A downhole tool (32) comprises a tool housing (34) defining a central bore (35) and including a fluid port (20), and a valve member (40) mounted within the housing (34) and being moveable from a closed position in which the fluid port (20) is blocked to an open position in which the fluid port (20) is opened. The tool (32) further comprises a catching arrangement (41) mounted within the housing (34) and comprising one or more radially moveable seat members (106), and being configurable from a free configuration in which the seat members (106) permit an object (48) to pass through the tool (32), to a catching configuration in which the seat members (106) catch an object (48) passing through the tool (32).