OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

← Combined Cadet Force Association

2025-03-31-accounts

Company number: 10445616 Charity Number: 1170994 Scottish Charity Number: SC048021

Report and financial statements For the year ended 31 March 2025

Combined Cadet Force Association

Contents

For the year ended 31 March 2025

Reference and administrative information .................................................................................... 1 Trustees’ annual report ................................................................................................................ 3 Independent auditor’s report ...................................................................................................... 16 Statement of financial activities (incorporating an income and expenditure account) .................. 21 Balance sheet ............................................................................................................................. 22 Statement of cash flows .............................................................................................................. 23 Notes to the financial statements ............................................................................................... 24

Combined Cadet Force Association

Reference and administrative information

For the year ended 31 March 2025

Company number 10445616 Country of incorporation United Kingdom Charity number 1170994 SC048021 Country of registration England & Wales Scotland Registered office Holderness House and operational address 51-61 Clifton Street London EC2A 4DW President Vice Admiral PD Hudson CB CBE Trustees Trustees, who are also directors under company law, who served during the period and up to the date of this report were as follows:

Co-opted member

1

Combined Cadet Force Association

Reference and administrative information

For the year ended 31 March 2025

Key management Murdo Urquhart OBE Chief Executive personnel Richard Walton Deputy Chief Executive Faye Meakin Director of Development Bankers Lloyds Bank plc Butler Place London SW1H 0PR Investment Waverton Investment Management managers 16 Babmaes Street London SW1Y 6AH Auditor Sayer Vincent LLP Chartered Accountants and Statutory Auditor 110 Golden Lane London EC1Y 0TG

2

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

The trustees present their report and the audited financial statements for the year ended 31 March 2025.

Reference and administrative information set out on page 1 and 2 forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association, the requirements of a directors’ report as required under company law, and the Statement of Recommended Practice - Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.

Objectives and activities

Purposes and aims

The Combined Cadet Force Association (CCFA) has three charitable objects:

The principal way the charity delivers on its objects, particularly the first and second objects, is through charitable grant giving. These grants enable beneficiaries to access activities that will educate, develop and broaden the interests of the 55,000+ young people who are cadets in the Combined Cadet Force (CCF). These young people are involved in one of 464 school-based CCF Contingents in the UK. CCFA looks to enhance young people’s development by the making of grants to support both the contingents and individual cadets, enabling them to take part in a wide range of activities. Other grants can help a contingent to improve its resilience or to be able to work with more young people, ensuring young people can access development opportunities for many years to come.

Aside from grant giving, CCFA delivers on its objects by supporting the CCF as a whole. It provides membership support services in the interests of the entire CCF, such as the provision of insurance cover against accidents, travel difficulties and to provide legal advice and assistance for volunteers. It contributes to the delivery of training and development courses for CCF adult volunteers. It seeks national non-state recognition for CCF cadets and adult volunteers who have used their CCF training to save lives or display remarkable citizenship.

CCFA is funded, through a grant from the Army, to directly support CCF Contingents. This support is delivered through the charity’s team of Contingent Support Officers across the UK, enabling

3

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

Contingents to become more sustainable and to be ready to take on more young people. Embedded in the ten regional Cadet Training Teams, our Contingent Support Officers work hand in glove with the training sergeants to provide coherent support to the CCF Contingents.

CCFA is recognised by the Ministry of Defence (MOD), single service cadet force headquarters and the Department for Education (in England) as a key supporting partner. Thus, although the charity has no executive role in the running of the CCF, which is the responsibility of the MOD and single services in partnership with schools, it is part of the national framework steering the CCF and its activities. The Chair and Senior Leadership Team attend high level MOD steering group meetings. Through these connections and relationships, and through participation in formal meetings and through informal dialogue, the charity provides another forum for the MOD, single services and schools to exchange views, plus the Charity is able to represent the grass roots views of CCF contingents to the chain of command.

Achievements and performance

This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help.

The enduring priority for the charity’s trustees is to ensure that young people are able to develop through membership of the CCF. This means a focus on some key areas:

The trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives that have been set.

The charity's main activities and who it tries to help are described below. All its charitable activities focus on the cadets, volunteers and contingents of the CCF and are undertaken to further the CCFA’s charitable purposes for the public benefit.

Grant Programmes

The charity furthers its objects through the awarding of grants to individual cadets, or to CCF contingents. It runs two main grant programmes: the Small Grants Programme and the Contingent Growth Fund. The Cadet Bursary Fund is no longer making new grants but continues to make grant payments agreed in the past. Incidental grant applications, such as for equipment, are considered on merit, alignment with the objects, impact and affordability as funds are available. The charity makes grants on the following basis:

4

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

The performance of the charity’s grant programmes in the year was:

Beneficiaries of our services

A major way in which the charity delivers benefit to its beneficiaries is through the provision of grants. As explained earlier in the report grants are made either to support the contingent and its ability to deliver the cadet programme, or to individual cadets to enable them to access the full range of opportunities in their contingent.

In order to measure the difference that these grants have made the trustees ask for reports from grant recipients. These detail the impact of the grant and are used to help the trustees to decide

5

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

both what funding to bid for and how best to structure the charity’s grant programmes in the future.

Some examples of the impact on the beneficiaries detailed in the last section of this report include:

A grant from the Small Grant programme gave a young cadet from Hele’s School an opportunity to complete a Dinghy Level 2 sailing course and attend the Royal Navy Summer Camp in Dartmouth. As a Pupil Premium student receiving free school meals their family were facing financial challenges that meant they were considering leaving the CCF. The grant has allowed them to continue with CCF and participate in a number of activities their family would otherwise not have been able to afford.

The young cadet said, “The funding has allowed me to attend many more activities than I expected to be able to and this has helped increase my confidence and teamwork skills. I have made great friends in the CCF with others in different year groups and classes. It has been a great experience, and I enjoy my time away doing activities that not everyone gets to do.”

Kettering Buccleuch Academy were awarded a grant to support 39 cadets to attend a four-day tour of Ypres Salient and Somme battlefields. Their Contingent Commander, Major Jon Teare told CCFA, “without your financial support access to this cultural and historical activity would have been impossible for some of our cadets. The trip exposed students to different countries in Europe. Developed their resilience and teamwork in a different setting to their normal cadet activities and supported their academic studies in History and English Literature. All the participants really benefitted from the time reflecting on the sacrifice of their forebears and the importance of defending British values.

The individual cadets, who receive Free School Meals or other forms of support, were able to attend a trip which has benefitted them socially and as part of their personal development.”

Contingent Growth Fund

Thanks to the Contingent Growth Fund The Phoenix Collegiate were able to purchase mountain bikes and associated equipment so that their adult volunteers, as qualified instructors, were able to deliver mountain bike training to cadets. Providing a sustainable activity for their CCF without the need for expensive packages from external providers. They have used the equipment to take cadets on mountain bike excursions at little to no cost, and also introduced grass route sessions for those cadets who did now know how to ride a bike as their families were unable to afford one. The grant has been successful in opening up access to adventurous training as part of the cadet experience and has raised interest in mountain biking within the school community. Benefits have also been seen as cadets have been more keen to ride to school, using their skills to feel more confident in the surrounding areas. The bikes have also been used to deliver grass route experiences with all years as part of the school’s CCF recruitment strategy, with cadet number growing from 115 to 152 over the grant period. One cadet told us, “I really struggled to ride a bike, I hadn’t done it since I was really young. But since our cadet unit getting some bikes and

6

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

being able to practice, has allowed me to ride with great skill! It’s brilliant to do, and I’ve really enjoyed seeing other cadets do the same.”

With a grant from the Contingent Growth Fund, City of Derby Academy CCF were able to improve the efficiency of their CCF through the installation of a storage container within school grounds to store cadet clothing and resources securely. The new store allowed all equipment to now be stored in one location, instead of several smaller locations across the school.

The grant was also to be used to improve the experience for cadets by creating a compound around the container, for exclusive use for CCF training such as shelter building and cooking in the field. This compound allowed staff to maximise their time as stands and lessons could be set up and left securely on parade nights and field days. Before the grant staff were required to supervise equipment or pack it away between stands.

By improving efficiency more time is now spent on training and less time moving equipment from around school and setting up activities. In the previous school year, their cadets gained 176 qualifications/syllabus subject passes. In the first term after the container was installed and compound erected, cadets achieved an impressive 132 qualifications/syllabus subject passes, maximizing the benefits of the CCF for these young people.

Financial review

The statement of financial activities for the period is set out on page 21 of the financial statements. A summary of the financial results and the work by the charity is set out below.

Income for the year ended 31 March 2025 included donations and legacies of £1,362,450 (2024 – £1,566,373), income for supporting cadets and volunteers of £132,628 (2024 - £56,159) and investment income and interest of £25,307 (2024 - £59,992). Total gross income amounted to £1,547,349 (2024 - £1,689,483).

Expenditure for the period comprised costs of raising funds of £7,501 (2024- £3,902), costs of activities in support of contingents of £2,064,943 (2024 – £1,753,852) which reflects an increase in the direct support provided to CCF Contingents in this period and costs of supporting cadets and volunteers of £22,058 (2024 – £22,976). Total expenditure amounted to £2,094,502 (2024 - £1,780,730).

Net expenditure for the year after investment movements amounted to £416,460 (2024 – net income of £45,692).

The trustees expect the charity to exist in perpetuity and its investment policy is designed to support the long-term financial health of the charity. The charity adopted the current investment policy in September 2023; its stated objectives are to:

7

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

The charity has adopted a total return approach to investment, generating the investment return from income and capital gains or losses. It is expected that if in any one year the total return is insufficient to meet the growth target, in the long term the real value of the investments will still grow in accordance with the investment objectives above.

The charity has decided not to invest in assets that the trustees consider to be contrary to the spirit of its objects. In particular tobacco, alcohol and pornography are to be excluded from our investments. The trustees have agreed a process with our investment managers as to how these restrictions are to be applied.

During the year net gains on the fair value of long-term investments amounted to £130,693 (2024 – net gains of £136,939). The six-year average return on the long-term investment portfolio was 7.64%. The trustees measure this against a benchmark of the six-year average of CPI + 3% to the end of Mar 2025, which has been calculated as 6.95%. The trustees note that the portfolio has performed better than this benchmark and are therefore satisfied with the investment performance in the year.

In order to support the efficient delivery of our grant programmes and to efficiently manage cash flow, the trustees have directed that funds earmarked for grant making are to be held in a threeday access short-term investment portfolio. At the end of March 2025, the funds held in shortterm investments were £2,297,882 (2024: £2,552,560) and the funds held in the long-term investment portfolio were £1,070,831 (2024: £789,654).

Reserves policy and going concern

The CCFA adopted the current Reserves Policy in December 2019. The purpose of the policy is to ensure the ongoing operations of the charity are protected in the event of a sudden decline in the financial health of the charity. The reserve is intended to provide an internal source of funds for situations such as a sudden increase in expenses, one-time unbudgeted expenses, unanticipated loss in funding, or uninsured losses. The reserve may also be used for one-time, non-recurring expenses that will build long-term capacity, such as staff development or investment in infrastructure.

The reserve is defined as unrestricted funding that has not been designated for a specific purpose. The reserve will be an amount sufficient to maintain ongoing operations and programmes for three to six months. The reserve will be reviewed and adjusted in response to internal and external changes.

1 Defined as a six-year average

8

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

The target reserve fund is equal to between 3 and 6 months of operating costs and is calculated at the start of the year based on the budget. This year the reserves target was calculated as between £518,437 and £1,036,874 (2024 - £456,464 to £912,928) which reflected the planned budgeted expenditure for the year.

From time to time the trustees might choose to designate funds for long term investment to realise an income that can be used to further the charity’s objects. These funds will not be counted as part of the charity’s free reserves. At present the charity has set aside a “Grant Generation Fund” to support grant giving in future years. This fund, currently valued at £1,070,831, is held in the investment portfolio.

Actual free reserves in 2025 were £868,508 (2024: £1,201,621).

This means that free reserves are within the target set by trustees (in 2024 reserves were £288,693, or 32% greater than the target maximum level). The trustees are therefore comfortable that free reserves are at an appropriate level and the funds set aside to generate income for future grant programmes are appropriately designated.

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these accounts and decided that CCFA is a going concern. The trustees have made this assessment in respect of a one-year period from the date of approval of these accounts.

The trustees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charity to continue as a going concern. The trustees are of the opinion that the charity will have sufficient resources to meet its liabilities as they fall due.

Principal risks and uncertainties

The trustees examine the major risks that the charity faces each financial year during routine board and committee meetings, and in meetings between the senior trustees and the Chief Executive. The charity has systems in place to monitor and control these risks to mitigate any impact that they may have on the charity's activities in the future.

The key risks for the charity, as identified by the trustees, are described below together with the principal way in which they are mitigated:

9

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

many new CCF contingents formed under the Cadet Expansion Programme need financial support to become established, whilst some legacy CCF contingents are struggling to survive. In this financial year the charity’s Contingent Growth Fund has met that need, but the funds available were spent by the end of the year and the fund has been closed. The charity therefore continues to seek funds to create a replacement charitable programme that will support the continued development of CCF Contingents.

Fundraising

The charity’s approach to fundraising activity is to seek grants from organisations in order to achieve a particular aim, for example to support the growth of cadet numbers in existing CCF contingents. Where an individual or group with an interest in the cadet movement would like to support cadets, we invite them to donate to the CCFA and also support those undertaking fundraising challenges to raise funds for CCFA. We also offer the facility for individuals to make one off or repeat donations online and offer membership of the CCFA to repeat individual donors or CCF Contingents.

At present the charity is not a member of the Fundraising Regulator because it does not engage in the kind of fundraising activity that would make this a requirement. This position was reviewed this year with no change, and will be reviewed annually.

We do not contact our members or supporters to solicit donations, although this is something we might consider doing should we have a specific fundraising objective in the future. We have received no complaints about fundraising.

Plans for the future

The charity is still on a journey of considered evolution. For the coming year, recognising the principal risks described above, the theme is communication and fundraising, the two being connected, as the latter cannot happen without the former.

In respect of communication, the trustees want to (1) reach all corners of the CCF to let the beneficiaries know that CCFA is their charity, (2) continue to publicly advocate the benefits of service in the CCF and, (3) as importantly, make potential donors aware that CCFA is a charity well worth supporting, because that in turn will support CCFA fundraising. Currently, however, the Charity has no dedicated staff with the capacity to do market CCFA marketing or fundraising. This

10

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

may surprise readers, but the Charity’s history must be understood because, when first set up, it did not need these functions. The trustees will therefore carry out an assessment to see if these two essential enabling functions can be established without financial harm to the charity.

Separately, the trustees remain concerned about the viability of many of the CCF contingents (the charity’s beneficiaries). This affects both new and legacy contingents. The Charity has no executive role in the running the CCF and many of the reasons why some contingents struggle are outside CCFA’s control. Nevertheless, the Charity will work closely with the MOD and single services to develop ways to support these contingents.

The Charity remains enormously grateful to Mr Gareth Neame OBE for his enduring close interest and generous annual donation which underpins the CCFA Small Grants Programme.

Structure, governance and management

The CCFA is a registered charity and a company limited by guarantee, not having a share capital. The entity was incorporated on 25 October 2016 and registered as a charity with the Charity Commission for England and Wales on 5 January 2017 and the Office of the Scottish Charity Regulator on 22 December 2017. It is governed by its memorandum and articles of association which were updated in 2022 and adopted on 24 January 2023. This arrangement replaced an earlier construct of the CCFA which was constituted by a trust deed and registered with the Charity Commission in 1963 under charity number 305988. The assets of this earlier version of the CCFA were transferred to the new construct which was duly re-registered with the Charity Commission under charity number 1170994.

The CCFA has approached the Charity Commission for Northern Ireland and attempted to register with them as the charity operates in Northern Ireland. The commission has responded to say that they are in the process of registering charities that are not regulated by another UK charity regulator first and will contact the CCFA when they are ready to process our application.

All trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in note 8 to the accounts.

The part time Chief Executive of the charity is Murdo Urquhart OBE, who heads a small team of staff comprising Richard Walton, the part time Deputy Chief Executive, Faye Meakin, the part time Director of Development, and an additional 27 full- and part-time members of staff.

The annual budget is agreed by the Finance and Compliance Committee. The senior trustees (Chair, Vice Chair, and Treasurer) are consulted by the Chief Executive on a regular basis and on all matters that are considered by him to be strategic, novel or contentious. These consultations are largely conducted by video conference, telephone and e-mail or at informal “management board” meetings in head office.

The CCFA Board of Trustees meets three times a year. Amongst other papers the Board receives:

11

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

The Board has the following sub committees:

12

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

Appointment of trustees

Trustees are appointed for a period of three years and encouraged to serve for no more than three terms to ensure regular turnover of trustees. Where a successor cannot be found, a trustee could stand for re-election and there is no restriction in the articles on the number of times an individual can stand for re-election.

Trustees are considered to be one of two “types” (with identical rights and obligations). The first type is a serving CCF Contingent Commander who is elected primarily because of their understanding of our beneficiaries, but who may also bring other skills to the board. The second type of trustee is usually someone independent of the CCF but who is recruited to bring particular skills to the board in order to improve the ability of the trustees to govern the charity and help the board mitigate the principal risks facing the charity.

The process for identifying new trustees is twofold. In the case of Contingent Commanders, care is taken to ensure that volunteers represent a fair balance of: state and independent schools; and Royal Navy, Army and RAF contingents. In the case of trustees with specialist knowledge and experience needed by the board, external advertising is the more normal route to find trustees.

If a trustee is appointed during the year, they are co-opted by the trustees and then formally elected at the next AGM for a period of three years.

Mike Hampshire was re-elected as a trustee at the January 2025 AGM. That he stood for reelection was the subject of considerable discussion by the Board members in the run up to the AGM, as the other trustees were conscious that he had been a trustee since 12 March 2011, exceeding the tenure recommended in the Charity Commission best practice guidance. In 2024, in preparation for the 2025 AGM, the Board of trustees, without Mike Hampshire being present, discussed whether he should be invited to stand for re-election and unanimously decided that he should be allowed to stand because there were exceptionally strong reasons for doing so. The reasons for the Board’s decision were simple. He was one of the most actively engaged trustees because, being retired, he was therefore ‘time rich’, unlike many of the trustees. He thus was giving so much to CCFA in terms of time and quality input and engagement with the Board and many of the committees, plus much work unseen by the Board such as assisting the Chief Executive, attending charity investment seminars and representing CCFA at other national events. In doing so, he drew upon his lifelong experience of teaching in schools and running a CCF contingent, thus his continuity of knowledge and experience brought an additional value of their own. The members agreed and unanimously re-elected him at the 2025 AGM

Related parties and relationships with other organisations

The charity has trustees from 11 (2024: 9) Contingents (which are beneficiaries in the charity’s objects). The trustees ensure that they keep good records of who is associated with which contingent and those individuals absent themselves from any decision making that could give a

13

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

real or perceived benefit to their contingent (most commonly the award of a grant). Any such related party transactions are disclosed in note 10 to the accounts.

The charity shares offices and staff with a sister charity, ACCT UK. The two charities employ staff on joint contracts which are managed through ACCT UK and the staff costs relating to CCFA are recharged on a monthly basis. In addition, the Treasurer, Julia Hodgson, works for the Bank of England which has a role in prudential regulation and she therefore takes no part in discussions or decisions relating to the charity’s investment plans and portfolio.

Remuneration policy for key management personnel

The Trustees consider that they, together with the Chief Executive, the Deputy Chief Executive and the Director of Development, comprise the key management of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis.

All employees are jointly contracted by CCFA with our sister charity ACCT UK. Oversight of the staffing arrangements is exercised through the joint ACCT UK and CCFA HR and Remunerations Committee as described above.

Statement of responsibilities of the trustees

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

Company law requires the trustees to prepare financial statements for each financial year which 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:

The Trustees are responsible for keeping proper accounting records that 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 and the Charities Accounts (Scotland) Regulations 2006 (as

14

Combined Cadet Force Association

Trustees’ annual report

For the year ended 31 March 2025

amended). They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2024 was 342 (2023: 173). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was re-appointed as the charitable company's auditor during the year and has expressed its willingness to continue to act in that capacity.

The trustees’ annual report has been approved by the trustees on 24 September 2025 and signed on their behalf by

Nigel Maddox CBE Chair

15

Independent auditor’s report

To the members of

Combined Cadet Force Association

Opinion

We have audited the financial statements of Combined Cadet Force Association (the ‘charitable company’) for the period ended 31 March 2025 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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:

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 Association'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.

16

Independent auditor’s report

To the members of

Combined Cadet Force Association

Other Information

The other information comprises the information included in the trustees’ annual report other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. 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 course of 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

Matters on which we are required to report by exception

In the 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 trustees’ annual 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 (as amended) require us to report to you if, in our opinion:

17

Independent auditor’s report

To the members of

Combined Cadet Force Association

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, 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 material misstatement, whether due to fraud or error.

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 regulations made under those Acts.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

18

Independent auditor’s report

To the members of

Combined Cadet Force Association

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

19

Independent auditor’s report

To the members of

Combined Cadet Force Association

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 section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005. Our audit work has been undertaken so that we might state to the charitable company's members 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 and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Jonathan Coyle (Senior statutory auditor)

Date: 29 September 2025 for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006

20

Combined Cadet Force Association

Statement of financial activities (incorporating an income and expenditure account)

For the year ended 31 March 2025

Note
Income from:
2
3
4
Other income
5
5
5
14/15
19
Reconciliation of funds:
Total funds carried forward
Transfers between funds
Net movement in funds
Total funds brought forward
Net gains on investments
Net income / (expenditure) for the year
Supporting cadets and volunteers
Raising funds
Total expenditure
Net income/(expenditure) before net
(losses)/gains on investments
Charitable activities
Supporting contingents
Supporting cadets and volunteers
Investments
Total income
Expenditure on:
Donations and legacies
Charitable activities		 Unrestricted
£
201,325
16,753
25,307
26,964		 Restricted
£
1,161,125
115,875
-
-		 2025
Total
£
1,362,450
132,628
25,307
26,964		 Unrestricted
£
208,843
14,024
59,992
6,959		 Restricted
£
1,357,530
42,135
-
-		 2024
Total
£
1,566,373
56,159
59,992
6,959
270,349 1,277,000 1,547,349 289,818 1,399,665 1,689,483
7,501
316,387
-		 -
1,748,556
22,058		 7,501
2,064,943
22,058		 3,902
273,086		 -
1,480,766
22,976		 3,902
1,753,852
22,976
323,888 1,770,614 2,094,502 276,988 1,503,742 1,780,730
9,173
(53,539)		 121,520
(493,614)		 130,693
(547,153)		 136,939
12,830		 -
(104,077)		 136,939
(91,247)
(44,366)
(4,743)		 (372,094)
4,743		 (416,460)
-		 149,769
(8,567)		 (104,077)
8,567		 45,692
-
(49,109)
1,991,274		 (367,351)
1,613,818		 (416,460)
3,605,092		 141,202
1,850,072		 (95,510)
1,709,328		 45,692
3,559,400
1,942,165 1,246,467 3,188,632 1,991,274 1,613,818 3,605,092

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 17 to the financial statements.

21

Combined Cadet Force Association

Company no. 10445616

Balance sheet

As at 31 March 2025

As at 31 March 2025
2025 2024
Note £ £ £ £
Fixed assets:
Tangible Assets 13 49,428 30,989
Investments 14 1,070,831 789,654
1,120,259 820,643
Current assets:
Waverton Liquidity Fund 15 2,297,882 2,552,560
Debtors 16 26,983 17,162
Cash at bank and in hand 245,180 718,371
2,570,045 3,288,093
Liabilities:
Creditors: amounts falling due within one year 17a (501,672) (485,794)
Net current assets 2,068,373 2,802,299
Total assets less current liabilities 3,188,632 3,622,942
Creditors: amounts falling due after one year 17b - (17,850)
Total net assets 3,188,632 3,605,092
The funds of the charity:
Restricted income funds 19a 1,246,467 1,613,818
Unrestricted income funds:
Designated funds: 1,070,832 789,654
General funds 871,333 1,201,620
Total unrestricted funds 1,942,165 1,991,274
Total charity funds 3,188,632 3,605,092

Approved by the trustees on 24 September 2025 and signed on their behalf by

Julia Hodgson Treasurer

Michael Hampshire Vice Chair

22

Combined Cadet Force Association

Statement of cash flows

For the year ended 31 March 2025

For the year ended 31 March 2025 For the year ended 31 March 2025 For the year ended 31 March 2025
Note
£
£
(416,460)
12,747
(9,173)
(25,307)
(121,520)
(9,821)
(1,972)
Net cash provided (used in)/provided by operating activities
(571,506)
25,307
(31,186)
Movement in short term deposit
-
(265,246)
(169,921)
(1,159,602)
1,705,721
Movement in cash held by investment managers
(6,758)
98,315
(473,191)
718,371
245,180
Cash flows from investing activities:
Dividends, interest and rents from investments
Purchase of Fixed Assets
Purchase of Waverton Liquidity Fund
Cash and cash equivalents at the end of the year
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the
year
Net cash provided by/(used in) investing activities
Movement in cash held in Waverton Liquidity Fund
Purchase of additional investment shares
Sale of Waverton Liquidity Fund
2025
Increase in debtors
Decrease in creditors
Cash flows from operating activities
Net (expenditure)/income for the reporting period
(as per the statement of financial activities)
Losses/(gains) on investments
Dividends and interest from investments
Depreciation charge
(Gains)/Losses on Waverton Liquidity Fund		 £
£
45,692
3,675
(82,264)
(59,992)
(54,675)
3,254
437,119
292,809
59,992
(34,664)
1,600,000
(1,592)
(27,370)
(2,496,293)
3,529
(896,398)
(603,589)
1,321,960
718,371
2024
(571,506)
98,315		 292,809
(896,398)
(473,191)
718,371		 (603,589)
1,321,960
245,180 718,371

23

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

1 Accounting policies

a) Statutory information

Combined Cadet Force Association is a charitable company limited by guarantee and is incorporated in the United Kingdom.

The registered office address and principal place of business is Holderness House, 51-61 Clifton Street, London, EC2A 4DW.

b) 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) - (Charities SORP FRS 102), The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

In applying the financial reporting framework, the trustees have made a number of subjective judgements, for example in respect of significant accounting estimates. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and judgements affecting these financial statements are detailed within the relevant accounting policy below.

c) Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

d) Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Key judgements that the charity has made which have a significant effect on the accounts include estimating the liability from multi-year grant commitments.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

e) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ grants or ‘revenue’ grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the trustees’ annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

24

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

h) Fund accounting

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

i) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

j) Grants payable

Grants payable are made to third parties in furtherance of the charity's objects. Single or multi-year grants are accounted for when either the recipient has a reasonable expectation that they will receive a grant and the trustees have agreed to pay the grant without condition, or the recipient has a reasonable expectation that they will receive a grant and that any condition attaching to the grant is outside of the control of the charity.

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

k) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising overhead costs of the central function, is apportioned on the following basis which are an estimate of the amount attributable to each activity.

Where information about the aims, objectives and projects of the charity is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity’s activities.

l) Operating leases

Rental charges are charged on a straight line basis over the term of the lease.

m) Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £200. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separate asset where they have significantly different patterns of consumption of economic benefits and are depreciated separately over its useful life.

25

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

n) Listed investments

Fixed and Current Asset investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/(losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

o) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

p) Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

q) Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

r) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2 Income from donations and legacies

Income from donations and legacies
Donations
Legacies
Donated services
Ministry of Defence grant		 Unrestricted
£
-
-
12,000
189,325		 £
10,000
-
-
1,151,125
Restricted		 2025
Total
£
10,000
-
12,000
1,340,450		 Unrestricted
£
376
12,000
196,466		 £
-
-
-
1,357,531
Restricted		 2024
Total
£
-
376
12,000
1,553,997
201,325 1,161,125 1,362,450 208,843 1,357,531 1,566,373

The Reserve Forces and Cadets Association for Greater London kindly donates office space to the CCFA. This is recognised at the estimated cost of securing suitable alternative office space. The value of the service has increased in line with the employment of new staff.

26

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

Income from charitable activities
Supporting contingents
Supporting cadets and volunteers
Subscriptions
Total
Ministry of Defence grant		 Unrestricted
£
-
16,753		 £
115,875
-
Restricted		 2025
Total
£
115,875
16,753		 Unrestricted
£
-
14,024		 £
42,135
-
Restricted		 2024
Total
£
42,135
14,024
16,753 115,875 132,628 14,024 42,135 56,159
Income from investments
Dividends
Bank interest		 2025
Total
£
25,307
-		 2024
Total
£
25,629
34,363
25,307 59,992

All income from investments is unrestricted.

27

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

5a Analysis of expenditure (current year)

Analysis of expenditure (current year)
Staff costs (Note 8)
Grant making (Note 6)
Direct activity costs
Insurance
Marketing and advertising
Premises costs
Audit and accountancy fees
Trustee expenses
Investment manager fees
Other
Support costs
Governance costs
Total expenditure 2025
Total expenditure 2024		 Raising
funds
£
-
-
-
-
-
-
-
-
7,501
-		 Charitable activities Governance
costs
£
-
-
-
-
-
-
14,700
1,117
-
-		 Support
costs
£
119,421
-
-
6,720
-
12,000
29,574
-
-
12,955		 £
1,140,464
734,408
114,474
6,720
20,589
12,000
44,274
1,117
7,501
12,955
2025		 2024
£
839,301
806,715
68,810
6,516
17,362
12,000
20,043
641
3,902
5,440
Supporting
contingents
£
1,021,043
712,350
114,474
-
20,589
-
-
-
-
-		 Supporting
cadets and
volunteers
£
-
22,058
-
-
-
-
-
-
-
-
7,501
-
-		 1,868,456
180,670
15,817		 22,058
-
-		 15,817
-
(15,817)		 180,670
(180,670)
-		 2,094,502
-
-		 1,780,730
-
-
7,501 2,064,943 22,058 - - 2,094,502 1,780,730
3,902 1,753,852 22,976 - -

28

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

5b Analysis of expenditure (previous year)

Staff costs (Note 8)
Grant making (Note 6)
Direct activity costs
Insurance
Marketing and advertising
Premises costs
Audit and accountancy fees
Trustee expenses
Investment manager fees
Other
Support costs
Governance costs
Total expenditure 2023		 Raising
funds
£
-
-
-
-
-
-
-
-
3,902
-		 Charitable activities Governance
costs
£
-
-
-
-
-
-
12,300
641
-
-		 Support
costs
£
135,405
-
-
6,516
-
12,000
7,743
-
-
5,440		 £
839,301
806,715
68,810
6,516
17,362
12,000
20,043
641
3,902
5,440
2024
Supporting
contingents
£
703,896
783,739
68,810
-
17,362
-
-
-
-
-		 Supporting
cadets and
volunteers
£
-
22,976
-
-
-
-
-
-
-
-
3,902
-
-		 1,573,806
167,105
12,941		 22,976
-
-		 12,941
-
(12,941)		 167,105
(167,105)
-		 1,780,730
-
-
3,902 1,753,852 22,976 - - 1,780,730

29

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

A list of the School CCF Contingents that have received grants from the CCFA is in note 21.

In addition to the amounts committed and accrued, the CCFA authorises certain grants which are subject to acceptance of the terms and conditions such as the employment of a School Staff Instructor. The total amount authorised but not accrued was £46,507 (31 March 2024: £122,172).

accrued was £46,507(31 March 2024: £122,172).
Small grants programme
CCF Marketing Fund
At the end of the year
Supporting contingents
Supporting cadets and volunteers
Contingent Growth Fund		 2025
£
672,584
39,766
22,058		 2024
£
783,739
-
22,976
734,408 806,715

Contingent Growth Fund - grants awarded to 128 (31 March 2024: 139) CCFs in schools in year ended 31 March 2025

Cadet Bursary Fund - grants awarded to Nil (31 March 2024: 2) CCFs in schools in the year ended 31 March 2025

Small Grants Programme, grants awarded to individuals in 31 (31 March 2024: 14) schools in year

This is stated after charging / (crediting):

This is stated after charging / (crediting):
2025 2024
£ £
Depreciation 12,747 3,675
Auditor's remuneration (excluding VAT):
Audit - current year 10,750 10,250

Staff costs were as follows:

Staff costs were as follows:
Redundancy and termination costs
Employer’s contribution to defined contribution pension schemes
Social security costs
Salaries and wages		 2025
£
952,767
3,679
99,034
84,984		 2024
£
707,464
-
70,890
60,947
1,140,464 839,301

No employee earned more than £60,000 during the year (31 March 2024: nil).

30

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

8 Analysis of staff costs (continued)

The trustees consider that they, together with the Chief Executive, Deputy Chief Executive and Director of Development comprise the key management personnel of the charity. The total employee benefits (including pension contributions and employer's national insurance) of the key management personnel were £119,421 (31 March 2024: £135,405). This has reduced from the prior year because a greater proportion of the Senior Leadership Team costs have been allocated to ACCT UK, our sister charity.

The charity trustees were neither paid nor received any other benefits from employment with the charity in the year (31 March 2024: £nil). No charity trustee received payment for professional or other services supplied to the charity (31 March 2024: £nil).

Trustees' expenses represents the payment or reimbursement of travel and subsistence costs totalling £1,117 (31 March 2024: £641) incurred by 6 (31 March 2024: 2) members relating to attendance at meetings of the trustees.

9 Staff numbers

The full time equivalent staff carrying out work for the CCFA during the year was 28 (31 March 2024: 22).

Because the CCFA shares its back office functions with ACCT UK it has chosen to employ all staff across both charities on joint contracts. This means that the charities gain flexibility and economies in how staff support the charities. However this joint contract arrangement requires CCFA to disclose the average number of employees for the two charities combined. This is taken as a head count based on number of staff employed. During the year this was 82 (31 March 2024: 73).

10 Related party transactions

Recharges of £1,140,464 (31 March 2024: £839,301) were made by ACCT UK, a registered charity, which provides payroll services and recharges these, as explained in note 9, to the CCFA at cost. Of this £1,021,043 (31 March 2024: £703,896 ) is included in supporting contingents and £119,421 (31 March 2024: £135,405) is included in support costs.

On occasion grants are awarded to contingents at which trustees are adult volunteers. Decisions about who to award funds to are made by the Grants Committee. On the rare occasion a trustee's contingent has applied for a grant, that trustee will not be a party to the discussion of their contingent's application. If they sit on the Grants Committee they will leave the room for that part of the meeting.

There were 2 transactions to related parties during the year and these have been published at the trustee meetings.

There are no donations from related parties which are outside the normal course of business and no restricted donations from related parties.

11 Amounts disbursed as agent

The Combined Cadet Force Association acts as an agent for members requiring insurance. Income and related disbursements are therefore excluded from the statement of financial activities. During the year, funds of £43,626 were received, (£19,520 31 March 2024) £30,288 was expended (31 March 2024: £27,734 ) £Nil was receivable (31 March 2024: £nil) and £13,337 (31 March 2024: £5,654) was moved to miscellaneous income. This is in line with the charity's policy on treatment of surplus and deficit insurance receipts.

12 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

31

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

13 Tangible fixed assets

Tangible fixed assets
Charge for the year
At the start of the year
At the start of the year
Additions in year
Depreciation
At the end of the year
At the start of the year
Eliminated on disposal
Disposals in year
At the end of the year
Cost
At the end of the year
Net book value		 Computer
equipment
£
3,210
31,186
-		 Camera
Equipment
£
31,454
-
-		 Total
£
34,664
31,186
-
34,396 31,454 65,850
180
12,747
-		 3,495
-
-		 3,675
12,747
-
12,927 3,495 16,422
21,469 27,959 49,428
3,030 27,959 30,989

All of the above assets are used for charitable purposes.

14 Listed investments

Listed investments
Fair value at the end of the year
Cash
Fair value at the start of the year
Investments comprise:
Funds listed on the London Stock Exchange
Disposal proceeds
Net gain on change in fair value
Additions at cost
Cash held by investment broker pending reinvestment		 2025
£
773,820
265,246
-
9,173		 2024
£
664,186
27,371
-
82,264
1,048,239
22,592		 773,820
15,834
1,070,831 789,654
2025
£
1,048,239
22,592		 2024
£
773,820
15,834
1,070,831 789,654

32

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

For the year ended 31 March 2025
15 Waverton Liquidity Fund
Disposal Proceeds
Fair Value at the end of the year
Funds listed on the London Stock Exchange
Cash held by investment broker pending re-investment
16
17a
17b
Additions at cost
Fair value at start of the year
Accruals
Deferred income
Grants payable - due in 2-5 years
Creditors: amounts falling due after one year
Prepayments
Debtors
Cash held for reinvestment
Other Creditors
Trade Creditors
Creditors: amounts falling due within one year
Net Gain on changes in fair value		 2025
£
2,550,968
1,159,602
(1,705,721)
121,520		 2024
£
-
2,496,293
-
54,675
2,126,369
171,513		 2,550,968
1,592
2,297,882 2,552,560
2025
£
2,126,369
171,513		 2024
£
2,550,968
1,592
2,297,882 2,552,560
2025
£
26,983		 2024
£
17,162
26,983 17,162
2025
£
27,689
22,868
450,000
1,115		 2024
£
19,234
16,560
450,000
-
501,672 485,794
2025
£
-		 2024
£
17,850
- 17,850

33

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

18a Analysis of net assets between funds (current year)

Analysis of net assets between funds (current year)
Total restricted funds
Total designated funds
General funds
Unrestricted funds:
Designated funds:
Total funds
Donor Fund (Small Grants)
Investments
Contingent Growth Fund
Restricted funds:
CCF Marketing Fund
Net current assets
Total unrestricted funds
Tangible fixed assets
Net assets at 31 March 2025
Net current assets
Analysis of net assets between funds
Investments
Net assets at 31 March 2024
Grant Generation Fund
CCF Support Fund
Movements in funds (current year)
Tangible fixed assets		 At 1 April
2024
£
4,489
80,774
663,767
864,787
(prior year)		 General
unrestricted
£
49,428
-
821,906		 Designated
£
-
1,070,832		 Restricted
£
-
-
1,246,467		 Total funds
£
49,428
1,070,832
2,068,373
871,334 1,070,832 1,246,467 3,188,633
General
unrestricted
£
30,989
-
1,188,483		 Designated
£
-
789,654
-		 Restricted
£
-
-
1,613,818		 Total funds
£
30,989
789,654
2,802,301
1,219,472 789,654 1,613,818 3,622,944
Income & gains
£
10,000
135,358
1,226,542
26,620		 Expenditure
& losses
£
(22,058)
(56,159)
(1,019,812)
(672,584)		 Transfers
£
7,569
(2,586)
(240)		 At 31 March
2025
£
-
159,973
867,911
218,583
1,613,817 1,398,520 (1,770,613) 4,743 1,246,467
789,654 33,828 (2,650) 250,000 1,070,832
789,654 33,828 (2,650) 250,000 1,070,832
1,201,621 238,975 (314,520) (254,743) 871,333
1,991,275 272,803 (317,170) (4,743) 1,942,165
3,605,092 1,671,323 (2,087,783) - 3,188,632

19a Movements in funds (current year)

Transfers into the restricted funds cover any deficit incurred on that fund with general funds (unless another restricted fund was appropriate). The transfers out of the CCF Support Fund and the Contingent Growth Fund went to cover expenditure in the small grants programme where the grant matched the purpose of the restriction.

The trustees chose to designate a further £250k of reserves this year to the Grant Generation Fund in order to maximise the potential income for grants in future years.

The narrative to explain the purpose of each fund is given at the foot of the note below.

34

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

19b Movements in funds (prior year)

Movements in funds (prior year)
CCF Support Fund
Total restricted funds
Total designated funds
General funds
Total unrestricted funds
Restricted funds:
Cadet Bursary Fund
Donor Fund (Small Grants)
CCF Marketing Fund
Contingent Growth Fund
Unrestricted funds:
Grant Generation Fund
Total funds
Designated funds:
CCF Conference Fund		 At 1 April
2023
£
76,266
18,897
3,265
76,686
-
1,534,214		 Income & gains
£
-
-
-
42,134
1,357,530
-		 Expenditure
& losses
£
-
(22,975)
(3,804)
(38,046)
(693,224)
(745,693)		 Transfers
£
(76,266)
8,567
539
-
(539)
76,266		 At 30 March
2024
£
-
4,489
-
80,774
663,767
864,787
1,709,328 1,399,664 (1,503,742) 8,567 1,613,817
683,549 106,555 (450) - 789,654
683,549 106,555 (450) - 789,654
1,166,523 320,201 (276,536) (8,567) 1,201,621
1,850,072 426,756 (276,986) (8,567) 1,991,275
3,559,400 1,826,420 (1,780,728) - 3,605,092

Purposes of restricted funds

Cadet Bursary Fund - this was used to support the set up costs of new CCF Contingents in state schools.

Donor Fund - this is to be used to support individual cadets to access the full cadet experience unhindered by the vagaries of personal circumstance.

CCF Conference Fund - this is to be used to support CCF conferences and events.

CCF Marketing Fund - this is to be used to support recruitment activities and purchase equipment in support of the CCF.

CCF Support Fund - this is used to support the CCF contingent support staff and activities across all Region.

Contingent Growth Fund - these funds are intended to help CCF contingents to cater for a larger number of young people so that they can take part in CCF activites each year.

Purposes of designated funds

Grant Generation Fund - these are funds set aside in an investment fund by the trustees and treated in the same way as an endowment in order to generate funds that can be used in CCFA's grant programmes. In the long term the charity would like to be able to use income from the portfolio to fund grant making but is prepared to reinvest income until 1 April 2030 to augment capital growth in order to help achieve a greater residual income in future years.

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

35

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

CCFA supported young people, volunteers and the contingents of 123 schools this year. The schools that received support were:

ALDENHAM SENIOR SCHOOL ALLEYN'S SCHOOL ARNOLD HILL SPENCER ACADEMY ARTHUR MELLOWS VILLAGE COLLEGE BARNARD CASTLE SCHOOL BARR BEACON SCHOOL BAY LEADERSHIP ACADEMY BEDE ACADEMY BEDFORD MODERN SCHOOL BELMONT COMMUNITY SCHOOL BISHOP OF LLANDAFF HIGH SCHOOL BLESSED JOHN HENRY NEWMAN CATHOLIC COLLEGE BLOXWICH ACADEMY BOURNEMOUTH SCHOOL BRANNEL SCHOOL BRIDLINGTON SCHOOL BROMSGROVE SCHOOL BUDMOUTH ACADEMY CALDAY GRANGE GRAMMAR SCHOOL CAMPBELL COLLEGE CAROLINE CHISHOLM SCHOOL CHARTERHOUSE CHATHAM & CLARENDON GRAMMAR SCHOOL CHESTERFIELD HIGH SCHOOL CITY OF LONDON ACADEMY ISLINGTON COLLEGIATE SCHOOL DAME ELIZABETH CADBURY SCHOOL DROYLSDEN ACADEMY EAST NORFOLK SIXTH FORM COLLEGE EASTBOURNE COLLEGE ELIZABETH COLLEGE, GUERNSEY EMBLEY SCHOOL ENERGY COAST UTC EXETER SCHOOL FELSTED SCHOOL FOYLE COLLEGE GAD'S HILL SCHOOL GATEWAYS SCHOOL GIGGLESWICK SCHOOL GODOLPHON SCHOOL HAILEYBURY COLLEGE HARRIS ACADEMY WIMBLEDON HELE'S SCHOOL HONLEY HIGH SCHOOL JOHN MADEJSKI ACADEMY KETTERING BUCCLEUCH ACADEMY KILKEEL HIGH SCHOOL

KING EDWARD'S SCHOOL, BATH KING EDWARD'S SCHOOL, BIRMINGHAM KING'S LEADERSHIP ACADEMY, BOLTON KING'S LEADERSHIP ACADEMY, WARRINGTON KING'S SCHOOL, ROCHESTER KINGSTHORPE COLLEGE LANGLEY SCHOOL LIPSON CO-OPERATIVE ACADEMY LONGHILL HIGH SCHOOL MALVERN COLLEGE MATRAVERS SCHOOL MONTSAYE ACADEMY MORETON HALL SCHOOL MOUNT ST. MARY'S COLLEGE NENE PARK ACADEMY NORTHAMPTON INTERNATIONAL ACADEMY NOTTINGHAM HIGH SCHOOL ORMISTON HORIZON ACADEMY ORMISTON MARITIME ACADEMY OSWESTRY SCHOOL OUTWOOD ACADEMY RIVERSIDE PANGBOURNE COLLEGE PATE'S GRAMMAR SCHOOL PENISTONE GRAMMAR SCHOOL POCKLINGTON SCHOOL PRIORY RUSKIN ACADEMY Q3 ACADEMY GREAT BARR QUEEN ETHELBURGA'S COLLEGIATE QUEEN MARY'S GRAMMAR SCHOOL RADLEY COLLEGE READ SCHOOL READING BLUE COAT SCHOOL RIPLEY ST. THOMAS CHURCH OF ENGLAND ACADEMY ROUNDHAY SCHOOL ROYAL BELFAST ACADEMICAL INSTITUTE RUGBY SCHOOL SIR CHRISTOPHER HATTON ACADEMY SIR JOHN NELTHORPE SCHOOL SOUTHFIELD SCHOOL ST. BRIGID'S SCHOOL ST. EDMUND'S SCHOOL, CANTERBURY ST. EDWARD'S SCHOOL, OXFORD ST. PAUL'S SCHOOL FOR GIRLS STAMFORD WELLAND ACADEMY STANGROUND ACADEMY STOWE SCHOOL STROUD HIGH SCHOOL

36

Combined Cadet Force Association

Notes to the financial statements

For the year ended 31 March 2025

21 School CCF Contingents that have received grants from the CCFA (continued)

THE COTSWOLD SCHOOL THE FERRERS SCHOOL THE FOLKESTONE SCHOOL FOR GIRLS THE GILBERD SCHOOL THE HEREFORD ACADEMY THE KHALSA ACADEMY WOLVERHAMPTON THE LEYS SCHOOL THE MOSSLANDS SCHOOL THE PETERSFIELD SCHOOL THE PHOENIX COLLEGIATE THE PRIORY ACADEMY LSST THE ROYAL GRAMMAR SCHOOL, GUILDFORD THE ROYAL GRAMMAR SCHOOL, HIGH WYCOMB THE SAMWORTH CHURCH ACADEMY THE VYNE COMMUNITY SCHOOL

THISTLEY HOUGH ACADEMY TILE CROSS ACADEMY (SOLIHULL SCHOOL) TONBRIDGE SCHOOL TRINITY SCHOOL, TEIGNMOUTH VICTORIA COLLEGE, BELFAST WALKER RIVERSIDE ACADEMY WARMINSTER SCHOOL WARWICK SCHOOL WEDNESFIELD ACADEMY WESTCLIFF HIGH SCHOOL FOR BOYS WREKIN COLLEGE WRITHLINGTON SCHOOL WYCLIFFE COLLEGE WYMONDHAM COLLEGE

37