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
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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. redU￿d 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 re￿nI 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
adVan￿rnent 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. redU￿d 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 adVan￿fflent 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 enhan￿ment 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 T￿￿teeS (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 g￿ater 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 lo￿1 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
Inc￿aSe 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 ￿$OU￿S, 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 G￿NTs
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 redUCt￿n 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 be￿een spending on Catch
Up interventions and re￿ipl 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)
JO￿lyn Sluart-Grumbar
Alan Warner
A senior leadership team (SLT) was in place to manage the day-to￿aY 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 Art￿leS 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. d1￿ctIng and overseeing the operation of the charity.
Trustees are appointed by a ￿crU1trnenI prO￿sS 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-lo￿aY 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 pr￿dureS 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 finan￿al 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 activit￿S..
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
Cu￿ent 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 De￿mber 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 r￿leS 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 entit￿ment 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 defe￿ed 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 ServI￿S 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 activit￿8 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 dIfferen￿S 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 ￿S1￿cted 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. Off￿e 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 re￿iVed 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 su￿luseS 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