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 responsibil￿tres, 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