## **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** 



## _**make a difference**_ 

## We’re here to help _**you help others**_ 

Each year the Catenian Bursary Fund makes awards totalling over £150,000 to young Catholics aged between 16 and 24 who volunteer to work on development projects and as helpers on HCPT and Diocesan pilgrimages. 

**Give your time and help those less fortunate than you. Let us help you to achieve your aims.** 

## _**Do something really wonderful for others and make a difference**_ 

**For full details including eligibility criteria and info on how to apply, scan the code or visit our website** 

_**Want to know how you can help?**_ **Make a difference at catenianbursary.com** 

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.
STRu￿uRE, 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 A￿1VITIES
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
Aud￿t0[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.
STRu￿uRE, 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 A￿1VITIES
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
Aud￿t0[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