2025-07-31-accounts - Cvqo Ltd

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Vocational Al Cadet Colleae g

a 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 2025

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	Chairman	The Lord Lingfield Kt DLittDL
	Vice Chairman	Ms Olga Bottomley MIVA MIOD (resigned 6 April 2025)
	Honorary Treasurer	MrJohn DowtyTD MAACA Mr Keith Baldwin BSC(Eng) ACGI MSc DIC C Eng MIET FIBC
		Professor Martin Doel CBE
		Professor Simon Denny BA MA PhD. Holder ofthe Queen’s
		Award for Enterprise Promotion
		AirVice-Marshal Ranald Munro CB CBE TD VR DL
Chief Executive		MrGuy HorridgeOBE BSc MScMBAFCFE FCGI FCMI
Keymanagement	ChiefExecutive	MrGuy Horridge OBE BSc MScMBAFCFE FCGI FCMI
personnel	Deputy Chief Executive Director of Finance	Ms Michéle Parry BAPGDIPMA MrRobert Harvey MAACA
	Director of Marketing	MrStephen Taylor
	and Communications
Charity Name		CVQO LTD
Charity Working Name		CadetVocational College
Charity number	England and Wales	1115234
Charity number	Scotland	$C039261
Company number		05736932
Registered Office		3 Archipelago
and Principal		LyonWay
address		Camberley
		Surrey
		GU16 7ER
Auditors		Crowe U.K. LLP 5° Floor
		R+ Building
		2 Blagrave Street
		Reading
		RG1 1AZ
Bankers		Lloyds Bank plc
		98 Victoria Street
		London
		SW1E5JL

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TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

The Trustees present their report and accounts for the year ended 31 July 2025.

The accounts have been prepared in accordance with the accounting policies set out in note 2 to the accounts and comply with the Charity's governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" (2019).

The Charity was incorporated on 9 March 2006. CVQO Ltd is known as Cadet Vocational College.

Objectives and Activities

The charitable purpose of Cadet Vocational College is to advance the education and training of youth and adult members of youth movements and schools to enable them to obtain vocational qualifications.

The Charity is an accredited provider of vocational qualifications, delivering educational opportunities to members of voluntary youth movements and schools, including the Army Cadet Force, RAF Air Cadets, Marine Society and Sea Cadets, Combined Cadet Force contingents within schools, St John Ambulance Cadets, the Fire Cadets, The Scouts and the Volunteer Police Cadets.

Over a third of school age learners participating in Cadet Vocational College’s programmes are not predicted to achieve five GCSEs at 9-4 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 learners with a valuable alternative route to achieve formal recognised qualifications.

Most Cadet Vocational College learners receive their qualifications completely free of charge through funding from the Department for Education (DfE) or through partnership funding agreements.

The majority of those over 19 make a contribution to the cost of their qualification, but this is below the commercial rate that would be charged by other colleges or universities. Many of those who register for a City & Guilds or ILM adult qualification have not achieved any qualifications since leaving school.

Social Impact

Cadet Vocational College qualifications are an important social enabler, supporting and encouraging learners to fulfil their potential and helping them gain access to further and higher education, to employment or other advancement. The Charity’s qualifications are open to all, are wholly inclusive and equality of access is ensured.

Between 2016 and 2025 the Institute for Social Innovation and Impact (ISII), part of the University of Northampton, carried out four research projects into the individual and societal impacts and financial return on investment of the Ministry of Defence (MOD) sponsored Cadet Forces. The research resulted in four reports: ‘What is the social impact and return on investment resulting from expenditure on the Cadet Forces in the UK?’ (May 2021); ‘What is the impact of the Cadet Forces in Scotland?’ (January 2023); ‘Getting an Edge: The impact and value of the Cadet Forces in Wales’ (June 2024); and ‘The impact and value of school-based Cadet Forces in the UK’ (March 2025). These reports all included very positive findings about the impact and value of the qualifications provided by Cadet Vocational College.

In addition to the research commissioned by the MOD, Cadet Vocational College commissioned two research reports from the ISII designed to explore in more depth the impact and value of its qualifications. These reports, published in 2021 and 2024, have conclusions which confirm and amplify the findings of the research carried out for the MOD.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

The six reports provide a number of notable conclusions that robustly identify the benefits, for both individuals and society, derived from participation in programmes offered by Cadet Vocational College:

e Cadet Vocational College identifies and accredits crucial life skills that, too often, go unrewarded and unrecognised- attributes such as teamwork, communication, leadership, and resilience which are so important and form the foundation of a productive community. The research projects found that Cadet Vocational College vocational qualifications are highly valued by the uniformed youth organisations that are Cadet Vocational College’s customers.
e The qualifications are important enablers of social and material progress, resulting in increased earnings and career opportunities. Schools that have CCF units whose cadets gain Cadet Vocational College qualifications are highly likely to gain outcomes that are positively valued by educational inspection regimes.
e Vocational qualifications, such as those provided by Cadet Vocational College are very highly valued by employers, and help gain access to further and higher education. Learners, both adult volunteers and cadets, understand that their vocational qualifications give them significant advantages and value them accordingly.
e There is very robust evidence to show that tens of thousands of people have had their lifechances significantly improved as a result of gaining their vocational qualifications while being members of uniformed youth groups, perhaps especially if they are classified as disadvantaged or SEND in any way.
e Importantly, the work of Cadet Vocational College results in a very positive return on investment for the UK. The values of vocational qualifications to individuals have been calculated by previous research, including research commissioned by the UK Government. Although these values are indicative, when applied to the cadets and Cadet Force Adult Volunteers (CFAVs) that have gained Cadet Vocational College awards, the annual value of the vocational qualifications gained by disadvantaged cadets and CFAVs (measured in terms of their lifetime value to the individuals) is found to be somewhere in the region of £150 million. This sum does not include the value of awards to cadets that are not disadvantaged. Therefore, the ISII calculated that the total annual lifetime value of vocational awards gained by members of the Cadet Forces through Cadet Vocational College must be significantly more than £200 million per annum.

Objectives for the year

For the year to July 2025 our key objectives were to:

e Achieve agreed DfE learner targets. e Increase the number of Adult registrations by 10%. e Expand our reach and the number of qualifications delivered within non-MOD sponsored uniformed youth organisations. Our medium term aim is that 20% ofour registrations should come from non-MOD cadets.
e Increase the uptake of the BTEC Level 1 in Teamwork and Personal Skills by 10%.

Achievements and performance

Qualifications — Young People

We registered 2,330 DfE funded learners in the year, slightly more than the target agreed with the DfE and in line with the prior year (2024: 2,351). Our continued focus on improving the quality of education through both face-to-face and virtual learning delivery has resulted in an increase in the proportion of learners achieving their learning aims.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

Overall, registrations for learners under 19 totalled 4,114, an increase of 6% over last year (2024: 3,873). This was mainly due to an increase in the number of learners taking the BTEC Level 1 qualification in Team Work and Personal Skills (+21%) many of whom were funded by the Sea Cadets.

87% of all learners (2024: 83%) who were due to finish in the year achieved a qualification. Approximately 15% of learners (2024: 16%) were from non-MOD sponsored uniformed youth organisations.

Qualifications — Adults

The College offers a range of City & Guilds and ILM adult qualifications and we were pleased to see the number of new registrations increase by 25% to 161 (2024: 129), a large proportion of which came from growth in the popularity of the City & Guilds Award in Education and Training.

Westminster Award

In 2025 Cadet Vocational College ran its 22 annual Westminster Award programme which is designed to reward those learners who have not only excelled at their youth group commitments, but gone over and above, helping others around them and displaying real altruism.

This year we received an impressive number of nominations from the Army Cadet Force, RAF Air Cadets, Marine Society and Sea Cadets, St John Ambulance Cadets, Combined Cadet Force contingents within schools and Scouts. We selected 44 finalists from these submissions to take to a five day assessment event in Somerset.

The finalists took part in a series of physical and problem-solving challenges and completed the prestigious ILM Level 3 Award in Leadership and Management. It was very clear that even those who did not make it through to the final stage really valued their ILM Level 3 qualification which they see as a valuable addition to their employability skills.

Twelve national finalists were identified at the selection stage and joined a ten day expedition in Hampshire and South Wales during which they worked on a number of imaginative and demanding volunteering projects with various partner charities and gained an understanding of issues associated with emergency rescue, climate change, wildlife and conservation. Their successes were celebrated further with their families, friends and honoured guests during a lunch at the House of Lords in September 2025.

Graduation Ceremony

The Charity held its annual graduation ceremony for adult learners at the historic buildings of RMA Sandhurst in October 2024.

The Charity’s Chairman, The Lord Lingfield, presided over the ceremonies and the graduates were joined by friends and family to celebrate their success. The event also allowed us to recognise the hard work and tremendous support we receive each year from our many Cadet Force Adult Volunteers and Vocational Qualification Officers.

Future Plans

The Chief Executive and the Executive Team have identified the following as priorities:

e Achieve agreed DfE learner targets. e Increase the number of Adult registrations by 10%. e Increase the uptake of the BTEC Level 1 in Teamwork and Personal Skills by 10%. e Increase support and uptake of qualifications for learners in IMD deciles 1-5

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

Structure, governance and management

The Charity is a company limited by guarantee and, in accordance with the Companies Act 2006, does not have a share capital.

The Trustees, who are also the directors for the purpose of company law, who served during the year, were:

The Lord Lingfield Kt DLitt DL Ms Olga Bottomley MIVA MIOD (resigned 6 April 2025) Mr Keith Baldwin BSc(Eng) ACG] MSc DIC C Eng MIET FIBC Mr John Dowty TD MA ACA

Professor Martin Doel CBE

Professor Simon Denny BA MA PhD. Holder of the Queen’s Award for Enterprise Promotion. Air Vice-Marshal Ranald Munro CB CBE TD VR DL

Trustees are recruited in a variety of ways and from a range of sources. Trustees who have been appointed bring with them a wealth of educational, youth, military, financial and legal knowledge.

Trustees are elected for an initial term of three years and at that point are eligible to seek re-election for a further two terms of three years.

The Chairman has the option to extend any Trustee’s term for a further one or two years, so as to avoid an exodus at any one time.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 inthe event of a winding up.

On the retirement of the Chairman it will be the responsibility of the Trustees to elect a new Chairman from amongst them.

Once elected, new Trustees are given an induction pack and invited to attend a training day.

The Trustees have delegated authority for management of the Charity to the Chief Executive and the Executive Team.

Key Management Remuneration

The Directors consider that the Board of Directors, who are the Charity’s Trustees, and the Executive Team comprise the key management personnel of the company in charge of directing and controlling, running and operating the organisation on a day-to-day basis.

Cadet Vocational College’s remuneration policy and procedures for key management personnel are as follows:

e The Board is responsible for setting the Chief Executive's remuneration; e The Chief Executive sets the salaries of the other members of the Executive Team; and,
e Pay is reviewed at least annually.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

Statement of Trustees’ responsibilities

The Trustees (who are also directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

e select suitable accounting policies and then apply them consistently;
e observe the methods and principles in the Charities SORP;
e make judgements and estimates that are reasonable and prudent;
e state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
¢ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions, disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the provisions of the Charity’s constitution. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Risk Management

Cadet Vocational College operates a risk management process to assess business risks and implement risk management strategies. This involves identifying the types of risks the Charity faces, prioritising them in terms of potential impact and likelihood of occurrence and identifying means of mitigating the risks. The Charity's internal controls are reassessed annually to ensure that they continue to minimise the risk of fraud and are in line with the guidelines established and recommended by the Charity Commission.

The risks are reviewed at Trustee meetings that are held regularly throughout the year.

The Chief Executive has produced a Business Disaster Recovery Plan which has been tested and continues to provide effective cover in the event of a significant incident with a potentially damaging impact on the Charity.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

Principal Risks

Financial

Risk: A large proportion of Cadet Vocational College's income derives from a single funding arrangement with the DfE. If this contract were terminated, not renewed or reduced in value there would be a very significant financial impact on the Charity.

Mitigation: Maintain good relations with the funders, ensure full adherence to the terms of the agreement, meet or exceed performance targets and promote the value of the qualifications provided and the benefits to the learners who achieve them. Continue to be Ofsted graded good or above and maintain strong relationships with other key stakeholders.

Educational Environment

Risk: As Government policy on education evolves there is a risk that the set of vocational qualifications that the Charity currently offers falls outside future funding specifications.

Mitigation: The College continually monitors the education environment and would react quickly to any announcement of future changes in funding requirements. If such an event occurred, the College would seek to develop new vocational qualifications that continue to deliver the benefits to young people provided by our existing qualifications and also to meet any new requirements of the funding bodies.

Safeguarding

Risk: Cadet Vocational College is committed to preventing any harm to children, young people and vulnerable adults caused by its activities. The Charity’s reputation could be significantly damagedif it fails to safeguard learners engaged in its qualifications. Safety and care of learners is a key Ofsted requirement.

Mitigation: All staff are trained on safeguarding and are provided with a clear and secure framework for ensuring that all children, young people and vulnerable adults engaged in the Charity’s activities are protected from harm. A sub-committee of the Trustees’ Board has been established to oversee safeguarding matters and to ensure that the risk is monitored, reported on and any incidents investigated and action taken when necessary. Where appropriate we work with the cadet forces, youth groups and schools to ensure integrity of safeguarding even where the College is not directly responsible.

Data Security

Risk: The risk that the Charity’s data is stolen, leaked, lost or held to ransom as a result of a cyber-attack. This could result in loss of reputation, claims against Cadet Vocational College, interruption to its operations or any combination of these.

Mitigation: The Charity has invested in strong IT security systems including firewall and anti-virus software and has adopted good data protection practices that provide an appropriate level of defence against cyberattack. An experienced Data Protection Officer has been appointed and external expertise utilised to perform training, data audits and to implement GDPR policies. All members of staff have received training with follow up where necessary

Fraud

Risk: The Charity recognises that the risk of fraud, including financial misstatement or misuse of charitable funds, is a key area of concern for all charitable organisations. While the Charity considers the likelihood of significant fraud to be low, the potential impact on reputation, resources and delivery of charitable objectives could be material.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

Mitigation: The Charity has implemented a range of internal controls including segregation of duties, dual authorisation of payments, regular bank reconciliations and independent oversight by the Audit and Risk Committee and external auditors. Trustees receive regular financial reports and undertake periodic reviews of financial policies and procedures to ensure they remain robust and appropriate. Staff and volunteers are also made aware of the Charity’s whistleblowing policy, ensuring that any concerns can be raised and addressed promptly.

Statement of Public Benefit

The Company has been operating as an independent Charity and Company Limited by Guarantee for nineteen years.

The Trustees confirm that they have complied with the duty in Section 17(5) of the Charities Act 2011, to have due regard to the guidance issued by the Charity Commission on public benefit. This is carried out through the Objects and Powers of the organisation.

Financial Review

Income in the period was £3,915,000 (2024: £3,931,000). The DfE continued to provide the Charity’s core grant funding for England at £3,500,000 (2024: £3,500,000). This funding has been secured at the same level for 2025/26.

In addition to government department grant funding, Cadet Vocational College draws charitable funding from a range of sources including charitable trusts and the cadet organisations. Additional funding in the year was £52,000 (2024: £50,000) which helped to cover those not eligible for DfE grant funding.

The investment portfolio appreciated in value (inclusive of reinvested income and net of charges) by £128,000 (2024: £108,000). The year-end valuation was £1,338,000 (2024: £1,208,000).

During the period £1,940,000 was transferred from the Charity’s cash deposits to a Money Market Investment Fund. The combined returns from the Fund and cash deposits were £105,000 (2024: £89,000).

Total resources expended were £3,712,000 (2024: £3,604,000). Expenditure was higher than in the prior period mainly due to an increase in the number of learners registering for qualifications and investment in the modernisation of the Charity’s IT systems.

The Charity’s surplus for the year to 31 July 2025 was £366,000 (2024: £410,000).

Total funds at 31 July 2025 were £4,419,000 (2024: £4,053,000) none of which was restricted (2024: Enil). The balance included £860,000 (2024: £883,000) which was designated for MOD Cadet and Adult qualifications.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

Reserves Policy

The Trustees’ policy on reserves strikes a balance between applying funds received to our charitable purposes and maintaining a level of reserves which would allow the Charity to deal effectively and responsibly with the financial challenge that would result from the loss of a major funding stream. The Trustees consider it appropriate to hold unrestricted funds, excluding designated funds, at a level which would ensure that students, already registered, would be able to complete their courses. This 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 to identify whether or not such sustainable activities can be developed. The policy is reviewed annually. The balance in unrestricted reserves, excluding designated reserves, at 31 July 2025 was £3,559,000 (2024: £3,170,000). The Trustees consider this to be a reasonable level of reserves and will be subject to regular review.

After deducting the carrying value of tangible fixed assets held for the Charity’s own use there were free reserves as defined by the Charity Commission of £3,516,000 (2024: £3,104,000).

Designated funds at 31 July 2025 were £860,000 (2024: £883,000). All of the funds were designated for the support and delivery of MOD cadet and adult volunteer vocational qualifications.

There were no balances held in restricted funds at 31 July 2025 (2024: Enil).

Investments - Multi Asset Funds

The Trustees have the authority conferred by the memorandum and articles of association to invest as they see fit and to delegate the management of investments to a financial expert. Cadet Vocational College is not dependent on investment income to undertake its work and has a moderate to balanced appetite to risk. The Trustees consider it appropriate to invest a proportion of the available funds in longer term investments in order to maintain capital and achieve a higher return than can be realised with bank deposits. The Charity’s investment objective is to invest globally to maintain the capital value, at least in line with inflation, as measured by the Consumer Prices Index (CPI) with a targeted total return of CPI +3% over a rolling six year period whilst minimising risk exposure and investment volatility.

A portfolio of equity and fixed interest funds which was being managed by RBC Brewin Dolphin in a segregated fund was sold during the period and the proceeds totalling £1,208,000 were transferred to the Charity’s newly appointed Investment Manager, W1M Wealth Management Ltd (“W1M”). W1M invested the funds in the Waverton Charity Growth and Income Fund, an actively managed, multi-asset fund designed specifically for charities.

The majority of the funds were invested in the W1M pooled investment charity fund in the first quarter of the period. At 31 July 2025 the holding was valued at £1,338,000 (2024: £1,208,000), a total return for the year net of fees of 10.6%. All of the growth was achieved after the transfer of fund to W1M and compared favourably to a balanced reference index return of 8.2%.

Investments — Liquidity Funds

During the year, the Charity used £1,940,000 of its cash deposits to purchase accumulation units in a low risk, low volatility Sterling Liquidity Fund which invests in a broad range of high credit quality fixed income securities and money market instruments. The objective of investing in this fund was to generate a favourable rate of return while preserving capital and maintaining a reasonable degree of liquidity. The value of the investment at 31 July 2025 was £1,970,000 representing an average return, net of fees, over the investment period of 4.4%.

TRUSTEES’ REPORT FOR THE YEAR ENDED 31 JULY 2025

Fundraising Practices

The Charity’s funds derive principally from statutory and government agencies but it does raise small sums from Trusts and Foundations as well for specific purposes. We are also fortunate to receive donations 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 fund-raising or door-to-door campaigns nor do we employ a professional fund-raiser or engage the services of any third-party organisations to 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 to protect vulnerable people from inappropriate or unwelcomed fundraising approaches. We have not received any complaints about any aspect of our fund-raising. Cadet Vocational College has a strong ethos of respect for the independence and dignity of its learners and would not countenance any conduct or activities that undermined this.

Provision of information to auditors

Insofar as each of the directors of the Charity at the date of approval of this report is aware there is no relevant audit information (information needed by the Charity’s auditor in connection with preparing the audit report) of which the Charity’s auditor is unaware.

Each director has taken all of the steps that they should have taken as a director in order to make themselves aware of any relevant audit information and to establish that the Charity’s auditor is aware of that information.

Auditors

The Auditors, Crowe U.K. LLP will be proposed in accordance with section 485 of the Companies Act 2006.

Approved by the Board of Directors and signed on their béhalf by:> WO The Lord Lingfield KT DLitt C Chairman

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Mr Jchn Dowty TDa“ MA ACA
Honorary Treasurer
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Dated: L Novy 2027

Dated: ly Nev WwW

Crowe

Crowe U.K. LLP Chartered Accountants Member of Crowe Global R+ Building 2 Blagrave Street Reading Berkshire RG1 1AZ, UK Tel +44 (0)118 959 7222 Fax +44 (0)118 958 4640 www.crowe.co.uk

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LTD

Opinion

We have audited the financial statements of CVQO LTD for the year ended 31 July 2025 which comprise the Statement of Financial Activities, Balance Sheet, Statement of cash flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

e give a true and fair view of the state of the charitable company’s affairs as at 31 July 2025 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
e have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Crowe U.K, LLP is a limited liability partnership registered in England and Wales with registered number 0C307043. The registered office is at 55 Ludgate Hill, London EC4M
7JW. A list of the LLP's members is available at the registered office. Authorised and regulated by the Financial Conduct Authority, All insolvency practitioners in the firm are
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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LTD (CONTINUED)

Other information

The trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

e the information given in the trustees’ report, which includes the directors’ report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
e the directors’ report included within the trustees’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:

e adequate and proper accounting records have not been kept; or
e the financial statements are not in agreement with the accounting records and returns; or
e certain disclosures of trustees' remuneration specified by law are not made; or
e we have not received all the information and explanations we require for our audit

Responsibilities 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 company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from materia! misstatement, whether due to fraud or error.

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS AND TRUSTEES OF CVQO LTD (CONTINUED)

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and The Charities and Trustee Investment (Scotland) Act 2005 together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context were General Data Protection Regulations and Safeguarding of young people and vulnerable adults.

Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

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 noncompliance 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 noncompliance 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: /0 NI ovawbers W1T

STATEMENT OF FINANCIAL ACTIVITIES AS AT 31 JULY 2025 COMPANY NUMBER 05736932

		Unrestricted	Designated	Restricted	Restricted	Total	Total
		funds	funds		Funds	2025	2024
	Notes	£	£		£	£	£
INCOME AND
ENDOWMENTS FROM:
Donations and legacies Charitable activities	4 5	500 3,500,000	- -		900 51,766	1,400 3,551,766	600 3,549,604
Othertrading activities Income from investments	6	280,965 80,911	- -		- -	280,965 80,911	257,723 122,142
Other income		575	-		.	575	575
Total incoming resources		3,862,951	__-	__	52,666	_3,915,617	_3,930,644
EXPENDITURE ON:
Expenditure on raising
funds
Investment manager expenses		9,839	-		-	9,839	7,916
Expenditure on charitable activities		3,626,605	22,951		52,666	3,702,222	3,595,795
Total resources expended	7	__3,636,444	22,951		52,666	_3,712,061	3,603,711
Net gains/(losses) on investments	13	162,567	-		:	162,567	82,712
Netincomeforthe year		389,074	(22,951)		.	366,123	409,645
NET MOVEMENT IN
FUNDS
Totalfundsbroughtforward		3,169,918	_ 883,361	_	-	4,053,279	_3,643,634
Totalfundscarriedforward	21	__3.558.992	860.410		-	_4,419,402	4,053,279

All of the above results are derived from continuing activities. The Charity has no other recognised gains and losses other than those stated above.

The notes on pages 18 to 30 form part of these financial statements.

BALANCE SHEET AS AT 31 JULY 2025 COMPANY NUMBER 5736932

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----- Start of picture text -----
2025 2024
Notes £ £
FIXED ASSETS
Tangible assets 12 42,548 65,978
Investment in Subsidiaries 1 1
Investments 13 3,308,333 1,207,705
3,350,882 1,273,684
CURRENT ASSETS
Debtors 14 233,586 215,584
Cash at bank and in hand 579,474 1,584,817
Short term investments __ 762.519 _ [1,502,162]
1,575,579 3,302,563
CREDITORS: amounts falling
due within one year 15 329,959 353,568
NET CURRENT ASSETS 1,245,620 2,948,995
TOTAL ASSETS LESS CURRENT
LIABILITIES 4,596,502 4,222,679
Provisions 26 177,100 169,400
NET ASSETS — 4,419,402 ___4,053,279
FUNDS
Restricted funds 20 - 2
Unrestricted funds:
Designated funds 19 860,410 883,361
General funds 3,558,992 3,169,918
21 4,419,402 4,053,279
Approved and authofised for issu e Board of Directors on k Noverbe 2026 and signed on its
behalf by:- n I
The Lord Lin -itt DL Mr John TD MA ACA
Trustee Trustee
----- End of picture text -----

The notes on pages 18 to 30 form part of these financial statements.

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025

			2025	2024
	Notes	£	£	£	£
Cash flows from operating
activities:
Net cash provided/used by operating activities	17		120,197		113,747
Net cash used in investing
activities
Purchase oftangible assets		(8,483)		(20,988)
Sale oftangible assets			449	-
Investment income			7,899	32,816
Sale of investments		1,207,825		-
Purchase of investments (including reinvested dividends)		(3,145,676)		(24,900)
Bank interest receivable		73,012		89,326
Sale/(Purchase) of short term investments		__739,643		(20,689)
Net cash from/(used in)
investing activities			(1,125,540)		55,565
Change in cash and cash
equivalents in the reporting period			—(1,005,343)		169.312
Net Funds reconciliation:
Netfunds at 15August			1,584,817		1,415,505
(Decrease)/Increase in cash in the			(1,005,343)		169,312
year
Netfunds at 31stJuly			579,474		1,584,817
Analysis ofcash and cash
equivalents
Cashinhand			__579,474		1,584,817

The notes on pages 18 to 30 form part of these financial statements.

eS 17

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 34 JULY 2025

1. COMPANY INFORMATION

The principal activity of the Charity is to advance the education and training of youth and adult members of youth movements and schools to enable them to obtain vocational qualifications. The Charity (registered number 05736932 and charity number 1115234) is incorporated and domiciled in the UK. The address of the registered office is 3 Archipelago, Lyon Way, Camberley, Surrey, GU16 7ER.

ACCOUNTING POLICIES

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) — Charities SORP (FRS 102) and the Companies Act 2006.

The Charity meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

Going concern

The Trustees have considered a range of scenarios that may result from high levels of inflation, prolonged disruption caused by an uncertain economic climate and other risks. They have assessed the effect on the Charity’s cash flow and reserves and consider that there is a reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future. For this reason, the Trustees continue to adopt the ‘going concern’ basis in preparing the accounts.

Group accounts

Consolidated accounts have not been produced due to the trading subsidiary’s accounts being dormant for the period, and therefore immaterial for the group as a whole.

b) Income and endowment

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Donations are recognised when the Charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the Charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the Charity and it is probable that those conditions will be fulfilled in the reporting period.

Grant income is included when the related condition for legal entitlement to the grant has been met. Resources received relating to a future period 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 specific number of learners and not all learners have been registered within the year.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 34 JULY 2025

c) Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the Charity to that expenditure, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis.

Costs relating to charitable activities include all costs incurred in the direct furtherance of the Charity's objectives.

Irrecoverable VAT is charged against the expenditure heading for which it was incurred.

d) Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows: Building Improvements Length of the remaining lease term Computer Equipment 33.33% Straight Line Method Fixtures, fittings & equipment 25% Straight Line Method

Items under £250 are not capitalised.

e) Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

f) Short term investments

Short term investments include cash invested in deposit accounts accessible within 3-12 months.

g) Listed investments

Investments are a form of basic financial instrument and are initially recorded at their transaction value and subsequently valued at closing mid-market value at the Balance Sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities. Only transfers of funds between Investment Managers, external injections of cash and withdrawals of cash from the investment portfolio are treated as additions and disposals within Note 13.

h) Financial instruments

The Charity holds only financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments include debtors and creditors. Debtors and creditors are initially recognised at transaction value and subsequently measured at amortised cost. Note 24 provides more information on financial 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 creditor balances excluding deferred income and other taxation and social security.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

i) Accumulated funds General funds are funds which can be used in accordance with the charitable objects at the discretion of the Trustees.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

j) Leasing and hire purchase commitments Rentals payable under operating leases are charged against income ona straight line basis over the period of the lease.

k) Pensions The Charity operated two defined contribution pension schemes during the year. Contributions are charged in the accounts as they become payable in accordance with the rules of the scheme.

i] Provisions for liabilities Provisions are recognised when the entity has an obligation at the reporting date 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 estimated reliably.

Provisions are initially measured at the best estimate of the amount required to settle the obligation and are reviewed at each reporting date. Any adjustments to reflect the current best estimate are recognised in the Statement of Financial Activities.

SIGNIFICANT JUDGEMENTS AND ESTIMATES

In the application of the Charity's accounting policies the Trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and future periods if the revision affects the current and future periods.

The Trustees consider that there are no material judgements in applying accounting policies or key sources of estimation uncertainty.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

4. DONATIONS

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Total|Total| |funds|funds|funds|2025|2024| |£|£|£|£|£'000| |Donations|and|gifts|500|-|900|1,400|600|

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5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Total|Total| |funds|funds|funds|2025|2024| |£|£|£|£|£| |Contract|Funding|3,500,000|-|-|3,500,000|3,500,000| |Other|Restricted|-|-|51,766|51,766|49.604| | 3,500,000|____..-|51,766|3,551,766||[3.549.604]| |Total|Total| |2025|2024| |£|£| |Contract|Funding|relates|to:| |Education|and|Skills|Funding|Agency|(now DfE) DfE)|contract|_3,500,000|3,500,000| |Included|within|income|relating|to|Other|Restricted|are|the|following|grants:| |Restricted|Devolved|Nations|19,610|25,205| |BNA|Nottinghamshire|and|Lincolnshire|22,156|14,399| |The|Gosling|Foundation|10,000|10,000| |—|51,766|49,604|

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Contract Funding relates to:

Education and Skills Funding Agency (now DfE) DfE) contract

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

INVESTMENT INCOME

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|||||| |---|---|---|---|---| |Total|Total| |2025|2024| |£|£| |Income|from|investments|7,899|32,816| |Interest|receivable|73,012|89,326| |80,911|122,142|

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TOTAL RESOURCES EXPENDED

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |Staff|Depreciation|Other|Total|Total| |Costs|costs|2025|2024| |£|£|£|£|£| |Investment|manager| |expenses|-|-|9,839|9,839|7,916| |Charitable|activities| |Education &|training| |activities|undertaken|directly|2.029.999|31,838|1,640,385|3,702,222|3,595,795| |-2.029,999|___ 31,838|1,650.224|_3,712,061|_3,.603,711| |Governance|costs|include|costs|of £19,455|(2024:|£18,|185)|for|audit fees.| |NET|INCOME/(EXPENDITURE)| |Total|Total| |2025|2024| |£|£| |Net|Income|is|stated|after:| |Auditor's|remuneration|19,455|18,185| |Depreciation|31,838|36,315| |Operating|lease|charges|128,154|127,444| |179,447||[181,944]|

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8. NET INCOME/(EXPENDITURE)

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

9. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

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||||||||| |---|---|---|---|---|---|---|---| |Unrestricted|Designated|Restricted|Total| |funds|funds|Funds|2024| |£|£|£|£| |INCOME AND|ENDOWMENTS| |FROM:| |Donations|and legacies|600|-|-|600| |Charitable|activities|3,500,000|-|49,604|3,549,604| |Other trading|activities|257,723|-|-|257,723| |Income|from|investments|122,142|-|-|122, 142| |Other income|575|-|-|575| |Total incoming|resources|3,881,040|;||49,604|_|[3,930,644]| |EXPENDITURE|ON:| |Expenditure|on|raising|funds|-|°|=|>| |Investment manager expenses|7,916|-|-|7,916| |Expenditure|on|charitable| |activities|3,516,225|20,789|58,781|3,595,795| |Total resources|expended|3.524.141|20,789|58,781|3,603,711| |Net gains on|investments|— 82,712|aes|eS|82,772| |NET MOVEMENT IN FUNDS|439,611|(20,789)|(9,177)|409,645| |Total|funds|brought|forward|2,730,307|904.150|9.177|_3,643,634| |Total funds|carried|forward|3,169,918| 883,361|__|-|_4,053,279|

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10. TRUSTEES

None of the Trustees (or any persons connected with them) received any remuneration during the year, and 3 (2024: 3) of them were reimbursed £1,285 (2024: £1,186) for expenses.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

11. EMPLOYEES

The average monthly number of employees during the year was:

	2025	2024
	Number	Number
Education and Training	54	57
	2025	2024
	£	£
Wages and salaries	1,730,849	1,750,498
Social Security costs	165,247	153,771
Other pension costs	133,903	136,078
	2,029,999	_2,040,347

The wages and salaries figure includes redundancy payments of £nil (2024: £6,000).

The amount of remuneration earned by directors and trustees in the year was Enil (2024: Enil).

The number of employees whose annual remuneration was £60,000 or more were:

	2025	2024
	Number	Number
£120,000 - £129,999	1		-
£110,000 - £119,999	7		1
£100,000 - £109,999	1		-
£90,000 - £99,999	-		1
£80,000 - £89,999	1		-
£70,000-£79,999	eC

Of the employees whose emoluments exceed £60,000, 3 (2024: 3) have retirement benefits accruing under a defined contribution pension scheme. Contributions totalling £30,502 (2024: £29,134) were made to the scheme on behalf of these employees during the year.

The key management personnel of the Charity are noted on page 1. Aggregate employee benefits of key management personnel for the year was £426,246 (2024: £396,625).

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

12.	TANGIBLE FIXED ASSETS
		Land &		Computer		Fixtures,		Total
		Buildings		Equipment		fittings &
						equipment
					£	£		£
	Cost
	At 1 August 2024	55,975			267,378	120,042		443,395
	Additions Disposals		- -		4,180 6.311	4,303 -		8,483 6,311
	At 31 July 2025	55,975			265,249	124,343		445,567
	Depreciation
	At 1 August2024	43,287			217,907	116,223		377,417
	Charge forthe year	8,956			20,521	2,361		31,838
	On disposals		-		6.236	-		6,236
	At 31 July 2025	52,243			232,192	118.584		403,019
	Net book value
	At 31 July 2025	__3,732		__33,057		___5,759	___42,548	___42,548
	At 31 July2024	12,688		_	49.473	3,817	_	65,978
13.	INVESTMENTS
						2025		2024
						£		£
	Market value at 1 August					1,207,705		1,100,093
	Additions at cost					3,147,825		-
	Disposals Reinvested dividends and interest					(1,207,825) 7,899		- 32,816
	Investment Management costs					(9,839)		(7,916)
	Unrealised investment gains/(losses)					162,567		82,712
	Marketvalue at 31 July					_3,308,332		1,207,705
	Investment in subsidiaries					1		1
						3,308,333		_1,207,706
	Historic cost (including cash)					3,166,618		_1,168,804
The	following investments constitute more than 5% ofthe market				value ofthe portfolio:
						2025		2024
						£		£
	BlackRock ICS Sterling Liquidity Fund Acc				1,969,522			-
	WS Waverton Charity Growth & Income Fund Acc				1,335,883			-
	VANGUARD FUNDS PLC S&P 500 UCITS	ETF USD	DIS			-		71,874
					_3,305,405		___71,874

Subsidiary undertaking

CVQO Ltd owns 100% of the issued share capital of Cadet Vocational College Limited (registered number 15001329). The company was incorporated on 13% July 2023 and has the same registered office as CVQO Ltd. The company was dormant during the year.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

14.	DEBTORS
		2025	2024
		£	£
	Trade debtors	2,361	8,371
	Other debtors	84,387	76,016
	Prepayments and accrued income	146,838	131,197
	233,586		_215,584
15.	CREDITORS:AMOUNTS FALLINGDUEWITHIN ONE YEAR	2025	2024
		£	E
	Trade creditors	49,343	55,397
	Taxes and social security costs	44,215	37,509
	Accruals Deferred income (note 15)	65,124 171,277	60,887 199,775
		—329,959	__353.568

16. DEFERRED INCOME

Deferred income relates to grants received for projects which have not yet been started or are partially completed.

The movements during the year were:

		2025	2024
		£	£
Balance	at 1 August	199,775	212,026
Amounts	received	36,660	47,102
Amounts	utilised	(65,158)	(59,353)
Balance	at31July	171,277	199,775

17. RECONCILIATION OF NET INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES

ACTIVITIES
	2025	2024
	£	£
Net income forthe reporting period	366,123	409,645
Depreciation Interest received	31,838 (73,012)	36,315 (89,326)
Loss/(Profit) on sale offixed assets	(375)	125
Income from investments	(7,899)	(32,816)
Unrealised (gains)/losses	(162,567)	(82,712)
(Increase) in debtors	(18,002)	(23,168)
(Decrease) in creditors	(23,609)	(107,716)
Increase in provisions	7,700	3,400
Netcashprovided/(used)byoperatingactivities	120,197	113,747

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

18. PENSION AND OTHER POST-RETIREMENT BENEFIT COMMITMENTS

The Charity operated two defined contribution pension schemes during the year. 41 (2024: 44) members have benefits accruing under the schemes. The assets of the schemes are held separately from those of the Charity in independently administered funds. The pension charge represents contributions payable by the Charity to the funds.

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||||||||| |---|---|---|---|---|---|---|---| |2025|2024| |£|£| |Contributions|to|defined|contribution|pension|schemes|__ 133,903|_136,078|

----- End of picture text -----

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|||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---| |19.|DESIGNATED|FUNDS| |Balance|at|Incoming|Resources|Transfers|Balance|at| |1|August|resources|expended|31|July| |2024|2025| |£|£|£|E| |MOD|Cadets|and|Adults||[883,367]||=|(22,951)||-|_|[860,410]|

----- End of picture text -----

The designated funds of the Charity relate to amounts set aside out of unrestricted funds by the Trustees for the specific purpose of providing training to MOD Cadets and Adults. This is expected to be used over the next five years.

DESIGNATED FUNDS Comparative year 2024

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|||||||||| |---|---|---|---|---|---|---|---|---| |Balance|at|Incoming|Resources|Transfers|Balance|at| |1|August|resources|expended|31|July| |2023|2024| |£|£|£|£| |MOD|Cadets|and Adults|904.150|:|(20,789)|-|_|[883,361]|

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NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

20. RESTRICTED FUNDS

The funds of the Charity include restricted funds comprising the following unexpended balances of donations and grants held for specific purposes:

	Balance	at	Incoming	Resources	Balance at
	1 August		resources	expended	31 July
	2024				2025
	£		£	£	£
Devolved Nations		-	19,610	(19,610)	-
BNA- Nottinghamshire and
Lincolnshire The Gosling Foundation		- -	22,156 10,000	(22,156) (10,000)	- :
Other		:	900	(900)	:
	—-		52,666	(52,666)	_=

Restricted funds relate to income given in support of specific cohorts of students be that defined by geographical location, course title, specific group development or student needs.

RESTRICTED FUNDS Comparative year 2024

	Balance at	Incoming	Resources	Balance at
	1 August	resources	expended	31 July
	2023			2024
	£	£	£	£
Devolved Nations	-	25,205	(25,205)	-
BNA- Nottinghamshire and
Lincolnshire		14,399	(14,399)	-
The Gosling Foundation	.	10,000	(10,000)	-
Nottinghamshire and Lincolnshire	9,177	-	(9,177)	-
	9,177	49,604	__(58;781)	=
ANALYSIS OF NET ASSETS BETWEEN FUNDS
	Unrestricted	Designated	Restricted	Total
	funds	funds	funds	2025
	£	£	£	£
Fixed assets	3,350,882	-	-	3,350,882
Current assets	715,169	860,410	-	1,575,579
Creditors: amounts falling due
within one year	(329,959)	-	-	(329,959)
Creditors: amounts falling due
after one year	(177,100)	-	-	(177,100)
	3,558,992	_860410	_____-	4,419,402

21. ANALYSIS OF NET ASSETS BETWEEN FUNDS

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

ANALYSIS OF NETASSETS	BETWEEN FUNDS	Comparative	year	2024	(continued)	(continued)
	Unrestricted	Designated	Restricted			Total
	funds	funds	funds			2024
	£	£		£		£
Fixed assets	1,273,684	-			-	1,273,684
Current assets	2,419,202	883,361			-	3,302,563
Creditors: amounts falling due
within oneyear	(353,568)	-			-	(353,568)
Creditors: amounts falling due
afterone year	(169,400)	-			-	(169.400)
	3,169,918	__883,361	—		-	_4,053,279

COMMITMENTS UNDER OPERATING LEASES

At 31 July 2025 the Charity had annual commitments under non-cancellable operating leases as follows:

	Land and	buildings	Other
	2025	2024	2025	2024
	£	£	£	£
Expiry date:
Less than one year	67,663	128,071	12,890	12,890
Between two and five years	564,710	32,369	21,916	34,807
In over five years	35,294	:	:	=
	667,667	160,440	_34,806	47,697

RELATED PARTY TRANSACTIONS

During the year the Charity had no related party transactions (2024: nil).

24. FINANCIAL INSTRUMENTS

	2025	2024
	£	E
Financial assets
Financial assets measured at fair value	3,308,333	1,207,705
Financial assets measured at amortised cost	_1,436,819	3,198,889
Financial liabilities
Financial liabilities measured at amortised cost	__291,567	285,684
Financialassetsmeasuredatfairvalueareinvestments.

Financial assets measured at amortised cost comprise trade debtors, other debtors, accrued income, cash and cash equivalents and short-term investments excluding prepayments.

Financial Liabilities measured at amortised cost comprise trade creditors, other creditors, provisions and accruals excluding deferred income and other taxation and social security.

NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 JULY 2025

25. COMMITMENTS

At the year end, the Charity had contracted capital commitments of Enil (2024: Enil).

26. PROVISIONS

The provision relates to potential dilapidations liabilities at the Charity’s properties.