The Catenian Association Bursary Fund Limited la company limited by guarantee) Trustees, report and fi'nancial statements forthe year ended 31 March 2024 Registered Charity Commission Number: 1081143 Registered Company Number: 2468843
The Catenian Association Bursary Fund Limited la company limited by guarantee) Contents Page Legal and adm inistrative details Trustees, report Independent Auditors, report Statement of financial activitie5 Summary income and expenditure account io 5tstement of fi'nancial position li Statement of cash flow5 12 Notes to the financial statements 13- 19
The Catenian Association Bursary Fund Limited la company limited by guarantee) Legal and administrative detsils Trustees C.J. Boulton T. Donnelly K.F. Grabowski G. Green J. Harkin K.A. McKenna S.M. Robinson A. smith M. Taylor Company secretary K. Campbell Company number 2468843 Charity number 1081143 Registered and principal office 5 Oak Court Pilgrims Walk Prologis Park Coventry CV6 4QH Auditors Cocke, Vellacott & Hill Chartered Accountants Unit 28 City Business Centre Lower Road London SE16 2x8 Bankers The Co-operative Bank p.l.c P.0. Box 101 3rd Floor, l Balloon street Manchester M60 4EP Investment managers BRI Wealth Management PLC BRI House Elm Court Meriden Business Park Coventry CV5 9RL Solicitors Stone King LLP Boundary House 91 Charterhouse Street London ECIM 6HR Page11
The Catenian Association Bursary Fund Limited la company limited by guarantee) Trustees, report lincorporating Directors, Report) for the year ended 31 March 2024 The trustees present their report together with the audited financial statements of the charitable company for the year ended 31 March 2024, which comply with current statutory requirements, the requirements of the charitable company's governing document and the requirements of the Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191- the Charities SORP. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing instrument The Catenia n Associatron Bursary Fund Limited 15 a non-trading charitable company limited by guarantee, without a share capital, Icompany number- 24688431 incorporated in England. Upon the winding up of the charita ble company, the liability of every member is limited to £1. Trustee recruitment Trustees are appointed by the Central Council of the Catenian Association, after a selection process by the Board of Trustees from a list of candidates who volunteer for appointment. Trustee induction tind training After advertising throughout the Association, new trustees are elected by Central Council, initially for three years, bearing in mind their experience with other charities and their general professional background. Each receives a copy of the Memorandum & Articles, copies of the minutes of the last two meetings and a copy of an application form, followed by explanations of the procedures at subsequent meetrngs of the Committee. Orgonisotion strurture The trustees are responsible for the management of the charitable company. 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 land trustee5 of the company for the purposes of charity lawl who served during the year were.. C.J. Boulton K.A. McKenna T. Donnelly S.M. Robinson K.F. Grabowski A. Smith G. Green M. Taylor J. Harkin The charitable company was set up at the instigation of the Central Council of The Catenian Association but has its own board of directors. See note 12 for more details on related parties. The charity registration number is 1081143. Risk review The trustees have conducted their own risk review of the major risks to which the charitable company is exposed and systems have been established to mitigate those ri5k5. These procedures are periodically reviewed to ensure that they still meet the needs of the charitable company. A risk register is maintained and is discussed at each Trustee meeting. Additions and alterations are made as and when deemed necessary. OBJECTIVES AND ACTIVITIES Object5 The object of The Catenian Association Bursa ry Fund Limited is to encourage and asslst Roman Catholics, from the ages of 16 to 25, actively to involve themselves in projects for the benefit of the community, at home or abroad. The projects will involve the implementation of Christian, particularly Catholic, principles and may be undertaken solely or jointly with other people or under the aegis of organisations operating under the same principles. Grants are awarded according to the merits of each individual application. Page12
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) Trustees, report (incorporating Directors, Report, continued) for the year ended 31 March 2024 OBJECTIVES AND ACTIVITIES Icontinuedl Strategies The availability of the Fund is advertised throughout the Catenian Association. on the Internet, through school, college, seminary, university chaplaincy contacts and by leaflet. The fund has its own dedicated website www.catenianbursary.com. Activities Activities are monitored because at the end of a project a successful applicant is asked to submit an article about his or her experiences helping the local community for possible publication in 'Catena', the monthly magazine of the Catenian Association. Frequently today young Catholics are working abroad through the auspices of Lay Missionary Groups working as part of a Religious Order for periods as long as a year helping to build, maintain arid work in mission schools and hospitals some of which is reported in the Catholic press. Public Benefit The trustees have complied with the duty in Section 4 of the Charities Act 2011 to have regard to the public benefit guidance published by the charity commission. The trustees lunpaidl follow the mission statement to assist, by means of grants, Roman Catholics from the ages of 16 to 25 to actively involve themselves in projects which benetit the needy in communities at home but mainly abroad. Grants are awarded on merit, involving Christian principles and particularly helping the disadvantaged. The results as shown in the letters received show that participants benefit from the experience of giving service and the communities benefit from targeted meeting of needs. ACHIEVEMENTS AND PERFORMANCE This can be judged by the number of applications and the support in donations from both individuals and provinces including legacies and by a continued campaign of marketing and publicity in schools, colleges and parishes. Wherever possible an award will be presented to the successful applicant by a local Circle President. thus not only personalising the event but also publicising the charitable company within the local Catholic community. See below and note 5 for detai15 of the value and number of grants made during the year. FINANCIAL REVIEW Reserves policy Available reserves in the unrestricted income funds currently stand at £622,640. The trustees constsntly review the level of reserves needed and will be formulating a new policy during the current year. Investment policy. powers ondperformance All investments held by the charitable company have been acquired in accordance with the powers available to the trustees. The Trustees, in consultation with BRI Wealth Management (which manages the investments on behalf of the charitsble company) reviewed the charitable company's investments and decided to invest a further £150,000 into the bespoke portfolio. This will increase income and gives a greater measure of control over the investments to the Trustees. The fair value of the investments at 31 March 2024 was £563,064131 March 2023- £616,006). Page13
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) Trustees, report (incorporating Directors, Report, continued) for the year ended 31 March 2024 FINANCIAL REVIEW (continued) Resultsfor the yeor The results for the year, are detailed in the statement of financial activities on page 9 and the summary income and expenditure account an page 10. During the year income from donations and legacies totslled £115,30812023- £109,551) and investment income for the year totalled £14,40312023- £10,278). Cost of generating funds totalled £3, 19112023- £4,207). Grants made during the year totslled Elll,58512023- grants made £49,368). After taking into account other charitable support costs of £21,57912023- £19,651), governance costs of £3,12212023- £2,808), realised losses on sale of investments of £15,25212023- £20,061) and net unrealised losses on the revaluation of investments arising during the year of £48.90112023- net unrealised gains of £-I, there was a net decrease in f unds of £73,919 12023- net increase of £23,734) which was transferred from/to total funds. PLANS FOR THE FUTURE The future for the Bursary Fund looks bright particularly as Association members see the value of what it stands for and the opportunities it offers. The trustees intend to promote the fund as a global grant making charitable company and plans and strategies are being made to attempt to accomplish this aim. TRUSTEES, RESPONSIBILITIES FOR THE FINANCIALSTATEMENTS The trustees are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice. Company and charity law requires the trustees to prepare fi'nancial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the surplus or defi'cit of the charitable company for 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,. make judgements and estimates that are reasonable and prudent; state whether applicable UK accounting standards have been followed subject to any material departures disc105ed and explained in the fi'nancial statements,- and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees have overall responsibility for ensuring that the charitable company has appropriate system of controls, linancial and otherwise. They are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the fi'nancial statements comply with the Companies Act 2006. They are also responsible for Safeguarding the assets of the charitable company and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. DISCLOSURE OF INFORMATION TO AUDITORS As far as the trustees are aware, there is no relevant audit information of which the charitable company's auditors are unaware. Each of the trustees has tsken all the steps that he/she ought to have taken as a trustee in order to make himself/herself aware of any relevant audit information and to establish that the charitsble company's auditors are aware of that information. Page14
The Catenian A550ciation Bursary Fund Limited la coiiipany liinited by guarantee) Triistee5' report lincorporahnv Directors, Report, continued) for Ihe year ended 31 M<ircli ?0?4 AUDITORS Tl)e audilois have signified tlieir willingness to continue in office and a re501uhon proposing the re-appointmeni of Cocke. Vellacott & H ill as alidiiors of tl)e conipany, Ivill be put to the Anniial General Meeting. These linancial statenients have been prepared in accordance with the special provision of Part 15 of the Companie5 Act 2006 relating to sinall conipani@S. Tliis report W¢lS approved by the truslees on 10 September ?0?4 and Signed on their behalf by S.M. Robinson Trustee Page15
Independent auditors, report to the members of The Catenian Association Bursary Fund Limited la company limited by guaranteel Opinion We have audited the financial statements of The Catenian Association Bursary Fund Limited set out on pages 9 to 18 for the year ended 31st March 2024. The financial reporknng framework that has been applied in their preparation is applicable law and U nited Kingdom Accounting Standards (United Kingdom General Accepted Accounting Practice) and in accordance with Accounting and Reportrng 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 1021 leffective l January 20191" and the accounting policies set out on page 13. In our opinion the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31st March 2024, and of its net income for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the Compa nies Act 2006. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing IUKI11SAs IU Kll and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilitr.es for the audit of the frnancial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the linancia I statements, we have concluded that the trustees, use of the going concern basis of accountr.ng in the preparation of the financial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast signiticant doubt on the charitable company's ability to conti nue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other information The other information com prises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information a nd we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility 15 to read the other information and, in doing so, consider whether the Other information is materially inconsistent with the fi'nancial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a rnaterial misstatement in the financial statements or a material misstaterllent of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the information given in the trustee5' report for the financial year for which the fi. nancial Statements are prepared is consistent with the fi'nancial statements,. and the trustees, report ha5 been prepared in accordance with a pplicable lega I requirements. Page16
Independent auditor5, report to the members of The Catenian Association Bursary Fund Limited la company limited by guarantee) Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, report. We have nothing to report in respect of the following matters where the Companies Act 2006 req uires us to report to you if, in ouropinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us,. or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of trustees, remuneratr'on specified by law are not made,- or we have not received all the information and explanations we require for aur audit,. or the trustees were not entitled to prepare the fi'nancial statements in accordance with the small companies, regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As expla ined more fully in the trustees, responsibilities statement set out on page 5, the trustees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfi'ed that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststement. whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor'5 responsibilities for the audit of the financial ststements Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misststements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these tinancial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulation5. We design procedures in line with our responsibiltres, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our proced ures are capable of detecting irregularities, including fraud 15 detailed below.. We have obtained an understanding of the charitable company's policies and procedures through disCU5sions with senior management and trustees. We also drew on our existing understanding of the work that the charitable company does and the sector that it operates We understand that the charitable company complies with its responsibilities through close involvement of Senior management and trustees in the day to day running of the business and regular liaison between them Were there anv litigation or claims they would come to the attention of the senior management directly. The charitable company also holds regular board meetings at which all such marters are discussed if applicable. We have reviewed the minutes of all board meetings and no irregularities were identified. Management accounts figures are circulated to all trustees and senior management. In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements. which are central to the charitable company's ability to conduct business and where fa ilure to comply could result in material penalties. Page17
Independent auditors, report to the members of The Catenian Association Bursary Fund Limited la company limited by guarantee) Auditor'5 responsibilitie5 for the audit of the financial ststements Icontinuedl We have considered the disclosure requirements of the Companies Act 2006 as part of our finalisation processes. We discussed the possibility af fraud with senior management and trustees whether they had any knowledge of any actual, alleged or suspected fraud. We designed our audit tests to consider controls and tested a sample of financial transactions. We considered the timing of recognition of income. In common with all audits under ISA'S IUKI we also performed specific procedures to respond to the risk of management override. We assessed the charitable company's control environment is adequate for the size and operati ng model of such a charitable company. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the fi'nancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's trustees, as a body, in accordance with the Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's in those matters we a re required to state to them in an auditor's report and for no other purpose. To the f ullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's member as a body, for our audit work, for this report, or for the opinions we have formed. DAVID WARREN BA FCA Isenior statutory auditorl for and on behalf of Cocke, Vellacott & Hill, Statutory Aud itor and Chartered Accountsnts Unit 28 City Business Centre Lower Road London SE16 2XB Date.. £e Page18
The Catenian Association Bursary Fund Limited la company limited by guara nteel Summary income and expenditure account for the year ended 31 March 2024 Unrestricted funds 2024 Total Unrestricted funds 2G23 Totul Notes Income from.. Donations Legacies Investment income 41al 93,079 22,229 14,403 97,551 12,000 10,278 4{bl Totsl income 129,711 119,829 Less.. Cost of generating funds Investment manager's fees 13,1911 (4,207) Net incoming resources available for charitable application 126,520 115,622 Expenditure on: Charitable activities Grants refunded / Ipayablel Grant refund (provision reversed) / grant refund provision Other expenditure on charitable activities 5{al 5{al 51b&cl {111,5851 (49,368J 124,7011 (22,459) Totsl charitsble expenditure 1136,2861 (71,827) Total expenditure 1139,4771 (76,034) Realised gains/llossesl on disposal of investments Gainslllossesl on revaluation of investments 115,2521 148,9011 (20,061) Net gains/llossesl on investments 164,1531 (20,061) Net incoming resources / lexpenditurel 173,9191 23, 734 Net movement in fund5 173,9191 23, 734 Reconciliation of funds Total funds brought forwa rd li 696,559 672,825 Total fund5 carried forward li 622,640 696,559 All of the operations undertaken by the company during the current and preceding years are continuing operations. The notes on pages 13 to 19form an integral part of thesefinanciL71 statements. Page19
The Catenian A550ciation Bursary Fund Limited la company limited by guara nteel Summary income and expenditure account for the year ended 31 March 2024 2024 Total 2023 Total Notes Income Donations Legacies Investment income 41al 93,079 22,229 14,403 97,551 12,000 10,278 41bl Total 129,711 119,829 Less.. Cost of generating funds Other costs 13,1911 (4,207) 13,1911 (4,207) Net incoming resources available for charitable application 126,520 115,622 Expenditure Charitable activities Grants ref unded / Ipayablel Grant refund Iprovision reversed) / grant refund provision Support Costs Governance costs Losses on disposal of investment assets based on book value Losses on revaluation of investments 5{al 5{al 51bl 51cl 1111,5851 (49,368) {21,5791 13.1221 {15.2521 {48,9011 (19,651) (2,808) (20,061) Total 1200.4391 191,888) Net income / lexpenditurel for the year 173,9191 23,734 All of the operations undertaken by the company during the current and preceding years are continuing operations. The net expenditure for the year, based on the historic cost basis is £73,91912023- income £23,734). The Summary Income and Expenditure Account is derived from the Statement of Fina ncial Activities on page 9 which together with the notes to the accounts on pages 13- 19 provides full information on the movements during the year on all the f unds of the charitable company. The notes on pages 13 to 19form on integral part of thesef7nunciul statements. Pagel10
The Catenian Association Buisary Fund Limited la coiiipany liiiiited by guaraiileel Sialement of financial positioii as al 31 IlAarcli ?024 2024 2023 Notes Fixed assets Invesiii)ents 563.064 616,006 Current assets Debtors Casl) al bank and iii haiid 15.260 46,891 -'1,958 78,392 Total current asset5 62.151 83.350 Liabilities Creditols: amounts falling due within one year io 12,5751 (2, 797) Net current assets 59,576 80,553 Total assets less current liabilities 622,640 696,559 Funds Unrestricted income funds General fund Rovaluation reserve li li 622,640 696,559 Total funds 622,640 696,559 Tliese financial Slaleinents have beeii prepared in accoidance with ihe special provision of Parl 15 of Ihe Conipanies Act ?006 relaling to small conipanie5. Tl)e linancial stalemonts were approved by the Board on 10 September 2024 and signed on its behalf bv G, Green Trustee S.M. Robinson Trustee Registered conipany number.. ?468843 Tlie iiote5 on poges 13 to 19forn7 an integrol port of these financial slt31einentS. Pagel11
The Catenian Association Bursary Fund Limited la company limited by guarantee) Statement of cash flows for the year ended 31 March 2024 2024 2023 Cash flows from operating activities Net income / lexpenditurel for the year 173,9191 23, 734 Adjustments.. Gains on disposal of investment assets Fair value adjustment of listed investments Ilncreasel / decrease in debtors IDecreasel in cred itors 15.252 48.901 {10,3021 12221 20,061 1371) 122,134) Net cash used in operating activities 120,2901 21,290 Withdrawal of cash held in investment portfolio Purchase of investments Proceeds of sale of other investments at fair value 40,867 1137,7571 85.679 (19,131) (145,541) 157,802 Net cash from investing activities 111.2111 (6,870) Net increase / Idecreasel in cash and cash equivalents 131,5011 14,420 Cash and cash equivalents at the beginning of the year 78,392 63.972 Cash and cash equivalents at the end of the year 46.891 78,392 The notes on pages 13 to 19form on integral pGrt of thesefinonciGI stGtement5. Page | 12
The Catenian Association Bursary Fund Limlted la company limited by guara nteel Notes to the fi.nancial statements for the year ended 31 March 2024 General information The Catenian Association Bursary Fund Limited is a charitable company limited by guarantee without a share capital. It is incorporated and domiciled in England. Each member's liability is lirnited to £1. The address of its registered offices is 5 Oak Court, Pilgrims Wa Ik, Prologis Park, Coventry CV6 4QH. The object of the charitable company is to encourage and assist Roman Catholics, from the age of 16 to 25, actively to involve themselves in projects for the benefit of the community, at home or abroad. 5tstement of compliance The fi'nancial statements of the charitable company are in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportrng Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 (Charities SORP IFRS 10211, the Companies Act 2006 and the Financial Reporting Standards applicable in the UK and Republic of Ireland IFRS 1021. The Catenian Association Bursary Fund Limited is a public benefit entity as set out in pa ragraph P8E3.3A under FRS 102. Accounting policies The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to the years presented. Basis of accounting The linancial statements have been prepared on a going concern basis, under the historical cost convention as modified by the revaluation of listed investments. The fi.nancial statements a re prepared in £ sterling, which is the f unctional currency of the entity. The financial ststements are for the year ended 31 March 2024. Comparative figures are for the year ended 31 March 2023. After reviewing the charitable company's forecasts and projections, the trustees have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore conb.nues to adopt the going concern basis in preparing its financial statements. Income All income is recognised once the charity has entitlement to the resources, certainty that the resources will be received and the rnonetary value of the incoming resources can be measured with sufficient reliability. 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 to the Trust that distribution will be made, or when a distribution is received f rom the estate. Expenditure Expenditure is recognised on accruals basis as a liability is incurred. Expenditure include5 any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its benefi'ciaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs comprise all costs involving public accountability of the charitable company and its compliance with regulation and good practice. These include costs related to audit, trustee expenses and legal fees. Page | 13
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the fi. nancial statements for the year ended 31 March 2024 continued Accounting policies Icontinuedl Charitable activities Grants are made to individual Roman Catholics from the ages of 16- 25 who are involved in community projects at home and abroad, in accordance with the furtherance of the charitable objectives of the Fund. Grants are accounted for when either the recipient has a reasonable expectation that they will receive the grant and the Trustees have agreed to pay the grant without any condition, or the recipient has a reasonable expectation that they will receive the grant and any condition attached to the grant is outside of the control of the Fund. Provisions for grants a re made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Investments Investments are stated at market value as at the balance sheet date. For listed investments, market value is based on the closing middle market price on a recognised stock exchange. Gains and losses on disposals of investments are taken to the income and expenditure account and the statement of fi'nancial activities as they arise. Unrealised gains and losses, calculated on the difference between the market value at the year end and the opening market value lor purchase date if later) go through the statement of financial activities only. Funds The investment reserve represents unrealised gains on the listed securities as a result of their market value being higher than their cost. The general fund represents the net surplus made by the charitable company during its operations. lal Voluntsry income 2024 2023 Donations from Circles Donations from individuals Donations from Provinces Donations collected during Annual Conference Donations- Amazonsmile Tax on gift a id donations recoverable 4,247 69,016 2.706 1,604 405 15,101 4,275 72,940 1, 700 1,510 644 16,482 93,079 97,551 {bl Investment income 2024 2023 Income from investments Interest receivable 13,511 892 10,149 129 14.403 10,278 Page114
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financia15tatements for the year ended 31 March 2024 continued Charitable activities lal Grants payable Grants Disbursed- Lourdes Grants Disbursed- Projects Discretionary Awards 2024 2023 67.125 41,560 2,900 32,375 16,993 111,585 49,368 Number 566 45 Number 279 37 Recipients of grants- Lourdes Recipients of grants- Projects Recipients of discretionary awards 618 316 {bl Support Costs 2024 2023 Management fees recharged from The Catenian Association Limited (see note 121 Costs of Flame Convention IT expenses General expenses 15,000 15,000 725 2, 725 1,201 4,760 1.819 21,579 19,651 Icl Governance costs 2024 2023 Committee expenses Auditors fees- audit work Bank charges 1.376 1,560 186 1,005 1, 720 83 3,122 2,808 Total support and governance costs 24,701 22,459 Page | 15
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financia I statements for the year ended 31 March 2024 continued Trustee5' emoluments None of the trustees/directors received any remuneration during the current or preceding year. Eight trustees/d irectors received reimbursement for travelling expenses and administration expenses of £1,376 during the year12023- Seven trustees/directors- £1,0051. The charitable company does not have any employees and it shares the services of the administrative staff and the premises of The Catenian Association Limited. In return for these facilities an amount of administrative expenses is recharged to the company (see note 121. The charitable company does not have volunteers. Taxation All of the charitable company's income is applied for charitable purposes and therefore the charitable company is exempt from corporation tax. As a charity it is able ta claim back 25 pence in the £Sterling for gift aided donations. Fixed asset investments Investments portfolio Valuation At 1st April 2023 Additions Disposals Net movements in cash held by broke for investment Unrealised gains/llossesl on revaluation of investments 616.006 137,757 1100,9311 140,8671 148,9011 At 31st March 2024 563,064 Historical cost as at 31st March 2024 563,064 Historical cost as at 31st March 2023 616,006 All fixed asset investments are held within the United Kingdom. Pagel 16
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financia I statements for the year ended 31 March 2024 - continued Fixed asset inve5trnents Icontinuedl The investments of the charity at 31st March 2024 were as follows.. Holdings Description Alternatives Funds 27,696.22 ARC TIM E U K Infrastructure Inc Fund11 Class A Inc 9.046.00 Pantheon Infrastructure plc 15,345.00 WS Ruffer Diversifted Return I Inc Bonds. fixed interest & gilts 19,742.17 Artemis Corporate Bond Fund I Inc 16,079.27 Baillie Gifford High Yield Bond B Inc 16,271.31 Blackrock ishares Corporate Bond Index D Inc 1,800.48 Fidelity Short Dated Corporate Bond Fund W Inc 18,115.47 ishares UK Gilts All Stocks Index Fund D Inc 15,066.91 Royal London Internationa l Government Bond M Inc 8,821.00 GCP Asset Backed Income Fund Ltd 17,397.00 GCP Infrastructure Investments Ltd Ord GBP 0.01 UK Gilts 8,200.00 UK Government 3.500Yo Oct 2025 8,000.00 UK Government Treasury GILT 2.75°A 0710912024 China 5,897.15 FirstSentierAII China E GBP Acc Emerging markets 1,681.21 Baillie Gifford Emerging Markets Growth Fund B Inc 17,195.56 JP Morgan Emerging Markets Income C Net Dis Europe 486.21 Baillie Gifford European Fund B Dis 426.95 Fidelity European Fund W Dis IUKI International 14.29 Pictet Indian Equities l GBP 7,484.00 Bellevue Healthcare Trust PIC Redeemable Ord G BPO.01 12,753.53 Regnan Sustainable Water and Waste F GBP Acc 6,400.00 Seraphim Space Investment Trust PIC Ord GBPO.01 694.00 ICG Enterprise Trust PIC Ord G BPO.10 12,877.46 HSBCJapan Index C Inc 883.01 Baillie Gifford American Fund B Dis 2,117.81 FfF Royce US Smaller Companies Class W Acc 624.73 Morgan Stanley Global Brands Fund I Inc 6,574.17 Premier Miton US Opportunities B Acc Property 8,905.00 Life Science REIT PIC Ord GBPO.01 7,740.00 Londonmetric Property PIC Ord GBPO.10 11,652.00 Urban Logistics REIT PIC Ord GBPO.01 17,854.00 Warehouse REIT PIC Ord GBPO.01 UK Collectives 8,854.89 HSBC FFSE 250 Index C Dis 33, 122.29 Ishares UK Equity Index Fund D Inc 7,095.32 J O Hambro Capital Management UK DynamicA Inc 2,864.29 Liontrust Specia I Situations l GBP Dis 5,432.23 WS Evenlode Income Fund B Inc Cost Market value 28,705 9,086 16,368 23,500 6,658 14,862 21,832 21,573 19,680 14,842 22,042 14,913 9,155 17,763 18,123 18,781 18,649 15,135 21,762 15,639 5,998 12,578 7,965 7,881 8,204 7,944 9,668 6,242 14,365 11,328 12,011 11,985 13,498 10,325 10,906 12,326 8,427 14,624 13.897 6,512 8,353 14,873 15,431 6,908 24,240 23,287 10,686 11,675 15.763 3,142 8,245 16,934 11,409 7,190 26,008 29,301 8,930 19,883 18,557 24,975 3,500 15,728 13,330 14,747 14,905 33,703 13,555 15,350 13,543 16,134 34,967 14,985 14,038 13,883 Page117
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financia I statements for the year ended 31 March 2024 continued Fixed asset investments {continuedl The investments of the charity at 31st March 2024 were as follows Icontinuedl.. Cost Holdings Description UK Smaller Companies 10,567.43 WS Gresham House UK Smaller Companies F Inc Cash Catenian Bursary Fund Ltd- Charity- Cash Market value 10,642 30,381 9,715 30,381 Total investments as at 31st March 2024 611,965 563,064 * These items represent material investments that are over 5% by value of the portFolio. Debtor5 2024 2023 Other debtors- The Catenian Association Ltd 206 269 Other debtors- tax on gift aid recoverable Prepayments and accrued income 15,054 2,689 2,000 15,260 4,958 io. Creditors.. amounts falling due within one year 2024 2023 Trade creditors 216 437 Accruals and deferred income 2,359 2,360 2,575 2,797 ii. Unrestricted income funds l April 2023 Incoming resources Outgoing resources Transfers 31 March 2024 Genera I purpose fund Investment revaluation reserve 696,559 129.711 {203.6301 622.640 696,559 129.711 1203,6301 622.640 Page118
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2024 continued 12. Related party transactions Donations to The Catenian Associatron Bursary Fund Limited were received from The Catenian Association Limited, the various provinces, circles and individua15 belonging to that organisation. Details of the donations received during the year are stated in note 4 on page 14. The management charge from The Catenian Association Limited in respect af support for the administration of the Fund during the year is £15,00012023- £15,000). After receipt5 and payments, at the year end an amount of £206 was owed by The Catenian Association Limited to The Catenian Association Bursary Fund Limited12023- £269 owed by The Catenian Association Limited) and £nil was owed to Catena Trustees Limited by The Catenian Association Bursary Fund Limited12023- £nil owed to Catena Trustees Limited) as shown in creditors in note 10. During the year the aggregate totsl donations received from trustees of the charity without conditions amounted to £65912023- £6591. Page119