Company Number: 3476510 Charity Numbers: 1072425 SC047557 The Caxton Trust (A company limlted by guarantee) Report and Financial Statements for th• year ended 31S1 December 2025 "AF8E2X8V A7 COMPANIES HCIJSE
The Caxton Trust Report and Financial Statements Contents Pago Report of the Trustees (including t*rectors' report) Independent Examiner's Report Statement of financial activities (Induding income and expenditure account) Balance sheet 10 Statement of cash flows Notes to the financial statements 12-21
Tho Caxton Trust Report of the Trustees (including Directors, report) for the year ended 315t December 2025 In this document the Trustees present their report and the financial statements for the year ended 31st December 2025. 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 Charilies Act 2011, the Charities and Trustee Investment (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 2019) - known as Charities SORP IFRS102). The Truslees. report is also a directors. report for the purposes of thè Companies Act 2006 and other company legislation. Chaimian's Report The Caxton Trust operates under the name of Catch Up. Our overall aim was 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 were supported by Catch Up's products. In recenl years the education sector has experienced falling pupil rolls. redUd schools. budgets, fewer teaching assistants and lack of staff capacity within schools, meaning demand for Catch Up interventions has fallen. Despite the best efforts of the stsff team and cost cutting in renI years. falling demand has meant that viith the current level of activity the charity is not sustainable. In February 2026, the trustees relu¢tsndy took the difficult decision to cease Catch Up's training offer from the end of July 2026 and make the whole office leam redundant. A number of self-employed licensed freelan accredited trainers will continue to offer Catch Up training from the autumn term of 2026. bul these will nol be supported by a back-Offi team and will not be able to offer the r8sources previously included within the training. The trustees are grateful for the commilment and dedication of the staff team during their many years of service. Andrew Lane Chairman
The Caxton Trust Report of the Trustees {including Direclors. report) for the year ended 31" December 2025 Our purpose and activities Our charity's purpose, set out in the obj'ects of the TNst in its goveming documents, is the adVanrnent of education. Our mission statement was to address lileracy and numeracy difficullies that contribute to under-achievemenL Ensuring our work delivers our aims We reviewed Ouf aims. objectives and activilies each year. This review looked at what we achieved and the outcomes of our work in the previous 12 months. We looked at the success of each key activity and the benefits brought to those groups of people we were set up to help. Thi5 process also helped us to ensure that our aim. objectives and activities remain focus5ed on our slated purposes. We have complied with the duty in the 2011 Charilies Act and Ihe 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 considered how planned activities would ontribute to the aims and objectives they seL How our activities deliver public benefft 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 Ihose struggling leamers to statutory additional learning support, they may still be sufficient lo 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 leaming process, behavioural problems. redUd employment prospects and the possibilily of social exclusion. It was with this in mind. that the Catch Up interventions were developed. By helping individuals experiencing leaming 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. SQ benefiting the communities in which they live. Our main activities and those whom we tried to help are described below. All our charitsble activities focuse(J on the adVanfflent of the literacy and numeracy skills of struggling learners and were undertaken to further our charitable purF)oses for ihe public benefit. Catch Up, the working name of The Caxton Trust. is a not-for-profft charity ihat: offered comprehensive and integrated training and resource packages to support the management and delivery of the Catch Up interventions: provided ongoing support. through the Catch Up communty, for those vhio deliver the Catch Up interventions; and undertook research into Ihe development and enhanment of the Catch Up interventions. and into extending the support it provided to struggling leamers. Catch Up Literaw and Catch Up Numeracy are: structured one-tovone interventions for struggling readers and for leamers who struggle with numeracy respectively- entred on 15-minute sessions delivered hvice a week, targeted to the needs of ihe individual: 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 TteeS (including Directors. report) for the year ended 31" December 2025 Who used and benefrted from our Services? Those who use our services are initially teachers, teathing assistants. carers and other'supporting adults.. The ullimate beneficiaries are struggling learners. Achievements and perforniance OPERATIONAL Catch Up continued lo develop its Key Perfornian 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 struggling leamers over time. the ultimate number of beneficiaries is drficult to quantify. We feel accordingly Ihat the best Measure of the activity of the charity is the number of supporting adults trained. In 2025. there were a total of 310 trainees, compared to 363 in 2024. The changing financial climale within the public sector. falling school rolls, changes in local aulhority Staffing, 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 is now an even gater need for the Catch Up interventions, in addition attendance issues have meant many pupils are falling behirKI and in need of extra help to dose the attainment gap. To make our interventions more affordable and to encourage the ideal leam size of a minimum of three Catch Up trainees in each school. discounted places were offered to organisalions booking training for each inteNention. Whole school block discounts were also offered to provide incentives to widen Catch Up's reach. Since 2000, we have trained in excess of 37.000 supporting adums lo 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. ernail advertising, advertorials, brochure rnailings. email newsletters, social media, training campaigns, webinars. automated emails. and Excellence Awards. We recognised that. with the diminishing roles of English lo1 authorities. we needed to find new ways of communicaling and working with English schools directly. including exploring the use of new partnerships. Schools are keen to maximise ihe benefits from Iheir use of Pupil Premium funding, especially as this is scrutinised as part of school inspections A Pupil Reporting Tool enabled users to benefit as much as they can from the Catch Up inlerventions and provides more evidence of the benefits of using Catch Up. Following the recent work with virtual schwls and the looked after chiklren sector. work to IncaSe awareness of Catch Up continued 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, specifically for older &year-olds was communicated to potential users. An agreement was reached with the National Literacy Trust {NLT) lo promole Catch Up as a preferred option to help with literacy for struggling leamers.
Tho Caxton Trust Report of the Trustees {including Directors, reportl for tho year ended 315t December 2025 Hodder Educ21ion noted that its New Salford Sentence Reading Test was recommended by Catch Up.. this helped to raise the profile of the organisation to members of the education sector by being associated wilh this well-respected teaching tool. BUILDING CAPACITY The use of our website and database provided an efficient bt)oking and administration system. wilh trainees made fvlly aware of our onThline functionality. The automation of database-driven tasks allowed efficient management of courses by our office team and the use of a third-party provider to deliver online connectivity for courses allowed our Offi resources to be deployed to manage the courses being delivered. Using the knowledge, expertise. and commilment of the Catch Up team was beneficial in developing and reviewing operational issues and $OUS, as well as in wjentifying potential new areas of development and refining online delivery. Trainers were trained in delivering the training online and the delivery of training continued lo be refined as a result of feedback from trainers and trainees. RESEARCH AND GNTs The Manor 2056 Trust provided a financial donation of £35.000 which was used to support core costs during the year. FUND-FVIISING STANDARD INFORMATION Catch Up does not cary out fund raising activities. It relied upon the sale of the Catch Up Iraining and SOurCeS for rts operating costs and upon grants for its research projects. Flnancial review As a result of the redUCtn in staff Costs. a steady. albeit reduced demand for training and the continued support of The Manor 2056 Trust the charity ended the year on a stable footing. Catch Up had a financial deficit of £51,233 for the year on unrestricted funds and at the year- end the balan on unrestricted reserves was £115.161. Total income for 2025 was £160,039. which represented a 12% decrease from £182,737 in 2024. There was a 15% increase in grants and donations in 2025 10 £38.125 from £33.125 in 2024. Income from the sale of Catch Up materials and training decreased to £119.144 from £144,695. Tolal expenditure in 2025 was £211,272. down from £239,341. a 12% deuease. The total net deficit for 2025 was £51,233 (2024 - £56.604}. Totsl reserves at the end of 2025 were £115.161, which wer8 all unrestricted. Pricing policy Catch Up maintained a pricing policy that reflected the strategy of enabling its interventions to be available to as many beneficiaries as possible. Hence. the Truslees and managernent sought to offer a price that provided a reasonably priced and cosl-effective intervention that covered the core costs of the charity, enabling the charity to be sustainable. We gave incentives for more trainees from the same organisation to encourage what Catch Up saw as the oplifflal number of Irainees at each location to achieve the most successful outcomes for itself and for schools.
The Caxton Trust Report of the Trustees (including Directors, report) for the year ended 3151 December 2025 ReseNes policy The Trustees estsblished the level of unrestricted (freety available) reserves that Ihe charity should aim to have. These reserves were rtreeded to bridge the funding gaps beeen spending on Catch Up interventions and reipl of income. The seasonal nature of the training also required the level of cash reserves to be sufficient to cover core costs and working capital requirements during periods when reduced income was experienced, typically during the first half of the year. The aim of Trustees was to achieve a level of unrestricted reseNes equivalent to between three to six months of core Gosts, estimated to be between £40.000 and £80.000. This target level of reserves was achieved in 2025. However. as a sUIt of the uncertainty within the educational sector and the reduced level of bookings. the Trustees fell that it was prudent to maintain a higher level of unrestricted reserves al the 2025 year end than the policy would suggest. especially as no additional grant furKling was expected in the near future. Golng concem A deficit was experienced in 2025 as the level of bookings reduced. Indications were that 2026 would be another challenging year. It was expected that a deficit on unrestricled reseThes in the region of £75,000 would be incurred in 2026. It was felt very unlikety that trading conditions would improve in the future. On 22nd February 2026. the Trustees took the decision lo stop trading al the end of July 2026 so that all liabilities could be paid and the charity could be wound down in an orderly fashion. Reference and adminlstratlve details Charity Numbers.. 1072425 SC047557 Company Number. 3476510 Registered Office". Catch Up. Keystone Enterprise Factory, Brunel Way. Thetford. IP24 1 HP Auditors: Kevin J Rhind, Hempstead House. Hempstead, 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. Directors and trustees The directots of the charitable company (Ihe Chari) are its tnjstees for the purpose of charity law and throughout this report Ihey are collectively known as the Trustees. The Trustees and officers serving during the year and since the year•end were as follows: Andrew Lane- Chaiman Sioned Bowen {Retired 31st December 2025) Vanessa Emmett Professor Ingrid Lunt (Retir8d V July 2025) JOlyn Sluart-Grumbar Alan Warner A senior leadership team (SLT) was in place to manage the day-toaY running of the charity until 31 Sl July 2026.
The Caxton Trust Report of the Trustees (including Directors. report) for the year ended 31°, December 2025 Governing document and mernbers The Caxton Trust is a company limited by guarantee and a registered charity in England and Scotland. On 12 June 2017. Ihe company adopted a new Memorandum and Articles of Association in substitution lo its Memorandum and ArtleS of Association dated 4th December 1997 as amended nd on 22 October 1998. The members are the owners of the charity. Applicats'ons for membership require approval by the Truslees. Each of the members has agreed to contribute £1 in the evenl of the charity winding up. The current membership comprises the existing Trustees. Appointment of trustees The Trustees are responsible for govemance. d1ctIng and overseeing the operation of the charity. Trustees are appointed by a crU1trnenI prOsS which includes an interview. The minimum nurnber of trustees is three,- there is no maximum number. Trustee induction and training All new trustees a given an induction meeting to brief them on Iheir legal obligations under charity and company law, the contents of the Memorandum and Articles of Association. the decision-making process. Ihe business plan. recent financial performance of the charity and a job description. Oryanisation The board of trustees administers the charity. The board met at least quarterfy. The Trustees relied upon the SLT to manage the day-loaY operations of the charity- .To facilitate effective operations, the SLT had delegated authority. within the tems of delegation approved by the Trustees, for operational matters including finance, employment and the sale of Catch Up products. Remuneration policy for trusttss and senior staff The Trustees and the SLT members comprised the key managernent personnel of Ihe charity. The Trustees give their time without compensation. and no trustee received any remuneration in the year. Details of the senior staff rernuneration are disclosed in note 8 to the financial statemenls. The pay of senior staff is reviewed annually along with other members of the staff team and assessment given to the suslainability of the charity, local market rates and the perfornance of both individuals and of the organisats'on. Risk management The Trustees have a risk management strategy. whith comprises.. an annual review of the risks and uncertainties the chartty may face; the establishment of policies. systems and procedures to mrtigale those risks identified in the annual review,. and the implementation of prdureS 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 finanal 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 aimed to ensure that training courses only took place where a positive financial contribution could be achieved.
The Caxton Trust Report of the Trustees {including Directors, report) for the year ended 31" December 2025 Truslees. responsibillty in relatlon to the financlal 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: slate whether applicable UK accounting standards have been followed. subject to any material departures disclosed and explained in the financial slatements: and prepare the financial statements on the going concem basis unless It is inappropriat8 to Presume that the charity will continue in business. The Trustees are responsible for keeping proper accounting records that disdose with reasonable accuracy at any time the financial position of the chartty and to enable them lo ensure that the financial statements comply wilh the Companies Act 2006. the Charities Acl 2011, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts {Scotlandl Regulations 2006. They are also responsible for safeguarding the assels of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. Independent examlner A resolution proposing Kevin J. Rhind is re-appointed as independent examiner of the charity will be put lo 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 oflhe Companies Act 2006. Signed on behalf of the Trustees by: Andrew Lane Chairman Dated: 4th Atsgust 2026
Independent Examiner's Report to the Trustees of The Caxton Trust I report on the accounts of the charity for the year ended year ended 31" December 2025. Responsibilities and basis of report As the charity's Iruslees, you are responsible for the preparation of Ihe accounts in accordan with the requirements of Ihe Charities Act 2011 1.the Act"). I report in respecl of my examination of the Trusl's accounts carried out under sects'on 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act. Independent examinees statement I have completed rny examination. I confimi that no material matters have come to my attention in connection with the examination which gives me cause to believe that in. any material respect: the accounting records were not kept in accordance with section 130 of the Charities Act., or th8 accounts did not accord with the accounting records: or the accounts did nol comply with the applicable requirements conceming the fom and content of accounts set out in the Charities (Accounts and Reports) Regulalions 2008 other than any requirement that the accounts give a 'true and fair. view which is not a matter considered as part of an independent examination. I have no concerns and have come acxoss no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Kevin J. Rhind FCA Hempstead House. Hempstead, Norwich NR12 OSH
The Caxton Trust Statement of Financial Activities (including Income and Expenditure Account) for the year end 31st December 2025 2025 2024 Note Income Grants and donations Income from charitable activitS.. Sales of Catch Up materials. Iraining and conferences Investment income 38,125 33.125 119.144 144.695 2.770 4,917 Total income 160,039 182.737 Expendilure Expenditure on charrfable activities.- Development and sale of Catch Up materials. training and conferences 211,272 239,341 Total expendilure 211,272 239,341 Net movement In funds for the year 7 (51,233) (56.6041 Reconciliation of funds Fund balance5 brought fonNard 166.394 222.998 Fund balances carried forward 16 £115.161 £166,394 The Statement of Financial Activities indudes all gains and losses recognised in the year. All incoming resource5 and resources expended are derived from continuing activities. The notes on pages 12 to 21 fom part of these financial statements.
The Caxton Trust Balance Sheet as at 31st December 2025 2025 2024 Note Fixed assets Tangible assets 11 Cuent assets Stock5 Debtors Cash at bank and in hand 12 13 190 23,481 177,137 19.135 122.311 Total current assets 141.446 200,808 Crgditors: amounts falling due within one year 14 26.285 34,414 Net current assetsl{liabilities) 115,161 166,394 Net assetsl(liabilitiesl £115,161 £166.394 The funds of the charity Unreslricled income funds 16 115.161 166,394 Total charity funds £115.161 £166,394 For Ihe year en(Jed 31st Dember 2025. the company was entitled lo the exemption from audit under section 477 of the Companies act 2006 relaling to small companies. The members have not required the company to obtain and audit in accordance wilh section 476 of the Companies act 2006. The Directors acknowledge their responsibility for complying wilh the requirements of the Act with respect to accounting records and for the preparation of accounts. These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Acl relating lo 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 4th August 2026 and signed on its behalf by.. Andrew Lane Trustee Company registration number.. 3476510 Charity Number.. 1072425 The notes on pages 12 10 21 fom) part of these financial statements. 10
The Caxton Trust Statement of Cash Flows for the year ended 31st December 2025 2025 2024 Note Cash provlded byl{used in) operatlng activities 17 157,596) (48,259) Cash flows from investing activities Investment income 2,770 4.917 Cash provided byl(used In) investing activities 2.770 4,917 Decrease in cash and cash equivalents in the year (54,826) (43.342) Cash and cash equivalents at the beginning of th8 year 177,137 220,479 Total cash and ush equivalents at the end of the year £122.311 £177.137 The rleS on pages 12 to 21 fom part of these financial statements.
Th• Caxton Trust Notes to the Financial Statements for the year ended 31st December 2025 1. Accounting policies The principal accounting policies adopted. judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: Basls of preparatSon -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 IFRS 102} including the provisions of Section 1 A applicable to Small Entities - (Charities. SORP IFRS 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 sterfing. rounded to the nearest whole £1. The Caxton Trust meets the definition of a public benefit entily under FRS 102. Assets and liabilities are initially recognised at histoncal cost or transaction value unless otherwise stated in the relevant accounting policy notes. b. Preparation of the accounts on a going concem basis The financial statements have been prepared on a going concern basis despite the Irade ceasing at tha end of July 2026, as the Trustees believe Ihal no material uncertainties exist. The reserves and cash balances held at 3151 December 2025 coupled with the pledges of support from the Manor 2056 Trust and the known trading to 30th June 2026 gives the Trustees the certainty that all obligations. including redundancy payments to staff will be satisfied. There are no assels incluéed within the balan sheet at 31. December 2025 that require a provision to write down to a realisable value. The trustees are confident that all liabilities associated with the charily have been provided for matched to the appropriate period of trading and that all 2026 liabilities are covered by the income received in 2026 or the reserves carried forward at 31SI December 2025. 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 articles, is limited to £1 per member of the charity. The charity is also a registered charity in Scolland. The address of the registered Offi is given in the infomation on page 7 of these financial statements. 12
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2025 d. Incorne Income is recognised when the charity has entitment 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 cogniSed when the charity has entitlement to the funds, any perfomiance conditions attached lo the grants have been met. it is probable thal the income will be received, and the amount can be measured reliabty 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 lo the charity that a distribution will be rnade. or when a distribution is received from the estate. Receipt of a legacy, in whole or in part. is only considered probable when Ihe amount can be measured reliably, and the charity has been notified of the executor's intention to make a dislribution. 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 discloseLI if material. Income from the sale of Catch Up training and materials is recognised on a receivable basis when due. InGome received in advance of training is defeed until the criteria for income recognition are met (see note 14 below). Donated professional seNices are recognised as income when the charity has control over them, any condib'ons 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 Ihe charity, which is the amount the charity would have had to pay to obtain ServIS of equivalent economic benefit on the open market: a corresponding amount 15 ihen recognised in expenditur8 in the period. Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity. this is normalty upon notification of the interest paid or payable by the bank. Fund acGounting Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have rK)t been designated for other purposes. Restricled funds a funds subject to spectfic restrictive conditions imposed by donors or by the purpose of the donation. The purpose and use of the reslricled funds are set oul in the notes to the financial statements. g. Expenditure Expenditure is recognised once there is a legal or constructive obligalion to make a payment to a third paty. il is probable that settlement will be required. and the amount of the obligation can be measured reliably. Expenditure is dassified under the following activity headings: Expendilure on charitable activit8 includes 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 associated support costs. 13
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2025 h. Allocation of support costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs indude back-office costs. finance, personnel, payroll and governan costs which support the charty's activities. The bases on vthich such support costs have been allocated are set out in note 6 below. Leases Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the le5s0r.are charge(S as incurred. Tangible fixed assots Individual assets costing £1.000 or more are capitalised at cosl. Assets in the coutse of development are capitslised although not depreciated until the asset is brought into use. Deprecialion 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 follciwing basis: Office equipment and fixtures Website and softrRre 33% straight line basis 25% straight lin8 basis k. Stock Stocks are stated al 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 a cOgnised at the settlement amount due after any discount offered. Prepayments a valued at the amount prepaid net of any trade discounts due. m. Creditors Creditors and prowsions are recognised where the charity has a present obligation resulting from past evenl that will probably resull in the transfer of funds to a third party and Ihe amount due lo 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 benorts When employees have rendered service to the charity. short-temi employee benefits to which the employees are entitled a recognised at the undiscounted amount expeded 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 Employmenl Savings Trust defined contribution stakeholder pension stheme became operational on 1 sl January 2019, the charity's staging date for auto-enrolment. The pension cost charge represents contributions payable by the charity to the funds in respect of the year. 14
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2025 o. Foreign currencies Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the balan sheet date. All dIfferenS are taken to the profit and loss account. p. Redundancy costs Redundancy costs are provided for once the decision for temiination has been made. These are quantified in accordan with the employee's right to redundancy paymenls based on years of service. In addition. any pay in lieu of notice due is calculated in accordance with the relevant employment contract. 2. Critical accounting estimates and judgements In the application of the charitable company's accounting policies, the Trustees are required to make judgements. estimates and assumptions al)oul 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 assumptmjns are reviewed on an ongoing basis. Revisions to accounting estimates 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 effecls both current and future periods. The estimates and assumption5 Wlth a si9nificant risk of causing materia5 adjustments to the carrying amount of assets and liabilities within the next financial year are: Costs of completing the work funded by S1cted grant funding. where judgement is made to estimate the amount of grant funded eamed on the particular projects based on the milestones reached and the estimated costs of compleling the project. This in tum allows the Trustees to estimate whal amounts ifany may be transferred from restricted reserves lo unrestricted reserves. 15
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2025 3. Grants and donations 2025 2024 Unrestricted grants and donations The Manor 2056 Trust Others 35.000 3,125 30,000 3.125 £38,125 £33.125 4. Income from charitable actlvftles 2025 2024 Sales of Catch Up products Training and associated income 73.015 46.129 88,379 56,316 £119,144 £144.695 The percentage of income attributable to markets outside the United Kingdom is 11.1 % (2025- 6.4%) 5. Investment income 2025 2024 Bank interest £2,nO £4.917 16
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2025 6. Analysis of expendiiure on charitable activities Direct Office and costs support costs Total 2025 Total 2024 Staff costs Costs of Catch Up materials and training Training and conferences Development and markeb'ng Project and grant costs 40.773 29,781 15,620 2,859 47.904 11.857 51,752 2,442 5,000 95.384 80,127 32,477 98,187 84.119 34.151 16.775 86.174 62.620 59.194 207,988 233.232 Governance costs.. Independent Examiner and Audit fees Legal fees 3.250 3,250 5,996 113 3.284 3.284 6,109 £86.174 £62.620 £62.478 £211.272 £239.341 For the year ended 31 December 2025 Restricted Unreslricted Total Expenditure on charitable activities £211,272 £211.272 Staff costs are apportioned on a time basis. Offe and support costs are apportioned to the activity to which they relate. 7. Net incomel(oxponditure) for tho year 2025 2024 This is slated after chargingl(crediting): Depreciation of own assets Independent Examiner and Auditor's remuneration- Independent Examiner fees Audit services 1,462 5,996 5.996 17
The Caxlon Trust Notes to the Financial Statements for the year ended 31st December 2025 8. Employee information 2025 Number 2024 Number The average number of persons employed was: Support and administration The full lime equivalent average number of persons was.. Support and administration Staff costs (for the above staffj 2025 2024 Wages and salaries Social security costs Pension costs 80,222 1.287 4,665 97.202 2.556 4,362 Total staff costs £86.174 £104.120 During the year, retirement benefrts were accruing to 4 emptoyees (2024- 4} in respect of money purchase schemes. No employees reiVed emoluments (excluding pension contributions) in excess of £60.000 {2024= none). The total remuneration including pension contributions of key management pèrsonnel during the year was £45,04112024: £62,085). Trustees No trustee received any remuneration for services during the year {2024 - £Nil). Directly incurred expenses are reimbursed when claimed and in 2025 a total of £Nil was claimed (2024 - £Nil). Ponslons The charity operates a defined contribution pension scheme and a separate Nalional Employrnent Savings Trust defined conlribution stakeholder pension scheme which became operational on January 2019. The assets of the schemes are held separately lo those of the charity in independently administered funds. The pension cost charge represents the contributions payable by the charity to the funds for the year and these costs are included within staff costs and allocated to the activity for the relevant employee. The pension charge for 2025 was £4.665 (2024 £4.362). At the year-end, there were no outstanding contribulions12024 - £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 activilies carried on in furtherance of the charity's primary objectives, if these profits and suluseS are applied solely for charitable purposes. 18
The Caxton Trust Notes to the Financial Statemonts for the year ended 31st December 2025 11. Tangible Fixed Assets Computer equipment Website & database Total Cost At 1 $1 January 2025 6.233 121,885 128,118 At 31 $1 December 2025 6.233 121.885 128.118 Depreciation At 1st January 2025 6.233 121.885 128,118 At 31 $1 December 2025 6.233 121.885 128,118 Net Book Value At 3161 December 2025 At 3151 December 2025 12. Stock 2025 2024 Stock of Catch Up materials £190 13. Debtors 2025 2024 Trade debtors Prepayments VAT repayable 10.562 8.423 150 15,015 8,466 £19,135 £23.841 19
The Caxton Trust Notes to the Financial Statements for the year ended 31st December 2025 14. Creditors: falling duè within one year 2025 2024 Trade creditors Income in advance Accruals Taxation and social security 15,499 400 10,386 15.403 799 16,443 1,769 £26,285 £34,414 Income in advance relates to training income invoiced in advance. 2025 2024 Balan at 1" January 2025 Amount released lo income from charltable activities Amount deferred in year 799 (799) 400 2.449 (2.449) 799 Balance at 31* December 2025 £400 £799 15. Other C¢)mmitments A three-year lease was enteréd into on 1 April 2024 with break clauses after 12 and 24 months. The annual rent and service charge for the property was £11.778. At 31st December 2025, the charity had future minimum lease payments and Servi charge obligations under n¢)n4ancellable operating leases in respect of land and buildings of.. 2025 2024 Amounts payable Within one year £3,926 £3.926 The amounts recognised as an expense for the period in respect of rent and service charge obligations for lar)d and buildings was £11.778 (2024- £11.778). 20
The Caxion Trust Notes to the Financial Statements for the year ended 31st December 2025 16. Funds At At 1st January Incoming Outgoing 31" Dècember 2025 resources resources Transfers 2025 Unrestricted funds General reserve 166.394 160.039 (211.272) Total funds £166.394 £160.039 £(211.272) £115,161 17. Reconciliation of n•t movement in funds to net cash flow from operatlng activities 2025 2024 Net movement in funds Add back depreciation charges Deduct interest income shown in investing activities {Increaselldecrease in stock {Increaseydecrease in debtors Increasel(decrease) in creditors (51,233) (56.604) 1,462 (2,770) 190 4.346 (8,129) 14,917) 1,268 7,290 3.242 Net cash provided byl{used in) operaling activities £(57,596) £{48,259) 18. Related party transactions During the year Catch Up received a donation of £35.000 from The Manor 2056 Trust, which is a charity controlled by Mr Lane who is a trustee of The Caxton Trust {2024- £30,000). A donation of £2,500 was also received from Mr & Mrs Emmett. Mrs Emmett is a trustee of The Caxton Trust {2024- £2,500). 19. Post balance sheet events ffld On 22 February 2026 the Trustees took the decision to stop trading with effect from 31$1 July 2026. All staff were nolifEd the following week that they would be made redundant. The Trustees were satisfied that there were sufficient resources to pay all foreseen liabilities falling due. public statement in resped of Ihe closure was made on 13th April 2026. 21