to July 2022 our key were..
Strong performanr£ against exlsting long lem learner targets and funding arrangements.
Development of delivery mo(le15 and virtual training methoéology lo improve knowledge Ir8n$fer
to leamer8 who we are unable lo meet f8CeW￿fSCe.
Expansion of the Lion Award in 8chool8.
Increased reglstralions from non-MOD youth organisations.

CVQO UMITED
TRUSTEES REPORT
FOR ThE YEAR ENDED 31 JULY2022
Achl•v•m•nt• and p•rformance
QuaIlftcath￿$- Young Poople
Despite the ongoing impact of the Coronavirus pandemic, CVQO was able to register 2,344 ESFA fvnded
learners in the year (2021.. 2,8901. This was b8low our annual target but it was higher than 8xpecled
it bec8me clear that there woulé be delays and disruption lo normal youth group aclivili&s even after the
relaxation of restriction8. Th8 use of virtual learning18chnolo9y ha8 enabled us to support learners bul we
were very aware that we did not ju8t wanl lo become anolher online 18arning centre with the learnors
feeling they were having an extension of school. Thus we had to make our 888sions inter88ling and more
Interactlve. Vlrtual learnlng had to bo fun to continue lo engage all our learner8.
Overall, raglstratb)ns for learners under 18 totslled 4.247, an Increase of 8% over last yearf8 total of 3,998.
In particular, we were able to d&liver an increase in the number of BTEC Level 1 TeamNw)rk and Personal
Sklllg, and Flre & Re8cue S8Nice Level 2 qu81ifJcalions.
Qu•lMl¢•rfons- Adult8
The number of new registrations for adult qualifications tolalled 214 {2021-. 3981. Interest in the
qualtlicalions was relatively high when Coronavirus r&slriclion8 were in place but declined wh8n life began
to relum to normal in the18116r part of the period. Registrat￿n8 for City & Guilds and ILM qualfficalion8
remained al similar leve18 to the prlor year but ther8 was 1888 demand for the BTEC Levd 3 Award in
Educalbn & Training.
Sch¢>ol$ •nd Communlty ProJ•¢ts
The CVQO Lion Award is deslgned to promote the development of 8-14 yeor olds through a v8rled
programme of outdoor 8¢tlvllle$, flrsl akl skill$ and soclal action projects. Learnlng Is deslgned lo
complement regular School work and Is facllltaled by CVQO instru¢lors lo support children's mentsl
wellbeing, resilience and character. This programme runs 81 SGhool premi865 and relies on school fundlng
and charitable donalion8. The prolonged dl¥Tupllon to schools caused by the Coronavlrus pandemk
prevented us from rolllng out the Award unlll later In th8 period bul we experlenced an Increaslng level of
activity through the year and expect lo deliver the Award more exlenslvely In the comlng year.
Wesemlnstw Award
In 2022 CVQO ran Its 181h annual We8tminsler Aword programme which 18 de8vJned to reward Ih08e
CVQO18amers who have r￿l only excelled al their youth group LX)mmrtments, bul gone over and above,
helplng others around them and di8p1a￿ng real altruism.
This year V￿ r￿e1Ved an Impresslve numbar of nomlnallons from the Arniy Cadet Force. RAF Alr Cadel8.
Marine Society and Sea Cadets, FI￿ Servlce Cadets, Sl John Ambulance Cadets, Combined Cadet Force
conllngenls within schools and The Scouts. We Selected 40 flnallsts from these submlsslon$ to tske to a
four day assessment event in Somerset.
The finalists took part in a serie8 of physical and problem-solving challenges and completed the prestigious
ILM Level 3 Award in Leadership and Man8gement.11 wa8 very clear that even those who did not make it
through to the fin818tage really valued their ILM Level 3 qualification vthlch Ih8y 8ee a8 a valuable addition
to their 8mployabllity skills.
Frfteen nallonal finallgts were Identmled al th8 Selection stage and lolned a two week expedllion In Comwall
durfng which Iheyworked on a number of Imaginative and demandlng volunteerlng projects ￿th 81x partner
charitie8 and gained an understanding of issues associated with humanilarlan aid, climate change and
Conservation. Their successes will be celebrated further ￿th their families. friend8 and honoured we8ts
during a lunch al Ihe House of Lords in November 2022.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
Gr•duation C•r•mony
After not belng able lo hold CVQO'S annual graduation ceremony during the pandemic we were able to
host events at the historic bullding8 of RMA Sandhurst during the p8riod,' in October 2021 and March
2022. Leamers who would have been eligible to attend the previous yearfs ca￿lled event were invited
along with the Gurrent year'8 graduates.
The Charity's Chalrman, The Lord Llngfield, presided over the ceremonies and the graduates were joined
by friend¥ and family lo celebrate their 5ucce58. The events also allowed u8 to recognise the ttard work
and tremendous support we recelve each year from our many Cadet Force Adult Volunteer8 and
VoCalk￿al Quaiificats'on Officers.
Futurn Plan•
The Chlef Executlve and the Execullve Team have klentffied th8 following as yioritleg..
Strong performance again81 existing long 18mi leamer targets and funding 8rrangemenl$.
Improve access to qualifications by development ol éelivery moéel8 and virtual tralning
methodology.
Ralse awarene88 of the Llon Aw8r(i aw58 the UK and, Iffundlng Is avallable, IT￿rease the number
of schools vthich run the programme by 10%.
Expand our reach and the number of qualthcalions dellvered wilhln non-MOD Sponsored
unlformed youth org8nl8allons. Our medium term aim18 that 20% of our reglstrallons should come
from non-MOD cadets.
3tru¢tur•, gov•man¢• and manag•rn•nt
The Charlty ￿ a company Ilffllted by guarante8 and. in accordance ￿th the Companle8 Act 2006, does
not hav& a share capital.
The Trustees, who are 8180 the dlrectors for the purpose of company law, who 8eNed durlng Ihe year,
were..
Th8 Lord Llngfield Kl DLilt DL
Ms Olga Bollomley MIVA MIOO
Mr Keith Baldwin BS¢lEng) ACGI MSC DIC C Eng MIET FIBC
Mr John Doyrty TD MA ACA
Profes60r Martin Doel CBE
Ms Lesley D8vie5 OBE
ProfesBor Simon Denny BA MA PhD. Holder of the Queen's Award for Ent8rpriso Promotion.
Trustees arerecruited n a variety of ways and from 8 rango of80urce8. Tru8te88wfio have been appolnted
bringwith them a %￿lIh of educational, youth. mllltary and financlal kn￿edge.
Trustee8 are elecl&J for an Inllial term of three years and at that point are 91￿1b18 lo seek rtrelectlon for
a further two tem18 of three yearB.
The Chairman has the option to extend any Trustee's term for a furtt*r one or two years, 80 a8 to avol(I
an exodu8 at any one tlme.
None of the Trustees has any beneficial intere51 in the company. PJI of the TnJste8s are rnernbers of the
company and guarantee to ¢ontribul8 £1 in the event of a winding up.
On the ￿tirement of the Chairman it will be the re5pon5ibility of the Trustees to elect a new Chaimian from
amongst them.

CVQO LIMrrED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
Onc8 elected, n8wTruslees are given an induction pack and invited lo attend a Iralnlng day.
The Truste8s havg ddegaled 8ulhority for management of the Charfty lo the Chlef Executlve and the
Executive Team.
K•y Managomont Romunerallon
The Directors consider th8t the B08rd of Directors. who are the Ch8riiVs Tru81ee8. and the Execullve
Te8m comprise the key management personnel of Ihe company in charg8 of d1￿CtIng and controlllng,
runniThJ and operating the organisation on 8 day-to-day ba$i6.
CVQO'S remuneratlon policy and procedures for key management personnel are 88 followB'.
The Board18 re8pon$lble for $ettlng the Chlef Executfve's remunerallon;
The Chief Executlve sets the salaries of the other members of the Execullve Team., and.
Pay 18 reviewed at least annually.
8t•t•m•nt of Trust￿•, rn•ponslbllltl•8
The Trustee8 (who ar8 also d1￿CtorS of CVQO for the purposes of company law) are ￿SponsIble for
preparing the Truste&s' Report and the financial slalemenls in a¢¢ordan¢e wllh appllcable18w and Unlled
Kingdom Generally Ac¢epl6d Accountlng pract1￿ (United Kingdom Accounllng St8ndards}.
Company law requlres the Tru8t8881o prepare financial 8t8lemenls foreach financial year. Under company
law the Tru8lee8 rnust not approve the financial statements unless they are 8a118fied that they give a true
and falr view of the 8tale of affairs of th8 charitable company and of the incoming resources and applicalk)n
of re8ource8, including the income and expenditure, of the charltable company for that period. In preparlng
these financial slalements, the Trustee8 are required lo..
8eleGt suitable accounting policies and then apply them consi8lenlly,'
ob8OP48 the method8 and prlnclples In the Charlt188 SORP:
make judgements end estlmal88 Ihet are reasonable and prudent;
• state whether applicable UK accounting 8tandard8 have been followed, Subject to any material
departure8 disclosed and explained in the financial 8ta18m8nts,' and
prepare Ihe flnan¢ial slalemenl8 on the going o)n¢ern basls unle68 rt 18 Inapproprf8le lo pr88ume that
the Gharitsbla company will conlirnue in business,
The Trustee8 ar8 responsible for keepiro adequate accounllng records that are $uffici8nl to $how and
explain the charllable company's Iran88clions. disclose wlth reasonable accuraw at any tlme Ihe financial
position of the charilable Company and enable them to ensure that the financlal stalemenls comply wllh
the Companies Act 2006. the Charities and Trustee Investrnenl {Scotlandl Act 2005, the Charities
AcGounls (Scotiand) Regulations 2006 (as amended) and the Provisions of the Charill5 conslitulion. They
are also responsible for 5afeguaréing the assets of the Charity and henGe for takiTrJ reasonable steps for
the p￿Vention and detection of fraud and other irregularitie5.
R15k Managomgnt
CVQO has Introduced a fomial rlsk manag8menl process to as88ss buginess risks and it has
implemented risk management 81rategie8. Thi8 has Involved idenllfying the types of rS8ks the Charlty
faces, Fffloritising them In terms of potential Impact and Ilkelihood of occurrence and 1dentl￿'n9 means
of millgaling the rlsks. The Charitys Internal controls have also b&&n reassessed lo ensure that they
contlnue to minimlse the rlsk of fraud and are in line with the guidelines estsblished and recommended
by the Charity Commlsslon.

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
The risks are formally reviewed al Trustee meetings that are held regularly through¢yJl the year.
The Chief Executive has produced a Busines5 Disaster Recovery Plan which has b8en tested and
continues lo provide effective covor in the event of a signrficanl incident with a tmjlentially damaging
impact on the Charity.
Prlncipal Ri8k•
Fln•n¢l•l
Risk.. A large proportion of cvao's income derives from a single funding arrangement wth the Education
and Skills Funding Agency IESFAI. ff this contract were terminated. not renewed or reduced in value there
would be a very significant financial impact on the Charity.
Mitigat￿n.. Maintain good relation8 with the funder8, identrfy other income 80urce8. en8ure full adherence
lo the terms of the agreement. rneel or exceed performance targets and promote the value of the
qualifications provKled and the benefi18 lo the learner8 who achieve them. Continue to be Of818d graded
good or 8bov8.
Educatlonal Envlronment
Risk- A8 Government policy on education evolves ther8 is a rlsk that the current sel of vocational
qu81ificallon8 Ih8t CVQO offer fall outside future fundlng 8pecificallons.
Mrtlgatlon.. CVQO contlnually monltors the educatlon envlronmenl and ￿Uld react qulckly to an
announcement of any future changes In fundlng requirement8 and would seek to develop new vocallon81
qU81rficallon8 th81 contlnue to deliver the benefit8 lo young people provlded by our present qualthcatlons
and also to meel any new requlrements of the funding bodle8.
Chlkl S•f•guardlnq
Rlsk.. CVQO 18 commllled to prevenllng any harm to chlldfen caused by Its a¢llvltles. The Charlws
reputallon could be $lgnrflrAnlly damaged W 11 fa118 to 98feguard learnern engaged In Its quallflcallons.
Safety and care of learners 18 8 key Of31ed requlrement.
Mlligalbn.. All staff are Iralned on chlld 88fegu8rdlng and are provkled wllh a clear and Secure framework
for ensuring that all children and young people engaged In CVQO activities are protected from hami. A
8ub-commillee of the Tru8te83' Board has been established lo oversee 8afeguarding mallers and10 8n8ure
that the risk is monllored, reported on and any incidents Inve8ti9aled and acllon taken when necessary.
Where 8pproprlale we work wllh th8 cadet forc88. youth group8 and 8chool8 to en8ur8 Integrlty of
8afeguardlng even ¥there CVQO Is not dlreclly responslble.
Data Securlty
Rlsk.. The risk that the Chariws data is stolen, leaked, lost or held to ransom as a result of an attack through
the inlemet, This could result in loss of reputation, daims against CVQO. interruption to its operations or
any comblnalion of these.
Mitigation.. CVQO has inve81ed In 8lrorvJ IT 88curity sy8tem8 Induding firew811 and antl-virus 801fv￿re and
has adopted good data protection practices that provide an appropriate level of def8nce agalnst cyber-
attack. An experienced Data Protection Officer has been appointed and external expertlse Lrtili88d to
Perform Ir8ining. data audits and lo implement GDPR policies. All members of staff have recelved training
wllh follow up where nece888ry.

CVQO LIMITED
TRUSTEES REPORT
FOR TrIE YEAR ENDED 31 JULY2022
Compllan
Rl$k.' Data Return Compllance Failure. There is 8 8ignificanl volume of data that must be provid8d quarterly
io key funders and11 Is important that these returns of data are submilled on a timely basis and wlh a very
hlgh degree of a0￿raCY. Persistent non-complianc8 could jeopardise CVQO'S relationship with its funders.
Mltlgatton.. Ensure hlgh standards of lata verMc4tlon and val￿allOn occur before submission of the relum8
and th81 the ability to perfomi these processes is held by a number of employees. Data integrity is
Supported by experienced IT staff and an expert external IT 5ervic8s company which ensures that éata 18
managed on upto-dale software systems and regularfy backed up. All returns are overseen by the
Executlva Team.
Statement of Publlc Benofit
CVQO has been operatlng as an Sndependenl Charlty and Company Llmlted by Guarantee for 81xlgen
years.
The Trustees ¢onflmi that Ihey have ¢omplled wllh the duly In Se￿10n 17(5) of th8 Charlll88 Act 2011, to
have due regard lo the guldance188ue4 by the Gharlty Commlgslon on publlc benefit. Thi818 carrled out
through tho Objects arKI Power6 of the organlsalh)n.
Fln•ndal Rwl
In￿me In the perlod wos £3,782,00012021'. £3,806,000). The ESFA continued lo provlde the Charft¥s
core grant fundlng for EnglarKI 8t £3,SW,000 {2021.' £3.500,(KIO). Th1$ fundlng ha8 been secured at th8
88me level for 2022123.
In addltlon lo govemmonl department grant fundlng, CVQO draws ch8rltable fttndlng from a range of
sourGes Includlng ¢harS18ble tru818 and the Cadet org8nl8allons. Addltional fundlng In the year was £30,0(KI
{2021'. £44,000) whlch helped lo cover Ih08e not ellglble fly ESFA grant fundlng and lo allow CVQO to
deliver qualrflcallons to adults al 8ub8ld18ed rates.
A 8mall number of staff had been furloughed in the early part of the prior year bul we were pleased to be
able lo reinsl8le them lo thelr roles well before the end of the govemmenl'8 Coronavlrus Job Retention
Schem8 and made no clalms for grants In the period (2021." £20,O¢J)I.
Income from ce8h dep08118 wa8 al a 81mllar level lo the prevlou8 year but the Inve8lment portfollo
d8prec18ted in value (Inclusive of reinv881ed Incom8 and net of charge81 by £38,000, reversing 80me of
the galn8 exp8rlenc8d In the prlor year (2021.. appreciation of £184,000). Th8 year-end valuation was
£1,125.000 {2021.' £1.163,000}.
Expenditure was marginally higher than in the prior period due lo InL¥eased activity followlng the relaxation
of Coronavirus restrictions. However, the prior period induded the recognition of a provision for property
dilapidation costs at the CharitVs head offlce building {£138.OCh)I resulting in total re80urcgs expended
8howng a decrease to £3.878,00012021'. £3,751,000).
Th8 Charlty's 8urplus for the year to 31 July 2022 wa8 £40.OIX) (2021.. £211,0(KJI.
Total funds al 31 July 2022 were £3,721,000 12021.. £3,881,000). Unrestricted fund$ comprised the
majority of the balance at £3,703.00012021.. £3,662,000} of which £1,003,00012021.. £1,191,000) was
designated for MOD Cadet and Adult qualifications. Restricted funds totalled £18,000 (2021.. £19,000).

CVQO LIMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
Re•erve• Pollcy
The Trustees, policy on reserves strikes a balance between applyino funds received to our ¢harllable
wrpos8s and maintaining a level of reserves thich would allow the Charity lo deal effeCt￿elY and
responsibly with the financial challenge that would result from the loss of a majLY funding Stream. The
Trustees consider il appropriate lo hold unrestricted funds. exduding designated funds, al a level wh
would ensure that students, already regisl8red, would be able to complete their courses. Thi5 would ensure
that no student already registered with us would be disadvantaged in the event of such a loss of funding.
Reserves can also be applied to funding new or potential projects where an initial investment is necessary
to develop new sustainable areas of activity or lo idenlrfy whether Of not such sustainable a¢tivili¢s Can be
developed. The policy is reviewed annually. Th8 balance in unrestricted reserves. excluding de$ignat8d
reserves, al 31 July 2022 was £2,701,000 12021.. £2,471.000). The Tru81ees ¢on8idef this to be a
reasonable level of reserves and will be 8ubject lo regular review.
After deducting the carrying value of tangible fixed 888et8 held for the Char6tls own use there were free
reserves as deflned by the Charity Commission of £2.635,00012021.. £2,395,000).
The balance held In re8tricted fvnds ot 31 July 2022 was £18,00012021.' £19,000) repr8santing funding
rec8ived for Specific cohorts of Students, be that defined by geographic localion, cour8e tide or specific
Student need8, that ha8 not yel been 8xpended. The88 re8erves will be spent in support of the relevant
studen18 In future periods.
Deslgnaled fund8 8131 July 2022 V￿re £1,003,000 (2021.. £1,191,000). All of the fun08 al 31 July 2022
were designated for the support and dellvery of cadet and adult volunteer vocational qualification8 (2021..
£1,135,000 for cadels and adult volunteer8 and £56,000 lo fund qualfficallon8 in Scotlandl.
The Tru8lee8 have the aulhorty conferred by the memorandum and artlcles of a8soclatlon to Invest as
they see fil and to d8legalo Ihe management of investment8 to a Ilnancial expert. CVQO 18 not dependent
on Inv081menl income lo undertake its work and Is relallvely rlsk advers8 bul considers il appropriate lo
Inve81 a proportion of 118 available funds In longer term Investments In order lo malnlaln capllal and achleve
hlgher return than can be realised wlth bank deposits. 11$ investment objective 1$ lo Invest globally to
malnlaln the capi181 value, at least in line with infl81ion, as measured by Ihe Consumer Prices Index (CPI)
vAlh a targeted lolal return of CPI +2.5% over a rolllng three year perlod whilsl mlnimislng risk exposure
and Inve8tmenl volallllty.
CVQO has appointed Brewin Dolphln to manage a F)Ortfol*) of equity and fixed-inleresl inveslmenls. The
Tru$lee6 inslructed the investment manager that no direct investmonl loth8r than Treasury Slook> should
repwsent morg than five percent of the overall value of the fund8 and that no inve8tmenl into a fund holding
unéerlying investmen15 should represent more than len percent of the overall value of the funds when
purchased. In addition investments Should not be made in markets where marketabilily18 limited. or directly
in high risk investments, slrucluieé products, hedge funds or fijnds of hedge funds. The Investment
manager reports lo the Trustees quarterfy and the Charlty r8vlew8118 Inve81ment strategy annually.
CVQO originally Invested £1.000.000 In January 2019. AI 31 July 2022 the value of the investments was
£1.125,000 {2021'. £1.163,0(Kll. The return for the year ended 31 July 2022 of -3.3% was consistent with
comparable benchmarks such as Ihe ARC Balanced Asset Charity Index which showed a decline of 2.7%
over the 8ame wlod.
The portfolio's retum over the three years to 31 July 2022 was 5.7% Nthich compares lo CPI over the period
of 12.2% and a largel return of 20.5Yo. Alhough this was below the target p8rformance il was broadly in
line with returns achieved by the ARC Balanced Asset Charity Index, which showed growth of 8.8%. Due
to the recent increase in infflation and financial market performance we anticipate that the portfollo is
unlikely lo achieve its inflation linked objeGtNe over the next period.

CVQO UMITED
TRUSTEES REPORT
FOR THE YEAR ENDED 31 JULY2022
Fundr418lng Prnctlca
CVQO'S funds derive principallyfrom Statutory and governmont ag6n¢lo$ bul11 does ral88 small Sums from
Trusts and Foundations as well for spec￿¢ purposes. We are also fortullale to receive donations from
individuals. particularly from individuals who have galneé a CVQO vocational quallfiGalion or those that
know them and wish to show their appre¢latlon. CVQO Is not set up lo engage in large scale fund-r815ing
activities like mass mailings. telephone fund-ralslng or door-to4oor Gampaigns nor do we employ a
professional fund-raiser or 8ngag8 the services of any thlrd-party organlsath￿$ lo help rai¥e funds. To thls
end, we have not considered il necessary or appropriale to sign up lo any regulatory code of fundraising
practice, and we have ensured that we have tsken all ￿Sonable step5 to prolecl vulnerable people from
Inappropriate or unwelcomed fundraising approaches. We have not recelved any wmplaints about any
aspect of our fund-raising. CVQO h86 a strong elhos of re¥peGI for the independence and dignity of it8
learners and would not countenance any ¢onéu¢t or a¢tivitie5 that undermlned th15.
Provl•lon of Infomiatlon to audllor•
Insofar as eaGh of the dlreclors of the Charity al the dale of approval of thls report 18 aware there 1$ no
r6levant audll Snformation {informallon needed by the Charltls audltor In connecllon with preparing the
audll report) of whiGh the Charl1518 audltor Is unaware.
Each dSmctor haB taken all of the steps that they 8hould have taken 88 a dlrector In order lo make
th8m8elve5 aware of any relevant audll information arKI to e8labll8h that the CharW8 8udltor Is ow8re of
that information.
Avdltorn
The Audttor8, Crowe U.K. LLP wlll be prop08ed In accord8nce ￿th 8ectlon 485 of the Companle8 Acl
Approved by the Board of Director8
and 8igned on Ihelr behalf by:_
The Lord Llngfield KT DLItt DL
Chalrman
hn
YTOMAACA
Honorary Treasurer
Dated.. 23 hjoq 20 &k
Dated: 23 lo
10

A Crowe
U.L Lip
ChLTrteredAttountonts
Mernber ofCJoweGlobal
Aquls HO￿Se
49-51 Wagr￿e streei
Readin8
Berkshire RGI JPL UK
Tel +441011189597222
Fax+441011189584640
www.trowe.eo.uk
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
CVQO LIMITED
Oplnlon
We have audited th8 financial $tatem8nts of CVQO LimSled forthe year ended 31 July 2022 which Comprise
the Statement of Flnancial A¢tiviti8$, Balance Sheet, Statement ol cash flow5 and notes to the financial
stalemenls, including a Summary of signtficant accounting policies. The fInar￿la1 reporting framework that
has been applled in thèlr preparation is applicable 18w and Unltad Klngdom Aecounling Standards,
Includlng Financial Reporting Standard 102 The Financlal Reporting Standard appI￿Able in the UK and
Republic of Ireland {Uniled Kingdom Gener8lly knepled Accounting Practice).
In our opinion the financlal st8lemonts'.
glve a INe and falr vlew of the Stale of the charitablo companls affalr6 as at 31 July 2022 and of
Its Incoming resources and appllcation of re8ourc85, IndudlrvJ Its Income and expenditure for the
year then ended",
have been properly prepared In accord8nce wllh Unlted Klngdom Generally Accepted Accounllng
Practlce," and
have been prepared in accordance wlth the requirements ol the Companles 2008, the Ch8rltlg8
and Truglee Inveslmenl {Scolland) Act 2005 and Regulatlon 8 of the Chorlties Accounts Iscollondl
Regulallons 2CII6.
Ba•1• for oplnlon
We conducted ijur aud51 In a￿OrdanCe wlth Inlemallonal Stsndards on Audltlng {UKI {ISA6 (UKI) and
appllcable law. Our respon8lbllitle8 under those Standards are further degcrlbed In the Audllorf6
respon81blllllg8 for the audll of the flnancial 8talemenls 8ecllon of our report. We are Independent of the
charitable Company In a¢¢ordance with the ethical requirements Ihal are relevant lo our audit of thefinanclal
slalements in the UK, Induding the FRC'S Elhi¢al Standard, and we have fulfilled our other ethical
respon6ibililie8 in accordance wllh these requiremen15. We believe that the audil evidence we have
obtsined Is sufficienl and appropriate lo provide a b881s for our oplnion.
Conclu•lon• relatlng to golng conc•m
In auditing the finanryal statements, wo have wnduded that the trustees, uso of the goi￿ concern ba815
of accounting in the preparation of the financial statemen18 is appropriate.
Based on Ihe work we have performed. we have not identrfied any rnalerial un¢ertainti88 rolating lo evanls
or Conditions that, individually or Gollerlively, may cast significant doubt on the charitable companws ability
lo continue as a going concern for a per￿d of at least twelve months from ￿en the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Iru8lee$ ￿th respect to going ¢on¢em are desGribed In
the ￿levant sections of thi¥ report.
CthvcU.K. EC4M7JW Al￿Of

Crowe
INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS AND TRUSTEES OF
CVQO LIMITED {CONTINUED)
Oth•r Infomatlon
The trustees are re8pon8ible for the other information contained within Ihe annual report. The other
information comprises the infonnalion included in the annual report. other than the fInar￿la1 ststements
and our audilorfs report thereon. Our opinion on the financial statements does not Cover the other
inform8tion and, except lo the exlenl oth8fwbse explicitly stated In our report, we do not express any form
of assurance conclusion thereon.
Our responsibility15 to r8aé the other Informatlon and, in dolng so, consider vthelher the other Informatlon
is materially inconsistent with the financial statements or our kn￿edge obtained in th8 audit or otherwise
appears to be materially misstated. If we idonlify such material Inconsistencies or apparent material
mi8Stalements, we aro required lo determine whether this gives rise lo a material mlsslatemenl in the
financial statements them8elve8. If, based on the work we have performed, we condude that there 18 a
material mi88talement of thi5 olher infomiats'on, we are required lo report that fact.
We have nothlng lo report In th18 regard.
Oplnk*n• on oth•r m•tt•r8 pr••crfbod by th• compan1￿ Act 2006
In our oplnlon ba8ed on the work undertaken in the course of our audlt
th8 infomialion givan in the trustees, roport, %thich indud88 tho directors, report prepared for the
purpo8e8 of company law, for Ihe financial yoar for which thè financial 8talem8nl8 aro prepared 18
consistent with the financial slalements,. and
tha dlreclor8' report Included wlthln the trustee8' report have been prepared in accordance wrth
applicable legal requirements.
Matt•r• on whlch w• ar• r•qulr•d to r•port by •xc•ptlon
In light of the kno%￿edge and und8rsl8ndlng of the charitable company and Ils environment obtained In the
course of the audit, we have not idanlifled maleflal misstatement6 in the director6, report induded wllhln
the trustees, report.
We have nothing lo report in respect of the following malters in relation lo which the Companies Act 2006
and the Charitles Accounts {Scolland) Regulations 2006 requlre us lo report to you If, in our opinlon..
adequate and proper accounting records have nol be8n kept,. or
the fin8nclal slalements are not In agreemenl wllh the a¢￿untIng rectyds and retums., or
certain d19closures of trustees, remuneration gpe¢ified by law a￿ not made; or
we have not received all tho information and explanations we requir8 for our audil
R8spon$SbllS1108 of tru8to0•
As eX￿aIned more fully in the Iruslees, respon5ibilitie5 slalemenl on page 6 the Iruslees (who are also the
directors of the charitable company for the purposes of company law) are responsible for th8 preparation
of the financial statements and for being satisfied that they give a true and fair view, and for such internal
c¥Jnlrol as the Iruslees delemiine is necessary to enable the preparation of financlal Statements that are
free from material misstalem&nl, whether due to fraud or error.
12

A Crowe
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF
CVQO LIMITED (CONTINUED)
In preparing the financial slalements, the trustees are responsible for a68essing tho charrtabla companws
ability lo continue as a going concern, disclosing, as applicable, mallers related to going concem and using
the going concern basis of accounting unless the tnjstees either intend lo liquidate the charltable L¥Jmpany
or lo cease operations, or have no realistic allernatNe but lo do so.
AudIt0￿$ re•pon•lbllltlo• for tho audlt of th• flnanclal statem•nt•
We have been appointed as auditor under section 441lllc) of the Charftie8 and Trustee Inve8tment
(Scollandl Act 2005 and under Ihe Companie5 Act 2006 and report in accordance with the Acts and
relevant regulations made or having effect Ihereunder,
Our objeclives are lo obtain reasonable a8sur8nce about whether the financial $lat6menls as a whole are
free from malerSal mlsslatemenl, whether due lo fraué or error. and to issue an audllor's report that Includes
our oplnlon. Reasonable assuranc8 Is a hlgh level of assurance, bul Is not a guarantee that an audll
conducted In accordance wllh ISA8 {UKI ￿11 always delecl a material misslat8menl when 11 exlsts.
Misstatements can arlse from fraud or error and are consldered malerfal ff. Indlvldually or In the aggregate.
they could reasonably be oxpecled lo Infiuonce the eCor￿mI¢ dedslons of user8 taken on the ba$16 of
the88 financlal Statements.
Details of the exlenl lo whSch the audll wa6 considered capable of d8lecllng Irregularlll88, Including fraud
and non-compllanc8 With laws and regulations are sel out below.
A further descrlpllon of our re8pon81bllllles for the audll of the flnanclal slalements 18 located on the
Fln8nclal Reportlng Councll's web8lle at..
.frc.o
audi
orsres
nsibililies. Th1$ dewlplon form8
part of our audllorfs report.
Exl•nt to whlch th• audlt wa• ¢on8ld•r•d wabl• of d•t•ctlrng lrr•gularltl￿, Includlng frnud
Irregularltle8. Sncludlng fraud, are In8tance8 of nonwcompllance wSth laws and regulallon8. We Identwled and
assessed the rl8ks of malerlal ml88talemenl of the flnanclal 8latements from Irregu18rllles, whether due lo
fraud or emr, and dlscussed these between our audll laam membar8. We than deslgned and perfomied
audit procedures responsive to those dsks, Induding oblalnlng audlt evldence sufflclent and approprtate lo
provide a ba818 for our opinlon.
We obtained an under8landlng of th8 legal and regulatory framework8 wllhln whlch the charitable company
operato8. focusing on those law8 and regulations that have a direct effect on the determlnallon of material
amounts and dlsclo8ure8 in the financial slatem8nl8. The laws and regulallons we considered in this
context were the Companles Act 2008. the Charllle8 Act 2011 and The Charllies and Tru8tee Inve8tment
(Scollandl Act 2005 together wlth the Charllles SORP IFRS 1021. We assessed the requlred compllance
with these laws and regulations as part of our audll procedures on the related financlal slalemenl Items.
In a(idllion, ￿ consldered provisions of other laws and regulations that do not h8ve a direct effect on the
fi'nancial slalemenls bul compliance wllh which might be fundamental lo the charitable company's abllily
lo operate or to avoid a malerSal penalty. We also considered the opportunllles 8nd incentives that may
exist h￿thIn the charftable company for fraud. The laws and regulallons we consldered In this context wwe
General Data Protecllng Regulallons and S8feguarélng of young people and vulnerable adults.
Audlting 8tandard8 Ilmit the required audit procedures to Klentrfy non-compliance wtth these laws arKI
regulations to enquiry of the Trustees and other management and in8P8Ctlon of regulatory and legal
correspondence. rf any.
13

## **Crowe A** 

## **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: 24 November 2022** 

**14** 



CVQO LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
AS AT 31 JULY 2022
COMPANY NUMBER 5736932
un￿StrICted Deslgnaled Restrthd
funds
fund8
Funds
Totsl
2022
Total
2021
Not08
INCOME AND
ENDOWMENTS FROM:
Oonallons and legacies
Charll8ble activities
Other trading activitie8
Income from inve81men18
Other Income
9,408
3,500,000
208,929
41,733
9,408
21,992 3,521.992
208.929
41,733
46.105
3,518,772
t 17,852
43.342
19,880
Total Ineomlng rn•ourc••
EXPENDITURE ON:
Expenditure on rai8ing
fund5
Investment manager
expenses
Expenditure on charltabl
aclivitl88
8,123
8,123
7.717
3,513,143
132.761
23.872 3,169,066
3.743,027
T¢)tsl mour￿8 •xp•nd•d
Net Ilosses118alns on
Snvestments
N•t Incomellexpendltur•)
174,524
(132,751)
11,680)
40,093
210.530
Transfer between funds
NET MOVEMENT IN
FUNDS
229,844
1188,0711
11,880)
40,093
210,530
Tolal fvnds brought fonvard
Total lund8 carried forward
21
All of the above results are derived from continuing activities. The Charity has no other recognl8ed galns
and losses other than those slated above.
The notes on pages 18 to 30 forni part of Ihe¥e finanGi31 statements.
15

CVQO LIMITED
BALANCE SHEET
AS AT 31 JULY 2022
COMPANY NUMBER 5736932
2022
2021
Notes
FIXED ASSET8
Tangible assets
Inv88tments
12
13
65,732
75,628
1,190,469
1.238,487
CURRENT A88ET8
Debtors
Cash al bank and in hand
Short tem investments
14
84,862
1,960,580
59.889
2,538,908
3,016,071
2,923,721
CREDITORS: amounts fallino
dua within onayear
NET CURRENT ASSETS
TOTAL A88ET8 LE88 CURRENT
LIABILITIES
3,870,992
3,818,899
Provi8ion8
26
NET ASSETS
FUNDS
Reslrlcled funds
20
17,520
19,200
Unre8trlctodfundA:
Deslgnated funds
19
1,IX12,935
1. 191,IX16
Gener81 fund8
2,700,537
2.470.693
21
Approved and aulhorl3ed for18sue by the Board of Dlrectors on
behalf by.'-
U Nk*'i&*bv 2ILL ond signed on i
The Lord Lingfiekl KT DLI
Trustee
MrJ
Trus
hnDo
yTD￿ACA
The notes on pages 18 to 30 fom part of th8se financial 8talements.
16

CVQO LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JULY 2022
2022
2021
Not85
Cash flows from oporatlng
actlvltle•:
Nel cuh provldedl(used)
by oparntlng actlvlll
17
79,083
263, 126
Net cuh u•od In Invutlng
actlvllle•
Purchase of tangible 8888ls
Investment income
Purchase of inve8lmonts (including
reinvested dividends)
Bank Interest r￿e{vable
Purchase of Short term Inve8tm8nt8
(27,083)
34,160
(33.405)
35,803
126,156)
7,073
(28.749)
7,539
N•t ca•h u••d In Invutlng
actlvltl
Changg In ¢ash and ca•h
•qulvalonts In th• r•portlng p•rlod
N•t Fund• r•condll•tlon:
Nel fund8 8111t Augu81
IDe¢ro860yincre88e In rA8h In the
year
2,S36,966
2,298, 742
N•t fund• at 31•t July
Analy81• of ca•h and ca•h
•qulval•nl•
C8$h In hand
The notes on pages 18 to 30 lo￿n part of the88 financlal slatem8nts.
17

CVQO Llmited
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
COMPANY INFORMATION
The principal activity of the Charity is lo advance the education and training of youth and adurt
m8mbers of youth rnovements and schools to enable them to obtsin v¢xational qualifications.
The Charity (registered number 1115234 and charity number 057389321 18 incorporated and
domiciled in the UK. The address of the regi8tar8d offKe is 3 Archipelago, Lyon Way, Camberley,
Surrey, GU16 7ER.
ACCOUNTING POLICIES
Ba•h of pr•paratlon
The financlal Statements have been prap8red In accordance wlth A¢¢ountlftg and Reportlng by
Charitie8'. Statement of Recommended Practice applicable to chariti88 preparing their accounts
In accordance with the Financial Reporting Standard applicable in the UK and Republi¢ of Ireland
IFRS 1021 (effective 1 January 2019) - Charitl8s SORP IFRS 102), the Financlal Reporting
Standard applicable In the UK and Republlc of Ireland IFRS 102) and the Companles Act 2008.
The Charity meet8 the deflnitlon of 8 publlc benefit 8ntSty under FRS 102. Assets and li8bllltie8
are Inllially recognlsed at hi8lorlc81 ￿)St (Y transadon value unless olhep•v188 stateo In the
relevant accounting policy note.
Golng eon¢•rn
The Trustee8 have considered a range of $¢enarlo3 that may ￿sU11 from hlgh leve18 of infflalion,
prolonged disruption cauged by the Coronavlru8 pandemic and olher rlsks. They have 8ssèssed
the effect on CVQO Llmiled'8 ca8h flow and reserves and conslder Ihal there Is a rea8on8ble
expectslion that the Charity has a¢Jequote resources to contlnue In operallonal exlstence for th8
foreseeable future. For Ihls re88on, the Trusteos ¢ontlnue lo adopt the 'going concem, b88is In
ep8rlrvJ the accounts.
b) Incomo and endov•7nent
All Income Is recognlsed once the Charlly has entlllement to the Income, il Is probable that the
Income will be received and the amount of Income reeelvable can be measured reliably.
Donal￿8 are reeognlsed when the Charity has been rntifth in WTitsng of both the amouTrt and
settlementdale. In the event that a donation is subject to condition8 that requlre a level of Ferfomianc
bef￿8 the Charty Is enlthd to the funds, the IrK¥Jme Is deferred and recognised until eilher those
crnditions are ￿llY mel. or the fuffilmenl of those Condit￿r$ is wholly v¥ithin the control of the Charity
and It Kffobable that those conditions will be luffilw in the rep(Yting perbd.
Grant Incom8 is induded whèn the related condition for legal enlitlemenl to the grant ha8 been
rnel. Resouices received relating to a future period will be deferred to the 8Xtent that they do not
relate to the currenl accounting period such as where grants have been made for a 8pecrflc
number of learners and not all leamers have been registered wthin the year.
During the year the Charity received £nil (2021.. £19.880) from the UK Govemmenl under the
Coronavirus Job Retention Scheme.
18

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
c) Expgndtturn
Liablrties are recowised as expendblu￿ as soon asthere Is a legal oru)￿truc￿¥e obligation Lyjmmitting
the Charity lo that expenditure, it is probable Ihal seltlement wll be and the amount of the
obligalK)n can be measured reliably. Al expenditure L8 aw)unted fw on an acrJua18 basi8.
Costs relatirKJ to ch￿ts￿8 a¢tMlles Indude ell ¢0818 Inwrred in the directfurtherance of the CharTiIs
oblectwes.
IrreLoverable VAT is charged against the expernliture heading for whth It VAS ir￿rred.
d) Tanglbh Ilx•d a•sot• and dopr•clatlon
TwvJitAe f￿8d a586ts ar8 Staled at Cosl loss depreclatlon. OeFffe¢latlon 18 provided al rate8
calculated lo write off the etht le8s estimated residu81 value of each asset over Its expected useful
lrfe, as followz..
Building Improvements
Computer Equlprnenl
Fixtures, ffittings & equipment
Length ol the remaining lease temi
33.33°/o Slralght Line Method
25% Straight Line Method
Items under £250 are not caprtalised.
•> Ca•h and caBh •qulvalent•
Cash 18 represented by cash in hand and deposlt8 wllh finonciol In8lilution8 repayable wlhout
penalty on notice of not moffj than 24 hours. Cash equivalents are hlghly Ilqukl Inve81ments that
matur8 in no more than three months from the dale of acqulsition and that are readlly convertlble
lo known amounts of cash with insignificant ri8k of change In value.
8hort tom) Inve•lments
Short tern investmènts Include cash invested In deposit accounts avA881ble Vdrthin &12
months.
g) Ll•tod InvoBtment•
Investments are a form of basic financial instrument and are initialty recorded al their IransaGtion
value and subsequentty ¥alued at closing mid-mart(81 Value at the Balance Sheel dale. Ary gain
or k>ss on revaluation is taken to the Statement of Finan¢lal Act￿lI1e$. Onty extemal injections of
cash and wtthdrawals of c88h from the investment p(xtTolio are treated as addrtions and
disposals within Note 13.
h)
Flnancl•l Instruments
The Charity holds only flnancl81 a88ets and financial liabilities of a kind that qualrfy as basic
financial instrument6. Basic financlal Instruments Include debtors and creditors. Debtors and
cffjditors are initially re¢ognised al Iransacllon value and Subsequently measured at amortised
051. Note 22 provides more infomiation on flnanclal Instruments where future cash flows are
anticipated, with financial assets referring to fixed asset investments and debtor balances
excluding prepayments, and financial liabilities referring to all credllor balanc88 exdudSng deferred
inccKne and other laxalion and 60clal securlty.

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
Accumulated lund8
General funds are funds whlth can be u8ed In accordance wlth the charftsble oblect8 8t the
dl8cretion of the Trustees.
Restricted fund$ are $ubJecl to Spec￿ condltions by donors as lo how they may be used. The
purpo8e8 and uses of the restricted funds are 88t out in the notes to the aecounts.
D85ignaled funds comprise furKls vthich have baen set askle at the discreth)n of the Tru8tee8
for sp8crfic purpo8e8. The purp)8￿ and uses of the deslgnated funds are get out in the notes 10
the accounts.
Laaslng and hlr• purchue commttments
Rentals payable under operating leases are charged agalrnt Income on o stralght Ilne be818 over
the perlod of the 1888e.
P•n•lon•
The Ch8rfjty operates two defir￿d conlrlbution pension 8cheme8. Contrlbullon8 are charged In the
account8 as they become payable In accordance vAlh the of the scheme.
Provhlon• for l￿bIlItI￿•
Prov181on8 are recogn5Bed when the enllly has an oblig81ion at the reportlng dale as a result of
past evenl, It Is probable that the enlily wlll b8 requlr8d lo Ir8n8fer economlc ben8fits In 8elllemenl
and the amount of th8 obllgallon cBn b8 8sllmaled r&llably.
Provl$ion8 am Inltlally measured al the besl e8tlmate of the amount requlred10 settle the obllgalion
and are revlewed al each reporting date. Any 8dlu8lm8n18 to rnfiecl the current be8t estimate a
re¢ogn189d In Ihe Sletement of Financlal Acllvilie$.
810NIFICANT JUDGEMENTS AND ESTIMATES
In the applScallon of the CharltW8 accounting pollcle8 the Trustees are required to make
ludgemenls, esllmal85 and assumptlons 8boul the carrylng values of assets and liablllll88 that
are not readlly apparent from other source8. The esllmates end underlylng a88umptions are
b88ed on hislorfcal experience and other factor8 that are consldered to bo relevant. Actual results
may differ from these e8timate5.
The eslimales and underlying a$$umplion$ are reviewed on an on-going b88is. Revision3 10
accounting 88timales are recognised in the period in which the estimate is revised rf the revision
affects only that period or in the period of the revision and future periods if the revision affects the
current and future period8.
The Trustees consider that thera arn no material Judgements in applying accounting policies or
key sources of esllmation unc£rt8lnty.
20

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
DONATIONS
Unmtrlctod Do8lgnatad ReBtflct•d
funds
fundB
fund8
Total
2022
Total
2021
LegacS88
Grants receivable for core
8Ctivilie8
tk>nallon8 and g5ft8
8,000
8,000
25,500
Grants recelvable for
core actlville8.'
Grant ISc4)Ilandl
Adult contrlbullon- ATC
Adult contrlbulbon- SCC
3.500
14,000
INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
Unr4•trlct•d O••lgnat•d R••trlctod
fund•
fund•
fund•
Total
2022
Tolel
2021
Contract Fundlng
Other Re81Ticled
3,500,000
3,500,000
21
3.&XI,000
Total
2022
Tot
2021
Contracls Funding relates to..
Educatlon and Skills Funding Agency contract
Induded withln income r&l81ing to OtherRestrl¢ted are the k￿lOWIng grants
FurKI generatSon- Reslrlcled Devolved Nations
Fund generallon- Restricted Scotland
FurKI generatlon- Restricted Northem Ireland
FurMI generatlon- Llon Award
Fund generatlon- Wesbmlnster Award
3,270
7,521
11,118
2.804
4,251
21

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
INVESTMENT INCOPAE
Total
2022
Tot81
2021
Income from inve8lmenls
Interest receivab18
34,160
35.803
OTHER INCOMING RESOURCES
Total
2022
Tot81
2021
Coron8vlru8 Job Relentlon Schemo grant
TOTAL RESOURCES EXPENDED
Staff
D•pr•clatlon
Oth•r
Total
2022
Total
2021
Investment m8nager
expen888
8,123
8,123
7,717
Ch•rlt•bl• •¢tlvlll••
Education & Irainlng
actlvltl88 undertaken dlreclly
41
74
Govwnance costs Indude costs of £13,800 (2021.. £12,GOO) for audll fee8.

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
COMPARATIVE STATEMENT OF FINANCIAL ACTIVrnE8
Unr&Str￿19d
lunds
De8lgn8ted
fvnds
R8strlct8d
Funds
Totsl
2021
INCOMEAND ENDOWMENTS
FROM..
Don8tlons 8rAI l&g8cles
Gh8rit8bb activit￿5
Other trading activilies
Income from investments
otherlncome
8,605
3.500,000
IT7,852
43,342
19,880
37,500
46.100
18,772 3,518,772
177,852
43,342
19,880
Total incominq resources
EXPENDITURE ON..
Expénditum on raising funds
Investment manager expenses
Expondituro on charitabla
aGtivities
7,717
7,717
3.803,297
100,258
39,472 3,743.027
Total resources 8xp8nd8d
Net qolns/(losses) on Investments
Net Income/(expendltureJ
293,988
(100,258)
16,800
210,530
Tr8nsl8r between lunds
NET MOVEMENT IN FUNDS
393,988
(200,258)
16.8IXI
210,530
Total fvnds brought forward
Total fvnds cerrfed fO￿ard
10. TRUSTEE8
None ofthe Trustees (or any persons connected with them) received any remuneration duri
theyear, and 5 {2021.' ofthem were reimburned £1.941 {2021.' £Alil) travelling expense8.
23

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
11. EMPLoYee8
Number of employees
Th8 averag8 monthly numbor of employees during the year was..
2022
Numbor
2021
Numbgr
Educallon and TraSnlng
Included Inthe average monthty number ofempty8e8 above are 9{2021.' 1¥ parttime employees
ith equivalant hour8to 4 (2021.'9 fulltime employees.
2022
2021
Wages and 8alarles
Social Securlly costs
Other pen8lon eo818
1,725,606
177,692
1,780,911
l T4,580
The wages and 8alarie8 figure Include8 r8dundarw payYn8nts of £10,731 (2021.. £25.839).
The amount of remuneralknn eamed by dlreclor8 and Iru8leo8 In Ihe year wa8 £nll {2021.' £nll).
The number of ernployee8 whose annual remuneration was £80,000 or rrnrewerg..
2022
Numb•r
2021
Number
£100,000-£109,999
£9).000 - £99,999
£80.000 - £89,999
Of the employe￿ wh08e emoluments exceed £60,000, 3 {2021." 3) havo retlremenl benefrts accruing
under defined contribullon pen8lon sch&m88. Contributions lotalling £27,81312021.' £26,400) were
mad8 to defined ContrIbutK￿ penslon 8cheme8 on behalf of employees whose emolumenls exceed
£60.￿0.
The k8y management personnel of the Charity are noted on page 1. Aggregate employee benefrt8 of
key management P8r80nnel for the year was £340,070 (2021." £341,579).
24

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
12. TANGI8LE FIXED ASSETS
Land &
Computer
Bulldiny Equipment
Flxlure8,
flitings &
equipment
Total
At t August 2021
Addltion8
Dlsposals
55.975
249,625
26,424
114.647
420,247
27.083
At 31 July 2022
Deprecialk)n
Al l Auoust 2021
Charg8 for the yaar
On dlsposals
16,419
8.956
217.479
24,831
110,723
1,295
344.821
35,082
12 990)
At 31 July 2022
71
N81 book valuè
At 31 July 2022
At 31 July 2021
13.
INVESTA*NTS
2022
2021
Market velue at l August
Reinve818é dividends net of investment management
fee8 (8xclude8 accrued dlvld8nds)
Net unre81188d Inve8tment11088è8ygaln8
1,182,861
978, 789
26,166
28. 749
Market valu8 at 31 July
Hlstorlc cosl {In¢ludlng c88h)
The follovAng Investment wn8lllutes more than 5% of the market value of the portfolto..
2022
2021
Vangu8rd S&P 500 UCITS ET USD DIS
Fidelity UCITS ICA US Qual INC UCITS ETF GBP
59,981
25

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
14. DEBTORS
2022
2021
Trade debtors
Prepayments and accrued Income
15,195
15,984
1& CREDITORS: AMOUNT8 FALLING DUE WITHIN ONE YEAR
2022
2021
Trade ¢redltor8
Taxes and 80c(818ecurlty c08ts
Accruals
Defarrad Income (note 18)
95,914
48,506
98,405
72,582
47,841
117,200
16. DEFERRED INCOME
Deferred income re18tes to grants recelved for wolect8 whlch have not yet been Started or
are partlally completed.
Th8 mov8menl8 durlno the year wor6..
2022
2021
88lanco at l Augusl
Amoun18 received
Amount8 Utlllsed
105,886
7,980
89,748
51,210
Balanc• at 31 July
17. RECONCILIATION OF NEf INCOME TO NET CASH PRoinDED BY opeRATING
ACTIVITIE8
2022
2021
Net Income for the reportlng period
Depreclalion
Inte￿$t received
Income from investments
Unrealised {gainsylosses
Loss on disposal of fixed asse18
{Increa$eyde¢rease in debtors
{D8creaseyincrease in ueditors
Incre85e in provisions
40,093
35,082
(7,573)
{34.160)
64.280
1.895
{24.773)
(7,761)
210,530
47,451
(T,539)
(35,803)
(155,323)
71,919
(6,109)
ush provld•dl(usedl by 0￿ratIng actlvltlo•
26

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
18. PENSION AND OTHER POST-REfiREMENT BENEFIT cOmMITkE￿rs
The Charity operate8 t%w) defined ￿ntributIOn p8nsion sch8mes.50 {2021'. 49) m8mb8rs have
benefits accruing under the schemes. The assets of the schemes are held separately from those
of tho Charity In independenuy administered funds. Tho pen8ion charge represents contributions
payable by the Charity to the funds.
2022
2021
Conlrlbutions lo defined ¢ontrlbutk*n penslon scheme8
19. DESIGNATED FUND8
8818nce al
l August
2021
Incomlng
R88ourc66
resouTh8 OXP8nded
Transfer8
Bal•nc• at
31 July
2022
Scolland and Adult
MOD C8de18 and Adults
55,672
{362)
{55,3201
The de8lgnated funds of the Charlly relate8 to the follo%￿n9'.
£NII (2021.. £55,872) has been deBignated to be u80d In Scotland and on Adull courses. Th1$ fund
18 no longer required.
£1.002.935 f2021.' £1, 135.334) which was 8el aslde out of unr8stfl¢ted funds by the Truste85 for
the speclfic purp08e of providing training to MOD Cadets ané Adults. Thls Is expo¢ted lo be used
over th8 next fwe years.
DESIGNATED FUNDS Comp•ratlv• y•ar 2021
Balanc• at
IncomlrKJ Resources
1 August rnsources 8xpgnded
2020
Translers
B818nce at
31 July
2021
Scotland and Adult
Dilapidations
MOD Cade18 and Adults
56.909
100.000
(1.237)
55,672
{7￿,00￿)
21
27

CVQO LIPIIITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2021
20. RE8TRICTED FUND5
The funds of the Charfty includ8 r851ithd furKls c(ffipiising the followlng unexpended balances
of dondons and grants held for specthc purp08es'.
B818nce 81
l August
2021
In￿rnIng
resources
Resource8
expended
8alanc• al
31 July
2022
08volved Nation8
Northem Ireland
BCBN - Lion Award Bra(fftird
The UIy8se8 Tru81- W88tmlns18r
Award
Nottlnghamshire and Lln¢oln8hlre
3,270
11,118
2,604
{3,270)
(11,118)
{2,804)
5,000
{5,000)
Resldded fund8 relate to income glven In 8UPPOrt of 8pectllc cohort8 of Students be Ih8t defined by
geographical location. cour8e ti118. 8pecific group development or 81udent need8.
RESTRICTED FUNDS Comparatlv• year 2021
The funds of the Charfly Ir￿U￿8 re$lrict8d funds ciJmprl8ing the following unexp8nd8d balarK88
of donallons and kyanls held for 8pe¢ific purpose8'.
Ba18nc8 8t
l August
2020
InGoming
resources
Resources
expended
8al8n¢e 81
31 July
2021
D&volvgd Natlon8
Northem Irelend
S¢otl8nd
Islg of Man
Noltingh8mshlre and Llncolnshlre
7,521
4,251
24,500
(7,521)
(4,251)
(24.500)
(2.400)
2,400
21. ANALYSIS OF NET APJ8ET8 BETWEEN FUNDS
Unregtrlcted Dmlgnatod R••trlet•d
funds
fund•
fund•
Total
Tangible fixed assets
Current assets
Credllors.. amounts f8lllng du8
wlthin one year
Credllors.. amounts falllng du8
after one year
1.190,469
1,995,616
1,190,469
3,016.071
1.002,935
17,520
{335,548)
(335.548)
150 000)
28

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
21.
ANALY818 OF NET ASSETS BETWEEN FUNDS Comparatlvg year 2021 (contlnuod)
Unr•strldod D•Blgnatod R••trlthd
fund•
fund•
fund•
Total
Tangible fixed assets
Current assets
Credllor8'. amounts falllng due
wllhin one year
Provl8lon8
1.238,487
1.713,515
1,238.487
2,923.721
1.191,006
19,200
(343,309)
(343,309)
22.
FINANCIAL INSTRUMEKf8
2022
2021
Fln•ncl•l a•••t•
Financial assets measured at falr value
Financial assets me8SUfed at amortlsed eogl
1,124,737
1, t62,881
Flnancl•l Ilablllti
Finan¢i81 liabillties measured at amortlsed cosl
Flnanclal 888ets me88ured at falr value are Inveslmonls.
Flnanclal 888els measured 8t 8mortl$ed cost comprlse trade deblor8, olhw debtors, accruéd
Income, cash and cash equivalents and short term Investments ex¢ludlng prepayments.
Flnanclal Llabi151188 m•88umd al amortl88d cost compr18? trade credllor8, olhef tyedltors,
FYov181on8 and accruals excludlng deferred Income and other taxalion and 8oclal securlty.
23. COMMITMENTS UNDER OPERATING LEASES
At 31 July 2022 the Charity had annual commltments under non-cancellable operallng leases as
follows-
Land and bulldlng•
2022
2021
oth•r
2022
2021
Explry dale..
Le55 than one year
Between twj and five years
In over five years
128.071
288,511
128,071
416.582
14,581
44,613
18,021
41.228

CVQO LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 JULY 2022
COMMITMEP
At the year end, CVQO Ltd had contracted caprtal conynltments of £NII12021.' £NII).
25. RELATED PARTY TRANSACTIONS
During the year CVQO Ltd had no related party transaction• to di8cIo88.
2&
PROVISIONS
Tho p￿sbOn rolate8 to potenllal dllapldatlon8 Ilabllltles at CVQO Ltd propertle8.