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
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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 E￿orthY & 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
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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.
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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 ServI￿S 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.
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THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED
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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 hea￿h 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 SU￿ss[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.
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THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED
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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 hea￿hY 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 re￿ntlY
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.
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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 reSoU￿S 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 Spe￿ffic restrictions as to the nature of the investments of the Charity-
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THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED
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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.
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THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED
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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 insU￿r. 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
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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 p￿pare 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 con￿rn 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
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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 reSoUr￿S 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 finan￿al 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 othe￿iSe 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.
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THE CAREERS RESEARCH AND ADVISORY CENTRE LIMITED
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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 foll0v￿ng 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 T￿SteeS (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 con￿rn 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 sUS￿ptibIIfy 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 con￿alMent 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 fO￿ard
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 Un￿rtaIntieS 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 re￿iVed 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 re￿iVed 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 cu￿enc1eS 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 Finan￿al 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 con￿MIng 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 reSe￿e
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 re￿ipt 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
Recon￿lIation 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