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
#66

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 pro￿ss. 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 prO￿5S 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
re￿iVed 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
redu￿d. 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 inter￿entiOns. 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, d1￿ctIng 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 Pro￿dureS 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 lo￿ard
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 fO￿ard 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.
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