2023-07-31-accounts

Cadet Vocational College Charity Registration No. 1115234 (England and Wales) Charity Registration No. SCO 39261 (Scotland) Company Registration No. 05736932 (England and Wales) CVQO LTD (Operating as Cadet Vocational College) TRUSTEES. REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023

TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 LEGAL AND ADMINISTRATIVE INFORMATION Trustees Chairman Vice Chaimian Honorary TreaSu￿r The Lord Lingfiebj Kt DLill DL Ms Olg8 P￿ttoM1eY MIVA MIOD MrJohn Dowty TD MA ACA Mr Keith Baldwin BSCIEngl ACGI Msc DIC C Eng MIET FIBC Professor Martin Doel CBE Ms Lesley Davies OBE (resigned 23 November 20221 Professor Simon Denny BA MA PhD. Hdder ofthe Queen's Award for Enterprise Pro¥nolion r Vice-marshal Ranald Munro CB CBE TD VR DL laprx)inled 23 November 20221 Chief Executive Mr Guy Horridge OBE Bsc Msc MBA FCGI FCMI FlnstLM Key management Chiel Executive Mr Guy Horridge OBE Bsc Msc MBA FCGI FCMI FlnslLM rsonnel Deputy Chief Executive Ms Michèle Pary BA PGDIP MA Direcior ol Finance Mr RotrRrt Hatvey MA ACA Director of Matl(eting Mr Stephen Tayl and Communications Charty Name CVQO LTD Charity Working Name Cadet Vocatitx)al College Charity number England and Wales 1115234 Charity number Scotland SC039261 Company number 05736932 Registered Offi and Principal address 3 Archipelago Lyon Way ca￿berfey Surrey GU16 7ER Auditors Crowe U.K. LLP Aquis House 49-51 Blagrave Street Reading Berkshire RG1 1PL Bankers Lloyds Bank plc 98 Vicloria Street London SW1E 5JL

TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The Trustees present their report and am)unls for the year ended 31 July 2023. The accounts have been prepared in accordan￿ with the accounting pdicie$ set out in note 2 to the accounts and comply with the Charitys governing docurnenl, the Companies Act 2LKE and the ststement of Recommended Practice, 'AcctyJnling and Re￿rtIng by Charities"120191. The Ch8rty was illcoTW)raled on 9 March 2006. In July 2023 CVQO registered a new working name with the Charity Commission and became known as Cadet Vocational College. Oblectlv88 and Actlvltlos The charita￿e purpose of Cadet Vocalional College is to advance the edu(alion and training ol youth and adult members of youth movements and schwls to enable them lo obtskn ¥￿atIonal qualifications. The Charty is an accredited provider of vocational qualifications, delivering educational opportunities lo members ofvolunlary youth movements and schc*Jls, including the Army Cadet Force, RAF Air Cadets, Marine Society and Sea Cadets, Combined Cadet Force contingents w(thin %hools, St John Ambulan￿ Cadets. the Fire Cadets, The Scouts. The Boys, Brigade and the Volunteer Police Cadets. A high prop(xbon of schwl age leamers participating in Cadet Vocational College's programmes are not p￿icted to achieve five GCSES al 94 grade. Many learners are also entitled to free school meals and there is a proven correlation between eligibility for free school meals and lower academic attainment. The vocational qualifications offered by the Charity provide these leamers with a valuabte allemative roule to achieve formal rgcognised qualilicalions. Most Cadet Vocational College leamers receive their qualrfications completely f￿e of charge through funding from the Education and Skills Funding Agency IESFAI or through partnership funding agreements. Most of those over 19 make a contribution to the cost of their qualfficalion, bul this is well below the commercAal rate that would be charged by other colleges or universities. Many ol those who are over 19 who register for an ILM or City & Guilds adun qualification have not achieved any previous fomial qualification. Soclal Impact Cadet Vocational College qu8lrfic81ions are an important scrial enabler, supporting and encouraging leamers to fulfil their potential and helping them gain ac￿SS to further and higher education, lo employment or other advancement. The Charity's qualifications are open to all. are wholly indusive and eouality of access is ensured. In 2021 the Inslilule for Social Innovation and Impact IISIII at the University of Nthampton published a report after a four year longitudinal research project into the sooal impact and relum on investment resulting from the MOD'S expenditure on cadets and the Cadet Expansion Projramme ICEPI. as well as the benefits ol the qualifications provided by Cadet Vocational College. The report induded a number ol notable con¢lusion5 which slroThJly demonstrate the benefits derived from the programmes offered by Cadet Vo¢￿tional College- Participation in the Cadet Forces and access to vocation81 qualrficalions have signrficanl pL)silive impacts on young people, in¢re8sing their perfomiance at school and improving their employment and career prospecis. Gaining vocational qualifications through Cadet Vocational College has particularly significant positive impacts on yOLJng people, p8th'cul8rfy Ih05e that suffer economic and other disadvantages.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY2023 Cadet Force Adult Volunteers I"CFAVs'l also benefit g￿allY in terms of increased lifetime eamings ￿S￿lting from new qualifications gained through Cadet Vocational College. The values of vocational qualifications to individuals have been calculated by previous research, including research commissioned by the UK Government. Although these values are indic2tive, when we apply them, at 2021 leve15, to the cadets and CFAVS that have gained Cadet Vocational College awards. we find Ihal the annual value of the vocational qualifications gained by disadvantaged cadets and CFAVS (measured in lems of their lifetime value lo the indiwdualsl is somewhere in the region of £150 million. This sum does not indude the value of awards lo cadets that are not disadvantaged. We therefore believe that the total annual lifetime value of vocational awards gained by members of the Cadet Forces through Cadet Vocational College musl be signrficantly more than £200 million pei annum. A more detailed synDPSiS of the original report is available at.. htt s'.Ilcv o.or -content1 I ds120221051So¢ial-Im 8cI-and-Value-of-CV ualificalions. df. During the year, the Charity commissione(I the author of the re￿rt to re-examine the impacts that qualifications provided by C8det Vocational Cdlege have on individua15 and society. The findings of the report are exrwted lo be published in late 2023. Coronavlru$ Impact Although there was no direct imp8d on our a￿.1fty lo deliver qualrficalions dunno IITe period, rnany of the organisalions that our learners come from had experienced significant falls in their membership as result of the pandemic, both amongst young people and the adult volunteers who a￿ instrumental in reuuiling new members and running the groups. Membership is starting to grow again but the new recruits are still typically too young to benefit from our ESFA funded qualifications. Although this bodes well lor Ihe future, we exF￿ct that il will take another couple of years before higher numbers in the new cohorts become eligible. In the meantime therefore our registration volumes may continue lo run below their historic levels. Obl•ctiv•b for the yoar For the year to July 2023 our key ot4'ectives were.. Strong ptsrf0rman￿ against e￿sting long term learner iargets and funding arrangements. Improve access lo qualifications by development of (JelThiery models and virtual training melhoddogy. Raise awareness of the Lion Award auoss Ihe UK and, if funding is available, increase the number of schools which run the programme by 10%. Expand our reach and the number of qualifications ddivered within non-MOD sponsored uniformed youth org8nis8tions. OUT medium term aim is that 20% of our registratic￿S shwld come from non-MOD cadets.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 Achievements and performanc Quallflcation$- Young People We registered 3,125 ESFA funded leamers in the year, an increase of 33%12022.' 2.3441. The prior year had be8n adversely affected by the impact of the cOr￿aviruS restrictions and although we were not haMpe￿d in the same way this year, the suspension of activities at many of the cadet units during the pandemic resulted in a high number of cadets leaving, in particular in the age-range that would have been eligible to register for funded qualifications. We were pleased therefore that the number of registrations was higher than we had initially anb'cipaled. We have continued to make use of virtual learning techr￿logY to support leamers in an engaging manner and to compliment faCe-tO-fa￿ training sessw)ns. Overall, registrations for leamers under 18 totalled 5.314. an inC￿ese 0125% over18sI year's total of 4,247. In particular, we were ab￿ lo deliver an increase in the number of BTEC Level 1 Teamwork and Personal Skills, and BTEC Levd 2 Teamwork and Personal Development qualificatsons. 78% of learners who were due to finish in the year achieved a qualific8b'on. Approxirnately 17% of leamers were from non-MOD sp¢Jns(xed uniformed youth organisations. quallfleations- Adults The number of new ￿giStratIOnS for adult qualifications lolalled 11112022.. 2141. The Adult curriculum was restructured during the year with certain qualifications being withdrawn and others redevelO￿d lo offer additional focussed support and online resources. W8 expect regislralions to pick up again next year and for the delivery of adult qualifications to be mLYe efficient and cost effective. Schools and Comrnunity Pmjects (Llon Aword) Cadet V￿allonal College's Lion Award is designed to promote the development of &14 year olds through a varied programme of outdoor activities, first aid skills and Social action projects. Leaming is designed lo ￿MpIernent regular school work and is faali181ed by the Charity's instructors to support chil¢Jren's mental wellbeing, resilien￿ and character. This programme runs at school or youth group premises and relies on school funding and charita￿e donalions. There was a 50% increase in the number of schty)15 8nd youth grwps offering the Award compared to the prior year. WostmlnsterAward In 2023 Cadet vc￿tIOnal College ran its 20th annuat Weslrninster Award programme ￿lch is designed lo reward those leamers who have not only excelled al their youth group commitments. bul gone over and atK)ve, helping others around them and displaying real allmism. This year we received an impressive number of nominalions from the Am)y Cadet Force, RAF ￿r Cadets. Marine Society and Sea Cadets, Fire servi￿ Cadets. Sl John Ambulance Cadets, Combined Cadet Force contingents within schools and The Boys, Brigade. We selected 40 finalists from these submissions lo take lo a four day assessment event in Somerset. The finalists took part in a series of physical and problem-s0￿ing challenges and completed the prestigious ILM Level 3 Award in Leadership and Managernent. It was very clear that even those who did not make it through to the fin81 stage really valued their ILM Level 3 qualffication which they see as a valuable addition to their employability skills. Fifteen national finalists were identified al the selection stage and joined a two week expedition in Comwall during which they worked on a number of imaginative and demanding volunteering projects wi(h four partner charities and gained an understanding of issues associated with humanitarian aid, dimate change and conservation. Their Su￿sseS We￿ celebrated further wlh their families, friends and honoured guests during a lunch al the House of Lords in Septernber 2023.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 Graduation Ceramony The Charty held ils annual graduation ￿reMOnY for adult leamers al the historic buildings of RMA Sandhursl in October 2022. The Charity's Chairman, The Lord Lingfield. presided over the ceremonies 8ThJ the graduates we joined by friends and family lo celebrate their succes$. The events also allowed us lo recognise the hard work and tremendous suppK)rt we receive each year from our many Cadet For¢& Adult Volunteers and Vocats'onal Qualtficalion Officers. Futurg Plan$ The Chief Executive and the Executive Team have identified the followng a5 priorities-. Achieve agreed ESFA leamer largels. In¢￿aSe the number of Adult registrations by 10%. Expand our reach and the number of qualifications delivered wthin non-MOD sponsored uniformed youth org8ni5alions. Our mediLtm term airn ks that 20% of our regislralions shcijld ¢ome Irom non-MOD cadel5. Raise awareness of Ihe Lion Award a(xoss the UK and, if funding is available, inc¥ease the number of schools which run the programme by 10%. Structure. governancg and managemgnt The Charity i8 a company limited by guarantee and, n accordance w((h the Companies Ad 2006, does not have a share capitsl. The Trustees, who are also the directors forthe purwse of company L￿,WhO served duringthe year, were.. The Lord Lingfield Kt DLitt DL Ms Olga BDltomley MIVA MIOD Mr Keith Baldwin 8SclEngl ACGI Msc DIC C Eng MIET FIBC MrJohn Dowty TD MAACA Professor Martin Doel CBE Ms Leslie Davies OBE (resigned 23 NOveM￿r 2022) Professor Simon Denny BA MA PhD. Holder of the Queen's Award for Enterprise Promoti￿. r Vice-marshal Ranald Munro CB CBE TD VR DL lapFK)inted 23 November 20221 Trustees are r8cmited n a variety of ways and from a range OfsoU￿$. Trustees who have been appointed bringwilh them a weahh of educational, youth, military, financial and legal knowledge. Trustees a￿ el￿ted for an initial term of three years and al that point are eligible to seek re-elgction for a further lemis of three years. The Chairman has the option lo extend any Trustee's tsmi for a further one or years, so as lo avoid an exodus al any one time. None of the Trustees has any benefici81 interest in the cornpany. All of the Trustees are members of the company and guarantee locontribule £1 in the event of a winding up. On the rets'rement of the Chaim)an il will be the resiy)n5ibilty of the Trustees to elect a new Chaimian from amongst them.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 Once elected, newTruslees are given an nduCtiC￿ pack and inwted to attend a training day. The Trustees have delegated eulhorty for management of the Charity lo the Chief Executive and the Executive Team. Key Management Remuneration The Directors consider th81 the Board of Directors, who are the Charity's Trustees. and the Executive Team comprise the key man3￿ment personnel of the company in charge of directing and controlling. running and operating the org8nis81ion on a day-lo-day basis. Cadet Vocational College's remuneration policy and procedures for key management personnel are as follow5.' The Board is responsible for setting the Chief Executive's remuneration.. The Chief Executive sets the salaries of the other members of the Executive Team.. and, Pay is reviewed at least annualty. Statement of Trusta8s' responslbllltles The Trustees Iwho are also directors of the charitable company for the purposes of company lawl are stK)nsible for preparing the Trustees. Report and the financial sialements in accordan￿ with applicable law and United Kingd(¥n Generalty A¢￿pted AC￿untIng Practice {United Kingdom Accounting Stsndardsl. Company law requires the Trustees to prepare financial statements for each finanoal year. Under company law the Trustees must not approve the finan¢ial statements unless they are $8ti5fied that they give a true and fair view of the stste of affairs of the charitable company and of the incoming ￿SourCeS and application of reSoUr￿s, induding the income and expenditure. of the charitable company for that pgriryy. In preparing these financial slalements, the Trustees are requir￿ to.. • select suitable ac(yJunting policies and then apply them consistently.. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and pru¢Jent- stale whether appliCa￿e UK accounting standards have been followed, subjeci lo any material departures disclosed and explained in the finanaal statements; and p￿pare the fin8ncial slalements on the g(xng concern basis unless rt is inappropriate lo presume that the charitable company will ￿ntinUe in business. The Trustees are responsible for keeping adequate accounting ￿COrdS that are sufficient to show and eX￿aIn the charitable company's transactions, disclose with reasonable accuracy at any time the finanaal position of the charitable mmpany and enable them to ensure th81 the financial slalemenls comply with the Companies Act 2006. the Charities and Trustee Investrnent IScoUan¢Jl Act 2005. the Charities Aowunts (Scotlandl Regulations 2006 las amended) and the provisions of the Charity's con51ilulion. They a￿ also responsible for safeguarding the asseis of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Risk Management Cadet Vocational College has inlro¢Juced a risk management process lo asses5 business risks and has irnplemenled risk management strategies. This has invofved identifying the types of risk5 the Charity faces. prioritising them in teims ol potential impact and likeliho(xJ of 0￿UrrenCe and identifying means of miligaling the risks. The Charills inlemal conlrols have also been reassessed lo ensure that they (￿lInUe to minimise the risk of Iraud and are in line wth the guidelines established and recommended by the Ch8rtty Commission.

TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 The risks 8re ￿vieW￿l al Trustee meetings that are held regularty throughout the year. The Chief Executive has prtjyuced a Business Disaster Recovery Plan which has been le5ted and continues lo provide effective cover in the event of a significant incident with a potentially damaging impact on the Charity. Principal Risks Financial Risk.. A large proportion of Cadet Vocational College's income derives from a single funding arrangement th the Educ81ion and Ski115 FundirwJ Agency IESFAI. If this contract were terminated, not renewed or reduced in value there would be a very significant finanoal impad on the Charty. Mitigation.. Maintain good ￿ lations with the funders, identify other income sourL*S, ensure full adherence lo the terms of the agreement, meet or exceed perfomiance iargels and prcxmole the value ofthe qualifications provided and the benefits lo the learners who achieve them. Continue to be Ofsted graded gocK% or above. Educational Envimnment Risk.. As Govemrnent policy on education evolves there is a risk that the current set of vocation81 qualifications that the Charity offers fall oulside fulure funding specilicalions. Miligalion.. The College continually rnonilors the education environment and would react quickly lo an announ￿Ment ol any future changes in funding requirements and would seek to develop new vocational qualifications thal continue lo deliver the benefits to Y￿jng people provided by our p￿ent qualifications and also lo meet any new requirements of the funding bodies. Chlld Safeguarnling 'sk'. Cadel Vocational College is committed to preventing any hafm lo ehildren caused by ils activities. The Charity's reputaty'on could be signific8nlly da{llag￿j if il fails lo safeguard learners engaged in its qualifications. Safety and care of leamers is a key ofsled requirement. Mitigation.. All staff a￿ trained on child safeguarding and are provided wlh 8 dear and secure framework for ensuring that all children and young people engaged in the Charity's activities are protected from harrn. A Su￿commIttee of the Trustees, Board has been established to oversee safeguarding matters and lo ensure that the risk is monitored, reported on and any incidents investigated and action tsken when necessary. Where appropriate we work with the cadet for￿S, youth groups and schools to ensure inlegrity of safeguarding even where the COll￿e is not directly responsible. Data Security Risk.. The risk that the Charity's dats is stolen. leaked, lost or held to ransom as a res￿￿ of a cyber- attack. This coukj result in loss of reputslion, claims against Cadet Vocational Colle￿, interruption lo its operations or any combination of these. Miligalion.. The Charity has invested in strong IT securty systems induding firewall and anti-virus software and has adopted gwd data protection praCtI￿S thal provKJe an as)propriate level of defence against cyber-attack. An ex￿r￿nted Data Protection Officer has been appointed and external expertise utilised to perfom Ir8ining, data audits and lo implement GDPR policjes. All members of staff have received training with follow up Whe￿ necesgary.

TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 Compliance Risk". Dats Return Compliance Failure. There is a significant volume of data thal musl be provided quarterly to key funders and il is important that these return5 of dats are submitted on a timely basis and with a very high degree of accuracy. Persistent non-compliance could jeopardise Cadet Vocational College's relationship with ils funders. Mitigaticm.. Ensure high standards of ¢J8ts verification and validation occur before Submission of the Teturns and that the ability lo perfomi these processes is held by a number of employees. Data integrity is supported by experienced IT staff and an expert exiemal IT services company which ensures that data is managed on up-to-dale sofN¥are systems and regulady backed up. All relums are overseen by the Executive Team. Statement of Public Benefit The Company has operating as an independent Charity and Cc*mpany Limited by Guarantee for seventeen years. The Trustees confim that they have cx)mplied with the duty in Section 17151 of the Charities Act 2011, to have due regard lo the guidance issued by the Charity Commission on public benefit. This is carried out through the Objetxs and Powers of the org8nisalion. Financial Revival Income in the period was £3,906.00012022'. £3,782.0001. The ESFA continued io provide the Charity's CO￿ grant funding for England al £3,500,00012022.. £3,$00,0001. This funding has been secured at the same level for 2023124. In addition to govefnment department grant funijing, Cadet Vocational College draws charitable funding from a range of sources induding charitable trusts and Ihe cadet organisalions. Additional funding in the year w85 £60,0￿ {2022.. £30,000) which helped lo cover those not eligible for ESFA grant fvnding and lo allow the Charity to deliver qualffications to adults at subsidised rates. The investment portfolio depreciated in value (inclusive of reinvested income and nel of charges) by £25,00012022." depreciation of £38,000). The yearend valuation was £1,100,00012022= £1,125,000). Income from ¢ash deposits, however, benefrted from higher interest rates and totalled £47,QC(112022.' £8.(1001. Totsl resources expended was £3,929,00012022= £3,678,000). Expenditure was higher than in the pritir pericmj Main￿ due lo an increase in the number of learners registering for qualifications and increases lo the fees charged by avrdrding bodies. The Chanty's deficrt for the year lo 31 Juty 2023 was £77,00012022.' surplus of £40,000). Total funds al 31 July 2023 were £3,644,OCX)12022.. £3.721,OIX)l. Unrestricted funds comprised the majority of the balance al £3,634.00012022.. £3,703,000) of which £904,00012022.' £1,003,000) was d8sign8led for MOD Cadet and Adult qualifications. Restrided funds lotalled £9,O¢XI12022'. £18,000).

TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2023 RoseTrvg$ Pollcy The Trustees, policy on reseryes strikes a baL4n¢e between 8pplying lund5 TeceNed to our charitsble purposes and maintaining a level of reserves which would allow the Chanty lo deal effectively and responsibly wlh the finanaal challenge that would result from the loss of a major funding stream. The Trustees consider il appropriate lo hold unrestricted funds. excluding designated funds, al a level which would ensu￿ that studen15, already registered, would be a￿e to complete their courses. This would ensu￿ that no student al￿adY registe￿￿ wth us would be disadvantaged in the evenl of such a loss of funding. Reserves can also be applied to funding new or potential projects where an initial investment is ne￿SSary to develop new sustainable areas of adivity or lo identify whether OT not such sustainable activrties can be developed. The policy is reviewed annualty. The balance in unrestricted reserve5, exduding designated reserves, at 31 Juty 2023 was £2,730,00012022.. £2,701,Cx)01. The Trustees consider this to be a reasonab￿ level of reserves and will be subject to regular review. After deducting the carrying value of tangible fixed assets held for the Charty's own use there were free reserves as defined by the Charity Commission of £2,649,(x)012022.. £2,635,000). The balanc* held in restricted funds al 31 July 2023 was £9,OW {2022- £18,000) representing funding ceived for specifi¢ cohorts of students, be that defined by geographic location, course tille or specific student needs, Ih8t has not yel been expended. These reserves will be spent in suprKJrt of the relevant students in future peri(xYs. Designated funds al 31 July 2023 were £904,00012022.. £1,¢X)3,Cx)01. Al of the funds were designated for the support and delivery of cadet and adult volunteer vocational qualifications. Invostmwts The Trustees have the authority conferred by the menK)randum and articles of asgociatson to invest a5 they see frt and lo delegate the rnanagemenl of investments to a financial expert. Cadet Vocatsonal College is not dependent on inveslmenl income to undertake its work and is relatively risk adverse but considers it appropriale to invest a protK>rtion of it5 available funds in longer temi investments in Order lo maintain capital and achieve a higher retum than can te ￿alised with bank deposits. Ils inveslrnenl objective is to invest globally to maintain the capitsl value, al least in line with inflation, as rneasured by the Consumer prI￿S Index ICPII with a targeted lotal retum of CPI +2.5Oh over a rolliw ten year period whilst rninirnising risk exposure and investment volats'lity. The Charity has appointed RBC Brewin Dolphin lo manage a portfolio of equity and fixed-interesl investments. The Trustees instructed the investment manager Ihal no direct investment Irxher Ihan TreasLJry Slockl should represent more than five percent of the overall value ol tre funds and thai no investment into a fund holding undertying investments should represent more than ten percenl of the overall value of the funds when purchased. In addition investments should not be made in markets where marketability Is limited. or directly in high risk investments, slructured products, hedg& funds or funds of hedge funds. The investment Manager reports lo the Trustees quarterfy and the Charty reviews its investment strategy annually. Cadet Vocational College invested £1,000,000 in January 2019. At 31 July 2023 the value of the investments was £1.100,00012022.. £1,125,000). The return for Ihe year ended 31 July 2023 of-2.2% was lower than comparable benchmarks such as the ARC Balanced Asset Charity Index which showed a decline of 0.7% over the same period. This was attributable lo stock and fund seledion, in particular US equities. The portfolio's rolum over the four years lo 31 July 2023 was 3.4% which compares to CPI of 19% and a target relum of 31 %. Its perf0rnan￿ was closer to, but still lower than, relums 8chieved by the investment manager peer group ARC Balanced Asset Charity Index, which retx)rted growth of 8.1%. Due to the recent high levels of inflation and financial markel performan￿ we anliupale that the porlfolio is likely lo continue lo underachieve against its inflation linked objective over the next period.

TRUSTEES. REPORT FOR THE YEAR ENDED 31 JULY 2023 Fundralstng Practlces The Chanty's funds derive principally from statutory and govemment agencies but it does raise small surns from Trusts and Foundations as wdl for specific purposes. We are also fortunate to receive donalions from individuals, particularly from individuals who have gained a Cadet Vocational College vocational qualification or those that know them and wish to show their appreciation. The Charity is not set up to engage in large scale fund-raising activities like mass mailings, telephone fLJnd-raising or door- t￿door campaigns nor do we employ a professional fund-raiser or engage the services of any third-party organisalions lo help raise funds from the general public. To this end. we have not considered it necessary or appropriate to sign up to any regulatory code of fundraising practice, and we have ensured that we have taken all reasonable steps lo protec* vulnerable people from inappropriate or unwelcomed fundraising approaches. We have not received any cornplainls ab￿J1 any asFect of our fund-raising. Cadet Vocational College has 8 strong ethos of respect for the independence 8nd dignity of ils leamers and wouky not Countenan￿ any conduct or activities that undemined this. Provision of infomiation to auditors Insofar as each of the directors of the Charity at the dale of approval of this report is aware there is no relevant audit infomalion linformalion needed by the Charty's auditor in connection wth preparing the audrt reportl of which the Charity's auditor is unaware. Eath director has taken all of the steps that they shoukl have taken as a director in order to make themselves aware of any relevant audil infomiatson and to establish that the Charity's auditor is awa￿ of that infom)81ion. Audltors The Auditors. Crowe U.K. LLP will be proposed in accordance wlh section 485 of the Companses Act 2006. Approv￿ by the Board of DirectOTS and signed on their behalf by'.- The Lord Lingfield KT DLitt DL Chairman Mr Joh Dowt Honorary Tre MA ACA Dated: 2 Dated.. g 10

A Crowe Crowe lJ.L LiP CharteTgdAccountsnt5 Member of CroweGlob4 Ui5 House 4¥51 Bla8rave StreEt eerkshire ftGI IPI UK Tel [phone] Fax [phone] www.crowe.¢o.uk INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LTD Opinlon We have audited the finanoal statements of CVQO LTD for the year ended 31 July 2023 which comprise the Ststemenl of Financial Aclivilies, Balance Sheet, Slalemenl ol cash flows and notes lo the financial statements, including a summary of significant accounting poliaes. The financial rerK)rting framework that has been applied in their preparation is applicable law and United ￿'ngdoM Accounting Stsndards, including Financial Reporting Sland8rd 102 The Financjal Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Acceptel Accounting Practice). In our opinion the financial ststements.. give a true and fair view of the state of the charitsble (omp8ny's affairs as al 31 July 2023 and of ils incorning resources and application of resources, including rts income and expenditure for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice.. and have been prepared in accordance with the requirements oflhe Companies Act2006. the Charities and Trustee Investment IScoilandlAct2W5 aTh8 Regulation 8 ofthe Charities Accounts {SLX)tlandl Regulations 2006. Basis for opinion We conducted our audit in accordance with Intemational Standards on Auditing IUKI {ISAs IUKI} and applicable law. Our responsibililies under those standards are further described in the Auditor's responsibilities for the audit of Ihe financial statements seelion of our report. We are independent of the charitable company in accordance wth the ethical requirements that a￿ relevant to our audit of the financial slalements in the UK. including the FRC'S Ethical Standard, and we have fulfille(l our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffieienl and appropriate lo provide a basis for our opinion. Concluslons relating to golng concem In auditing the financial ststemenls. we have concluded that the tnjstees, use of the going c￿n￿M basis of accounting in Ihe preparation of the finaneial statements is appropriate. Based on the work we have perfomied. we have not identified any material Un￿rtaIntieS relating to events or conditions that, individually or collectively, may (ast significant doubl on the charitable LL)mpany's ability lo continue as a going concem for a peri¢>J of al least twefve mnth5 from then the financjal slalements are aulhorised for issue. Our responsibilities and the responsibilities of the Injstees with to going concern are described in Ihe relevant seclions of this report. wrUK LLP1sali￿1￿dll•b￿ityp￿%￿5￿Vw￿ryOiTh ThETIp￿￿rdO￿￿rl5 ￿ 55 Ludl￿￿H11l. EC4M7JW A I￿Or thELIP'I li 4ihbl¢ ￿th¢ rtxi$ierd*tri¢¢. 4thQn5rd4r￿ bythc Fi￿4￿[1￿7 Co￿u[lA￿￿O￿ty All %fQ thE LK by tht LLPud

Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LTD (CONTINUED) Other infomiation The trustees are responsible for the other iriformation wntained within the annual report. The other information e4)mprises the inform81ion induded in the annu81 report, other than the finanrjal statements and our auditor's report Ihereon. Our opinion on the financi81 $18lernent5 does not Ix)ver the other informalion and, except to the extent otherwise expliatly stsied in our rewrt, we do not eXp￿sS any fom of assurance conclusion thereon. OUT responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the finan(i81 statements or our kn￿edge obtsined in the 8udil or otherwise appears to be matertally misstated. If we identify such material In￿nSisten¢1es or apparenl material misstatements, we are required to determine whether this gives rise to a material misst*ement in the financial statements themselves. If. based on the work we have perfornied, we conclude that Ihere is a material misstalemenl of this other infornialion, we are required lo report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our oiynion based on the work undertaken in the course of our audit the information given in the Iruslees. report, whith indudes the directors, report prepared for the PLsrposes of company law, for the financial year for which the financAal slalernenls are prepared is consistent with the fin8n¢ial sl8lernenls,' and the directors. report included wthin the trustees, report have been prepared in accordance with applicable legal requirements. Motters ¢n which we arB required to report by exception In light of the knowledge and understanding of the tharitable company and its enwronmenl obtained in the course of the audit, we have nol identified material misstatements in the directors, report included within the twstees. rewt. We have nothing lo report in respEcl of the following matters in relation lo which the Companies Act 2006 and the Chariiies Accounts Iscollandl Regulations 2006 ￿quire us to report to you if, in our okynion- adequate and proper acLX)unling records have not been kept.. or the financial statements are not in agreement with the ac￿UntIng rewrds and returns- or certain disclosures of Iruslees, remuneration specffjed by law are not made.. or we have not recewed all the information and expL8n81ions we require for our audit Rgsponsibilitias of trustees As explained more fully in the trustees, responsibilities statement on page 6 the trustees (who are also the directors of the charitable company for the purposes of ojmpany lawl are responsible for the preparation of the financial statements and for being satisfied trat they gNe a true and fair view. and for such intemal control 8$ the trustee5 determine is ne￿sSary lo enable the preparation of finanoal 5talemen15 that are free from material mis51alemenl, whether due lo fraud or error. 12

Crowe INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LTD (CONTINUED In preparing the financial stalemenls. the trustees are ￿$[￿nsIble for assessing the charitable company's abilty lo ￿ntinUe as a going concern, disclosing, as applicable, matters related lo going concem and using the going concern basis of accounting unless the trustees either intend lo liquidate the charilablts company or lo cease operations, or have no realistic altemalive bul lo do so. Audllor'$ r•sponslbllltlo$ for the audlt Of tho flnanclal slatemonts We have been appot'nled as auditor under section 4411llcl of the Charities and Trustee Investment (Scollandl Act 2005 and under the Companies Act 2006 and report in accordance wth the Acts and relevant regulations made or hawng effect thereunder. Our objedives are to obtain reasonable assuran￿ atoul whether the financial statements as a whole are free from material misslalement, whether due lo fraud or error, and lo issue an auditorfs report that include5 our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an 8udil conducted in accordance with ISAS IUKI wll a￿ayS delect a material misslalement when il exists. Misslalements can arise frorn fraud or error and are considered material if, individually or in the aggregate. they could reasonably be expected lo inlluence the economic deasions of users iaken on the basis of these financial statements. Details of the extent to which the audit was considered capable of detecting irregularities. induding fraud and non-compliance with laws and regulations are sel out below. A further description of our reswnsibilities for the audit of Ihtr finanaal slalements is l(K31ed on the Financial Reporting Counal's website at.. www.frc.o .uklaudilorsres onsibilities. This descripts'on fornis part of our auditor's report. Extent to whlch thè audit was considerèd c4>able of dètecting irregularltiès. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misst*ement ofthe finanaal ststements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and pthmied audit prrKedures resrK)nsive to those risks. including obtaining audit evidence sufficient and appropriate lo prowde a basis for our opinion. We obtained an understanding ofthe ￿al and regulatory frameworks WTthin whith the charitable ￿MpanY operates, focusing on those laws and regulations that have a direct effed on the delerminalion of material amounts and disclosures in the finanaal slalements. The laws and wulalions we considered in this context were the Companies Act 2006, the Charities Act 2011 and The Charitie5 and Trustee Investment (Scotlandl Act 2005 together with the Charities SORP IFRS 1021. We assessed the required com ￿lance with these laws and regulations as part of our audit procedures on the related financial statement items. In 8ddilion, we considered provisions of other laws and regulations that do not have a direct effect on the financial slalements bul Complian￿ with which might be fundamental to the charitable LLYnpany's ability to operate or lo avoid a material penalty. We also consdered the opwjrtunrties and incentives that may exist WFthin the charitable cornpany for fraud. The laws and regulations we considered in this context were General Dats Protecting Regulations antl Safeguarding of young people and vulnerable adults. Au¢Jiling standards limit the required audit pr￿dureS lo identify non-compliance wth these laws and regulations to enquiry of the Tnjslees and other management and inspection of regulatory and legal CorreStK)nden￿, il any. 13

Crowe

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LTD (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 certain income streams 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 certain income streams, 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: 9 November 2023

14

STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 JULY 2023 COMPANY NUMBER 5736932 Unrestricted Designated funds funds Reslricled Funds Total 2023 Total 2022 Notes INCOME AND ENDOWMENTS FROM. Donations and legaaes Charitable actNilie5 Other trading actwitts Income frorn inveslments 9,209 3,500,000 261,887 82,035 950 10,159 51.465 3,551,465 261.887 82,035 9,408 3,521,992 208,929 41,733 Total incoming rosourcos EXPENDITURE ON: Expenditure on raising funds Investment manager expenses Expenditure on charitable aclivilies 7.679 7.679 &123 3,761.469 98.785 60,758 3.921.012 3.669,566 Total resourc•s 8XP8nd8d Net110ssesllgains on investments 12 NET MOVEMENT IN FUNDS 29,770 198,7851 18,3431 177.3581 40,093 Total funds brought fornard Total funds Ca￿led forward 20 All of the 8LK)ve resuts are derived froTn continuing 8Ctwilies. The Charity has no other re(x)gnised gains and losses other than those slated at)ove. The notes on pages 18 10 30 fomi part of these financBI slalements. 15

BALANCE SHEET AS AT 31 JULY 2023 COMPANY NUMBER 5736932 2023 2022 Notes FIXED ASSErs Tangible assets Investments 81,430 1 100 094 65, 732 7 124 T31 12 1.181.524 1. 190,469 CURRENT ASSETS Debtors Cash at bank and in hand Short term inveslmenls 192,416 1.415,505 1481473 84,662 1.960,580 970 829 3.OB9,394 3.016,077 CREDITORS.. amountsfalling due within oneyear NET CURRENT ASSETS 11 TOTAL ASSETS LESS CURRENT LIABILITIES 3,809,634 3,870,992 Provigions 25 NET ASSETS FUNDS Restricted funds 19 .177 17,520 Unrostrictedfunds: Designated funds 18 904,150 1.002.935 General funds 2 730 307 2 700 537 20 Approved and authori behalf by'.- for issue by the Board ol Directors on and signed on its The Lord Lingfield KT DLiti'b( Trustee MrJ hn ee YTDMAACA The notes on P￿eS 18 10 30 fomi part of these financHI statements. 16

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2023 2023 2022 Notes Cash flows from op•ratlng activities: Net cash provid8dl(u$ed) by operating activities 16 (H0301 T9.083 Net cash usod in Invesllng activities Purchase of tangib￿ assets Investment income Purchase of investments (including reinvested dividends) Bank interesl receivable Purchase of shcyt term investments {42,8661 35.403 f27,083J 34.160 {29,5701 46.632 (26, 156) 7.573 Net cash used in invosting activlt5es $01 655 469 Change in cash and cash equivalents in the reporting period Not Fundg re￿ncIliation. Net lund5 at 1°, August 1.960,580 2,536.966 (Decrease) in cash in the year Net funds at 31st July Analysis of cash and cash equivalents Cash in hand The not8s on pages 18 10 30 form part of these financkal stalemenls. 17

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 COMPANY INFORMATION The principal activty of the Charity is lo advance the education and training of youth and adult members of youth movements and schcnls to enable them lo obtain vocational qualifications. The Charity Iregislered number 1115234 and charity number 057369321 is incorp¥)raled and domialed in the UK. The address of the ￿gIstered office is 3 Arthipelago, Lyon Way, CamI￿dey, Surrey, GU16 7ER. ACCOUNTING POUCIES Basis of prnparation The financial statements have been Prepared in accordan￿ Accounting and Reporting by Charities.. Statement of Recommended Practi￿ applirable lo charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and RepUt￿lC of Ireland IFRS 1021 leffeclive 1 January 20191- Charities SORP IFRS 102) and the Companies Act 2006. The Charity meets the definition of a pU￿1C benefit entity under FRS 102. Asseis and liakn'lities are initially recognised al historical cost or transaction value unless otherwise slated in Ihe levant ac￿U￿tIng policy note. Golng con￿rn The Trustees have considered a range of scenarios that may result from high levels of inflation, prolonged disruption CALJsed by the C￿r￿nt eo)nomi¢ dimate and other risks. They have assessed the effect on the Charity's cash flow and reserves and consider that Ihere is a reasonable expectation that it has adequate reSoUr￿S to continue in operational existence for the foreseeable future. For this reason, the Trustees continue lo adopt the 'going concem, basis in preparing the a(£¢xJnls. Group accounts Consolidated accounts have not been produced due to the trading subsidiary's ac£ounls being domanl forthe period, and therefore immaterial for the group as a whole. bl Income and •ndowment l income is recognised once the Charity has entillemenl lo the income. il is probable that the income will be received and the amount of income receivable can be measured reliably. tknalions a￿ rwiged when the Ch8rity h8s ￿en notrfd in vniting of both the 8mounl and settlemwl date. In the event Lhal 8 d(¥)at￿n is suLyec to cx¥)di(K)ns that Nuire a ￿v￿ ofperfomance efore the Charity is enlitbj to the funds, the income is deferr￿ and nol recr*Jnised until either thcse are fully rrEt. or the futhlmenl of trc6e condrtions is vtholly wrthin the control of Ihe Charity 8nd it is prOteb￿ that those 0)nd￿onS will te fulfilled in the repNtirg period. Grant inwme is inclu¢Jed when the 18late(I Condi(1¢￿ for legal enlillement to the grant has been met. Resources receiv￿1 relating to a future Peri￿ will be deferred to the extent that they do not relate to the current accounting period such as where grants have been made for a specthc number of leamers and not all leamers have been fegi8tered within Iheyear. 18

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 c) Expondlture "abilities are recognised as expenditure as sojn asthere is a ￿gaI orcor&ruo*ve obligaticffl committing the Charity to that expErNJiture, rt is probable th81 settlement will be requir￿ and the amount of tF ct>ligalitx) can ￿ measured ￿l￿9bly. Al expend((ure is accy)unted f¢x on an accruals basL%. Costs relating to charrtable adiwtses include all costs incurred in thediwA furtheran￿ ofthe Chanty's obl￿1ve$. Irr￿0Verable VAT is charged against the expenditure heading forwhich il was inoJrred. Tanglble fixed assets and depreclatlon Tangibk fixed assets are stsled al cost less depreciation. Depreciation is provided at rates calculated to write off the cost less eslimated residual value of eath asset over its expected useful lile, as follows.. Building Improvements Computer Equipment Fixtures, r￿IngS & equipment Length of the remaining lease term 33.33% Slraighl Line Method 25% Slrdighl Line Method Items under £250 are not capilalised. Cash arKI cash equivalents Cash is represented by cash in hand and deposits with financlal inslilulions repaYa￿e wlhoul penatty on notice of not more than 24 hours. Cash &]uivalenls a￿ highly liquid investments that mature in no more than three months from the dale of a￿ul$ll10n and thal are readity convertible to known amounts of cash with insignificant risk of Chan￿ in value. Short terrn investments Short term investments i￿Ude cash invested in deposit a￿OUnts actessible wilwn 3-12 months. gl Listed investments Investments are a form of basic financial instrun￿nI and are initially recorded at their tranSa￿￿n value and subsequently valued at closing mid-market Value al the Balance Sheet dale. Any gain CY Ios5 on revaluation is taken lo the Slalement of Financial ACtNi1￿5. Only extemal injections of Cash and wthdrawals of cash from the investment wrtfdio are treated as addili(ms and diswsals within Note 12. h) Financial instrumgnts The Charity holds only finan081 assets and finoncial liabilities of a kind that qualify as basic finanoal inslrumenls. Basic finanry81 instruments indude debtors and creditors. Deblors and reditors are initially recognised at transaction value and subsequentty measured at amortised C051. Note 21 provides more inforrnalion on financial instruments where future cash flows are anticipated, wth financial assets referring to fixed a5sel investments and debtor ba18nces excluding prep8ymenls. and fin8n(aal liabilities referring to all creditor balances excluding deferred income and other taxation and social security. 19

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 A¢¢umulated funds General funds are funds which can be use(1 in a¢X0rd8n￿ with the charitable obj'ects at the discretK)n of the Trustees. Restrictèd fvnds are subj'ect lo speafic LL)ndf(ions by donors as to how they may be used. The purposes and uses of the restricled funds are sel out in the noles lo the accounts. Designated funds comprise fund5 which have been sel aside al the discretion of the Tru51ees for specific purposes. The purposes and uses of the designated fund5 are sel out in the notes lo the accounts. Leasing and hirn purchase commitmgnts Rentals payable under operating knes are tharged against inLx)me a straight line basis over the period of Ihe kase. k) Pensions The Charity operates two defined wnlribulion pension schemes. Contributions are charged in the accounts as they become payable in accordance with the ruth of the scheme. Provisions for liabilitios ProvisI￿S are reccxJnise¢J when the enlily has an obligation al the reporting dale as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be ostimated reliably. ProvisiMs are ini118lly measured al the t*st estimate of lh8 amount required lo selllethe oblig81i and are reviewed al each reporting date. Any adjustments lo ￿flect the current best eslirnate are recognised in the Statement of Financial Actiwties. SIGNIFICANT JUDGEMENTS AND ESTIMATES In the application of the Charity's accounting policies the Trustees are required lo make judgernents, estimates and assumptions about the carying values of assets and liabilities that are not readily apparent from other sources. The estimates and underfyin9 a&sumptions are based on historical experience and other faclors that are considered lo be relevant. Actual results may differ from these estimates. The estimates and undertying assumptions are revIe￿ed on an on4Joing basis. Revisions to accounting eslimales are wognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and ftrture Feriods if the revision affects the current and future perK)ds. The Trustees consider that the￿ are no material judgements in applwng accwnling policies or key sources of estimation uncertainty. 20

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 DONATIONS Unr•$trl¢t•d D•slgnated Restrlcted funds funds funds Total 2023 Total 2022 Grants receivable for cole acbvrties Donations and gifts 8,000 8,000 Grants receivable for core activities., Adult contributson- SCC INCOMING RESOURCES FROM CHARITABLE ACTIVITIES Unrestricted Designated Restricted funds funds funds Total 2023 Total 2022 Contract Funding Other Restricted 3.500.000 3.500.000 3.500.OtKI Total 2023 Tofal 2022 Contracts Funding relates to.. EducatiL￿ and Skills Funding Agency contract Included w¢thin income relating lo Other Restricted a￿ the followng grants.. Fund generation- Restricted Devolved Nations Fund generation- Restricted Northern Ireland Fund generation- BNA Nottinghamshire and Lincolnshire Fund generation- Lion Award Fund generation- Westminster Award 17.750 11,715 19,000 3.270 11.118 2,604 21

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 INVESTMENT INCOME Total 2023 Total 2022 Income from investments Interest re￿Ivable 35.403 34.760 TOTAL RESOURCES EXPENDED Staff Costs Depreciation other Total 2023 Total 2022 Investment manager expenses 7.679 7.679 8. 123 Charitablè actlvltle$ Education & training aclivf(ies undertaken directly 213040 27 168 1 763444 392101 Governance costs include costs of £15,950 (2022.. £13.8LXJ) for audit fees. 22

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES Untpst17Cted Designated funds runds RestI7cled Funds Total 2022 INCOME AND ENDOWMENTS FROM.. Donations and16gaaes Charitable aclmties Othertrading activities Income f￿rn inv8stments 9,408 3.500,Ch 208,929 41,733 9,408 21,gg2 3.521,gg2 208,929 41.733 Total incoming resources EXPENDITURE ON." Expenditure on raising lunds Investment manager expenses Expenditure on Gharilablo activities 8, 123 &123 3.513. 143 132.751 23.672 3.669.566 Total ￿$ourCeS expended Net (losses)/90ins on investments Net income/{expendttureJ 174.524 (132, 751) (1,680) 40.093 Transferbetween funds NET MOVEMENT IN FUNDS 229,844 (188.071) (1,680) 40,093 Tdal funds brought lonvard al LQfi Total funds carri&d fonvard 17 TRUSTEES None of the Trustees lor any persons connected swth them) received any remuneration during Iheyear, and 412022.- 5) ofthem were reimbursed £1,02712022.- £1,941) Iravelling expenses. 23

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 10. EMPLOYEES Number of employees The average monlhly number of employees during the year was: 2023 Number 2022 Number Educalioii and Training Included in the average rrKJnthty number ofemployees atrnve are 1112022.. 9 parttime employees th equivalent hours lo 7 {2022.-4 fulltime employees. 2023 2022 Wages and salaries Social Security costs Other pension Costs 1,817.616 171,185 141599 1.725,606 177,692 738 330 The wages and salaries figure includes redundancy paymenls of £49,621 (2022.. £10. 731). The arnounl of remuneration earned by directors and trustees in the year was £nil f2022.. £nilJ. The number of employees whose annual remuneration was £60.000 or morewere: 2023 Number 2022 Number £110,000- £120.000 £100,000- £109,999 £90,OIJO - £99,999 £80,OfKJ - £89,999 £70,000 - £79,999 Of Ihe employees whose emolumenls excoed £60,0(K), 312022.. 3) have retirement ￿nefitS accruing under defined contribution pension schemes. Contributions totslling £27,39212022.' £27,813? were made to defined conlributiw pen&on schemes on ￿half of empbyees whose emoluments exceed £60,fX)D. The key management personnel of the Charrty are noted on page 1. Aggregate employee benefits of key management personnel for the year was £382,216 (2022.. £340.070). 24

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 11. TANGIBLE FIXED ASSETS Land & Buildings Computer Equipment Fixiures, fittings & equiprnent Total Cost Al 7 August 2022 Additions Disposals 55,975 261. 164 38,130 115,306 4,736 432,445 42,866 At 31 July 2￿23 120 042 472910 Depreciation Al l August 2022 Charge for the year On disposals 25,3T5 8,956 229,320 16,023 112,018 2.189 366, T13 27,168 Al 31 July 2023 242 Nel Lx)ok value Al 31 July 2023 Al 31 July 2022 12. INVESTMENTS 2023 2022 Market value al 1 August Reinvested dividends net of investment management fees Nel unrealised inveslment Ilossesygains 1.124,737 1, 162,861 26, 156 Market value at 31 July Inveslrnent in subsidiaries Historic o)sl (including cash) The followng investment conslf(utes more than 5% of the market value of the portfolio.. 2023 2022 Fidelity UCITS ICA US Qual INC UCITS ETF USD On 13th July 2023 Cadet Vocational College Limited was inwrporated. Its register&J Offi￿ is the same as CVQO LTD. The company was dormant during the ￿rrent year. 25

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 13. DEBTORS 2023 2022 Trade debtors Other debtors P￿PayMents and accrued income 513 107.053 15, 195 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 Trade creditors Taxes and social security costs Accruals Deferred inc(¥ne Inote 151 131.053 39,888 78,317 212 026 95,914 48.556 98.405 1& DEFERREO INCOME Defe￿ed income relates to grants re￿iVed for projects which have not yet been started or are partially completed. The movements during the year were: 2023 2022 Bal8nce at 1 August Amounts received Amounts ulilised 92,673 158,578 105.886 7,980 Balance at 31 July 16. RECONCILIATION OF NET INCOME TO NEf CASH PROVIDED BY OPERATING ACTIVITIES 2023 2022 Nel income for the reporting period Depreciation Interest ￿ceiV￿1 Income from investments Unre81is8d1gainsyIoss8S Loss on disposal of fixed assets Ilncreaseydecrease in debtors IncreasellDecre8sel in creditors Increase in provisions {77,358) 27,168 {46,6321 1314031 54.213 40,093 35.082 ff,573) f34, 160) 64,280 1,895 (24. T73) (T. 761) {107,7541 125,736 Net cash lu9￿YPr0vlded by operating adivities 26

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 17. PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS The Charity operates two defined contribution Pensi￿ schemes. 4312022-. 501 members have benefits accruing under the schemes. The assets of the schemes are held separately from those of the Charity in independenlly administered funds. The pension charge represents contributi￿S paYa￿e by the Charity to the funds. 2023 2022 Contributions to defined contribution pension schemes 18. DESIGNATED FUNDS Balance at 1 August 2022 Incoming resources ResourcEs expended Transfers Balance at 31 July 2023 MOD Cadets and Adults The designated funds of the Charity relats to the followng.. £904,150 (2022.. £7,002.935) which was set aside out of unrestricted fvnds by the Trustees for the specific purpose of providing training to MOD Cadets and Adults. This is expecled lo k used over the next five years. DESIGNATED FUNDS Comparative year 2022 Balance at l August 2021 Incoming resources Resources expended Transfers Balance at 31 July 2022 Scotland and Adult MOD Cadets andAdults 55,6T2 1135 334 (352) 132 399 (55,320J I￿2935 27

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 19. RESTRICTED FUNDS The funds of the Charity irKJude restn'cted funds comprising the following unexpended balan￿S of donations and grants held for S￿ifiC purposes= Balance at 1 August 2022 Incoming resources Resources expended Balance at 31 July 2023 De¥0￿ed Nations Northem Ireland BNA- Nottinghamshire and Lin(xJlnshire The Ulysses Trust- Westminster Award Other Nollinghamshire and Lincolnshire 17,750 11.715 117,7501 111,7151 19,000 119,0001 3.000 950 13.0001 19501 Restricted funds relate lo income given in support of speafic cohorts of students ￿ that defined by geographical location, course liue, specific groijp development or student needs. RESTrICTED FUNDS Cornparative year 2022 8818nc8 at 1 August 2021 Incoming resources Resources expended Balance at 31 July 2022 Devolved N81ions Northem Ireland BCBN- LK)n AwardBradford The Ulysses Tmst- Weslmin&er Award Nottinghamshire and Lincolnshirg 3,270 11,118 2,604 (3,270) (11,118) (2,604) 5.000 (5,000) 17 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted Deslgnated ReStrI￿•d funds fvnds funds Total Fixed assets Current assets Creditors.. amounts falling due within one year Creditors.. amounts falling due after one year 1,181,524 2,176,{￿7 1,181,524 3,089,394 904,150 9,177 (461.2841 1461,2841 166 0001 28

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS Comparatlv8 y8ar 2022 Icontlnuod) un￿StriCted Deswnated Restricted funds funds funds Total Fixed assets CU￿ert assets c￿drt0rs.' amounts falling due within one year Creditors.. amounts falling due afterone year 1, 190,469 1,995,616 1, 190,469 17,520 3,016,071 1,002,935 (335.548J (335,548) 21. FINANCIAL INSTRUMENTS 2023 2022 Flnanclal assets Financial assets measured at fair value Financial assets measured at amortised cost 1,100,093 1, 124. T37 Financial liabilities Financial liabilities measured at amorknsed cost Finanaal assets measured at fair valLse are investments. Finanaal assets measured at amortised cost comprise trade debtors. other debtors, accTU income, cash and cash equivalents and short lemi inveslrnents exduding prepayment5. FinancAal Liabilities rneasured al amortised cost comprise trade creditors, other creditors, provisions and accruals excluding deferred income and other taxation and sooal se￿rItY. 22. COMMITMENTS UNDER OPERATING LEASES At 31 July 2023 the Charity had annual commitments under non<ancellable operating leases 8S follows= Land and buildings 2023 2022 Other 2023 2022 Expiry dale.. Less than one year Bewn two and five years In over five years 128,071 160,440 12B,071 288.511 14.581 44,613 41.825 29

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2023 23. COMMITMENTS Al the year end, the Charity had contracted caprtal commitments of £nil12022.. £nilJ. RELATED PARTY TRANSACTIONS During the year Professor Simon Denny, a Trustee. undertook a research project that was approved by the Board of Trustees for a value of £6,800 (2022.. £Nil). 25. PROVISIONS The provision relates to potential dilapidations liabilities al the Charity's Properties. 30