Registered number: 00825036 Charity number: 313164 THE CAREERS RESEARCH AND ADVISORY CENTRE (CRAC) LIMITED (A company limited by guarantee) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 CONTENTS Page Reference and Administrative Detsils of the Charity. its Trustees and Advisers Trustees. Report 4-10 Statement of Trustees. Responsibilities Independent Auditors. Report on the Financial Statements 12-14 statement of Financial AGtivities 15 Balance Sheet 16 statement of Cash Flows 17 Notes to the Financial Statements 18-30 e2of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARif(, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees David Bogle Roger Eccleston Susan Fleet (resigned 25 March 2024) Janet Juillerat Rachel Lambert-Forsyth (appointed 1 June 2024) David Oswell. Chair Gabriel Silberman Roger Whittaker (appointed 1 June 2024) Astrid Wssenburg (resigned 1 June 2024) Company registered number 00825036 Charity registered number 313164 Registered office 22 Signet Court. Swan Road. Cambridge. CB5 8LA Chief executive officer Clare Viney Independent auditors Peters EorthY & Moore, Chartered Accountants and Registered Audilors, Salisbury House, Station Road. Cambridge CB12LA Bankers HSBC Bank Plc, St Johns Innovation Park, Cambridge, CB4 ODS Solicitors Farrer & Co, 66 Lincoln's Inn Fields, London WC2A 3LH Legal advisors Greenwoods. Compass House. Vision Park. Histon, Cambridge CB24 9AD Investment managers Weslminster Weatth Management, 3rd Floor Reception. Chronical House. 72-78 Fleet Street, London, EC4Y 1 HY Pa e3of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together wtth the audited financial statements of The Careers Research and Advisory Centre Limited {"the Chariw or "CRAC") for the year 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and a directors. report under company law. The Trustees confirm that the Annual Report and financial statements of the Charity comply with the current statutory requirements. Ihe requirements of the Charity's goveming documenl and the provisions of the Statement of Recommended Practice (SORP) applicable lo charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 20C6 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. OBJECTIVES AND ACTIVITIES Policies and ob-ectives CRAC provides research, Intelligen and innovation services for all those who support the career development of people of all ages and in all sectors, working in partnership with govemmenl agencies, education providers. employers and professional bodies. CRAC'S aim is to encourage and support career learning and active career development for all ages. to help individuals tnake well informed career deGisions and manage their careers positively. The Trustees confirm that they have complied wtth the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission in determining the activities undertaken by the Charity. The Charity Commission in its 'Charities and Public Benefit, Guidance states that there are two key principles to be met in order to show that an organisation's aims are for the public benefit.. first, there must be an identtfiable benefft and. secondly. that the benefft rnust be to the public or a section of the public. The Trustees are satisfied that the aims and objectives of the charity, and the activities reported on lo achieve those aims, meet these principles. CRAC exists to support individuals in their career development and career related leaming. Our activities contribute to public benefit by helping individuals to achieve and realise their full potential, which impacts positively on their personal economic and social health and wellbeing which, in tum, contributes to wider socielal and economic benefit. Our recent activtties and achievements are summarised in the review of activities below. We also set out our plans for next year explaining how we aim to further develop our services and continue to deliver the public benefit we provide. Structure ovemance and mana ement a. Constitution The Careers Research and Advisory Centre Limited (known as CRAC) is a privale company limited by guarantee incorporated in the UK on 29th October 1964. It is a Charity registered in England and Wales. The Charity is govemed by a Memorandum and Articles of Assoaation. The Trustees are Directors for the purpose of company law and Trustees foi the purpose of charity law. In the evenl of the Charity being wound up, the Trustees as set out on page 3 are each required to contribute an amount not exceeding £10. e4of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 b. Trustees and management frameworf( Sue Fleet and Astrid Wissenburg resigned after 6 and 9 years {3 as Chair) on the Board respectively and Rachel Lambert-Forsyth and Roger Whitaker were appointed in March 2024, after an open and competitive recruitment process and with the full supporl of fellow Trustees. An induction pack for new Trustees has been established for a number of years containing a range of information such as the Memorandum and Articles of Assoaation, lalest statutory accounts and Ihe current business plan and financials. On appointment, each new Trustee is given a copy and a series of meetings is also arranged lo introduce Ihem into the organisation. Trustees receive relevar)t training both on joining the Board and on an ongoing basis. Day lo day management of the Charity is delegated to the senior management team, led by the Chief Executive. The Trustees plan lo meet at least three times a year as a group wrth the management team., there were four meetings during the year to 31 March 2024. Remuneration policy for key management personnel The principles and framework for the remuneration of the senior management team are approved by the Board. The responsibility for determining pay for the Chief Executive is delegated to the Remuneration Committee who set the pay by monitoring performance and assessing remuneration trends across the sector. Achievements and rformance a. Review of activities CRAC has delivered a range of activities to support its high-level objectives providing research, intelligence and innovation to those who support career development for people of all ages and in all sectors. This year we worked in partnership with govemment agencies. education organisations and providers, and employers, academies and professional bodies. We continue to develop and deliver activities and programmes for researchers (who are in higher education and public research institutes) under the Vitae name in addition to rtain activwties under the CRAC brand itself. Research, innovation and evaluation activities and ServIS are delivered under the Informing Policy business unit {IP). The Enhancing Provision (EP) and Enabling Individuals (El) business units broadty cover the Vitae programme including membership and related activities. Enhancin Provision EP and Enablin Individuals t ether'Vttae- Vitae is the global leader in supporting the professional development of researchers, experienced in working with higher education institutions as they strive for research excellence, innovation and impact. Vitae membership enables over 200 organisations with a slake in realising the polenlial of researchers to build capacity in developing excellent researchers, bringing benefits to research outputs, innovation, society and the economy. Researcher development is at the heart of improving research culture., those seeking to enhance the latter bring togelher wellbeing, ethics and integrtty. leadership, and equality, diversity and inclusion lo create an enmronmenl conducive to successful research. In collaboration with Trustees and the communty we continue to deliver against the agreed longer-term slrategic direction of the organisation. Broadly. the values and direction of the organisation will nol change markedly bul the balan and range of activity are evolving. taking into account changes to career and professional development. and research and funding landscapes. The intention has been informed by the last Iwo years where we have had to pivot our offering (in response to Covid and Brexit) and build on existing strengths, reputation and expertise, and leverage these where they will most usefully be deployed. e5of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 Our strategic decision-making was underpinned by consultation wrth the community (including beyond membership) including those with a role or interest in researcher development. and was disseminated widely over social media, through email networks. and personal contacts. The diversification of Vttae offerings indudes consolidation and development of the existing membership offer.. critical lo this is a transfomiation of the digital offering and ongoing development of the Researcher Development Frameworf( {RDF). induding several new projects involving contextual adaptations of the framework relating to mental heah and wellbeing, equality diversity and inclusion. and open scien and digital skills. Further detail and work to implement the strategy is developing at pace and an agreed investment in staff resource and IT has begun. Work to engage and relain Vitae UK members has been SUss[u1 and membership subscription renewals remain around 950/0. The vast majority of events, Iraining and offering is still online although the Vitae Intemational Researcher Development conference in 2023 (#VrtaeCon2023) was a hybrid event- in total, there were 290 participants. Vitae continues to influence Government policy development including the People and Culture Strategy, Bureaucracy Review and New Deal for PGRslCollective Talent offering. Wtlh the Researcher Development Concordat Strategy Group (CSG). Vilae has continued to support the CSG iesearcher development good practice sharing website and engagement activity. The mulli-instilution CEDARS (Culture. Employment and Developmenl of Academic Researchers) Survey results continue to receive significant interest from the communty and policy makers. The Elsevier Foundation restricted grant received last year has enabled us lo establish the right priorities for support to enhance the progiession of black early career researchers. The accumulation of policy and eviden continues to underpin much of the work thal informs Vitae's programme of activities. the advancemenl of which has often posttioned Vitae at the forefront in realising and informing trends in the sector. We continue to build on our international reputation and work to develop and train researchers: providing expertise. research and consultancy in this area, across a growing intemational footprint. Outside the UK, we continued to work with partners in Australia, Ireland, Japan, Poland and Spain on a range of projects to develop and deliver high impact professional development interventions lo support researcher careers and build research capacty. We are at the heart of a community of 40,000 researchers who acLess our expert resources including programmes for researchers and research leaders and have added to the extensive information and resources that are available online to those with Vitae membership. Informin Polic In addilion, CRAC research and evaluation activity has continued to be focused on a range of themes which relate to our slralegic inleresls. for a wide lange of clients who supporl career development. Our areas of specialism include career progression and Iransitions. career tracking, diversity and inclusion, and STEM and research careers. Many of our evaluation and impact studies relate to Vilae's sphere of interest, i.e. researchers and the research environment, and add to the growing eviden base on research careers. In the past year, spectfic projects have been undertaken during 2023124 included.. Doctoral provision - finalising a substantial engagement project to help the Arts and Humanities Research Council (AHRC} consider fLrture options for its support of doctoral education- recently starting an evalualion of the leading intemships scheme within doctoral training partnership programmes- evalualion and other consultancy support for several universities delivering projects which aim to increase participation and success in docloral study by those from minority ethnic backgrounds. Evaluation of specffic programmes- evaluating the Royal Soaety's Research Professorships scheme, and further work tracking alumni from its eady-career fellowship programmes and identifying the impact of those scheffles. ¢6of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 Longer-temi evaluation of funding programmes for the Office for Students (improving outcomes for local graduate5.' development of postgraduate conversion couises in data science and arttficial intelligence- and the Higher Education short course trials) and for the Department for Business, Energy and Industrial Strategy (BEIS) {effectiveness of Covid response programmes). Thematic studies - developing the content for a new STEM research careers resource for the Royal Society., a study of intergenerational fairness and career challenges for those al different academic career slages,. identification of good practi by universities in selection and supporting applicants for a major fellowship scheme. A number of partnerships with European organisations resutted in Iwo successful programmes starting- Open & Universal Science (OPUS) and Sustainable Careers for Researcher Empowerment (SECURE) (we are claiming back funds via the UK'S Horizon Europe Guarantee scheme implemented by UKRII. Both consortia have given us a great opportunity to engage more widely on these issues across Europe and beyond, connecting to existing UK practice and policy. CRAC continues lo play a leading role in the Career Development Policy Group (CDPG) which brings together a range of organisations which all believe r( is essential that citizens have an opportunty to access support in their careers. CRAC continues to advocate for a 'Career Guidance Guaranlee.. (the CDPG believes that England should further develop ils career guidance system with everyone able lo benefil from a government-backed Career Guidance Guarantee). b. Plans forfuture periods CRAC'S strategic aims for 2024125 and beyond continue to focus on supporting the career development of individuals, principally through provision of innovation, expertise and research to those with whom they interact in relation to career learning during their education and employment. The strategic direction of the research. evaluation and intelligence activty across the organisation has been reviewed, with the CRAC Board and SMT evaluating options and resourcing for this aclivily. Broadly, we will build on current repulation and expertise of research and innovation work, bul with a strategically adjusted scope- the Vitae footprint plus Gareers of people whose trajectories involve higher education (or have done). The CRAC Board will continue to monitor progress against Vitae's strategic direction as well as Ihe high- level aims for the organisation through to 2025. Vilae will play a continued global role in advocating for a world in which researchers are valued and supported by enhanced research culture to realise their potential. This matters because when researchers realise their potential. individuals grow, universities thrive, employers prosper and society beneffts. There will be a specific focus on.. redefining what makes a successful researcher., championing a heahY research environment and culture- promoting Ihe value of researchers including understanding more aboul the careers of those with research qualwfications: researcher developers., maintaining Vitae's UK position while expanding impact internationally through diversifficalion of Vitae offers., and further developing ROF-related partnerships and projects in the UK and internalionally Through the Vitae Programme we will continue to work collaboratively with higher education institutions. research funders and other key organisations, and in other formal or informal partnerships, working with institutions as they strive for research excellence. innovation and impact. Work in the UK will be complemented by our intemational reach. enabling all those working in research to benefit from improved career development and in tum building global research capacty. We have also rentlY secured a further Horizon Europe funded opportunity of £64,000 relating to the assessment of research, researchers and research organisations, this plays a crucial role in research environments and effect on research culture. e7of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 CRAC will continue to play an active role in the Career Development Policy Group and help to create a coherent Vol to articulate and promote the importance of the benefits of professional career guidance. The CDPG will advocate for the Career Guidance Guarantee through which all citizens could have access to career guidance which would supporl efficient functioning of the labour market, skills alignment and enhanced economic and social benefits. Finances and risks . Going conGem The Charity dosely monitors its contracts and produces regular forecasts of income and expenditure to ensure that costs are maintained in line with income. Regular reviews are carried out by Ihe Trustees, and they have a reasonable expectation that the Charity has adequate reSoUS lo continue in operational exislence for the foreseeable future. For this reason. they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concem basis can be found in the accounting policies. b. Financial review During the year, total incomewas £1.379.000 (2023.. £1.307.0) and total expenditurewas £1,488,000 (2023.. £1,207,000). There was a surplus of £128.000 (2023.. deficil of £38,000) in the investment portfolio, reflecting the improved market conditions in the year, meaning an overall surplus of £19.000 for the year (2023.. 62,000). Income from the three core areas remained fairly constant in comparison to 2023. with the main increase coming from new work under the Restricted Projects. Direct costs fluctuate in line with project income, bul ntral costs continue to be lightly controlled. The resu$ of the latesl actuarial valuation of the defined pension scheme operated by the Charity as at 31 March 2022 showed a deficit at that point of £1,234,000. However subsequent exceptional changes in interest rates and other economic conditions meanl that {calculated by the Actuary on an equivalent basis) this had been reduced to only £150.000 by November 2022. As a result the Trustees of the pension scheme agreed that the annual payments due by the Charity to eliminate Ihe deficit were able to be calculated using this as the reference point. The annual amount due under the contribution schedule was thus agreed al £25,OIK) and the charity duly paid this amount in the year. The Gontinued positive market conditions, mean thal the defined benefit pension scheme deficit calculated on an accounting basis continues to be £nil. Taking all of this into account, the Resep4es have thus been reduced by a totsl of £6.000 for the year (2023.. increase of £800,000). There were no charitable or political contributions made during the year. The charity does not raise funds directly from the public. Full details of income and expenditure are set out in the ststement of financial activities {SOFA) on page 15. c. Investment management The investments ol the Charty are the responsibility of the Board after taking appropriate advice and having due regard for charity law. The investment manager Westminster Wealth. manages the funds in a range of asset classes with the overall objective to increase capilal value above the rale of inflation. It also aims to achieve positive returns which are significantly greater than the retum on cash. The Trustees review performance on a quarterly basis. There are no Speffic restrictions as to the nature of the investments of the Charity- e8of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 d. Risk management and principal risks Major risks lo which the Charity is exposed have been reviewed and syslems established to mitigate those risks. Responsibility for management of risk is overseen by the Trustees at their Board meetings. The Board regularty considers the risks (including financial and reputational risks) which may affect the activities of the organisalion, then assesses the impact of those tisks and finally, ensures that appropriate controls are in place, including= comprehensive strategic planning. budgeting and managemenl accounling- detailed review by the Board (or those delegated by the Board) of significant capital projects or new ventures before they are approved., internal approval by senior management of all new projects irrespective of size., clear aulhorisation approval levels and segregation of duties., and appropriate contractual arrangernenls for all work undertaken. The risk register is continually updaled and rewewed at each Board meeting. The current risks that the Board currently consider to be significant, together wtlh the actions taken to mitigate Ihem, are as follows.. Risk Commitments in respect of the defined benefit pension scheme- ation Whilst the scheme is currenlly in surplus. a back up recovery plan is in place and agreed with the pension scheme trustees. The buy-in project which has been started. will eliminate this risk completely as all future commitments will subsequently become the res nsibili of an external insurer. The Charity's sources of income are varied in terms of the type of organisation and the country they are based in. As a result Ihe Trustees do nol believe they have a si nificanl ex osure to an one source. Regulars reviews of all costs are undertaken lo ensure the Chartty's cost base is appropriate to its levels of income The funding landscape changes such that government and related bodies do not have money available for the services the Chari rovides- General inflationary impact on costs including wages. Reserves policy The Trustees consider that retaining an appropriate level of reserves andlor cash and easily realisable investments, is necessary to ensure the Charity can meet all c)MMitments. These indude". direct programme expenditure, staff costs and other essential overheads such as premises. as a result of sudden loss of income or exceptional expendilure, what is needed for an orderly winding up in the event that the charity aSeS operations. and those relating to the defined benefit pension scheme. To address the first two of these. the Trustees, informal 'reserves policy, is to have sufficient cash and easily realisable inveslmenls available to cover charitable expenditure for the next four months {which roughly equates to £400.000). Total cash and easily realisable investments at 31 March 2024 were approximately £1.8 million (2023-. £1.8 million) and hence this policy was mfortablY complied with. With regard to the third, the Trustees seek to ensure the surplus net assets of the Charity (after putting aside £400,000 for the 'reserves policy,), exceed the pension scheme deficit. As al 31 March 2024 these were £1.2 million and £nil respectively {2023= £1.2 million and £nil) and hen this was also comfortably achieved. e9of30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 To mitigate this risk further, in conjunction with the Trustees of the Pension Scheme, the Charity Truslees have agreed in principle lo move forward wtth a project to evaluate the feasibility of the buy-in of all Ihe remaining liabilities for members. benefits with an external insUr. This may require the payment ofa premium which will need to be fvnded from the current surplus funds and hence these are being retained at current levels at this time. The project was started prior to the year end but, if approved, will not complete until later in 2024 and thus no adjustments are required in these financial statements. f. Fund allocation General Funds are unrestricted funds which are available for use at the discretion of the Trustees in furtheran of the objectives of the Charity and which have not been designated for other purposes. Restricted Funds are exclusively related to grants recetved for spectfic purposes. Direct costs, and an allocation of support costs, are allocated to 'restricted projects,. Any release of any surplus grant to General Funds at the completion of the project is agreed with the funder. Pa ¢ 10 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are alsothe directors ofthe Charityforthe purposes ofcompany law) are responsible for preparing the Truslees, Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclice). Company law requires the Trustees to ppare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Truslees are required to.. select suitable accounling policies and then appty them consistently., observe the methods and principles ofthe Charrties SORP., make judgments and accounting estirnates that are reasonable and prudent,. state whether applicable UK Accounting Standards (FRS 102) have been followed, subject lo any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the Charty will conlinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Chartty and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charrty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Disclosure of infomiation to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confirmed that: so far as that Trustee is aware. there is no relevant audit information of which the charity's audilors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit infomiation and to establish that the charivs auditors are aware of that infomiation. Approved by order of the members of the board of Trustees and signed on their behalf by.. David Oswell David Oswell Chair of Trustees Date.. 24107124 e 11 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE CAREERS RESEARCH AND ADVISORY CENTRE ICRACI LIMITED Opinion We have audited the financial statements of The Careers Research and Advisory Centre (CRAC) Limited (the 'charitable company,) 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 Untted Kingdom Accounting Standards, including Financial Reporting Standard 102'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial 51atements'. give a true and fair view of the slate of the charttable company's affairs as at 31 March 2024 and of its incoming reSoUrS and applicalion of resources. including its income and expenditure for the year then ended- have been propedy prepared in accordance with United Kingdom Generally Accepted Accounting Practice- and have been prepared in aC£ordan with the requirements of the Companies Act 2006. Basis for opinion We conducted our aLFdtl in accordance wtth Intemational Standards on Auditing (UK) {ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audrt of the financial statements section of our report. We are independenl of the charitable company in accordance with Ihe ethical requirements thal are relevant to our audil of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibiltties in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the Tnjstees, use of the going concern basis of accounting in the preparation of the finanal statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating lo events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least e1ve months trom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the Annual Report other than the financial slatements and our Audilors. Report thereon. The Trustees are responsible for the other informalion contained within the Annual Report. Our opinion on the financial statemenls does nol cover the other informalion and, except lo the extent otheiSe explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other information is materially inconsistenl with the financial slalements, 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 delermine whether this gives rise to a material misslatement in the financial slatements themselves. If. based on the work we have performed, we conclude that there is a material misstatement ofthis other information, we are required to report that fact. We have nothing to report in this regard. e 12 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 Opinion on other fflatters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit= the information given in the Truslees. Report for the financial year for which the financial statements are prepared is consistent wrth the financial statements. the Trustees, Report has been prepared in accordance with applicable legal requirements. matte on which we are required to report by exception In the light of our knowledge and understanding of the charitable company and tts environment obtained in the course of the audit, we have not identified malerial misstatements in the Trustees, Report. We have nothing to report in respect of the foll0vng matters in relation to which Companies Act 2006 requires us to report to you rf, in our opinion= adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the aixounting records and returns- or certain disclosures of Truslees, remuneration specified by law are not made., or we have not received all the infomiation and explanations we require for our audit., or the Trustees were not entitled to prepare the financial statements in accordan with the small companies, regime and lake advantage of the small companies. exemptions in preparing Ihe Trustees, Report and from the requirement to prepare a Strategic Re Responsibilities of trustees As explained more fully in the Trustees. Responsibilities Statement, the TSteeS (who are also the directors of Ihe charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as the Trustees determine is necessary to enable the preparation of financial stalements that are free from material tnisstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible foi assessing the charitable company's ability to Continue as a going concem. disclosing. as applicable, matters related to going concern and using the going conrn basis of accounting unless the Truslees either intend to liquidate the charitable company or lo ase operations. or have no realistic attemative bul to do so. Auditors. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial stalements 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 conducled in accordance with ISAS (UK) will always detect a material misstalemenl when it exists. Misslatements can arise from fraud or error and are considered material rf, individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatements. Irregularities, including fraud, are instances of non-compliance with laws and regulalions. We design procedures in line with our responsibiltlies. oullined above. to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non Complian with laws and regulations. was as follows: the engagement partner ensured that the engagement team collectively had the appropriate competence, capabiltties and skills to idenltfy or recognise non compliance with applicable laws and regulations-, we identified the laws and regulations applicable to the charitable company Ihrough discussions wtth trustees and other management, and from our knowledge of charrty and company law and experience.. we focused on spectfic laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charitable company, including the Companies Act 2006, Charities Act 2011 and taxation legislation., e 13 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance wtth which might be fundamental lo the charty's ability to operale or to avoid material penalties- we assessed the exlenl of Complian with the laws and regulalions idenltfied above through making enquiries of management reviewing the minutes of trustees, meetings and inspecting legal corresponden. We assessed the sUSptibIIfy of the chartlable company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was suscepiibility to fraud. their knowledge of actual. suspected and alleged fraud.. and considering the intemal controls in Pla to mitigate risks of fraud and non compliance with laws and regulations. To address the risk of fraud through management bias and override of controls, we; perfortned analylical procedures to idenlify any unusual or unexpected relalionships- we designed procedures lo identfy unexpected an(1 unusual journal entries and performed testing lo confirm the validity of such postings- we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of managemenl bias. In response to the risk of irregularities and non compliance wtlh laws and regulalions. we designed procedures which included. bul were not limited to. agreeing finanaal statement disclosures to underlying supporting documentation., reading the minutes of meetings of those charged with govemance" enquiring of managemenl as to actual and potential Ittigation and claims., and reviewing any correspondence WTth relevant regulators such as the Charty Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identtfy non compliance with laws and regulations to enquiry of the directors and other management and the inspeclion of regulatory and legal correspondence. if any. Malerial misstatements that arise due lo fraud can be harder to detect than those that arise from error as they may involve deliberate conalMent or collusion. A further description of our responsibiltties for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uklaudilorsresponsibilities. This description forms part of our Auditors, Report. Use of our report This report is made solely to the charitable company's members, as a body. in accordance wtth Chapter 3 of Part 16 ofthe Companies Act 2006. Our audit work has been underlaken so that we mighl stale to the charitable company's members those matters we are required to stale to them in an Auditors, Report and for no other purpose. To the fijllest extent pemitted by law. we do not accept or assume responsibilty to anyone other than the charitable company and rts members, as a body, for our audit work, for this report, or for the opinions we have fomied. Nikki Loan Nikki Loan (Senior Statutory Auditor) for and on behalf of Peters Elworthy & Moore Chartered Accounlanls, Statutory Auditors, Salisbury House, Station Road, Cambridge CB12LA Dale= 24107124 e 14 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES Restricted Unrestricted funds funds 2024 2024 £'ooo £'ooo Total funds 2024 £'ooo Total funds 2023 £'ooo Nots INCOME FROM: Grants Charitable activities Inveslmenls 148 148 1,206 25 85 1,202 20 1,206 25 TOTAL INCOME EXPENDITURE ON: Managing investments Charitable aclivilies 148 17 1,287 17 1,471 18 1,189 184 TOTAL EXPENDITURE 184 NET INCOMEIIEXPENDITURE) BEFORE NET GAINS ON INVESTMENTS Net gainslllosses) on investments 1361 1731 1109) 100 13 128 128 (38) NET INCOME (36) 55 19 62 Transfers between funds NET MOVEMENT IN FUNDS BEFORE OTHER RECOGNISED GAINSI(LOSSES) 16 (361 5S 19 62 OTHER RECOGNISED GAINSI{LOSSESI: Actuarial gainsl(losses) on defined benefit pension schemes 21 (2S) 125) 738 NET MOVEMENT IN FUNDS 36 30 800 RECONCILIATION OF FUNDS: Total funds brought fOard Net movement in funds 42 {36) 1.578 30 1,620 {6} 820 800 TOTAL FUNDS CARRIED FORWARD The Statement of Financial Activities include5 all gains and losses recognised in the year. The notes on pages 18 10 30 form part of these financial statements. e 15 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 BALANCE SHEET 2024 £'ooo 2024 £'ooo 2023 £'ooo 2023 £'ooo Note FIXED ASSETS Tangible assels Investments 12 13 13 1,610 1,483 1,623 1.485 CURRENT ASSETS Debtors Cash at bank and in hand 14 479 377 241 584 856 Creditors.. amounts falling due within one year 15 (593) (721) NET CURRENT ASSETSI{LIABILITIES) TOTAL ASSETS LESS CURRENT LIABILITIES Defined benefit pension scheme liabilty (9) 135 1,614 1,620 21 TOTAL NET ASSETS CHARITY FUNDS Restricted funds Unrestricted funds: Designated funds General funds Unrestricted funds excluding pension resetve Pension reserve 16 42 16 16 16 16 1,608 1,578 Total unrestricted funds 16 1,608 1,578 TOTAL FUNDS The Trustees acknowledge their responsibilities for complying wtth the requirements of the Act with respect to accounting records and preparation of finanpial statements. The financial statemenls have been prepared in accordance with the provisions applicable to entities subject to the small companies, regime. The financial slatemenls were approved and authorised for issue by Ihe Trustees and signed on their behaff by.. David Oswell David Oswell Chair of Trustees Dale.. 24107124 The notes on pages 18 to 30 fomi part of these finanual statements. e 16 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 STATEMENT OF CASH FLOWS 2024 2023 Note CASH FLOWS FROM OPERATING ACTIVITIES Net cash (used in) I provided by operating activities 18 {150) (79) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of tangible fixed assets (12) {2) Disposal of tangible fixed assets Dividends and interest from investments 25 20 Purchase of investments (1.3251 (922) Disposal of investments 1,319 820 other NET CASH {USED IN) I PROVIDED BY INVESTING ACTIVITIES 14 {84) CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR (136) (163) Cash and cash equivalents at the beginning of the year 377 $40 CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 19 241 377 The notes on pages 18 - 30 fomi part of these financial statements e 17 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The Charity is a company limited by guarantee. incorporated in England and Wales (company number 8250361 and a charty registered in England and Wales (charty number 313164). The Charity's registered office address is 22 Signet Court, Swanns Road, Cambridge, CB5 8LA. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charilies SORP (FRS 102} Accounting and Reporting by Charilies.. Slatement of Recommended Practice applicable to charities 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 Stsndard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. The Careers Research and Advisory Centre (CRAC) Limited meets the definition of a public benefit entty under FRS 102. 2.2 GOING CONCERN The Trustees have considered the Charty's forecasts and projections and have taken account of pressures on income in light of the current economic environment in which the Charity operates. After making appropriale enquiries. the Trustees have concluded that there is a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Therefore. these accounts have been prepared on the going concem basis. The Trustees consider there are no material UnrtaIntieS aboLrt the Charity's ability to continue as a going concern. 2.3 INCOME All income is recognised once Ihe Charity has entitlement to the income, it is probable that the income will be re]Ved and the amount of income receivable can be measured reliably. The Charty's policy is to recognise contract fijnding for activities which fall within its charitable objects as unrestricted, even though in certain circumstances minor restrictions exist, due to the complexty of the condttions and the delivery of the projects. This income is treated as unrestricted, and the balances received in advan forlhe following period are treated as deferred income as it is used to match the project activty. Income received in advance of the provisions of a specified service or activty is deferred until the criteria for income recognition is met. Subscriptions are accounted for on an acLruals basis. Subscriptions relating to a later period are therefore carried forward to that period and treated as deferred income in the balance sheet. Investment income is recognised on a receivable basis On the amounts can be measured reliably. Grants are included in the SOFA on a recEivable basis. The balance of income reiVed for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of enttllement of receipt. its recognition is deferred and included in creditors as deferred income. Where enlitlement OCGurs before income is received, the income is accrued. 2.4 EXPENDITURE Expenditure on chartiable activities is incurred on directly undertaking the activilies which fijrther the Charty's objectives. Expenditure is accounted for on an accruals basis where there is a legal and constructive obligation to make a payment to a third party and the amount of the obligation can be measured reliably. e 18 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 Direct costs are allocated to projects on an actual basis. Support costs, being non-project related osts incurred in achieving the Charity's objects. are allocated to the Ihree core areas in proportion to the income reiVed by that area. Governance CA)Sts related to audit and legal fees and the other costs associated with the strategic management of the Charity. These are included within support costs and allocated on the same basis. 2.5 FOREIGN CURRENCIES Monetary assets and liabilities denominated in foreign cuenc1eS are translaled into sterling at rates of exchange ruling al the reporting date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Finanal Activities. 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £1,000 or more are capitalised when future economic benefrts are probable, and the cost or value of the asset can be measured reliably. Tangible fixed assets are initially recognised at cost. After recognits'on. under the cost model, tangible fixed assels are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. using the straight-line method. Depreciation is provided on the following basis.. Fixtures and fittings Office equipment Cornputer equipment Straight line Straight line Straight line 33/ 25/ 2.7 INVESTMENTS Fixed asset inveslments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at Ihe Balance Sheet date, unless the value cannol be measured reliably in which case il is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments. in the Statement of Financial Activities. 2.8 DEBTORS Trade and olher deblors are recognised at Ihe settlemenl amount after any trade discount offered. Prepayments are valued at the amount prepaid net ofany trade discounts due. 2.9 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-temi highty liquid inveslmenls with a short maturity of three monlhs or less from the date of acquisition or opening of the deposit or similar account. Cash held by the investment managers is considered to be part of the long-term investment holding and as such is included as part of fixed asset investments. 2.10 LIABILITIES Liabilities and provisions are recognised when there is an obligation at the balance sheel date as a resull 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 reliably. e 19 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 Liabilities are recognised at the amount that the Charty anticipales li will pay to settle the debt or the amount it has received as advanced payments for the goods or seNices il must provide. Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discounl rale that reflects the risks specific to the liabilrty. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.11 FINANCIAL INSTRUMENTS The Charity only has financial assets and finanual liabilities of a kind thal qualfy as basic financial instruments. Basic financial instruments are inrtially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 OPERATING LEASES Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease temi. 2.13 PENSIONS The Chariiy operates a defined conlribution scheme (a group personal pension plan managed by Avival. The Costs are charged to the SOFA as they become payable. Details of the scheme are set out in note 21 to the accounts. The Charity also has a defined benefit scheme which is closed to new members and is accounted for in accordance with section 28 of FRS 102. Service costs. curtailments. settlemeni gains and losses, net financial retums and remeasurement gains and loss are included in Ihe Statement of Financial Activities in the year to which they relate. Changes in assets and liabilities of the scheme in the year are disclosed and allocated as follows.. Changes relating to current or past service costs and gains and losses on settlements and curtailmenls and pension finan costs arising from changes in the net of the interest costs and expecled return on assets, are allocated to the relevant activity heading based on staff costs of employees within the scheme. Pension finance charges arising from similar changes are recognised as outgoing resources. Remeasurement gains and losses arising are recognised as other recognised gains and losses. 2.14 FUND ACCOUNTING General funds are unrestricled fijnds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designaled for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aiffl and use of each designated fund is set out in the notes to the financial stalements. Restricted funds are funds which are to be used in accordan with specffic restrictions imposed by donors or which have been raised by Ihe Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fijnd. The aim and use of each restricted fund is set out in the notes to the financial statements. 2.14 TAXATION Taxation costs are recognised in line with local regulatory requiremenls. e 20 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT The Charity makes estimates and judgements conMIng the future and the resulting accounting estimates may. by definition, not equal the related actual resurts. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The estimates and assumptions that are deemed to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year relate to the defined benefrt pension scheme. The principal assumplions used to calculate the liabilities in the defined benefit pension scheme are those as set OLrt in note 21. The assumptions are sensitive to changes in market conditions. For example. a reduction in the discount rale by 0.25°A per annum would decrease the surplus by £105,000. the effect of increasing price inllation by 0.250/0 per annum would be to decrease the surplus by £70,000 and the effect ofreducing the probability of death each year by 100kn would be to decrease the surplus by £40,000. INCOME FROM GRANTS, DONATIONS AND LEGACIES Restricted funds 2024 £'ooo 148 Total funds 2024 £'ooo 148 Grants Restricted funds 2023 £'ooo 85 Total funds 2023 £'ooo 85 Grants INCOME FROM CHARITABLE ACTIVITIES Unrestricted funds 2024 £'ooo 343 491 372 Total funds 2024 £'ooo 353 481 372 Informing policy Enhancing provision Enabling individuals TOTAL 2024 Unrestricted funds 2023 £'ooo 416 429 357 Total funds 2023 £'ooo 416 429 357 Informing policy Enhancing provision Enabling individuals TOTAL 2023 e 21 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME Unrestricted funds 2024 £'ooo 16 Total funds 2024 £'ooo 16 Dividend incoTne (from UK Listed Investments) Bank interest TOTAL 2024 25 25 Unrestricted funds 2023 £'ooo 19 Total funds 2023 £'ooo 19 Dividend income (from UK Listed investments) Bank interest TOTAL 2023 20 20 INVESTMENT MANAGEMENT COSTS Unrestricted funds 2024 £'ooo 17 Total funds 2024 £'ooo 17 Inveslment management fees Unrestricted funds 2023 £'ooo 18 Total funds 2023 £'ooo 18 Investment management fees ANALYSIS OF EXPENDITURE ON CHARITABLE ACTMTIES Informing Enhancing Policy Provision 2024 £'ooo 308 135 Enabling Individuals 2024 £'ooo 281 142 Total 2024 £'ooo 1,011 460 2024 £'ooo 422 183 Direct costs Support costs 443 605 423 Informing Policy 2023 £'ooo 267 110 Enhancing Provision 2023 £'ooo 319 113 Enabling Individuals 2023 £'ooo 285 95 Total 2023 £'ooo 871 318 Direct costs Support costs 377 432 380 e 22 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 ANALYSIS OF EXPENDITURE BY ACTIVITIES ANALYSIS OF STAFF COSTS Infonning Enhancing policy provision 2024 2024 £'ooo £'ooo 184 288 Enabling individuals 2024 £'ooo 170 35 Total funds 2024 £'ooo 642 115 Direct staff costs Other staff costs TOTAL 2024 218 334 205 757 Informing policy 2023 £'ooo 151 Enhancing provision Enabling individuals 2023 £'ooo 182 30 Total funds 2023 £'ooo 572 101 2023 £'ooo 239 36 Direct staff costs Other staff costs TOTAL 2023 186 275 212 673 ANALYSIS OF SUPPORT COSTS Inforniing Enhancing policy provision 2024 £'ooo 34 Enabling individuals 2024 £'ooo 35 10 97 Total funds 2024 £'ooo 115 31 314 2024 £'ooo Staff costs Governance costs Other costs (including premises and pension) 12 125 92 TOTAL 2024 135 183 142 460 Infoming policy 2023 £'ooo Enhancing provision Enabling individuals 2023 £'ooo 30 Total funds 2023 £'ooo 101 17 200 2023 £'ooo Staff costs Governance cosls Other costs (including premises and pension) TOTAL 2023 69 72 60 110 113 95 318 10. AUDITORS. REMUNERATION 2024 £'ooo 2023 £'ooo Fees payable to the Chartty's auditor for the audit of the Charty's annual accounls Fees payable to the Charity's auditor in respect of all non-audit services not included above= 22 17 15 21 e 23 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 11. STAFF COSTS. KEY MANAGEMENT PERSONNEL AND TRUSTEES. REMUNERATIONIEXPENSES 2024 2023 £'ooo £'ooo 637 565 62 56 58 52 Wages and salaries Social security costs Pension costs 757 673 The average number of persons eTnployed by the Charty during the year was as follows". 2024 No. 13 2023 No. 11 Direct charitable activities Support 15 14 The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2024 No. 2023 No. In the band £80,001- £90.(0 In the band £100,001- £110,(K)O In the band £110,001 _ £120,(K)O Neither ofthese Iwo employees are rnembers of the defined benefit pension scheme {2023'. Nil). Employer pension costs paid to defined contribution schemes in respect of these iwo were £20.000 (2023.. 18.000). The key management personnel of the Charity comprises of the members of the senior team in Director level posts. The total remuneration of this team was £235,000 (2023.. £239,000). During the year. no Trustees received any remuneration or benefft in kind 12023: nil) and six Trustees received reimbursement of expenses totalling £3,915 (2023- three trustees £405). 12. TANGIBLE FIXED ASSETS Fixtures and rthings £'ooo Office equipment £'ooo Computer equipment £'ooo Total £'ooo COST OR VALUATION Al 1 April 2023 Additions Disposals At 31 March 2024 DEPRECIATION At 1 April 2023 Charge for the year Disposals At 31 March 2024 NET BOOK VALUE At 31 March 2024 25 12 36 12 37 47 23 33 24 13 13 At 31 March 2023 e 24 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 13. FIXED ASSET INVESTMENTS COST OR VALUATION AND NET BOOK VALUE 2024 £'ooo 1,483 1,325 17) (1,3191 128 2023 £'ooo 1,419 894 28 {820) 38 1,483 At 1 April Additions Movement in cash Disposals Market value movements At 31 March 1,610 Analysed as follows 2024 £'ooo 1,571 39 2023 £'ooo 1,437 46 Listed investments, held in the UK Cash held by investment managers 1,610 1,483 14. DEBTORS 2024 £'ooo 140 10 193 2023 £'ooo 288 35 156 Due within one year Trade debtors Other debtors Prepayments and accrued income 343 479 15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 £'ooo 54 32 11 496 2023 £'ooo 116 53 Trade credrtors Other taxation and social se(yJrity Olher credilors Accruals and deferred income 544 593 721 e 25 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 16. STATEMENT OF FUNDS At 1 April 2023 £'ooo Transfers inlout £'ooo Gainsl At 31 March {Lossesl 2024 £'ooo £'ooo Income Expenditure £'ooo £'ooo UNRESTRICTED FUNDS DESIGNATED FUNDS {') Designated Fund GENERAL FUNDS General Funds Pension reSee 1,578 1.231 (1,329) 128 1,608 1,578 1,231 11.329) 128 1,608 TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS Grants 1,578 1,231 11.3291 128 1,608 42 TOTAL FUNDS 128 At 1 April 2022 £'ooo Transfers inlout £'ooo Gainsl At 31 March (Losses) 2023 £'ooo £'ooo Income Expenditure £'ooo £'ooo UNRESTRICTED FUNDS DESIGNATED FUNDS Designated Fund GENERAL FUNDS General Funds Pension reserve 1,557 (743) 1.222 (1,164) (38) 738 1.578 814 1,222 (1,164) 700 1,578 TOTAL UNRESTRICTED FUNDS RESTRICTED FUNDS Grants 820 1,222 (1.164} 700 1,578 85 43 42 TOTAL FUNDS 820 700 Explanations of what the funds are for is set out in accounting policy 2.14. ¢ 26 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 ' The Restricted Funds are comprised of the following grants". (i) Two partnerships with European organisations- Open and Universal Science {OPUS} and Sustainable Careers for Researcher Empowemient (SECURE). Funds are claimed via the UK'S Horizon Europe Guarantee scheme implemented by UKRI. (li) An Elsevier Foundation grant to help establish the right priorities for support to enhance the progression of black early career researchers. {iii) Grant and place on Deloitte Digtlal Connect Programme that brings together 30 charities and connects them with expertise, advice, and a network to support their digttal development. (iv) Coalition for Advancing Research Assessment. Boost, grant from the European Commission covering Strengthening COARA and Enabling Systemic Refomi of Research Assessment 17. ANALYSIS OF NET ASSETS BETWEEN FUNDS Restricted funds 2024 £'ooo Unrestricted funds 2024 £'ooo 13 1.610 578 (593) Total funds 2024 £'ooo 13 1,610 584 1593) CURRENT YEAR Tangible fixed assets Fixed asset investments Current assets Creditors due within one year TOTAL Restricted funds 2023 £'ooo Unrestricted funds 2023 £'ooo Total funds 2023 £'ooo CURRENT YEAR Tangible fixed assets Fixed asset investments Current assets Creditors due within one year 1,483 814 1721) 1,483 856 (721) 42 TOTAL 42 RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING 18. ACTIVITIES 2024 £'ooo 2023 £'ooo Net income for the year (as per Statement of Financial Activtties) ADJUSTMENTS FOR: Depreciation Income from investments Decreasel(increase) in deblors Increasel{decrease) in creditors Lossesl(gains) on investments Net finance cost Pension deficit contributions 19 62 125) 136 {1281 11281 (20) {206) 46 38 20 (25) 1251 NET CASH PROVIDED BYIIUSED IN) OPERATING ACTIVITIES 150 79 19. ANALYSIS OF CASH AND CASH EQUIVALENTS 2024 £'ooo 241 2023 £'ooo 377 Cash at bank and in hand e27 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 20. ANALYSIS OF CHANGES IN NET DEBT At 1 April 2023 Cash flows £'ooo £'ooo 377 1136) At 31 March 2024 £'ooo 241 Cash at bank and in hand 21. PENSION COMMITMENTS Defined contribution The Charity operales a defined contribution pension scheme Ihat currenl staff members are entitled tojoin once they have passed their probationary period. The scheme is managed by Aviva and contributions are paid over as they become due. CRAC contributes 10 /0 to the scheme and staff contribute a minimum of 5 /.. The assets of the scheme are held separately from those of the Charity in an independently administered fund. The pension cosl charge represents contributions payable by the Chartty to the scheme and amounted to £58,000 {2023= £52,000). Al the year-end. £Nil {2023'. £Nil) was payable to the scheme. Defined benefit The Charity also has commitments under a defined benefft pension scheme for rtain Cufrent and former employees. This is a UK registered twst-based perbsion scheme that provides defined beneffts linked to the members, final pensionable salaries and setvice at their retirement {or dale of leaving if earlier). It was dosed to future accrual in September 2007 and employed members then transferred to the Aviva defined contribution scheme. The level of future contributions are set based on the triennial actuarial valuations. The Scheme Trustees are responsible for running the scheme in accordance with the scheme's Trust Deed and Rules. which sets out Iheir powers. The Trustees of the scheme are required to act in the best interests of the beneficiaries of the scheme. There are categories of pension scheme members.. Deferred members- former active members of the scheme and not yet in reipt of a pension. Pensioner members.. those in receipt of a pension. The Trustees are required to cary out an actuarial valuation every 3 years. The last ffinalised actuarial valuation of the scheme was perfomied by the scheme actuary for the Truslees as at 31 March 2022. This valuation revealed a funding shortfall of £1.234.000. However subsequent exceptional char7ges in interest rales and other economic condttions meant that (calculated by the Actuary on an equivalent basis) this had been reduced to only £150,000 by November 2022. The Twslees of the pension scheme have agreed that the Charity can pay annual contributions based on this lower amount, of£25,000 to remove the shortfall by 31 October 2029. The Charity paid contributions of £25,000 to the scheme during the year ended 31 March 2024 and expects to pay £25,000 to the scheme during the financial year ended 31 March 2025. The results ofthe most recent formal actuarial valuation as at 31 March 2022 have been updated to 31 March 2024 by a qualified independent actuary as set out below. Principal actuarial assumptions at the Balance Sheet date (expressed as weighted averages): At 31 March At 31 March 2024 2023 Discount rate Future pension increases in defemient Future pension incteases in payment (CPI) Future pension increases in payment (RPI) Proportion of employees opting for early retirement RPI inflation CPI inflation 4.90 2.85 2.75 3.05 4.85 2.85 2.80 3.10 nla 3.25 2.85 3.25 2.85 e 28 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 At 31 March At 31 March 2024 2023 Years Years Mortality rates (in years) for a male aged 60 now - at 60 for a male aged 40 now for a female aged 60 now - at 60 for a female aged 40 now 25.3 26.8 28.1 29.6 25.9 27.4 28.6 30.0 The Charity had a 1000h share of the assets in the scheme as follows.. At 31 March At 31 March 2024 2023 £'ooo £'ooo 2,209 2,233 13 124 2.445 2,579 Equities and other growth assets Cash and other liquid assets Insuran policy TOTAL FAIR VALUE OF ASSETS The actual return on scheme assets was £221.000 {2023: negative £402,000). The amounts recognised in the Statement of Financial Activities are as follows= 2024 £'ooo 2023 £'ooo Amounts recognised in net income for the year Finan costs 20 Amounts recognised in other gains and losses Return on scheme assets less interest income Experien gainsl(losses) arising on the defined benefft obligation (DBO) Changes in actuarial assumptions used calculate the DBO Change in the amount of irrecoverable surplus TOTAL AMOUNT RECOGNISED IN THE STATEMENT OF FINANCIAL ACTIVITIES (S50) (287) 1,752 (177) 1641 150 (1201 25 738 Movements in the present value of the defined benefit obligation were as follows- 2024 £'ooo 4.486 212 {86) 1242} 2023 £'ooo 6,234 168 {1.465) {451) Opening defined benefit obligation Interest cost Actuarial {gains)Aosses Benefits paid CLOSING DEFINED BENEFIT OBLIGATION Movements in the fair value of the Chariws share of scheme assets were as follows: 2024 £'ooo 4,663 212 2023 £'ooo 5,491 148 (550} 25 (4511 Opening fair value of scheme assets Interest income on scheme assets Actuarial (losses)Igains Contributioris by employer Beneffts paid 25 (242) CLOSING FAIR VALUE OF SCHEME ASSETS e 29 of 30
THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED YEAR ENDED 31 MARCH 2024 ReconlIation to the statement of financial position 2024 £'ooo 4,370 {4.667} (297) 2023 £'ooo 4,663 {4,486) (177) Closing fair value of scheme assets Closing defined benefrt obligation Asset not recognised PENSION SCHEME ASSETI (DEFICIT) 22. OPERATING LEASES During the year the Chartty incurred £17,000 (2023.. £17.000) in operating lease rentals. At 31 March 2024 the Charity had commitments to make future annual minimum lease payments under non-cancellable operating leases as follows.. 2024 £'ooo 17 15 2023 £'ooo 17- 32 Nol later than 1 year Later than 1 year and not later than 5 years 32 49 23. MEMBERS, LIABILITY Each member of the charttable company undertakes to contribute to the assets of Ihe Charty in the event of it being wound up while helshe is a member, or within one year after helshe aSe$ to be a member, such amount as may be required, not exceeding £10 for the debts and liabilities contracted before helshe ceases to be a member. 24. RELATED PARTY TRANSACTIONS Details of Tiustee expenses are disclosed in note 11. There were no other related paty transactions during the year (2023- Nil). e 30 of 30