Registerod number: 04399340 Charfty number: 1120755 CXK (A company Ilmited by guarantee) Truste03' report and financlal statsments For the year ended 31 March 2024 CXK (A cornpany limited by guaranto0) Contents Page Reference and administrative detsils of the Charity. its Trustees and advlsers Chalrman's 8tat•ment TfUStees' report Ind•pondent auditors, mport on the fin•ncial statements Statement of financial activities 5-22 23-26 27. Balance sheet Stat•m•nt of cash flow8 29 Not•8 to th• Ilnanclal statements 30.47 CXK (A company Ilm5ted by guarantee) RefeT•nce and administratlve detalls of the Charlty, Its'Trusteeg and advlsers For the year ended 31 March 2024 TTUStees Kelly Freeman. (Acting Chalr from 1 Dth July 2024) Sonette Scl)w8rtz, Chair (reslgned 10th July 2024) . Pauline Smith, Chief Executive Jo Boraston Graham Brlscoe Dominl Bucknell-sargenl. (resigned 28th March 2024) Graeme Dykes Dominic Hilleard .Peler O'Brien Robert Rose William Vernon Charlotte Walsh¢ Pamela Watts David Yates, (resigned 21 st August 2023) ' Company regiBtered number 04399340 Charity registered numboy 1120755 Reglstored offlce The Old Court Tufton Street Ashford Kent TN23 1QN Company se¢retsry Anlhony Crocker Chief executive officer Pauline Smiih Page 1 CXK (A company limited by gu￿antee) Reference and admln15tratlve d8tails of the Charity. its Trustses and advl8eT8 {Gontlnued) For th• y8aY endod 31 March 2024 Independent audltorJ, Kreston Reeves LLP Chartered Accountants 37 St Margaret's Street Canterbury Kent CT12TU Solicitors Blandy and Blandy LLP Friar House Reading RG11DA Glrfings LLP Stourgide Place 3>41 Ststs'on Road A5hford TN23 1PP Bankers 8arclay3 Bank PIG Forbury Road Readlng RG11AX Insurance Broker A J Gallagher The Walbrook Building 25 Walbrook London EC4N 8AW Investmont Adv190rs Sarasin & Partnern LLP Juxon House 100 st. Paul's Churchyard London EC4M 88U Page 2 CXK (A company limlted by guaranlee) Executlve summary For the year ended 31 March 2024 CXK have had an extremely successful and positive year despite the challenges of wider socitreconomic factOTS that have created instability and uncertainty acr05S the wider volunlary sector. It has been a year in whtch it was import8nt to hold on firmly to the importance and necessty of well-designed and delivered services that support so many of our beneficiaries across the south of England. Rernaining tiue lo our objectives and mission of 'inspiring people. to thrive has been at the core of all decision making in a year that has seen so much change In our local government and central government priorities and services. It has been key for the Charity to remain focused and diligent in Ilstening and responding to the voice and needs of cur beneficiaries and communities we 8eNe to ensure that we deliver ihe very. best of support that compliments and addresses beneficiary need. A wonderful example of this WOTk In action has been the very successful youth4etJ research project undertaken by a gioup of young people in Hastings. Over a 12-rnonth period the young researchers engaged with over450 other young people, and over 180 employers and. stakeholders to understand the challenges faced by young people's progresgion and pathways into employment and education. The findings and analysis from the reseArch are now acttvely shaping a testing phase where CXK and partners will seek to revlew and explore the system changes required to improve opportunities and provislon for young people. The value placed by CXK in understanding beneftciary need Is further enhanced by our drive for place-based solutions to tackle IgGal need across targeted communltles. The last year ha$ seen Ihe Charty explore loint collaboratlons with many key stakeholders to work together to bring real innovative provlslon to communities. Our"Work Ready, ernployability programme in Margale is a wonderful example of strong partnership and collaboration with the Department of Work and Pensions. The decSslon to target and collaborate wlth new partnerships In more Cfeative ways Is teslament to the professionalism and skills of the CXK managers and workforce. Honesty and integrity are key CXK values, and these have been paramount In the openness and transparency at play when exploring difficult challenges ihat beneficiaries face across our communiiies. With a very difficult operaling landscape many charities and providers are faclng financlal hardship, and il has been important lor CXK to work supportively with our peers to explore crealive opportunities and partnership solullons lo develop new provislon and protect wstainabilty of organisations Involved. Central govemment departrnents, local authorilies and olher key strategic slakeholders all faced financial pressures in the last year and have had to make significant decision8 reg8rdlng priorities and funding allocation8 for seNice provision. CXK has been heavily engaged wth a number of strategic boards and committees to ensure the voice and the expertise of the voluntary sector is not lost or overlooked in the decisions made for ' resource allocats'on and policy developments. The engagement of CXK at the 'slr8tegic table. has further enhanced the reputalion of Ihe Charily as an honest, reflective and professional ambassador for the voluntary sector, ils beneficlaries. and all il deliver8. Stiong governance. leadership, robust financial management, alongside inspirational business growth has ensured financial resilience durlng the past year. In uncertain times it has been important for the Charity lo ' remain relevant, proactive and diligent In all buslness declsions. The Trustee Board have supported the CEO and Executs've team to explore new busines$ opportunlties and orowlh vthere appropriate. Resources have been enhanced in some central support functions as well as boosting the resource of Ihe Flexible Engagemenl Te8m. The Flexible team have been pivotal in allowing CXK Io Tespond viith agility to requests from funders in developing new provision and to address difficult challenges faced by targeted groups of beneficiaries. Page 3 CXK (A company lim5ted by guarantee) Executive summary (continued) Forthe year onded 31 March 2024 Success breeds su¢ces8, and growth In our work across prisong In Kent, Surrey 8nd Sussex was fevmrded In the re-winning the Minlstry of Justice (MOJ) commlssioned, Infomiation Advlce and Guidance (IAG) Work Ready services. CXK has shown real aplitude and innovation in its supportive and creative WOTk with offenders and further opportunities to strengthen this work will be explored In the year ahead. Additionally, the Charily hag worked eyxremely closely with the Department of Work and Penslons and local authorilies across the southeast lo develop largeled.provlsion and pre- employability solutions to support young people and adult& 2023124 will stand pmudly as a very posltlve and impactful year lor CXK We have continued to build an Ihe ' success of our established programmes, providing a wde breadlh and variety of provision thal is deeply rooled across ccmrnunities. The needs of those most marginalised across communities have remalned the priority of the Charity and will drSve our innovation, gro￿ and range of provision movlng forwards. Young people not in education or employment, offenders and ex-offenders requiring hope and opportunily. adults needlng 5UPPOrt and new aspirats'ons will drive our Charlty into the next year. We wlll remain focused on our mlssion to "Insplre People to Thrlve" I Page 4 CXK (A Gompany Ilmlt¢d by guarantee) Trustee3' report For the year ended 31 March 2024 The Trustees present their annual report together wih the audited financial statements of the Charity for the yeai 1 April 2023 to 31 Maich 2024. The annual report serves the purposes of. bolh a Trustees, report and a director8'. report under company law. The Trustees confim thal the annual report and financial statemenls of the charitsble company comply with Ihe current slatutory requirements, the requlrements of the charity's governin9 documenl and the provision8 of Ihe statement of Recommended Praclice (SORP), applicable to charities preparing their accounts in accordance w5th the Financial Reportng Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). STRATEGIC PURPOSE. OBJECTIVES AND ACTIVITIES CXK'S &year strategic plan (201 ￿2024) relleG18 the direction, focus, impact, and outcome of CXK'S Work, providing a substantial reference for all CXK staff, beneficlarie8, and slakeholders.ll remains the key 8trateglG plan thal drives the Charity's focu5 and forms Ihe basis for annual business plan targets and priorities for Individual staff and teams. The annual business plan objectives'are aligned Irom the strategic plan and applied a5 a template for all slaff and team apprais815. ensuring that the whole Charlty Is ft)cused on worklng tr)ward$, ' and contribulln9 to, our overarching strategy. The Articles of Assoclatlon provlde an overview of the key purpose, objectives and activities dellvered by CXK;. Advance In life those who are In need by reason of their youth, age, ill.health, dlsability, flnanclal hardshlp or other disadvantage, In particular but not lirnited to young people who are situated anywhere within England by developing their skills, education, capacllies and capabilities to enable them to participate in society as Independent. maturè and responsible Indlviduals, through the provis5on of services and a chaflty that: Raises beneficiaries, aspirations, participation arKI achievement. Provldes Impart181 Infomiallon, 8dvlce, guSdance and opportunltle¥ for Indlvidual? personol development, education and employability. Refers and Introduces benellclarle8 to leaming and employrnent opportunllles. Proiiides and siJPPOrts the provlsion of learning programmes supporting personal health arbd wellbeing, and educational development, and preparing individuals for lrfe choices and circumstances. Provides those outslde learning. or otherwlse at rlsk of underachievlng, wllh the support they need to rnaxlmise thelr potential. Advocates for the needs and asplrations of charity beneltciarle5, through lobbying and 8dopling strong ambassadorial principles and practice. Mi8slon Insplring people to thrive. Vi51on Everyone has access lo what they need to rnaxtmise their potential. Through suppart and guidance CXK empowers individuals and strengthens communities. Values CXK is passionate, efficient, transparent and displays integrity. resilience and innovalion. Page 5 CXK (A company Ilmlted by guarantee) Trustees. report (contlnuedl For the year ended 31 March 2024 stnleglc objeclives and prlorltles The overarching focus of Ihe Charity's strategy 1$ encapsulated through the following six priority objectives ;. BRAND - Invigorate and improve the a%Yareness and understanding of the CXK charitsble brand and impact, securing greater engagement of beneficiaries. wider stakeholders and communili'es. FOCUS- Posltlvely reflect And priorili8e the needs and aspIra￿on5 of indlviduals and communities In the development, range and scope of all CXK seNice provlsion and activities. FINANCE - Secure financial sustainab51ity with emphasis on retenllon of eurrenl contracts. developing new, and preserving cost effectiveness and rigour across all funding and income strearns. QUALITY- Coniinue to enhance and strengthen the dellvery of hlgh qualrty 8epiiceg, Increaslng perfomance outcomes and Smpact. working posllively to build and nurture an environrnent of continuous . Improvemenl. PEOPLE - Build on and develop the strengths and dlverslty of our Trustee8, workforce and volunteer3- promoting a stronger sense of collective purpose, Gullure and soclal actlon. PARTNERSHIPS - Enhance the effectlveness, breadth and success of trusting partnershlps and relalionships lo achieve flexible solutions, innovative outcomes and focused results lor the needs of targeted individuals and communities. The 2019-2024 CXK Strategy wll be replaced by the 2025-2030 strategy from the 1 January 2025. Work Is underway across the charity to involve staff, beneficlarles and trustees in reviewing and developin9 our vislon and strategic objectives for the next 5 year period. The new Strategy will drive the focus and objectives of CXK, strengthening and enhancing the Invaluable Impact of our beneficiaries and the Gommunities we 8eNe. Activitles and areas of dellvery and engagement CXK supports young people and adults through the development and dellvery of seNlce3 and provlslon Ihat fulfil its Ihree core pillars of focus and activty: Informatlon, Advlce and Guldance Targeted Support Training and Development As a very successfvl and high-achlevlng Charity it remains imperative that we malntain 8 strong focus. understanding and commitment to the needs of beneficiaries in the development of our wide range of programmes, services. and initlatives. Understanding the needs of young people and adults in relationship lo their aspirations and opportunities in educalion and employmenl drives decisions in developing a breadth of diverse approa¢hes and specialisms to reach out and engage wilh the complex and multifaceted needs of our beneficiaries. The pandemlc and signlficant cost of living challenges have created addilional challenges for many CXK beneficiaries. and it has been important to review all aspects of our delivery to ensure that the changing need5 of young people and adults are reflected positively in the design and delivery of all current. and fulure. 8eNice provision. Virtual and remote se￿iCe delivery has complemented ongoing facfrta-face delivery to ensure we adapt and engage wilh beneficiaries in new and Innovative ways. Ongoing Ilexibilty and innovation to embrace digitsl technology will remain a priority. Page 6 . CXK (A company limitsd by guarantee) Trustees. r•port (contlnued) For the year ended 31 March 2024 The financial landscape has changed enormously with pressures faced by Central and Local Government departments and wider commissioners. CXK have remained determlned in our comrnitrnent lo deliver high quality services to address Ihe growing needs of beneficiaries within the challenges of funding reductions, and cessation of many aliernative funding steams. The full range of provision CXK delivered throughout the year included: The Natlonal Careers Setvl¢e IcontraGt commenced October 2015) delivery of targeted Infomiation Advice and Guidance {IAGI to adults across the south-east. Specific priority groups are supported within this contract including low skilled adults without a level 2 quallfication- 1 &24 year olds Not In Education, Employment or Training (NEET),. Jobcentre Plus (JCP) customers aged 18 plus: adults with leaming disabilities andlor disabilities; single parents with one or more dependents at home- adults over 50 facing redundancy or newly redundant. (Department ol Educalion IDFE) funded) Apprentlceship Support and Knowledgè seNlc• (ASK) - provldlng a full range of guldance and 5UPPOrt to young people, teachers, parants, schools and FE 8ettlngs on Ihe opportunities of Apprenti'ceship and Techntcal education paihways. IDFE funded) Prison IAG - Delivery of IAG services and support to adult prisoners in 10 custodial settings across Kent, Surrey and Sussex. (MOJ funded - contract re - awarded October 2023) Work4eady - An employabllity programrne delivered to prlsoners 12 weeks before thelr release from custody. (IkqOJ funded - contract re - awarded October 20231 stop Up- A European Soclal Fund (ESF) partlclpatlon contract for 16-24 year olds In Kent, East Sussex and Essex who are at risk of becorning, or are already, Not in Education, Employment or . Training (NEET). {European Social Fund IESF) funded) Youth Employability Servlce IYES) - a servlce lor NEET young people across East Sussex. (East Sussex County Councll funded) Careers Educatlon, Informatlon, Advlce and Guldance (CEIAG) servlces to secondary schaol pupils throughout Kent, Medway and East Sussex, to help them with their next sleps In education or employment. (Indlvldual school lund8d} Flexbblo ongagement team . 8ase Camp- A CXK funded engagement and mentoring Pfogramme for young people 16-25 yrs, supportlng mental health, confidence and pre-employment Skills ICXK reserves funded Connected Futures Hagtlngs - a peer led research project idenbtyng Ihe employment challenges faced by young people in Hastings. ￿Outh Futures Foundatlon funded) Emotional Health and W•llb8lng - Intensive support for young people in schools, aiding mental health, confidence and wellbeing. Ilndividual school funded) Page 7 CXK (A Gompany Ilmlted by guarantee) Trustees. report (conllnued) For the year ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE Analysis and review of all achievements and performance is managed through a wide range of robust processes and procedure5. The Trustees, executive team, and senior managers analyse and examine a wide range of measures to assess the Charitys success in achleving Its charitsble objectives. All service delNery aims and goals derive from these measures, alongstde focused key performance indicators (KPI'S) establlshed by funders and stakeholders. A comprehensive dashboard (operational scorecard) of perforrnance, achievement and quality is our key tool used to evaluate success, impact and address aspects of challenge or Goncern acrass all area5 of provision.. Specbfic measures Include.. The number of people engage¢ and the quality of their experSence and employment leafnlng or tra5ning outcomes for adults involved in Ihe National Careers SeNice. Customer satisfaction, Customer Management and Job or Learning outcomes are key contract deliverables. Level of reduction in the number of 16-18-year-olds vtho are Not In Educa￿On, Employment or Training (NEET). In addition, level of positive engagement, ouicome and progresslon with those supported. Outcomes ol the preventats've work with pre-1&year-olds and Work wilh vulnerable young people, inclu6ing Leamefs wilh Learning Difficulties ar Dlsabilities (LLDD), Looked after Children (LAC) Special Educational Needs and Disabllity {SEND) and young offenders. Rigorous perfomance indicators withln each specific contract specificallon. Evldenee, research, and evaluatlon galned from the delivery of servlces and provision. Total income obtained from fundlng sources and financial management over analysis. Employee engagement and satlsfaclion through staff surveys, team an81ysls. CustomerlbeneficiarylstakeholdeT 5ats'sfaction. Ofsted Inspectlon #Xtcomes. Maintenance of extemal accreditali'ons (for example, Cyber Essentlals Plus, Merfin Standard and the MalrSx Standard). SpecifK achievements The last year has been extremely successful lor CXK desplte the uncertalntles and turbulence of the voluntary sector including decreasing funding, cost of living pressures and beneficiaries, needs increasing. CXK has been determined in the necessity to refocus and re-energise programmes and services- reaching out and re* ' •ngaglng many indivlduals most marginallsed from mainstrearn servlces. We have strengthened our footprinl, particularfy in Kent. Meokny. and East Sussex. building on previous successes. Comprehensive evaluation and analysi5 of the impact of our work ha5 been imperative in ensuring we design the most effeclive methods ol engagement and delivery to ensure positive outmmes and progression pathways are in place for our beneficiaries. We successfully re-tendered and won the new MOJ IAG and Work Ready programme in Oclober 2023 competing against many natlonal and international organlsations. Our delivery of MOJ provision is recognlsed as exemplary practice and provides a vital service acros5 10 Kent. Surrey and Sussex prisons to support offenders to manage their sentences and opportunities on release. The delivery of ASK has been a tremendou5 success with all Key Perfomiance Indicators exceeded and CXK leading the national league tables. Page 8 CXK (A company Ilmlted by guarantee) Trustèes. report (contlnuod) For the year ended 31 March 2024 Succes¥ in Ihe growth of targeted provision for young people has seen increased volumes in the number of Special Èducation Needs and Disabilities (SEND) schools contracting CXK to deliver IAG and alsa growth in alternative funding streams wishing to contract CXK for this specialist work. CXK experlence. knovAedge 2nd diverse delivery across the south of England has eamed recognition a8 the 'go to Chartty" for comment and insight into the challen9es facing young people and adulls in the context of education and employment. Huge developments have been achleved In the wlde range of camrnunlcatlon, soclal media and PR activities across the Charity. Signrficant increases In the number and scope of beneficiary case studies and impact sialements have been shared widely acrnss social media platforms. celebrating and sharing the success ol the Charilys impaGL The succesg of the YES service Sn East Sussex led to further investment to work With pre-NEET's and NEET'S aGross the county. The last year has seen a growth In largeled employability programmes and also the delivery of the Government8 Multlply funded programme. enhancing numeracy Sk￿13 for young people and adults. The In-house training assessment centre has seen growlh In the nurnber of staff achieving level 3. 4 and 6 qualifications in IAG with the assessmenl centre belng a vital tool for the Charlty to traln our staff and develop skills for the future v￿rk￿orCe. Connected Future5 Hastings has been a groundbreaking research projecl led by young people and highllghting the significant challenges faced by young people In their education and employment support and opportunities across the Borough. The prolecl has been embraced and supported by key strategic stakeholders. local MP'S and central govemment departments. Further work to test the research findings is ongoing. ThSs year, CXK direclly empowered, supported. and engaged wlth more than 238,000 Indlviduals across all services. The Charity has been instrumental in helping many more Indlreclly through wder engagernent wilh comniunities and other stakeholders. Partlclpatson and engagernenl numbers across the range of programme8 Include',- Prison IAG Service - supported 9,347 Indivkjuals in custody across 10 prisons. 980h of Indiv￿UalS wer• sats'sfied with the service they received. Prison Settlwig In programme supported 310 offenders In Elmley Prlson. Work Ready programme - delivered to 232 leamers across Margate - supporting and mentoring recenuy unemployed young people to manage nexl steps Into ernployment or leaming. National Careers SeNce - provided careers information, advirx and guidance to 29,998 adults acr055 the south-easl, achieving 1000/0 Gustomer salisfaction. CXK'S School Careers servlce - delivered in 57 schools In Kent and East Sussex, supporting 9,439 young people. YES (Youth Employability Service) - supported 5,316 NEET (Not In Educatlon, Employment or Training) East Sussex young people with intensive 1.1 suppo Step Up - CXK partnered with local organisations, delivering bespoke training programmes to 1,023 NEET 16-24 year olds in Kenl, Medway, East Sussex, Essex, Thurrock and Southend. 3W/4 progressed into work, education or training. Page 9 CXK (A company Ilmlted by guarantee) Trustees. report (contlnued) For the year ended 31 March 2024 ASK (Apprenticeship Support & Knowledge) - supported.. 203,501 students. 13,211 parents. 311 teathers. working with 912 schools across Ihe South of England to promote awarenes5 of Ihe benefits of apprenticeships. Get Connected - a peer mentoring programme supported young people with autistic spectrum conrfitions, delivered 85 sessions across 3 distriGls to develop young people's confidence. social development and integration. The CXK Flexlble engagement Tearn - 8ase Camp- worked with 291 young people through mentorlng and support activities. Grawlng Influence CXK continues to wovk closely with central government departments, local authorities. and other key slakeholders'_ inlluencing and supporting the polilical environment'and required policylstrategic drivers that effect the thallenge¥ and experlences of our beneficiaries and thelr multi-layered needs and requests. Our key focus is to ensure all CXK dellvery targets the real needs of individuals and communitses we work within. Key stakehalders we liaise and commlssion wilh include'_ Department of Education (DIE). Department of Work and Pensions IDWP}, Ministry of Justlce (MOJ), Department of Levelling up and Communlties (DLUC), South-East Local Enterprise Partnership (SELEPI, Kenl County Councll, Medway Unitary, East Sussex County Council, The Integrated Care Board and Integrated Care Partnership for Kent and Medway, South- Easl Chambers of Commerce and Federation of Small Businesses The Chiel Execubve is an active and engaged member of a wde breadth of key mernbershlp organisations and fomal Boards, successfully managing and influencing key strategy and performance on a local and regional level. The ethos of °generous leadership. is at the heart of our CEO'S dedication to the education and skills sector and the wider voluntary lector landscape. Membership includes'the following;" Kent and Medway Employment Task Force - Board member, Kent 16-19 Pathways for All- Board member. Medway 16-19 review- Board member, Skllls East Sussex- Board member, Adult Learning NebNork East Sussex- 8oard member, ntegrated Care Board, (NHSI Kent and Medway- Board member Kenl Association of Training Organi5alions (KATO)- Board member, Kenl CEO forum, member Voluntsry Community. Sector steering group (Kent and Medway)- Board member, Medway VCS - Board member, South East L"ocal Enterprise Partnership (SELEP) skills board- Board mernber, Associalion of Chief Executives ol Voluntary Organisalions {ACEVO), CXK'S representation for ilself and Ihe wider charity sector is true testament of Ihe expertise it holds across the voluntary sector and its ability to pursue, challenge and celebrale the role of the voluntary seclor in national, regional and local plans and policy. CXK'S CEO was appolnted in 2022 as the voluntary sector representstive on the newly formed Integrated Care Board. and she plays an important role in advocating for the engagement, recognition and commitment of the role of the Voluntary and Community Sector IVCS) in the plans for a robust Integraled Care strategy across Kent and Medway. Page 10 CXK (A Gompany Ilmited by guarantee) Trustee¥. report (continued) For the y•ar ended 31 MaTch 2024 CXK Is also a board member of Careers England, and the Careers Development Institute, both significant national associations for th'e professlonalism and Gredibillty of accredited careers guidance. The lasl year has seen significanl effort and commltment by CXK to nurture and sirengthen relationships with local councilors and Members of Parliament, Local MPS are ¢onsvlted, lobbied and supported in the policy, slrategy and political impact of education and skills development and challenges impacting CXK beneficiaries. Our Chief Executive has established close working relationships with key Members of Parfiament and local councilors across CXK'S delivery regions to champion the needs. issues and concerns that relate to beneficiaries and lo influence and inform developin9 Govemrnent policy. Thls work will continue to be strengthened as the Impacl of new MP'S and the changes in Government pollcy and priorftles 8L1rt to develop. Senlor managers sit on a wide rdng• of County-wide and regional planning and implementation groups across the south-east, The senior leadership team are members of many key partnerships and boards Including the Care Le8ver Progression Partnership, the Digital Skills Network. and Ihe Chlldren and Young Peoples Panel: Championing and promoting the impact and succe5$ of CXK provision remains a key strategic priority. Over the last year irnpressive strtdes were made to increase the engagernenl and support of local. re9ional and nalional media. A suite of performance indicators drove an increased Teach in social media, y￿b$Ite data an81y1ics. pre88 coverage, targeted blogs and news items vthid) all contributed positively to rai$lng the profile of the Charity. Peoplo and Per8onn•l People and personnel remain Ihe hlghest priority within our Charity. The pandemic instigated a period of transformation, grov•th, diversity, and change- for our beneficiaiies, our stakeholders, and our Charily. People are a priority at every level. enabling our Chanty to have a posllive Impact Ihrough the delivery of rts services. Sorne 85% of staff are directly involved in delivering Services to beneficiaries. wilh the remaining 15• providing essential support, including management, administration. finance. IT, GDPR, governance, mafketing, eslale5 and HR ser¥ice8. Sinct the pandèmlc CXK, like many olher organlsations In the voluntary. publlc.and private sectors have had to navigate new and varied working patterns to accommodate the growing needs and requirnients of staff, ornmissloners and beneficiaries. The majority of our delivery staff have identified localities for programme delivery- e.g prisons, schools. job-cenlres etc. Community venues support our dellvery infrastructure alongside virtual delivery that can be delivered from staff based at home. Hybrid working arrangements and flexbi ility related to staff working patterns have been a malnstay of a changin9 world where siaff prefer more flexibility and workllife balance. CXK are continulng to monitor and assess the Impact of the focus on different approaches lo wothng patlerns. It will rernain essential for us to balance the needs of our staff alongside the needs and demands of commissioners and stakeholders. The tension belween both remains a Ghallenge for all sectors moving forward. The Impact of, post pandemic changes and currenl cost of living pressures has not only affected our Charity bul our staff tao. Empathy and compassion have been integral in ensuring that staff feel adequately supported by CXK in these challenging times. CXK has a well-established Employee Assistance Programme which has seen an In¢￿aSe in staff engagement, particularly in the last year. Pressures of mental health. anxiety, finance, and personal relatlonships are noted as developing areas where support has been pr¢vided. A Performance Development Review (PDRI process provides a transparent line management supervlsion. review and appraisal system with performance linked to operational delivery and slaffs adherence to, and display of. Ihe CXK values and stralegy. The Truslee Board were keen to reward Ihe hard work of all CXK staff and agreed to an additional two days annual leave and commitment to review a number of employee incentive schernes in the summer of 2024. CXK is proud lo be a Real Living Wage employer in addition to being. an accredited disabihty confideTht employer. Page11 CXK (A company limited by guarantee) Truste06' report (Gontlnued) For the year ended 31 MaTch'2024 Trustees wish to pay tribute to all CXK staff for delivering services so effectively across our wide breadth of services. Ex1emal recognition and understanding of the enomious impact the charity makes in its work with beneficiaries, alongside continued growth in successfully winning new funding opportunities to develop our provision, is testament to the continued hard work and dedicalion of.each and every member of staff. Partnerships CXICS commitment to strong collaboratlon and partnerships places Ihe Charity slgnificantly above its peers In relatlon to the breadth of it5 partnership engagement. As national Primè Contraclor for Iwo DFE programme5 (NCS and ASK) CXK have established slrong, effective su1￿cOntracted relationships with key providers across the soulh of England. A5 an excellent Matrix-accfedited Charity we have displayed robust, honest and tTanspaTent processes, procedure8. audits and compliance monltoring that strengthens performance and relalionships. The necessity to nurture and retain effective partnerships is crucial to CXK'S delivery across communilies. The challenges laced by beneficlaries remaln complex and mullkfaceled and we strive confidently to continue to increase the breadlh of partnerships to help address and tackle the barriers of disadvantage that many individuals still face. 'CXK. in Itg role a8 a re8pecled Charlty in the south-east has a key role In supporting other p8rtnership$ wlth Charities trying to navigate the iurbulent and fragile landscape of the third sector. Opportunits'es for partnership working in delivery. engagemenl, programme design and bldding for potential new fund5ng streams are actively underway and Ihe CEO and Senior leadershlp team play an active role in slralegically supporting and developing new relatlonships. Quality and Impa¢t Quality is a 'golden thread. running through the charity. Rigorous processes of qualily review, analysis, and impact are fully embedded across the Charity. The Performance and Qualrty Committee has a strategic overview of all services and reflects and reviews all aspects of CXK delivery in quarterly analysis of the Operational Scorecard. The Flnance Govérnance and Resources Committee monitors financial. human resources, GDPR, and IT processes and delivery and Ihe Develcpment Fundraising and Marketing CommSttee oversees buslness development. the growth and development stralegy and all communication and tnarketing activity. Quality and impact drive performance at all levels of the organlsation and line management. peer meetings, management forum5, senior leadership team evaluation and Truslee'Board comrnittees are all key elements of the robust quality framework. Sell-Assessment Revlews (SAR'S) are commonplace wlthln our large DFE contracts and other evaluatlon tools and KPI review mechanisms are Sn place forthe lange of other programmes aGross the Charity. In addition to robust Quality Assurance measurements that are reported and assessed on the CXK operational scorecard, CXK continues to evaluate perfomanGe through the °CXK impact toolkit.. The impact mea5uremenl framewoik enables and empowers all beneficiaries to express Iheir progress against key indicators',- Readiness to thrive Economic inclusion Social inclusion Health and wellbelng Page 12 CXK (A company Ilmlted by guarantee) Trustee5' report (contlnued) For the year ended 31 March 2024 CXK commits to delivering all its activities lo very high standards and Invests in a broad range of quality management standards and accreditations a$ follows: Matrix Accreditatlon Merlin Standard (ouistanding) Ofsted - Iwo level 2 'Good' rating5 Cyber Essentials Plus Disability Confidenl Employer Real Living Wage Employer The Charity has worf(ed diligently to improve Ihe measuremenl and review ol impact measures across all Se￿ICe delivery teams. Positive progress ha8 been made in,Ihe caplure. analysis and review of all impacl measurement across the Ch'arity and CXK now has a robust suite of tools and analylics to review and sh8re widely both internally and externally. The quantitative data and analysis support the extensive volume of qualitative case studiès and Impact statements captured by beneficiaTie8 and stakeholders. Pollcles and Proco8s•5 CXK has an extensive portfolio of policies and proredures. These are maintained, updated, reviewed and updated at Exec team andlor Trustee Board level. Strong robust govemance ensures our Charity complles with relevant legislalion and Ihat11 operates In line with national and internatsonal best-practice. This safeguards beneficiaries, stsff and partners and provides them wilh access to the right support al the Tlght time, delivered In way that meets their needs. A document register is monitored and evaluated wilh key Ilmelines identified for document revlew and evaluation. Policies are endorsed for either management or Trustee review and formal sign off. All policies are slored in an online portal accesslble to 811 staff and all sub.conlractors are obliged to adhere to all CXK policles and princlple8. Performance Management Each CXK prolecvconlract Is delivered In Ilne ￿1h a buslnessldellvery plan. whlch Is developed collaboratively during the preparatlon of a funding proposalnender response. Each plan indudes: Milestones LeadslResponslbllitie8 Key Tasks Timelines Risks Perforniance Review and Evaluation Plans are reviewed monlhly and are used to manage a project's progress, to address poor performance, to manage risk and lo ensure targets are met or in most cases exceeded. Flnanc5al Revlew Golng Concem After making appropriate enquiries, the Trustees have a reasonable expeclation that the Charity has adequate. resource5 to continue in operational existence for Ihe foreseeable future. For thls reason. they continue to adopt the going concern basis in preparing the financial statementg. Further details regarding ihe adoptton of the going. ncern basis can be found in the accounting policies. -FinanGial results At 31st March 2024 total income VMS £6,988.802 (2023: £8,589,434) with toial expenditure of £7,346,668 (2023.. £8,191,482) reporting a net expenditure before investrnent gains and losses of £357,866 (2023: surplus £397,952). Page 13 CXK (A company limited by guarantee) Trustees. report (continued) For the year ended 31 March 2024 Afte including net galns and lo.sses on investmenls. a deficit of £204,702 (2023: surplus £256,175) is belng reported. During the year, the Charity has chosen to invest reserves in a number of self-funded projects and infrastructure Improvements. This is induded in expenditure and amounts to £244,343 (2023.. £249,402). Should the Charity chosen not to invest its reserves in Ihese areas, the Charity would have reported a surplus of £39,641 {2023: £647.354). Reserves pollcy Al 31 st March 2024, the Charity had "free reseNes" (i.e. the total of unrestricted income funds not invested In tangible fixed assets) 01 £5,771.222 with an operats'ng cost base of £7.346,668 (31st March 2023: £5,948,638 agalnst Opera￿ng Gost5 of £8,191,482). Restricted re88rves are £nil (2023: £nil). .Taking into account the nature and volurne of the Charity's income streams and the pattems of expenditure In meeting the Charily's objects, the Truslees regularly undertake a risk assessment of the probability and likely Impact on service dellvery that might be caused by a decline in income. an inability to meet financial obligations, or an inability to reduce expenditure in the immediate short-term. This approach ensures a balance between spending the maximum amount of income raised as soon as posslble after réceipl, while maintainlng the minimum level of reservés to ensure unlnterrupted operatlon. The target range is reviewed annually as part of the budget approval process by the Trustees to reassess the rfsks and reflect changeg in CXK'S income, financlal obligations and expenditure and also a5 part ofthe risk review Process. The year under review is the final year of the 6 year plan agreed whereby conlract sustalnabilrty wa5 consldered and a number of financlally un3ustainable'contracls were wilhdrawn from. We are pleased to say that this plan has been a great success and CXK are significanlly ahead of where it had been torecast to be in 2024. 11 has been deemed that the level of free reseNes being held is sufficlenl and appropriale for CXK. Thls level Is Set aside to account for fluctuations In funding levels, payment In arrear5 contract5 and lo account for potential redundancy costs on contracts Ihat end. This15 especially important given the current global uncertainty and cost of Ilvlng crlsls wlth an expected incre88e in demand for CXK'S seNlces. Free reserves are Ihe totsl of unreslricled funds not Invested in tangible fixed assets. Based on this approach, CXK is happy the level of reseNes is sufficienl, with 9.4 months of operating costs (2023: 8.7 months) set aside.. Investments pollcy Under Ihe rules of the Charity's governing document, the Tnjstees have wide ranging powers to invest the furKIs of Ihe Charity as Ihey see fit wilhin Ihe scope of the laws and regulations applying in the United Kingdom. The objectives for these investments are to achieve a balanced return from income and capital growth whilst accepting a moderate degree of risk and maintain the real value of capilal in order lo achieve and potentially facilitate periodic capllal wthdrawal. In approving investments, Ihe Trustee Board follows an ethical policy. which examines good employment practices, good envlronmenlal practices and a commitment to corporate and soclal responsibility. The Charity has investments of £2,078,839 (2023". £1.884°,744) of it5 reserves Sn shares or equmies with Sarasin and Partners LLP. The policy on investments is reviewed regularty under the governance of the Finance, Governance and Resources Committee. Any investment ietums made on the portfollo are u9ed to purchase further shares and equities. Approach to fundraising CXK 15 lully conversant V￿th fundraising, commi$$ioning and compliance requirements and legi51alion. CXK'S incoriie is primarily received from successfully commissioned services or grants. There is very limited income received through fundraising and any fund5ng received adds value to ihe commi55ioned services it already delivers. 1 OQOh of the monies raised is used to support beneficiaries who need it most, Page 14 CXK (A company Ilmlted by guaranto0) .Trustees' report (contlnued) For Ihe year ended 31 MarGh 2024 Fundraising income reniains low, as the Charity does not specifically target resources for this source of funding.. This is under contlnuous review as such.funding will complement allemative approaches to seNice provislon. Thls year, the Charity raised £5,533 (2023.. £4.184) towards improving its beneficiaries, Ilfe-chan¢es. No fundraising complaints (2023.. none) were received durlng the year. CXK'S Groivih and Development Plan outllnes the key principles and approaches to be explored and reviewed as part of the Charity's expansion ol income growth and diversification. In 2023 CXK identified a specifi feaslbility project lo review and consider positive approaches to generate corporatelphilanthropy income. The principles and strategy relating to the scale and scope of approaches that could be considered are under review and ￿11 be progressed in the forthcoming year. Profe88ional Indemnlty Insurance The Charity has taken out a combined commercial insurance policy that provides an elemenl of professional indemnty cover for the Trustees amounting to £5 million in respecl of any one claim. Management of Rlsk The Board is committed to ensuring the long-temi heallh and sustainability of CXK throu9h an effeclive Risk Management Framework. This is designed to identify and mitigate key rlsks that could affect the abillty lo deliver strategic objecuves and achleve the Charfty's charltsble aims. The management of risk is embedded In day-towday business activities and is well 5UPPOrted by established processes and policies. The management of most ri3ks is delegaied to the Chief Executive and the Senior Leadership Team. A Business Crtlical Risk Register Is updated monthly by the Executlve Team, reviewed and scrutinised by the Tw¥tee Board and updated reports are shared with respectlve Cornmlttees to review and scrutinise more closely. All major risks are reviewed, and systems and procedures in place to manage and mltlgate risks. The princlpal risks currently identified Include: A slgniflcant contract, or muftiple contracts. become unprofitable and unsustairRble. L055 of a major incoffle source. Competition for new contracts re5ullg In108$ of incame through new re-tendered busine5S. Major incidenl relating lo the safeguarding, or Ihe wellbelng of slaff or beneficiarieg. Failure in the management of. a significant govemance responsibility e.g. Health and Safety, GDPR The risk management process for the Charity was reviewed during the financial year by the Audit and Govemance Committee and Improvements made ta rlsk reporting. The Trustee Board has a responslbility to review all relevant risks for the Charity and delegate further review where required to one of the appropriate comm￿ee5. CXK continued to make good progress on Improvlng ils risk management acro$$ the flve major risk categorie8 of Compliance, Exlernal and Environmenlal Factors, Financial, Govemance and Operational. PUBLIC BENEFIT The Truslees have taken The Charity Commission's specific guidance on public benefit (contained within the guldance publication 'The Advancement of Education for Public Benefif) into consideration in preparing their statements on public benefit contained within this Truslees. Annual Report. 8enefits & Beneficlarfes In accordance with its charitable objects, the Charity strives to advance in life those who are In need by reason of their youth, age, ill-health, disabilty. financlal hardship, or other disadvantage in particular,.bul not limited to. young people. The benefits offered by the Charity are the services that it delivers to support. mentor, advise and guide individua15 $0 that they are empowered and Inspired lo thrive. Page 15 CXK IA company limited by guarantee) Trustees. report . CXK h83 received high acclalm fram national, regional slakeholders. local authorilies, and Stakeholders across communities for the focused. determlned. and successful methodologies implemented lo work with partners and beneficiaries lo address local place-based need. CXK has built on its innovation.and achievements to develop a 5Ulte of targeted provision that provides true opportunities and progressive education, skllls and employment pathways. The vlide range of CXK Provision enables the Chafty to work at the heart of communrties by empowering young people and adults to maximise their potential. increasing their own skills, knowledge and confidence, instilling a positive approach to contributing effectively to Iheir local ¢ommunittes. With carefully selected partners who bring additional value. specialisms. and expertise we continue to ensure innovative PTogrammes engage and reflect the needs of outlying communilies and marglnallsed beneficiaries. The last year has seen huge achievements a5 the Charity successfully re-secured Ihe Mini51ry of JusttGe contract in 10 prisons across Kent Surrey and Sussex with the groundbreaking IAG and Work Ready provision and support. Strenglhened collaborations with OWP and local authorities to explore place-based challenges has resulted in positive programme design and delivery to address local need. CXK will build and continue ils engagement nexi year to support marginalised comrnunitie5 and individuals identty and access the support and advice they need. PLANS FOR FUTURE PERIODS The Charills aim of making a positive difference to the lives of those who are in need by reason of their youth, age. ill-health. disabilty. financial hardship. or other disadvantage will remain the drbving force in the year ahead. Page 16 CXK (A company limlted by guarantee) .Trustees' report (continued) For the year ended 31 March 2024 CXK will continue to allgn itself closely to the political and strateglc policy drivers that help shape and Support our benèficiaries impacted by the economic crisis faced by so many. CXK is well positioned to drive forward change and innovation to tackle the increasing thallenges for access to education and employment for so many disengaged and disenchanled individuals. The lands¢ape will undoubtedly remain turt)ulent and unpredlctable and.CXK's efforts will be focused on prioritising the righl decisions, both operationally and strategically, to ensure CXK remains in a strong and onfident PQ8ition within the voluntary 8ector. The needs of beneficiaries remain cornplex and challenging. Innovalion and flexibility in the delivery of services will be criiically important lo ensure Ihat CXK responds swiftly and effeclively to the needs ol individuals and commissloners. We V4fj11 bulld on the success and Innovation of the last year and contlnue to Shape Ihe hybrld model of delivery approaches required to move f¢Yward. Key priorities for the year ahead Sndude.. Publish a new CXK slrategy 2025-2030 Approve an 18-monlh business plan reflecting the 2025-2030 priorities. Work dosely with strategic partners to review, reflecl and react lo the new Govemments manifeslo and govemmenl department priorities. Continue with the exploration of corporate and voluntary fundraislnglincome generation opportunities, Establish greater collaboralive working relationships with DWP to develop Innovative ernployability support progr8mmes across the south-east. Explore further business development opportunities across custodial 8ettlngs. Continue to increase the volume, scope and quallty of case 8tudle8 and Impact measurement processes across the Charity. Remain dlligent in the face of the economic crisls and positively support the wider voluntary sector in its role across Communities. Develop and publish the charlty wide Environmental Soclal G0Veman￿ IESG) adlon plan and commitments Prepare for new contract arrangements for currpnl CXK prosramme delivery and review the scope ol Potential new prograrnme commissioning acr053 Gurrent and new business development Portals. Further enhance all CXK ambassadorial activlty, Strengthening the important processes for advocatlng for all beneficiaries. FUTURE PUBLIC BENEFIT There has been much for CXK to celebrate In the year 2023124. Strong govemance and managemenl have . enhanced the strategic vision for the organisalion and creatlvlty and innovalion in the further development and growih of Ihe organisation remains key moving forward. There ha3 been a strengthening and expansion of some key functions within the Chanty, and a shared Culture ol demonstrating efficiency, innovation, and impact. Slgnificant improvements in measuring and analyslng impact and beheficiary experlence has been an Important tool in celebrating success, designing new provision and rnarketing and promoting ihe CXK Services more widely across the region. Relalionshlps with stakeholders remain strong, meaningful and impactful. The CXK brand is well respected and thp Charity is acknowledged to be a leading force across the soufveast. Strength in our aTnbassadorial role has led lo engagement and involvemenl in a wide number of strategic boards which has placed CXK in an important and privileged role and at the heart of strategy and pollcy development moving forwards. The concept of"Generous Leadership. ha5 been incredlbly strong as Ihe CEO has driven vilal engageMent.V￿Ih other voluntary seclor organlsations and strategic stakeholder5 to understand the current volatile landscape and to work closely together to achieve Synergy and posltive outcomes lor the individuals and communities we serve. CXK has, through its steadfast and rigorous leadership. been. successful in slfengthening its engagement and i Pa9e 17 CXK . {A company Ilmited by guaranteè) Trusteès. report Icontlnued) For the year ended 31 March 2024 focus for individuals and communities. CXK will contlnue in Its drive and commitment to work closely with Ih05e most affected by the soci￿econoMiC challenges and continual Impact of the pandemic and play a significant role in strenglhening innovative provision to support individuals and communities movin9 forward . The Tfustees will continue lo ensure that our Charity benefits the public by reducing unemployment. supporting individuals with barriers to progression, and delivering accessible and high-quality services in collaboration with ils stakeholders and partners. CXK will support central and local government and key Slakeholders in driving lorward the change required lo provide opportunlty and advancement for so many individuals who have felt left behlnd. STRUCTURE, GOVERNANCE AND MANAGEMENT Stru¢ture The Charity was incorporated on 20th March 2002 and became a Reglstered Charity on 4th September 2007. The Charity has incorporated. the followlng dormant subsidiary undertaking5- CXK Trading Limited and CXK . Career8 Limited. The Charlty 18 govemed by the rule5 and regulalions set down in its company Memorandum and Articles of Association originally dated 20th March 2002, which were amended by special re501ution on 23rd January 2007. 16th December 2008, 24th June 2009 and 19th September 2011. A review of the Articles of Association by the Board of Trustee5 and an updaled version was approved on 4th September 2Q18 and 21 st May 2020 and then subsequently updated on 6th July 2023. Trustees The Truslees1hal served during the year are as follows: Kelly Freeman (Actlng Chalr from 1 Oth July 2024) Sonette Schwartz. Chalr of Trustees (reslgned 10th July 2024) Pauline Smith. Chief Executive Jo Boraston Graham 8riscoe Oomini Bucknell-sargent (resTgned 28th March 2024> Graeme Dykes Dominic Hilleard Peter O'Brien Robert Rose William Vemon Charlotte Walshe Pamela Walts David Yates resigned (21st August 2023). During the year the average allendance of all Trustees at BoaTd' and cornmittee meetings was 86% (2023 ' 87%) Governance and management CXK is a registered Charity, and a cornpany lirnited by guarantee. not having share capital. Every frustee undertakes to conlribute an amount not exceeding £10 to the assets of the Charity in the event of the Charity being wound-up during the period of rnembership, or within one year thereafter. On 31 st March 2023 the Charity had 13 Members (including the Chief Executive), au of whom are CXK'S Trustees. The Trustees are recruited from Ihe busines5 community, privale sector, education and the public and not for profit seclDrs, and bring considerable experience and expertise to their roles which slrenglhen5 the Charity's development, growih, and sustainability.. The Articles of Association confirm thal a Twslee can seNe, 3 term5 of 3 years a term (maximum 9 years). Page 18 CXK (A company Ilmlted by guarantee) Trustees. report (contlnued) For the year ended 31 March 2024 The overall strategic direction of Ihe Charlty is determlned by the Board of Truslees. The Board develops and sets the strategy and reviews perfomiance against lis business plan tsrgets over the course of Ihe year. The management and dellvery of ihe overall strategy, and day to day service delivery, is delegated by the Board. to the Chief ExeGutive and the Execuii've Team, with a wider staff team of Glrca 140 staff. The Chair. of the Board and Chief Executive. are commilted to enhancing and strengthening the focus, commilment, and engagement tsf the Tru51ees. Truslees are appointed based on the skills 8nalysis and expertise required by the Trustee Board. Recruitment of Independent Trustee8 lakes place by advertisements in local media and on largeled websltes and soclal media platlorms. Applicants are subjecl to InteNiew by Trustees and the Chief Executive to determine their suitability for the role, Includlng whether Iheir skills rnalch the Charity's need, and then forwarded to the Board lor approval. Skills profile5 are updated and reviewed by Ihe Finance, Governance and Resource Committee. The Charity, has an agreed Inducllon Pack that is given to new Trustees alongside formal Induction Iraining. They also meet with the Chair. Chief Executive, Executive Team, and relevanl employees. In the past year the Chair Sonette Schwartz feslgned from the Charity. Sonette's dedicatlon and commitment to CXK unwavering and we thank her for her passion and vigour,in her role as Chair. Kelly Freema (previously Vice Chair) has been appointed as CXK Chair from 10 July 2024 and the Charity is thrilled that she has laken over Ihls Important role.. We also saw the resignations of David Yates and Domini Bucknell-sargent both indivldua15 had worked diligently and tirelessly for CXK in their respective roles- always providing robust and professional support and challenge In equal measure. Thelr irnpacl on the senlor leadershlp team and the Charity ai a whole has been exemplary and we wlll mi83 them. In addition to the Full Truslee Board the Charity ha5 an established three committee structure as below ;_ Development, Fundraislng and Marketing Committee Finance. Governance and Resources Commltlee Performance and Quality Committee The Cornmlttees meet a minimum of three ilmes a yèar lo scwunlse. over8ee and make recommendatlon? to the, Board on all key aspects of CXK'S business. Each Committee is chaired by a Trustee and 5UPPQrted by the relevant Executive Director. The full Tiuslee Board meets a minimum of three times a year with an addits'onal strategic away day being held each year. The updated membership of the committees Is as follows: evelo ment F ndraisin M rketin mmittee DFM Charlotte Walshe (Commrttee Chair) Kelly Freeman Dominic Hllleard Finance Governance and Resources Committee FGR Jo Boraston (Committee Chalr) Graham Briscoe Kelly Freeman Pele O'Brien Robert Rose Page 19 CXK (A company Ilmited by guarantee) Tru5tees' r8POrt Icontlnued) For the year ended 31 March 2024 rformance and uali Commi p& Wiifiam Vernon (Committee Chair) Graham 8riscoe Graeme Dykes Charlotte Walshe Pam Watts The Board completes a range of mandatory training and Is offered development and support on relevant IopiG$ and regulations, to ensure it remans informed and aware of the challenges and risks facing the Charity. The Board reviews its Obvn, and the Chairs performance and all Truslees have an annual appraisal. The Charity produces regular e-bullellns for staff and Trustees and the Chlef Executive provldes strategic updates to Trustees to infomi them of the latest developmenls or critical issues that occur outside of fDrnial Board meetings. A Ghief Executive's report is presented al eaGh Board meeting. While Trustee8 ¢oncenlrale on the overall runnlng of the Chaiity and Ihe scheduled Board and Committee meetings facllitate the governance IrarnewoTk, Trustees are also supported to V151t fronl line services. meet slaff nd attend beneficiary events. A full calendar of opportunities to visit seNices is available lo Trustees and we have managed a pasilive number of visits within the last year. Wirtual meetings have worked exlremely well for Trustees 8lnGe the p8ndemiG and have therefore continued for some of the commltlee meetlngs. Hybrid altematives are now offered, and it is cornmonplace to have a mixlure of f8¢trt¢>face and virtual attendance. The opportunity for variety has resulted In ongoing high attendance by Ihe Truslee members, The Senior Leadership Team and Truslee Board have worked quickly and effectively to steer the charity Ihrough the lurbulent and unpredictable challenges ol the voluntary sector as it faces economic uncertainty, ongolng post pandemic impact, and challenges related lo continued needs and requirements of beneficiaries withln a difflcult local and national governmenl and statutory landscape. The Trustee Board and leadership team of CXK were delermined and resolute in implementing rigorous flnancial modelling. risk assessmenl and budgel processes to maintain management overview of the financial and slralegic impact tts the charity. The 2023124 year end highlights that the dedicated focus and robusl management has successfully resulted in yet another very positive year for CXK. Pay pollGy for key management per80nnel The Chair of the Board is responsible for the Chief Executive's appraisal and the Board determine an annual pay review for all staff, based on the fjnanclal p08ition of Ihe charlly, industry benchmarks and within the employment conlract and policies of the organisation. Equality, diversity, and incluslon CXK is commltted to promoting equality, diversity, and inclusion Ihrough all aspects of our organisathon. Policies and practices ensure that daily behaviours refiect strong compliance and understsnding of equality principles across Ihe Charity's work, CXK has created a very positive culture where people treat each other with mutual respect, regardless of age, disability. gender, marital staius. race. religion. sexual orienlatlon, or any other proteded characterisliG. All staff receive unconsciou5 bias training as part of the mandatory schedule. CXK commissioned an exiernal Equality, Diversity and Inclusion review by a third party specialist organisation in 2022 and the Charity have continued to strengthen policies, processes and procedures lo ensure strong EDI principles are Prioritised and embed acros5 the Charity. CXK has a very strong, professional and compassionate understanding of equality, diversity and inclusion. The culture of the Charity is responsive, open, and empathetlc in it5 SUPPOrt and inclusion of staff, beneficiaries and slakeholders. Page 20 CXK (A Gompany limited by guarantee) Trustees. report {contlnued) For tho year ènded 31 March 2024 Compliance The B08rd continues to be recognised as one that evidences strong Chat?ty Govemance with exemplary feedback received from auditors and extemal quality assurance reviews. The expertise of the Trustees aGros8 4 wide skills Matrix complements additional expert15e that the Charity identifies in "Champion Roles. for Health and Safety; Safeguardlng; EDI; and ESG. The Charily contlnues to apply Ihe updaled Charity Sector Voluntary Code of Govemance. This SUPPOrt5 framework for oblectlve assessment of the organisation's governance arrangements and performance. The Code of Governance is reviewed annually wth progress monitored against the action plan. CXK has an establishe¢Y and rigorous framework of govemance and ils effective policies and procedures are well regarded when compared with other Similar charities. CXK continue lo comply with OFSTED recommendations and adhere to Ihe standards of Merlin (for Supply chain management) and Matrix Standards (for delivery of information. advice. and guidance). Statement of Tru8tse8' re$ponslbllltleg The Trustees (who are also1he diredors of the Charity for the PUTposes of company law) are responsible for .preparlny the Trustees, report includlng the Stralegic report and the financial statements In accordance wilh appllc8ble law and United Klngdom Accounting Standards (UnSted KSngdorn Generally Accepted Accounllng Practice). Company law requires the Truslee$ lo prepare Ilnancial statements for each financlal year. Under company law, Ihe Trustees must. not approve the financial statements unless they are satisfied that they give a tfue and falr view of the state of affairs of the Charlty and of Iheir incomlng re¥ources and appllcalion of resources. Including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required select guStable accountlng pollcles and then apply them consistently: observe the methods and principles.of the Charities SORP IFRS 102),. Make judgments and accounting ests'mates that are reasonable and prudent; state whether applicable UK Accounting Standards {FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial slalemenls on Ihe going concem basis unle55 It Is inapproprtate to presume that Ihe Charity will continue in business. The Trustees are responsible for keeping adequate accounting records that are Sufficient to show and explain the Charity'3 trangaclions and disclose ¥￿th reasonable accuracy at any tlme the financial position of the Charity and enable them to ensure thal the financial statements comply with the Companies Acl 2006. They are also sponsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 21 CXK (A company limited by guardnteel Tnjstees. report (continued) For.the year ended 31 March 2024 Disclosure of Informatlon to Auditors Each of the persons who are Trustees at the time when this TnJstees' report is approved has confirmed that: so far as that Trustee is aware, there.ls no relevant audit inf0m￿tion of whlch the charitable company's audiiofs are. unaware, and that Truslee ha5 laken 811 the sleps Ihat ought to have been taken as a Trustee in order to be aware of any relevant audlt informatian and to establish that the charitable company's auditors are aware of that Information. Audltors The auditors. Kreslon Reeves LLP, have indicated their willingness to continue In office. The designated Tnjstees will propose a motion re8ppolntlng the auditorg at a meetlng of the Trustees. Approved by order of the members of the board of Trustees and slgned on thelr behalf by.. . Kèlly Freeman Date: 26 September 2024 Page 22 CXK (A company Ilmlted by guarantee) Indep•nd•nt audito.r6' report to th• Members of CXK ' Oplnlon We have audited the financial statements of CXK (the 'charitV) for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdorn Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (Uniled Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitable companls affairs as ai 31 March 2024 and of its incoming resources and application of resources, includlng its income and expenditure for the year then . ended; have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice", and have been prepared in accordance with the requirements of the Companles Act 2006. Basls for oplnlon We conducted our audit in accordance with Intemational Standards on Auditing {UK> (ISAS (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditors, 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 thal are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethica responsibilities in accordance with these requirements. We belleve that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslon8 rolatlng to golng conG•rn . In auditing the financial statements. we have concluded that the Trustees, use of the going concern basis of accounting'in the preparation of the financial statements is appropriate. Based on the work we. have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable companys ability lo conlinue as a going concerri for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responslbilities of the Trustees wlth respect to going concem are described in the relevant sections of this report. Page 23 CXK (A company Ilmlted by guarantee) . Independent audltors. report to the Members of CXK (Continued) Other 5nforniation The other information comprises the information included in the Annual report other than the financial statements and our Auditors. report Ihereon. The Trusteés are responsible for the other information contained within the Annual report. Our opinion on the financial statements do8s 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 resporbsibility is lo 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 misstatemenl 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 thls fe9ard. Oplnlon on oth•r matters pre8crlbed by the Companlos A¢t 2006 In our opinion. based on the work undertaken In the course of the audit: the Information given in the Trustees, report Including the Strat6gic r8port for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustèes, report and the Strategic report have been prepared in accordance with applicable legal requlrements. Malt•rs on which wo ar• requlred to report by •xceptlon In the light of our knowledge and understanding .of the charitable company and its environment obtained in the course of Ihe audit, we have not identified material rnisstatements in the Trustees':report including the Strategic report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not tyeen kept, or retums adequate for our audit have not been received from branches not visited by us,. or the financial'statements are not In agreement with the accounting records and returns: or cErtain disclosures of Trustees, remuneration specified by law are nol made; or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees As explained more fully in the Trustees, responsibilities statement.. the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of Ihe financial stalemenls 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, vthether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable companvs ability to continue as a going concem, disclosing, as applicable. matters related to going concem and using the going concern basis of accounting unless the Trustees either intend lo liquidate the charitable company or to cease operations. or have no realistic altemalive but to do so. Page 24 CXK (A company Ilmited by guarantee) Independent auditors. report to the Members of CXK {continu¢d) Audltors. rèsponslbllltles for th• audlt of the flnanclal statements 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 Auditors, 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 misslatement 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 inlluence 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, oullined above. to detect material misstatements in respecl of irregularilies, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Capability ol the audit in detecting irregularities, including fraud Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees. and other management (as required by auditing standards), we identified that the principal risks of non- compliance with laws and regulations related to health and safety. anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considerèd those laws and regulations that have a dlrect irnpact on the preparation of the financlal statements such as the Charities SORP {FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees, and management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and deterrnined that the principal risks related to posting inappropriale journal entrles to increase revenue or reduce expenditure, and management bias in accounting eslirnates and Judgemental areas of the financial statements such as the valuation of investment properties. Audit procedures performed by the engagement team included: Dlscussions wllh management and assessment of known or suspected instances of non-compliance with laws and regulations (including health and safety) and fraud: and Assessment of identified fraud risk factors,. and Challenging assumptions and judgements made by management in its significant accounting estirnates; and Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud: and Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misslatement due to fraud; and Conflrmation of related parties with management, and review of transactions throughout the period to identify any prevlously undisclosed transactions with relaled parties outside the normal course of business., and Review of intemal controls and physical inspection of tangible assets susceptible to fraud or irregularity; and Reading Minutes of meetings of those charged with governance., and Review of corporate govemance arrangements; and Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and Identifying and tesling journal entries, in particular any manual entries made at the year end for financial statement preparation. Using data analyiics to identify high risk journals and investigate these. Because of Ihe 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-complian¢e with regulation. This risk Increases the more that compliance with a law or regulation is removed from the events and transactions rellected in the financial statements, as we will ba less likely to become aware of instances of non-compliance. Page 25 CXK (A company limlted by guarantee) Independent audltors. report to the Members of CXK (continued) As part of an audit in accordance with ISAS {UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstalemenl of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery, intentional omissions. misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectivenes8 of the charitable companls intemal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and relaled disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists r81ated to events or conditions that may cast Significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors. report to the related disclosures In the financial statements or, if such dlsclosures are Inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors. report. However, future events or conditions may cause the charltable company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the dlsclosures. and whether the flnanclal statements represent the underlying transaclions and events in a manner that achieves fair presentation. We communicate with those charged wilh governance regarding, among other matters, the planned scope and lirning of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charitable CoMpan￿S mernbers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our. audil work has been undertaken so that we might slate to the charitable companys members those matters we are required to state to them in an Auditors, report and for no other purpose. To the fullest ext8nt permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. i(.,k LLP S M Rousfr FCCA DCHA {S•nior statutory audltor) for and on behalf of Kreston Reeves LLP Chartered Accountsnts Statutory Auditor Canterbury .27 September 2024 Page 26 CXK (A Gompany Ilmitod by guarantee) Stafrment of financial 8Ctlvltles (Incorporatlng Income and expanditure account For the year ended 31 March 2024 . Restrlcted Unrestrlctsd funds funds. 2024 2024 Total funds 2024 Total funds 2023 Note Income from: Donations and legaGies Charitable actIV￿leS '. Inve¥tment8 4,000 .1,533 6.816,724 188,545 5.533 6.816.724 166,545 4.184 8,518,289 68,961 Total income 4,000 6.984,802 6.988,802 8,589,434 Expenditure c￿. Charitable activities '. 4,000 7.342.668 7.346.668 8,191,482 Totsl expendlturo 4,000 7.342,668 7,346,668 8,191,482 N•t (•xpendlturn)nncome before net gainslllosses) on Investments Net gain81{losses) on Investments 1367,866) 153,164 1357,866J 153.164 397,952 (141,777) Net movernenl In fundg (204.702) 1204.702) 256,175 Reconciliation of funds: Total funds brought fofward Net movement In funds 6,357.032 (204,702) 6.357,032 1204,702) 8,100,857 256,175 Total fund8 caffied forward 6,152,330 6.152,330 .6.357,032 The Statement ol financial actlvltles Includes all galns and losses recognlsed In the year. The notes on pagés 3010 47 form part of these financial Statements. 'Page 27 CXK (A company limlted by guaranteo) Reglstsred number: 04399340 Balance 8heèl As at 31 March 2024 2024 2023 Nots Flxed assets Tangible assets Investments Investment propety 11 13 12 381,108 2.D78,639 945,000 408,394 1,884.744 945.000 3M04.747 3,238,138 Current assets Deblors Cash at bank and in hand 14 1,112,639 3,411,675 935,297 4.189,411 4,624,314 6,124,708 Creditois: amounts falllng due wiihln one year 15 (1,776.7311 (2,005,814) Net current assets 2,747,583 3.'118.894 Total a880ts1•88 current liabilities 6.152,330 6,357,032 Totsl net assets 6,152,330 6,357.032 Charity funds Reslricled funds UnrestriGted funds 18 16 6,152.330 .8,357,032 Totsl fund$ 6,1S2,330 6,357,032 The Trustees acknowledge thelr responsbi ilities for complying with Ihe requirement5 of the Act with respect to accountlng records and preparation of finanGial ststement5. The financial statement5 were approved and authorised for issue by the Trustees and Slgned on their behalf ty. Kelly Frneman Date: 26 September 2024 The notes on pages 30 to 47 form part of these financlal statement& Page 28 CXK. (A company limited by guarante8) Statement of cash floy For the year ended 31 March 2024 2024 2023 .Cash flows from operatlng actlvllle8 Net cash used in operatlng activities (note 20) {802.528) (1.897,583) Cash flows from investlng actlvltle8 Dividends, Interests and Tenls from investments PU￿hase of tangible fixed assets Proceeds from sale of investmenis Purchase of Investments 65,523 66,961 .(5,905) 592,047 (40,731) (581.564) Net cash provided by Investlng actlvltles 24,792 71,531 Changè In cash and cash oqulval•nts In the year Cash and cash equivalents at the beglnnlng of the year 1777.736> 11,826,044) 4,189,411. 6,015,455 Cash and cash equlvalents at th• end of the year 3.411,675 4.189.411 The notes on pages 30 to 47 lorm part of these financial Statements Page 29 CXK (A company Ilmlted by guarantee) Notes to the financlal statements For the year ended 31 March 2024 Gon•ral Inlormatlon CXK is a company limited by guarantee (reglstered nurnbed 04399340) thich is incorporated and domiciled in England. It Is also regislered as a charity with the Charity Commission (registered number 1120755). The addre89 of the registered office is The.Old Court, Tufton Street, Ashford, Kent, TN23 1 QN. Accountlng pollcles 2.1 Basls of preparation of financial statements The financial statements have been prepared in accordance wth Ihe Charities SORP (FRS 102) - Accountlng and Reportlng by Charities: Statement of Recommended Practlce appllcable to Gharrti•s preparing their accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102> (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. CXK meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost. or transacb'on value unless otherwi8e stated in the relevant accounling policy. 2.2 Income All Incorne 13 recognlsed once the Charity has entiilement to Ihe Income, it Is probable thal the income will be received and the amount of income recelvable can be measured reliably. Income comprises mainly grant and contract funding for project5 from government and other bodies. Additional income arlses from interest received and fundraising. Income from government and other grants Is recognlsed when the Charity has enlitlement to the . fund5, any performance conditions attached to the grants have been met, it 15 probable thal the Income will be received and the amount can be measured reliably and Is not deferred. Income reGeliied in advance for provlslon of speclfied services Is deferred until the crileria for income recognition are met. Other incorne Is recognised In the period in whlch It Is receivable and to the exlent the goods have been provided or on cornpletion of Ihe service. 2.3 Expendlture Expenditure is recognised once there is a legal or constructive obligation to transfer economic.benefit lo a third party, it 15 probable that a transfer of economic benefits will be required in settlement and Ihe amount cf th8 obligation can be measured reliably. Expenditure is Classilled under the follo%ving activty headings.. i) Expenditure on charitable activities includes costs Incurred In furtherance of the Charitys objecls relating to the benefit of children and young people. and the associated support costs. ii) Support Costs ale those functions Ihat assSst the work of the Charrty but do not directly undertake charitable acts'vilies. Support costs include head office costs, finance, payroll, IT, HR, data, management information, impact reporting, marketing, business development. innovation and insurance. ii) Governance costs are thosé relating to the Charity itself, not its objects and include extemal audit, any legal adwce for the Trustees and any costs associated with cornplying V4ith constituiional and statutory requirements i.e. the costs of Trustees meeb'ngs and preparing stalutory accounts. Page 30 CXK (A company limited by guarantee) Notes to the flnanclal ststement For the year ended 31 March 2024 Accounting policles (continued) 2.4 Interest recolvable Inleresl on funds held on deposit is included when receivable and Ihe amount can be measured feliably by ihe Charity: this is nomially upon notification of the Sntere5t paid or payable by the inslitution with whom the funds are deposrted. 2.6 Tanglbl• fixèd as$et8 and depreciatlon Tangible flxed.assets costing £1,000 or more are capltalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tanglble fixed assets are Initlally recognlsed at cost. After recognltlon, under the cost model, tangible fixed assets are measured at C05t less accumulated depreclaticn and any accumulaled impairment losses. All costs incurred to bring a tangible fixed asset inlo it5 intended V￿rkIng condition should be induded in the measurernent of c05t. At each reporting dale the Charity assesse5 whether there is any indicatlon of impalrrnent. If such indication exists. the recoverable amount of the asset is deterniined to be the higher of its fair value less cosls lo sell and Itg value In use. An Impaimient103$1s recognised where the carrying amount exceeds the recoverable amount. Land is not depreclated. Depreciation on other assets is charged 50 as to allocate the cost of tangible fixed assels less Iheir residual value over thelr estimated useful lives. The estimated useful Ilves arn as lollows: Computer equipment Flxtures and fittlngs 3 to 5 year8 Btraight line 3 to 20 years straight Ilne 2.6 Investmenls Flxed asset investments are a form of financlal instrument and are initlally recognised at ihelr tr8nsaGtion cost and subsequently measured at fair value al the Balance sheet date, unless the value cannot be measured reliably in which case il is measured at cost less impairment. Investmenl gains and losse8, whether realised or unreali8ed, aré combined and presented as 'Gainsl(Losses) on investment8, in the Stalernent of financial activities. Investment properties The Trustees, policy Ss lo revalue the charity18 investment properties at each reporting date. A valuation of Ihe land and bulldings was carried out on 5 August 2019. No depredalioh is provided in respect of Investment properties In accordance wlth section 16 of FRS 102 "Investment Property" 2.7 Debto Trade and other debtofs aTe recognised at the settlement amount after any trade discount offered. Prepayments are valued al Ihe amount prepald net of any irade dlscounls due. 2.8 Cash at bank and in hand Cash at bank and in hand includes'cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Page 31 CXK (A company Ilmlted by guarantee) Note5 to the flnancial statements For the year ended 31 March 2024 Accountlng pollclos {Gontinued) 2.9 Llabllltles and provisions Liabilities are recognlsed when there Is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliabty. Liabilities are recognised at the amount that the Charity anlicipates It will pay to Settle the debt or the amount it has received as advanced payments for the goods or services it musl provide.. Prov18ions are measured at the best e¥tlmale of Ihe amounts required to settle the obligation. Where the effect of the time value of money is malerial. the provision is based on the present value of those arnounts. discounted al the pre-tax discount rate that refleGts the risks specific lo the liabilty. The . unwinding of the discount is reca9nised in the Statement of financial activilies a$ a finance cost. 2.10 Flnancial. Instrumonts The Charity only has financial assets and financial liabilities of a kind that qualify a's baslc financial Instruments. 8asic financial Instruments are inltlally recognised at Iransa¢tion value and subsequently measured al their settlement value wilh the exception of bank loans which are subsequently measured at amortised cosl using the effective interesl method. 2.11 PenAlon8 The Charty operales a defined contribution pension Scheme and the pension tharge fepresents the amounts payable by ihe Charity to the fund in respect of the year. 2.12 Fund accountlng General funds are unrestricted funds which are available for use al the discrellon of the Trustees in ,furtheranre of the general objectives of the Charity and which have not been deslgnated for other purposes. Reslrfcted fvnds are funds vthlch are to be used in accordance with specific restrictlon3 imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such fund5 afe charged against the specific fund. The aim and use of each festrlcted fund is set out in the notes to Ihe financial statements. Investment income. gains and losses are allocated to the appropriate fund. Page 32 CXK IA Company Ilmlt•d by guaranteo) Notes to ihe financial statements For the yoar ended 31 March 2024 Crilical accountlng estlmates and areas of Judgment Eslimates and judgment5 are continually evaluated and are based on historical experience and other factor5, including expectations of future events that are believed to be reasonable under the circumstsnces. Critical accounting eslimates and assumplions: The Charity makes estimates and assumptions concerning the future. The resultlng accounting estimates and assumptions will, by definltion, seldam equal the related aclual results. The estimates and assumptions that have a significant rlgk ol causing a material ,adjuslrnent lo the carrylng amounts 01 assets and fiabilities within the next financial year are discussed below. i) Property valuations: freehold land and buildings and investment properties are revalued by Stafford Perkins when the Trustees believe there has been a material change in value. Trustees asses on an annual basis the valuation of the propertle5. The value of the propertie$ Is estjmated to be the open market value at the balance sheel date. Page 33 .CXK (A company limited by guarantee) Notes to the financlal 8tstoment8 For the.year ended 31 March 2024 Income from donations and legacles Restricted Unrestrleted funds funds 2024 2024 Totsl funds 2024 Donations 4,000 1,533 5,533 Restricted Unrestricted funds funds 2023 2023 Total funds 2023 Donations 4,000 184 4,184 Incomo from charltable actlvltles Unrestricted lundg 2024 Total funds 2024 Income fram charltable actlvities 8,816,724 6,816.724 Unrestricted funds 2023 Total funds 2023 Income from charita'ble activities 8,518,289 8,518.289 Investment income Unrestrlcted funds -2024 Total funds 2024 Investment.income 166,545 166,545 Page 34 CXK (A company Ilmlted by guarantee) Notes to the financial statements. For the year ond•d'31 March 2024 Inv•slmant Incom• (contlnued) Unrestricted funds 2023 Total funds 2023 Inve8tment income , 66,961 66,961 AnatysSs of expendlturo ty actlvitie8 Actlvltlè8 undertaken directly 2024 Support Costs 2024 . Total . funds 2024 Charrtable activities 7,325,053 21,615 7,346,668 A¢￿vItIeS undertaken directly 2023 Support costs 2023 Total funds 2023 Charltable actlvltle8 8,168,519 22,963 8,191,482 Page 36 CXK (A company Ilmlted by guarantee) Notes to the financlal ststements For lhe.year ended 31 March 2024 Analysls of expenditure by activitles (continued) Analys1$ of direGt costs Total funds 2024 Actlvllles 2024 Staff costs Depreciation Travel and subsistence sU￿cOntraCtOr Costs Consultancy Premises co818 IT and Communications Prinling, postage and slallon8ry Training costs Marketing and development Other staff costs Snsurance Direct de15very c05ts Sub5criplions and licenses other cosls 3,720,406 27,285 45,237 2.678.662 34.282 150,485 349,955 37.953 45,586 8,307 82,542 29,335 40.429 45,526 29,063 3.720,406 27.285 46,237 2.678,662 34,282 160,486 349.955 37,953 4S.586 8,307 82,542 29,335 40,429 45.528 29.063 7,325.053. 7,325,063 Page 36 CXK (A company Ilmlted by guarantee) Note$ to the financial stalements For the year end•d 31 March 2024 Analysls of expendilure by activlties {continued) Analysls of direct costs (continued) Total ' funds 2023 Activilies 2023 staff cost5 . Depreciation Travel and subslstence Sub-Conlra¢tor costs Consultancy Premiges ¢05ts IT and Communications Prlntlng. postage and statlonery Training costs Malketing and develop-ment Olher staff costs Insurance Direct delivery cost5 Subscriptlons and liGen5es Other costs 3,573,268 25.895 45,137 3,628.919 44,732 121,176 368,970 45,018 38,960 6,636 45,937 26,593 128.508 35,858 32,912 3,$73,288 25,895 45,137 3,628,919 44,732 121.176 368,970 45,018 38,960 6,836 46,937 26,593 128,508 35,858 32,912 8,168,519 8,168.519 Analy818 of support ¢08t8 Totsl funds 2024 ActivStle8 2024 Governance costs 21,615 21,615 Total funds 2023 Actiwties 2023 Govemance cost5 22,963 22,963 Page 37 CXK (A company Ilmited by guarantee) Notes to the financlal statements For the year ended 31 March 2024 Auditors. remuneratlon 2024 2023 Fees payable to the Charitys auditor for the audit of the Charfty5 annual accounts 13,050 11.350 Fees payable to the Charitys auditor In respect of: All non-audit servlces nol induded above 1.200 3,800 Staff costs 2024 2023 Wages and Salaries Social securliy cosls Contribution to defined Contrlbutlon pen8lon schemes 3,271.747 291,573 157,086 3,128,683 291,591 152,994 3,720,406 3.573,268 The average number of persons employed by the Charity during the year was as follows.: 2024 No. 2023 No. Delivery staff, Including delivery managers Central support and Senior Leadership Team 119 15 115 15 134 130 The average headcount expressed as full-llme equivalents was.. 2024 2023 Delivery staff, Including delivery managers Central supporl and Senior leadership Team 93 14 87 14 107 101 Page 38 CXK (A company limited by guarantee) Notes to the financial statements For th• year ended 31 March 2024 staff costs {COn￿nUed) The number of employees whose empfoyee beneffts (excluding social security costs) exceeded £60,000 Wdg.. 2024 2023 In the band £80,001- £70,OOD In the band £70,001- £80.000 In the band £110,001- £120,000 In the band £120,001- £130,000 Key management personnel a￿ considered to be the executive directors. The full tirne equivalent was 3 (2023 - 3>. During the year. amounts paid to executive dlrectors in respect.of qualifying seNices amounted to £272,734 (2023- £261,499). Charity Contribu￿on$ to associated pension schemes amounted to £19.177 (2023 - £18.264). 10. Trugto08' r•mungratlon and expenses Durlng the year, one or more Trustees has been paid remuneration In line with the Charltys Artlcles of association. The value ol Tru5tees' remuneration and other benefits was as follovrJ: 2024 2023 Pauline Smith CEO Remunerab'on Pen8Son contributions paid Remuneration Remuneration Remuneration Remuneration Remuneration 120.314 11,631 10,560 4,950 495 .116.775 11,078 4,422 4,950 Son&tte Schwartz Chair (from 0110112023) Jo 8oraslon Chair FGR committee William Vernon Chair P&Q committee Dick Fedorcio OBE Chalr (lo 3111212022) Christian Robinson Chair A&G committee 12,375 2,008 During Ihe year ended 31 March 2024, expenses totalling £2.336 were reimbursed or paid directly to 4 Trustees {2023 - £1,200 to 5 Tnjstees) for travel and accomodalion expenditure. Al year end £31 was owed to 1 Trustee.(2023 - £817). Page 39 CXK (A company limited by guarantee) Notes. to the financlal statements For the yèar énded 31 March 2024 11. Tanglblè llxed assets Freehold FIxtu￿9 and property flttlngs Cornputer equlpm•nt Total Cost or valuation At 1 April 2023 193,484 491,315 64.899 749,698 At 31 March 2024 193,484 491,31S 64,899 749,698 Depreclation At 1 April 2023 Charge for the year 281,843 25,317 59,461 1,969 341.304 27,286 At 31 March 2024 307,180 61,430 368.590 Net book value At 31 March 2024 193,484 184,155 3.469 381,108 At 31 March 2023 193,484 209,472 5.438 408,394 Page 40 .CXK (A company Ilmlted by guarantee) Notes to the financlal statements For the year endèd 31 March 2024 12. Inv8Stment property Freehold Investment prDperty Valuatlon At 1 April 2023 94S,000 At 31 March 2024 945,000 The valuation was made by Stafford Perkins, on an open market value for exlsting use b8515 on 6 August 2019 and Trustees have assessed Ihe valuaiion in 2024 based on the hlstoric third paty valuation. 13. Flxèd as$•t Inv•gtments Llsted Investments Cost or valuatlon At 1 April 2023. Additions Revaluations 1,884,744 40,731 -153,164 At 31 March 2024 2.078,639 Net book value At 31 March 2024 2,078.639 At 31 March 2023 1.884,744 The Charity owns 100% of Ihe issued share capital of CXK Trading Lirnlted. a company registered in England. The Charity acquired the one ordlnary share of £1 al par upon incorporation and the company has not Iraded lo date. This share Is carried In the balance sheet at ts origlnal cost of £1, whlch the trustees believe equates to lis markel value. The charily controls 100% of the i55ued share ￿PItal in CXK Careers Limited, a company registered in England. The Charity acquired control ol the one oidinary share of £1 which remains unpaid upon incorporation and the company has not Iraded lo date. Page 41 CXK (A company limlted by guarnntee) Not08 to thè finlnclal statements For the year ended 31 March 2024 14. DebtOTS 2024 2023 tsue wllhln on• y•ar Trade debtors Other debtors Prepayments and accrued Income S91.491 3,558. 517,590 149.340 2.492 783,465, 1.112,639 935,297 16. Creditors., Amounts falllng du? wlthln ono year. 2024 2023 Trade creditors Other taxatian and social security. Other creditors Accruals and deferred inGome 51,818 229.121 782,236 713,556 255,462 172,773 730,727 846,852 1,776,731 2,005,814 2024 2023 Deferred income at 1 Aprll 2023 Resources deferred durlng the year Amounts released from previous periods 1S4,387. 248.888 122.844 154,387 (154,387) (248,888) 122,844 154,387 . Page 42 CXK {A company Ilmitod by guarantee) Notes to the financial statements For the year ended 31 March 2024 16. Statement of lund8 Statement of funds - current year Balance at 31 March 2024 BalanGe at 1 April 2023 Galnsl (Losses) Income Expgndlturn Unrestrlcted funds General Funds '6,357,032 8,984,802 (7,342,668) 163,164 6.162,330 Restricted funds WH&A Hawklns Charitable Trust 4.000 14,0001 Total of funds 6,357.032 6,988.802 (7,346,668) IS3,1È4 6,152,330 'Restricted funds The WH&A Hawkins Charilable Trust fund Is in respeGt of the reslriclion donation received for the Purpose of the CXK Base Camp mentoring programme. This prograrnme was set up support young people In Kent and Medway who are not In 8ducation, employment or Irainlng. Page 43 CXK IA ¢ompany Ilmlled by guarantee) Notes to the financlal statements For the year ended 31 March 2024 16. Slatem•nt of funds Icontlnued) ststem•nt of funds . prior year Balance at 31 March 2023 Balance at 1 April 2022 Gainsl (Losses) Incorne Expendlture. Unrestrlctsd funds General Funds 6.100,857 8,585,434 (8,187.482), (141.777) 6,357.032 Restrl¢ted fund8 WH&A Hawkins Charitable Trust 4,000 (4,000) Total of fund5 6,100,857 ,589,434 (8,191,482) (141,777) 6,357,032 17. Summary of funds Summary of fund8 d current y•ar .Balancfr at 31 March 2024 Balance at 1 April 2023 Galnsl (Losses InGom• Expendlture General funds Restricted funds 6,357,032 6,984,802 {7,342,668) 4,000 14.0001 153.164 6,152,330 6,357.032 6,98B,802 17.346,668) 153.164 ,152.330 Summary of funds - prior year Balance at 31 March 2023 Balance al 1 April 2022 Gainsl (Losses) Income Expenditure General funds Restricted funds 6,100,857 8,685,434 4,000 (8,187.482) (141,777) 6,357,032 (4,000) 6.100,857 8,589,434 (8,191,482) (141,777) 6,357,032 Page 44 CXK (A company Ilmlted by guarantee) Noles to the financial statements For the y•ar ended 31 March 2024 18. Analysls of net assets betw8en funds Analysls of net assets between funds - current period Unrestrlcted funds 2024 Total funds 2024 Tangible fixed assets Fixed a55et investmenls Investment property Current assets Credltors due ￿thIn one year 381.108 381,108 2,078.639 2,078,639 945.000 945,000 4,524,314 4,524,314 (1,776,731). (1,776,731) Totsl 6,152,330 ,152,330 Analys18 of net assets between fundg - pilor perfod Unrestricted .funds 2023 Total funds 2023 Tangible fixed a55ets Fixed assel Investments Inveslment propety Current assets Creditors due wilhin orie year 408,394 408,394 1,884,744 1,884,744 945,000 945,000 5,124,708 5,124,708 (2,005,814) <2,005,814) Total 6,357,032 6,357,032 Page 45 CXK (A company Ilmlted by guarantee) Notes to the finan¢lal gtatements For the year ended 31 March 2024 19. Reconciliation of net movement In fvnds to net cash flow from operating actlvllles 2024 2023 Net incomelexpenditure for the period (as per Statement of Financial Actlvltles) {204.702) 256,175 Adjustments for= Depreciation charges Gainslllosses) on investmenls Dividends, Interèst and rent from Investments Increase in debtors Decrease In credltors Decrease In provisions 27.285 25,895 (153,164) 66,881 (65.5231 (66,961) 1177,342) (282,030) 1229,082) (1,641,592) (255,751) Net ca8h u8•d In operatlng actlvitleg (802,5281 (1,897,583) 20. Analy818 of ca8h and cash equivalentg 2024 2023 Cash In hand 3,411.675 4',189,411 Total cash and cash equivalents 3,411,675 4,189,411 21. Analysls of change5 in net debt At 1 Aprll 2023 Cash flow8 At 31 March 2024 Cash at bank'and in hand 4,189,411 (777,736) 3,411.676 4,189,411 {777,736) 3,411.676 22. Penslon commitments The Charity operates a defined contribution pension scheme. The asset5 of the schernè are held separately from those of the Charity in an independently admSnlstered lund. The pension cost charge represents contribulions payable by the Charily lo the fund and amounled to £157,086 (2023 - £152,994). There were no contri'butions outstanding at the balance sheet date (2023 - £nil) Page 46 CXK (A company Ilmited by guarantee) Notes to the financlal slatements . For the year ended 31 March 2024 23. Operatlng lease commltm•nt8 At 31 March 2024 the Chaf6ty had comrnitments lo make future minimum lease paymenl8 under r￿n• cancellable operating leases as follows: 2024 2023 Not later than 1 year Later than 1 year and not later Ihan 5 years 22,754 31,165 27.186 49.356 .53,919 76,542 24. Related paty tran8actlon8 S Schwartz was the Principal and Accounting Officer of Brockhill Perfomiing Arts College until She retired on the 3110712022. while also a Trustee of CXK. During the year therefore, there was no comparable income. (2023- £2,750 for the period She was Principal) in relation to careers guidance and counselling provided to the college. Page 47