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2021-03-31-accounts

The Catenian Association Benevolent and Children's Fund

Trustees' report and financial statements

for the year ended 31 March 2021

Charity number: 214244

The Catenian Association Benevolent and Children's Fund

Contents

Page
Reference and administrative details 1
Trustees' report 2 - 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Notes to the financial statements 11 - 16

The Catenian Association Benevolent and Children's Fund

Reference and administrative details

Charity number 214244
Registered and principal office 2nd Floor, 1 Park House
Station Square,
COVENTRY
CV1 2FL
Trustees M. O'Malley (Chairman)
D. Rowley (Vice Chairman)
R.M.S. Allanson
D.W. Arundale
D. Cawdery
J.H. Colligan
P. Devine
J. Hogan
K.M. Rafferty
Clerk to the managing trustees P. Roberts
Members of the investment R.M.S. Allanson (Chairman), Trustee, Retired
sub-committee Investment Manager
D.W. Arundale Trustee
D. Cawdery Trustee
T. Ryan Stockbroker
Independent auditors Cocke, Vellacott & Hill
Unit 3 Dock Offices
Surrey Quays Road
LONDON SE16 2XU
Bankers The Co-operative Bank p.l.c
P.O. Box 101
3rd Floor, 1 Balloon Street
Manchester M60 4EP
Investment adviser BRI Wealth Management PLC
BRI House
Elm Court
Meriden Business Park
COVENTRY CV5 9RL
Solicitors Shakespeare Martineau LLP Stone King LLP
Solicitors Boundary House
Two Colton Square 91 Charterhouse Street
Leicester LE1 1QH London EC1M 6HR

Page 1

The Catenian Association Benevolent and Children's Fund

Trustees' report for the ended 31 March 2021

The trustees present their annual report and the audited financial statements for the year ended 31 March 2021 which comply with the Charities Act 2011, the Scheme approved and established by the Charity Commissioners on 29th May 1991 as amended under an Order of the Charity Commissioners dated 18 February 2015 and 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 (FRS 102) (effective 1 January 2019).

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing instruments

The Catenian Association Benevolent and Children's Fund (the Fund) is a charity, registered with the Charity Commission, registration number 214244 and is governed by the Scheme approved and established by the Charity Commissioners on 29th May 1991 as amended aforesaid.

Trustee recruitment

Trustees are appointed by the Central Council of The Catenian Association from a list of Catenian applicants.

Trustee induction and training

New trustees are appointed by the Central Council, initially for a period of five years, bearing in mind their experience with other charities and their general professional background. Each receives a copy of the Scheme document, copies of the minutes of the last two meetings and a copy of an application form, followed by explanations of the procedures at subsequent meetings of the Board of Trustees.

Organisation Structure

The trustees meet at least four times in a year and have a mechanism for urgent consideration outside scheduled meetings and are assisted with investment policies by the Investment sub-committee. The Investment sub-committee is formed under the authority of the Trustees of The Catenian Association Benevolent and Children's Fund and its membership comprises of Trustees of that Fund together with a number of non-trustees with specialist knowledge and experience as shown on page 1.

The function of the sub-committee is the management of the investment portfolio, undertaking sales and purchases as deemed necessary, with the overreaching intent of safeguarding investments, while seeking balanced capital growth and income. The sub-committee meets at least four times per year and has a mechanism for urgent consideration outside scheduled meetings.

The Fund's investments and bank accounts are administered by Catena Trustees Limited, a company limited by guarantee and without a share capital. See note 12 for more details and related party transactions.

Trustees are appointed for a five year period unless they are appointed to fill a casual vacancy when they complete the term of office of the trustee they are replacing.

The trustees who served during the year are:

R.M.S. Allanson P. Devine D.W. Arundale J. Hogan R. W. Butler (retired on 26 May 2020) M. O'Malley D. Cawdery D. Rowley J.H. Colligan K.M. Rafferty (appointed on 21 July 2020)

Page 2

The Catenian Association Benevolent and Children's Fund

Trustees' report (continued) for the ended 31 March 2021

STRUCTURE, GOVERNANCE AND MANAGEMENT (continued)

Risk review

The trustees have conducted their own risk review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. These procedures are periodically reviewed to ensure that they still meet the needs of the charity.

OBJECTIVES AND ACTIVITIES

Objects

The Catenian Association Benevolent and Children's Fund provides monetary assistance to members of the Catenian Association and their dependants including dependants of deceased and former members of the Catenian Association who are in need.

As part of the fulfilment of its charitable objectives, the charity makes some long term loans to members of the Catenian Association or their dependants on a secured basis. Such loans are made according to the merits of individual applicants. See note 8 (b) for more details.

Strategies

The availability of monetary assistance to members of the Catenian Association of the charity is advertised throughout the Catenian Association, on the internet, through provinces and circles and by leaflet.

Activities

During the year, the charity has continued to provide monetary assistance to members of the Catenian Association and their dependants who are in financial difficulties and who have applied to the charity for assistance.

Public Benefit

We have referred to the guidance in the Charity Commissioner's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular the trustees consider how planned activities will contribute to the aims and objectives they have set.

The paragraphs in this report show the aims and objectives of this charity and activities of the year.

Income is received by personal donation from members of the Catenian Association together with investment income from investments held. Applications for grants and loans are made by members of the Association or their dependants or dependants of deceased members or former members after due local process. Meetings of the trustees are held at least four times a year to consider the cases and payment is made to or on behalf of the claimant, by grant or loan. In special emergency cases a representative committee is employed.

ACHIEVEMENTS AND PERFORMANCE

The Catenian Association Benevolent and Children's Fund has made grants to eighteen (18) individual beneficiaries (2020 - thirty two (32)) totalling £209,289 during the year (2020 - £212,305). In addition to the grants, the charity has provided monetary assistance to twenty three (23) (2020 - twenty nine (29)) members in difficulty or need in the form of unsecured loans amounting to £455,021 (2020 - £689,169).

During the year, no new first charge loans were made (2020 - none), no existing first charge loan values were increased (2020 - none), three (3) unsecured loans were converted to first charge loans totalling £91,535 (2020 - one (1) totalling £7,000) and three (3) repaid their first charge loans in full amounting to £45,200 (2020 - two (2) repaid £26,644), no secured loans were partly paid totalling £nil (2020 - two (2) repaid £3,600). At the year end there were twenty seven (27) first charge loans (2020 - twenty seven (27)) shown in the accounts amounting to £811,473 (2020 - £765,138) and are shown in note 8 (b) to the accounts, as programme related investments.

Page 3

The Catenian Association Benevolent and Children's Fund

Trustees' report (continued)

for the ended 31 March 2021

ACHIEVEMENTS AND PERFORMANCE (continued)

The trustees consider the investment performance achieved against the investment growth objectives to be good after a year of severe market disruption since March 2020 caused by the roll out of governments' responses to the Coronavirus pandemic.

Financial review

Results for the year

Details of the income and expenditure for the year are shown in the statement of financial activities on page 9. Donations and legacies of £116,921 (2020 - £93,588) and investment income totalling £259,373 (2020 - £330,528) were received during the year. Investment brokers' fees came to £11,548 (2020 - £12,603).

Grants and non-secured loans given to individuals during the year amounted to £664,310 (2020 - £901,474). Recoveries of grants and non-secured loans amounted to £649,516 (2020 - £162,627). Other charitable support and governance costs came to £50,151 (2020 - £47,227).

Net income amounted to £319,565 (2020 - net expenditure of £370,193) in the year under review after taking into account realised gains on investments of £19,764 (2020 - gains £4,368). Net movement in funds transferred to/(from) the accumulated fund totalled £1,203,754 (2020 - transferred from - £1,114,833) after including unrealised gains on investments of £884,189 (2020 - unrealised losses of £744,640).

Investments policy and performance

Investments are held with a view to providing a balanced capital growth and income. Investment income amounted to £259,373 (2020 - £330,528). All investments held by the charity have been acquired in accordance with the powers available to the trustees. Movements in fixed asset investments are shown in note 8 (a) to the financial statements. The market value of shares held increased by 129 % to £8,137,507 (2020 - £7,285,879) as a result of additions of £nil (2020 - £nil), net additions of cash of £60,592 (2020 - withdrawal of cash - £6,437), disposals of £93,153 (2020 - £411,270) and gains on revaluation of £884,189 (2020 - losses of £744,640).

Reserves and grant and loan making policies

The reserves policy has been developed to give the Fund sufficient resources to meet variations in the level of longer term requirements and is currently agreed to be £8 million to cover the following:

  1. To give long term and unsecured loans;

  2. To give grants to Members in difficulty or need;

  3. To assimilate losses on loans not repaid;

  4. To meet the needs of an ageing Membership, elderly widows and dependants of deceased members or former members;

  5. To alleviate the difficulties being experienced by members in overseas countries which are politically and/or financially unstable;

  6. To provide domestic assistance to members who have suffered from failed business ventures or redundancies;

  7. To provide assistance to those members who are victims of pension failures;

  8. To provide help for those members who have been unable to secure a reasonable occupational pension;

  9. To withstand the perceived volatility of the Stock Market;

  10. To take advantage of any strategic development opportunities.

Available reserves in the General Fund currently stand at £9,229,979 (31 March 2020 - £8,026,224). The trustees are of the opinion that the charity is able to meet the needs of applicants. Grants and loans are awarded according to the merits of each individual application.

Page 4

The Catenian Association Benevolent and Children's Fund

Trustees' report (continued)

for the ended 31 March 2021

PLANS FOR THE FUTURE

The charity will continue to provide assistance to members and their dependants in a similar manner in the ensuing year.

TRUSTEES' RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS

The trustees are responsible for preparing the annual report and the financial statements in accordance with applicable law and United Kingdom Generally Accepted Accounting Practice.

Charity law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of charity's financial activities during the year and of its financial position at the end of the year. In preparing financial statements giving a true and fair view, the trustees are required to:

The trustees are responsible for keeping proper accounting records which are sufficient to show and explain the charity's transactions and to disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011 and the "Charities SORP (FRS 102)". They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

AUDITORS

The auditors have signified their willingness to continue and a resolution proposing the re-appointment of Cocke, Vellacott & Hill as auditors of the charity, will be put to the Annual General Meeting.

This report was approved by the trustees on 20 July 2021 and signed on its behalf by:

M. O'Malley (Trustee)

Page 5

The Catenian Association Benevolent and Children's Fund

Independent auditor's report to the trustees of

The Catenian Association Benevolent and Children's Fund

Opinion

We have audited the financial statements of The Catenian Association Benevolent and Children's Fund set out on pages 9 to 16 for the year ended 31 March 2021. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom General Accepted Accounting Practice and they 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 (FRS 102) (effective 1 January 2019)" and the accounting policies set out on pages 11 and 12.

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the 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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Page 6

The Catenian Association Benevolent and Children's Fund

Independent auditor's report to the trustees of

The Catenian Association Benevolent and Children's Fund (continued)

Matters on which the auditor is required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement set out on page 5, the trustees are responsible for the preparation of the financial 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 are free from material misstatement, whether due to fraud or error.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) 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 decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have obtained an understanding of the charity's policies and procedures through discussions with senior management and trustees

We also drew on our existing understanding of the work that the charity does and the sector that it operates in.

We understand that the charity 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 management directly.

The charity also holds regular bimonthly 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 figures are circulated to all trustees and senior management.

In the context of the audit, we considered those laws and regulations which determine the form and content of the financial statements, which are central to the charity's ability to conduct business and where failure to comply could result in material penalties.

We have considered the disclosure requirements of the Companies Act 2006 as part of our finalisation processes.

We discussed the possibility of fraud with senior management and trustees whether they had any knowledge of any actual, alleged or suspected fraud. We designed our audit tests to consider controls and tested a sample of financial transactions. We considered the timing of recognition of income.

Page 7

The Catenian Association Benevolent and Children's Fund

Independent auditor's report to the trustees of

The Catenian Association Benevolent and Children's Fund (continued)

In common with all audits under ISA's (UK) we also performed specific procedures to respond to the risk of management override. We assessed the charity's control environment is adequate for the size and operating model of such a charity.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the 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 financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charity's trustees, as a body, in accordance with the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity's trustees 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 do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Cocke, Vellacott & Hill Unit 3 Dock Offices Statutory Auditor Surrey Quays Road LONDON SE16 2XU Date:16 August 2021

Cocke, Vellacott & Hill is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

Page 8

The Catenian Association Benevolent and Children's Fund

Statement of financial activities

for the year ended 31 March 2021

Notes
Income from:
Donations and legacies
3
Investment income
4
Total income
Expenditure on:
Raising funds
5
Charitable activities
6
Total expenditure
Net gains/(losses) on disposal of investments at book cost
Net income/(expenditure)
2
Other recognised gains and losses
Unrealised gains/ (losses) on investments
8
Net movement in funds
Reconciliation of funds
Total funds brought forward
11
Total funds carried forward
11		 2021
Total
£
116,921
259,373
376,294
11,548
64,945
76,493
19,764
319,565
884,189
1,203,754
8,026,225
9,229,979		 2020
Total
£
93,588
330,528
424,116
12,603
786,074
798,677
4,368
)
(370,193
)
(744,640
)
(1,114,833
9,141,058
8,026,225

All of the operations undertaken by the charity during the current and preceding year are continuing operations and there were no other recognised gains and losses other than the above.

The net income for the year including realised gains (losses) on the disposal of investments is £319,565 (2020 - net expenditure £370,193).

Based on the historic cost equivalent net income is £397,008 (2020 - net expenditure of £139,655).

The notes on pages 11 to 16 form an integral part of these financial statements.

Page 9

The Catenian Association Benevolent and Children's Fund

Balance sheet as at 31 March 2021

Notes
Fixed assets
Investments
Investments
8 (a)
Programme related investments
8 (b)
Total fixed assets
Current assets
Debtors
9
Cash at bank and in hand
Total current assets
Liabilities
Creditors: amounts falling
due within one year
10
Net current assets/(liabilities)
Total assets less current liabilities
Funds
Unrestricted income funds:
General reserves
11
Revaluation reserve
11
Long term loans reserve
11
Total charity funds		 £
6,085
322,246
328,331
)
(47,332		 2021
£
8,137,507
811,473
8,948,980
280,999
9,229,979
5,329,540
3,088,966
811,473
9,229,979		 2020
£
£
7,285,879
765,138
8,051,017
7,206
108,947
116,153
)
(140,945
)
(24,792
8,026,225
4,978,866
2,282,220
765,138
8,026,225

The financial statements were approved by the board of trustees on 20 July 2021 and signed on its behalf by:

M. O'Malley P. Devine Trustee Trustee

The notes on pages 11 to 16 form an integral part of these financial statements.

Page 10

The Catenian Association Benevolent and Children's Fund

Notes to financial statements

for the year ended 31 March 2021

1. Accounting policies

The principal accounting policies are summarised below. The accounting policies have been applied consistently throughout the year and the preceding year.

Basis of accounting

The financial statements have been prepared under the historical cost convention as modified by the revaluation of fixed asset investments. They are also prepared in accordance with applicable accounting standards and the recommendations of the Charity Commission in "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 (FRS 102) (effective 1 January 2019)" and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Income recognition

All income is included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Donations and gifts are included in full in the statement of financial activities when receivable. Legacies are included when the charity is advised by the personal representative of an estate that payment will be made or property transferred and the amount involved can be quantified.

Income from investments is included in the year in which it is receivable.

Expenditure recognition

Expenditure is recognised on an accrual 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.

Costs of raising funds comprise of investment management costs and those costs incurred in attracting donations and legacies.

Grants and loans, which are unlikely to be recoverable, are charged to the income and expenditure account in the year in which they are made. Any such grants and loans repaid to the company, having been made in earlier years, are credited to the income and expenditure account. Due to the inherent uncertainties around both timing and amounts that will be received, the charity considers it appropriate to indicate that such a contingent asset exists but that it is unable to quantify the value of this asset.

Charitable expenditure comprises those costs 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 indirect nature necessary to support them. Support costs are those costs incurred directly in support of expenditure on the objects of the charity. Governance costs comprise all costs involving public accountability of the charity and its compliance with regulation and good practice. These include costs related to audit, trustee expenses and legal fees.

Expenditure, which involves more than one cost category, is apportioned on a reasonable, justifiable and consistent basis to the cost categories involved.

Taxation

Provision for taxation is not necessary, as the Fund is a registered charity and has no trading activities. No deferred tax provision is required.

Page 11

The Catenian Association Benevolent and Children's Fund

Notes to financial statements (continued)

for the year ended 31 March 2021

  1. Accounting policies - (continued) Fixed asset investments

Investments are a form of financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising and disposals throughout the year.

Programme related investments

These include loans to beneficiaries in accordance with the objectives of the charity. The loans secured by a first charge on a recipient's assets are expected to be recovered in due course. In the event that the loan or part of the loan becomes non-repayable it will be written off in the statement of financial activities.

Funds

Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accounting date. Transactions in foreign currencies are recorded at the date of the transactions. All differences are taken to the statement of financial activities.

  1. Net income/(expenditure)

5.

Net income/(expenditure)
Loss on foreign currencies
Auditors' remuneration from audit work
Auditors' remuneration from non-audit work
Donations and legacies
Donations from circles and provinces
Donations from members
Tax recoverable under members' gift aid
Legacies
Investment income
Income from UK listed investments
Bank interest receivable
Expenditure on raising funds
Investment advisers' costs		 2021
-
4,000
800
2021
£
4,111
66,021
13,707
33,082
116,921
2021
£
258,351
1,022
259,373
2021
Total
£
11,548		 2020
1,480
4,000
800
2020
£
2,612
70,922
12,404
7,650
93,588
2020
£
329,641
887
330,528
2020
Total
£
12,603

Page 12

The Catenian Association Benevolent and Children's Fund

Notes to financial statements (continued)

for the year ended 31 March 2021

6.
Analysis of charitable activities
(a) Grants and loans
Grants and non-secured loans payable to individuals:
Grants made
Non-secured loans made
Less: recovered during the year
Total net grants and loans
Recipients of grants only (all to individuals)
(b) Analysis of support costs
Staff costs (see note 7)
Telephone
Office expenses
Exchange (gains)/losses
Computer costs
Bank charges and general expenses
(c) Analysis of governance costs
Auditors' remuneration - audit work
Auditors' remuneration - non audit work
Committee expenses
Professional fees - legal fees
Total charitable activities expenses
7.
Trustees and employees
Staff costs were as follows:
Wages and salaries
Social security costs		 2021
Total
£
209,289
455,021
664,310
)
(649,516
14,794
Number
18
£
22,280
253
10,000
-
3,220
1,134
36,887
2021
£
4,000
800
-
8,464
13,264
64,945
2021
£
20,643
1,637
22,280		 2020
Total
£
212,305
689,169
901,474
)
(162,627
738,847
Number
32
£
21,840
313
10,000
1,480
698
2,129
36,460
2020
£
4,000
800
3,499
2,468
10,767
786,074
2020
£
20,238
1,602
21,840		 2020
Total
£
212,305
689,169
901,474
)
(162,627
738,847
Number
32
£
21,840
313
10,000
1,480
698
2,129
36,460
2020
£
4,000
800
3,499
2,468
10,767
786,074
2020
£
20,238
1,602
21,840
36,460
2020
£
4,000
800
3,499
2,468
10,767
786,074
2020
£
20,238
1,602
21,840

Staff costs represent amounts recharged by The Catenian Association Limited (see note 12) for the position of clerk to the Trustees of The Catenian Association Benevolent and Children's Fund. The clerk to the Trustees is the only employee for both 2021 and 2020. No employee earned over £60,000 per annum.

No trustees received any remuneration from the charity in the year (2020 - £nil). No trustees received reimbursement for travelling expenses during the year (2020 - ten trustees - £3,043).

Page 13

The Catenian Association Benevolent and Children's Fund

Notes to financial statements (continued)

for the year ended 31 March 2021

8.
(a) Fixed asset investments
Valuation
At 1 April 2020
Disposals
Net movements in cash held by brokers for investment
Unrealised gains/(losses) on revaluation of investments
At 31 March 2021
Historical cost as at 31 March 2021.
Historical cost as at 31 March 2020
All fixed asset investments are held within the United Kingdom.
The investments of the charity at 31 March 2021 were as follows:
Holdings
Description
38,000
Aviva plc
Ord. 25p
204,750
Aviva Multi Strategy Target Income 2
12,000
BHP Billiton plc
Ord. USD 0.50
30,000
BP plc
Ord. USD 0.25
52,000
BT Group plc
Ord. 5p
3,690
CRH
Ord Eur 0.32
15,000
Diageo plc

Ord. 28 101/108p
20,000
Experian plc

Ord. USD 0.10
21,500
GlaxoSmithKline plc
Ord. 25p
152,650
GCP Infrastructure Investments Ltd
Ord. 1p
28,333
HSBC Holdings plc
Ord. USD 0.50
144,142
Lloyds Banking Group plc
Ord. 10p
632,654
M & G Charibond Inc

19,500
M & G plc
Ord. 5p
50,000
Morrison (WM) Supermarket plc
Ord. 10p
26,459
Natwest Grp PLC (previously RBS)
Ord. £1
18,000
Pearson plc
Ord. 25p
11,000
Persimmon plc
Ord. 10p
35,000
Polar Capital Technology Trust plc

Ord. 25p
19,500
Prudential plc
Ord. 5p
27,000
RELX plc

Ord. 14 51/116p
6,100
Rio Tinto plc
Ord. (Reg) 10p
11,000
Royal Dutch Shell plc B
Ord. Euro 0.07
5,333
Severn Trent plc
Ord. 97 17/19p
1,000,000
The Charities Property Fund

10,000
Unilever plc
Ord. 3 1/9p
54,545
Vodafone Group plc
Ord. USD 0.20 20/21
Investments listed on the UK Stock Exchange
Cash held as part of the investment portfolio
Total investments as at 31 March 2021		 Investments
portfolio
£
7,285,879
)
(93,153
60,592
884,189
8,137,507
5,048,541
5,003,659
Cost
Market value
£
£
220,721
161,589
200,934
155,116
74,390
251,340
120,740
88,395
98,895
80,496
101,911
125,128
38,082
448,425
101,664
499,400
47,387
276,920
198,715
156,924
168,138
119,905
148,371
61,318
811,070
781,455
10,933
40,443
109,107
91,225
142,922
51,926
136,108
138,888
156,126
323,400
35,023
768,250
65,770
300,398
160,829
491,130
56,480
338,550
251,210
146,850
43,698
122,979
1,029,602
1,243,800
14,300
405,600
109,692
71,934
4,652,818
7,741,784
395,723
395,723
5,048,541
8,137,507

Page 14

The Catenian Association Benevolent and Children's Fund

Notes to financial statements (continued)

for the year ended 31 March 2021

8.
(b) Programme related investments
Secured recoverable loans supporting the charitable objectives (see below)
Analysis of movements in secured recoverable loans is as below:
Loans recoverable brought forward
Transfers (to)/ from non-secured loans
Repayments received during the year
Loans recoverable carried forward
9.
Debtors
Amounts owed by related companies *
Income tax recoverable		 2021
£
811,473
£
765,138
91,535
)
(45,200
811,473
2021
£
-
6,085
6,085		 2020
£
765,138
£
788,382
7,000
)
(30,244
765,138
2020
£
1,415
5,791
7,206
10.
Creditors: amounts falling due
within one year
Amounts due to related companies *
Accruals and deferred income		 2021
£
31,930
15,402
47,332		 2020
£
32,015
108,930
140,945

Page 15

The Catenian Association Benevolent and Children's Fund

Notes to financial statements (continued)

for the year ended 31 March 2021

11.
Unrestricted funds
General purpose income fund
Investment revaluation reserve
Long term loans reserve		 At
1 April
2020
£
4,978,867
2,282,220
765,138
8,026,225		 Incoming
resources
£
376,294
884,189
-
1,260,483		 Outgoing
resources
£
)
(76,493
-
-
)
(76,493		 Gains &
losses
£
19,764
-
-
19,764		 Transfers
£
31,108
)
(77,443
46,335
-		 At
31 March
2021
£
5,329,540
3,088,966
811,473
9,229,979

Purposes of unrestricted funds

General purpose income fund - represents funds available at the discretion of the trustees to further expand the activities of the charity. The fund arises from donated income and income arising on an annual basis from amounts held by way of capital and unutilised funds less costs of generating funds, charitable expenses and governance costs. It also includes realised gains less losses on investments.

The investment revaluation reserve represents unrealised gains on the listed investments as a result of their market value being higher than their cost.

The board of trustees has approved the setting up of a designated fund called the long term loans reserve equivalent to the secured loans recoverable (see note 8 b). The purpose of this designation is to ensure that adequate funds are earmarked to meet any potential non-recoveries.

12. Related party transactions

The charity's investments and bank accounts are administered by Catena Trustees Limited as Custodian Trustee. The Directors of Catena Trustees Limited are appointed by virtue of their appointment as Trustees of the charity.

The Trustees of the charity are appointed and the Directors of The Catenian Association Bursary Fund Limited are nominated only by the Central Council of the Catenian Association. Therefore the charities and companies are related companies.

During the year to 31 March 2021 administration expenses were recharged to the charity by The Catenian Association Limited as follows:

During the year to 31 March 2021 administration expenses were recharged to the
Association Limited as follows:		 charity by The Catenian
Office Expenses
Salaries		 2021
£
10,000
22,280
32,280		 2020
£
10,000
21,840
31,840

The charity shares the services of the administrative staff and the premises of The Catenian Association Limited. In return for these facilities, £10,000 office expenses was recharged to the company. In addition, £21,840 was recharged by The Catenian Association Limited for the salary costs of the position of clerk to the Trustees of The Catenian Association Benevolent and Children's Fund.

At the balance sheet date an amount of £31,930 was due to The Catenian Association Limited (2020 - £32,015 was due to) and none was due from The Catenian Association Bursary Fund Limited to the charity (2020 - £1,415 was due from).

During the year the aggregate total donations received from trustees of the charity without conditions amounted to £715 (31 March 2020 - £205).

Page 16