2022-09-30-accounts

.@.CET C(xnmwc¢d EdLKati(yn Tfiu<l London Chamber of Commerce and Industry Commercial Education Trust Annual Report and Financlal Statements 30 Septembei 2022 CnarityRe9￿Ira1IDn NLvnbei 801986 Reg$trab"on14umbei 2419257 Iwjii ACIGQFPU 1410412023 COMPANIES HOUSE A03

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Contents Reports RefererKe and administrative rfomiatiort Chairman's Ststement Re￿ of the Tnjstees Independent audilorfs rep)rt 16 Financial $tatem¢nts Stslement offinancial activthes 21 Balance sheet 22 PrirK4)al accounting poIicEs 23 Notey io the financh11 statements London ChamiEr dcommerce and lThJu5try Commeroal Education Trusl

R¢t¢￿ThCe and adminlstrative InforniatSon Trustees G C Robin Booth FCA (Chairman. retired 31 December 20221 Darragh O'sullivan BA (Honsl Law.. Pg. Dip. L89al Pfaclice, MBA Ichaimian, from 1 January 20231 Edward S Brunel-cohen FCA Alun Evans FCA MBA Nichola5 Martel 8S¢ {Honsl MRICS (resigned 27 September 20221 Ar￿8 O'Hagan MA PGCE. Anne D Robins Bsc Oip Ed HDLS DavidR Wi118tts 8A FCA Iretired 31 December 20221 Honornry Offi¢è Htslde David Coughtrie Dip Arch RI8A FCILT'IChabrman - Emerikns an¢J Honorary Fellow) Jotyon Larkman Ichairrnan Emeritus). Professor Chris Aiikins (Honorary Fellow) Professor David Guile IHon(xary Fp11(￿¥> John Hillr (Honorary Fellow) Executive Dirwthr Mahad Ali 0￿ratIonS Dlre¢tor * S•¢r¢tary Kale Wynne-Eyton &4 FCA Rgist•r•d office 33Queen Str$et London EC4R IAP Auditor Buzzacoit LLP 130 Woc¥J Street London EC2V6DL Bankers Royal 8ank of Scotland plc 49 Bishopsgale London EC2N 3AS Inv•stm•nt mana9•lS rnveslec Wealth & Inveslmenl Management Ltd 30 Greshaffl Slroot London EC2V 7QN Charity reglstratlon number 801986 Company Trg$tratign number 2419257 London Chambei of commer￿ and Industry Commercial Educotion Trust 1

Chairnian's Statement Ye8r ende(130 September 2022 This is my first report as Chair of Ihe Commwckal Educalion Trust I'cEri and I'M proud lo follow in the footsleps ol a k)ng line of fantsstic Chairs who include, m051 recenuy. Robin 8oolh and David C(xJghtrie. I worke(1 wilh both of them as a Tru51ee at CET and l am grateful to both for handing over ihe Trust in such go)d 5hapg. I wil do my utmost to leave il in at least as good a shape when my ts'me comes. EXTERNAL ENVIRON•AENT It has bèèn anothw challenging year for èducalK)n and antslher challenging year for the Trust, the delails of which a￿ sel out more fully in the Trustees, Reporl which follows. The effects of Ihe COVID-19 pandem￿ have conbnued to make themselves felt in our educalional eslablishmenls and amon9 those youn9 people who were denied meaningful access tts education during the successive natK)nal lockdowns. Report5 of injuslices In the substitute examination tmovisitins anol tales of a 'lost generation. must. however. be read in conjunctK•n with the inspiring stories ol our 9ranlees. and all of our leachèrs. parents and businesses rallying together to support the sy5tern and our young people in the face ol hith8rtfrvnforeseen opprssK)n. 11 evpi there was 3 9roup ol people well sulled lo ensuring Ihal this generalion doesn't remain lost. it is them: and we shall contsnue lo support thèm in every way that we can. While thg Rvsyan finvasion ol Ukfaing caused a workl¥￿de surge in energy pr¢cing which. in turn. weighed heavity on ihe global financial markets, thanks to the prudenl and sustainable oversjghl of oui TnJstoes and our inveslment mana9ers. our investment portfcAio remains in good shapè. Our thoLtghls. ol ¢¢￿r$e. remain with the people of Ukrdine an(1, in particular. those young people who are Suffer￿ on every front. and so cruelly being densed their own educational needs as the conflict endures. OPPORTUNITY What 15 clear. in the fact of all of Ihe uncertainty that we face as a 9knbal community, and particulady in Ihe UK where the Trusl has its fitus. is that ensuring thal our young people enter (he wodd ol work wlh weu-developed Commefcial Ability has never been fflo important. Th8 Trust's rèl8vanc8. and the burgeoning relevanc8 ol what il is thal we do, found prominence on the fronl page ol the Times when rt published tts Times EducalK)n Commission Intenm Repon in January 20211 whÈth was buill upon In their final report published in June 012022. This ha5, in tum. been serzeil upon by both man polilical parties, who appear (o agree Ihat some Sort ol felomi ol th8 ctsrriculum 15 required to ensurè that 98ts left behind, an everyone is 1garnin9 thg nerssary skills lor the workplace. Opportunity abourhds for the acknowledgement ol the importance ol well-developed Commercial Ability as a Ill nol the) desirable outcome of any fulure Ileration of the curriculum. AI CET. we firmly hope Ihat (however this happens and under whithever panyl it embraces the embèdding ol Ihe development of Commercial Abtlty across the currtculurn, in every subject. Thère is precetjent lor how this can happen. in much the same way Ihat'lnfomation Technology. was once laught as a stand-alone subject In a dedicated rocm bul now sees computers and Ihe learnin9 of informalw)n lechnology skills embedded aC￿$S every subject in every classroorn. ' RÉ•w8ntsDg sen0￿$ ty)st 8rt8irt by f125bn 8 year. Times Edvcatk%) knrrM$ts￿jTh findg irTr1 WhAI'$ ¥WOThJ ilh IMJr s¢hc45- 8ThJ htyv ioreirryerl them ihe thgial a9¢ IrMSSi *thcafvreinveM-schooh4ur4hé-di IL￿-3 Lond¢)n Chamber of Commerce and Intjustry Commercial Educatron Trust 2

Chairman's StatÈment Year ende(130 Septèmber 2022 CET l offer my deepest gratitud8 lo.¢xJr Boaid of Truslees and to our Advisors who volunteer thelr time and have b8en so 'hands on, in.supporting the Trust through the challenging external environment and its own internal change5 over the 18SI lew years. He8rtreM Ihanks-, also. to all of the Truslees and Advisots vknose terms have come to an end this year- your selfles5 input arxl d8di¢ation WAI contsnue lo be felt ILY rnany yews lo comè. We. have. Ihis year.. invrted PHO new Truslees to join the Board and are in ihe process of éxl*nding offers lo two new Advisors as well_ Anne O'Hagan. a Truslee since 2020. has assumed the fole ol Chair of the Grants & Devebpment Cummittee. and I wish her the very best of success as we begin to reopen our granls with a particular focus OD those who seek to lurlher the components of Comfflercial Ability through their proposals. il has been a busy year. We" have wethned ¢)ur rbgw Stsff.. develo￿d our strategy: developed an Impact Framework: implemented a series of guest.blogs on our website froln our grani8es and Othe￿ working to support various comwnents of Commercial Ability; and h05ted our first In-person event since the pandemic first arose. For. a small organISaij￿. we ave lolty amkn"IK)ns and have demonstrated oui ability to make ￿ impact. The stsge is now set for th.e next phase of our development,. Ihe cast and crew.are ready- and the audience has never been more eager. Ihat remains for me to do is lo wish that all volved may'break a leg,, and lo call for'curtain up. Darragh O'sulllvan Chair SNJned'. Date.. (o ioLB London Chamber of Comm¥r¢e and Indu$try Commercial Educath)n Trust 3

TN$t••8' R•wl Year ended 30 Septernter 2022 The Tnjstees present their slatutw rewt tc¥3ether with the audrted fmancial ststements of London Chamberol Commerce 1ThJ￿trY Cofflmer¢i81 Edu¢atrLM) Tr￿81 fcET-I lor year ended 30 Septertjer 2022. The rewt has been prepared in acC(￿danCe with Part 8 01 the Chariti"Es Acl 2011 and it is also ths Tewxl of Ihe d¥ector5 for the purposes of the Companigs Act 2006. The financi?1 stalements have been Wep8￿ in accordance with the accfjunling policies sei out on pages 23 to 25 and comply wilh ACc￿nt5n9 and Rewling by Charities.. Statement of Recommended Pra¢bce applutAe to charities preparing th&r accounls ￿ accordance with the Financial Rewxtsrwj Stand¥d applirable in.the United lfjngdom and Republic of Ireland {FRS 1021. OBJECTIVES ANDACTMTIES CET'S ot4.ecls are to woffK•le. a¢J¥￿ce and encournge comm¢rtyo1 ÈducalK)n for ljenefit of the pu￿￿. In k08ping with thgsg obiects. CET has adopted a wsion ol a society in thich peop￿ have Ihe knowtLtrW, skdls and opportunltyto sucuod inwork. thgrebyCr8atir￿ a thrrvirg. The winrApal objectries during the yoarworn to: mainlBin a of grant-makiry arKI investrnent in educalion research. In keeplng wllh lontwm #ivestment retums: olect Iho lontemi oal valu¢ oltheinestnwnt p￿r01b)." develop CEfs Communi¢atrJn Straw and con¥eniNJ rol8 with p¥ll￿18r regard to. hi"ghlightin9 the b8nefts of. Comff￿la1 educalK)n to its key stakeholders.. educators. ern￿oYerS and polwmakèts; provide Il)ught l¥dorship M. ar￿ hi9hlKJht Ihe Importan￿ of. comnrcial ab￿rtY Th8 main activibes" of CET were grant4nakiry. weparirwJ for further research Mlo the pr0rn0t•￿ of ¢0Mmw¢￿ "lity and o¢ommencem•nt of convening activilies. Other chariiable aCt￿ty related to the dissemination of best practice and ￿teSt thinking on rLJThnercial educatiwb through CETS website and other publu1K)n$. In order to enhance ils eapacity lor charrtable the Trustees continued to prJit15e the bng-term growth of CEf$ capital whilst at same time soeknng lo mawmtso incomè. Public benefft The Trusiees hav• referrtd to the guh1ance contsined in the Charity c¢Xnmi5￿n's general guidan￿ on public benefft when reviewing aims and obJectNes and n pbnning its lulure grant-making and other thariiable a¢tivitio$. In particular. the Trustees consider how planned acliviti8s wdl contribute to Ihe aims and objoctiV8s Ih8y have sel. In reviewrrfJ Ih8.p8rformance ofgranle85. partr￿lar attent￿n is paKI lo tr*"Impact ol all proje￿5 funded by CET. London Chamber ofC(xMierce Industy Comtr￿￿ Educat•)n Trust 4

Trustees. Report Year ended 30 September 2022 OBJECTtVES ANDACTIVITIES Iconiinued) Slr4tegy The Truslees. in det¢miining thedife¢tion of CET'S wort. seek to embed commercial abilrty into UK lrfe. ty. gquippiry people with the s￿"115 armj wmrrrfrcial awaren85s Io grow. deveb)p and18ad in tojsiness: encouraging individuals to be enterprising and ￿n0¥aliVe in their approach to work:. and making a positi¥$ contrtlLrtKm to Ihe dovglopment ol effethè commercial educalion and training. Grantvmakln9 policy Grants are made on"a fully discretKsTrary basis and in accordance with CET'S objects. Grant Èppkakn detatscanbeobtarnlfrom TheSecre. LcthChamb8rofCorrynercè ar￿ Industry Commercial Education TnJst. 33Queen Slreel. London EC4R 1AP and are available on CE.T'5 websile_ CET rggards ￿mmer(la1 8dLKat￿Th as the key to indr¥idu4 d¥velopm•nt in fNe key areas.. Basics for Lif•- ￿udIng Iileracy. rvJm8racy and basic digital skill5.' Business Know41ow induding basic business. finance and internatsonal trade concepts. sysiems. strateg￿5. Qrocesses and tools." Attltudos and Behaviours focusing on Ihe mindsat requirgd lor success in the workplace linduding being enterprising andlorentrepreneuriall., E55entlal Transferable Skills- including hstening and pre5enling. problem solving and creativily. slaying positive and awning h"gh. leadership and teamwork", Seclor Specific Know41ow- as applicable and relovanl io th8 indivldual's workplacg requ1￿MentS CETS granl-maknng activty rn8y be classrfied urKfer three headings.. Pracb'cal Projects.. partnering othef chanlable organisatK•ns w) piojects ￿Vancing CET'S own obJ"ecls. Research.. SUPf4Yknng specifi¢ researth rKol￿s in areès relevant.to rts objects. Dissernination.. InitK4ting arKY supporting cfyiferencas. sympos￿. lectures and other relevant projects in linè wrth its objects. Lon¢Jon Chambef ol comme￿ an(J Industry Corrrfnercial Educatk)n Trust 5

Trustees. R¢p¢rt Year ended 30 September 2022. OBJECTIVES AND ACTIVITIES (￿tKilled> Grantamaklng policy Icontinuedl The Trustees have adopled certain operating wincip19s whi¢h they lake into accounl when considering grant applicalions". all projecls supported must be lor the benefit of the publ￿.. wherevw ptss5itAe. partnefshps ViU be sought with organisalions wth a proven Ira¢k record ol delivemg scalable projecrs. projects whwe CET is Th)t to be the fvndEr will be tsvoured a5 the Tru51ees believe thal m?Iched lunding is a tangible sign of an apphcant's conwnitmenl the sustsirbalM"lity of a proiecL and lon9 term relakn¢Mships a￿ SOLoht. CET wll not nomially: support comrneriial Ofganisaiions. charitigs Th)t regislered in the UK. or failing organisalions or causes: funLI major capitsl proj.ec￿ (e.g. the purchase or renovalion ol buildings or vehidgs or training costs and piofe5sional fee5 relating to capital proiÈclsl'. fund gengral {i.g. non proj8ct-SP8cthcl organisalion costs {e.g. runnry costs including salaries. expense5, adwThnistratwJn. hire ol space I premises. mwketing and publicty, utilty bills, etc.)., make grants ￿ individuals: support general or marketng appeals: fund projecls are conduGtyd wh(Aly overseas: supwrt projects which reduce support from publ￿ lunds.. contn.bule to appeals from any organisaiion wh&r$ Ihe monoy will bg used lof rtrligious purpos8s. of prol'ects which promoie a partKular religion. ACHIEVEMENTS AND PERFORMANCE CET Increased its level of service and aclNty as Ihe year proceeded. in partictjlar after the appointmenl of the new Execub"v8 Director. Mahad Ali. who joined CET on 28 March 2022. Our aciivity increased. in particular from April 2022. stimulated by the finalisalion of OLtr updaied strategy an¢J Mahad's drive and enthuskasm. Mahad brings a wealth ol se¢toi experience. and with contribution from truslees and partner organisalions. has formulated a etailed btlsiness plan lo deliver on CEfs strategic objectives. In delivery of this plan and our widèr strategy, the slaff has ￿lIlatel projects to develop an Impact Framewortt. and buikl on our prior research findin9s, by definFng and devek)ping the concept of "commercial obility.. These pro1￿t5 tonbnue, along wilh the resurry)tion of convening adivities and grant making. Lcffldon Chamber ofcommefce and Industry Commercial Education Twsl 6

Trust￿$. Rport Year ended 30 Seplernber 2022 ACHIEVEMENTS AND PERFORIAANCE {contH)uedl as fvrther ouljined bekjw. strategy Do¥olopment The Truslees completed the development of a slcategic roadmap in March 2022, which was a culrnination of strategy sessions held in 2021. The roadmap has defined a direclion ol travèl lor CET which is fLKused on d&vekJping and articulaling Its concept of "comrnercial abilty". Embedding Commeicial Ability In July 2021. CET recwved the final report of the researd) it had commissioned from PyeTail Consultin9 inio the Feasibility ol Improving Commercial Awareness and EduratJn in Ihe UK Through the Creation and lmplementah.on of a Suitable Competency Framework Ilhe 'Feasibility Siudl). The research concluded that a fully-developed Iramework wilh 5UPPOrting resources was unlikely to be the msl effective way of achieving CET'S goals. Neverlheless, the findings have contrt"buted 51gnrf￿antty to CEfs sftalggy devgbpfflent.. Ihe gmef98ncg ol the unity'ng concept of"corM)eroal ability-; a synlhesis and 1-page SLtmmary: and. later. to the slrale9iG roadmap. CET subrnilled 115 5ynthesi5, 1-page Summary. and the detsiled report lo The Times Education Commission IVECI. Thgse were well received and led to an online discussion with Ihe Commission's Chaimian and fo Ihe importance ol commercial ability bèing included in its interim and flnal reports. a froni-page headline in The Times la first lor CETI, and Truslee Darragh O'sullivèn's participèljon In a discus5K)n on Timès Radio. Gran¢4makin9' During the yeaf grants lotalled £40.00012021- £99.005) as folh)ws". • Enabling Entèrprisè.. £2O.CA)O year thre¥ funding for Ihg programme Leadwship lor Essential s￿115= Transforming Essential Skills across a Whole School. un¢Jer Skills Builder Universal Framework. CET considers the evJht 05sential skills sel out in the univer$81 Framework contribute to Ihe Attrtudgs and 8ehaviouig and Essential Transferable Skills elemgnts of Comn￿rclal abilty, and the esiablishmenl ol national best practice in delNerin9 these is a shared obJ'eclNe. • Peter Jones Foundation IPJFI. £20.0(X) year two funding for the PJF Alumni Pfogramme to support 1 t*￿ of its graduates into employmenl, higher education, or start¢ng their own bvsine55. and to develop a portal for ongoing profe5510nal development. me￿l9r1ng by alumni is recognise(I by CET as an important component in improving Commercial ability across its constsluenl dements. and PJF wsons learned from thelr prograrrme are recognised as vabJable to CET. In addiuon lo the above. granl Ivnded projecls al Fulure Firs1. Youn9 Enterprise. LAMDA and ATE concluded during the year, wth gou(J involvement between CET and these organisations. Throughout Ihe yeai, CET engaged wth partners. events. indudin9 Ihe Skills Builder Partnership Day and the launch of the LAMOA research woject report. CET had no other vna¢erued granl commrtments lor 2022123 as at 30 Seplember 2022. London Chamber ofCOmmer￿ arwj Induslry Commercial Educal¥)n Tfusl 7

Trustees, Rèwl Year ended 30 September 2022 ACHIEVEMENTS AND PERFORMANCE (C￿1n￿ed) although granl making is budgeted for 2022123. to be allocated in line with rts new gr8nl- making poticy which was in the linal slages ol adoption a5 at 30 September 2022. CET continued lo operale in accorcsance wilh GDPR complianl data mana￿Ment policies and keeps vp lo date wrth 9ranl-m8king be51 wactice. with the benefit ol grant-mak¢ng softwa￿. Evidence and Impact CfEY (the Cenlre for Edycaith & Youth) was appointed lo develop an Impacl Framework for CET, anfj h05ted workshops for Truslees, staff and advisors in June and October. and dèliverÈd a nèw Impact Fiamework lor a¢Jopb"on in Decèmber 2022. Throughout the year, CET Coniinued to work wilh grantees lo gather robust evaluation of programme outcomes. io add io its data on the efficacy ol various approathe5 to commercial education to infomi stralegy and future funding d8cisions. Markeling & Communication$ CEfs online presence was boosted by guest blogs from the Economist Foundation, LAMDA and GrÈeFW4ith Lèisurè Limrted. and more content posterj on ils social media ehannels. Conv4ning and Ev•nts CET rev*wed the lomiat and content ol events to stay cuffent wth latesi business education practice5. QPtimis& reach and impa¢L and driv$ ¢ollaboration between itself and partner organisations wlh similar obieclives. Its first in-person event since the pandemic took place in Nov¢rnbgr 2023 Govornane•: artSclès, polici•s and procedures Robin Booth and Daw¢ Willett5 rekn.red on 31 Decembw 2022 and CET thanks them for their many years ol dedicated semce to the Trust. Robin was involved with CET sinctr its inception. inikn.alty a5 Cornpany Secretary and Financial Conlroller, and for the la51 len years, as Trustee, then Chaiman. Al Ihe year end. trustee recnJrtment was undeThyay, wilh further recruitmènt planned for 2023. Darragh O'sullivan replaced Robin Booth as Chair from 1 January 2023, and Anne O'H8gan replaced David Willett5 as Chair of the Grants and Development Comrnittetr IGOCI Irom Ihe same date_ Nick Martel steppèd down a$ trustee in September 2022, and CET thanks him fry his committed seThice as a Trustee, and are 9ralÈlul Ihal he remains engaged with CET'S vision as an adviser. CET adopled new Articles of Association during the yeaf. wh￿h in¢￿aSe the maximum number of Tcuslegs from len to twelve. and simplif¥ certain governance rnatters. London Chambei ol Cobywnerce and Industry Commercial Edwation Trusl 8

Trust••s' Repart Yeai ended 30 Seplember 2022 FINANCIAL REWEW A summary ol the yearfs resLrfts can be found on page. 21 of this rewrt and financibl slatemenls. Total income for the yearended 30 September 2022 anw)unled to £146.57812021- £165,005). This principa15y derived from the income r¢¢eNed Irom CEf5 listed investments se8 Investment pdicy and perfomance below lor further cornmentary. Total expenditvre for the year ended 30 Seplembef 2022 amounted lo £192.648 12021 £328.414). Expenditure on rnising lunds. principally Ihe c05t of rnanagin9 CET'5 listed investments. lolalW £42,41212021- £44.727}. The remaining expendilule of £150,23612021 £283.6871 was incurred on CET'S charrtable aclivéties Int￿ding associalèd support costs. Thése arè reported in greater delail below. Net movement in fvftds for th8 y8ar ended 30 September 2022 aft￿Unted to £655.003 ladvèrsel 12021 £666.495 lavourablel This was after recogn￿Ing net rtsalised and unreali5ed losses on CET'S investrnent portfolio 01 £608.93312021 net gains- £829,904). Summaryof charitable acliv*y Expenditure CET'S charitsble activity. indudin9 SUPPOrt and goveman¢g ¢osl$ wa$ £150.236 (2021- £283.6871 ar￿ comprised". an15 Research c0515 PUblica￿Tr o)sls charitab￿ suprth o)sts G0vem￿ce Costs 40.000 3.480 99,005 86.724 1.900 41.732 54,3Z6 55.797 50,959 Charitable support C051s above of £55.797 cornprise staff costs of £47.607 which rel8ie diiectly lo grant-making and other charitable act￿ty12021 - f24,4761, anrl recnjitmenl fees of £8,19012021 - £15,421). Governance costs of £50.95912021- £54,326) indude legal and professional fees and stsff costs attributabla to administrabon of CET. Inv•stment poli¢y and Fwformance Inveslec Wearth and Investmertt Ltd I'lnvesiec") managed CET'S invgslment portlolio in accordance with the inveslmont FX)licy agreed by Ihe Trustee5. The investrnent Sets out ihe key elements of how CETS portfol￿ of inveslmen15 and cash wll be rnanaged to ach￿Ve its mission of promoting Gofflfflerual educabon. It achieves thi5 by selling out investment obje¢tives. tolerances lor the accèptano ol risk and how the lunds may be invested. The aim ofthe inVes￿ent policy is to maintain an appropriate balance b&￿een nsk and return at all times. The polw is reviwd annualty by the fruslees and adjusted, wheie necossary. lo ensure London Chamber of Commer¢e ano Industry Commercial Education TnJ5t 9

Trustees. Report Year ended 30 SepterDber 2022 FINANCIAL REVIEW Iconlinuedl InveSth￿nI policy and perftymance (ContinL￿dI ihat it remains appropriale lo CEfs objectives, market conditions and risk considerations. The portfolio's overall assel allocabon Is govemed by CEfs short-lerm need for INuidity for operaling PLtrposes and ils longer-lerrn goals. A total relurn approach has beeii adopted by CET since 2015. Any funds raised extecnally Ihal are proiect-specik lall outside ihe purviewolthe poli￿. As Ihe objeclivo ol CET is lo promote commercial ability. its Fnvestment objectivès are essen'aNy longer lerm. The primary objeclives ol Ihe invesirnenl policy in place during the rinancial year were lo ensure that the assets in thè portfolio maintained in real temis boih the desifed level of income and value of capital required lo fund the CET'S annual anticipated tharilable activity and meel the administrative costs of CET'S 0￿ratiOnS. The iolal valuè ol CET'S portfc4io as at 30 September 2022 was £6,722.006 12021 £7.348,8561. The net investment 1055 for the year was £60B.933 12021 investment gain £829.9>11 and wilhdrawals {including investment incorne) lor Ihe year totalled £120.OIJ) 12021 - £240.000). Investec Work￿ io an investment obieciive. whrch to generato a rnin1m￿n lotal retum in excess of4nftalion {UK CPI) pkjs 3% pwyear. net ofinvestm•nt managèment￿￿$. over rdlin9 three-year penods. During the year. the total retum on CET'S investment portfol￿ was negalive 6.4 /0 12021 15.3°Al. The negative retum in thg year is attn"tMJlèd lo a downtum in the mark8t due to global and UK macro economic factors. AlthcMJgh this dISapp￿nting. Investec expect portlolio performance lo be in line with CETS investment objective ovef the kJn9er lerm.- WilhJrawals were hall 2020121 levels. due lo lower than nom￿4 levels ol expenditu￿. Re$e¥v?s policy and financial position The level of reserves is reviewed by the Trustees on a regular basis. Tl faciots taken into accounl are the exisb.ng financial Comrniknents and activrtiès of CET. Subject to maintaining a c8rtain level of charitable aclivtty, CEfs policy is to inc￿ase reserves so as to be able to generate addibonal income for such actNities in future years. The level of reserves at 30 Seplember 2022 was £6.775.489 {2021 £7,430,492>. It ¢onsid8red lo be sufficient lor the conlinuing activities of CET. This is in lin8 wlh CET'S objective ol Maintaining the value of its invesbment assels lor future generations whiLst at the same ts.ffte ¢nsuring 3 r¢3sonable level of charitabb acb"vity. tt is the opinion of Tnjstees Ihat this level of ￿SerVeS allows CEr to ￿maIn a going concem and annual e¥penditure is planned to ielum lo historic levels in luiure yèars. LorKlon Chambgr ol Commsrte Industry Commercial Educalion TTU5t 10

Trustee5' Report Year ended 30 September 2022 Fundraising CET witinued fundraising Mi the year, was V$ry graleful for Ihe chariiable donations it received. and observed ￿gUlationS aTrJ best practice guidance notes, as covered by Ihe Charities (Pmtection and Social Investment) Act 2016. FUTURE PLANS CET collated feedback on the fir￿Ing$ from the Feasibilty Study to infom its Strateg￿ plans for the short. mediurn and long term. and these plarks are underw8y. under the detail of the annual busit)ess plan. CET is focusing on projecls and research. as oullined above. and Gonaborations with a Small number of partner organisalions lo achieve maximum impact. This includes holdin9 evenls lo share Ihe Languagè of corr¥nèroal ability, b8$1 pradicè and build a ccwmmunity of lundeis. grantees. edLtcators and employers. wlh similar goals and aspirations. and to inThJ8nce government poltcy makers. with part￿L￿ar regard to the levellin9 up agenda. PRINCIPAL RISKS ANO UMCERTAIP4TIES A feview ol CEfs risk profile was undenaken during the financial year, and at the end ol th8 year. none of the m￿gale(l nsks were calculated to be high. CET continuè5 to recogr7i5e and monitor the ongoing risk ol COVID-19 and any subsequent pandemic.and safer ,ways of working are n¢)w embedded into bustnes5-a5-ysual to mJb"9atè Ihis nsk. The TfU$tees Id￿lIfy Ihè lollffi.ng othèr key risks". key person dependency, dependency on a sde income sthjrce". investmenl volablity and inadequale retUrnS', lack of underslandTrr¥J of the value of commercial ability in the ggneral publi¢.. changes in Govemment Oicy towards charrties oredu¢ation.' aTr uificienl funds lo manlain leve15 of granl-making and cover running costs. To m￿"gate fhe5e risk5 CET has taken Ihe foNowng thMS'. additional staff aPP?￿lMents. annual appra￿ls. pay and conditioTr revsews, process documentation.. r8gularly revie￿ the perfomharKe of it5 iAvestmÈnt poficy, investmenls and investment managers. at Committee and Tnjstee Board level.. provides clèar. pUbl￿ty available infoimation ar￿ gUKlance on commercial ability via its website. social meilk4 channels and pvbliGations". recewes regular informab'on updates from rts advi5er5 on change5 legislalionlregulation.. key issues are brought io the Tnjslees, attention.. and London Chamber of commer￿ and Induslry Commeieial Education Trust 11

Trustees. Report Year $nd¢d 30 Seplember 2022 sets an investmenl policy to produce an adequate totsl relum and maintains light coniryjl of costs and accurate 8¢countin9 of chantabb activity. The Trustees also rnwnlain. arKI keep under review, a ¢onflid of interest PDIicy. STRUCTURE. GOVERNANCE AND MANAGEMENT L•yal structure London Chamber ofcommercè and Industy Comm?r¢ial Educat￿ TrustlCET or'the Trusr,) is a company limrted by guarantee hav￿9 been incorporale¢Y under the Companies Acl on 1 September 1989 and a charity re9iStered wrth thè Charity Comrni55ton in England and Wales. ET doe5 not have a share capital, but its members, in the event ol a winding up. have guaranteed lo contribute lo the assets of the cornp8ny a Sum not exceeding £10 each. Govornance The governing instrument ofCET 15 Ihg Articles OlAssrK￿kn¢)￿. The charity's Truslees a￿ Ihe Directors of the company for Ihe purposes of company law. The goveming body of the charity is Ihe Board ol Directors, which consists of up to ￿e1ve Trustee5. who are also membws ol the Tnjst. Under new articles of associakn"on. wlM"ch werè lormally adopted on 20 May 2022. Tru51ee5 may hold olfice lor an inilial per)d of up to th￿e years. and may then serve up lo Iwo furlher lerms of up lo three years. The maximum nine year term remains unGhanged from the prev¥)us articles. tsjt the pmcedure for reappoin1r￿n1 15 now simplffied. Under the previous interim art￿es. the maximum iemi ol off￿e was extended to ten years for o trustees who were d￿e to complete the￿ nine year terrns on or before 310ecember 2021. because it was difficum to recruit new tnjslees al the height of the COVID.19 pandèm￿. and therefore Robin Boolh and David Willelts retired on 31 Decernber 2022. Trustees who served dunng Ihe period of Trport and up to thè datè of approval of this report are listed on pagg 1. Tho membership of the Board consists of people who have a w•Je rar¥Je of experienc8 and qLtralificaborts pèrtinèni 10 Ihè obJ-ectNes of the chity. somo Trustses bain9 from a businèss background whi15t other5 are from an academic background. In 2022, wilh Ihg objective of replacing oulgoing Iruslees and increasing the number of Trustees on the Board. the TnJst engaged Reach Recrutlment. lo vriden the pool of prospects.ve new Trustee candidates_ The Trust reccsni5e5 the value of divèrsty. anrl of leaming from thts5e who may have personal eX￿￿enceS felaling lo the charita￿e purpose of Ihe TnJst. Once Trustee candHlates have been inleThiewed by the nomNiations committee. they are fofmally nolninated by The London Chamber of Commerce and Industry Ilh8 ChambeKI, 5eparatety consknluted entity and a member of ihe Tru51. The Chamber may not remove the Trusteas. In a¢JdiÈion to using the servtis ol Reach Recruitrrenl. Ihg Trust also welcomes unsoliuled exwessions ofinteresttojoin the Trustee Board. Truslee appointments are made bythe Board and Tru51ees are selected lor r￿inal￿ fo1￿01ng an assessment of Iheii skills and Lond￿ Chamber of Commerce and Industry Commercial Education Trust 12

Trustees. Report Year ended 30 SeplemLr 2023 STRUCTURE. GOVERNANCEAND MANAGEMENT {continuedl Govemance {continued) xperience. The obieclive is to have a 8o¥d which is balanced, and capable of forrnulalin9 the polics arkd ¢nsuring the exe¢uti¢)n Ctf the strategy of the Trust in an effeclrve manner so as to maintain aTrJ, il possible. ￿Crease its charrtab¢e actNity over ts"me.. Prospective Trust88s meet the Chaim)an and Senior Management as part of the recrLtilment and appointmenl prores5 and. UFX)n appointrnenl, undertake an inductson process. New Trustees are briefed on the aCtivit￿S ol Ihe Trust and its 9rant-giving. investment and other [KJI￿leS and are provided the Articles ol Association, the most r8cenl management account5, investmenl reports and the lal95t avdiled financial 51algmgnls. Ngw Trustees may also havè served a5 Advisers to the Trust before thèir appointment. On-going training opportvnityes for Trustees are pro¥￿ed, as required. Management Truste•s' meetings arè hèld as often as is necessary to run CET properly. Nomamy at lea51 four full trustee board meetings are held each year. The business of these meetings Is to sel. mainlaSn and monitor objectives,. delemiine, develop and mainlwn strategy. consider approve grant appliGatv)ns-, afKI lo ron$ider business items relaliThJ to CET as the Tnjstees see frt. There are two commiltees of the Twslee5. The principal role of the Grants and Dgvglopment Committee 15 to deveknp CET'S business (Gharitable activityl reporbng and making recommendations to the fttll Tmstee Board. which approves all grants. The Finance arvj Administration Committee ts responsible for CET'S financial and administrative affairs. rèporting to and making recommEndations lo full Trustee Board Oay-t¢Trday managemenl ol is delegaled to the Senior Management Team.. Ihe part.time Executive Direclor, who b¢gan work lor the Trust on 28 Mar¢h 2022, and part-time Operations Direclor. The Senior Mana9emenl Team have a direct line ofcorl￿￿un*C8ti0n with the charilY5 Tru51ees. Key management and pefsonnel The Trustees consider that Ihey logether with the Execulive Director and Operations Director ¢ornprisÈ the key managemer&t of CET n charge ol dTrcling and controlling. tunn¥w and opefatbng on a day-to-day basi5. None of the Tru51ees are remunerated for their services lo CET. The rèmuneration of the Execulive Direclor and Operalions Director is determined wilh reler8ncè to an annual appraisal under13ken by the Chairman ol th8 Board and the Chairman of the Finance and Adm￿niStration Committee in ￿S￿lIat￿)N With the ftjll Board of Trustees. Advisers to CET Aifvisets to CET participate in Ihe CET s even15 and aets"wties and regUla￿Y provide exwrtise LorKlon Chamber of Commerce a￿j Industry Commercial Education Twst 13

Trustees, Reporl Year ende(130 Seplernbèr 2022 on tommittèÈs. STATEMENT OF TRUSTEES. RESPONSIBILlnES The Twstees Iwho are also the Direclors of thè charilable company the purposes ol ornpany 18wI ale reskX)nsible lor preparing the Rep)rt of the Trusiees and financial statèments in accordan¢e wth apwicable law and United lQngdom Accounting Slandards (United Ktngdom Generally Accepled Accounting Piacticel. Company law requires the Tiustees to wepare finanual stslements for each finanaal period which give a true and fair view of the state of affairs of Ihe chantable company and ol the income and expendI￿re of the chan"table company for that ￿T￿XI. In prepar￿￿ these finanual slatements. the Twstees are rèquired lo-. select Suitable acLounknng policies and then apply Ihem consislenlty., ob5eNe the methods and pnnciples in Accounb"ng and Reporting by Charilies.. Statement of Rec£xnmended Practice applicable to charities pfeparing their accounts in accordance ih thè Financial Reporting Star￿ard applicable to Ihe United Kingdom and Republic of Ireland IFRS 1021- make judgements and estimates that ￿ reasonable and prudenl.. stste whether appliCat￿e United Kingdom Accounting Slandards have be¢n followed, subject lo any material dePartu￿S discknsed and explained in the financial slalernents., and prepare the financial statements on the going concern basis unless il is inappropriate to presume Ihal Ihe charitable company will Con￿'nUe in operation. The Trustees afe ￿spons￿le keeping propel accounting records that disclose wth reasonable accuracy al any time the finanual Jx)51tion of the charitable company and enable them its ensure that the financial staternents comply with the Companies Acl 2006. They are also responsible fof safeguardin9 the assets of the ¢hantable company and hence for laking feasonab18 Steps foi Ihe prevention and detection of fraud aryj other ir￿gu￿ritiEs. Each ol Ihe Trustees conh.rrns thaL. so lar as Ihe Trustee is av4afe. the￿ is no ￿l￿vartt audit informatH)n of which Ihe haritabje company's auditor is unaware." and the Truste• has lakert the slep5 thal helshe ou9hl lo have taken as a Trustee in ¢yder lo make himselflhefseff aware of any relevant 8udfi inforrnabon and io establish that ihe charitable company's auditor is aware ol ihat inlormation. This confirmation is given and 5htyJfd be inlerpreted in accordance with Ihe provisions of s418 01 tho Comparnies kt 2006. London Chamber of Cornmerce aTrJ Inthjstry Commercial Education TTUSI 14

Triistees.. Report Year ended 30 Septembw 2022 STATEMENT OF TRUSTEES. RESPONS181LITIES Icontiwed) The Truslees are responsiW8 for th8 mainlenarKe and int89rity Df the ¢Ofporate and financial inlofrnalion included on the Charilab￿ companrfs websile. Legislation in the United KirKJtlom goveming the p_reparation and d1sseminats.on olfinancial stalements may differfrom legislation . in other junsdtctK)ns. Si9ned by order the8 rd.of_Truste Kate Wynne-Eyton Dalo. 1 o M￿r0￿ 2013 Lmtlw Chamber ofCI)rnmer¢e and Industry Commor¢iJ E¢￿ation Trust 15

Ind•p•ndent auditorfs r¢port 30 S8pt8mber 2022 Independent auditor'$ ￿Port to Iho members of London Chamber of Commerce and Industry Commercial Educalion Trust Opinion We have audiled the financial statements of London Chambef of Comrnerce and Industry Comrnercial Educab"on Trust Ilhe 'tharitable company'l for the year ended 30 September 2022 whi¢h ¢omp¥isÈ the siaiemÈnt of financial activitres. the ba18nce sheet, Ihe principal a¢¢Dunting policiès and thè r￿leS to the financi￿ sta18ments. Thè financial reporting frarlwofk that has been applied in their preParat￿n is applicable law and United King(k)m Accounting Standards. including F￿anC￿l ReporDng Standard 102 'The Fw)ancrdl ReportirYJ Standard applicable n the UK arvj Republ￿ ol Ireland. (United Kingdorn Generally Accepted Accounting Practice}. In our opinion, the financial statements.. give a inje and fair view of ihe state of tho tharitable company'5 affairs as at 30 Saptèmbèr 2022 a￿1 of its incc4na and axpeThJibJre for the yeaf then ¢ndsd'. have been properfy prepared in 8cwdan¢e vMlh Uniled Kiwytsm Geneially Accepted Accounling Pract￿￿. and have been prepared in accordance wilh Ihe requirements ofthe Companies Act 2006. Basis for opinion We conducted our audit in acCO￿anCe wilh Intemational Standarcls on Audit"Ing IUKI IISAS IUKII and applicable law. Our responsibil¢ties ufj¢Jer those standards are further described in the auditor's responsibililies for the audit of the finanval staternents section ol our report. We a￿ inLlependent of the charilable company in accordance wtth Ihe ethical requirements that are relevant to our audit of Ihe financial statements in the UK, including Ihè FRC'S Elhical Standard. and we have fuffilled OLX Other ethical responsibilities in accordance with these requirements. We telieve that the auth"t evKl8n¢e we have obiaineo Is Sufficient and appropriate to prOv￿e a tjasis our opin￿n. Concluslons relatlng to golng ¢onc•m In auditing the financial siatements, we have conc￿￿e￿ that tho trust￿, use of the going corKern basis of accounting in the preparation of the financial slatement5 15 appropriale. 8ase(l on the work w8 have perfom)ed. we have not identshad any material uncertaint relating (o events crf cOnditsry￿ Ihat. indNidualty or C￿19¢￿"¥e1Y, may ¢asl s1gnif￿nI d¢)ubl on the ¢haritablÈ tompany's ab￿lty10 conlirtue as a going concem for a period ol al leasl twefve months from when lh¢ financial statements are authorised lor i55ue. Our responsibilities and the respons1￿"1111eS of thè Irustaes with respèct lo going concern are described in the relevani sections of this report. London Chambor ol Conwnwce 8rKJ Industry Comrngrcial Educalion Trust 16

Independent audltor'$ report 30 sep￿mber 2022 Other inforniation The olhef informalion comprises the infonnalion included in the annual report and financial slaternent5, Other Ihan the finanGial stalements and our auditor'5 report thtrreon. The trustees are responsible for Ihe olher information contsined within the annual Tèport and finan¢ial statemenis. OuroFxnTron on Ihe Ilnanoal statements do8s not cover the other Information and. 8Xtépt to thè èxtènt othen¥isg explKiUy stated In our rèport. we do not 8xpr&ss any fom) of assurance conclusion thgreon. Our responsibility is 10 read thg Other infomation ana. in doin9 so, consider whether the olher informalion is materially inconsi5lenl wilh the financial statements or our knowledge obtsined in the course of the audrt or othemise appears to be Mate￿allY misstated. If we Klentify such material tnconsislencies or apparent rnaterial mi55tstement5, we are required to determine whethef this 9ives rise to a matefial misstalemenl in the financial staternents themselves. If. based Ihe WOFk we have perform8d, we condudè that Iheie is a material misslalernent ol this olher inforrnatson. we are required to rep￿1 that facl. We h8vÈ nothing to reFth in this regwd. Opinions on othti matters preseribed by the Companies Act 2006 In our opinM)n. based on the work undertaken in the course of the aLNJit.' the infomath.on 9wtrn in the trustees. rem. which is also the directors. report for Ihe purpose5 01 company law. for Ihe finanGial year lor which the financial statements are prepared is ￿nSISte￿I with the finanual statements: and the Iruslees, r•port. which is also the directors, report for Ihe purposes of company law, has been prepared in accordance with applKable legal requirem8nts. Mjtters on which we Jro required to r•port by ¢x¢¢ption In the lffJht of the kno1￿&￿98 and undersiarK1ing olthe charitablecLJmpanyand its environment obtained in the cwrse of Ihe audrt. we have not identifEd malerial misstat8m8nls in the trustees. report. We have nothing to repcrt in re5peci of the follow￿9 matters in relation to which the Companies Act 2006 requtr85 US to Feport lo you rf. in our q)inion.' adequate accounting records have not been kept.. the financial slatemenls are r*)tin agreementwith the 3G￿VnI1ng ￿￿rdS and ietums". or certain disckjsures oftrustees, remuneration speofied by law are not made,. or we have not received all Ihe informaiK>n and e¥plan8lion5 we ￿9{Alle lor our audil," fx Ihe trustee5 were not entitted to prepart the financial slatements in accordance with Ihe srnall companies regime and take advaniage of the small companie5. exernpts'ons in preparing the trustees. report and frorn the requirernenl lo prepare a strategic report. London Chamber ol Ccwnmerce and Industry Commercial Education Trust 17

Independènt audltof s report 30 Seplember 2022 Re>ponsibiliti•s ollrust••s As explained more fulty in the InJslees' responsibililies ststement. the tru51ee5 {who are also the direclors ol tbe chan(a￿e company fof the purposes of Company lawl are responsible for the preparalion of the financial stalernen15 and for being satisfied that theygNe a true and fair view, and for such internal control as thg tru5tee5 deterrnin8 is necessary to enabl¢ the reparation ot financial siatements that a￿ free from maierial Misslaterr￿I, whether Jue lo rlaud or 8rror. In prepgring thefinancial statements.thetrvstees are￿s￿)nSIble for assè$sing the charitable company's atmlity lo conlinuo a5 a 90ing coneem, disclosing. as applicable, matters rèlated to going concern and using Ihe 9oing conc¢m basis of aC￿untIng unless the trust￿5 either nlend to IiquKlate the charitable corrparhy or lo cease operalioni, or have no ￿aliSt 1lemots.ve bul lo do so. AudttoV$ respgn¥ibllities foTthe audil of the flnan¢lal ststpThpnls Our objeoknves ara to obtain reasonable assvianc• atypy.I whethpr th¢ firyanfjial 514lements a5 a whole arp Iree from material mbSStatemenL whether due to fraud or error. and lo issue an auditor's report Ihat includes our opinKyn. Reas£xnable assurance 15 a high level of assurance, but is nol a guarantee Ihat an avdilconducleo in accordance wilh ISAS IUKlwill alway5 dele¢1 a material mis5talernent when it exists. Misslatemenls can arise from fraud or error and ire consideT&d material if. sndivtdually or in thè aggregats, they could r8a$onabty be expected to inlluen¢e the economic dectsions of users taken on the basis ol these financial statemÈnts. Irregularities. induding fraud. are ins￿nCeS of non-¢omplian¢e wilh laws and regulats"on5. We design procedures in line with our ￿SponSIbl1rtieS. ouuined above. lo detect material misstatèments in respectol irne9ularities. induding fraud. Tho exient to which ourprocedurns are capable of deteckn.ng irre9ularili&s. induding fraud 15 dètsi bèlow.. Our approach to identifying and assessing the risks ol malerial misstalemenl in respect of Irregularities. irKluding fiaud an¢J rK>WOm￿l8ft¢e wh laws and regulatws. was as follows.. the ervJagemenl partnei ensured thal the engagement team Collectively had Ihe appropriale competence. capabilities and skills to Klentsfy or ￿COgnIse nonthcompliance Trmlh applicable laws and regulab"orhs. and we obtained an understanding of Ihe legal and ￿gUlatOry frameworks that are applicable to Ihe charily and determin¢d thai the most s¥Jniftsnt Irameworks which are directly Televanl lo speofic assertions in the financial slatemenis are ihose that relaie to the reporting framewofk (s￿1￿Ment of Re¢ommended Practice.. Accwnting and Reportin9 by Charities preparing thetr accounts in accordance with the Financial Rèporting Siandard applicable in the Uniled Kingdom and ol Irelan¢J IFRS 102). the Charitles Act 2011 the Companies Act 20061- don Chamber ol Commerce and Inouslry Commercial Education Trust 18

Independen¢ auditorfs rtport 30 September 2022 Auditorfs responsibiliti•s tor thè audit olthefinantlal statem•nts {continuedl We assessed the SLTrsceptsbility of the charity's finanaal statements lo material rnis5ts1emer51. including obt8ining an unders￿ndtng of ￿)W fraud rn￿h1 ¢x¢ur. by." makingenquiries ofmana9èment as tolheir knowledge ofactual, suspecled and allèged fraud.. and cons(deiing the intemal controls in place to miligate risks of fraud and non-compliance with laws 3ThJ regLsLgtions. To aildres$ the n5k offraud through management bias and override ol controls. we.. perforned analybcal prLxèdufes to ¥Jenlfy any unusual or tjnexpected relationship5.' pertorrned substantive lesliry of expenditure induding the auth￿ZatIon thereof", and tested loum￿S to identify unusual transactions. In response to the risk of ifregularitie5 and r￿-complian¢e wth laws and regulalion5, We d8swne(J prctedures which rfuded. bul weie not limited to". review oflhe minutes ol meetings of Ihjse charged with governance. enquiring of management as to actual and potential litigabon and daims. Thefe are Inherenl l¥milalions in our audil procedures described above. Thè mtrre rèmved thal law5 and regulaljons are from financial transactions. the less Itkèly it is that we wouk become aware of noncompliance. Audits"ng stsndards also h'mit Ihe audit procedure5 required to identify non-compliance with laws and regulalions to enquiry ol tha trustees and olher managemenl and the Ir￿peCtIC￿ of regL￿31￿Y and legal COiFe5Wrtdèncè. if any. Material misstatements that arise due lo fraud Can be hardgr to detect Ihan those Ihat arise from èrror as they may Inv￿¥• dalibèratè c￿cea1M￿nt or colusion. A further d8gcription of our responsibblities ￿ availa￿￿ on the Financial Reporting Council's website at www.frc.org.uklauth.t0rsresp￿Slb1lltle$. This description forms part of ourauditor's rewrt. London Chamber of C(xnmerce and 1￿juS1ry Commercial Education Tru51 19

Independent auditorfs report 30 Seplembef 2022 Us• of our r•port This report 15 rnade solèty to the charitable company's members. as a body, in accordance with Chapler 3 of Part"16 of the Companie$.A¢l 2006. Our audit work ha5 been undertaken so thal we rni9hl State to the charrtabl8 companrfs membws those mattèrs wè arè required to ststtr to them in an auditorfs report and for no other purpose. To the fullest extent pemiilted by law, we do not accept 01 assume responsibility to anyone olhei Ihan the charitable comp8ny and the charitable ¢ompanrfs membersas a bcwty. forour aL*ditVKrt, for this feport, or lor Ihe opinions we have f¢)mied. Cath8rine Biscoe ISenK>r Statutory Audiiorl For and on behalf of 8uzzacott LLP. Statutory Audrtor 130 Wo(Ml Slreet London EC2V 6DL Date: 6 April 2023 London Chamber ol Commerce and Industry Commercial Education Trust 20

Statement of financial activities (including income and expenditu￿ account) Year to 30 September 2022 UNestrScted lur￿15 2022 2021 NLeS In¢om fmrn.. In￿SIments ChariiatrA• dcqtwJr InlErest receN&4e Total in¢4Jme 141.192 5.300 86 146.578 162.983 165.rx)s funds CharilaNe 150.256 263.687 328.414 To¥al •xwdnu 146.0701 1163.4091 161)B.933 829.W Ne'tlexpEnduvey Ir￿ and nei mo¥*rnMI In fund5 165S.0031 .495 Reconciliation of fund5 8•Lgntsg 8t I 2021 al 30 Sgknnèer2022 7.430.492 6,763.997 7.4YJ.492 AJI ¥ecogni5ed gains and losses are included in the above 5tstement offinancial actNits&s. AJI ofCET's adivrtie5 derived frcrfn conb"nubllg OP8fations during the above hyo periods of London c.hamber of CoThimerce and Industry Commercial Education Trust 21

8alanco ¥h••t 30 Sept•mb8r 2022 22 2022 2￿1 2D21 Fixod us•ts Inv051rneniS 6.722.006 7.348.8S6 CuTrnt a•s•ts Debtors Cash at bank wd thi h￿1 3.75T 94.955 98.712 178,340 182,173 LI￿11110 18.162.102 orn year (452291 .1￿,53 1.636 6,773,489 7.430.4¥ Th• funds of th• Tru•t: unrestr￿ted fuTh Tolal fvnds 6.775.489 6.775.489 7,430.492 7,430.492 The PTm¢ipal x¢¢xrntirvJ tx)IKies notes pages 23 to 29 form port of theso financlal stslemenls. ApFYov8d and aLrthorised lor issue by thtrBoarf ofTrust¢es on sKJngd cffi its behalf by. Daff89h O'Sull>v Edward BrLrnI-Coh8n Chairman Date. 10 lol CDmpany R•9istralion No.. 2419257 London Chamber ol commer￿ ar#J Industy Cornmercial Educatton Trust 22

Principal aGGountin9 policie5 30 September 2022 The princypal acc￿￿ting policies adoptBd. jurtgemènts and key SoUr￿S of eStiMat￿n uncertainty in the p￿paratIOn of financial statements are laid out below. Basls of preparati¢)n These financial staiements have been pfepared lor Ihe year to 30 September 2022 with comparats.ve information provided rot th8 year to 30 Septgrnbgr 2021. The finanryal staitrmenls have been prepared under the historical cx)sl convefition wilh items recogn15ed at cost w transaclion value unless Otherwi58 Staled in Ihe relevant accounbng I￿1￿9 below or the notes to these financial sthtements. The financial statements have been prepared in aeconlance wrth Accounting and Reporting by Charities." Staternent of Recommended PractlC8 appI￿able lo charities preparing their accounts in at¢onlan¢e wrth the Finanual Reporting Standard applicable in the United Kingdom and Republic of ITelan(I (Charilies SORP FRS 1021, th¢ Financial Reporiing Standard appli￿ble in the UK and Republic ol Ireland IFRS 1021 and Ihe Companies Act 2006. The charty conslitules a pvblic benefil ents.ty a$ by FRS 102. The financial slalemenls are piesenled in slerl'ng and ale rounded to Ihe neaTe5t wurKJ. Crltical accounting estimates and areas ofjudgement No sKJnifi¢ani ac¢tyJniing eskn"mates were required or made by the Tru51ees in the preparalion of the financial statements. With regards to significant judgements. as disclosed in notes 9 and 10 to the financial statements. lh¢ Trustees consider thal The London Chamber ol Commerce aTh1 lThYusty (the "Charnberfl is Ihe charity's ultimate parent undertaking. bul ihe Chambsr is rK)t aiAe to exercise control by virtue ol the Tact that the Chamber, whilst able io nominale Trustees to Ihe" Tnjst's boaTd. is unable lo remove any Trusie¢s from their post onGe appointed. Asse$$mtnt of going ¢on¢*rn The Truslees have assessed whether the use ol Ihe going concern assumption is appropriaie in preparing these financial s￿leMentS. The Trustees have made this assessment in fespect to a period ol one yeaf Irom Ihe d?le ol approvgl of these financigl ststemenl5. The Trustees ol the charity have concluded that therg are no material uncertaintie5 relate(I to eventa or condilKxis that may cast Wgrmficanl ¢Joubt on the ability of the charity lo continue as a going concern. The Tfusleès are of ihe ow'nion that the chaTity wjll have sulfKienl resources lo mèet rts liabililies as Ihey fall thje. London Chamber of Commerce and Industry Commercial Education Trust 23

Principal accountin9 polici•s 30 Seplember 2022 Income recognitlon Incorne is reccgnkse(l in Ihe period in which the charrty has entitlernenl to thè incom&, the arnount of wicome can be Measured reliably and li i% probable that the income will be r¢c8tv&J. Income in the main comprise5 the inLYxne earned on the charity's lisled investments arrtl intere51 on cash depogts_ Inve51ment inGorne is recoynised on an accruals basis in line with Ihe charty's entitlement lo the Income. Expenditure recognition Liabilities ao re¢ognised as expendiiwe as s(x)n as thère is a legal or ¢onstru¢tbve obligation commtth.ng ¢harity to make a payment lo a thlrd party, it is probabl• Ihal a transfer of economic benefils will be required in setuemenl 8nd the amwnt of the obli9ation can be measured reliably. All expenJilw¢ 1$ accounted lor on an aecmal$ basis and sialed in¢lusive af Irrecoverab￿ VAT. Exwndi1U￿ comprises thè 10kn￿n9. The ¢ost ol lais￿9 lunds induding the fees payable lo inve51menl managers conneCt￿n wth the managemènt of the charity's listet1 investments. The cosl of th¥ilable activities which are the c05t5 incuwr8d in achwdvin9 thè charity s primary charitsble PLtrposes of advancing commercial ablity, principalty through granl-making. suppori of research projgcts. publications, convening and communicalKJn acliwlie5. Grants payable are included in the s¢alernent ol fjnancial activilies when approved and when Ihe bntended recipient has either received the hjnos oi been infom)eol ol the deu5ion to make the grant and h35 sat15fied all related condslions. Giants approved blrt not patd at the end of the financial year are accrued except where the beneficiary has not bÈ8n inforrned or has to meet certain conditions befo￿ Ihe granl is le￿aSed, in WWI case they are noted as financial commilmenls in the note5 to the acc4)thts. The cost of charrtable actm.lies also irtludès ifKlirect support costs and govèmance costs. Ifi¢Ji￿¢t charitable expenditure comprBes costs necessary to carry out the primary purpose ol the charity including stsff costs. IT 5UPFM)rt. and insurance costs. S[￿h costs in¢lude amounts exp&nded ¢)n contral office lun¢b"¢)ns. general managernenl and administration. Governance costs include the cosls o19overnance arrangements ¥elalin9 to the general running of CET. These aclivibes provide Ihe govemance inlraslructure which allows CET to operate and to generale Ihe inlonnab.on required lor public accountability- Fund a¢countlng Unfestricted funds represent general hjnds availab￿ for use at the ¢Jiscretion olthe Trustees in furtherance ol the general obJ"ectives ol CET. London Chamber of Commerce and Industry Commercial EdU￿tIon Trust 24

Principal accounting policies 30 Sepiember 2022 Inv•stsn•fits Listed inveslments are a form of basic f￿ar￿la1 in5trumenl and are initkilly recognised 8t their transaction value and subsequènlty measured at t￿1¥ fair value as at the balance sheet date using the mxl price. The tharity dLXS not acquTr wl options, den"valivès L¥ Lrther complex financial instnjmenls. Realised galns (or losses) on inv$$tm¢nt assets are calculated as the difference between wtteed5 aTrJ ther oyir¥J r2￿1Th3 Value orlheir pu￿haSÈ va￿t rf affjuired during V financial year. Unreali5ed gains and losses are calculated as the difference between thelair value at the year end and theii carryng value at thal date. Real￿￿d arHJ unrèalised investment gains {u losses) are combined ￿ the stalemenl of financial activ11￿S and are credited lor debited) in the year in whith Ihey arise. Gains lor losses) arising due lo thang8s in Ihe ratès ol foreign exchange beNYeen the dale of entering the lorevjn trxchange Ir8nsaCtK)n and either the SÈttlÈment date or balance sheel dale Iwhichever is earlier) are credited lor debrtedl lo the statement of financial activrties. Debto Debtors are recognised al Iheir setllemenl amount. less any provision for non.recoverabilily. Prepayments are valuèd ai the amount prepaid. They have been iji5counled to Ihe pi8sen( value of the future cash receipt where such discounting is material. Cash at bank and in hand Cash at baftk and in hand represents such accounts and iTr5trument5 that are avaikble on demand or have a maluiity ol less Ihan three monlhs from the dale of acqui51tion. Depostts for more Ihan three months bjt less than one year have been disclosed as short-lerm d¢posits. Cash placed on deposil for rnwe Ihan one year is disclosed as a fixwj assel inves1m￿t. Ctsditors and provi5rons Cieditors ènd pro¥i5ions are recognised when there is an oblwJalKJn at the balance sheel dale as a result ol a past event. it is probablè thai a transfer of economic benefit will be required in settlement, and the amount of the setuement can be estimated reliably. Creditors and provisions are recognise(J al am¢xJnl Ihe chanty anliopates it will pay lo sètuè the debl. They have been dis￿nted to the present valuè of the ILtture cash payment where such discovnts.ng ts materkil. Operatin9 leas•s Payments in respecl of operatmg leases a￿ charged to the statement of financial activsti'es on 3 5traighl-line basts over the lerm of Ihe lease. Statement of cash flows The financial statements ¢Jo not indude a SI8￿Ment of cash fk)ws because thè charity is considere¢J a small charity and therefore exempl from the requirernenl lo p¥epare such a stalemeni under the Chafitses SORP IFRS 10212019. London Chamber of Commerce and Industry Commercial Education Trust 25

Notes t• th• accounts 30 September 2022 Advanc•m•nt ofcommer¢ial educatloTr During the year the followtng grants were made. Further detals pertainirvJ to purpose of e¥th grant a￿ dis¢us$wJ the Tntstees, re[￿. 2021 Ac￿O￿Through Erryse E[￿ling Enl8rsy%e Fuiure Ftr5t 13.962 25,000 19,543 20,000 500 20,000 99,005 20.000 20.000 Tearnbyld A$S￿￿tI Young Erte 40.000 R￿•41¢h prejects: o Tail C(>nSLIIwvJ c￿tro lor EdwatK)n Yr•Jth 86,724 3.400 86.724 Grants and Rosoawrh Publlcawons . Publi¢alKy) P8thwtys to S4Kt8ss Supwl and gov•maJ• (note 2) 43,410 185.729 106,756 150,236 96.058 238.687 X122 GRnts 2nd résèar¢houwr%lirJ as at 1 Grnnts offered ¢Ywng lh¢ yew 64,505 40.000 104.505 184.5051 zo.000 51.078 99.IA5 150.083 185.578} Grants res•aYth papa lftth• )•ar Grants rEsear¢h outslandiry a5 al30 Sapturer London Chamb8r of Cornmèrce and Industry ConNnercial Educalb)n Tru51 26

Not•$ to thtt aecounts 30 September 2022 Z Supportand gov•rnanco costs 2022 2021 Supportcosts.. staff cost allocalion Legal and professlonal lees- r8cDJitmenl Total 5UPPOrt Costs Governance costs.. Auéitorfs rernunerab . Current year Priof year . Other services Legal antj profe55K>nallees Trusts' expwk%es siaff cost Wtion Office costs. adrniruStrab.￿ aThJ 5erwce clwyes Total govwnance costs 47.607 8,190 55.797 26,311 15.421 41.732 8.630 8,280 720 1.710 8.346 178 14.019 21,073 54,326 96,058 4.735 2.103 16.150 19.341 50,959 106,756 3 Staff costs afftd the remuneration ol kèy manag•m•nt personnel Staff costs Staff wsts during the year were as loll(Y4VS: 2022 2021 Wages and salaries Social security ts)sts Pens?n c0515 64.575 39.727 2.647 67.222 1,067 40.794 The average numb&r of eMp￿yeeS for th8 year ended 30 Septemter 2022 was three12021 Iwol. No employee earned more Ihan £60,000 per annum during the year. including taxable benefits but excludin9 pension wniribuly)ns {2021 - none). Keymanagementpeisonnel The remun¢ration of key manag￿ent persorFnel for Ihe yèar ended 30 Seplember 2022 was £57.54812021 - £38.3461. None of the Trustees received any remuneral￿n during lh8 year12021 £nill. Two of th Trustees ￿CeNe￿ expenses amouniiny to £2.103 12021 £178 to two Twsteesl. These amounls induded meeb.ngs and iravel expenses incurred by the Twstees on behalf of CET. In addrtion. the charity purchased Directots and Officefs indemnity cover to protect Trustees frorn claims afising from negligent acts, errois or omissions occuiiing whilst on chanly business. The insurance cost was £1.88912021 - £1.8241. London Chamber of Commerce and Induslry Commercial Educalion Trust 27

Notes to th• accounts 30 Seplember 2022 4 Net expendStur• and net mov•rnant In fvnd$ This is stsled afiw chargin9- Auditorf5 fEmufwdtyDn Stsiutory audit servK•s 8.630 9,0)0 1,710 10,710 5 Flx•d assets invest Ma¢ket vdue olh"st¢d investments powtrdb) at 1 O#oL 7.061.279 6.447,080 799.918 938.760 posa18 allX4JkV￿￿ £1.234.725. rnalisod bsses£Y.6M} 11.289.369) 11,036,8061 Unrealised Ifossesl I gai 554.289 719245 M•ket vdu8 ofh5ted ￿¥0S￿l￿ts at 30 &pknmbef 6.024539 7.068.279 Cash h8W by inv•slm•nt mwJers fc¢ reu7ve￿t 597,467 2￿.577 Cash irsinrnnts 100,000 6,721006 7.34B.856. Equiie5 PL¥ed intwest 4,087,$06 5.057.042 864,126 1.162.476 381.3n 357,198 6M529 491.563 697.467 280.S77 8.724006 7.348.856 Cash and cash 8qLa¥ 6,455,862 6.4C6.352 Inveslrnents Ihat rewesented (5ver.5%otth•b)tsl Pth1k)1￿r• 85 k4tM: UThled ￿ng¢kn Gilt 2.25% 2023 Vanguard F￿lS Pk S&P SJJ Units EfF 619,828 737,499 653.675 855,418 2021 2.085 1,072 3,757 Prepayments 3.833. 7 Cr•dltorn: •nounts lalllng due Wllhkn one ye¥. &Bnts Ir** l} 20.000 25.229 45,229 64.505 36,032 100,537 London Chamber of Commerce and Industry C(Nnnwcial Education Trust 28

Note$ to ihe.袢oun¢$. 30 Seplember 20?? An•lysls of tokl funds ealanr B•l•n¢e at Net September Gaifjs 2022. 2021 I￿￿¥￿e ExpeThSilure General funds Realised Unrealised Total furM15 6.522.453 8.039 7.430.492 146.578 1192.6481 154,8441 1554.2891 1608.9331 6.421.739 353,750 6-.775,489 146.578 1192.6481 Relatgd party transactiOfb5 The London Chamber ol Commerce and Induslry I'ihe Ch3mberfl' is a member of the Trust. The Tfust's Memorandum and Ajticles of Association allow the Chamber lo nominate, but not. remove, the Trustees and provide that they shall b8 Ihe directors of the Twst. Under trust and. charity.law Ihe Otroctors are feouiretj lo act in Ihe bgst interesls of Ihe Twst. The Chamber 1$ the uttimate parent undertaking"although in the opinion olthe.Trustees it is not able to exercise control. UThJer a serwce agreement wrth Ihe Trust. which is reviewed iegularty. th¢ Chamber chgrged the Trusl £11.3291£11.923"in¢ludirwJ the Trust's membe¢ship subscriptionl12021 t16.656 1£17.232 including the Twsfs rnembership subscriptionll during the year for the py0vis￿n of its servtces ￿Lating to" aCCount￿g and administralion, renl: room hire and registered office. The charity receNed total dOnat￿S from trustees dLFring the ye¥r 01 £50D12021 - gnill. 10 Ullimat• controlling party In the Trustees. oplnion the￿ is no ultimate controlling paty ol the Company other than the Trvstees. L(￿dOn Chamber of Commerc¢ and Industry Cornmercial Education Trust 29