Company Number: 3476510 Charity Numbers: 1072425 SC047557 The Caxton Trust {A company limited by guarantee) Report and Financial Statements for the year ended 3181 December 2023 Imiiilliii 'AD4USITL* 0810612024 COMPANIES HOUSE A15
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The Caxton Trust Report and Financial Ststements Contents Page Report of the Trustees (including Directors, report) Independent auditors, report Statement of financial activities (Including income and expenditure account) 15 Balance sheet 16 Statement of cash flows 17 Notes to the financial statements 18-28
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 31st December 2023 In this document the Trustees present their report and the audited financial statements for the year ended 31 St December 2023. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity's governing document, the Charities Act 2011, the Charities and Trustee Inveslment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and Statement of Recommended Practice: Accounting and Reporting by Charities applicable in the UK and Republic of Ireland (effective 1 January 2015) - known as Charities SORP (FRS102). The Trustees, report is also a directors, report for the purposes of the Companies Act 2006 and other company legislation. Chaimian's Report The Caxton Trust operates under the name of Catch Up. Our overall aim is to increase both the take-up of Catch Up training by schools and their long-term engagement with Catch Up, so that many more struggling learners are supported by Catch Up's products. The educational market has seen the growth of academy chains and free schools, the decline of local education authorities, and increasing public sector budgetary pressures. To address these challenges, Catch Up seeks to offer cost-effective and readily accessible products, to allow the maximum number of struggling learners in schools to be reached. The one-off cost of £450 for a person to be trained in one of our interventions means that the average cost per pupil reduces significantly as more beneficiaries receive the intervention. with the result that the Catch Up intep4entions offer exceptionally good value for money. As part of the Catch Up Training Support Package. we offer additional tools to help schools embed the interventions and further resources that support them. The Caxton Trust has charitable status in Scotland and Catch Up is an authorised supplier to several Scottish local authorities. Further relationships in Scotland are being developed in order to expand the reach of Calch Up there. For many years our main delivery model was face-to-face training using a network of Regional Training Centres (RTCS) supplemented by individual courses for organisations when requested. An online offer was trialled during 2019 and regular online training courses for both literacy and numeracy interventions were offered at the beginning of 2020. As a result of the Covid-19 pandemic all our training ceased in March 2020. Upon resumption of training in the autumn of that year, we experienced strong demand for online training. The necessity of remote training and the growing acceptance of that form of model meant that we have since offered most of our courses online, with bespoke face-to-face courses being offered to individual organisations when requested. We continue to adapt and refine our online courses to ensure an efficient and quality delivery of training for our inten/entions. We use our website and database to provide an efficient automaled booking pross. this enables Catch Up to continue to be a reasonably priced intervention and to be accessible to the widest possible audience. Our discounted training places continue to prove popular, offering good value to organisations taking up these offers and encouraging the creation of an optimal team of three trainees, including a Catch Up co-ordinator. to be embedded in a school. Incentives for whole school training are also offered to maximise the take-up of the Catch Up interventions in individual organisations. Catch Up trained 501 trainees in 2023, including 54 project trainees. Indications are that 2024 will be a further challenging year for the education sector.
The Caxton Trust Report of the Trustees (including Directors, report for the year ended 31st December 2023 In March 2020 Catch Up was awarded a grant of £349,127 from The Charity of Sir Richard ljvhittington, ofwhich The Mercers, Company is a trustee. This was to be used lo undertake research over a three-year period for the creation of lileracy and numeracy interventions for the early years foundation stage. Whilst the immediate start to the project was delayed as a result of the Covid-19 pandemic and the difficulty recruiting schools meant that the project needed to be re-profiled. The project has achieved its desired aim to demonstrate that the Catch Up interventions can be delivered to the early years foundation stage. The end of project report produced will be used to promote the use of the interventions to younger struggling learners. In November 2021 Catch Up entered into an agreement with What Works for Children's Social Care for a pilot project to train up to 50 foster carers in Catch Up Literacy. It is pleasing that Catch Up was able to expand its reach to young people in care who were able to benefit from this intervention. At the end of 2022 discussions were held with Norfolk Virtual School to look to deliver the Catch Up Literacy intervention to carers and supporting adults in two parts, the first concentrating on reading. Following a successful first course in November 2022, a further 18 trainees were trained in 2023 and 3 further courses are booked for 2024. Catch Up is now seeking lo contact other virtual schools across the UK to offer similar support to Ihe looked after children sector. The continued demand for online training coupled with the ongoing support of The Manor 2056 Trust and the Mercers, project has allowed the organisation to end the year on a stable financial footing. On behalf of the Trustees, I thank our former Chief Executive, Theresa Rogers, and her colleagues, for the commitment they have shown in responding to the fluctuating levels of demand experienced and in developing new areas to ensure Catch Up reaches as wide an audience as possible. Following Theresa's retirement, the Senior Leadership Team (SLT) took charge of the day to day running of Catch Up and we express our gratitude to them for stepping up to carry the Catch Up baton on. I would also like to thank Patrick Cravrford for nearly 10 years of service as Trustee and over S years as Chairman during a difficult time for the charity. We wish him a happy retirement. To find out more about Catch Up, visil our website www.catchup.org or telephone: 01842 668080. Andrew Lane Chairman
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 3151 Docamber 2023 Our purpose and activities Our charity's purpose, set out in the objects of the Trust in its governing documents, is the advancement of education. Our mission statement is to address literacy and numeracy difficulties that contribute to under-achievement. Ensurlng our work delivers our aims We review our aims, objectives and activities each year. This review looks at what we achieved and Ihe outcomes of our work in the previous 12 months. We look at the success of each key activity and the benefits brought to those groups of people we are set up to help. This prO5S also helps us to ensure that our aim. objectives and activities remain focussed on our stated purposes. We have complied with the duty in the 2011 Charities Act and the Charities and Trustee Investment {Scotland) Act 2005 to have due regard to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. The Trustees accordingly consider how planned activities will contribute to the aims and objectives they have set. How our actlvlties deliver public beneflt A significant proportion of primary and secondary school children in the UK have difficulties in attaining the levels of literacy and numeracy expected of them. Whilst these difficulties are often not severe enough to entitle those struggling learners to statutory additional learning support, they may still be sufficient to restrict the access to the curriculum. Without additional support, these children may fall further behind their peers. The adverse consequences are wide-ranging and well- documented: long-term poor academic achievement, low self-esteem, lower motivation to read, disengagement with the learning process, behavioural problems, reduced employment prospects and the possibility of social exclusion. It was with this in mind, that the Catch Up interventions were developed. By helping individuals experiencing learning difficulties to reach their full potential, it is hoped that their lives will be enriched and that they will be able to play a fuller part in society, so benefiting the communities in which they live. Our main activities and those whom we try to help are described below. All our charitable activities focus on the advancement of the literacy and numeracy skills of struggling leamers and are undertaken to further our charitable purposes for the public benefit. Catch Up, the working name of The Caxton Trust, is a not-for-profit charity that: offers comprehensive and integrated training and resource packages to support Ihe management and delivery of the Catch Up interventions: provides ongoing support. through Ihe Catch Up community. for those who deliver the Catch Up interventions" and undertakes research into the development and enhancement of the Catch Up intervenlions, and into extending the support it provides to struggling learners. Catch Up Lileracy and Catch Up Numeracy are: structured one-to-one interventions for struggling readers and for leamers who struggle with numeracy respectively: centred on 15-minute sessions delivered twice a week, targeted to the needs of the individLJal; grounded in rigorous academic research and shown to be effective in schools (and other settings). and realistic, practical and inexpensive.
The Caxton Trust Report of the Trustees {including Directors. report) for the year ended 3151 December 2023 Who used and benefited from our Services? Those who use our services are initially teachers. teaching assistanls, carers and other 'supporting adults.. The ultimate beneficiaries are struggling learners. Achievements and performance OPERATIONAL Catch Up continues to develop its Key Performance Indicators in order to manage and develop its work effectively. The number of struggling learners helped is the ultimate measure of the work of the charity. As trained supporting adults can assist many slruggling learners over time, the ultimate number of beneficiaries is difficult to quantify. We feel acGordingly that the best measure of the activity of the charity is the number of supporting adults trained. In 2023, there were a total of 501 trainees, compared to 924 in 2022. The changing financial climate within the public sector, changes in local authority staffing in England, and the development of academies and free schools combine to provide a challenging environment for the delivery of Catch Up's operations. The effects of the Covid-19 pandemic meant there was an even greater need for the Catch Up interventions following the reduction of face-to-face teaching and given thal not all members of the school comrnunity could access online learning during the pandemic. Subsequently, attendance issues have meant many pupils are falling behind and in need of extra help to close the attainment gap. To make our interventions more affordable and to encourage the ideal team size of a minimum of three Catch Up trainees in each school, discounted places are offered to organisations booking training for each intervention. Whole school block discounts are also offered to provide incentives to widen Catch Up's reach. Since 2000, we have trained in excess of 36,000 supporting adults to deliver the Catch Up interventions and we estimate that they have supported well in excess of half a million struggling learners. COMMUNICATIONS, MARKETING AND BUSINESS DEVELOPMENT Activities included direct mail, email advertising, publisher inserts. brochure mailings, email newsletters. X (formerly Twitter), training campaigns, webinars, automated emails, and Excellence Awards. We recognised that. with the diminishing roles of English local authorities, we needed to find new ways of communicating and working with English schools directly, including exploring the use of new partnerships. Schools are keen to maximise the benefits from their use of Targeted Pupil FundinglPupil Premium, especially as this is scrutinised as part of school inspections A Pupil Reporting Tool enables users lo benefit as much as they can from the Catch Up interventions and provides more evidence of the benefits of using Catch Up. Following the recent work with virtual schools and the looked after children sector, work to increase awareness of Catch Up continues to be pursued to encourage further opportunities of collaboration. The completion of the Mercers, project demonstrating Catch Up's suitability to the early years foundation stage means that new marketing messages to communicate this area are now being developed.
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 31S1 December 2023 An agreement was reached with the National Literacy Trust {NLT) to promote Catch Up as a preferred option to help with literacy for struggling learners. Hodder Education now notes that its New Salford senten Reading Test is recommended by Catch Up,. this has helped to raise the profile of the organisation to members of the education sector by being associated with this well-respected teaching tool. BUILDING CAPACITY The use of our website and database provides an efficient booking and administration system, with trainees made fully aware of our on-line functionality. The automation of database-driven tasks has allowed efficient management of courses by our office team and the use of a third-party provider to deliver online connectivity for courses has allowed our office resources to be deployed to manage the courses being delivered. Using the knowledge, expertise, and commitment of the Catch Up team has been beneficial in developing and reviewing operational issues and resources, as well as in identifying potential new areas of development and refining online delivery. Trainers have been trained in delivering the training online and the delivery of training continues to be refined as a result of feedback from trainers and trainees. RESEARCH AND GRANTS In March 2020. Catch Up was awarded a grant of £349,127 over a Ihree-year period from the charity of Sir Richard Vthittington, of which The Mercers, Company is a trustee. The grant is for the undertaking of research to create early years, literacy and numeracy interventions for pupils, Foundation Stage and is scheduled for completion during 2023. The grant, payable in instalments includes a contribution toward the associated overheads of the charity as well as income associated with training of participants. The profile of grant saw £80,427 received in 2020, £134,983 in 2021, £111,183 in 2022 and with the remaining £22,534 being reiVed in 2023. The expenditure incurred in relation to this grant in the year was £55,283 with a transfer lo unrestricted funds of £11,893. The project was heavily affected by the Covid-19 Pandemic which resulted in initial one to one sessions being delayed until Summer 2022. During Ihe project, it was evident that an assumed contribution from project schools would not materialise. consequently the project expenditure was re-profiled with Mercers, agreement. As the project entered its final year it became apparent that despite trying to recruit project schools via a variety of methods, the project would not attract the expected number of schools planned. This has resulted in a reduced amount of expenditure and a greater amount of project income being transferred to unrestricted reserves over the period of the grant. Despite these setbacks the development of the Catch Up interventions for early years has been achieved and case studies will be provided to support its use in the future. In November 2021 Catch Up entered into an agreement with Vllhat Works for Children's Social Care for a pilot project to train up to 50 foster carers in Catch Up Literacy. The project had an expected grant value of £86,735 with completion expected by March 2023. £54.900 was received in 2021 and £27,335 in 2022, with the final £4,500 in 2023. The Manor 2056 Trust provided a financial donation of £30,000 which was used to support core costs during the year. FUND-FIAISING STANDARD INFORMATION Catch Up does not carry out fund raising activities. It relies upon the sale of the Catch Up training and resources for its operating costs and upon grants for its research projects.
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 31st December 2023 Financial review 2022 saw a level of activity similar to that experienced in 2019. the last full calendar year before the Covid 19 pandemic. The surge in demand experienced in 2022 then tailed off in 2023. During 2023 it was necessary to cut costs and the combination of not replacing the CEO and some restructuring of the staff team ensured that charity ended the year with a reduced cost base going forward. As a result of the reduction in staff costs, a steady. albeit reduced, demand for training, the continued support of The Manor 2056 Trust and the final work in delivering The Mercers, Company's project, a sound financial position at the end of 2023 was achieved. Catch Up had a financial deficit of £63.020 for the year on unrestricted funds and at the year-end the balance on unrestricted reserves was £206.223. Total income for 2023 was £254,724. which represented a 540/0 decrease from £559,299 in 2023. There was an 650/0 decrease in grants and donations in 2023 to £61,312 from 176,518 in 2022. Income from the sale of Catch Up materials and training decreased to £188,452 from £381,418. Total expenditure in 2023 was £349,493, down from £500,823, a 300/0 decrease. The total net deficit for 2023 was £94.769 (2022 - surplus of £58,476). Total reserves at the end of 2023 were £222,998, comprising unrestricted resenies of £206,223 and restricted reserves of £16,775; the restricted reserves were in respect of funding received, which will be spent during 2024. Pricing policy Catch Up maintains a pricing policy that reflects the strategy of enabling its interventions to be available to as many beneficiaries as possible. Hence, the Trustees and management seek to offer a price that provides a reasonably priced and cost-effective intervention that covers the core costs of the charity, enabling the charity to be sustainable, We give incentives for more trainees from the same organisation to encourage what Catch Up sees as the optimal number of trainees at each location to achieve the most successful outcomes for itself and for schools. Reserve5 policy The Trustees have established the level of unrestricted (freely available) reserves Ihat the charity should aim to have. These reserves are needed to bridge the funding gaps between spending on Catch Up inlerventions and receipt of income. The seasonal nature of the training also requires the level of cash reserves to be sufficient to cover core costs and working capital requirements during periods when reduced income is experienced, typically during the first half of the year. The aim of Trustees is to achieve a level of unrestricted reserves equivalent to between three to six months of core costs, currently estimated to be between £57,115 and £114.231. This target level of reserves was achieved in 2023 and it is planned for this level will be maintained during 2024. However, as a result of the uncertainty within the educational sector and the reduced level of bookings. the Trustees feel that is prudent to maintain an additional level of unrestricted reserves at the 2023 year end than the policy would suggest. Especially as the prospect of additional grant funding in the near future is uncertain.
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 31$¢ December 2023 Golng concern A deficit was experienced in 2023 as the Mercers project came to an end and the level of bookings redud. Indications are that 2024 will be another challenging year. It is expected that a deficit on unrestricted reserves in the region of £90,000 will be incurred in 2024 with a further deficil in 2025 in the region of £42.000. It is hoped that during 2025 following marf(eting campaigns to new markets induding the looked after children and early years sectors will inciease the numbers of trainees trained. Should the marketing campaigns nol be successful, further cost reductions may be necessary to enable a return to a breakeven position. The cost of any reorganisation is expected to be met from unreslricted reserves. The research grant from The Mercers, Company has provided financbal stability for the earfy part of 2024 as the final report is published and disseminated. In addition. the Trustees have negotiated a working capital line of credit from The Manor 2056 Trust, should it be required. as well as pledges for annual grants of £30,000 per annum for 2024 and 2025 to support the organisation for a 12- rnonth period. The level of reseNes coupled with our forecasts of trading and cashflows for 2024 and 2025. based on the expected demand for 2023, cause the Trustees lo be of the view that the charily is a going concern. Plans for future perlods Catch Up began offering on-line training courses during 2020. These have the advantage of reaching geographically remote groups or trainees that wish to access Catch Up Iraining at the earliest opportunity without the need to incur travel time and costs. The incidence of Covid-19 in 2020 demonstrated how flexible these on-line courses are and how well-suiled Ihey are to remote delivery. The pandemic has made society more comfortable with remote learning and online delivery is now the preferred delivery rnethod for our interentiOns. Face-to face courses are offered to organisations that are looking to train a minimum of 10 trainees. The Mercers, Company's Earty Years project and the project for Whal Works for Children's Social Care which was followed up wrth work with Norfolk Virtual School have identified areas for further development. These identified sectors offer great potential to expand the reach of Catch Up intervenlions and work to focus marketing efforts to these areas is already underway. The dedicalion, commitment, flexibility and professionalism of the Catch Up team, combined with an adaptable strategy. a refined delivery model, excellent value for money and proven effectiveness, allow the Trustees lo be confident that continued take-up of Catch Up interventions will be achieved, thus helping many more children benefit from our interventions. Reference and administrative detslls Charity Numbers: 1072425 SC047557 Company Number: 3476510 Registered Office: Catch Up, Keystone Enterprise Factory, Brunel Way, Thefford. IP24 1 HP Auditors: Kevin J Rhind, Hempstead House. Hempslead, Norwich NR12 OSH Bankers: CAF Bank, Kings Hill, West Malling, Kent ME19 4TA The charity is officially registered as The Caxton Trust but conducts its charitable work under the working name of Catch Up.
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 31st December 2023 Directors and trustees The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report they are collectively known as the Trustees. The Trustees and officers serving during the year and since the year-end were as follows.. Andrew Lane - Chairman from 14th November 2023 Patrick Crawford CB- Chairman until 14th November 2023, resigned as Trustee 18th December 2023 Sioned Bowen Vanessa Emmett Professor Ingrid Lunt Jocelyn Stuart-Grumbar Alan Warner The key staff members were.. Chief Executive Deputy Director Theresa Rogers (retired 9th March 2023) Dr Graham Sigley- with responsibility for research programmes Following Theresa Rogers retirement, a senior leadership team (SLT) which includes the Deputy Director has been in place to manage the day-to-day running of the charity. Governing document and rnembers The Caxton Trust is a company limited by guarantee and a registered charity in England and Scotland. On 121h June 2017, the company adopted a new Memorandum and Articles of Association in substitution to its Memorandum and Articles of Association dated 4th December 1997 as amended on 22nd October 1998. The members are the owners of the charity. Applications for membership require approval by the Trustees. Each of the members has agreed to contribute £1 in the event of the charity winding up. The current membership comprises the existing Trustees. Appointment of trustees The Trustees are responsible for govemance, d1ctIng and overseeing the operation of the charity. Trustees are appointed by a recruitment process which includes an interview. The minimum number of trustees is three; there is no maximum number. Trustee induction and tralnlng All new trustees are given an induction meeting to brief them on their legal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the decision-making process, the business plan, recent financial performance of the charity and a job description. They are also invited to meet key employees and members of staff.
The Caxton Trust Report of the Trustees (includin9 Directors, reporti for the year ended 31st December 2023 Organisation The board of trustees administers the charity. The board meets at least quarterly. A Chief Executive was appointed by the Trustees to manage the day-to-day operations of the charity; this role is now being carried out by a 4-person SLT. To facilitate effective operations. the Chief Executive previously and latterly the SLT has delegated authority, within the terms of delegation approved by the Trustees, for operational matters including finance, employment and the sale of Catch Up products. Remuneratlon pollcy for trustees and senior staff The Trustees and the Senior Leadership Team members comprise the key management personnel of the charity. The Trustees give their time without compensation and no trustee received any remuneration in the year. Details of the senior staff remuneration are disclosed in note 8 to the financial statements. The pay of senior staff is reviewed annually along with other members of the staff team and assessment given to the sustainability of the charity, local market rates and the performance of both individuals and of the Ofganisation. Risk management The Trustees have a risk management strategy, which comprises: an annual review of the risks and uncertainties the charity may face; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review; and the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. This review has identified that financial sustainability is the major financial risk for the charity. A key element in the management of financial risk is a regular review of available liquid funds and the active management of trade debtors and creditors to ensure sufficient working capital is available to the charity. Operationally, the charity aims to ensure that training courses only take place where a positive financial contribution can be achieved.
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 31S1 December 2023 Trustees, responsibillty in relation to the financial statements Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the financial activities of the charity and of its financial position at the end of that period. In preparing those financial statements, the Trustees are required to: select suitable accounting policies and then apply them consistently: observe the methods and principles in the Charities, SORP FRS102; make judgements and estimates that are reasonable and prudent. state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial ststements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonabl8 steps for the prevention and detection of fraud and other irregularities. Statement as to dlsclosure to our audltors In so far as the Trustees are aware at the time of approving our Trustees, annual report.. there is no relevant information, being information needed by the auditor in connection with preparing their report, of which the charity's auditor is unaware, and Ihe Trustees, having made such enquiries of fellow trustees and the charity's auditor that they ought to have individually taken, have 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 information. Auditor A resolution proposing Kevin J. Rhind is re-appointed as auditor of the charity will be put to the Annual General Meeting. Small Company provisions The report of the Trustees has been prepared taking advantage of the small companies, exemption of section 415A of the Companies Act 2006. Signed on behalf of the Trustees by: Andrew Lano Chairman Dated: 20th May 2024 10
Independent Auditor's Report to the Trustees of The Caxton Trust Opinion We have audited the financial statements of The Caxton Trust (the 'charitable company,) for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the balance Sheet, the Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United 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 slatements.. give a true and fair view of the state of Ihe charitable company's affairs as at [date], and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities 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. Concluslons relating to going concern In auditing the financial statements, we have concluded that the Irustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from 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 5nformation The other information comprises the information included in the trustees, annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent othenvise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Independent Auditor's Report to the Trustees of The Caxton Trust Opinions on other matters 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 trustees, report, which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements., and the directors, report included within the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report included within the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 requires us to report to you if. 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 accounting records and returns,. or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 10, the Irustees (who are also the directors of the 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 statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate Ihe charitable company or to cease operations, or have no realistic alternative but to do so. Auditor responsibilities for the audit of th8 financial statements We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report in accordance with the Acts and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit Conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users laken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design ProdureS in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. 12
Independent Auditor's Report to the Trustees of The Caxton Trust Extent to which the audit was considered capable of detecting irregularities including fraud We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and detennined that the most significant are those relating to the reporting framework (FRS 102, The Charities SORP FRS102, the Companies Act 2006, the Charities Act 2011, the Charities and Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006) and the relevant direct and indirect compliance tax regulations in the United Kingdom. We understood how the company is complying with those frameworks by making enquiries of management and the trustees to understand how the company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing documentation. We have also reviewed Corresponden with relevant authorities. Reviewing minutes of meetings of trustees. Reviewing financial statement disclosures and testing supporting documentation to assess compliance with applicable laws and regulations, Performing audit work over the risk of management override of the controls. including testing of journal entries and other adjustments for appropriateness, evaluation of the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for evidence of bias. On occasion where we may also have det&rmined that certain matters relating to non-compliance with laws and regulations are key audit matters, we must still include the required explanation, in our report, as to what extent the audit was capable of detecting irregularities, including fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non- compliance with regulation. This risk increases the more that compliance wilh a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is available on the FRC'S website at.. htt s:/lwww.frc.or .uklauditorslaudit-assurancelauditor-s-res ilities-for-the-audit-of-the- fild tion-of-the-auditor'/oE20 0 % 99s-res onsibilities-f This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006, and lo the charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company, the charitable company's members as a body and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. 13
Independent Auditor's Report to the Truste8s of The Caxton Trust Kevin J. Rhind (Senior Statutory Auditor) For and on behalf of Kevin J. Rhind, Statutory Auditor Hempstead House, Hempstead, Norwich NR12 OSH Dated: 14
The Caxton Trust Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31st December 2023 Unrestricted Restricted Funds Funds 2023 2022 Note Income Grants and donations Income from Gharitable aGtivities.' Sales of Catch Up materials, training and conferences Investment income 33,778 27.534 61,312 176,518 188.452 188,452 381.418 4,960 4,960 1,363 Total income 227.190 27,534 254,724 559.299 Expenditure Expenditure on Charitable activities.. Development and sale of Catch Up materials, training and conferences 290.210 59,283 349,493 500.823 Total •xponditure 290,210 59,283 349.493 500.823 Net incomel(expenditure) (63,020) (31,749) (94,769) 58,476 Transfer between funds 12.893 (12,893) N6t movement In funds for the year (50,127) (44,642) (94,769> 58,476 Reconc511atlon of funds Fund balances brought fonNard 256.350 61,417 317,767 259.291 Fund balances carried loard 16 £206.223 £16,775 £222.998 £317,767 The Slatement of Financial Activilies includes all gains and losses recognised in the year. All incoming resources and resources expended are derived from continuing activities. The notes on page 18 to 28 form part of these financial statements. 15
The Caxton Trust Balance Sheet as at 31st December 2023 2023 2022 Note Fixed assets Tangible assets 1,462 2,925 Current assets Stocks Debtors Cash at bank and in hand 12 13 1,458 30.771 220,479 5,726 51,918 330,243 Total current assgt¥S 252,708 387,887 Creditors: amounts falling due within one year 14 31,172 73,045 Net currant assetsl(liabi1Stles) 221,536 314,842 Nèt assetsl(liabilities) £222,998 £317,767 The fund8 of the charity Restricted income funds Unrestricted income funds 16 16 16,775 206,223 61.417 256,350 Total charity funds 17 £222,998 £317,767 These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company. The financial statements were approved by the board of Trustees on 20th May 2024 and signed on its behalf by.. Andrew Lan• Trustee Company registration number: 3476510 Charity Number: 1072425 The notes on pages 18 to 28 form part of these financial statements. 16
The Caxton Trust Statement of Cash Flows for the year ended 31st December 2023 2023 2022 Note Cash provided byl(used in) operating activities 18 (114,724) 53,122 Cash flows from investing activities Investment income Purchase of tangible fixed assets 4,960 1,363 (4.388) Cash provided byl(used in) investing activities 4,960 (3,025) Increasel(decrease> in cash and cash equivalents in the year (109,764) 50,097 Cash and cash equivalents at the beginning of the year 330,243 280,146 Total cash and cash equlvalents at the end of the year £220,479 £330,243 The notes on pages 18 to 28 form part of these financial statements. 17
The Caxton Trust Notes to the Financlal Ststements for the year ended 31st December 2023 1. Accounting pollcles The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: a. Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) including the provisions of Seclion 1A applicable to Small Entities - (Charities, SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006, the Charities and Trustees Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The financial statements are presented in sterting, rounded to the nearest whole £1. The Caxton Trust meets the definition of a public benefrt entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. b. Preparation of the accounts on a going concern basis The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The demand for training in 2024 is expected to be about 30% lower than that experienced in 2023 with the result that a deficit on unreslricted reserves in the region of £90,000 is expected for the year. Cost reductions were carried out in 2023 and funding bids are in progress. A marketing campaign focussing on early years and Ihe looked after children sector are being prepared for 2024, with the aim of increasing trainee numbers, but in considering the Trusts ability lo continue trading in 2025, the Trustees have prepared a budget based on a small increase in numbers over the 2024 forecast and a reduction in staff costs due to one member of staff retiring in 2024, which would result in a further deficit in the region of £42,000. Should the marketing campaigns not be successful, further cost reductions may be necessary to enable the Trust to continue trading. The cost of any reorganisation is expected to be met from unrestricted reserves. Assurances thal the annual grant of £30,000 from The Manor 2056 Trust for 2024 and 2025 have been received. This funding along with the brought fOard reserves ensures that the charity would be able to absorb the defiat expected for 2024 and any reorganisational costs, whilst still having sufficient working capital available lo continue trading throughout 2025. The chaiity has renewed its working capital line of credit which is enough to meet the expected shortfall of cash that mighl occur rf budgeted training nurnbers are not met. The budgeted level of income and expenditure combined with the level of reserves for the charity are sufficient for it to be able to continue as a going concern. . Company status The charity is a private company limited by guarantee incorporated in England within the United Kingdom. The guarantors are the members. The liability in respect of the guarantee, as set out in the memorandum and artides, is limited to £1 per member of the charity. The charity is also a registered charity in Scotland. The address of the registered office is given in the information on page 8 of these financial statements. 18
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2023 d. Income Income is recognised when the charity has entitlement to the funds, any perfomiance conditions attached to the items of income have been met, it is probable that the income will be received, and the amount can be measured reliably. Income from government and other grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any perf0rrnan conditions attached lo the grants have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred. For legacies, entitlement is taken as the earlier of the date on which either.. the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executors to Ihe charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy. in whole or in part, is only considered probable when the amounl can be measured reliably, and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Income from the sale of Catch Up training and materials is recognised on a receivable basis when due. Income received in advance of training is deferred until the criteria for income recognition are Met (see note 14 below). Donated professional services are recognised as income when the charity has control over thern. any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and the economic benefit can be measured reliably. On receipt, donated professional services are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have had to pay to obtain services of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period. Interest receivablo Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity.. this is normally upon notification of the interest paid or payable by the bank. Fund accounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Restricted funds are funds subject to specific restrictive conditions imposed by donors or by the purpose of the donation. The purpose and use of the restricted funds are set out in the notes to the financial statements. g. Expenditure Expenditure is recognised once there is a legal or constructive obligation lo make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Expenditure on Charitable activities indudes the costs of delivering the Catch Up training, training staff, delivering conferences. development and marketing. and other activities undertaken to further the purposes of the charity and their associaled support costs. 19
The Caxton Trust Noles to the Financial Statements for the year ended 31st December 2023 h. Allocatlon of support costs Support costs are those functions that assisl the work of the charity but do not directly undertake charitable activities. Support costs include back-office costs, finance, personnel, payroll and governance costs which support the charity's activities. The bases on which such support costs have been allocated are set out in note 6 below. Leases Rentals applicable to operaling leases where substantially all the benefits and risks of ownership remain with the lessor are charged as incurred. Tangible flxed assets Individual assets costing £1,000 or more are capitalised at cost. Assets in the course of development are capilalised although not depreciated until the asset is brought into use. Depreciation is provided on all tangible fixed assets in order to write off their cost, less estimated residual value, over their expected useful lives on the following basis: Office equipment and fixtures Website and software 33./0 Straight line basis 25 % straight line basis k. Stock Stocks are stated at the lower of cost and net realisable value on a FIFO basis after making allowance for slow moving and obsolete stock. Debtors Trade and other debtors are recognised at the settlement amount due after any discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Creditors Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Employee benefits When employees have rendered service to the charity, short-tenn employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution stakeholder pension scheme which is administered by Prudential plc. The scheme is open to all employees and is funded by contributions from the employee and employer. A separate National Employment Savings Trust defined contribution stakeholder pension scheme became operational on 1 st January 2019, the charily's staging date for auto-enrolment. The pension cost charge represents contributions payable by the charity to the funds in respect of the year. 20
The Caxton Trust Notes to the Financial Ststements for the year ended 31st December 2023 Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at Ihe date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated al the rate of exchange ruling at the balance sheet date. All differences are taken to the profit and loss account. p. Redundancy costs Redundancy costs are provided for once the decision for ternination has been made. These are quantified in accordance with the employee's right to redundancy payments based on years of service. In addition, any pay in lieu of notice due is calculated in accordance with the relevant employment contract. 2. Crltlcal accountlng estlmates and Judgements In the application of the charitable company's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting eslimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of revision and future periods where the revision effects both current and future periods. The estimates and assumptions with a significant risk of causing material adjustmenls to the carrying amount of assets and liabilities within the next financial year are: Costs of completing the work funded by restricted grant funding, where judgement is made to estimate the amount of grant funded earned on the particular projects based on the milestones reached and the estimated costs of completing the project. This in turn allows the Trustees to estimate what amounts if any may be transferred from restricted reserves to unrestricted reserves. 21
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2023 3. Grants and donations 2023 2022 Unrestricted grants and donations The Manor 2056 Trust Others Apprenticeship grants 30,000 3,778 30.000 4,000 4.000 £33,778 £38,000 Restricted grants and donations Charity of Sir Richard Whittington What Works for Children's Social Care Go Digital 22,534 4,500 500 111.183 27,335 £27,534 £138,518 Total grants and donatlons £61,312 £176,518 4. Income from charitable activities 2023 2022 Sales of Catch Up products Training and associated income 114,802 73,650 232,136 149,282 £188,452 £381,418 The percentage of income attributable to markets outside the United Kingdom is 4.90/0 {2022-4.1 %) 5. Investment income 2023 2022 Bank interest £4,960 £1,363 22
The Caxton Trust Notes to the Finan¢ial Statements for the year ended 31 st December 2023 6. Analysis of expenditure on charitable activlties Direct Office and Total costs support costs 2023 Total 2022 Staff costs Costs of Catch Up materials and training Training and conferences Development and marketing Project and granl costs 98,958 29.781 15,620 29.308 9,080 61,898 12,154 29,975 48,777 1,339 5,000 156,815 93,018 32.774 59,283 172.639 141,209 91,303 89,667 173,667 113,107 55,116 341,890 494,818 Govemance costs: Audit fees Legal fees 5,496 2.107 5,496 2,107 5,250 755 7,603 7,603 6,005 £173,667 £113,107 £62.719 £349,493 £500,823 For the year ended 31 December 2023 Restricted Unrestricted Total Expenditure on charitable activities £59,283 £290,210 £349,493 Staff costs are apportioned on a time basis. Office and support costs are apportioned lo the activity to which they relate. 7. Net Incomel(expenditure) for the year 2023 2022 This is stated after chargin91(crediting): Depreciation of own assets Auditors, remuneration: Audit services 1,463 2,078 5.496 5,250 23
The Caxton Trust Notes to the Financial Statements for the year ended 31st Decernber 2023 8. Employee information 2023 Number 2022 Number The average number of persons employed was: Support and administration The full time equivalent average number of persons was,. Support and administration Staff costs (for the above staffj 2023 2022 Wages and salaries Social security costs Pension costs 159,407 7,352 6,908 219,627 15.272 10,088 Total staff costs £173,667 £244,987 During 2023 two employees were made redundant. Redundancy and notice payments totalling £7.348 were paid in respect of these two employees and are shown within the wages and salaries noted above. During the year, retirement benefils were accruing to 7 employees (2022 - 7) in respect of money purchase schemes. No employees received emoluments (excluding pension contributions) in excess of £60,000 (2022: none). The total remuneration including pension contributions of key management personnel during the year was £41,569 (2022.. £88,218). Trustees No trustee received any remuneration for services during the year (2022 - £Nil). Directly incurred expenses are reimbursed when claimed and in 2023 a total of £Nil was claimed (2022 - £Nil). 9. Pensions The charity operates a defined contribution pension scheme and a separate National Employment Savings Trust defined contribution stakeholder pension scheme which became operational on January 2019. The assets of the schemes are held separately to those of the charity in independently administered funds. The pension cost charge represents the contributions payable by the charity to the funds forlhe year and these costs are included within staff costs and allocated to the activity for the relevant employee. The pension charge for 2023 was £6,908 (2022 £10,088). At the year-end, £719 was payable in respect of outstanding contributions (2022 - £Nil), 10. Taxation The Caxton Trust is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and on surpluses on any activities carried on in furtherance of the charity's primary objectives, if these profits and surpluses are applied solely for charitable purposes. 24
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2023 11. Tangible Fixed Assets Computer equipment Website & database Total Cost At 1s1 January 2023 Disposals - assets written off 18,245 (12,012) 121,885 140,130 (12,012) At 31 $1 December 2023 6,233 121,885 128,118 Depreciation At 1S1 January 2023 Disposals - assets written off Charge for the year 15,320 (12.012) 1,463 121,885 137,205 (12.012) 1,463 At 31sI December 2023 4,771 121,885 126,656 Net Book Value At 31•t Decemb•r 2023 £1,462 £1,462 At 31$1 December 2022 £2,925 £2,925 12. Stock 2023 2022 Stock of Catch Up materials £1.458 £5,726 13. Debtors 2023 2022 Trade debtors Prepayments VAT repayable 17,450 11,506 1,815 37,470 11,122 3,326 £30,771 £51,918 25
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2023 14. Creditors: falling due within one year 2023 2022 Trade creditors Income in advance Accruals Taxation and social security 14,832 2.449 11,578 2,313 46,538 15,330 5,804 5,373 £31,172 £73.045 Income in advance relates to training income invoiced in advance. 2023 2022 Balance at 1S1 January 2023 Amount released to income from charitable activities Amount deferred in year 15.330 28.205 {15,330) (24,206) 2,449 11.331 Balance at 31st December 2023 £2,449 £15.330 15. Other Commitments A three-year lease was entered into on 1st October 2020 with break clauses after 12 and 24 months. The lease expired on 30 September 2023 and the charity continued to pay on a month- to-month basis until a new three-year lease was entered into in March 2024 under the same terms, with break clauses in April 2025 and April 2026. The annual rent and service charge for Ihe property was £11,778. At 31st December 2023. the charity had future minimum lease payments and service charge obligations under non-cancellable operating leases in respect of land and buildings of: 2023 2022 Amounts payable Within one year £Nil £8,834 The amounts recognised as an expense for the period in respect of rent and service charge obligations for land and buildings was £11,778 (2022 - £11,778). 26
The Caxton Trust Notes to the Financial Statements for the year ended 31 st December 2023 16. Funds At At 181 January Incoming Outgoing 31st December 2023 resources resources Transfers 2023 Restricted funds Charity of Sir Richard Whittington 61,417 22,534 {55,283) {11,893) 16,775 What Works for Children's Social Care 4,500 (3,500> (1,000) Go Digital Grant 500 (500) 61,417 27,534 (59,283) (12,893) 16,775 Unrestricted funds General reserve 256,350 227,190 (290,210) 12,893 206,223 Total funds £317,767 £254,724 £{349,493) £222,998 Charity of Sir Richard Whittington In March 2020, Catch Up was awarded a grant of £349,127 over a three-year period from the charity of Sir Richard Whittington, of which The Mercers, Company is a trustee. The grant was to undertake research to create literacy and numeracy interventions at the early years, foundation stage and was scheduled for completion during 2023. The grant, payable in instalments, includes a contribution toward the associated overheads of the charity as well as income associated with training of participants. The income profile of grant saw £80,427 received in 2020, £134,983 in 2021, £111.183 in 2022 and the remaining £22,534 in 2023. The balance carried forward at the end of 2023 relates to the costs of finalising the report and dissemination of the results of the project. Vvhat Works for Children's Social Care In November 2022, Catch Up entered inlo a pilot programme with What Works for Children's Social Care to deliver Catch Up Literacy training to carers of looked after children along with the provision of appropriate reading materials. The project allowed for training of up to 50 carers and had a value of £86,735 with a completion date of March 2023. Projects are priced to generate a surplus over the direct costs attributable to delivering the projects in order to cover the associated overheads of the charity. In addition, surpluses arise where the income allowed is in excess of the direct costs of delivering the various elements of the project expenditure. These total surpluses over direct costs incurred are shown as a transfer between funds. Where projects incur costs that were not associated with the original funding bid, these extra costs are borne by Catch Up and allocated to the period incurred, 27
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2023 17. Analys5s of net assetsl(Ilabllltles) between funds Tangible rixed assets Net current assets Total Restricted funds Unrestricted funds 16,775 204,761 16.775 206,223 1,462 £1,462 £221,536 £222,998 18. Reconciliation of net movement in funds to net cash flow from operating a¢tlvltSes 2023 2022 Net movement in funds Add back depreciation charges Deduct interest income shown in investing activities (Increase)Idecrease in stock {Increase)Idecrease in debtors Increasel(decrease) in creditors (94,769) 1,463 58.476 2,078 (4,960) (1,363) 4,268 4,222 21,147 10,313 (41,873> (20,604) Net cash provided byl(used in) operating activities £{114,724) £53,122 19. Related party transactions During the year Catch Up received a donation of £30,000 from The Manor 2056 Trust, which is harity controlled by Mr Lane who is a trustee of The Caxton Trust (2022 - £30,000). A donation of £2,500 was also received from Mr & Mrs Emmett. Mrs Emmett is a trustee of The Caxton Trust (2022 - £2,500). 20. Post balance sheet events There were no post balance sheet events to note. 28