Company Number. 3476510 Charity Numbers: 1072425 SC047557 The Caxton Trust (A company limited by guarantse) Report and Flnancial Statsments forthe year ended 31* December 2022 *ACAY9SKP* #118 COklPANIES HOUSE The Caxton Trust Report and Flnancial Statsments Contents Page Report (l the Trustees {inthdv)g Diredors. rewt) 1-10 Independent auditors, report Statement of ffftan(aal &tivities (Induding iicome expendrture ￿{MJnt} 15 Balance sheet 16 Statement of cash flows 17 Notes to the fin￿¢￿21 st*ments 18-28 The Caxton Trust Report of the Trustees (Including Director5, report) for the year ended 31" December 2022 In this document the Trustees present their rewt and the audrted financial statem&rts for the year ended 31° December 2022. The financial statements have been wepared n accordance wrth the accounting policies set out in notes to the accounts and cface courses being offered lo indivxlual organisatM)ns when requested. contu)ue to adapt and refine c￿r online C(￿f$eS to ensure ￿ eff￿lent ￿ qualty delNery of traning for our interventions. We use cwr websrte and database to provmle an efficient aut￿ed booking process" this enables Catd) Up to continue to be a reasonably prKed intervention and to be accessible to the widest possibte audience. Our disc(￿nted train¥ig p*es continue to prove rM)pular. offpJing good value to organisations taking up these offers and encouraging ihe ueation of an optinal team of three trainees, including a Catth Up c4>wdinator, to be embedded in a sclM)ol. Incenttves for vthole school training are also offered lo maximise the lake-up of the Catch Up interventions in indNidual organisations. The Caxton Trust Report ￿ th• Trustees (including Diroctors. rnport) for the year ended 31* Decernber 2022 Catch Up traine(1924 trainees in 2022, incknling 30 project trainees. Indications are that 2023 will be a chaltenging year for the education sector. In March 2020 Catch Up was awarded a grant of £349.127 from The Charity of Sir Richard Whittington. ofwhiL* The Merws. Company is a trustee. This was to be used to undertake research over a three-year period for ts ueation of literacy and numeracy intervenkn'ons for the earfy years foundation stage. Vwhilst the Immediate start to the proj￿1 vras delayed as a resuli of the Covid-19 pandemic, the maionty of milestones to date have been achieved and Catch Up is on track to d81iver the project in line the overall woj8ct timetabl8. In November 2021 Catch Up entered into an agreement with What Worf(s for Child￿n.$ Social Car8 for a pilot project to train up to 50 foster carers in Catch Up Literacy. It is pleasin9 that Catch Up is looking to expand its reach to youNJ people in care who WH be able to benefit from this Inte￿entiOn. The continued demand for online training coupled ￿1th the ongoing support of The Manor 2056 Trust and the Mercers, project has allowed the organisation to end the year on a stable finanaal footing. On behall of the Trustees. l thank crtff Chief Executive. Theresa Roger5. and her cotteagues. for the commitrnent they have shown in responding to fluctuating levels of demand exp8ri8nced and In developing new areas to ensure Catch Up ￿a¢heS as wide an audience as possibl8. Theresa has chosen to retire with effed from March 2023 and I would like to place on record our gratitude from all involved with Catch Up for her dedication and guidance over recent years in overseeing the professional development of the organisation. We wish her a long and happy retirement. The Senior Leadershlp Team will take charge of the day lo day running of Catch Up in the interim. During 2022, Sue Walker, a long serving and valued rnember of the Catch Up team. sadly passed away. Sue had been invofved from the earty days of Catch Up and will be sorety missed. To find out mre aboul Catch Up. visit our website www.catchup.org or telephone: 01842 668080. Patrick Crnwlord C8 Chalrman The Caxton Trust Report of the Trustees (Includlng Dlrectors. report) for the year ended 31" December 2022 Our purpose and acllvfties Our thartiy's purpose, set ￿t in Ihe obpcts of the Trust in ts gOv￿ning documents, is Ihe advancement of education. Our mission statement is lo address literacy and nurrEracy dfficullies that conlribute to Under￿a¢h￿emerrt. Ensufing our work dellvers our alms We review our aims. objectives and •#i¥it*s eath ￿. Thts review boks at N*hat we achieved and the outcomes of our bw)rk in the prev￿uS 12 months. We ￿￿k ai the success of eath key a¢Xivrty and the benefts brought to those gr￿pS of peopk we are set up to help. This pr¢xess also helps us to ensure that our aim. obie¢Jives and acAivities remain focussed on our stated purposes. Vle have complied with the duty in the 2011 Charrties Act and the Chariiies and Trustee Investment (Scolland) Act 2C05 to have due regard to the guid￿ce ¢ontsined in the Charity Cornmission's general guidance on Publ￿ benefrt vthen reviewing our awns and obp¢Xr¥es and in planning our future aclivrties. The Trustees accordingty consider pknned actrvitwo will contribute to the aims arKI objeGlives they have set. How our actlvltles dellver publlc benefft A signifi￿t prowtion of wimwy and se(￿dary sch(x)I children in the UK have diffKxlttes in attaining the levels of literacy and numeracy expecled ofthem. iothilst these diffi¢)Jfties ￿e often nol severe enough to entrtle those struggling kamers to statutory additional leaming support, they may still be sufficient to restrict the access to the cufficulum. Vlrthout addttional support. these children may fall further behirKI their peers. The adverse consequences are wide-ranging and well- documented.. long-tem poor academic achievement. low self-esteem, lrywer motivation to read, disengagement with the le￿ing PrO￿S$. behavioural woblems, reduced employment prospe(Xs and the possibility of social exdusion. It was wilh this li mind. that the Catth Up interventions were developed. By helping individuals experienang leaming drffioJKies to reach Iheir ftjll potential, rt is hoped that their Irves will be enriched and that they will be able to play a fuller part in society, so benefrting the ¢omnwnities li they ￿Ve. Our main a¢*iviiies and those ty to hdp ¥e described bek>w. All our thariiable activities focus on the advancemwrt of the lite￿Y and numeracy skills of struggling leamers and are undertaken to further our charitatle purposes for the publiG beneri. Catch Up. the Worki￿ name of The Caxton Trust. is a ncl-for-wofft ehty that: offers comprehensrie and uttegrated training and resource packages to support Ihe management and delivery of the Catth Up interventions: provides ongoing support, through the Catch Up corffliunfty, for those vtho deliver the Cach Up interrfentions; and undertakes rese¥th into the development and enhancement of the Catth Up rrtep4entims. and into extending the supw)rt il pmwdes to strugglng leamers. Catch Up Literacy and Catth Up Numerw are: strudured one-tckone itterVent￿S for stnjggliw readers and for leamers Strugg￿ with numeracy respertivety,. rkntred on 1&mviute sessions delivered twi￿ a ￿k. targeted tothe needs ofthe individual; grounded in rigOr￿S academic researth *)d shrAvn to be effedive in s(*ools (and other settings); and realislic, inexpensr¥e. The Caxton Trust Report of the Trustees Ilncludlng DlrectOT5' report) for the year ended 31 December 2022 Who used and benrfited from our Servlces? Those use our services are inibalty teathers, teaching assislants, carers and other'supporting adults.. The ultimate benef￿larieS are struggling leamers. Achievements and perfomance OPERATIONAL Catch Up continues to devebp rts Key Perf(rnn¢e Ind￿t￿S in ordw lo manage and devel¢)p its work effectively. The nurnber of struggling leamers helped is the uttimate measure of the work of the chty. As trailed supporting adulls ¢￿n ass￿1 many struggling learners over time, the uttmate number of beneficiaries is diffi(xJlt to qU￿tIfy. We feel accordwigly that the best measure of the activity of the tharity is the number of supporting adults trained. In 2022, there were a total of 924 trainees. Lx)mpared to 1.286 in 2021. 2020 saw Ihe suspension ol Catch Up Regional Training Centres {RTCs) as a result of the Covi¢*19 restrictions. up￿ resumption of training in September 2020 all training vrds delivered online. The offer of fac￿t04ace training restarted in 2021 and 8 face-to-face training courses were delivered to organisations at Covid-se￿rÈ venues during 2022. The changing fnancial dimate *ithin the public sector. ch￿geS in bcal authority staffing in England, and the devdopment of academies free schools combine to provide a challenging environment for the delivery d Catth Up's OP￿ations. The effeds cff the Covi&19 pandemic Me￿ there was ￿ even greater need for the Catth Up inteNentions follthvwig the ￿ductIon of face-ttrface teaching and given that not all members of the schcol ¢ommunty can access online leaming. To make our Interventic￿$ more affordable and to encourage the ideal team size of a minimum ol three Catch UP trainees in ea¢h school. discounted pLgces are offered to organisations booking training for ntervention. Vthole sthool block discounts ¥e also offered to wovide incenttves to Vbryden Catth Up's reath. Accredrtation contsnues to be offered for a off cost of £100. The Catch Up quaIrf￿l1on is administered by Gateway qualifications and is Ofqual recognised. Since 20CK). we have train&J in excess of 35,000 supporting adutts to delr4er the Catth Up interventions and we estimale that Ihey have SUPFrfNted wtll in excess of haff a millmy) struggling learners. COMMUNICATIONS. MARKETING ANO BUSINESS DEVELoPmE￿r Activrties included dired mail. email advertiswig. publisher inserts, bTothure mailyigs. email newsletters, Twitter. trainng campaigns. webiiars, aut￿lated emails, and Excellen Avrdrds. Vve recognised thal. with Ihe diminishing roles of English ktal authorities, needed to find new ways of communicating and *Drking with Etylish sCho￿S directly. including exploring the use of new wtnerships. Schools &e keen to maxwnise the benerrts from the￿ use of Targeted Pupil Fundintypupil Premium. especially as Ihi5 is scnrtini5ed as part of sthool inspections A Pupil Rep￿ing TO￿ enables users to benefft as muth as they can from the Catch Up interventions and kYOVKles MO￿ evidence of the benefrts of ustng Catch Up. Follcming the grthvth rf enquir￿ from Scolknd, work to increase avRreness of Catch Up continues lo be pursued to en(x>urage more opportunitEs thwe. The Caxton Trust Report of the Trustees (including DlrectOT5' report) for the year ended 31 December 2022 An agreemerrt was reathed with the National Lilerdcy Trust (NLT) to promcrte Catch Up as a preferred ooion to with litera¢y for struggliNJ ￿￿ners. Further opwtunities to promote Catch up in conjunQion with NLT are being expl(Ked. Hodder Education now notes that its New Saiford senten￿ Reading Test is recommended by Catch Up., this has helped to raise the profile of the organisation to members of tr education sector by being associated with thts w￿￿reSFecled tea(*ing tool. Our pilot programme with ￿tha1 lth)rks for Children's Social c￿ has raised awareness of Catch Up in a n94V sedor for us Ir￿￿deS many ycxjng people that would benefrt from the Catch UP Lrtera¢y intervention. During the year links were made with Norfolk Wrtual School for Children in Care and Childre Previously in Ca￿. A besFKJke training pthge ft)cussing on the reading aspect of Iltera was delivered and further training is planned. It is envisaged that trayiing can be delivered to similar organisations across the UK. BUILDING CAPACITY The use of our *bsite and database provmles an effKient booking and admnIStrat￿ System, wth trainees made fulty aware of our oTrlne functionalty. The automation of database-driven tasks has alk)￿ed effiaent management of courses by our office team and the use of a third-party iyovpder to deliver online connectNity for courses has all￿Ned our office resources to be deployed to faalrtate the growing number ol C￿r5e$ delivered. Using the kno￿edge. expertj'se. arid C(￿MItMent of Ihe Catch Up team has been beneficial in devekjping and revieNMng operational issues resources. as well as in identifying polential new areas of developnent espe(xally in refining online delivery. Trainers have been trained in delivering the training online ￿lch allo￿ a more flexible delivery mtsjel. This was a necessty folk￿￿n9 the Co¥i(1-19 pandemic but also has advantages forthose geographully remote orthose wishwig to a￿sS training atthe earliest possible time. RESEARCH AND GRANTS In March 2020, Catth Up was awarded a grant of £349.127 over a three-year period frorn the charity of Sir Richard Vlhrttington, of￿￿1th The Mercers, Company is a tr¢Jstee. The grant is for the undertaking of research to create e*ty years, lrteracy and numeracy Hiterventions for pupils. Foundation Stage and is schedukd for completion durwig 2023. The grant, payable in instalments indudes a ¢￿In"butIOn toward the assoaated overheads oflhe charity as well a5 income associated wryth training of participants. The profile of grant saw £80,427 re¢eived in 2020, £134,983 in 2021 and £111.183 in 2022. The remaining £22,534 is due lo be paid in 2023. The expendrture incurred n relation to this grant in the year was £77,652 with a transfer to unrestricted funds of £41.859. The prqe(I vras heavily affected by the Covid-19 Parmdemic vthich resulted in initial one to one sessions being deLqyed until Summer 2021. During the Fyoiect. it was evKlent Ihat an assumed ¢ontribulion from project schools bNK)uld not materialise, consequently the project expenditure was r&wofiled with Mercers agreement. As the project entered rts fnal yw it became apparent that despite trying io recruit project schools via a of methods, the expected number of schools participating %¥¢￿Id not materialise. This has resulted in a reduced amount of expenditure vthich has resulted in a greater amunt of w)jeci incm being transferred to unrestricted resetves. Desprte these Setb￿kS the devetopment of the Catch Up inteNentions for earty yews has been achieved and case studies will be provKJed to supp￿ its use in the futu￿. The Caxton Trust Report of the Trustees (includlng Dlrectors, report) for the year ended 31 Decernber 2022 In November 2021 Catth Up entered into an agreement lthat Works Children, s(￿la1 Care for a pilot projec* to train up to 50 foster carers in Catch Up Lrteracy. The project had an expected grant value of £86.735 wrth ￿mPlet11)n expeded by March 2023. £54.￿) was received in 2021 and £27.335 in 2022. with the remaining £4.5(Kl expectsd in 2023. The man￿ 2056 Trust provided a financial dc￿at1￿ of £30.000 which was used to support core costs during the year. FUNt>FiAISING STANDARD INFORMATION Catth Up does not cary out fund raising ad1vit￿. It relies upon the sale of the Catch Up training and resow¢es fty its opw*iig costs and up(m grants for its research projeds. Flnanclal revlthv 2020 was hugety impacted by Ihe Covid-19 pandem￿ *fiereas 2021 a ￿e1 of adivty similar to thal experienced in 2019. the last full calendar year before the pandemic. The surge in demand experEnced in 2021 then tailed off in 2022. As a result of the steady demand for training. the continued support of The Manty 2056 Trust and the continuing V￿rk in delivering The Mercers, Company's wojeci. a positive financial resu￿ for the year was achieved. Catth Up had a financial surplus of £9,625 for the year on unrestricted funds at the year-end the balance on unrestricted reserves was £256,350. Total income fcrf 2022 was £559.299. *fiich represented a 26% deuease from £754.488 in 2021. There was an 210A decrease v) grants and donattons in 2022 to £176,518 frLYn £222,883 in 2021. In¢ome fr(Mn the sale of Catth Up materAls training decreased lo £381.418 from £531,586. Tota5 expenditure in 2022 was £StK),823, dtr•m frc¥n £584.610, a 14% decrease. The total net surplus for 2022 was £58,476 (2021- surplus of £169.878). Tolal ￿serveS at the end of 2022 ￿tre £317.767, c(xnwsing unrestricted reseNes of £256,350 and restri¢Xed reserves of £61.417: Ihe reStr￿ted reserves b%ere in ￿pect of funding received. whrch will be spent during 2023. Pri¢ing policy Catch Up maintains a wicing WIKY that ref*#s the *rategy of enablng its inteNentions to be available lo as many beneficiwies as possible. Hen￿, the Trustees and management seek to offer price that provides a reasonably priced and cost-effeclive intervention that ￿ver5 the Core Costs of the chwity. enabling the dlarity to be sustsinable. We gNe incentives for more trainees from the sane organisation to encourage *hat Catth Up sees as the optimal number of trainees at each Ict*ion to achieve the most successful ¢xrtc(rn f(* rtseW and for schools. Reserves policy The Trustees have established the level of unrestrthd (freety available) reserves that the charity should aim to have. These ￿serveS are needed to t¥idge the funding gaps befvRen spending on Catch Up interventi(￿5 and receipt of ¥icome. The seasonal nature of the training also requires the level of cash reserves to be sUrr￿lent to cover c(￿e costs and working caprtal requirements during periods vknen reduced inc(Mne is expwienced, tyyc41ty during the first haff of the y￿. The Caxton Trust Report of the Trustees (includln9 Dlrector5' report) for the year ended 31 December 2022 The aim of Trustees is to achieve a level of unrestricted reserves equivalent to belween three to six months of Core Costs, currentty estimated to be between £85,313 and £170,626. This t¥get level of reserves was achieved li 2022 arKI it is hoped this kvel will be maintaned during 2023. However, as a result of the uncertainty within the educatK)nal sector and the reduc£d level of bookings experienced in 2023. the Trustees feel that that is prudent to maintain an additional level of unrestr￿ed reserves at the 2022 year end than the policy V￿uld suggest. Especially as there is no immedhqte wospe(a of additi(￿al grarrt funding expected in the near future. Golng con￿rn A surplus was achieved in 2022. but the indicatKms are th* 2023 will be a challenging year. It is expe¢ted Ihat a deT￿lt on unrestrided resefves in the reg￿n of £65,(K)O will be incurred in 2023 i withthe aim to a breakeven position in 2024 follob4ryng the marketng campaigns lo increase Ihe level of trainees and cost reductNJns implmnled in 2023. A Joint marteting campaign is being planned with the National Literacy Trust which will see Catch Up being promoted to their nelwork of contacts. sh￿k1 the marketing campaigns not be successful. further cost reductions may be ne￿Sary to enable a retum to a breakeven posiday operations of the chaity. To facilitate effective operaiions, the Chief Exeojtive has delegated authority, vthhwi the temis of delegation approved by the TNstees, for operational matters induding finance. employment. the sale of Catch Up resour￿$ and training. Following the retirement of Theresa Rogers on 91h 2023. Catth Up is being managed by the senior management team of Clare Mangan. Janu Myhill, Dr Graham Sigley and Stuart Wight (the Senior Management Team). There are no immediate plans to appoint a new Chief Executive until the new activity level of the charity is assessed following the drop In bookings and Ihe completion of the mer￿r$ Fyopct. Remuneratlon polky for trustees and senlor slaff The Trustees arKI the Senior Management Team members comprise the key management sonnel of the charty. The Trustees gNe their time wrthout compensation and no trustee received any remuneration in the year. Cjetails ofthe Sen1￿ staff remuneration is disdosed in note 8 to the financial statements. The pay crf senior staff is reviewed annually along with other members ￿ the skff team and assessment gtven to the sustainabilty (* the chwty, local m*et r*$ and the ￿fOrManCe of both irKlividuals and c the organisation. Risk management The Trustees have a risk managThnl strategy, ￿1¢h comprises: an ￿nUal review of the risks and unCertaint￿S the ch￿lty may face.. the establishment of Polic￿$. systems wocedures to mitwe those risks Mdentified In the annual review.. and the implementstion of pro￿lUreS designed to miiimise any wential impact on the charty should those risks materialise. This review has identified that financial suslainabilty is the rnaj￿ financial risk for the charity. A key element in the management of financial risk 1$ a regular review of available liquid funds and the aclive management of trade debt(xs and (xeditors to ensure suffKient M)rking caprtal is available to the charity. Operationally, the charity aims to enswe that training courses onty tske pkqce where a positive financial contribution can be achieved. The Caxton Trust Report of the Trustees (including Dir•ctorn' rnporti for th• year •nded 31" D•c•mbw 2022 Trust••s' r•sponslbility in r•latlon to tho finandal statem Company law requires the Trnstees to wepare financial statements for each financial year which give a true and fair view of the financial activities of Ihe charsty and of its financial positbon at the end of that period. In preparing those financial statements. Ihe Trustees are required to: select suitable accounting policies and then apply them consistently. observe the methods arKI principles in Ihe Charities. SORP FRS102: make Judgaments and estimates that are reasonable and prudent, slate whether applicable UK accounting standards have been followed, subject to any material departures dixlosed and explained in the financial statements.. and prepare the financial sLqtements on the g(Mng concem basis unless it is inappropriate to presume that the charity will continu8 in business. The Truste￿ are responsTble for keeping prop8r acc￿nting records that disck)se with reasonab18 accuracy * any time the financial position of the charity and to enable them to ensure that the financial statements compty wilh the Companies Act 2C￿￿, the Charities Act 2011, the Charilies and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (So)Iland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and her￿e taking reasonable steps for the prevention and d8tection of fraud arKI other irregularities. Stat•mont as to disclosurn to our auditors In so far as the Trustees are aware at the time of approving our Trustees, annual report: there is no relevant inforniation. beirvJ inforrnaticm needed by the auditor in COMe¢tK>n with preparing iheir report. of which the chartty's auditor is unaware, and the Trustees, having made such enquilies of fellow trustees and the Charity's auditor that they ought to have indtvidually tsken. hav8 each taken all steps that they are obliged to take as a trustee, in order to make themselves aware of any relevant audit infomation and to establish that the auditor is aware of that infomalion. Audltor A resolution proposing Kevin J. Rhind is fe-appointed as auditor of the charity will b8 Put to the Annual General Meeting. Small company provlslon8 The report of the Tfustees has been prepared taking advantage of the small companies. ex8mptK)n of section 415A of the Companies Act 2(MJ6. Signed on behalf of the Trustees ty. J.I'.s Patrlck Crawford CB Chalrmn Dat•d: 22nd June 2023 10 Independent Audltorfs Report to the Trustees of The Caxton Trust Opinion We have audited the financial ststwnents of The Caxton Trust {Ihe tharitable compan*) forthe year ended 31 December2022 which axnwise the St*ement of Financial AclNities, the Balance Sheet, the Statement of Cash Flows and ncrtes to the financial statements, including signrfunt ac(x)unting policies. The financral reporting framework that has been applEd in their preparation is applicable law and Unrted Kingdom Accounting St&dards, r￿udIng Financial Rewting Standard 102. The Finanaal Rewling Slandard aPplUb￿ in the UK and Republlc of IrelaThJ (United Kingdom Generalty AcLepted Ac(x￿ntIng Praclice). In ￿ opinion the fnancial statements: give a twe and fair vtew of the state of Ihe Ch￿rIable cixnpanls affait as at 31 Decanber 2022, and of its income and expenditure. for the year ended,. have been wopety wepared w) acc(Ydance with United Kingdom Generally Accepted Accounting Prartice,. and have been prewed in aC￿rdan￿ vfith the requrenients of the Companies Act 2LYJ6, the Charities Act 2011. the Charities and Trustee Investment (Scotland) Act 21J)5 and regulation 8 of the Ch*rties Accounts (Scotland) Regulations 21X)6. Basls lor oplnlon We ¢x)ndu(*ed ow audit in ar£Ord￿ce with Intematronal StarKlards on Audrting (UK) {ISAs (UK)) and applirAble law. Our responsibilities under those standards are further desuibed in the Auditors responsibilities for the ajdit of the financial statenxnts se¢XK)n of our report. V￿e are independent the charitable company in accordance with the ethTrcal requ￿MentS that we relevant to our audit of the fmancial statements n the UK. inthding the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilrties in acc(Kdance wrth these requirements. INÈ believe that the audil evidence we have obtained is surricient apprwiate to provide a basis for our opinion. Concluslons relatlng to going concern In auditing the finanrial statements, we have conduded that the trustees. use of the goirvj concem basis of accounting in Ihe preparation of the financial statements ts apwoFX￿e. Based on the work have performed, have not identtfied any material uncertainties relating to events or condrtions tha( individualty or colecii¥ely, May cast signrficant doubt C￿ Ihe company's ability lo c(￿lInUe as a going concem for a wiod of at least months from when the fnancial statements are authorised for issue. Our responsibilrties and the respMsIts"lit￿ of the tru*ees with respect to goiig concern are described in the relevant Se(li(￿S of this rep(xt. Othor Inforniallon The other infomiation Com￿seS the infornation included in the twstees, annual report, other than the financial stalements and our auditorfs report thereon. The trustees are responsible for the other infonrjation contained within the annual repwjrt. Our 0FMn￿n on the finan¢bal statements does not cover the other infom￿11￿ and, except to the exient otherwise exp1￿1t1Y stated wi our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infonnation and, in doirKJ so. consider %*thether the other infomation is materialty ina)nsistent with the financol statements or our knowledge obtsina in the ccxjrse of the audit or otherwise appears to be materially misstated. If we identfy such n￿terIal inconststencies or apparent material misstatements, VR are required to detemiine wthether 1his gNes rise to a material misslatement in the financial stalements themselves. If, based on the work we have Ferfomied, ￿ conclude that there is a material misstatement CA this other infom￿￿￿. we required to report thal fact. Vve have nothing to report in this regard. Independent Auditorfs Report to the Trustees of The Caxton Trust Oplnlon on other matters prescrlbed by the Companles Act 2CKI6 In our opinion. based <)n the wrjrk und￿ken in the course of the audit: the infomialiLM given in the trustees, report for the financial year fu ththich the fnancial statements are wepared is consistent with Ihe fmancial sLitements,' and the trustees, reFQrt has been preparwj ¥1 a￿Ordan￿ wth the appl￿ble legal requirements. Matters on which we are required to report by excepiion In the light of the kno*Wge understanding of the th¥itable company and its environment obtained in the course of the audii. V•e have not "Klentif*d material missLqiemerrts in the trustees, report. We have nothing to repK)rt in respect of the folknMng matters li relat￿n to %thich the Companies A( 2006 and the Charities Accounts (Scotland) Regulations 21YJ6 requires us to report to you rf. in ¢)ur opinion.. adequate and suificient accounting rec£Yds have not been kept, or retums adequate for our audit have not been received from branches not visbted ty us. c Ihe financial statemenls are n(* in agreement with the accountnig records and retums.. or certain disdosures of trustees, ren￿neratI{￿ speofied by la4V are not made.. or have not received all the inforniation and eXp￿all￿$ we require for our audit. Responslbllltles of trustees As explained more fully wi the Iruslèes. responsibilrties slater1￿rt set out on page 10, the trustees (who are also the dire(lors of the tharitable company for the purposes of company law) are responsible for the preparation of the financial sL2tements and f￿ being satiSf￿d thal they give a true and fair view. and for suth intemal control as the trustees detemiine is ne￿Ssary to enable the p￿paratIOn of fin￿Cial statements th* are free from material misstatenEnt. vhther due to fraud or error. In preparing the fnanaal statements. the trustees are resp(￿SIble for assessing the charitable company's abilrty to COnt￿ue as a gO￿g concem, disclosing, as applicable, matters related to going concem and using the going ¢on¢wn basis cl accounting unless the trustees either intend lo liquvjate the charbtabie company or to cease operatbons. or have no real￿1¢ atsmati¥e but to do so. Audito￿$ responslbllltles for the audlt of the flnanclal statements We have been appointed audit￿ under sedion 44(1)(c) of the Charities Investrnent {Scotland) Act 2005, under the C¢Jmpanies A(1 2006 and rewt in accordan￿ with the Acts and relevanl regulations made or having effecl thereunder. Our oty'edives are to obtain reasonable assu￿Ce al)out whether the financial statements as ole are free from material misstatement. ￿ether due to fraud or ￿or. and to issue an auditorfs report that includes cwr opinK)n. Reasonable assurance is a high level ol assurance but is not a guarantee that an audit conduded in accordan￿ with ISAS (UK) will always deted a material misstatement lhthen it exists. M￿state￿￿ntS can arise frcKn fraud or effor and are considered material rf, irKlividually or in the aggregate. they could reasonably be expected to Inffluen￿ the econom￿ deasions of users taken on the basis of these financial statements. Irregularities, including fraud, are instsnces of mnvcompliance with laws and regulatwxs. We design procedures in line Wbth our responsibilities. ￿tlined above. to deted material misststements in respect of rregularrties, induding fraud. The sperft wo¢edures for this engagement and the extent to which these are capable of detecting rregularities, including fraud is detalled below. 12 Independenl Aud1￿5 Report to the Trustees of The Caxton Trust Extent to which the audlt was consldered capable of detectlng Irregulartlles Includlng fraud Vle obtained an understanding of the legal and regulatory fraM￿)rkS Ihat are applicable to the company and detemiined that the most signfficant are those relating to the reporting franework (FRS 102. The Ch¥ities SORP FRS102, the Companies Act 2(Th, the Charittes Ad 2011. the CharitEs and Investment (Scotlandl Act 2005 and the Charities Accounts (Scotland) Regulations 2006) and the relevant dreci a)d indired Complian￿ lax regulations in the United Kwigdom. We urKlerstood hcm 1he ca)m￿Y is complying wilh those tr￿eworkS by making pmquiries of management and the trustees to undgJstand how the ccanpany maintains and comunicates its policies and pr(Kedures in these areas arKI corroborated this by reviewing documentation. We have also reviewed cor￿p(￿dence with relevant authorities. Reviewng minutes of meetings of trustees. ReViev￿n9 financial statement d1sd0su￿S and testing Sup￿InG drKumentation to assess compliance with appliCa￿e law5 and regulations. Perfomiing audit th overlhe risk of management override of the controls. including iesting of journal ￿trIeS and adjustments for approwateness, evaluation of the business rationale of S￿nIfiCAnt transactions outsvje the nonnal course of busnes$ and reviewing acLwnting estimates for evidence of bias. On occasion ￿ffiere we may aLso have detemined that wiain matters relating to non-compliance with lavts and regulat¥Jns are key audit matters, we must still indude the required explanation, in our report, as to what extent the audil was capable of detecting irregularities. including fraud Because of the inherenl limitatms of an audit, there is a risk that will not detect all irregulaiities. including those leading to a material misstatement in the financial statements ￿ non-complianr V￿th regulation. This risk increases the more that compliance with a law or regulalion is removed from the events and 1ransactK)ns reftected in the financial statements, a5 we will be bess likely to become awa￿ of instsnces of non-compliance. The risk is also greater regard￿9 l￿egUlarl11eS occurring due to fraud rather than err￿, as traud invow intentional c0ncealff￿t, forgery, collusion, omissicn, or misrepresentation. Concluslon relatlng to golng concem In auditing the finanaal statements, have ccA)duded that Ihe Irustees. use of the going concem basis for accounting in the preparation of the financial statements is appropriate. Based on the work WE have perf0M￿l. have not identified any material un¢ertaintres relating lo events or conditions that, individualty or ¢olledively, may cast significant doubt on Ihe ccrfnpanys ability to continue as a going c￿Cern a perw)d of at least tWe￿e months from when the financial statements are auth¢xsed for issue. Our responsibilities and the resF¥)nsibilrties of the trustees in respect to going concem are described in the re￿vant sectMMS. A further des reswnsibilrties-for-audrt.aspx This description f{￿￿9 part of our audiiof s rep(rt 13 Independont Audftorfs Report to th• Trust••s of Th• Caxton Trust Use of our report This report is made solely to the charitsble company's membern, as a body, in accordance With Chapter 3 of Part 16 of the Companies Acl 2(k16 and to the charilable company's trustees, as a body. in accordance with section 44 (1)(c) of the Charities and Investrnenl (Scotland) Act 2005 and regulation 10 of Ihe Ch￿IlleS Accounts (Scotland) Regulations 2(KJ6. Our audit Work has been undertaken so that we might state to the rnembers and the charitable company's trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilty to anyone other than ihe Charitsble (x)mpany. its members as a b￿]Y and th8 charitable company's trustees as a btxly. for our audit work, for this rew( or for the opinions we have forn￿d. K•vln J. hlnd (S9nior Ststutory Audl For and on behalf of Kevln J. RhIn￿ Statutory Audttor Corner Cottages. Hempslead. Norwich NR12 OSH 021 Dated: 14 The Caxton Tntst Statement of Flnanclal Activities (indudlng Income and Expenditure Account) for the year ended 31* December 2022 Unrestrlcted Rostrlcted Funds Funds 2022 2021 . Income Grants and donations Income fmm charitable acfr¥7tse& Sales of Catch Up materials, training and conferen Investmerrt income 138.518 176,518 222.883 381.418 381,418 531,586 19 Totsl Income 420.781 138,518 . 569.299 754,488 Expendlturo ExpenrfItU￿ on charitable activities.. Development and sale of Cat¢h UP materials. training and conferences 6 411.156 89.667 500,823 584,610 Total expenditure 411.156 89,e67 500,823 584,610 Net incomel(expendilure) 9,625 48,851 58.476 169.878 Transfer between funds (54.364) Net movement In funds for the year {5,513) 58.476 169,878 RecO￿lI1ati0n of funds Fund balances brcxjght for4Yard 192.361 259,291 89.413 Fund balances carrfed forward 16 £256.350 £61,417 £317,767 £259.291 The Statement of Fin￿¢￿al Adivilies indudes all gains and losses recognised in the year. All incomng resources res￿JrceS expended we dwived frmi c4)ntinuing &tivities. The notes on page 18 to 28 fomi part of these financial staterrEnts 15 The Caxton Trust Balanco Sheet as al 31•t December 2022 2022 2021 Note Flxed a85•ts Tangible assets 11 2,925 615 Current assets Stocks Debtors Cash at bank and in hand 12 13 5,726 51,918 330,243 9.948 62.231 280.146 Total current assets 387.887 352,325 Cr•dltor8: amounts falllng duo wlthln OM y•ar 14 73,045 93.649 Net current assots1(Ilabillties) 314.842 258,676 N•t a$s•tsl(Ilabllities) £317,767 £259,291 The funds of the charlty Restricted income funds un￿striCted income funds 16 16 61.417 256.350 66,930 192.361 Total ¢harlty funds 17 £317,767 £259,291 These acoyjnts are prepared in acc(Kdance with the spectal provisions of Part 15 of the c￿￿panieS Act relating to small ￿mpanIeS and constitute the annual accounts requKed by the Companies Act 2006 and ar6 for urculalN)n to members of the company. The finandal statements were apwoved by the bo*d of Trustees on tr June 2023 and signed on its behalf by: J r.s. Patrfck Crawford CB Trust Company registration number: 3476510 Charty Number. 1072425 The notes on pages 18 to 28 fomi part of these financial Statements. 16 The Caxton Trust Slatement of Cash Flows forthe year ended 31 December 2022 2022 2021 Note Cash provlded byl{used In) operating a¢tivitie$ 18 53,122 171,176 Cash flows from investlng actlvltles Investrnent incorne Purchase of tangibk r￿ed assets 1,363 (4.388) 19 Cash provided byl{used in) Investlng actlvltles 13,025) 19 1ncreasel(de￿ase) in c2$h and sh equivalents in Ihe year 50,097 171.195 Cash and Gash equivalents at the beginning of the year 280,146 108,951 Total cash and cash equivalents at the end of the year £330,243 £280,146 The notes (x) pages 18 to 28 fonn pat ol these financial Stat￿nents 17 The Caxton Trust Notes to the Flnanclal *atements for the year ended 31st December 2022 1. Ac¢ountlng pollcles The wincipal a￿x)UntIng policies adopted. judgwnents and key soJr¢e$ of estimation uncerL9inty in the preparation of the financial statements are as folk)ws: Basls of preparatlon The financial ststements have been wepared li aC(ud￿Ce with Acc(yJnting and Reporting by Charrties: Statement of Recomrrended F¥actt¢e applicable to tharities preparing their a¢￿unt$ in aCCord￿ce ¥Mth the Financial RekKNting Standard applicable in the UK Republic of Ireland (FRS 102) including the provisions ol Section 1A appluble lo Small Entrties - (Charities, SORP (FRS 102)), the Financial Rewrting Standard appliCat￿e in the UK and Republic of Ireland (FRS 102). the Compantes Act 2006. the ChaTi1￿S and Trustees Invesbiw)t (Scotland) Act 2005 and the Charities Accounts (Scolland) Regulations 21￿. The financial statements are wesented li sterling, rounded to the newest *iole £1. The Caxton Trust meets the definition CA a public benefrt entty under FRS 102. Assets and liabilrties are initialty recognised at histtYi¢al ￿$t or transart1(￿ value unless otherthfjse stated in the relevant accounting w)licy notes. b. Prnparallon of the accounts on a golng concern basls The financial statements have been wepared on a going concem basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held the expected kvel of Tricorne and exp￿drtUre for 12 months from authorising these financial statements. The demand training in 2023 is expeded to be lower than that experienced in 2022 v￿h the result that a def￿1t on unrestrided reserdes in Ihe region of £65,000 is expecled for the year. Cost reduclions have taken place in the first hair of 2023 and a marketing campaign has been embarked UPK)n *ith the aim of moving to a Ixeak even posbtion for 2024. SIK)uld the marketvig campaigns not be successful. further cost redudK)ns may be necessary to enab retum to a breakeven posrtion. The cost of any recyganisalion is expected to be met from unrestricted reserves. The chwty has sufficient brought forw*d reserves to absorb the def￿rt expected for 2023 and any reorganizationa cosl to still have suffKient ￿￿King caprtal available to continue trading throughout 2024. In March 2022. Catch Up was awarrled a grant of £349.127 over a three-year perK*J from the charity of Sir Richard Wiittlngt￿, of whith The Mercers. Company is a trustee. The grant is to undertake research to create lrteracy and numeracy interventions for the eady years. foundation stage and is scheduled for c(MnFleti￿ during 2023. The grant, payable in instalments includes a contribution toward the assoaated overheads of tt)e charty as well as income associated wth training of part￿Ppa1rts. The income Fxrfile of grant saw £80.427 re￿iVed Yi 2020. £134,983 in 2021 and £111.183 in 2022. A further ￿CeIpt crf £22,534 was received in March 2023. This income provides extra fIn￿CIal stability for the charrty during 2023. The charity has ￿neWed its Myking capikl line of credit 15 enough to meet the expected shortrall of cash that myht occur rf budgeted training numbers are not met. The budgeted level of income and expenditure combiied with the level of re5wves for the charrty are sufficient for it to be able lo continue as a go￿￿ Cc￿cem. 18 The Caxton Trust Notss to the Flnanclal Statements for the year ended 31sI December 2022 c. Company status The charity is a wivae COMp￿Y linited by gu¥antee ncryrated in England y￿thin the United Kingdom. The guarant¢)r5 are Ihe members. The Ib9bilty in resped crf the guarantee, as set out in the memorandum and artic￿, limited to £1 per member of the eharty. The charily is also a registered charity n Scotland The address of the rtystered offKe is given in the infomation on page 8 01 these f￿anCIal sLgtements. d. Income Income is recognised ￿t￿n the chwity has enlrtlemenl to the funds. any perfOrn￿n￿ conditions attached to the items of income have been met. rt is probable that the income will be received, and the amount ¢an be measured reliably. IncLThe from government and other grants, whether 'capital' grants ￿ 'revenue' grants. is recognised ￿en the th￿rtY has entitlement to the funds. any performance ￿nditionS attached to the grants have been met. it is F￿babIe that the In￿Me 11 be received, and the amount can be measured reliably and is not deferred. For kga¢ies. entrtlement is taken as the earfiLY of the date on which either. the charfty is avrare that probate has been granted. the estste has t￿en finalised and notrficatNJn has been made by the executors to the charity that a distrilxrtm ￿111 be made, or vthen a distribution is recer¥ed from the estate. Receipt of a ￿acy, in wthole or in wt, is only considered probable when the amount can be measured reliably. and the chty has been notrfied of the executrrfs intention to make a dtstributron. I￿ere ￿gacleS have been notifEd lo the chty ￿ the tharity is aware of the granting of probate, and the criteria for Èn¢ome recognition have not been met. then the legacy is a treated as a contiigent asset and disclosed rf material. Income frcmn the sale of Catch Up trainNig W¢d materials i% recognised on a re￿1vable basis vthen due. Income receNed in advance of training is defe￿e￿ until the uitena for in¢ome recognition are m& {see note 14 below). Donated professional ser¥Kes *e recognised as iicome **ien the tharily has cmtrol overthem, any condrtions associated with the donated item have been met. the receipt of economi¢ benefrt from the use by the charity of the item is probable and the ecCnOm￿ benerrt can be measured reliabty. On receipt, donated professional ServI￿S are recognised on the basis of the value of the gfft to the charity. vthich is the rnnt the Charty ￿lUId have had to pay lo obtain ser4ices of equivalent economic benefrt on the open market: a cO￿eSP0nd￿g anount is then recognised in expendrture in the period. e. Interest recelvable Interest on funds held on deposrt is inC￿ded when re￿Vable and the amount can be measured relkgbly by the charrty: thbs 15 n¢rnlty Up<￿ notrfKation of the interest paid or payable by the bank. f. Fund accounting Unrestrided funds ￿ a¥aikqble fty use at the discret￿n of the Trustees in furthwance of the general objectives of the charity and *fiich have not been designated ￿ othpx purposes. Restricted funds are funds SUWI to specffic restrictive ¢ondth"(m$ imposed by donors or by the purpose of the donation. The FAJfFK)se and use of the reslricted funds are set out in the notes to the financial statements. 19 The Caxton Trust Notes to the Flnanclal Statements for the year ended 3151 December 2022 g. Expendfture Expenditure is reccKJntsed On￿ there is a legal or constnKtive obligati¢)n to make a payment to a third party, it is probable that s&tknient will be required. and the amourrt of the obligation Can be measured rella￿y. Expenditure is classif￿￿ under the followEng acttvity headings.. Expenditure on charitable activities indudes the costs of delivering the Catch Up training, training staff. delivering conferenc￿, develownent and marketing, and Oth￿ activities undertaken to further the purposes of the cttarrfy and ther assctthd supwt ￿st$. h. Allocallon of support costs Support costs are trose fundions that assist the th of the charity but do nol directly undertake charitable adivities. Support costs include b￿k￿Thce o)sts, finance, personnel, payroll and governance ￿51$ ￿ttICh support the thartvs actrwrties. The bases on whtch such support costs have alloc*ed are set out in ncte 6 beknv. l. Leases Rentsls appltcable to OFerating leases substantialty all Ihe bpmefits arKJ rksks cl 0￿MershIP remain with the lessor are charged as incurred. Tangible fixed assets Individual assets costing £1.000 or more are capilalised at cosi. Assets in the ccxrse of develobynent are capitalwd although not depreciated until the asset is brought into use. DeprecIatic￿ is provKled on all tangible r￿ed assets in order to ￿Tite off their cost, less estimated residua value, over their expected uselul lives on the folk)w¥ig basis: Offti equipynent and ￿tureS Websrte and softw*e 33°/o straight line basis 25% strawht kn'ne basis k. Stock Stocks are sL2ted at the Iovber of cost and net realisable value on a FIFO ba*.$ after making allowance for slow moving and <)bsoleie stock. Debtors Trade and other debtors are recognised ai the settlement affthint due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. m. Creditors Credrtors and provisions are recognised *knere the tharity has a wesent obligation resulting from past event that will probabty resuli in the transfer of funds to a third party and the anount due to settle Ihe obligation can be measured ￿ estinated reliabty. Creditors and provisions are nornialty recognised ai their settlement anount aftw allowing for any trade discounts due. The Caxton Trust Notes to the Flnanclal Slatements for the year ended 3151 December 2022 n. Employee bener Wien employees have rendered Sery1￿ to the chawity, sh¢Jt-temi employee benefrts to the employees are entrtled are recognised at the ￿dis(￿ntert anM)urf( exr*c*ed to be paid wi exchange for that servio. The tharty OFerates a defined contribuiKm stakehokler pension sch￿￿ is administered by Prudential plc. The scheme ks open to all employees and is funded by contributions from the employee and employer. A separate Nati(mal Employment Savwigs Trust defined contributvjn stakeholder pension scheme became owational on 1st January 2019. the charilys staging date for autfrenrolment. The pension cost tharge reFxesent$ ¢(M)tributions payable by ihe charity to the funds in respect of the year. o. Foreign currnncies T￿SactIonS in foreign currencres we reccKded at the rate ruling at the date of the tranSadIL￿. Monetary assets and liabilities den¢Jninated in fOre￿n cuffencEs are translated at the rate of exchange ruling at the balance sheet date All differences are taken to the profrt and loss account. p. Redundancy ¢o$ts Redundancy costs are Fxovided for On￿ the deciston for temiination has been made. These we quantified in accordance with the LThployee's right to redundancy payments based on years of service. In addition, pay in lieu of noti￿ due is cakukted in accordance wth the relevant employment contract. 2. Crlllcal accountlng estimatss and judgements In the application of the tharitable companys attourrting poltcies, the Trustees are required lo make judgements, estimates and assumptions about the caffying amt)unt of assets and liabilities that are not readily apparent from other sources. The estinates and associated assumptions are based on historrcal experience and otherfxtors that ¥e consKlered to be relevant. Actual resutts may drfer from these estimates. The estimates and assumptions are revIe￿ed ffi an ongoing basis. Rewsions to accounting estimates ￿e recognised in the period in whth the estinate is revised vthere the revisiC￿ affects only that period. or in the penod of revBion firture periods vthere the revision effects l) current and future pwicmjs. The estimates and assumptions with a signfficant risk of Gausing material adjustments to the carying amount of assets and liabilit￿5 v*thin the next financial Y￿ ¥e: Costs of completing the work funded by re*ricted grant funding, judgement is made to estimate the arTr)unt of grant funded ewned on the partIC￿lar projects based on the milestones reached and the estimated costs of completing the project. This in tum allows the Trustees to estimatewfiat amounts rfany may be transferred from restrK*ed reserves to unrestricted reserves. 21 The Caxton Trust Notes to the Financial Statements for the year ended 31" December 2022 3. Grants and donatlons 2022 2021 Unrestrlcted grants and donatlons The Manor 2056 Trust Olhers Apprenticeship grarts 30.000 4.000 4,000 30,(J)O £38,000 £33.000 Restricted grants and donatlons Charity of Sir Rthard IAhittiigton al IAbrks for Children's S(Kial Ca 111,183 27,335 134.983 £138,518 £189.883 Total grants and donallons £176,518 £222.883 4. Income from charltable acllvllles 2022 2021 Sales of Catth Up produixs Training and associated in¢xme 232,136 149,282 323.796 207,790 £381,418 £531.586 The percentage of income attrilxrtable to markets out$Kle the United lQ'ngdom is 4.1% (2021- 3.1%) 5. Investment income 2022 2021 B￿k interest £1,363 £19 The Caxton Trust Notes to the Financial Statements for the year ended 31" December 2022 6. Analys15 of expendlture on charitable a¢tivilies Dlrect Offlce and Total Staff costs costs support costs 2022 Total 2021 Costs of Catch Up materials and training Training and conferences Development and marketing Project and grant costs 95,2 49,692 67,167 32,878 12,005 90,008 19.136 56.789 65.384 1,509 172,639 141,209 91.303 89,667 197,870 187,479 75,197 117,039 244.987 177.938 71.893 494,818 577,585 Governance costs: Audit fees Legal fees 5,250 755 5,250 755 4.750 2,275 6.005 7,025 £244.987 £177,938 £77.898 £500,823 £584.610 For the year ended 31 December 2021 RestrKled Unrestricted Total Expenditure on Ch￿itable actr¥ities £117.039 £467.571 £584.610 Staff costs are apporti¢)ned a tine basrs. Office and supwl costs are apwtioned to the actNity to which they relate. 7. Net Incomel{expendlture) for the year 2022 2021 Ths is stated after ¢hargingl(cxedftng): Depreciati(x) of own assets Audrtors, remuneration.. Audit sepiices 2.078 615 5,250 4,750 The Caxton Trust Notss to the Flnanclal Statements for the year ended 31•t December 2022 8. Employee inforniatlon 2022 Number 2021 Number The average number of persons employed Support and administration The full time equivalent average number of pers(Th Th: Support and administration Staff costs (for the above staffj 2022 2021 Wages and salaries Social security Costs Pension costs 219,627 15,272 10,088 212,899 15,408 10.810 T¢*1 staff costs £244,987 £239,117 During the year. retirement benefits 4*re ac(wing to 7 pJnployees (2021- T) in respect of money purchase schemes. No employees re￿r4ed a￿lUments (exdudrKJ pension c<)ntributions) Yi ex￿$ of £60.OCM) (2021: none). Trustees No twstee received any remuneration for seNtces during the year {2021- £Nil). Directty incurred expenses are reimbursed wtten dairT*d and in 2022 a total of £Nil was claimed (2021- £Nil). 9. Pensions The charity operates a defined ￿ntriL￿t￿n stheme and a separate NatKJnal Empbyment Savings Trust defined contribution stakeholder pension stheme which became operational on January 2019. The assets of the schemes are held separately to those of the Charrty in independently administered funds. The pension cost charge represents the contributions payable by the Chartyto the funds forthe year arKI these costs are included wthin staff costs and allocated lo the adivrty for the relevant employee. The PenS￿n charge for 2022 was £10,088 (2021 £10.810). Al the year-end. there were no amounts payable m ￿SpeCt of outstanding contritsjtions (2021 £Nil). 1st 10. Taxallon The Caxton Trust is a registered charity. and as suth is entitled lo certain tax exemptions on incorne and profits from nveslments. and on surpluses on any adivities carried on in furtherance of the chariiys wimary objecb'ves. rf these Fyorrts and SUrp￿seS ¥e applied solety for charitable purposes. 24 The Caxton Trust Notes to the Flnanclal Statements for the year ended 31$1 December 2022 11. Tanglble Flxed Assets Computer equipment Website & database Total Cost At 1* January 2022 Addttions 13,857 121.885 135.742 At 31" December 2022 18,245 121,885 140.130 Depreciation At 1# January 2022 Charge for the year 13,242 2.078 121,885 135,127 2.078 At 31* Decembw 2022 15.320 121,885 137,205 Net Book Value At 31s1 t*ember 2022 £2,925 £2,925 At 31* DeC￿ber 2021 £615 £615 12. Stock 2022 2021 Stlxk of Catth Up maerials £5,726 £9,948 13. Debtors 2022 2021 Trade debttxs Prepayments VAT repayable 37.470 11,122 3.326 51.037 11.194 £51,918 £62,231 25 The Caxton Trust Notss to the Financlal Statements for the year ended 31Jt December 2022 14. Credltors: falllng due within one year 2022 2021 Trade ¢yeditors Income in advan Accruals TaxatIc￿l and social seojrity VAT payable 46.538 15,330 5,804 5.373 25,321 28,205 32,847 5.169 2.107 £73,045 £93.649 Incomè in athiance relates to training income invoiced in advance. 2022 2021 Bala￿ at 1* January 2022 Amount ￿leaSed to income from chafitable activitss Amounl deferred in year 28,205 {24,2061 11,331 21,157 {9,432> 16,480 Balance at 31•t December 2022 £15,330 £28,205 15. Other Commltments A Ihreevyear lease vras entered vrto on 1* October 2020 wilh break dauses after 12 WKI 24 months. The annual rent and sWVi￿ charge for the propty vras £11,778. At 31* December 2022. the chafity haj fthure minimum lease payments and service tharge obligations urKler non-¢aKdiabk operating leases in resFect of land and buildings of: 2022 2021 Amounts payable Wthin L¥)e year £8,834 £8.834 The amounts recognised as an expense for the wiod in respect of rent and service charge obligations for land and buildings was £11.778 (2021- £11.778). The Caxton Trust Notss to the Flnanclal Statements for the year ended 31$t December 2022 16. Funds At At 1$1 January Incoming Outgolng 31￿ December 2022 resources resources Trnnsfers 2022 Restrithd fund$ Charity of Sr Richard V¥hittfvigton 69,745 111.183 (77,652) (41.859) 61,417 at IAbrks for Chiklren's Social Care (2,815) 27.335 (12.015) (12.505) 66.930 138.518 (89,867) {54,364) 61,417 Unrestrlcted funds General reSe￿e 192.361 420,781 {411.156) 54,364 256,350 Total funds £259.291 £559,299 £(500,823) £317.767 Charity of Sir Rthard Vthittwi9ton In March 2020, Catth Up was awarded a grant of £349.127 over a thre￿year F)eriod from the ¢harrty of Sir Rithard Vthittington, of The Mercers, Company is a trustee. The grant is to uThJertake research to create literacy and numeracy inteNentions at the early years, foundation stage and is scheduled for cornpleti￿ dumg 2023. The grant, payable in instalments, includes a contrilxitth toward the associated ovetheads of the charity as VRII as income asS￿l￿ed with training of participants. The inc(Jme profile of grant saw £80,427 re*ived in 2020, £134,983 in 2021 and £111.183 in 2022. The remaining £22,534 to be paid in 2023. The r profiling of the projed expenditure and the feduced number of participating schools resumed in a reduced amount of expecled expenditure during 2022. This resulted a larger than expeded amount of restricted Jhat ￿￿rkS for Children's Social Care In November 2021, Caich Up entered into a pilot programme ￿ ￿that INorks for Children's SocÉal Care lo deliver Catch Up Liieracy training to carers of looked after thibjren abng with the provision of appropriate reajing materials. The pmiect allows for training of up to 50 carers has a va￿e of £86,735 with a ¢ompSetion date of March 2023. As a result of a lower level of trai[￿e$ than expected, a ￿uced level of expenditure has resulted in a larger than expeded amount of income being released to unrestricted reserrfes. 27 The Caxton TTUSt Notes to the Flnanclal Statements for the year ended 3141 December 2022 Projects are priced to generate a surplus over the direct costs attributable to delivering the projects in ¢)rder to covw the aSS￿lated overheads of the tharity. In addition, surpluses arise ere the income all0v￿d is wi excess ofthe dirert costs of delivering the various elements of the project expenditure. These total surpluses over dired costs incurred are shown as a transfer tsetw￿ funds. Im￿re rKqeds incur co*$ that were noi associated with the original fvnding bid. these ejrtra costs are bome by Catch Up *sd alktated to the perKxl inujffed. As shcwi above, there is a transfer tset￿n reslricled and un￿StrICted reserves of £54,364 (2021.. £41.127), this represents the estinated surphJs earned on the proj'ect to date, based on the milest￿e$ reached on each project and the estimated costs lo (￿mplete the project. There were 30 project trainees in the current yew and 69 in 2021. 17. Anatysls of net assetsl{Ilabllltles) between funds Tangible Net curront fixed assets assets Total Restricted funds Unrestricled funds 61.417 253,425 61.417 256,350 2.925 £2,925 £314,842 £317,767 18. Reconciliation of net movement in funds to net cash flow from opernting a¢tivitie8 2022 2021 Net movement in funds Add back depreciation charges Dedu¢t vite￿$t vicome sh(ywn in investing activities (Increase)Idecrease in stock (Increaseydecrease in debtors Increasel(decrease) in creditors 58,476 2,078 169.878 615 (1,363) 4,222 10,313 (20,604) {19) (3.7&8) 7.582 (3.122) Net cash provided byl(used in) operating a¢tr¥itie$ £53,122 £171.176 19. Related party transactions During the year Caich Up re￿iVed a donation of £30,OW from Tr Man(* 2056 Tnjst. which is a charity Gontrolled by Mr A Lane wtto is a trustee ofThe Caxton Trust (2021- £30.000). A dcfflation of £2.500 was also received frC￿ Mr & Mrs Emmett. Mrs Emmett is a trustee of The Caxton Tnjst {2021- £2.400). 20. Post balanee sheet events There ￿ no post baknce sheet events to note.