The Catenian Association Benevolent and Children's Fund Trustees, report and financial statements for the year ended 31 March 2024 Charity number.. 214244
The Catenian Association Benevolent and Children's Fund Contents Page Reference and administrative details Trustees, report Independent auditor'5 report strtement of financial activities Balance Sheet ID Notes to the finantial Statements 11- 17
The Catenian Association Benevolent and Children's Fund Reference and admini5trdtive details Charity number 214244 Re8i5tered and princlpal office 5 Oak Court Pilgrims Walk Prolc>gis Park COVENTRY CV64QH Trustee5 J. Hogan D. Cawdery R.M.S. Allar)son D.C. Brinkley l.H. Colligan P. Devine J. Harkin D. Murphy K.M. Rafferty (Chairman) (Vice Chairman) Clerk to the managing trustees P. Roberts Members of the investment sub-committee R.M.S. Allan50n D. Cawdery T. Ryan Trustee, retired investment manager Trustee Retired stockbroker Independent audito Cocke. Vellacott & Hill Unit 28 City Business Centre Lower Road LONDON SE16 2XU Bankers The Co-operative Bank p.l.c P.0. Box 101 3rd Floor, l Balloon Street Manchester M60 4EP Investment adviser 8RI Wealth Management PLC BRI House Elm Court Meriden 8usiness Park COVENTRY CV5 9RL Solicitt)r5 Shakespeare Marhneau LLP 50licitors Two Colton Square Leicester LEI IQH Stone King LLP Boundary House 91 Charterhouse Street London ECIM 6H Page I I
The Catenian Association Benevolent and Chlldren's Fund Trustees, report for the ended 31 March 2024 The trustee5 psent their annual report and the audited fi.nancial ststements for the year ended 31 March 2023 which comply with the Charities Art 2011, the Scheme approved and established by the Charity Commissioners on 29 May 1991 as amended by s280 resolution dated 28 July 2016 and scheme dated 9 February 2021 and Accounting and Reporting by Charities.. St3tement of Recommended Prac17ce applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I January 20191. STRUCTURE. GOVERNANCE AND MANAGEMENT Governing instruments The Catenian Associatron Benevolent and Children's Fund Ithe Fund) is a charity, registered with the Charity Commission, registrabon number 214244 and 15 governed by the Scheme approved and established by thè 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 Catenlan applicants. Trustee inductr'on und tri7Nning New trustees are appointed by the Central Council, bearing in mind their experience with other charities and their general professional background. Each receives a copy of the Scheme document, copie5 of the minutes ol the last two meetings and a copy of an application form, followed by explanations of the procedures at subsequent meetings of the Board of Trustee5. Orgunisutitsn 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 investrnerit policies by the Investment sub-committee. The Investment sub-committee is formed under the 3Uthority of the Trustees of Th& Catenian Association Benevolent and Children's Fund and its Membership Comprises of Trustees of that Fund together with 3 number of non-trustees with specialist knowledge and experience. The function of the sub-committee is the management of the investment portfolio, undertaking 5ale5 and purchases as deemed necessary, with the overreaching intent of safeguarding investments, while seeking balanced capitsl growth and income. The sub-committee meets at least four times per year and ha5 3 mechanism for urgent consideration outside scheduled meetings. The Fund's inve5trnents and bank account5 are adrninisted by Catena Trustees Limited, a company limited by guarantee and without a share capitsl. See note 12 for more details alld related party transactions. The trustees who served during the year are.. J. Hogan (Chairman) R.M.S. Allan50n D.C. Brinkley D. Cawdery J.H. Colligan P. Devine l. Harkin D. Murphy K.M. Rafferty (appointed 16 lanuèry 20241 (Vice chairman) Rlsk review The trustees have conducted their own risk review of the major risk5 to which the charity is exposed, and systems have been established to mitigate those iisk5. These procedures are periodicaSly reviewed to ensure that they still rneet the needs of the charity. The trustees have idenb.fied a risk of harm followine the upholding of a complaint ègainst a senior offi'cer of the Appointing Council. This was reported to the Charity Commission as a Serious Incident with 8 Series of proposed actions to reduce the risk in future. It is anticipated that this matter will be resolved In the near future. However, until the matter is fully resolved with the Appointing Council the risk remain5. Page12
The Catenian Association Benevolent and Children's Fund Trustees, report Icontinuedl for the ended 31 March 2024 OBJECTIVES AND ACTIVITIES Objects The Catenian Association Benevolent and Children's Fund provides monetary assistance to mernbers of the Catenian Association and their dependants including dependants of deceased and former members of the Catenian Associatt"on who are in need. As part of the fullilment of its charitable objectiv8s, the charity makes some long-term loans to members of the Catenian A550ciation or their dependants on a secured basis. Such loans are made according to the merits of individual applicants. See note 8 Ibl for More details. Strotegies The availability of monetary 3s51Stance to members of the Catenian Association of the charity is advertised throughoLJt the Catenian Associafjon, on the internet, through provinces and clrcles. by leaflet and On the charity's website https'.//catenianbenevolence.org. Activities During the year, the charity has continued to provide monetary 8s51Stance to rnembers of the Catenian A550ciation and their dependants who are in fi'nancial drfficulknes and who have applied to the charity for as51Stance. Public Benefit We have referred to the guidance in the Charity Commissionèr's general guidance on public benefit when reviewing our aims and objectives and in planning our future acfjvities. In particular the trustees consider how planned activities will contribute to the aims and objective5 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 incorne from investment5 held. Applications for grants and loans are made by member5 of the Associaknon or their dependants or dependants of deceased members or former members after due loeal process. Meetings of the trusteès a held at least fc>ur times a year to consider the cases and payment is made to or on beh31f of the claimant, by grant or loan. In special emergency cases a representadve committee is ernployed. ACHIEVEMENTS AND PERFORMANCE The Catenian Association Benevolent and Children's Fund has made grants to twenty1201 Individual beneficiaries12023- nineteen11911 totalling £214,482 during the year12023- £174,289). In addition to the grants, the charity has provided monetary assistance to 818hteen118112023- sixteen11611 members in difficulty or need In the form of unsecured loans amounring to £980,78512023- £488,426). During the year, no new h'rst charge loans were made12023- none), no existing lirst charge loan values were increased 12023- none), four141 unsecured loans were converted to lirst charge loans totalling £135,13212023- four141 totalling £418.1391 and three131 repaid their lirst charge loans in full amounting to £82,845 12023- two121 repaid £47,000), two121 secured loans were partly paid- repayment of £5,40012023- one111 partly paid £4,142). At the year end there were thirty 1301 tirst charge loan512023- nty nine12911 shown in the accounts amounting to £1,258,53512023- £1,211,647) and these are shown in note 8 Ibl to the accounts, as programme related investtnents. The trustees consider the investment performance achieved against the investment growth objectives to be good amidst stock market volatility due to the Coronavirus pandernic, the Ukrainian war, the cost of living and inflationary Cr15 in 2023 and early 2024. Page13
The Catenian Association Benevolent and Children's Fund Trustèes, report Icontinuedl for the ended 31 March 2024 ACHIEVEMENTS AND PERFORMANCE Icontinuedl The assets of the Fund are £9,125,58012023- £9,520,768]. This amount is made up a5 follows.. The Investtnent Fulld of £7,877.86112023- £8,166,1781, cash of £169,86912023- £162,844) and cuirent debtors IGift Aid relief) of £12,50612023- £1,4941 less accrued commitments of £193,19012023- £21.0351. These items tota5 £7,867,04612023- £8,309,481) and under Charity Cofflrni55i0n Guidance ère called Reserves, namew funds avai13ble to the Trustees for use in the furtherance of the Objects of the Charilv. Loans to beneh"ciaries that are Secured by a 1st Charge Imortgagel of £1,258,53412023- £1,211.6471. Under Charity Commisslon Guidance, these loans are considered Soc1al Investments, namely funds that have been used already in the furtherance of the Objects of the Charity that may In due course come back to the Charity. The timing of the return of these a55ets is not under the control of the Trustees and they are not therefore considered as part of the Reserve5. Unsecured loans made to benefi'ciaries are not considered to be assets. They are charitable loans and are made to people in financial need who do not have access to funds including normal affordable Sources of credit. They are therefore high risk and may be rede51gnèted as grant5. Many will be repaid in due course but how many and when they will be are so uncertain that their value cannot be realistically estimated. Such loans are treated as expenditure when they are made and as income rf and when they are repaid. Financial review Result5for the year Details of the income and expenditure for the year are shown in the Statement of financial activitres on page 9. Donations and legacies of £65,67812023- £72.3011 and investment income totalling £303,58612023- £355,462) were received during the year. Investment brokers. fees came to £16,67012023- £12,986). Granis and non-secured loans given to individuals during the year amounted to £1,195,26812023- £662,715). Recoveries of grants and non-secured loans amounted to £90.32412023- £466.7741. Other charitable support and governance c05t5 Carne to £97,65612023- £61,204). Net expenditure amounted to £304,65512023- net income of £141,289) in the year under review after taking into account realised gains on investments of £545.35012023- losses £16.3431. Net movernent in funds transferred to/llroml the accumulated fund totalled £396,98812023- transferred to- £340,471) after including unrealised losses on investments of £92,33312023- unrealised losses of £481,760). Investments policy arJdperform(7nce Investments are held with a view to providing 3 balanced capital growth and income. Investment income amounted to £303,58612023- £355,462). 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 lal to the linancial statèments. The market value of shaS held decreased by 3% to £7,877.86112023- £8,166,178) as a result of addition5 of £nil12023- £54,9861, net addirions of cash of £22.19412023- withdrawals of cash- £323,868). disposals of £218,17812023- E54,9861 and10sses on valuation of £92,33312023-105se5 of £481,760). Reserves ondgront ond loon mGking policies The reserves policy has beell developed to give the Fund sufficient resources to meet variation5 Iri the level of longer term requirements and is currently agreed to be £8 million to cover the following.. To give long terrn and unsecured loans.. To give grant5 to Members in diffi'culty or need., To assimilate losses on loans not repaid., To meet the needs of an ageing Membership. elderly widows and dependants of deceased members or former members,. To alleviate the difficulfjes being experlenced by members in overseas countries which are politically andlor financial un5table,' Page14
The Catenian Association Benevolent and Children's Fund Trustees, report Icontinuedl for the ended 31 March 2024 Reserves uno gront ondloon moking policies (continued) To provide dorne5tic assistance to members who have suffered from failed business ventures or redund2ncies- To provide assistance to those membets who are victirns of pension failures,. To provide help for those members who have been unable to secure a reasonable occupational pension,. To withstand the perceived volatility of the Stixk Market., 10. To take advalltage of any strategic development opportunities. Available reserves in the General Fund currently stand at £9,123,780131 March 2023- £9,520,768). The trustees are of the opinion that the charity is able to meet the needs of applicant5. Grants and loans are awarded according to the merits of each individual application. PLANS FOR THE FUTURE The charity will continue to provide assistsnce to members and their dependants in a similar manner in the ensuing year. TRUSTEES, RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS The trustees a responsible for pieparing the annual report and the financial statements in accordance with applicable law and United Kingdorn Gerierally 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 hnèncial acttvitres during the year and of rts financial position at the end of the year. In preparing linancial statements gwing a true and fair view, the trugtees a required to.. select suitable aecounting policies and then apply them consistently,. make judgement5 and e5brnates that are reasonable and piudent,. and state whether applicable accountr'ng standards and statements of recommended prackn'ce have been followed subject to any departures disclosed and explained in the fi'nancial ststements,. and ppare the financial statements on the going concern basis unless it is inappropriate io p5me that the charity will continue in operation. The trustees are responsible for keeping proper 3ccountin8 records which are sufficient to Show and explain the charity's transactions and to disclose with reasonable accuracy at any tirlle the financial position of the charity and enable them to ensure that the h"nantièl statements comply with the Charitie5 Act 2011 and the 'Charities SORP IF 1021 They a also responsible for safeguardin8 the assets of the charity and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. AUDrroRS The auditors have signih.ed their willingness to continue and 8 $OlutiOn proposing the re-appointment of Cocke, Vellacott & Hill as auditors of the charity. will be put to thÈ Annual Gener31 Meeting. This report was approved by the trustees on 16 july 2024 and signed on its behalf by.. I. Ho8an ITrusteel Page15
The Catenlan Association Benevolent and Children's Fund Independent auditor's report to the trustees of The Catenian Associatir>n Benevolent and Children's Fund Oplnion We have audited the financial statements of The Catenian Association Benevolent and Children's Fund set out on pages 9 to 17 for the year ended 31 March 2024, The fi'noncial reportin8 framework that has been applied in their preparation is applicable law and United Kingdorn 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 IFRS 1021 (effective I January 20191" and the accounting policies Set out on pages 118nd 12. In our opinion the linancial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2024, and of its incorning resources and application of resources for the year then ended,. have been properly prepared in accordance with United Kingdotn Generally Accepted Accountr"ng Practice,. and have been prepared in accordance with the Charities Att 2011. Basis for Opinion We conducted our audit In aceord3rice with Internation81 Standards on Auditing IUKI IISAS IUKII and applic3ble13w. Our responsibilities under those standards are further described In the Auditor's responsibilities for the audit of the financial statements sectton of our report. We are independent of the charity in accordance with the ethical requirernents that are relevant to our audit of the linancial statements in the UK, includin8 the FRC'S Ethical Standard, and we have fulfilled our other ethical re5ponsibilitres in accordance with these requirements. We believe thatthe audit evidence we have obtained is suffi-cient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the h"nancial statemènt5, we have concluded that the directors, use of the going concern basis of 8teountin8 in the preparation of the h"nancial 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 conttnue as a going concern for period of at least twelve months from when the financial 5tstements are authorised for issue. Our responsibilities and the responsibilities of the directors with respect to going concern are dèscribed in the relevant sections of this report. Other information The other information cornprises the information included in the annual report, other than the financial statement5 and our auditor's reporr thereon. The trustees are responsible for the other information. Our opinion on the linancial 5taternents does not cover the other information and we do not express any form of ssurance conclusion thereon. In connection with our audit of the fi"nanciaS statements, our responsibility 15 to read the other informafjon and, in doing so, consider whether the other informakn.on is materially inconsistent with the fi'nancial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the fi'nancial 5tsternents or a rnaterial mi5Statement of the other information. If, based on the work we have performed, we conclude that there Is a material misstatement of this other informatton, we are required to report that fact. We have nothing to report in this regard. Page16
The Catenian Association Benevolent and Children's Fund Independent auditor'5 report to the trustees of The Catenian A550ciation Benevolent and Children's Fund Icontinuedl Matters on which the auditor is reqUId to report by exception We have nothing to report in respect of the following matter5 in relation to which the Charits"es IAccounts and Reports) Regulations 2008 require us to report to you if, in our opinion.. the information given in the linancial statement5 is incon51Stent in any material iespect with the tru5tee5' report,. or suffi'cient accounting records have not been kept,. or the fi'nancial statements are not in agreement with the accounting records," or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the trustees, responsibilities ststement set out on page 5, the trustees are responsible for the preparation of the finallcial %tatement5 and for beir)g satisfi'ed that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparatt.on of fi.nancial statements that are free from material misstateFllent, whether due to fraud or error. Auditor'5 responsibilities for the audit of the financial ststements We have been appointed as auditors under section 144 of the Charitr'es Act 2011 and report in accordance with the Act and relevant regulatitsn5 rrade or having effect theunder. Our objectives are to obtsin reasonable assurance about whether the linancial ststement5 as a whole a 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 8uarantee that an audit conducted in accordance with ISAS IUKI will always detect a m3terial misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could asonablY be expected to influence the economic decisions of users taken on the basis of these fi'nancial statements. Irregularitie5, includin8 fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect rnaterial misststements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularitres, including fraud is detailed below.. We have obtained an ullder5tanding of the charity's policies and procedures through discussions with senior rnanagement and trustees We also drew on our existin8 understanding of the work that the charity does and the sector that it operates in. We understand that the charity complies with its responsibilities throu8h close involvement of senior rnana8ement and trustees in the day to day running of the bu5ine55 and regular liaison between them . Were there any litigation or claim5 they would come to the attentron of the senior management directly. The charity also holds regular birnonthly board meetings at which all such matters are discussed if applicable. We have reviewed the rninutes of all board meetings, and no irregularities were idèntih"ed. Management accounts h"gures ale ¢ir¢u13ted to all trustses and senior management. In the context of the audit. we considered those laws and regulations which determine the form and content of the h"nancial 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 tsf the Companies Act 2(K)6 as part of our hnalisation processes. PaEe17
The Catenian Association Benevolent and Children's Fund Independent auditor's report to the trustee5 of The Catenlan Associarion Benevolent and Children's Fund Intinued) Auditor's responsibilities for the audit of the financial statements Icontinuedl We discussed the possibility of fraud with senior management and trustees whether they had any knowledge of any actual, alleged or Suspected fraud. We desigr)ed our audit tests to consider controls and tested a Sample of linancial transactions. We considered the timing of recognition of incorne. In cornmtsn with all audits under ISA'S IUKI we also performed specific procedures to respond to the risk of managernent override. We assessed the charity's colltrol environment is adequate for the size and operatrng model of such a charity. 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 hnancial statements or non-compliance with re8ulatron. This risk increases the more that compliance with a law or regulation is removed from the events ènd transactions reflected in the financial 5taternents, as we will be less likely to become aware of instances of non<ompliance. The risk 15 also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intenttonal concealrnent, forgery. collusion, Dmission or rnisrepresentstion. A further description of our responsibilities for the audit of the linancial statements 15 located on the Financial Reporting Council'5 web51te at.. www.frc.org.uklauditorsre5ponsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustee5. as a body, in accordance with the Charities Act 2011. Our audit work has been undertsken 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 fullèstextent 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 Statutory Auditor Unit 28 City Business Centre Lower Road LONDON SE16 2XU Oate.. L-lt Cocke, Vellacott & Hill is eligible for appointment as auditor of the charity by virtue of its eligibility for appointmeni 35 auditor of a company under section 1212 of the Companies Act 2CK)6. Page18
The Catenian A550ciation Benevolent and Children's Fund Statement of financial activities for the year ended 31 March 2024 2024 Totsl 2023 rotul Notes Income frorn.. Donations and legacies Investment Income 65,678 303,586 72.301 355,462 Totsl income 369,264 427, 763 Expenditure on-. Raising fund5 Charitable activities 116.6701 11,202.5991 f12,986) {257,145J Totsl expenditure 11,219,269) {270,131J Net 8ainslllos5esl on disposal of investments ai book cost 545.350 [16,343) Net incornellexpenditurel 1304,6551 141,289 Other recognised gains and losses Unrealised gains/ Ilossesl on investrnents 192,3331 (481.760J Net rnovement in funds Reconciliation of funds Total funds brought forward 1396,9881 [340,471) li 9,520,768 9,861,239 Totsl funds carried forward li 9,123,780 9,520.768 All of the operations undertaken by the charity during the current and preceding year are continuing operations and there weie no other recognised gain5 8nd1055es other than the above The net expenditu for the year including realised gains Ilossesl on the disposal of investments is £304,65512023- net income £141,289). 8ased on the historic cost equivalent net expenditure is £304,65512023- net income of £141,289>. The notes on pages 11 to 17form on inregrolport of thesefi"nonciolstotements PaEe19
The Catenian Assoclation Benevolent and Children's Fund Balance sheet as at 31 March 2024 2024 2023 Notes Fixed assets Investrnents Investments Programme related investments 81al 81bl 7,877,861 1.258,534 8,166,178 1.211,647 Total fixed as5et5 9.136.395 9,377,525 Current assets Debtors Cash at bank and in hand 12,506 169.869 1,494 162,484 Total current assets abilities Creditors.. amounts falling due within one year 182,375 163,978 io I194,9) 121,035J Net current assets/ Iliabilitiesl 112,6151 142,943 Total assets less current liabilittes 9,123,780 9,520, 768 Funds Unrestricted income funds: General reserves Revaluatt"on reserve Long term loans rèserve li li li 4,629,618 3,235,629 1,258,534 4.981.159 3.327,962 1.211,647 Total charity fund5 9,123.780 9.520.758 The fi'nancial statements were approved by the board of trustees on 16 JU 2024 and signed c>n its behalf by.. J. Hr)gan Trustee D. Cawdery Trustee The notes on PGges 11 to 17form an integrul part of thesefinonciul statements Page 110
The Catenian Association Benevolent and Children'5 Fund Notes to financial statements for the year ended 31 March 2024 Accounting policies The principal accounting policies are sumrnarised below. The accounting policies have been applied consistently throughout the year and the preceding year. Basis of accounfjng 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 arid the recommendations of the Charity Commission in "Accounttng and Reportin8 by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordanee with the Financial Reporhng Standard applicable in the UK and Republic of Ireland IF 1021 (effective l January 20191 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Charities Art 2011. The charity constitutes a public benefit enttty as delined by FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to conn.nue as a golng concern. Income recognitson All Ineome 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 fi-nancial activities when receivable. Legacies are included when the charity is advised by the personal repSentatiVe of an estate that payment will be made or property transferred and the arnount involved can be quantified. Income from investments is included in the year in which it is receivable. Expenditure recognition Expenditure is recogni5ed on an accrual basis as a liability Is incurred. Expenditure includes any VAT which cannot be fully recovered and 15 reported as part of the expenditure to which it relates. Costs of rai5in8 funds comprise of investment rnanagement costs and those costs incurred in attracting donations and legacies. Grants and loans. which ar8 unlikely to be recoverable, are charged to the income and expenditure account in the vear in which they are made. Any such grants and 103ns repad t(} the company, having been made in earlier vears, a credited to the income and expenditure account. Due to the inherent unceitainties 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 quèntify 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 d1CtlY to such a¢tiviLles and those costs of an indirect riature necessary to support them. Support Costs are those costs incurred directly in support of expenditure on the objects of th2 charity. Governance costs comprise all costs involving public accountability of the charity and its compli3ncÈ with regulation and good pracnce. These Include costs related to audit, trustee expenses and legal fees. Expenditure, which involves more than one cost category, is apportioned on a re3s0nable, justifi.able and consistent ba51S to the cost categories involved. Taxation Provision for taxation is not necessary, as the Fund is a re8lStered charity and has no trading activities. No deferred tsx provision is required Page | 11
The Catenian A550ciation Benevolent and Children's Fund Notes to financial statements Icontinuedl for the year ended 31 March 2024 Accounting pollcies- (Connued) Fixed assèt investment5 Investments are a form of financial instrument and are initially Cognised at their transaction value and Subsequent measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of h"nancial actrvities includes the net gains and losses arising and disposals throu8hout the year. Programme related investments These include loans to beneliciaries In accordance with the objectives of the charity. The loan5 secured by a h'r5t 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 activikn'e5. Funds lil Investrnent revaluaknon reserve- represents unrealised gains on the listed securities as a result of their market value5 being higher than their cost. lill General fund- represents the net surplus made by the company during its operations. lill Long term loans reserve- represents an amount equivalent to the secured loans recoverable to ensure that adequate funds are e8rrHarked to meet any potential non-recoverie5. Foreign currencies Monetary 3ssets 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 tran5actiDns. All differences are taken to the ststement of linanci31 activities. Net incomellexpenditurel 2024 2023 Net incomellexpenditurel is Stated after charging.. Auditors, remunerarion from audit work Auditors, remuneranon from non-audit wc>rk 4.060 800 4,070 800 and after crediting.. Profit on foreign currencies Donations and legacies 2024 2023 Donations from circles and provinces Donation5 from tnember5 Tax recoverable under members, gift aid Le83cies 3,041 51,243 10,394 1.0 2,610 56,925 11, 766 I,0 65.678 72,3Ql Investment income 2024 2023 Income from UK listed investments 303.586 355,462 303,586 355,462 Page112
The Catenian Association Benevolent and Children's Fund Notes to financial ststements Icontinuedl for the year ended 31 March 2024 Expenditure on raising funds 2024 Total 2023 Total Investment advisers, costs 16,670 12,986 Analysls of charitable activities (al Grnnts and loans 2024 Total 2023 Totol GntS and non-secured loans payable to individuals.. Grants made Non-secured loans made 214.482 980,785 174,289 488,426 1,195,267 190,3241 662, 715 1466,774J Less.. recovered during the year Total net grants and loans 1,104,943 195.941 Number 20 Number 19 Recipients of grants only (all to individualsl (b) Analysis of sUPPOrt costs stsff costs (see nots 71 Telephone Offi'ce expenses Computer costs Bank charges and general expenses 24,572 263 10,000 1.750 4,370 22,555 230 10,000 1,736 2,749 40,955 37.340 Icl Analysis of governance costs 2024 2023 Auditors, remuneration- audit work Auditors, remuneration- non audit work Committee expenses Professional fèes- le831 fees 4,060 800 6,384 45.457 4.070 800 3,347 15,647 56.701 23,864 Total charitable activities expenses 1.202,599 257,145 Pa8e113
The Catenian Association Benevolent and Children's Fund Notes to financial statements Icontr"nuedl for the year ended 31 March 2024 Trustees and employees Staff cost5 were as follows.. Wages and salaries Social security c(>sts 2024 3023 23,274 1.298 21,372 1,183 24,572 22,555 Staff costs represent amounts rech3r8ed by The Catenian Association Limited Isee note 121 for the position of clerk to the Trustees of The Catenian Association Benevolent and Children's Fund. The clerk to the Trustees is the On employee for both 2024 and 2023. No employee earned over £60,000 per annum. No trustees rèceived any remuneration from the charity in the year 12023- Enill. Eight trustees received reimbursement for travelling expenses totslling £5.495 during the year12023- nine tru5tee5 £3,208). lal Fixed asset Investments Investments portfollo Valuafjon At l April 2Q23 Addition5 Disposals Net movements in cash held by brokers for investment Unrealised gains/llossesl on revalLJanon of investments 8.166.178 1218,1781 22,194 192,3331 At 31 March 2024 7,877,861 Historical cost as at 31 March 2024. 4,642,233 Historicolcostos ot 31 March 2023 4,838,217 All fixed asset investments are held within the United Kingdom. Page114
The Catenian Association Benevolent and Children's Fund Notes to linanclal statements Icontinuedl for the year Ènded 31 March 2024 The investments of the charity at 31 March 2024 were as follow5.. Holdings Descriprfon 28880 Av3 plc 12,(KiO BHP Billiton plc 30,CQO 8P plc 52,(KlO BT Group plc 3,690 CRH 14,000 Dia8eo plc 18,500 Experian plc 17,200 GSK plc 152,650 GCP Infrastructure Investments Ltd 28,333 HSBC Holdings plc 144,142 Lloyds Banking Group plc 632,654 M & G Charibond Inc 19,500 M&Gplc 24,569 Natwest Grp PLC Ipreviously RBSI 11,000 Persimmon plc 23,000 Polar Qpital Technology Trust plc 19,500 PrLJdential plc 19.000 RELX plc 6,100 Rio Tinto plc 5.333 Severn Tnt plc Ii,OQK) Shell PIC I,000,o The Charitie5 Property Fund 10,000 Unilever ple 54,545 Vodafone Group plc Cost Market value Ord. 0.328947368 Ord. NPV IDI) Ord. USD 0.25 Ord. 5p Ord Eur 0.32 Ord. 28935185 Ord. USD Q.IQ Ord. 0.3125 Ord. Ip Ord. USD 0.50 Ord. lop 220.721 66.237 120,740 98,896 101.911 35.543 94.039 38.291 198.715 168,138 148,371 811,070 10,933 142.922 156.126 23,015 65,770 113,176 56,480 43,698 251,210 1,029,602 14.300 109,692 143.418 273.000 148,710 57,018 251,953 409.570 638.990 293,879 110,366 175.381 74.608 698.703 42.998 65,231 144,760 69),000 144.885 650.560 306.037 131,725 288.750 1,178,700 397,550 38,432 Ord. 5p Ord.107.69p Ord. lop Ord. 25p Ord.5p Ord. 14 511116p Ord. IRegl lop Ord. 65 5119 Ord. Euro 0.07 Ord. 3 119p Ord. USD 0.20 20121 Investments listed on the UK Stock Exchange Cash held a5 part of the investrnent portfolio 4,119,596 522,637 7.355,224 522,637 Total investments as at 31 March 2024 4,642,233 7.877,861 These items represent material investrnent5 that are over 5% by value of the portFolio. Ibl Programme related investments 2024 2023 Secured recoverable loans supporting the Charitab objectives (see below) 1,258,534 1,211.647 Anuly5is of movements in securedrecoverable loons is os below.. Loans recoverable brought forward Transfer5 (toll from non-secured loans Repayments received during the year 1.211.647 844,649 135.132 418,139 188,2451 {51.141J Loans recoverable carried forward 1.258,534 1,211,647 Page115
The Catenian Association Benevolent and Children'5 Fund Notes to financial Statements Icontinuedl for the year ended 31 March 2024 Debtors 2024 2023 Amounts owed by related company. Income tax recoverable 2.138 10,368 1,494 12,506 1,494 The related company referred to above is The Catenian Association Lirnited (see note 12 for more details). io. Creditors.. amounts falllng due wf(hin one year 2024 2023 Trade creditors Accruals and deferred incorne 20,516 174,474 21,035 194,990 21,035 ii. Unrestricted funds At l April 2023 At 31 March 2024 Incoming resources Outgoing resources Galns & losse5 Transfer5 General purpose incorne fund Investment revaluation reserve Lon8 term loans reserve 4,981,159 3,327,962 1,211,647 369,264 11,219.2691 545,350 192,3331 146,8871 4,629,617 3,235,629 1,258,534 46,887 9.520.768 276,931 11,219,269) 545,350 9,123.780 Purposes of unrestricted funds General purpose income fund- represents funds available at the discretion of the trustee5 to further expand the activitr.es of the charity. The fund arises from donated income and income arising on an annu31 basis from amounts held by way of capital and unutili5ed funds less costs of generatrng fund5, 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 sethng up of a designated fund called the lon8-term loèns reserve equivalent to the secured loans recoverable (see note 8 bl. The purpose of this designation is to ensure that adequate funds are e3rrnarked to meet any potential non-recoveries. Page116
The Catenian Association Benevolent and Children's Fund Notes to financial statement5 Icontinuedl for the year ended 31 March 2024 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 Associabon. Therefore, the chariries and companies are related companies. Ouring the year to 31 March 2024 administ13tlon expenses were recharged to the charity by The CoteniBn Association Limited as follows.. 2024 2023 Office Expense5 Salaries 10.0 24,572 10,000 22,555 34.572 32,555 The charity shares the services of the administrative staff and the premises of The Catenian Association Limited. In return for these facilities, £10,0 offi'ce expenses was recharged to the company. In addition, £24,572 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 £2,138 was due from The Catenian Association Limited12023- £nil duel and none was due frorn The Catenian Associatton Bursary Fund Limited to the charity12023- £n51 was due from). During the year the aggregate total dtsnaknons received from trustees of thè charity without conditron5 amtsunted to E350131 March 2023- £4881. Page117