2023-03-31-accounts - Catenian Association Bursary Fund Limited

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				Page
Legal and	administrative	details
Trustees'	report			2-5
Independent Auditors'		report
Statement	offinancial	activities
Summary	income and	expenditure	account	10
Statement	offinancial	position
Statement	of cash flows			12
Notes to the financial statements				13-18

Trustees			C.J.Boulton
			T. Donnelly
			K.F.Grabowski
			G. Green
			J. Harkin
			K.A. McKenna
			S.M. Robinson
			A. Smith
			M.Taylor
Compa ny	secreta ry		P. Brown
Company	number		2468843
Charity number			1081143
Registered	and principal	office	2nd Floor, 1Park	House
			Station Square
			Coventry CV1 2FL
Auditors			Cocke, Vellacott 5		Hill
			Chartered Accountants
			Unit 28 Dock Offices
			Lower Road
			London SE162XB
Bankers			The Co-operative	Bank p.l.c
			P.O. Box101
			3rd Floor, 1 Balloon Street
			Manchester M60	4EP
Investment	managers		BRI Wealth Management			PLC
			BR I House
			Elm Court
			Meriden Business		Park
			Coventry CVS 9RL
Solicitors			Stone King LLP
			Boundary House
			91Charterhouse	Street
			London EC1M 6HR

The	trustees are	responsible	for	the management	of the charitable company.	of the charitable company.	of the charitable company.	The Board meets five or more times each	The Board meets five or more times each	The Board meets five or more times each
year	to consider applications.		There is also a mechanism			to consider urgent applications outside the scheduled				meetings.
The	directors (and	trustees of	the company for the		purposes		of charity law) who	served during the year were:
	D. Baldam	(resigned		on 13September	2022)		J. Harkin	(appointed	on 20September	2022)
	C.J. Boulton						R.A. Lillie	(resigned	on 13September 2022)
	Dr A. Brinkley	(resigned		on 11January 2022)			K.A. McKenna
	T. Donnelly						S.M. Robinson
	K.F.Grabowski	(appointed		on 13September	2022)		A. Smith	(appointed	on 22 November	2022)
	G.Green						M.Taylor

					Unrestricted	Unrestricted
					funds	funds
					2023	2022
				Notes	Total E	Tatalf
Income from:
—Donations				4 (a)	97,551	108,232
—Legacies					12,000	255
—Investment income				4 (b)	10,278	8,768
Total income				3.2	119,829	117,255
Less: Cost ofgenerating	funds
Investment manager's fees					(4,207)	(1,033)
Net incoming resources	available
for charitable application					115,622	116,222
Expenditure on:
Charitable activities
— Grants refunded/(payable)				s (a)	(49,368)	(14,647)
— Grant refund (provision	reversed)	/ grant refund	provision	5 (a)
—Other expenditure on charitable		activities		5(b@c)	(22,459)	(23,133)
Total charitable expenditure					(71,827)	(37,780)
Tota I expenditure					(76,034)	(38,813)
Realised gains/(losses) on disposal of investments					(20,061)	12,543
Net gains/(losses) on investments					(20,061)	12,543
Net incoming resources / (expenditure)					23,734	90,985
Net movement in funds					23,734	90,985
Reconciliation offunds
Total funds brought forward					672,825	581,840
Total funds carried forward					e9e,ss9	672,825

							2023	2022
							Total	Total
						Notes	f
Income
Donations						4 (a)	97,551	108,232
Legacies							12,000	255
Investment income						4 (b)	10,278	8,768
Gains on disposal of investment				assets based on book value				12,543
Total							119,829	129,798
Less: Cost of generating		funds
Other costs							(4,207)	(1,033)
							(4,207)	(1,033)
Net incoming	resources available
for charitable	application						115,622	128,765
Expenditure
Charitable activities
- Grants refunded/(payable)						5 (a)	(49,368)	(14,647)
- Grant refund	(provision		reversed) / grant refund		provision	5 (a)
—Support costs						5 (b)	(19,651)	(20,967)
— Governance	costs					5 (c)	(2,808)	(2,166)
Losses on disposal of investment				assets based on	book value		(20,061)
Total							(91,888)	(37,780)
Net income / (expenditure)			for	the year			23,734	90,985

					Notes		2023 f		2022f
Fixed assets
Investments							616,006		629,197
Current assets
Debtors						4,958		4,587
Cash at bank	and	in	hand			78,392		63,972
Total current assets						83,350		68,559
Liabilities
Creditors: amounts			falling
due within	one year				10	(2,797)		(24,931)
Net current	assets						80,553		43,628
Total assets	less current			liabilities			696,559		672,825
Funds
Unrestricted	income		funds
General fund							696,559		672,825
Revaluation	reserve
Total funds							696,559		672,825

				2023	2022
				E	E
Cash flows from operating	activities
Net income / (expenditure)	for the year			23,734	90,985
Adjustments:
Gains on disposal of investment assets				20,061	(12,543)
(Increase) / decrease in debtors				(371)	5,166
(Oecrease) in creditors				(22,134)	11,000
Net cash used in operating	activities			21,290	94,608
Withdrawal of cash held in	investment	portfolio		(19,131)	100,545
Purchase of investments				(145,541)	(629,911)
Proceeds ofsale ofother investments		at fair value		157,802	429,745
Net cash from investing activities				14,420	(5,013)
Net increase/(decrease)	in cash and	cash	equivalents	14,420	(5,013)
Cash and cash equivalents	at the beginning		ofthe year	63,972	68,985
Cash and cash equivalents	at the end ofthe		year	78,392	63,972

(a) Voluntary income	(a) Voluntary income				2023 f	2022 f
Donations	from Circles				4,275	6,047
Donations	from individuals				72,940	82,299
Donations	from Provinces				1,700	2,300
Donations	collected during		Annual	Conference	1,510
Donations	- Amazon5mile				644	780
Tax on gift	aid donations	recoverable			16,482	17,906
					97,551	208,232
(b) Investment income
					2023	2022
					f	f
Income from investments					10,149	8,768
Interest receivable					129
					10,278	8,768

Charitable (a) Grants	activities payable		2023 E	2022f
Grants Disbursed —Lourdes			32,375	7„100
Grants Disbursed —Projects			16,993	7,547
			49,368	14,647
			Number	Number
Recipients	ofgrants	- Lourdes	279	74
Recipients	ofgrants	—Projects	37	15
			316

(b) Support costs				2023 E	2022f
Management fees recharged	from The Catenian	Association	Limited (see note 12)	15,000	15,000
Costs of Flame Convention				725
ITexpenses				2,725	3,739
General expenses				1,201	2,228
				19,651	20,967
(c) Governance costs				2023 f	2022f
Committee expenses				1,005	691
Auditors fees —audit work				1,720	1,400
Bank charges				83	76
				2,807	2,167
Total support and governance	costs			22,459	23~133

Fixed asset investments	Fixed asset investments			Investments
				portfolio
Valuation				E
At 1st April 2022				629,197
Additions				145,541
Disposals				(177,863)
Net movements	in cash	held by brokers	for investment	19,131
Unrealised gains/(losses)		on revaluation	of investments
At 31st March 2023				616,006
Historical cost as	at 31st	March 2023.		616,006
Historical cost as	at 31st	March 2022		629,197

Fixed asset investments (continued)	Fixed asset investments (continued)	Fixed asset investments (continued)
The investments		of the charity at 31st March	2023 were							as follows:			Cost	Market value
Holdings		Description											E	f
Alternatives	Funds
27,696.22		ARC TIME UK Infrastructure lnc			Fund				II Class A lnc				28,705	26,098
15,345.00		LF Ruffer Diversified Return I lnc											16,369	15,772
9,046.00		Pantheon Infrastructure pic											9,086	7,617
19,001.43		Trojan X Income											23,430	23,851
Bonds, fixed	interest &gilts
19,742.17		Artemis Corporate Bond Fund		I	Inc								21,833	17,573
16,079.27		Baillie Gifford High Yield Bond		B		lnc							21,573	17,510
16,271		iShares Corporate Bond Index		D		lnc							19,680	18,159
10,896		iShares UK Gilts All Stocks Index				Fund			D lnc				13,666	13,431
8,821.00		GCP Asset Backed Income Fund				Ltd							9,155	6,086
17,397.00		GCP Infrastructure Investments				Ltd Ord GBP0.01							17,763	14,822
China
5,897.15		FSSA All China EAcc											9,553	8,188
Emerging markets
1,681.21		Baillie Gifford Emerging Markets				Growth				Fund		B inc	14,396	11,580
17,195.56		JPM Emerging Markets Income			C		lnc						11,343	11,411
Europe
486.21		Baillie Gifford European Net B		Inc									13,498	10,293
426.95		Fidelity Europea n W Inc											10,400	10,896
International
7,484.00		Bellevue Healthcare Trust											14,624	11,316
14.29		Pictet Indian Equities I GBP											8,427	8,276
12,753.53		Regnan Sustainable Water and		Waste					Fund		F Acc		13,745	12,881
6,400.00		Seraphim Space Investment Trust					pic						6,512	2,403
980.41		Baillie Gifford Japanese B lnc											17,420	15,079
1,535.03		Baillie Gifford American B Inc											26,825	14,460
624.73		Morgan Stanley Global Brands		Inst Inc									24,240	23,142
6,574.17		Premier Miton US Opportunities					BAcc						23,228	22,885
Property
8,905.00		Life Science REIT Plc											8,930	5,521
14,074.00		LXI REIT Plc											19,883	13,849
11,652.00		Urban Logistics REIT Plc											18,557	14,915
17,854.00		Warehouse Reit											24,975	18,247
UK Collectives
15,322.37		AXA Framlington UK Mid Cap Z			Inc								19,586	15,267
6,097.56		HSBC FTSE250 Index C inc											10,525	10,579
14,219.00		Ishares UK Equity Index Fund	D		lnc								14,336	14,396
6,043.27		Liontrust SpecialSituations I Class					Inc						32,387	28,851
UK Smaller Companies
9,394.24		LF Gresham House UK Smaller		Comapnies							Fund	F Inc	9,616	8,228
9,860.07		Unicorn UK Smaller Companies			C		Inc						10,493	8,332
Cash		Catenian Bursary Fund Ltd —Charity						—Cash					71,247	71,247
Total investments as at 31st March 2023													616,006	533,161

9.	Debtors						2023	2022
							f	E
	Other debtors —The Catenian		Association	Ltd			269
	Other debtors —tax on gift aid		recoverable				2,689	4,587
	Prepayments and accrued income						2,000
							4,958	4,587
10.	Creditors: amounts falling due
	within one year						2023 f	2022 E
	Trade creditors						437	4,778
	Amounts owed to related companies
	—The Catenian Association	Limited (see note 12)						14,772
	-Catena Trustees Limited	(see note 12)						473
	Other creditors							33
	Accruals and deferred income						2,360	4,875
							2,797	24,931
11.	Unrestricted income funds		1April 2022		Incoming	Outgoing	Transfers	31March 2023
					resources	resources
				f	f	f	f	f
	General purpose fund			672,825	119,829	(96,095)		696,559
	Investment revaluation reserve
				672,825	119,829	(96,095)		696,559