Company Numbor 3476510 Charlty Numbers: 1072425 SC047557 The Caxton Trust (A company Ilmlted by guarantoo) R•port and Flnanclal Statam•nt8 for th• year endod 3191 Docembor 2024 'AEIPA8KA* OJ0512025 COMPANIES HOUSE A18 #222 The Caxton Trust Report and Flnanclal Statement8 Contents Page Report of the Trustees {Includlng Dlrectors, report) Independent audltor8' report 10-12 Statement of flnanclal actlvitles (Including income and expenditure accounl) 13 Balance sheet 14 Statement of c88h flows 15 Notes to the flnanclal 8tatementB 16-26 The Caxton TN8t Report of tho Trusl•os (indudlng Dir•¢tors' report) for tho year •ndod 31st D•cembor 2024 In this document th8 Trustees present thelr report and the audited financial ststements for the year ended 31st December 2024. Th8 flnancial statemonts have been prepared in accordance with the accounting policies set out In notes to the accounts and comply with the charity's govemlng document, the Charltles Act 2011, the Charitles and Truslee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and Statement of Recommended Practi￿. Accounting and Reporting by Chariti8s applicable in the UK and Republic of Ireland (effective 1 January 2019) - known as Charities SORP {FRS102). The Tru8tees' report is also a dlrector3' report for the purposes of the Companles Act 2006 and other company legislation. Chalrnian'• R•port The Caxton Trust operates under the name of CalGh Up. Our overall akn18 to Increase both the take-up of Catch Up training by schools and their lorrfJ-teTm engagement wlth Catch Up. so that many more Gtruggllng learnern are supported by Calch Up's products. The educatlonal market has seen Ihe growlh of academy Ghalns and free 8chools, th8 decllno of local educatlon authorfties, and Increaslng public sector budgetary pressures. To addr855 these challenges, Catch Up seeks to offer cost-effectlve and readlly accesslble products, to allow the maxlmum number of struggllng learners In schools to be roached. Th6 onethoff cost of £450 for a person to bo tralned In one of our Interventlons means that the average cost per pupll reduces slgnlficantly as more beneflclarles receivè the intervention, with the result that th6 Catch Up intervanllons offer 8XC8Ptlonalty good valu8 for money. As part of the Catch Up Tralnlng Support Package. w8 offer addltlonal tools to help schools embed th8 Interventlons and further resources that support them. The Caxton Trust has tharltable status In Swtland and Catch Up18 an aulhorlsed suppller Io several Scottlsh local authorttles. Further reladonshlps In Scodand are being sought In order to expand the reach of Catch Up there. For many years our main delivery model was face-to-face tralning. however slnce the Covi&19 pandemlc. the majority of courses are now delNered online. Bespoke fac*-to-face courses are still offered to Indivldual organlsatlons when requested. We continue to adapt and refine our onllne cour888 to 8nsur6 an efflcl8nl and quallty dellvery of tralnlng for our Interventlons. We use our website and databas8 to provide an effici8nt automated booking procAss; thls enables Catch Up lo continue to be a reasonably priced inteNentlon and to be accessible to Iha widest possible audlence. Our dlscounted tralnlng places offer good value encAJuraglng the creatlon of an optimal team of three trdlnees, Indudlng a Catch Up ctrordinator, to be embedded In a school. Incentives for whole school training are also offered to maxlmise th8 take-up of the Catch Up interyentlons In indlvldual organlsatlons, In March 2020 Catch Up wa8 awarded a grant of £349.127 from Th8 Charfty of Slr Rlchard Whlttington, of which The Mercers, Company Is a trustee. Thls was to be used to undertake research over a threewyear perlod for the creation of Ilteracy and numeracy interventions for the early years foundatlon stage. The end of project report has now been produced and is being used to promote tha use of the interventions to younger struggling leamers, specifically older &ye8f•olds. During 2023 and 2024 Catch Up worked with Norfolk Virtual School to deliver the Catch Up Literacy intervention to carers arKI supporting adults in Iwo parts, the first concentrating on reading. Catch Up continues to build relationships with olher vlrtual schools acro￿ the UK to offer similar support to the looked after chlldren sector. Tho Caxton Trust R•port of the Trustees (including Dir•ctor8' report) for th• year •nded 3181 Docomber 2024 Calch Up trained 363 trainees in 2024. Indlcallons are that 2025 will b8 8 further challenging year for Ihe education sector. The conllnued demand for online training coupled with the ongoing support of The Manor 2056 Trust and the final tranche of funding from the Mercers, project has allowed the organlsatlon to end the year on a stable financi81 footing. l)uring the year Dr Graham Sigley, Deputy Director retired from Catch Up after 17 years as an employee and prior to being employed. he served 3 years a8 a trustee. I would like to thank Graham for hls many years of 8ervlce to the charlty arKI wish him a happy retlrement. On behalf of the Tru8t888, l thank the Catch Up team for tha ongoing commitment to tho organisation rasponding to the fluctuating levels of demand experienced and developlng new areas to ensure Catch Up reaches as wide an audience as possible. To find out more about Catch Up, visit our website www.catchup.org or telephone: 01842 668080. Andrew Lan• Chairnian The Caxton Trust Roport of the Trustees (includlng DlrectOY8' report) for the year ended 318t Doc•mbor 2024 Our purpou and actlvlths Our charity's purpose, set out In the objects of the Tnjst In Its govemlng documents. Is the advancement of education. Our mission statement is to 8ddre88 literacy and numeracy drficulties that contrfbute to under-achievement. EMurlng our work d•llv•rs our alms We revlew our aim8, objectives and acliviti08 each year. This review look8 at what we achieved and the outcomes of our work in the prevlou5 12 monlhs. We look at the success of each key activity and the b8n8fits brought to those groups of people we are set up to help. This process also helps us to ensure that our aim, objectlves and activitles remain focussed on our stated purp08es. We hav8 compll8d wlth the duty in the 2011 Charltles Act and the Charities and Trustee Investment (Scotland) Act 2005 to have due regard to the guldance contalned In the Charity Comml8slon'8 general guidance on publlc benefit when revlewing our aim8 and obJectlv88 and in plannlng our future activities. The Trustees accordingly con8ider how planned activities will contribut810 the alm8 and objeclives they have sel. How our actlvltl•8 dellv•r publlc bonofft A slgnlflcant proportlon of prfmary and secondary school chlldren In th8 UK have dlfflcultl8s In attaining the levels of Iltera¢y and numeracy 6xp8cled of them. Whllst these difficultles are often not severe enough to entitle those struggling leamers Io Statutory addltlonal leamlng supporL they may stlll be suffldent to restrfct the access lo the Curriculum. Without addltlonal support, these chlldren may fall futher bohlnd thelr peer8. The adverse con88qu8nces aro wlde-ranglng and well- documented: long-18rm poor academlc achl8vem6nt, low self4Gleem. lower motlvatlon to read. disengagement with th8 leamlng process. behavloural problems. reduc*d employmenl prospects and the posslblllty of soclal excluslon. It was wlth thls In mlnd, that the Catch Up interventlons were d8v8loped. By helplng Indlvlduals experlenclng leaming difficulttes to reach thelr fvll potential, it FS hoped that th8lr Ilvas wlll be 8nriched and that they wlll be able to play a fuller part In SOGlety. so benefitlng Ihe communitie8 in vthlch they lfve. Our maln acllvltle8 and th050 whorn w8 ty to help arn d88crlb8d below. All our charltable actlvltles focus on the advanc8m8nt of Ihe Ilt8racy and numeracy skllls of 6truggllng 18amers and are undertaken to further our charitable purposes for Ihe public benefft. Catch Up, the worklng name of The Caxton Trust, Is a not-for-profft charity that: offers comprehenslve and Integrated tralnlng and r880urce pai*ag88 to 8UPPOrt the managemant and delivery of the Catch Up interventlons; provides ongoing support, Ihrough the Catch Up communlty. for th088 who deliver the Catch Up Interventlons: and undertak88 researd) Into the development and enhancement of the Catch Up InteNentlons, and Into 8xl8ndlng the support It provld8610 8tNggllng18arn8rs. Catch Up Litoracy and Catch Up Numeracy are: structured onevtwne interventions for struggllng readers and for learners who struggle wlth numeracy respectively; centred on 15-mlnute 8e881ons dellvered twice a week, targeted lo the needs of the individual; grounded In rlgorous acad8mlc research and shown to be effectfve in schools (and other settlngs): and realislic, practical and inexpensive. The Caxton Tflist Report of tho Trustees (Includlng Dlrector8' report) for th• year end•d 3161 Docomhr 2024 Vvho used and bonoflt•d from our Servlco8? Those who use our servlces are Inlllally teacher8. tsathlng asslstsnts, carers and other '8UPPOrtlng adults,. The ultlmate benelklarfes are struggllng learners. Achlevemonts and porfomiance OPERATIONAL Catch Up contlnues to develop Its Key Perfonnance Indlcators In order lo manag8 and develop Its work effectlvely. The number of struggllng leamers helped Is the uftlmate measure of the work of the charlty. As tralned supportlng adults can assist many struggllng leamers over time. the ultimate number of benefidarles is difficult to quantlfy. We feel accordlngly Ihat the best measure of the activity of the charlty is the number of supporting adults trained. In 2024. there were a total of 363 tralnees. compared to 501 in 2023. The changlng flnancial cllmate withln the public sector, changes In local authorlty slafflng In England, and the development of academles and free schoo18 comblne to provide a challenglng envlronment for the delivery of Catch Up's op8ratlons. The effects of the Covld-19 pandemic meant there 18 now an even grealer need for the Catch Up interventions following the reduclion of face.tO•f8ce teaching 8nd given that rK)t all members of the school communty could access online leaming during the pandemic. Subsequontly, 8ttondance188ue8 have meant many pupll8 ar8 falling behind and In need of extra help to ¢1088 tho attalnment gap. To make our Intervention8 mor8 8fft)rd8ble and to encourag8 the ideal team siz8 of a mlnlmum of three Catch Up Iralnees In each school. discounted plaG88 are offered to organlsatlon5 booking training for each interventlon. Whole school block d18counts ar8 also offered to provide incentives lo widen Catch Up's reach. Slnce 2000, we have tralned In 8xcess of 37,000 supporting adults to dellver the Catch Up Interventlons and we estimate that they have supported well In exce88 of half a mllllon struggllng learners. COMMUNICATIONS, MARKETING AND 8USINESS DEVELOPMENT Actlvllles Induded direct mall. emall advertlslng, advertorlals, brochure malllng8, email newsletters, X (fonnerty Twltter). tralnlng campalgns. weblnars. automated emalls. and Excellence Awards. We recognised thac with the diminishing roles of Engllsh local authorltles. we needed to find new ways of communicating and working with English sthools directty, including exploring the use of new pathershlps. Schools are keen to maxlmise the benefrts frorn their use of Targeted Pupil FundinglPupil Premium, 8SP8cially a8 th18 18 8crutini8ed 88 part of school Inspectlons A Pupil Reporling Tool enables users to benefft as much as they can from the Catch Up intsrvenlions and provides more evidence of the benefits of using Catch Up. Following tha recent work with virtual schools and tho looked after children sector. work to Increase awareness of Catch Up continuos to b8 pur8wI to encourage furthar opportunities of collaboratlon. The completlon of the Mercers, project demonstratlng Catch Up's suitability to the early years foundation stage. specifically for older 5-year-olds. means that new marketing messages to communicate this a￿a are now being developed. Tha Caxton Trust Roport of the Trustee8 (includlng Diroctorn, roport) for the year ended 3181 December 2024 An agreement was reathed with the National Literacy Trust (NLT) to promote Catch Up as a preferred option to help with literacy for struggllng leamers. Hodder EdUCa￿n now rK>tes that its New Salford Sentence Reading Test Is recommended by Catch Up: thls has helped to ralse the profile of the organlsatlon to m8mb8rs of th8 educatlon sector by balng assoclated wllh thls well-resp8Cted t8achlng tool. BUILDING CAPACITY The use of our websit8 and database provldes an efficient booking and administratlon system, wlth tralneas made fully aware of our on41ne funcllonality. The automalion of datab8se-driv8n tasks has allowed efficient management of course8 by our office team and tha use of a third*arty provider to deliver online connectlvlty for courses has allowed our office resources to be deployed to manage the courses being delivered. Using the knowledge, 8xp8rtl8e, and commitrnent of the Catch Up team has been beneficlal In developlng and reviewing operational Issues and resources. as well as In Identlfylng potentlal new areas of development and refining online delivery. Trainers have been trained in delivering the trainlng onllne and the dellvery of tralnlng conlinues to be refined as a resull of feedback from tralnarn and tralnees. RESEARCH AND GRANTS In March 2020. Catch Up wa8 awarrled a grant of £349,127 over a threevyear perlod from the charlty of Slr Rlchard Whlttington, of whlch The Mercers. Company Is a trustee. Th8 grant was for the undertaklng of research to creale oaty year8. Ilteracy and numeTacy InteNentlons for puplls, Foundatlon Stage. Th• project wa8 completed In 2023 and th8 final reports188ued and publlclsed during 2024. The Manor 2056 Trust provided a financial donation of £30,000 which was used to support core costs durlng th8 year. FUND-RAISING STANDARD INFORMATION Catch Up does not carry out fund ralslng acllvltles. It relles upon the sale of the Catch Up tralnlng and resources for Its operating costs arKI upon grants for its research projects. Flnanclal rovlv•V Durlng 2023 It was necessary to cut costs and the combinatton of not repladng Ihe CEO and some restructuring of the staff team ensured that charity ended the year with a reduced cost base golng foNard. 2024 saw a reduced level of activity and following the retirement of the Deputy Director It has been decided to reallocate the workload amongst the remalnlng staff As a result of the reductlon In staff costs, a steady, albelt reducad, demand for training and the contlnued support of The Manor 2058 Trusl the charity ended the year on a stable footing. Catch Up had a financial deficlt of £39,829 for the year on unre8trlcted funds and at the year- end th8 balance on unrestricted reseNes was £166,394. Total income for 2024 was £182,737, whid) represented 8 28% decrease from £254,724 in 2023. There was an 46% decrease In grants and donalk)ns in 2024 to £33,125 from £61,312 In 2023. Income from the sale of Catch Up materials and training decreased to £144.695 £188,452. Totsl expenditure in 2024 was £239.341. down from £349.493. a 32% d8(¥8ase. The total net deficit fDr 2024 was £56,604 (2023 - £94.769). Tho Caxton Trust Report of the Trustees (Includlng Directors. report) for th• year endad 31•1D0￿mb0r 2024 Total reserves at the end of 2024 were £166,394, which were all unrestricted. PrlGlng pollcy Catch Up maintalns a pridng pollcy that refl8cts the strategy of enabllng Its InteNentlons to be avallabla to as many beneflciarf8s as posslble. Hence, the Trustees arKI management seek to offer a prlce that provldes a reasonably priced and cost-8ff8ctiV8 intervention that covars th6 cor8 costs of the charlty, enabling the charlty to be sustalnable. We glve Incentlves for more tralnees from the same organisation to encourage what Catch Up sees as the optimal number of tralnees at each locatlon to a¢hiev• Ihe most successful outcomes for Itself and for schools. Re￿rVeS poIIcy The Tnjstoes have e8tsblished the level of unrestricted (freely available) reserves that the charlty should aim to have. These reserves are needed to bridge the funding gaps between spendlng on Catch Up inleNentions and receipt of incoma. The seasonal nature of the training also requlres the level of cash reserves to be sufficient to cover core costs and worklng capitsl requirements during periods when reduced income Is experlenced, typlcally durlng the firsl half of the year. The aim of Trustees Is to achleve a level of unrestrlcted reseNes equlvalent to between three to six months of cor8 Costs, currently estimated to be belween £44,907 and £89,814. This target level of r8serves was achleved in 2024 and it is planned for Ihl8 level to be malntained during 2025. However. as a result of the uncertainty within the educatlonal sector and the reduced level of bookings, th8 Trustees feel that Is prudent to mainlaln a hlgher level of unrestricted reserves at the 2024 year end than Ihg policy would suggest, especially as no additional grant fundlng Is expected In the near future. Golng con￿rn A deficlt wa8 experlanced In 2024 as the18vol of booklngs r8duc8d and th8 final Merc8r8' COSt8 were 8xp8nd8d. Indlcatlon8 are that 2025 wlll b8 another chall8n9lng year. It18 expected that a deficil on unrestrfcted reserves In the reglon of £50.000 wlll b8 incurred in 2025. New marketing campalgns and development of relationships in now markets, including the virtual school sector and International 8chools are expeded to Increas8 the numbers of Iraln88S trained. Should the rnark8tlng campaigns not be Successful, further cost reduction8 may be necessary lo achl8ve a break8v8n position. The cost of any reorganlsatlon Is expected to be met from unrestslct8d reserves. The Trustees have negotiated a working capital line of Ixedit from The Manor 2056 Trust, Should It be required. as well as pledges for annual grants of £30,000 per annum for 2025 and 2026 to support the organisation for a 124nonth perlod. The level of reserves coupled wilh our forecasts of tradlng and cashflow8 for 2025 and 2026, based on the expected demand for 2025. ¢au8e the Tfu8tee8 to be of the vlew that the charlty Is a going concem. Plans for future porlods Catch Up Iwan offering on4ine training courses during 2020. These have the advantage of reaching geographically remote groups or trainees that wlsh to access Catch Up training at the earfiest opportunity without the need to Incur travel time and costs. The incidence of Covid-19 in 2020 demonstrated how fi8xlblo these on-llne courses are and how w811-sulted they are to remote delivery. The pandemic has made society more comfortable with remote leaming and onllne dellvery is now the preferred delivery method for our interventions. Face-to face courses are offered to organisations that are looking to traln a minimum of 10 tralnees. The Caxton Trust Report of the Trustees (Includlng Dlrectors, report) for tho y•ar •ndod 311t December 2024 Our work with Norfolk Virtual School has identified areas for further development both with Norfolk but also other virtual schools. The publicity around the Early Years project report has seén promotion of Catch Up lo a wlder audlence and an Increaslng Interest from Internatlonal schools has helped supplement the demand frorn the UK These sector8 offer potentlal to expand the reach of Catch Up inteThentions and work to focus marketing efforts to these areas is underway. The dedication, COMMItr￿n( fiexlbilty and professionallsm of the Cal¢h Up leam, comblned with an adaplable strategy, a refined dellvery model, excellent value for money and proven effectiveness, allow the Trustees to be confident that contlnued take-up of Catch Up Interventlons wlll be achieved, thus helping many more chlldren benefft from our InteNentions. Reforenco and admln18tratlve dots118 Charfty Numb8r8: 1072425 SC047557 Company Number. 3476510 Reglstered Office: Catch Up, Keystone Enterpri38 Factory, Brunel Way. Thetford, IP24 1 HP Auditors: Kevin J Rhlnd, Hempstead House, Hemp816ad, Norwlch NR12 OSH Bankerd: CAF Bank, Klngs Hlll, West Malllng, Kant ME19 4TA The charity Is officlalty reglstered a8 Tho Caxton Trust but conducts Its charftable work under the worklng nam8 of Catch Up. Dlrector8 and tru8tee8 The dlrectors of the charltabl8 company {"the charlty") are Its trustees for the purpose of charity law and throughout thi8 rnport they are 4>)118ctively known as the Tru8te8s. The Trustees and offlc4r8 seNlng durfng tho year and slnce the year4nd w8re 88 follows: Andrew Lane - Chalrman Sioned Bowen Vanessa Emmett Professor Ingrld Lunt Jocelyn Stuart-Grumbar Alan Warner The key staff members were: Deputy Director Dr Graham Sigley - (retlred 31 ￿ August 2024) A senior leadershlp team (SLT) whlch prevlously Included the Deputy Director Is In placa to manage the day-to4ay running of the charity. Gov•rnlng document and memborn The Caxton Trust is a company Ilmlted by guarantee and a reglstered charlty In England and S¢olland. On 12th June 2017, the company adopted a new Memorandum and Artldes of Assooation in substitutK)n to its Memorandum and Artlcles of Assoclatlon dated 4th December 1997 as amended on tr October 1998. Th• Caxton Trust Report of the Trustees (including Directors, roport) for th• y￿r ended 31st December 2024 The members are the owners of the charity. Appllcatlons for membership require approval by the Trustees. Each of the members has agreed lo contribute £1 In the event of the charity winding up. The current membership comprises Ihe existing Trustees. Appolntment of trust••s The Tru8te88 are responsible for gov8mance, diracting and overseeing the operation of the charity. Trusloes are appointed by a r8crnltment process whlch includes an interview. The mlnimurn number of tru8t88818 three; Ih8re is no maximum number. Trustee Inductlon and tralnlng All new truste8s are glv8n an Induction maeting to brief them on thelr18gal obligations under charity and company law, the contents of the Memorandum and Articles of Association, the declslon-maklng process. the business plan, r8C8nt financial perfonnance of the tharlty and a job descrlptlon. They are a180 Invlted to meet key employ886 and member8 of 8taff. Organlsatlon The board of trustees admlnlsters the charity. The board mee18 at least quarterly. The Trustees rely upon Ihe SLT to manage the day-to4ay oparatlons of the charlty. To facilitate effective operatlons. the SLT has delegaled authorlty. wlthln Ihe temis of delegatlon approved by Ihe Trustees, for operatlonal matters Indudlng finance, employment and Ihe sale of Catch Up products. Rèmun•ratlon pollcy for tru8tO08 and s•nlor staff The Trustee8 and Ihe SLT members comprise the key management P8rsonnel of the ch8rlty. The Trustees give thelr tlme without compensatlon and no trustee recelved any remuneration in the year. Detalls of the senlor staff remuneratlon are dlsc108ed In r￿t• 8 to the financlal 8tstem8nts. Tha pay of senior staff Is reviewed annually along with other m8mber8 of the stsff team and assessment given to Ihg suslalnabllity of Ihe charlty, local market rates and the perfomi8nce of both irKlividuals and of the organisalion. Rlsk manag•mont The Trustees have a rlsk managernenl strategy, whlch comprf888: an annual revlew of the rfsks and uncertalntles the charlty may face: the establishment of policies, systems and procedures to mitigate those risks identlfled in the annual review; and Ihe lrnplementation of procedures deslgned to minimise any potential Impact on the charfty Should th088 rlsk8 materlall8è. Thls review has identified that financlal sustalnabllltyls the major flnandal risk for th8 charlty. A key element In the management of Ilnanclal rlsk Is a regular revlew of available liquid funds and the actlve management of trade debtors and creditors to ensure sufficlent working capital is available to the chartty. Operatlonally, the charlty aims lo ensure that Iralnlng courses only lake place where a positive financial conlrfbutlon can be achieved. Tho Caxton Trust Report of the Trustees (including Dlrectors, report) for th• y•ar •nded 3181 Dec•mbor 2024 Trustees. responslblllty In rolatlon to th? flnanclal statemonts Company law requires th8 Trust88s lo prepare financlal statements for each financlal year whlch glve a true and falr vlew of the flnandal activities of the charlty and of Its flnanclal p¢%ltlon at the end of that period. In preparing those financial slatements. tho Trustees are required to: 8818Ct suit8bl8 accountlng policies and then apply them conslst8nlly; observe the methods and principles in the Charlties, SORP FRS102: make judgements and estimates that are reasonable and prudent; stste whethér appllcable UK accounllng stsndards have been followed. Subject to any material departur88 disclosed and explalned In the flnanclal statements; and prepare th8 financial ststements on the golng cnncem basls unless It 18 Inappropriate to presurne that the charity will continue in business. The Tru8tee3 arn r8spon81bl8 for keeping proper accounting record8 that disc108e wlth rnasonable accuracy at any Ilme the finandal posltlon of Ihe charlty and to enable them to ensure that Ihe financlal statements comply with the Companies Act 2006, the Charllies Act 2011, the Charltles and Truslee Investment (Scotland) Act 2005 and the Charlties Accounts (Scotland) Regulatlons 2006. They are also responsible for safeguarding the a888ts of the charlty and hence taklng reasonable Steps for the preventlon and detectlon of fraud and other Irregularities. 8tat•m•nt a• to dl•clo•ur• to our audltorn In so far as the Trustees are awar8 at tho tlm8 of approving our Trustees. annual report: there is no relevant information. being information needed by tho auditor In connectlon with preparlng their report, of which the charity's audllor is unaware, and the Trustees, havlng made such enqulrles of fellow trustees and the charlty's audltor that they ought lo have Indlvldually taken, have each taken all steps that they are obliged to take 88 a trustee, in order to maka themselv88 aware of any re18vant audit Informatlon and to establish that the auditor is aware of Ihat Infonnallon. Audltor A resolution proposing Kevln J. Rhlnd 18 rn•8ppointed a8 audltor of the charity wlll be put to the Annual General Meeting. Small Gompany provisions The report of the Trustees has been prepared taklng advantage of the small compan188' exemptlon of sectlon 415A of the Compan188 Act 2006. Signed on behalf of the Trustees by: MteL/ Andrew Lane Chalmian Dated: 16th April 2025 Independent Audltofs Report to th• Trustees of Th• Caxton Trust Oplnlon We have audited Ihe financial statements of The Caxton Trust (the 'charltable company'> for Ihe year ended 31 December 2024 whlch ￿MpriSe the Statement of Flnancial Activities, the balance Sheet, Ihe Statement of Cash Flows and notes to the financial statements. Includlng slgnificant accountlng policles. The finandal reporting framework that has been applied in thelr preparatlon Is applicable law and Unfted Kingdom Accounting Stsndards, induding Financial Reporting StandarLI 102 The Financlal Reporting Standard applicable in the UK and Republlc of Ireland (Vnlted Kingdom Generally Accepted Accountlng Practlce), In our oplnion the flnanclal ststements: give a true and falr vlew of the stste of the charftable company's affalrs as at [date]. and of Its Incoming resources and application of resources. Includlng Its Income and expenditure. for the year then ended: have been properly prepared In accordance wlth Unlted Klngdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requlrernent8 of the Companies Act 2006, the Charities and Trustees Investment (Scot￿nd) Act 2005 and regulation 8 of the Charitles Accounts (Swtland) Regulatlons 2006. Ba818 for oplnlon We conducted our audlt In acc£*rdance wlth Intematlonal Standards on Audltlng (UK) {ISA8 (UK)) arKI appllcable law. Our respon8lbilities under those standards are fUrt￿r descAibed In the audltor responslbllltles for Ihe audlt of the financial slatements section of our report. We are Ind6P8ndent of the charftable company In accordance wlth the ethlcal requiraments that are relevanl to our audlt of the financial statements In the UK, Indudlng th6 FRC'S Elhlcal Standard, and we hav8 fulfilled our other ethical responsiblllties In accordance wlth these requlroments. We bell8ve that the audil evklence we have obtalned Is sufflclent and approprlat8 to provldo a bas18 for our opinion. Concluslons relatlng to golng concern In audlting the finandal statements, we have concluded that the trustees. use of the golng concern basis of accounting In the proparalion of the finandal statements Is approprlate. 8ased on tha work wo have perfomiod, we have not Identlfted any materlal uncertalntias relatlng to evenls or conditlons that, Indlvldualty or collectlvely, may cast slgnlflcant doubt on the charltable companls ablllty to conllnue as a golng concern for a period of al least twefve month8 from wh8n the flnandal statements ara authorlsed for Issue. t)Jr responslbllitles and the responslbllltles of the trustees wlth respect to golng concem aro descrlbed In the relevant sections of thls report. Other Infommtlon The other infonnation comprlses the infonnalion Included in Ihe trustees, annual report. other than the financlal slaiemenls and our audltor's report Ihereon. The trustees are responsible for the other Informatlon. Our oplnlon on the flnanclal staiernents does not cover Ihe other Infomiatlon and, except to the extent otherwlse expllcltly stated In our report. we do not express any fomi of assuranca ¢oncluslon thereon. Our responsibility is to read the other information and, in doing so, conslder whether the olher Infomiatlon is materially inconsistent with the financial statements, or our knowledge obtalned In Ihe cours8 of the audit or otherwise appears to bo materlally misstated. If we Identify such materlal Inconslstencies or apparent material misstalements, we are required to detennlne whelher thls gives rise to a material misstatem8nt in th8 ffinanclal statemenls themselves. If, based on Ihe work we have perfomied, we conclud8 that there Is a material misstatament of thls other Information, we are required to report Ihat fact. We have nothing to report In thls regard. 10 Independent Audltorfs Report to tha Trustees of The Caxton Trust Oplnlon8 on othor matt•rn pre8crlbod by tho Companle8 Act 2006 In our opinlon. based on the work undertaken In the ￿ul$e of thè audit: the information given in the Irustees, report. which includes the directors, report prepared for the purposes of company law, for the financlal year for whlch the financlal 8tatements are prepared is consistenl with the financial statements; and the dlreclors. report included within the trustees. report ha8 been prepared in accordance with applicable legal requirements. Mattern on whlch we ar• r•qulred to r•port by •xcoptlon In th6 Ilght of the knowledge and understanding of the charllable company arKI Its envlronmant obtained In th8 course of the audll, we have nol identlfied malerlal mlsststements In the dlrectors, report included wlthln th8 trust8es' report. We hav8 nothlng to report In r8spect of the followlng matters In relatlon lo whlch the Companles Act 2006 and the Charllies Accounts (Scotland) Regulatlons 2006 requires us to r8POrt to you rf. in Our opinion: adequate accounting records have not been kapl, or returns adequate for our audlt have not been received from branches not visited by us: or the financial statements are not in agraement wilh the accounllng records and retums: or certain disclosures of trustees, remuneration specified by law are not made; or we have not recelved all Ihe Infomatlon and explanations we require for our audlt; or the trustees were not entllled to prepare the financlal statements In accordance with the small companles, regime and take advantage of the small companles, exemptlons In preparlng the direGtors' report and from the requlrement to prepare a strategic report. R•8pon81bllltl•8 of tru•ts•8 As explalned mor8 fully In tho tru8teo8' r8sponsibiliti8S Statement set out on page 9, the trustees {who are also the dlrectors of Ihe charitable company for the Purposes ol company law) are r8sponslble for the praparation of Ihe financial stal8mants and for bolng satlsfied that they glve a tru8 and falr vl8w, and for such internal control a8 the trustees det8rmin818 necessary to enable th8 preparation of financial statements that are free frorn material mi88tatemenl, whether due to fraud or error. In preparing the financial slatement8, the trustee8 are responsiblè for assessing the charitabla company's abillty lo continue as a going concern, discloslng, as appllcable, matter8 related to going concem and uslng the golng concern basis of accounting unless Ihe trustees either intend to Ilquldat8 the charitable company or lo cease operdtions, or have no reallstic altematlve but to do 80. Audttor reBpon8lbllltles for tho audlt of tho flnanclal Statements We have been appoinled as auditor under section 4411)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and under the Compani88 Acl 2006 and report In accordance wilh th8 Acts and relevant rngulallons made or h8vlng eff8Ct th8rnunder. Our objectlves are to obtain reasonable assurance about whether the financlal statements a5 a whole ar8 fr88 from material mlsstatemenl, whether due to fraud or error, and to Issue an auditorfs r8POrt that Includes our oplnlon. Reasonable assurance Is a hlgh level of a8surance, but Is not a guarantee that an audit conducted in accordance with ISAS (UK) will aKvays detect a material misstatemerrt when it exists. Misststements can arise from fraud or error and are consldered material if. individually or in the aggregate, they could reasonably be expected to infiuenc¥ the ecor￿miG decisions of users taken on the basls of these financial statements. Irregularities, includlng fraud, are instances of n0￿COmplIance wlth laws and regulatlons. We design procedures in line with our responsibilities. ouuined above, to detect material misstatements In respect of Irregularltles, Induding fraud. The extenl to whlch our procedures are Capable of detecling irregularities, including fraLKI Is detslled below: 11 Indep•ndont Audftor'8 Report to the TNstees of The Caxton Trust Ext•nt to whlch tho audlt wa8 consld•rod capabl• of detectlng Irregulariti08 Including fraud We obtained an understanding of the legal and regulatory frameworks that are appllcable to the company and detennined that the most significant are those relating to the reportlng framework (FRS 102, The Charities SORP FRS102, the Companies Act 2006. the Charities Act 2011, the Charlties and Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulatlons 2006) and the relevant direct and IndlreGt compliance tax regulations in the United Kingdom. We understood how the company is complylng wlth those framoworks by maklng enquiri8S of management and the truste8S to understsnd how the company maintains and communicates its pollclos and procedures In these areas and coffoborated thls by revlewlng documentation. We have also reviewed correspondence with relevant authorili8s. Revlewlng mlnutes of m88tings of trustees. Revlewlng financlal Statement dlsc103ure8 and testlng supportlng documentallon to asse85 compliance with appllcable laws and regulatlons. Perfoming audit work over the rlsk of management override of the controls. Including testing of joumal entrie5 and other adjustmenls for approprialeness, evalualion of the buslness rationale of signlllcant Iransacllons outskle the normal course of business and revlewlng accountlng estimates for evidence of bias. On occasion wh8re we may also have delermlned that Gertaln matters relating to nonwcompliance wIth18W8 and regulatlons are key audlt m8tt8rn, we must Slill include the requlred explanation, In our r8POrt, as to what extent th• audlt was capable of det8Ctlng Irregularitie8. includlng fraud. Because of Ihe inherent limitalions of an audit. there is a risk that we will not detect all Irregularltles, Includlng those leading lo a material misstatement in the financial statements or non- compllance with regulation. This risk increases the more thal compliance with a law or regulatlon 18 r8rnoved from the events and tran88cllons reflected In the flnanclal 8tst8ments, a8 wo will be le8s likely to become aware of Instances of not￿(rJMpIIanCe. The rfsk18 a180 greater regarding irregularities occurring due to fraud rather than error, as fraud Involves Intentional concealment, forgery. collu81on, omission or misrepres8ntation. A further descriptton of our re8pon8ibilltle818 avallablo on the FRC'S website al:h s:Ilwww.frc.o .uklaudit r61audi - sur lauditor-s-r8S sib'l'ties-for-th fil escri -audito onslblli es-fo it-of- ha Th18 de8crlptlon fomis part of our audltor's reporL Us• of our report This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Compan188 Act 2008, and lo the charftable company's Irustees, 88 8 body, in accordance with Regulation 10 of Ihe Charities Accounts (Scolland) Regulations 2006. Our audit work has been undertaken so that we mlght state to the chaiitable company's members and trustees Ihose matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assume responslbllity to anyone other Ih8n lh8 charltable company, the charltable company'8 m8mbers 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 fomied. Kevin J. Rhlnd (Senior Statutory Audltor) For and on behalf of Kovin J. Rhind, Statutory Audltor Hempstead House, H8mpstead, Norwlch NR12 OSH 12 The Caxton Trust Statement of Financlal Aclivities (Includlng Income and Expenditure Account) for tho y•ar ended 31st December 2024 Unrg8trl¢tsd R•8trfct•d Fund8 Fund8 2024 2023 Note Income Grants and donatlons Income from chantabl8 actwitie& Sales of Catch Up materials. tralnlng and Mnferences Investment Income 33,125 33.125 61,312 144.695 144,695 188,452 4.917 4,917 4,960 Total Income 182,737 182,737 254,724 Exp•nditur• Expenditure on chantable actlvltie8.' Development and Sale of Catth Up materfals. tralnlng and conferenc08 6 222.566 16.775 239,341 349,493 Totsl •xp•ndltur• 222.568 16,775 239.341 349,493 Net mov•mont In fund8 for th• y•ar 7 (39.829) {16,775) 156,604) {94,769) Reconclllatlon of funds Fund balance6 brought forward 206.223 16,775 222.998 317,767 Fund balanc•8 carrlod fO￿ard 16 £168.394 £166,394 £222,998 The Slatement of Flnanclal Acllvtttes Includes all galns and losses recognosed In the ￿ar. All incoming resources and resources expended are derived from Mntlnulng actlvltles. The notes on pages 16 to 26 form part of these financial statements. 13 Tho Caxton T￿￿t Balance Sheet as at 31st December 2024 2024 2023 Note Flxed assets Tangible assets 11 1,462 Current as• Stocks Debtors Cash at bank and In hand 12 13 1,458 30,771 220,479 23.481 177.137 Total curr•nt a88•t• 200.808 252,708 Credltor8: amounts falllng due wlthln ono year 14 34414 31,172 N•t curr•nt a880ts1(Ilabllltl•8> 16￿394 221,536 N•t a880ts1(Ilabllltle8) £166.394 £222.998 The fund8 of th• charlty Reslrt¢ted Income fund8 Unrestrlctod Income fund8 16 16 16,775 206,223 186.394 Total charlty fund6 17 £166,394 £222,998 These accounts are prepared In accordance with Ihe special provlslons of Part 15 of the Companles Act relatlng lo small companles and constitute the annual accounts required by the Compan188 Act 2006 and arn for clrculation to members of lh8 company. The Ilnanctal statements were approved by the board of Trustees on 16th Aprll 2025 and signed on Its behalf by: Andr•w La Tru8tO• Company reglstration number. 3476510 Charlty Number: 1072425 The notes on pages 16 to 26 form part of these Ilnandal slatements. 14 Th• Caxton Tn￿t Statement of Cash FI¢Ms for the yoar Ond￿ 31st December 2024 2024 2023 Note Cash provlded byl(us•d In) operatlng actmtles 18 (48,259) (114,724) Cash flow8 from Investlng activities Investrnent Incorne Purchase of tsnglble fixed 8888ts 4917 4,980 Cash provlded byl(usod In) Investlng actlvltles 4917 4,960 Increasel(dem88) In cash and cash 8qulvalent8 in tho yoar (43.342) {109,764) Cash and cash Oquivalents at the beginnlng of the year 220,479 330.243 Total ca•h and cash •qulval•nts at the •nd of tho year £177.137 £220,479 The notes on pages 16 to 26 fonn part of these flnanclal ststements. 15 Tho Caxton TruBt Not•8 to the Flnanclal Slatoments for the y￿r •nded 31st Decombor 2024 1. Accountlng pollcl The prlnclpal accountlng pollcies adopted, judgements and key sourc08 of estimation uncertalnty in the preparation of the financlal statements are as follows: a. Basis of pr•paratlon The financial statements have been prepared In accordance with Accountlng and Reportlng by Charities: Statement of Recomm8ndod Practlce applicable to charftlos preparlng thelr accounls In accordanc8 With the Flnancial Reportlng Slandard appllcable In the UK and Republlc of Ireland {FRS 102) includlng the provislons of Section 1A applicable to Small Entilies - (Charitl6s' SORP (FRS 102)), the Financial Reporting Stsndard appllcable In the UK and Republic of Ireland (FRS 102), the Companies Act 2006. the Charities and Trustees Invesknenl (Scolland) Act 2005 and the Chariti88 Accounts (Scolland) Regulatlons 2006. The Ilnandal stat8monts arn presented In 8terllng, rounded to the neare8t whole £1. The Caxton Trust meols the definitlon of a publlc benefft entity under FRS 102. Assets arKI liabilities are initially recognised at historical cost or transactlon value unless oth8NIs8 Stated In the relevant account5ng pollcy notes. b. Pr•parntlon of th• accounts on a golng con￿rn ba818 Th8 finandal Statements hav8 been pr8pared on a going concem bas18 as the Trustees belleve that no material uncertalntles ex18t. The Trustees hav8 consid8r8d th8 level of fund8 held and the expectsd lev81 of Income and expenditure for 12 months from authorlslng these flnanclal statements. The demand for tralnlng In 2025 Is expected to be broadly In line with that experienced in 2024 ￿th the r8sulI that a deficlt on unrestricted reserves in the reglon of £50,000 18 expected for the year. Cosl reductions occurred In 2024 glvlng a reduced cost base golng forward. A marketing campaign using 8 specialist education sector provlder be9an loward8 the end of 2024. The Trustees have prepared a budget based on slmllar numb8r8 to that experlenced In 2024 and the Impact of a reductlon In staff c08ts due to the retirement of one member of staff during 2024. Should the marketlng campaigns not be successful. further cost reductions may be necessary to enable the charity to continue Iradlng. The cost of any reorganlsatlon Is expected to be met from unrostrlcted reserves. Assurances that the annual grant of £30,000 from The Manor 2056 Trust for 2025 and 2026 have been recelved. Th16 fundlng along with the brought forward r88erve8 ensures that the charity would be abl8 to absorb the deflclt expected for 2025 and any r8organl8atlonal costs, whilst still havlng sufficlont worklng capltsl avallable to contlnue trading Ihroughout the 2025126 academic year. The charity has renewed its worklng capital line of credit whlch Is enough to meel the expected Shortfall of cash Ihat might occur rf Ixjdgeted tralnlng numbers are not met. The budgeted level of Income and expendlture comblned wlth the18vel of re8erv88 for the charlty are 8ufficlent for tt to be able to conllnue as a going conc8m. c. Company 8tatU8 The charlty is a private ojmpany limited by guarantee incorporated in England within the United Kingdom. The guarantors are the members. The Ilablllty In respect of lh8 guarantee, as 8et out in the mernorandum and articles, 18 limited to £1 per member of the d￿rity. The charity is also a registered charity In Scotland. The address of the reglstered office Is given in the infonnallon on page 7 of these financial statements. The Caxton Trust Notes to the Flnandal Statsments for the year •nded 31st December 2024 d. Incom• Income 16 recognised when the charity has entitl8ment to the funds, any perfomiance corKlilions attached lo the items of in￿rne have been met, it 18 probable that the Income wlll be recelved, and the amount can be measured reliably. Income from govemment and other grants. whether 'capital' grants or 'revenue' grants, Is recognised when the charity has entitlement lo the funds. any performance conditions attached to the grants have been met, It Is probable that the Income wlll be reGefved, and the amount can be measured relSably and Is not deferred. For legacies. entillement is tsken as the earlier of the date on which either. the tharity 18 aware that probate has been granted, the estate has been finalised and notification has been made by the executors to the charity that a dlstribulion will be made, or when a dislribulion is received from the estate. Receipt of a legacy, in whole or in part, 18 only considered probable when the amount can be measured reliably, and the charity has been notified of the executorfs intention to make a distribution. Where legacies have been notified to the charlty or the charity is aware of the granling of probate, and Ihe criteria for income recognitlon have not been met, then the legacy Is treated as a conungent asset and disclosed If material. Income from the sale of Catch Up tralnlng and mateflal8 Is recognlsed on a recelvable basls when due. Income received in advance of training is deferred until the criteria for Income recognition are met (888 note 14 below). Donated professional servlces are recogn18ed as income when the charity has control over them. any conditions assoclated wlth the donaled item have been met. the recelpt of economic benefit from the use by the charity of the item 18 probable and the ecorM)mlc benefit can be measured rellably. On recelpt, donated prof8881onal servic88 are recognlsed on the b8818 of the value of the gift to the charity, which is the amount the charity would have had to pay to obtaln seNlces of equivalent economlc bernflt on Ihe open market; a correspondlng amount18 then recognised in expenditure in the period. •. Intor•8t r•c•fvabl• Interest on fund8 held on deposil is induded when receivable and the amount can be measured reli8bly by the charity; thi8 is normally upon notifl￿tion of the interest paid or payable by the bank. Fund accountlno Unrestricted funds are available for use at the discrelion of the Trustees in furtherance of the general obJ8Ctlve8 of the tharity and whlch have not b88n deslgnated for other purp0888. Restrlcted funds are funds subject to speofic reslrlctive conditions imposed by donors or by the purpose of the donatlon. The purpose and u88 of the restrlcted funds ara set out in the notes to the flnancial statements. g. Expendlture Expendlture is recognised once there is a legal or constructive obligation to make a payment to a thlrd party, it Is probable that settlement will be required, and the amount of the obllgation can be measured reliably. Expenditure 18 classbfied under the following activity headings: Expendfture on charltable activtties includes the costs of ddiverfng the Catch Up tralnlng, tralnlng Staff, dellverlng conferences, development and marketlng. and other activiti88 undertaken to furthor the purposes of lh8 charfty and thelr assodated support costs. 17 Tho Caxton Trust Notes to the Flnancial Statements for the year ended 31st December 2024 h. Allocatlon of Support costs Support Costs are th088 luncllon8 that asslst the work of the charlty but do not dlrecty undertak8 charitable actlvltles. Support costs Indude back-offlce costs. finance, personnel, payroll and govemanc8 Costs which support the charlty's activilies. The bases on whlch such support costs have b86n allocated are set out in note 6 below. l. Loas•s Rentals appllcable to operallng leases where substanllally all the beneffts and risks of ownershlp remaln wllh the lessor are charged as Incurred. Tanglbl• fixed a660ts Indlvldual assets costing £1,000 or more are capitalised at cost. Assets In the course of developmenl are capltallsad atthough not depreclated untll the asset Is brought into use. Depredatlon is provlded on all tanglble fixed assets In order to write off their Gost.1gss estlmated resldual value, over thelr expected useful Ilves on the followlng ba8iS.' Offlce equlpment and fixture8 Webslte and software 33% 8tralght Ilne basls 254A stralght line basis stock Stocks are stated at the lower of cost and net realisable value on a FIFO bas18 after maklng allowance for slow movlng and obsolete stock. Debtorn Trade and other debtors are recognlsed at the settlement arnount due after any dlscount offered. Prepayments are valued at the amount prepald net of any trade discounts due. Crodltorn Credltors and provisions are recognlsed where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obllgation can be measured or estlmated rellably. Creditors and provisions are nomially recognised at their settlement amount after allowing for any trade discounts due. n. Employ•• b•n•fits When employees have rendered service to the charity. short-term employee benefits to which the employees a￿ entitled are recognlsed at the undiscounted amount expected to be paid In exchange for that servlce. The charlty operates a deflned contrlbutlon 8tak8holder penslon scheme whlch 18 admlnlst8red by Prudentlal plc. The scheme Is open to all employees and Is funded by conlrfbuuons from the employee and employer. A separate Nallonal Employment Savings Trust defined contrlbutlon stakeholder pension sch8m8 became operational on 1 st January 2019, the tharity's staging date for autOwenrolm8nt. The penslon ￿st charge represents contributions payable by th8 charity to the funds in respect of the year. 18 Th• Caxton Trust Notss to the Flnanclal Statements for tho year ended 31st Docember 2024 o. Forelgn Gurr•ncles Transactions in foreign currencles are recorded al the rate ruliThJ at the date of the transactlon. Monetary assets and Ilabilitie8 denominated in foreign currendes are translated at the rate of exchange ruling al the balance sheet dats. All dIfferen￿8 are laken to the profit and loss accounL p. R•dundancy co8t• Redundancy c08ts are provided for once the decision for termlnalion has been made. These are quantified in accordance with the employee'8 right lo redundancy payments based on years of 8eNice. In addition, any pay in lieu of notice due is calculated in accordance with the relevant employment contracL 2. Crltlcal accountlng •stlmate• and Judgem•nt• In the appllcatlon of the charitable company's accountlng pollcles. the Trustees are required to make judgements. estimates and assumptions about the carylng amount of assets and liabililies that are not readlly apparent from other sources. The estimates and associated assumptlons are based on hlstorlcal experfenca and other factors that are consklered to be relevant. Actual resulls may dlff8r from these estlmates. The estimates and assumptlons are revlewed on an ongolng basls. Revlslons to a¢￿untIng estlmates are recognised in the period in whl¢h the eslimate is revised where the revhlon affecls only that period. or In the perlod of revlsion and future perlods where the revision effects both current and futurn perlods. The estlmates and assumpllons ￿th a slgniflcant risk of causlng materfal adlustments to the carrying amount of assets and Ilabllltl86 wllhln the n8Xt flnanclal year are: Costs of completing the work funded by reslrlcted grant fvndlng, where Judgement18 made to estlmate the arnount of grant funded eamed on the partlcular projects based on the mllestones reached and the estlmated costs of completlng the project. Th18 In tum allows th8 Trustees to estimats what amounts if any may be transferred from restrlcted reserves to unrestrlcted reserves. 19 Tho Caxton Trust Nots8 to the Flnanclal Statements for the year ended 31st Docomber 2024 3. Grants and donations 2024 2023 UnTe8trfcted grants and donatlon8 The Manor 2056 Trust Other8 30,000 3,125 30.000 3,778 £33,125 £33,778 Restrlctod grants and donatlon8 Charity of Sir Richard Whlttington What Works for Children's Soclal Care Go Digltal 22.534 4,500 500 £27,534 Total grnnts and donatlon• £33,125 £61,312 Incom• from charftabh actlvttl•• 2024 2023 Sales of Catch Up products Training and associated income 88,379 56,316 114,802 73,650 £144695 £188,452 The percentage of Income attrlbutsble to markets outslde the Unlted Klngdom Is 6.4% (2023- 4.W•) 5. Inv08knont Incom• 2024 2023 Bank interest £4917 £4,960 20 The Caxton Trust Notss to the Financial Statements for the year •ndod 31st December 2024 6. Analysls of exp•ndlture on Charltable actlvltles Dlrect offl￿ and Total Staff c08t8 Costs Support costs 2024 Total 2023 Costs of Catch Up materials and training Training and conferences Development and marketing Project and grant costs 45,005 29,781 15,620 13,714 1.268 53,855 13,531 3.061 51,914 98,187 84,119 34,151 16,775 156,815 93,018 32,774 59,283 5,000 104,120 71,715 57.397 233,232 341,890 Govemance costs: Audit fees Legal fees 5.996 113 5,998 113 5,496 2,107 6,109 6.109 7,603 £104,120 £71,715 £63,506 £239,341 £349,493 For the year ended 31 December 2024 Restrlcted Unrestrlcted Total £16,775 £222,566 £239,341 Expenditure on charltable activltles Slaff costs are apportloned on a tlme basls. Offlce and Support costs are apportioned to the activity to which they relate. 7. N•t Incomel(0xp8ndftur•) for the year 2024 2023 Thls Is ststed after charglngl(credtlng): Depreciation of own 858et8 Auditors, remuneratlon: Audit services 1,483 4996 5,496 21 The Caxton Tru8t Note8 to the FlnanGlal Statements for th• year ended 31st Decemb8T 2024 8. Employoo Inforniatlon 2024 Number 2023 Number The average number of persons employed was: Support and adminlstration The full time equlvalent average number of persons was: Support and admlnlslratlon 4.7 6.4 staff ¢08ts (for th• abov• Stam 2024 2023 Wages and salarles Social Sacurity costs Pension c08ts 97.202 2,556 4,362 159,407 7,352 6,908 Total staff costs £104,120 £173,687 Durlng 2023 Iwo employees were madè rndundant. Radundancy and r￿tICe payments totalllng £7.348 wore pald In respect of these Iwo 8rnploye88 and are 8hown wllhln Ihe wages and 8alarleB noted above for Ihat year. Durlng the year. retlremenl benefits were accrulng to 4 employe88 (2023 - 7) In respact of money purchase Schemes. No ernployoe8 recelved emoluments (excluding pension contributions) In excess of £60,000 {2023: non8). The total rernunerauon Includlng pen8lon contribullonB of koy management per60nnel durlng the year was £19,970 (2023; £41,569). Trust••s No trustee recelved any remuneratlon for servlces durlng the year (2023 - £NII). Dlrectly incurr8d expenses are relmbur8•d when clalmed ar￿1 In 2024 a total of £NII was clalmed {2023 - £NII). 9. Penslon8 The charfty operates a defined contrlbutlon penslon scheme and a separdte Natlonal Employment Savlngs Trust defined contribution stakeholder pension scheme whlch became operatlonal on January 2019. The assets of the schemes are held separately to those of Ihe charlty In Independently adminl6tered funds. The penslon cost charge represents the contrlbutlons payabl6 by the charity to the funds for the year and these costs are Included wlthln staff costs and allocaled to the aciivity for the relevant employee, The penslon charge for 2024 was £6,908 {2023 - £6.908). At the year4nd. £719 was payable In respect of outstsndlng contributions (2023- £719). 10. Taxatl•)n The Caxlon Trust 18 a raglstered charity, and 88 8uch Is 8ntilled to cfjrtaln tax exemptions on Income and profits from investrnents, and on 6urplus8s on any athitles carrled on in furtherance of the charfty's prlmary objectives, rf these proffts and surpluses are applled solely for charitable purposes. 22 Th• Caxton Trust Not88 to the Flnanclal Statements for tho year ended 318t December 2024 11. Tanglbla Flxad As80ts Computer Webslte & oqulpmont databa8• Total Cost At 1 st January 2024 6,233 121.885 128.118 At 31 •1 December 2024 6,233 121,885 128,118 D•pr•clatlon At 1 st January 2024 Charge for the year 4.771 1,462 121,885 126.656 1,462 At 3111 December 2024 6,233 121,885 128.118 Net Book Valu? At 31•1 DKember 2024 At 3111 December 2023 £1,462 £1,462 12. Stock 2024 2023 Stock of Catch Up malerial8 £190 £1,458 13. Dobtors 2024 2023 Trade debtors Prepayrnents VAT repayabla 15,015 17.450 11,506 1,815 £23,841 £30,771 23 l lif K•aAIvi i li Uoi U F f*. ¥ IV*￿vvv￿V IiwviaiTh. i Vi*iVlQTr i i i vuvv &i•o&iw•. royF vi Y i. Tha Caxton Trust Notes to the Financial Statements for th• y•ar onded 31st Decernber 2024 Credltors: falllng due wlthln ono year 2024 2023 Trade creditors Income In advance Accruals Taxation and social securfty 15,403 14.832 16,443 1,769 11,578 2,313 £34.414 £31,172 Income In advance relates to tralnlng Inc￿Me Involced In advance. 2024 2023 Balance at 1st January 2024 Amount released to income from charltable actlvlties Amount deferred In year 2.449 15,330 (2.449) (15,330) 799 2,449 Balance at 3111 Decgmber 2024 £799 £2,449 15. Oth•r Commltments A Ihree-year lease was entered Into on 1 M Aprll 2024 wilh break claus88 after 12 and 24 months. The annual rent and servlce charge for the proporty wa8 £11,778. At 31* December 2024, the charity had fulure mlnlmum lease payments and servlc8 charg8 obligations under noTrcancellable operating leases in respect of land and bulldlngs of: 2024 2023 Amounts payablo Within one year £3.926 £Nil The amounts recognIs￿ as an expense for the period in respecl of renl and servlce charge obligations for land and bulldings was £11,778 (2023 - £11,778). 24 The Caxton Trust Notes to the Flnanclal Statements for tho year onded 318t D•cffiiber 2024 16. Fund8 At At 1st January Incoming Outgolng 318t DarAmbor 2024 rnsources re8ourc•s Transfers 2024 R•strlct•d fund8 Charity of Sir Richard Whittington 16.775 (16,775) Unr•strict•d funds General re8erv8 206.223 182.737 (222,566) 166.394 Totsl fund8 £222.998 £182.737 £(239,341) £166.394 Charfty of Slr Rlchard Whittlngton In March 2020, Calch Up was awarded a grant of £349,127 over a thr8e•year period from the charfty of Slr Richard Whittington, of which The Mercers. Company18 a truste8. The grant was lo undertake research to create Ilteracy and numeracy Interventlon8 at the earfy years, foundallon slage and was scheduled for completlon durlng 2024. The grant, payable In Instalments. Includes a contrlbutlon toward Ihe assoclated overheads of the charfty as well as Income assoclated wlth tralnlng of partldpants. The income profilo of granl saw £80.427 rnc8lv8d In 2020, £134.983 In 2021, £111,183 In 2022 and the remalnlng £22,534 In 2023. The balance carried fopNard al end of 2023 related to the ￿SIS of finallslng the report and dlsseminatlon of the results of the project and th988 were expended In 2024. Projects are prfced to generate a 8urpluB over the dlr8ct cosls attributable to deliverlng the projects In order to cover the assoclaled overheads of the charlty. In addilion. surpluses arlse where the Income allowed is in excess of the direct costs of dellverlng the various elements of the project exp8ndlture. These total surpluses over dlrect costs Incurred are shown as a transfer between funds. Wher6 projects incur costs that were nol assodated with Ihe orlginal fundlng bid, theso extra costs are bome by Catch Up and allocated to the perlod InGurred. 17. Analysls of not a88•ts1{Ilablllt108) botwaon fund8 Tanglble Net current xod assets assots Totsl Restricted funds Unrestricted funds 166,394 166.394 £166.394 £166,394 25 Tho Caxton Trust Notes to tho Flnan¢lal Statements for the year ended 31st D0￿mb•r 2024 18. Roconcillatlon of net movemont In funds to net cash flow from oporatlng actlvltl08 2024 2023 Net movement in funds Add back dep￿CiatIon charges Deduct Interest Income shown In Investlng actlvltles (Increaseydecrease In stock (Increase)Idecrease In debtors Increasel(decrease) in creditors (56,604) (94.769) 1,462 1.463 (4.91n 1.268 7.290 (4.960) 4.268 21,147 {41,873) Net cash provlded byl(used In) operating activities £(48,259) £{114.724) 19. Related party trnn8actlon8 During the year Catch Up received a donatlon of £30,000 from The Manor 2056 Trust, whlch is a charity (xntrolled by Mr Lane who Is a trustee of The Caxton Trust (2023 - £30,000). A donatlon of £2.500 was also received from Mr & Mrs Emm8tt. Mrs Emmett is a tru8te8 of The Caxton Trust (2023 . £2,500). 20. P08t balance Sheet •v•nts Thorn wero no post balance 8heel events lo not•.