The Catenian Bursary Fund Limited
I begin this Annual Review with some personal sadness, in that it will be my final review as my time as a Trustee is coming to an end at the AGM in September.
It has been a privilege to have been a Trustee, and especially to have been the Chair of Trustees for the last 5 years, and whilst this is primarily an annual review, I have also taken the opportunity to reflect over my time as a Trustee.
The Covid pandemic was the single most impactful issue during my period as Chair. However, due to the generosity of Catenian Brothers, we retained a strong donation base, and this enabled us to be ready to continue to help young Catholics. The long-term impact is still being felt in many areas. In the United Kingdom a number of providers went out of business and the time of lockdown and uncertainty also gave a valuable period of reflection to a number of young people.
In practical terms for the Bursary Fund we have seen a decline in the number of young people wanting to go on longer, more financially challenging projects, especially for young people in England, where the backdrop for many young people is to start their working lives with a legacy debt in excess of £50,000 from their student loans. However, to counteract this, we have seen an increase in the number of young people seeking some financial assistance towards going to Lourdes. These shorter, much more affordable trips are proving very popular.
Another significant feature in recent years has been the biannual Flame Conference at Wembley Arena, where up to 10,000 young Catholics meet and come together, united in their faith. The Trustees are immensely grateful to GBNC for helping to sponsor this event, which is run by CYMFed and brings together the target audience that we aim to assist. The Bursary Fund Trustees have had a presence at all of the gatherings and initially the young people used to ask who we were and what did we do, but now I take great pleasure in the number of young people who come up to us and thank us for assisting them in going wherever, and pride in listening to their stories of how it has changed them because of the experience your fund and your generosity has afforded them.
Our outreach to young Catholics has never been so wide. However, that achievement does impact on the Finances of the fund. We are currently making more awards than our income, a position made possible from a generous legacy and some of the Covid surplus I referred to earlier. As Trustees we face a choice, do we greatly scale back the impact of our awards, or do we appeal to fellow Catenian Brothers to consider making a much-needed donation to the Fund? For some time the number of Brothers who contribute to the Bursary Fund has hovered between 25% to 30%, so to see what has been achieved thus far, can you imagine the impact of your Fund on Catholic Life if that percentage was uplifted even to 50%?
The Trustees are now going to embark on a series of Articles in Catena and other Fund-Raising initiatives to rebalance the books, whilst still keeping the momentum going in terms of promoting your Fund. Our new website to assist the young people apply is now working well, and a number of people at Kenilworth who could see the ease of the application process were very impressed. Our efforts now are to be aimed at Catenians to make all of this bigger and better. If a further 1500 Brothers donated, say £40 per annum, this £60,000 would guarantee the award levels can be maintained and hundreds of Catholic youth can experience a life changing event thanks to you.
I strongly ask that you consider making some form of donation to help keep your Fund the success that it has become.
With my grateful thanks
Graham Green Chairman of Trustees
26 The Great Britain Catenian Association — Annual Report 2024/25
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The Great Britain Catenian Association — Annual Report 2024/25 27
The Catenian Association Bursary Fund Limited {a company limited by guarantee) Trustees, report and fi'nancial statements for the year ended 31 March 2025 Registered Charity Commission Number: 1081143 Registered Company Number: 2468843
The Catenian A550ciation Bursary Fund Limited 13 company limited by guarantee) Contents Page Legal and administrative details Trustees, report Independent Auditors, report Ststement of financial activities Summary income and expenditure account io Statement of financial position li Statement of cash flow5 12 Notes to the financial statements 13- 18
The Catenian Association Bursary Fund Limited la company limited by guarantee) Legal and administrative details Trustees C.J. Boulton K.F. Grabowski G. Green J. Harkin H. Karam K.A. McKenna S. B. J. Moerman A. Smith M. Taylor Company secretary K. Campbell Company number 02468843 Charity number 1081143 Registered a nd principal office 5 Oak Court Pilgrims Walk Prologi5 Park Coventry CV6 4QH Auditors Cocke, Vellacott & H ill Chartered Accountants Unit 15 City Business Centre Lower Road Landon SE16 2XB Bankers The Co-operative Bank plc P.0. Box 101 3rd FSoor, l Balloon Street Manchester M60 4EP Investment managers CCLA Fund Managers Lim ited One Angel Lane London EC4R 3AB Solicitors Stone King LLP Boundary House 91 Charterhouse Street London ECIM 6HR Page11
The Catenian A55ociation Bursary Fund Limited la carnpany limited by guarantee) Trustees, report {incorporating Director5, Report) for the year ended 31 March 2025 The trustees present their report together with the audited financial statements of the charitable company for the year ended 31 March 2025. 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 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- the Charities SORP. STRuuRE, GOVERNANCE AND MANAGEMENT Governing instrument The Catenian Association Bursary Fund Lirnited is a non-trading charitable company limited by guarantee, without a share capital, (company number- 24688431 incorporated in England. Upon the winding up of the charitable company, the liability of every member is limited to £1. Trustee recruitment Trustee recruitment is determined by Subclau5es 3.4.1 and 3.4.2 of the Standing Orders. 3.4.1. The Board shall be solely responsible for the Selection and recommendation of candidates to the Central Council for ratificatron and appointment to the Board. 3.4.2. The Board will oversee the selection process for appointment of new Trustee5 to the Boa rd and having made its decision will pass the namelsl of the successful candidatelsl to Central Council for ratification and forrnal appointment. Central Council shall not unreasonably withhold its approval of candidates elected by the Board. Trustee induction and training New trustees are initially appointed 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 explanatr.ons of the procedures at subsequent meetings of the Committee. Orgonisotion structure The trustees a re 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 app5ications 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 K.F. Grabow5ki G. Green J. Harkin (retired on 10 September 20241 S. B. J. Moerman S.M. Robin50n A. Smith M. Taylor lappointed on 10 September 20241 Iretired on 10 September 20241 H. Karam (appointed on 10 September 20241 The charitable company was set up at the instigation of the Grand 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 risk5. These procedures are periodically reviewed to ensure that they still meet the needs of the charitable company. A risk register 15 maintained and is di5CU55ed at each Trustee meetr"ng. Additions and alterations are made as and when deemed necessary. Page12
The Catenian Association Bursary Fund Limited la company limited by guarantee) Trustees, report (incorporating Director5, Report, continued I for the year ended 31 March 2025 OBJECTIVES AND A1VITIES Objects The object of The Catenian Association 8ursary Fund Limited is to encourage and assist Roman Catholic5, 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 organisatians operating under the same principles. Grants are awarded according to the merits of each individua l application. Strategies The availability of the Fund 15 advertised throughout the Catenian Association, on the Internet, through school, college. seminary, university chaplaincy contacts and by leaflet. The fund has its own dedicated web51te 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 experience5 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 a5 long as a year helping to build, maintsin and work in mission schools and hospitals some of which is reported in the Catholic pres5. Public Benefit The trustee5 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 com mission. The trustees lunpaidl follow the mission statement to assist. by means of grants, Roman Catholics frorn the ages of 16 to 25 to actively involve themselves in project5 which benefit 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 communirie5 benetit from targeted meeting of need5. ACHIEVEMENTS AND PERFORMANCE This can be judged by the number of applicakn.ons and the Support in donation5 f rom both individua15 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 ta 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 details 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 £582,748. The trustees constsntly review the level of reserves needed and will be formulating a new policy during the current year. Investment policy, powers and perforrnonce All investments held by the charitable com pany have been acquired in accordance with the powers available to the trustees. During the year the Trustees decided to mave the investment porrfolio away from the previous Discretionary Management arrangement and into a unitised fund. All funds a re now invested with CCLA Catholic Investment Fund. The fair value of the investments at 31 March 2025 was £525,928131 March 2024- £563,064). Page13
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) Trustees, report lincarporating Directors, Report, continued) for the year ended 31 March 2025 FINANCIAL REVIEW fcontinuedj Resultsfvr the year The results for the year, are detailed in the statement of financial activities on page 9 and the summary income and expenditure account on page 10. During the year income from donations and legacie5 tota Iled £133,00812024- £115,308) and investment income for the year totalled £2,70912024- £14,4031. Cost of generating funds totalled £nil12024- £3,191). Grants made during the year totalled £142,32712024- grants made £111,585). After taking into account other charitable support cost5 of £30,684 12024- £21,579), governance costs of £2,753 12024- £3,122), realised gains on sale of investments of £155 12024- losses of £15,252) and net unrealised gains/losses on the revaluation of investments arising during the year of £nil12024- net unrealised losses of £48,901), there was a net decrease in funds of £39,89212024- net decrease of £73,919) which was transferred framlto total funds. PLANS FOR THE FUTURE The future for the Bursary Fund looks bright parricularly 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 gra nt making charitable company and plans and strategies are being made to attempt to accomplish this aim. TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The tru5tee5 are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Genera15y Accepted Accounting Practs"ce. Company and charity law requires the trustees to prepare financial statements for each fi'nancial year which give a true and fair view of the state of affairs of the charitable company and of the surplu5 or deficit of the charitsble company for that period. n 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 standa rds have been followed subject to any rnaterial departures disclosed and explained in the financial statements,. and prepare the Ilnancial statements on the going concern basi5 unless It is inappropriate to presume that the charitsble company will continue in business. The trustees have overall responsibility for ensuring that the charitable company ha5 appropriate system of controls, financial 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 financial statements comply with the Companies Act 2006. They are also responsible for safeguardinE the assets af 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 trustee5 ha5 taken 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 charitable company's auditors are aware of that information. Page14
The Catenian A550ciation Bursary Fund Lirnited la company limited by guarantee) Trustees, report (incorporating Directors, Report, continuedl for the year ended 31 March 2025 AUDITORS The auditors have signified their willingne55 to continue in office and a re501ution proposing the re-appointrnent of Cocke, Vellacott & Hill as auditors of the company, will be put to the Annual General Meeting. These financial statements have been prepa red in accordance with the special provision of Part IS of the Companies Act 2006 relating ta small companie5. This report was approved by the trustees on 9 September 2025 and signed on their behalf by G. Green Trustee Page15
The Catenian Association Bursary Fund Limited la company limited by guarantee) Trustee5' report (incorporating Directors, Report. continued I for the year ended 31 March 2025 AUDITORS The aud itor5 have signified their willingness to continue in office and a resolution proposing the re-appointment of Cocke, Vellacott & Hill as auditors of the company, will be put to the Annual Genera l Meeting. These financia I statement5 have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies. This report wa5 approved by the trustee5 on 9 September 2025 and signed on their behalf by G. Green Trustee Page15
Independent auditor5, report to the rnembers of The Catenian Association Bursary Fund Limited la company limited by guarantee) Opinion We have audited the financial statements of The Catenian Association Bursary Fund Lirn ited set out on pages 9 to 18 for the year ended 31st March 2025. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Sta ndards (United Kingdom General Accepted Accounting Practice) and in accorda nce with Accounting and Fleporting by Charities= Statement af 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 (effective 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 2025, and of its net deficit 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 Companies Act 2006. Basis for Opinion We conducted our audit in accordance with International Standards an Auditing IUKI IISAS IUKII and applicable law. Our responsibilitr'es under those standa rds are further described in the Auditor's responsibilities for the aud it of the financial staternents 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 ststements 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 15 Sufficient a nd appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financia I statements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financia I statements is appropriate. Based on the work we have performed, we have not identifi'ed any material uncertainties relating to events 01 conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue 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 camprise5 the information included in the annual report, other than the fi nancial statements a nd 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 and 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 15 materially inconsistent with the fi'nancia I statement5 or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we identify such material incon51Stencies or apparent material misstatements. we are required to determine whether there is a material misstaternent in the financial statements or a rnaterial m isstatement of the other information. If, based on the work we have performed, we conclude that there 15 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 Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informatron given in the trustees, report for the financial year for which the financia I staternents are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordance with a pplicable lega I requirements. Page16
Independent auditors, report to the member5 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 requires us to report to you if, in our opinion.. adequate accounting record5 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 trustee5' remuneration specified by law are not made- or we have not received all the information and explanations we require for our 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, exemptians in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 5, the trustees (who a re also the directors of the charitable company for the purposes of company lawl are responsible for the prepa ration of the fi nancial statements and for being satisfied 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 a re free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for a5se55ing 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 liq uidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial ststements Our objective5 are to obtsin 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 af assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements 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 tsken on the basis of these financial statements. Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstaternents in respect of iiregularities, including fraud. The extent to which our proced ures are capable of detecting irregularities, including fraud is detailed below.. We have obtained an understanding of the charitable company's policies and procedure5 through discussions 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 In. 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 any litigation or claims they would come to the attention of the senior managernent directly. The charitable company also holds regular board meetings at which all such matters are discussed if applicable. We have reviewed the minutes of all board meetings and no irregularities were identified. Management accounts figure5 are circulated to all trustees a nd 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 failure 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 guara nteel Auditor's responsibilitie5 for the audit of the financial ststements (continued) We have considered the disclosure requirements of the Com panies Act 2006 a5 part of our tinalisation processe5. We discussed the possibility af fraud with senior management and trustees whether they had any knowledge of any actual, Ileged or suspected fraud. We designed our audit tests to consider controls and tested a sample of fi. nancial 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 cha ritable cornpany's control environment is adequate for the size and operating model of such a charitable corn pany. Because of the inherent limitation5 of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial 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 fina ncial statements, a5 we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities accurring due to fraud rather than error, as fraud invo5ves 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/aud itorsresponsibilities. 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'5 in those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we da not accept or assume responsibility to anyone other than the charitable compa ny 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 8A FCA1Senior ststutory auditor) for and on behalf of Cocke, Vellacott & Hill, Statutory Auditor and Chartered Accountsnts Unit 15 City Busine55 Centre Lower Road London SE16 2x8 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 2025 Unrestricted funds 2025 Totsl Unrestricted funds 2024 Totol Notes Income from: Donation5 Legacies Investment income 4{31 89,586 43.421 2.710 93,079 22,229 14,403 41bl Total income 135,717 129,711 Le55= Cost of generating funds Investment manager's fees (3.191) Net incoming resources available for charitable application 135,717 126,520 Expenditure on: Charitable activities Grants ref unded / Ipayablel Grant refund (provision reversed) / grant refund provision Other expenditure on charitable activities S{a) 5{a} S{b&c) 1142,327) [111,585) {33,437) (24, 701) Totsl charitsble expenditure 1175.7641 (136,286) Total expenditure 1175.7641 (139.477) Realised gains/llossesl on disposal of investments Gains/llossesl on revaluaDon of investments 155 (15,252) (48,901) Net gains/llossesl on investments 155 (64,153) Net incoming resources / lexpenditure) {39,892) 173.919) Net movement in funds {39,8921 (73,919) Reconciliation of funds Total funds brought forwa rd li 622.640 696,559 Total funds carried forwa rd li 582.748 622,640 All of the operations undertaken by the company during the current and preced ing years are continuing Operations. The notes on po9es 13 to 18form on integral part of thesefinanciol Statements. Page19
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) 5umrnary income and expenditure account for the year ended 31 March 2025 2025 Total 2024 Total Notes Income Donations Le8acie5 Investment income 4{al 89,586 43.422 2,709 93,079 22.229 14,403 41bl Total 135.717 129,711 Less: Cost of generating funds Other costs (3,191) (3,191J Net incoming resources available for charitsble application 135,717 126,520 Expenditure Charitable activities Grants refunded / Ipayablel Grant refund Iprovision reversedl / grant refund provision Support costs Governance costs Losses on disposal of investment asset5 based on book value L055es on revaluation of investments Slal 51al 5{b) 5{cl {142,327) (111,585) 130,684) 12.753) 155 (21,579) (3,122) (15,252) (48,901J Total 1175,609) (200,439) Net income / (expenditurel for the year {39,8921 (73,919) 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 £39,89212024- expenditure £73,919). The Summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 9 which together with the notes ta the accounts on pages 13- 18 provides full information an the movements during the year on all the funds of the charitable cornpany. The notes on pages 13 to 18form an integral part of thesefjnunciul stutements. Page110
The Catenian Association Bursary Fund LiTnited la company limited by guarantee) Statement of financial position as at 31 March 2025 2025 2024 Notes Fixed assets Investments 525,928 563.064 Current assets Debtors Cash at bank and in hand 16.300 43.185 15.260 46,891 Totsl current assets 59.485 62,151 Liabilities Creditors: amounts falling due within one year io 12,6651 (2,575) Net current assets 56.820 59.576 Total assets less current liabilities 582.748 622,640 Funds Unrestricted income funds General fund Revaluation reserve li li 582.748 622,640 Total funds 582,748 622.640 These financial Statements have been prepa red in accorda nce with the special provision of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved by the Board on 9 September 2025 and signed on its behalf by G. Green Trustee C. Boulton Trustee Registered cornpany number= 02468843 The notes on poges 13 to 18form an integrol port of thesefinonciol stLTtements. P8ge111
The Catenian Association Bursary Fund Limited la company limited by guarantee) Statement of fi'nancial position a5 at 31 March 2025 2025 2024 Notes Fixed assets Investments 525,928 563,064 Current assets Debtors Cash at bank and in hand 16,300 43,185 15,260 46,891 Totsl current assets 59,485 62,151 Liabilities Creditors: amounts falling due within one year io 12.665) (2,575) Net current asset5 56.820 59.576 Total assets less current liabilities 582,748 622,640 Funds Unrestricted income funds General fund Revaluation reserve li li 582,748 622,640 Totsl funds 582,748 622,640 These financial statements have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies. The fi'nancial statements were approved by the Board on 9 September 2025 and signed on its behalf by aJ3a&- G. Green Trustee C. Boulton Trustee Registered company number.. 02468843 The notes Dn poges 13 to 18form an integral part of thesefinancial statements. P8gel11
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) Statement of cash flows for the year ended 31 March 2025 2025 2024 Cash flow5 from operating activities Net income / lexpenditurel for the year {39,892) (73,919) Adjustments.. IGainsl/losses on disposal of investment assets Fair value adjustment of listed investments Ilncreasel /decrease in debtors Increase Ildecreasel in creditors 1155) 15,252 48,901 (10,302) (222) (1.040) 90 Net cash used in operating activities 140,9971 (20,290) Withdrawal of cash held in investment portFolio Purchase of investments Proceeds of Sale af other investments at fa ir value Equalisation 40,867 (137,757) 85,679 40.000 12,7091 Net cash from investing activities 37,291 (11,211) Net increase /ldecrea5el in cash and cash equivalents 13.706) (31,501) Cash and cash equivalents at the beginning of the year 46,891 78.392 Cash and cash equivalents at the end of the year 43,185 46,891 The notes an pages 13 to 18form on integral part of thesefinoncial 5tt7tements. Pagel 12
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 General information The Catenian Association Bursary Fund Limited 15 a charitable company limited by guarantee without a share capital. It is incorporated and domiciled in England. Each member's liability is limited to £1. The address of its registered offices is 5 Oak Court, Pilgrims Walk, Prologis Park, Coventry CV6 4QH. The object of the charitable company is to encourage and assist Roman Catholics, fram the age of 16 to 25. actively to involve themselves in projects for the benefit of the community, at home or abroad. Ststement of compliance The financial 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 Reporting 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 U K and Republic of Irela nd IFRS 1021. The Catenian Association Bursary Fund Limited is a public benefit entity a5 set out in paragraph PBE3.3A under FRS 102. Accounting policies The principal accounting policie5 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 financial statements have been prepared on a going concern basis. under the historical cost convention as modified by the revaluation of listed investments. The financial ststements are prepa red in £ sterling, which is the functional currency of the entity. The fina ncial statements are for the year ended 31 March 2025. Comparative fi'gures are for the year ended 31 March 2024. After reviewing the charitable company'5 fareca5ts and projection5, the trustees have a reasonable expectation that the charitable company ha5 adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues 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 resource5 will be received and the monetary 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 15 aware that probate has been granted, the estate has been fina1ised and notification has been made by the executors to the Trust that a distribution will be made, or when a distribution 15 received from the estate. Expenditure Expenditure 15 recognised on accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those c05t5 incurred by the charity in the delivery of its activities and Services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirert nature nece55ary 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 expense5 and legal fees. P8ge | 13
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 continued Accounting policies {continuedl 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 are 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 disposa15 of investments are taken to the income and expenditure account and the staternent of financial 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 acts"vities onlv. Funds The investrnent reserve represent5 unrealised ga ins on the listed securities as a result of their market value being higher than their cost. The general fund represent5 the net surplus made by the charita ble company during its aperations. {al Voluntsry income 2025 2024 Donations from Circles Donarions from individuals Donations from Province5 Donations collected during Annual Conference Donations- Amazonsrnile Tax on gift aid donations recoverable 2.878 65,803 4,364 1.708 4,247 69,016 2, 706 1,604 405 15.101 14.833 89.586 93.079 {b) Investment income 2025 2024 Income frorn investments Interest receivable 2,710 13.511 892 2.710 14.403 P8ge114
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the tinancial ststements for the year ended 31 March 2025 - continued Charitable activities lal Grants payable Grants Disbursed- Lourdes Grants Disbursed- Projects Discretionary Awards 2025 2024 85,500 56.577 250 67,125 41,560 2.900 142.327 111,585 Number 782 36 Number 566 45 Recipients of grants- Lourdes Recipients of grants- Projects Recipients of discretionary awards 820 618 {bl Support costs 2025 2024 Management fees recharged from The Catenian Association Limited (see note 121 Costs of Flame Conventron IT expenses Genera l expenses 20.000 15.000 9,314 1.370 4.760 1.819 30,684 21.579 Ic) Governance costs 2025 2024 Committee expenses Audt0[5 fee5- audit work Bank charges 1,042 1.560 151 1.376 1.560 186 2,753 3,122 Totsl support and governance costs 33.437 24, 701 P8ge115
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 continued Trustees, emoluments None of the trusteesldirectors received any remuneration during the current or preceding year. Seven trustees/directors received reimbursernent for travelling expenses and administration expen5e5 of £1,042 during the year12024- Eight trusteesldirector5- £1,3761. The charitable company does not have any employees and it share5 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 recha rged to the company Isee note 121. The charitable company does not have volunteers. Taxation All of the charitable company's income 15 a pplied for charitable purposes and therefore the charitable company is exempt from corporation tax. As a charity it is able to claim back 25 pence in the £Sterling for gift aided donations. Fixed asset investments Investments portfolio Valuation At 1st April 2024 Additions Disposals Net movement5 in cash held by brokers for investment Unrealised gains/llossesl on revaluation of investments Equalisation amounts 563,064 140,0001 155 2,709 At 31st March 2025 525,928 Historical cost as at 315t March 2025 525,928 Historical cost as at 31st Ma rch 2024 563.064 All fixed asset investments a re held within the United Kingdom. The investments of the charity at 31st March 2025 were as follows= Holdings Description Cost Marketvalue 294,156.67 Catholic Investment Fund Class 2 525,928 508,891 Total inve5trnents as at 31st March 2025 525,928 508,891 Pagel 16
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 continued Debtors 2025 2024 Other debtor5- The Catenian Association Ltd 1.880 14,420 206 Other debtors- tax on gift aid recoverable Prepayments and accrued income 15,054 16.300 15.260 io. Creditors= amounts falling due within one year 2025 2024 Trade creditors 36 216 Other cred itors- Benevolent Fund 270 Accruals and deferred income 2.360 2.359 2,666 2.575 ii. Unrestricted income funds l April 2024 Incoming resources Outgoing resources Transfers 31 March 2025 General purpose fund Investment revaluation reserve 622,640 135,872 {175,7641 582.748 622.640 135,872 {175,7641 582,748 Page | 17
The Catenian A550ciation Bursary Fund Limited la company limited by guara nteel Notes to the financial statements for the year ended 31 March 2025 . continued 12. Related party transactions Donations to The Catenian A550ciation Bursary Fund Limited were received from The Catenian Association Limited, the various provinces, circles a nd individuals belonging to that organisation. Details of the donatian5 received during the year are stated in note 4 on page 14. The management charge from The Catenian Assaciation Limited in respect of support for the administration of the Fund during the year is £20,00012024- £15,000). After receipts and payments, at the year end an amount of £1,880 was owed by The Catenian Association Limited to The Catenian Association Bursary Fund Limited 12024- £206 owed by The Catenian Association Limited) and £270 was owed to The Catenian Association Benevolent and Child ren'5 Fund by The Catenian Association Bursary Fund Limited12024- £nil owed to The Catenian Association Benevolent and Children's Fund) as shown in creditors in note 10. During the year the aggregate total donations received from trustees of the charity without conditions amounted to £68912024- £6591. Page | 18
The Catenian Association Bursary Fund Limited {a company limited by guarantee) Trustees, report and fi'nancial statements for the year ended 31 March 2025 Registered Charity Commission Number: 1081143 Registered Company Number: 2468843
The Catenian A550ciation Bursary Fund Limited 13 company limited by guarantee) Contents Page Legal and administrative details Trustees, report Independent Auditors, report Ststement of financial activities Summary income and expenditure account io Statement of financial position li Statement of cash flow5 12 Notes to the financial statements 13- 18
The Catenian Association Bursary Fund Limited la company limited by guarantee) Legal and administrative details Trustees C.J. Boulton K.F. Grabowski G. Green J. Harkin H. Karam K.A. McKenna S. B. J. Moerman A. Smith M. Taylor Company secretary K. Campbell Company number 02468843 Charity number 1081143 Registered a nd principal office 5 Oak Court Pilgrims Walk Prologi5 Park Coventry CV6 4QH Auditors Cocke, Vellacott & H ill Chartered Accountants Unit 15 City Business Centre Lower Road Landon SE16 2XB Bankers The Co-operative Bank plc P.0. Box 101 3rd FSoor, l Balloon Street Manchester M60 4EP Investment managers CCLA Fund Managers Lim ited One Angel Lane London EC4R 3AB Solicitors Stone King LLP Boundary House 91 Charterhouse Street London ECIM 6HR Page11
The Catenian A55ociation Bursary Fund Limited la carnpany limited by guarantee) Trustees, report {incorporating Director5, Report) for the year ended 31 March 2025 The trustees present their report together with the audited financial statements of the charitable company for the year ended 31 March 2025. 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 Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191- the Charities SORP. STRuuRE, GOVERNANCE AND MANAGEMENT Governing instrument The Catenian Association Bursary Fund Lirnited is a non-trading charitable company limited by guarantee, without a share capital, (company number- 24688431 incorporated in England. Upon the winding up of the charitable company, the liability of every member is limited to £1. Trustee recruitment Trustee recruitment is determined by Subclau5es 3.4.1 and 3.4.2 of the Standing Orders. 3.4.1. The Board shall be solely responsible for the Selection and recommendation of candidates to the Central Council for ratificatron and appointment to the Board. 3.4.2. The Board will oversee the selection process for appointment of new Trustee5 to the Boa rd and having made its decision will pass the namelsl of the successful candidatelsl to Central Council for ratification and forrnal appointment. Central Council shall not unreasonably withhold its approval of candidates elected by the Board. Trustee induction and training New trustees are initially appointed 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 explanatr.ons of the procedures at subsequent meetings of the Committee. Orgonisotion structure The trustees a re 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 app5ications 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 K.F. Grabow5ki G. Green J. Harkin (retired on 10 September 20241 S. B. J. Moerman S.M. Robin50n A. Smith M. Taylor lappointed on 10 September 20241 Iretired on 10 September 20241 H. Karam (appointed on 10 September 20241 The charitable company was set up at the instigation of the Grand 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 risk5. These procedures are periodically reviewed to ensure that they still meet the needs of the charitable company. A risk register 15 maintained and is di5CU55ed at each Trustee meetr"ng. Additions and alterations are made as and when deemed necessary. Page12
The Catenian Association Bursary Fund Limited la company limited by guarantee) Trustees, report (incorporating Director5, Report, continued I for the year ended 31 March 2025 OBJECTIVES AND A1VITIES Objects The object of The Catenian Association 8ursary Fund Limited is to encourage and assist Roman Catholic5, 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 organisatians operating under the same principles. Grants are awarded according to the merits of each individua l application. Strategies The availability of the Fund 15 advertised throughout the Catenian Association, on the Internet, through school, college. seminary, university chaplaincy contacts and by leaflet. The fund has its own dedicated web51te 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 experience5 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 a5 long as a year helping to build, maintsin and work in mission schools and hospitals some of which is reported in the Catholic pres5. Public Benefit The trustee5 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 com mission. The trustees lunpaidl follow the mission statement to assist. by means of grants, Roman Catholics frorn the ages of 16 to 25 to actively involve themselves in project5 which benefit 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 communirie5 benetit from targeted meeting of need5. ACHIEVEMENTS AND PERFORMANCE This can be judged by the number of applicakn.ons and the Support in donation5 f rom both individua15 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 ta 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 details 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 £582,748. The trustees constsntly review the level of reserves needed and will be formulating a new policy during the current year. Investment policy, powers and perforrnonce All investments held by the charitable com pany have been acquired in accordance with the powers available to the trustees. During the year the Trustees decided to mave the investment porrfolio away from the previous Discretionary Management arrangement and into a unitised fund. All funds a re now invested with CCLA Catholic Investment Fund. The fair value of the investments at 31 March 2025 was £525,928131 March 2024- £563,064). Page13
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) Trustees, report lincarporating Directors, Report, continued) for the year ended 31 March 2025 FINANCIAL REVIEW fcontinuedj Resultsfvr the year The results for the year, are detailed in the statement of financial activities on page 9 and the summary income and expenditure account on page 10. During the year income from donations and legacie5 tota Iled £133,00812024- £115,308) and investment income for the year totalled £2,70912024- £14,4031. Cost of generating funds totalled £nil12024- £3,191). Grants made during the year totalled £142,32712024- grants made £111,585). After taking into account other charitable support cost5 of £30,684 12024- £21,579), governance costs of £2,753 12024- £3,122), realised gains on sale of investments of £155 12024- losses of £15,252) and net unrealised gains/losses on the revaluation of investments arising during the year of £nil12024- net unrealised losses of £48,901), there was a net decrease in funds of £39,89212024- net decrease of £73,919) which was transferred framlto total funds. PLANS FOR THE FUTURE The future for the Bursary Fund looks bright parricularly 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 gra nt making charitable company and plans and strategies are being made to attempt to accomplish this aim. TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The tru5tee5 are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and United Kingdom Genera15y Accepted Accounting Practs"ce. Company and charity law requires the trustees to prepare financial statements for each fi'nancial year which give a true and fair view of the state of affairs of the charitable company and of the surplu5 or deficit of the charitsble company for that period. n 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 standa rds have been followed subject to any rnaterial departures disclosed and explained in the financial statements,. and prepare the Ilnancial statements on the going concern basi5 unless It is inappropriate to presume that the charitsble company will continue in business. The trustees have overall responsibility for ensuring that the charitable company ha5 appropriate system of controls, financial 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 financial statements comply with the Companies Act 2006. They are also responsible for safeguardinE the assets af 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 trustee5 ha5 taken 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 charitable company's auditors are aware of that information. Page14
The Catenian A550ciation Bursary Fund Lirnited la company limited by guarantee) Trustees, report (incorporating Directors, Report, continuedl for the year ended 31 March 2025 AUDITORS The auditors have signified their willingne55 to continue in office and a re501ution proposing the re-appointrnent of Cocke, Vellacott & Hill as auditors of the company, will be put to the Annual General Meeting. These financial statements have been prepa red in accordance with the special provision of Part IS of the Companies Act 2006 relating ta small companie5. This report was approved by the trustees on 9 September 2025 and signed on their behalf by G. Green Trustee Page15
The Catenian Association Bursary Fund Limited la company limited by guarantee) Trustee5' report (incorporating Directors, Report. continued I for the year ended 31 March 2025 AUDITORS The aud itor5 have signified their willingness to continue in office and a resolution proposing the re-appointment of Cocke, Vellacott & Hill as auditors of the company, will be put to the Annual Genera l Meeting. These financia I statement5 have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies. This report wa5 approved by the trustee5 on 9 September 2025 and signed on their behalf by G. Green Trustee Page15
Independent auditor5, report to the rnembers of The Catenian Association Bursary Fund Limited la company limited by guarantee) Opinion We have audited the financial statements of The Catenian Association Bursary Fund Lirn ited set out on pages 9 to 18 for the year ended 31st March 2025. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Sta ndards (United Kingdom General Accepted Accounting Practice) and in accorda nce with Accounting and Fleporting by Charities= Statement af 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 (effective 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 2025, and of its net deficit 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 Companies Act 2006. Basis for Opinion We conducted our audit in accordance with International Standards an Auditing IUKI IISAS IUKII and applicable law. Our responsibilitr'es under those standa rds are further described in the Auditor's responsibilities for the aud it of the financial staternents 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 ststements 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 15 Sufficient a nd appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financia I statements, we have concluded that the tru5tees' use of the going concern basis of accounting in the preparation of the financia I statements is appropriate. Based on the work we have performed, we have not identifi'ed any material uncertainties relating to events 01 conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue 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 camprise5 the information included in the annual report, other than the fi nancial statements a nd 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 and 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 15 materially inconsistent with the fi'nancia I statement5 or our knowledge obtained in the audit or otherwise appears to be materially mi5Stated. If we identify such material incon51Stencies or apparent material misstatements. we are required to determine whether there is a material misstaternent in the financial statements or a rnaterial m isstatement of the other information. If, based on the work we have performed, we conclude that there 15 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 Companie5 Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the informatron given in the trustees, report for the financial year for which the financia I staternents are prepared is consistent with the financial statements,. and the trustees, report has been prepared in accordance with a pplicable lega I requirements. Page16
Independent auditors, report to the member5 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 requires us to report to you if, in our opinion.. adequate accounting record5 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 trustee5' remuneration specified by law are not made- or we have not received all the information and explanations we require for our 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, exemptians in preparing the trustees, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement set out on page 5, the trustees (who a re also the directors of the charitable company for the purposes of company lawl are responsible for the prepa ration of the fi nancial statements and for being satisfied 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 a re free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustee5 are responsible for a5se55ing 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 liq uidate the charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial ststements Our objective5 are to obtsin 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 af assurance, but is not a guarantee that an audit conducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements 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 tsken on the basis of these financial statements. Irregularities, including fraud, are instance5 of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstaternents in respect of iiregularities, including fraud. The extent to which our proced ures are capable of detecting irregularities, including fraud is detailed below.. We have obtained an understanding of the charitable company's policies and procedure5 through discussions 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 In. 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 any litigation or claims they would come to the attention of the senior managernent directly. The charitable company also holds regular board meetings at which all such matters are discussed if applicable. We have reviewed the minutes of all board meetings and no irregularities were identified. Management accounts figure5 are circulated to all trustees a nd 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 failure 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 guara nteel Auditor's responsibilitie5 for the audit of the financial ststements (continued) We have considered the disclosure requirements of the Com panies Act 2006 a5 part of our tinalisation processe5. We discussed the possibility af fraud with senior management and trustees whether they had any knowledge of any actual, Ileged or suspected fraud. We designed our audit tests to consider controls and tested a sample of fi. nancial 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 cha ritable cornpany's control environment is adequate for the size and operating model of such a charitable corn pany. Because of the inherent limitation5 of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial 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 fina ncial statements, a5 we will be less likely to become aware of instance5 of non-compliance. The risk is also greater regarding irregularities accurring due to fraud rather than error, as fraud invo5ves 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/aud itorsresponsibilities. 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'5 in those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we da not accept or assume responsibility to anyone other than the charitable compa ny 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 8A FCA1Senior ststutory auditor) for and on behalf of Cocke, Vellacott & Hill, Statutory Auditor and Chartered Accountsnts Unit 15 City Busine55 Centre Lower Road London SE16 2x8 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 2025 Unrestricted funds 2025 Totsl Unrestricted funds 2024 Totol Notes Income from: Donation5 Legacies Investment income 4{31 89,586 43.421 2.710 93,079 22,229 14,403 41bl Total income 135,717 129,711 Le55= Cost of generating funds Investment manager's fees (3.191) Net incoming resources available for charitable application 135,717 126,520 Expenditure on: Charitable activities Grants ref unded / Ipayablel Grant refund (provision reversed) / grant refund provision Other expenditure on charitable activities S{a) 5{a} S{b&c) 1142,327) [111,585) {33,437) (24, 701) Totsl charitsble expenditure 1175.7641 (136,286) Total expenditure 1175.7641 (139.477) Realised gains/llossesl on disposal of investments Gains/llossesl on revaluaDon of investments 155 (15,252) (48,901) Net gains/llossesl on investments 155 (64,153) Net incoming resources / lexpenditure) {39,892) 173.919) Net movement in funds {39,8921 (73,919) Reconciliation of funds Total funds brought forwa rd li 622.640 696,559 Total funds carried forwa rd li 582.748 622,640 All of the operations undertaken by the company during the current and preced ing years are continuing Operations. The notes on po9es 13 to 18form on integral part of thesefinanciol Statements. Page19
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) 5umrnary income and expenditure account for the year ended 31 March 2025 2025 Total 2024 Total Notes Income Donations Le8acie5 Investment income 4{al 89,586 43.422 2,709 93,079 22.229 14,403 41bl Total 135.717 129,711 Less: Cost of generating funds Other costs (3,191) (3,191J Net incoming resources available for charitsble application 135,717 126,520 Expenditure Charitable activities Grants refunded / Ipayablel Grant refund Iprovision reversedl / grant refund provision Support costs Governance costs Losses on disposal of investment asset5 based on book value L055es on revaluation of investments Slal 51al 5{b) 5{cl {142,327) (111,585) 130,684) 12.753) 155 (21,579) (3,122) (15,252) (48,901J Total 1175,609) (200,439) Net income / (expenditurel for the year {39,8921 (73,919) 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 £39,89212024- expenditure £73,919). The Summary Income and Expenditure Account is derived from the Statement of Financial Activities on page 9 which together with the notes ta the accounts on pages 13- 18 provides full information an the movements during the year on all the funds of the charitable cornpany. The notes on pages 13 to 18form an integral part of thesefjnunciul stutements. Page110
The Catenian Association Bursary Fund LiTnited la company limited by guarantee) Statement of financial position as at 31 March 2025 2025 2024 Notes Fixed assets Investments 525,928 563.064 Current assets Debtors Cash at bank and in hand 16.300 43.185 15.260 46,891 Totsl current assets 59.485 62,151 Liabilities Creditors: amounts falling due within one year io 12,6651 (2,575) Net current assets 56.820 59.576 Total assets less current liabilities 582.748 622,640 Funds Unrestricted income funds General fund Revaluation reserve li li 582.748 622,640 Total funds 582,748 622.640 These financial Statements have been prepa red in accorda nce with the special provision of Part 15 of the Companies Act 2006 relating to small companies. The financial statements were approved by the Board on 9 September 2025 and signed on its behalf by G. Green Trustee C. Boulton Trustee Registered cornpany number= 02468843 The notes on poges 13 to 18form an integrol port of thesefinonciol stLTtements. P8ge111
The Catenian Association Bursary Fund Limited la company limited by guarantee) Statement of fi'nancial position a5 at 31 March 2025 2025 2024 Notes Fixed assets Investments 525,928 563,064 Current assets Debtors Cash at bank and in hand 16,300 43,185 15,260 46,891 Totsl current assets 59,485 62,151 Liabilities Creditors: amounts falling due within one year io 12.665) (2,575) Net current asset5 56.820 59.576 Total assets less current liabilities 582,748 622,640 Funds Unrestricted income funds General fund Revaluation reserve li li 582,748 622,640 Totsl funds 582,748 622,640 These financial statements have been prepared in accordance with the special provision of Part 15 of the Companies Act 2006 relating to small companies. The fi'nancial statements were approved by the Board on 9 September 2025 and signed on its behalf by aJ3a&- G. Green Trustee C. Boulton Trustee Registered company number.. 02468843 The notes Dn poges 13 to 18form an integral part of thesefinancial statements. P8gel11
The Catenian A550ciation Bursary Fund Limited la company limited by guarantee) Statement of cash flows for the year ended 31 March 2025 2025 2024 Cash flow5 from operating activities Net income / lexpenditurel for the year {39,892) (73,919) Adjustments.. IGainsl/losses on disposal of investment assets Fair value adjustment of listed investments Ilncreasel /decrease in debtors Increase Ildecreasel in creditors 1155) 15,252 48,901 (10,302) (222) (1.040) 90 Net cash used in operating activities 140,9971 (20,290) Withdrawal of cash held in investment portFolio Purchase of investments Proceeds of Sale af other investments at fa ir value Equalisation 40,867 (137,757) 85,679 40.000 12,7091 Net cash from investing activities 37,291 (11,211) Net increase /ldecrea5el in cash and cash equivalents 13.706) (31,501) Cash and cash equivalents at the beginning of the year 46,891 78.392 Cash and cash equivalents at the end of the year 43,185 46,891 The notes an pages 13 to 18form on integral part of thesefinoncial 5tt7tements. Pagel 12
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 General information The Catenian Association Bursary Fund Limited 15 a charitable company limited by guarantee without a share capital. It is incorporated and domiciled in England. Each member's liability is limited to £1. The address of its registered offices is 5 Oak Court, Pilgrims Walk, Prologis Park, Coventry CV6 4QH. The object of the charitable company is to encourage and assist Roman Catholics, fram the age of 16 to 25. actively to involve themselves in projects for the benefit of the community, at home or abroad. Ststement of compliance The financial 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 Reporting 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 U K and Republic of Irela nd IFRS 1021. The Catenian Association Bursary Fund Limited is a public benefit entity a5 set out in paragraph PBE3.3A under FRS 102. Accounting policies The principal accounting policie5 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 financial statements have been prepared on a going concern basis. under the historical cost convention as modified by the revaluation of listed investments. The financial ststements are prepa red in £ sterling, which is the functional currency of the entity. The fina ncial statements are for the year ended 31 March 2025. Comparative fi'gures are for the year ended 31 March 2024. After reviewing the charitable company'5 fareca5ts and projection5, the trustees have a reasonable expectation that the charitable company ha5 adequate resources to continue in operational existence for the foreseeable future. The charitable company therefore continues 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 resource5 will be received and the monetary 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 15 aware that probate has been granted, the estate has been fina1ised and notification has been made by the executors to the Trust that a distribution will be made, or when a distribution 15 received from the estate. Expenditure Expenditure 15 recognised on accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. Charitable expenditure comprises those c05t5 incurred by the charity in the delivery of its activities and Services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirert nature nece55ary 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 expense5 and legal fees. P8ge | 13
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 continued Accounting policies {continuedl 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 are 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 disposa15 of investments are taken to the income and expenditure account and the staternent of financial 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 acts"vities onlv. Funds The investrnent reserve represent5 unrealised ga ins on the listed securities as a result of their market value being higher than their cost. The general fund represent5 the net surplus made by the charita ble company during its aperations. {al Voluntsry income 2025 2024 Donations from Circles Donarions from individuals Donations from Province5 Donations collected during Annual Conference Donations- Amazonsrnile Tax on gift aid donations recoverable 2.878 65,803 4,364 1.708 4,247 69,016 2, 706 1,604 405 15.101 14.833 89.586 93.079 {b) Investment income 2025 2024 Income frorn investments Interest receivable 2,710 13.511 892 2.710 14.403 P8ge114
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the tinancial ststements for the year ended 31 March 2025 - continued Charitable activities lal Grants payable Grants Disbursed- Lourdes Grants Disbursed- Projects Discretionary Awards 2025 2024 85,500 56.577 250 67,125 41,560 2.900 142.327 111,585 Number 782 36 Number 566 45 Recipients of grants- Lourdes Recipients of grants- Projects Recipients of discretionary awards 820 618 {bl Support costs 2025 2024 Management fees recharged from The Catenian Association Limited (see note 121 Costs of Flame Conventron IT expenses Genera l expenses 20.000 15.000 9,314 1.370 4.760 1.819 30,684 21.579 Ic) Governance costs 2025 2024 Committee expenses Audt0[5 fee5- audit work Bank charges 1,042 1.560 151 1.376 1.560 186 2,753 3,122 Totsl support and governance costs 33.437 24, 701 P8ge115
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 continued Trustees, emoluments None of the trusteesldirectors received any remuneration during the current or preceding year. Seven trustees/directors received reimbursernent for travelling expenses and administration expen5e5 of £1,042 during the year12024- Eight trusteesldirector5- £1,3761. The charitable company does not have any employees and it share5 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 recha rged to the company Isee note 121. The charitable company does not have volunteers. Taxation All of the charitable company's income 15 a pplied for charitable purposes and therefore the charitable company is exempt from corporation tax. As a charity it is able to claim back 25 pence in the £Sterling for gift aided donations. Fixed asset investments Investments portfolio Valuation At 1st April 2024 Additions Disposals Net movement5 in cash held by brokers for investment Unrealised gains/llossesl on revaluation of investments Equalisation amounts 563,064 140,0001 155 2,709 At 31st March 2025 525,928 Historical cost as at 315t March 2025 525,928 Historical cost as at 31st Ma rch 2024 563.064 All fixed asset investments a re held within the United Kingdom. The investments of the charity at 31st March 2025 were as follows= Holdings Description Cost Marketvalue 294,156.67 Catholic Investment Fund Class 2 525,928 508,891 Total inve5trnents as at 31st March 2025 525,928 508,891 Pagel 16
The Catenian Association Bursary Fund Limited la company limited by guarantee) Notes to the financial statements for the year ended 31 March 2025 continued Debtors 2025 2024 Other debtor5- The Catenian Association Ltd 1.880 14,420 206 Other debtors- tax on gift aid recoverable Prepayments and accrued income 15,054 16.300 15.260 io. Creditors= amounts falling due within one year 2025 2024 Trade creditors 36 216 Other cred itors- Benevolent Fund 270 Accruals and deferred income 2.360 2.359 2,666 2.575 ii. Unrestricted income funds l April 2024 Incoming resources Outgoing resources Transfers 31 March 2025 General purpose fund Investment revaluation reserve 622,640 135,872 {175,7641 582.748 622.640 135,872 {175,7641 582,748 Page | 17
The Catenian A550ciation Bursary Fund Limited la company limited by guara nteel Notes to the financial statements for the year ended 31 March 2025 . continued 12. Related party transactions Donations to The Catenian A550ciation Bursary Fund Limited were received from The Catenian Association Limited, the various provinces, circles a nd individuals belonging to that organisation. Details of the donatian5 received during the year are stated in note 4 on page 14. The management charge from The Catenian Assaciation Limited in respect of support for the administration of the Fund during the year is £20,00012024- £15,000). After receipts and payments, at the year end an amount of £1,880 was owed by The Catenian Association Limited to The Catenian Association Bursary Fund Limited 12024- £206 owed by The Catenian Association Limited) and £270 was owed to The Catenian Association Benevolent and Child ren'5 Fund by The Catenian Association Bursary Fund Limited12024- £nil owed to The Catenian Association Benevolent and Children's Fund) as shown in creditors in note 10. During the year the aggregate total donations received from trustees of the charity without conditions amounted to £68912024- £6591. Page | 18