The Catenian Association Benevolent and Children's Fund Trustees, report and financial statements for the year ended 31 March 2026 Charity number: 214244 The Catenian Association Benevolent and Children's Fund Contents Page Reference and administrative detsi Trustee5' report Independent auditor's report Statement of financial activities Balance sheet io Notes to the financial statemènts 11- 17 The Catenian Association Benevolent and Children's Fund Reference and administra￿Ve detsils Charlty number 214244 Registered and principal office 5 Oak Court Pilgr¢ms Walk Prolo815 Park COVENTRY CV64QH Trustees l. Hogan D. Cawdery R.M.S. Allan50n D.C. Brinkley J.H. Colligan P. Devine l. Harkin D. Murphy K.M. Rafferty (Chairman) (Vice Chairman) Clerk to the mana8ing trustees P. Roberts Members of the investment sub-committee R.M.S. Allanson D. Cawdery K. M. Rèfferty T. Ryan Trustee, retired investment manager Trustee Trustee Retrred stockbroker Independent aLtditors Cocke. Vellacott & Hill Unit 15 City Bu5irie5s Cer)tre Lower Road LONDON SE16 2XU Banker5 The Co-operative Bank plc P.0. 8ox 101 3rd Floor, l Balloon Street Manchester M60 4EP Snvestment adviser BRI Wealth Management plc BRI House Elm Court Meriden Business Park COVENTRY CV5 9RL Soliutors Shake5peHre Martineau LLP Solicitors 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 Children's Fund Trustees, report for the year ended 31 March 2026 The trustees present their annual ￿pOrt and the audited financial statements for the year ended 31 March 2026 which comply with the Charities Act 2011. the Stheme approved and estsblished by the Charity Commissioners on 29 May 1991 as amended by $280 resolution dated 28 July 2016 and scheme dated 9 February 2021 and Accounting and Reporting by ChBrities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and RepLJblic of Ireland IF￿ 1021 (effective I january 20191. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing instruments The Catenian Associatr'on Benevolent and Children's Fund (the Fundl is a charity, re815tered with the Charity Commission, re8lStration number 214244 and is 8overned by the Scherne approved and established by the Charity Commlssioners on 29th May 199135 amended aforesaid. Trustee recruitment Trustees are appointed by the Central Council of The Catenian Association from a list of applicants. Twstee induction und trolnlng New trustees are appointed by the Central Council, bearing in mind their experience with other charitie5 and their general professional background. Each receives a copy of the Scheme document, copies of the minute5 of the last two meets'ngs and a copy of an application form. followed by explanarions of the procedures at subsequent meeting5 of the Board of Trustees. Orgonisution Structure The trustees meet at least four times in a year and have a mechanism for urgent considerafjon outside scheduled meetings and are assisted with investment policies by the Investment sutFcommittee. The Investment sub-committee is formed under the èuthority of the Trustees of The Catenian A550ciatr'on Benevolent and Children's Fund and its membership comprises of Trustees of that Fund together with a number of non-tru5tees with specialist knowledge and experience. The function of the sub-committee 15 the management of the Investment portfollo, undertaklng sales and purchases a5 deemed necessary, with the overreachinÈ Intent of safeguarding investment5, while 5eekin8 balanced capital growth and income. The sub-committee meets at least four times per year and has a mechHni5m for uryent consideration outside scheduled meetin8S. 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 transathons. The trustees who served during the year are.. J. HoBan (Chairmanl R.M.S. Allanson D.C. Brinkley D. Cawdery l.H. Colligan P. Devine J. Harkin D. Murphy K.M. Rafferty Ivlte chairrnanl Risk revtiew The trustees have condutted their own risk review of the major risks to which the charity is exposed, and systerns have been established to mitigate those risks. These procedu￿$ are periodically reviewed to ensure that they5ti11 meetthe needs of the charity. The trustees have identlfied a risk of harm following the upholding of a complaint against a senior officer of the Appointing Council. This was reported to the Charity Commission as a Serious Incident with a series of proposed actions to reduce the risk in future. It IS anticipated that this matter will be resolved in the near futLJre. However, until the matter is fully resolved wlth the Appointtng Council the risk remains. Page12 The Catenian Association Benevolent and Children's Fund Trustees, report Icontinuedl for the year ended 31 March 2026 OBIEcnvE5 ANO ACTIVITIES Objects The Catenian Association Benevolent and Children's FuT)d provides monetary assistance to members of the Catenian Association and their dependants including dependants of deceased and former Membe￿ of the Catenian A55OC13ton who are in need. As part of the fulfilment of its charitable objectives, the charity make5 some lon8-term loan5 to members of the Catenian Association or their dependants on a Secured basi5. Such loan5 are rnade according to the merits of individual applicants. See note 8 Ibl for more details. Strategies The availability of monetary assistance to merribers of the Catenian As50ciatr'on of the charity is advertised throughout the Catenian Association, on the internet. through provinces and circles. by leaflet and on the charitvs website https:/lcateniar)benevolence.or8. AcÉlvlrfes Durin8 the year, the charity ha5 continued to provide monetary assistance to members of the Catenian Association and their dependants who are in fi'nancial difficulties and who have applied to the charity for assi5t3nce. Public Benefit We have referred to the guidance in the Charity Commissioner's ger)eral Euidance on public benefit when revlewing our aim5 and objectives and in planning our future activities. In parricular the trustees consider how planned activities will contribute to the aims and objectives they have set. The paragraphs in thi5 report show the aims and objectives of this charity and 3ctivities of the year. Income is received by personal donation from members of the Catenian Association together with investment income frotn investTnents held. Applieations for 8rants and loans are made by rnembers of the Associatron or their dependant5 or dependants of deceased members or former members after due local process. meetr.ngs of the trustees are held at least four time5 H year to consider the cases and payment is made to OT 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 child￿n'S Fund has made grants to twentV-four1241 individual benefi'ciaries12025 twenty-one12111 totalling £244,176 during the year12025. £288,199). In addition to the 8r3nt5, the charity has provided monetary assistance to thirty-one131112025- twenty12011 members in difficulty or need in the form of unsecured loans amoLJnttng to £l.001,65012025- £889,975). During the yèar, no new fi.rst charge loan5 were made12025- none), no existing first charge loan values were increased 12025- none), one111 unsecured loan was converted to fi'rst charge loans totalling £1,46512025- nonel and one111 repaid their lir5t charge loans in full amounting to £6,800 12025- two121 repaid £61.7461, two121 secured loans were partly paid- repayment of £5,40012025- three131 partly paid £6.0001. At the year end there were twenty*iÉht1281 fi'rst charge loans 12025- twenty-ei8ht12811 shown in the accounts amounting to £1,180,05312025- £1,190.7881 and these are shown in rK)te 8 Ibl to the accounts, as progratnme related investments. The trustees consider the investment performance achleved agalnst the Investment growth objectfves to be sats'sfactory amidst stock market volatility due to the ongoing Ukrainian war, other internation31 volatility and the c05t of living and inflationary crisis all of which have had an effect on investment markets into 2025. Page13 The Catenian Association Benevolent and Children's Fund Trustees, report Icontinuedl for the year ended 31 March 2026 ACHIEVEMENTS AND PERFORMANCE Icontinuedl The assets of the Fund are £8,540,58612025- £8,823,766). This amount is made up as follows.. The Investment Fund of £7,349.20412025- £7.303,2041, cash of £66,63412025- £409,692) and current debtors of £13,89112025- £27,521) less accrued Commitments of £69,19612025- £107,4391. These items total £7.360.53312025- £7,632,978) and undèr Charity Commission Guidance are called Reserves, namely funds available to the Trustees for use in the furtherance of the Objects of the Charity. Loans to benefici3rie5 that are secured by a 1st Charge Imortgagel of £1,180.05312025- £1,190,788). Under Charity Commission Guidance, these loans are considered Social Investments, namety 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 assets 15 not under the control of the Trustees and they are not therefore wnsidered as part of the Reserves. Unsecured loans made to beneficiaries are not conside￿d to be assets. They are charitable loans and are made to people in fi'nancial need who do not have access to funds including normal affordable sources of credit. They are therefore hlgh risk and may be redesi8nated as grants. Many will be repaid in due course but how many and when they will be are so uncert3in that their value cannot be realistically estimated. Such loan5 are treated as expenditure when they are made and 5 income if and when they are ￿paId. Financial review Resultsfor the yeor Details of the income and expenditure for the year are shown in the ststement of linancial activities on page 9. Donations and legacies of £72.23012025- £57,346) and investment income totalling £266.053 12025- £284.5371 were recewed durin8 the year. Investment brokers, fees came to £18,89012025- £21,987). Grants and non-secured loans given to individuals durin8the year amounted to £1.245.82612025- £1,178,174). Recoveries of grants and non-secured loans amounted to £150.11312025- £572,4731. Other charitsble support and governance costs came to £60,69712025- £147.0011. Net expenditure amounted to £675,02712025- net expenditure of £131,191) in the year under ￿vieW after taking into account realised gains on inve5trnents of £161.99012025- gains £301.6151. Net movement in funds tTHnsferred from the accumulated fund totalled £283,18012025- transferied from- £300,014) after including unrealised 8ain5 on investments of £391,84712025- unrealised Losses of £168,823). Investmentspolicyondperformonce Investments are held with a view to providing a balanced capital growth and income. Investment income amounted to £266.05312025- £284,537). All investment5 held by the charity have been acquired in accordance with the power5 aV3ilablè to the trLJStees. Movements fixed asset investments a￿ shown in note 8 lal to the financial statements. The market value of shares held increased by 6% to £7,349,20412025- decreased by 7% to £7,303.2041 as a result of addition5 of £974,47312025- £nill, net withdrawals of cash of £65,00012025- wlthdrawals of cash- £384.4261, disposals of £1,255,320 12025- £21,4081 and gains on revaluation of £391,84712025- lo5se5 of £168,823). Reserves É7nd grunt ondloun mGkNng policies The reserves policy has been developed to give the Fund suffi.cient resources to meet variations in the level of longer term requirements and is currently agreed to be £8 million to cover the following.. To give long term and unsecured loans. To give grants to Members in difficulty or need., To assimilate losses on loans not opaid,. To meet the needs of an ageiris Membership, elderly widows and dependant5 of deceased members or former members,. To alleviate the difficulties being experienced by members in overseas countries which are pollilcally andlor financlally unstable. Page14 The Catenian Association Benevolent and Children's Fund Trustees. report Icontinuedl for the year ended 31 March 2025 Reserves ond grant undloon moking polKRs (continued) To provide domestr'c assistance to members who have suffered fmm kiled busines5 VEnture5 or redundancies,. To provide assistance to those members who are vlctims of pension failures; To provide help for those members who have been unable to secure a reasonable occupats'onal pension.. To withstand the perceived volatility of the Stock Market.. 10. To tske advantage of any strategic developrnent opportunities. Available reserves in the General Fund currently stand at £8,540,586131 March 2025- £8,823,766). The trustees are of the opinion that the charity is able to mèet the needs of applicants. Grant5 and loans are awarded according to the merits of each individual applicatt-on. PLANS FOR THE FUTURE The charity will conknnue to provide aS$￿tanCe to mernbers and their dependants in a similar manner In the ensuing year. TRU5TEES' RESPONSIBILITIES FOR THE FINANCIAL STATEMENTS Tre tru5Eees are responsible for p￿parIng the annual report anL4 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 ￿qui￿d to: select suitable accounting policies and then apply them conSistent￿- make judgements and estimates that are reasonable and prudent,. and state whether applicable 8ccountr"n8 5tandard5 and statement5 of recoTrmended practice have been followed subjèct to any departures disc105ed and explained in the financial ststements,. and prepare the financial Statements on the going concern basis unless it is inappropriate to presume that the charity will contr'nue in operation. 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 fi"nandal position of the charity and enable them to ensu￿ that the financial ststements comply with the Ch3ritie5 Act 20113nd the "Charitr'e5 SORP IFRS 1021 They are also responsible for safeguarding the assets of the charltyand hen￿ fortaking reasonable steps forthe prevention and detection of fraud and other Ir￿guIarlttes. AUDITORS The auditor5 have signified their willingness to continue and a resolution proposing the re-appoinlment of Cocke, Vellacott & Hill as auditors of the charity, will be put to the Annual General Meeting. This ￿POrt was approved by the trustees on 21 july 2026 and signed on its behalf by-. J. Hogan (Trustee) Page I S The Catenian Association Benevolent and Children's Fund Independent auditoes report to thè trustees of The Catenian Association Benevolent and Children's Fund Opinion We have audited the financial statemerits of The Catenian Association Benevolent 3nd Children's Fund set out on pages 9 to 17 for the year ended 31 M3rch 2026. The fi'nancial reporting framework that has been applied in their prepar3tion is applicable ￿3W and United Kingdom General Accepted Accounting Practice and they are in accordan￿ with"Accounting and Reporting by Charities: Statement of Recommended P￿¢rice applicable to charities preparing their accounts in accorilance with the Financial Reporting Standard applicable in the UK and Republic of Ireland 1021 (effective I january 20191" and the accountin8 policies set out on pages 11 and 12. In our opinion the financial statements.. give a true and fair view of the state of the charity's affairs as at 31 March 2026, and of its Incoming resoyr¢es and application of resources 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 Charities Act 2011. Basis for Opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those Standards are further described in the Auditor's responsibilitiès for rhe 8LJdit of the h-nancial statements section of our report. We are Sndependent of the charlty in accordance with the ethlcal reqU1￿MentS that are rele￿rnI to our audit of the linancial statement5 In the UK, includin8 the FRC'S Ethical Standard, and we have fullilled our other ethical rèsponsibilities in accord3rice with these require￿ents. We believe that the audit eviden￿ we have obtained s sufficlent and appropriate to provide a basis for our opinion. Condysions relating trj going concern In auditing the hnancial statements. we have concluded that the directors, use of the 80ing concern basis of accountin8 in the preparation of the financial ststements Is appropriate. 8ased on the work we have performed, we have not identified any material uncertainties relating to event5 or conditions that, indivldually or collectively, may cast 518nifi.cant 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 directo￿ with respect to goinE concern are described in the rele￿nt sections of this report. Other information The other informauon comprises the inforTnation included in the annual ￿Port, other than the financial 5tstements and our auditor's report thereon. The trustees are resporlsible for the other information. Our opinion on the fi'nancial statements doe5 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 50, consider whether the other informanon is materially inconsistent with the financial statements, or our knowledse obtained in the audit or otherwise appeafs to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we a￿ required to derermine whetherthere is a material mi55t3tement in the financial ststements or a material misstatement of the other information. If, based on the work we have perforrned, we conclude that there is a materi31 misstatement of this other information, we are reqUI￿d to report that fact. We have nothin8 to report in this regard. Page16 The Catenian Associadon Benevolent and Children'5 Fund Independent auditor's report to the trustees of The Catenian Association Benevolent and Children's Fund Icontlnuedl Matter5 on which the auditor is required to report by exception We have nothing to report in respect of the following matters in relation to whKh the Charitr'es (Accounts and Reports) flegulations 2008 require us to report to you if, in Dur opinion.. the information given in the financial statements is irnconsistent in any material respect with the trustees, report,- or Sufficient accounting record5 have not been kept,. or the h"nanclal statement5 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 trustee5 As explained more fully in the tTUStees' responsibilities statement set out on page 5, the trustees a￿ responsible for the pfftparation of the fi.nancial statements and for being satisfied that they give a true and falr view. and for such internal control as the trustees determine is necessary to enable the preparation of financial ststements that are free from material misstatement, whether due to fraud or error. Aud¥tor's responsibililAe5 for the audit of the financial ststements We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant re8ulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the h"nancial statements as a whole are free from material misstatement, whether due to fraud or error, and t0 Issue an auditor's ￿port that includes our opinion, Reasonable assuran￿ Is a high level of assUrnn￿ but is not a guarantee that an audit conducted in accordance with ISAS 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 decisions of users taken on the basi5 of these financial statements. Irregularities, including fraud, are instsnces of non-compliance with laws and ￿gUlationS. We design procedures In Ilne with our responsibilities, outlined above. to detect material rni55tatèménts 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 throu8h discussions with senior management and trustee5 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 re8ular liaison between them . Were there any litigation or claims they would come to the attentton of the senior management directly. The charity also holds regular birnonthly board meerings at which all such matters are discussed if applicable. We have reviewed the minutes of all board meetings, and no irregularitie5 were identified. Management accounts ft8ure5 are circulated to all trustee5 and senior man3gement. In the context of the audit. we considered those laws and regu5ations which determine the form and content of the financial stateTrent5, which are central to the charity's ability to conduct busines5 and where failure to comply could result in material penalties. We have considered the dlsclosure reqU1￿MentS of the Companies Act 2(A)6 as part of our finalisation proce55es. Page17 The Catenian Association Benevolent and Children's Fund Independent auditor's reportto the trustee5 of The Catenian A5$0ciation Benevolent and Children'5 Fund Icontinuedl AuditoV5 re5pon5ibilities for the audlt of the financial statements Icontinuedl We discussed the possibility of fiaud with 5enlor management and trusteeswhetherthey had any knowledEe of any actual. alleged or suspècted fraud. We designed our audit tests to consider controls and tested a sample of financi85 transaCtTons. We considered the timing of recognition of income. In COTnTnon with all audits under ISA'5 IUKI we also perforEned specific procedures to respond to the risk of management override. We a55essed the charity's control environment Is adequate for the size and operating model of such a charity. Because of the inherent limltations of an audit. there Is 3 risk that we will not detect all irregularities, including those leading to a material mi55tatement in the fi"n2ncial staternents or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events 2nd transactions reflected in the linancial statement5, as we will be less likely to become aware of instances of non-compliance. The risk is a150 grearer regardlng irregul3ritie5 Otcurring due to fraud rather than error, as fraud involves intentional com￿a]ment, forgery, collusion, omission or misrepresentatr'on. A further description of our responsibilities for the audit of the financial statements is located on the Finanual Reporting Council's website at.. www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditols report. Use of our report This report is made 501ely to the charitvs trustee5, as a body. in accordance with the Charitie5 Att 2011. Our audit work h35 been undertaken so that we mlght state to the charity's trustees those matier5 we are required to state to thern in an uditor's report and for no other purp05e. To the fu15est extent permitted by law, we do not a￿ept or assume responsibility to anyone other than the charity and the charitvs tru5tee5 a5 3 body, for our auditwork, forthis report. or forthe opinions we have formed. Cocke, Vellacott & Hill 5tstutory Auditor Unit 15 City Business Centre Lower Road LONDON SE16 2XB Date= Cocke, Vellacott & Hill is eligible for appointment as auditor of the charity by virtue of its ellgibility for appointrnent as auditor of a company under secbon 1212 of the Companies Act 2W6. Page18 The Catenian Association Benevolent and Children's Fund Statement of financial athVi￿e5 for the year ended 31 March 2026 2026 Total 2025 Totol Notes Income from: Donations and legacies Investment income 72,230 266.053 57,346 284,537 Total income 338,283 341,883 Expenditure on: Raising funds Charitable activities 118.8901 11,156,410) f21,987J (752,702) Total expenditure 11.175,3001 (774,689) Net gains/llossesl on disposal of investments at book cost 161.990 301,515 Net In￿me/{pjpen￿itUreI 1675,0271 (131,191) Other ￿(08￿15ed gains and losse5 Unrealised 8ains/ Ilossesl on investrnents 391,847 (168,8231 Net movement In fund5 Recondllatlon of funds Total funds brought forward 1283.1801 {300,014) li 8,823,766 9,123.780 Totsl funds carried forward li 8,540,586 8,823,766 All of the operdtion5 undertaken by the charity durlng the current and precedin8 year ère continuing operations and there were no other reco8ni5ed gains and losses other than the above. The net expenditure for the year including realised 8ain51105sesl on the disposal of investrnents 15 £675,02712025- net expenditure £131.1911. Based on the historic cost equivalent net expenditure is £675,02712025- net expenditure Df £131,191). The notes on ptsges 11 to 17form on integmlptsrt of the5efirJuntialsttstements Pa8e19 The Catenian Association Benevolent and Children's Fund Balance sheet as at 31 March 2026 2026 2025 Notes Flxed a55ets Investments Investments Programme related irwe5tment5 81al 8 Ibl 7.349.204 1,180,053 7,303,204 1,190,788 Total fixed assets 8529,257 8,493.992 Current assets Debtors Cash at bank and in hand 13,891 66,634 27,521 409,692 Total current assets 80,525 437,213 Liabilities Creditors: amounts falling due within one year io 169.1961 (107,439J Net current a5setsl Iliabilitiesl 11?29 329,774 Total assets less current liabilities 8,540,586 8,823,766 Funds Unrestricted income funds.. General reserves Revaluation reserve Long term loans reserve li li li 3,901,880 3,458,653 1,180,053 4,566,172 3,066,806 1.190,788 Total charity fund5 8.540,586 8,823,766 The financial statements were approved by the board of trustees on 21 July 2026 and siÉned on its behalf bv= J. Hogan Trustee D. Cawdery Trustee The notes on poges 11 to 17form on integralpart of thesefinanciJ15tatements Page 110 The Catenian Association Benevolent and Children'5 Fund Notes to financial statements for the year ended 31 March 2026 Accounting pollcles The principal accounting policies are summarised below. The accounting policies have been applied consistentlv throughout the year and the preceding year. Basis of accountin8 The ftnèncial statements have been prepared under the historical cost convention as modifted by the revaluation of fixed asset investments. They are also prepared in accordance with applicable accountr'ng standards and the recommendations of the Charity Commission in "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accourit5 in accordan￿ with the Financial Retx>rting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective I january 20191" 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 reco8nition All income ￿ included in the statement of financlal actrvlttes when the charity Is en￿lled to the income and the amount can be quanfjfied with reasonable accuracy. The followlng speciflc policies are applied to parricular categories of income.. Donations and gifts are included in fu11 In the statement of fin3ncial activities when receivable. Le8acie5 are included when the charity is advised by the personal representative of an estate that payment will be made or property trdnsferred and the amount involved can be quantified. Income from investments is included in the year in whtch it 15 receivable. Expenditu￿ reco8nition Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered and is reported ès part of the expenditure to which it relates. Cost5 of rai5in8 funds comprise of investrnent management costs and those costs incurred in attracting donations and legacies. Grdnts and loans. which are unlikely to be recoverable, are Cha￿ed to the income and expenditure account in the year in which they are made. Any such grants and loans ￿paid 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 it5 activitie5 and Services for its beneficiaries. It include5 both costs that can be allocated difftctly to such acth"vities 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 re8ulatr.on and good practice. These include costs re13ted to audit, trustee expenses and le8al fees. Expenditure, which involves more than one cost category. is apportioned on a reasonable. justifiable and consistent basis to the cost cBte8orie5 involved. TaXa￿On Provision for taxatr'on is not necessary. as the Fund is a registered charity and has no trading activitr"e5. No deferred tax provision is required Page 111 The Catenian Associa�on Benevolent and Children's Fund Notes to fnancial statements (con�nued) for the year ended 31 March 2026 1. Accoun�ng policies - (con�nued) - Fixed asset investments subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial ac�vi�es includes the net gains and losses arising and disposals throughout the year. ## Programme related investments 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 wri�en off in the statement of financial ac�vi�es. ## Funds - (i) Investment revalua�on reserve - represents unrealised gains on the listed securi�es as a result of their market values being higher than their cost. - (ii) General fund - represents the net surplus made by the company during its opera�ons. - (ii) Long term loans reserve - represents an amount equivalent to the secured loans recoverable to ensure that adequate funds are earmarked to meet any poten�al non-recoveries. ## Foreign currencies Monetary assets and liabili�es denominated in foreign currencies are translated into sterling at the rates of exchange prevailing at the accoun�ng date. Transac�ons in foreign currencies are recorded at the date of the ## 2. Net income/(expenditure) |2.
Net income/(expenditure)|||||| |---|---|---|---|---|---| |Net income/(expenditure) is stated a�er charging:
Auditors' remunera�on from audit work
Auditors' remunera�on from non-audit work
Loss on foreign currencies
3.
Dona�ons and legacies

Dona�ons from circles and provinces
Dona�ons from members
Tax recoverable under members' gi� aid
Legacies
4.
Investment income
Income from UK listed investments|

|2026
£
4,060
800
-
________
2026
£
1,982
44,198
8,989
17,061
_________
72,230
_________
2026
£
266,053
_________
266,053
_________|







|


|_2025_
_£_
_4,060_
_800_
_1,021_
| ||||||________
_2025_
_£_
_312_
_46,658_
_9,876_
500
________
_57,346_
________
_2025_
_£_
_284,537_
________
_284,537_
________| |||||

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|| Page | 12 The Catenian Association Benevolent and Children's Fund Note5 to financial statements Icontinuedl for the year ended 31 March 2026 Expendlture on raisin8 funds 2026 Totsl 2025 Total Investment advisers, costs 18.890 21.987 Analysi5 of charitable activltie5 lal Grants and loans 2026 Totsl 2025 Total GTrnts and non-5ecured loans payable to individuals= Grants made hlon-secured loans made 244.176 1,001,6SO 288.199 889,975 1,245,826 1,178,174 1150,1131 (572,4731 Less.. recovered during the year Totsl net grants and loans 1,095,713 605,701 Number 24 Number 21 Recipients of grants only lall to individuals) Ibl Analysls of support costs 2026 2025 Staff costs (see note 71 Telephone offi.ce expenses Computer costs Insurance cost5 Bank charges and general expenses 27.745 387 10,000 1,608 658 3,960 34,083 300 io,wo 1,650 4.968 44,358 51,Wl Icl Analysls of governance costs 2026 2025 Auditors, ￿MUneratiOn- audrc work Auditors. remuneration. non audit work Committee expenses Professional fee5- legal fees 4,060 800 7,292 4,187 4,060 800 7.111 84,029 16,339 96.0 Total charitsble athvltles expenses 1,156,410 752,702 Page113 The Catenian Association Benevolent and Children's Fund Notes to financial statements Icontinuedl for the year ended 31 March 2026 Trustees and employees Staff costs were as follow5.. Wages and 5alarie5 Social security costs 2026 2025 26,085 1,660 31655 2,428 27,745 34,083 Staff costs ￿present amounts recharged by The Catenian Association Limtted (see 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 only employee for both 2026 and 2025. No employee earned over £60,OCO per annum. No trustees re￿iVed any remuneration from the charity In the year 12025- £nill. Seven trustees received reimbursement for travelling expenses totalling £6,637 durin8 the year12025- six trustees £4.7191. (al Fixed asset investments Investments portfolio Valuation At l April 2025 Addition5 DisposaL5 Net movements in cash held by brokers for investment Unrealised gains/llossesl on revaluation of irwestments 7.303.204 974,473 11.255,3201 165,0001 391,847 At 31 March 2026 7.349.204 Historical cost as at 31 March 2026 3,890,551 Historlcol costos ot 31 March 2025 4.236,398 All fi'xed asset investments a￿ held within the Unlted Klngdom. Page114 ## The Catenian Associa�on Benevolent and Children's Fund Notes to fnancial statements (con�nued) for the year ended 31 March 2026 8. (a) Fixed asset investments (con�nued) |The investments of the charity at 31 March 2026 were as follows:
Holdings
Descrip�on
28,880
Aviva plc
Ord. 0.328947368
12,000
BHP Billiton plc
Ord. NPV (DI)
30,000
BP plc
Ord. USD 0.25
52,000
BT Group plc
Ord. 5p
3,690
CRH
Ord Eur 0.32
14,000
Diageo plc
Ord. 28935185
17,150
Experian plc
* Ord. USD 0.10
17,200
GSK plc
Ord. 0.3125
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
19,500
M & G plc
Ord. 5p
24,569
Natwest Grp PLC (previously RBS)
Ord.107.69p
11,000
Persimmon plc
Ord. 10p
115,000
Polar Capital Technology Trust plc
* Ord. 25p
19,500
Pruden�al plc
Ord. 5p
17,650
RELX plc
* Ord. 14 51/116p
6,100
Rio Tinto plc
* Ord. (Reg) 10p
50,000
Royal London Short Term Money
Market Fund
5,333
Severn Trent plc
Ord. 65 5/19
11,000
Shell Plc
* Ord. Euro 0.07
825,000
The Chari�es Property Fund
*
329,805
UK Gilt 4.25% 31 Jul 2034
316,659
UK Gilt 4.5% bds 07/06/2028
8,888
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 por�olio
Total investments as at 31 March 2026|Cost
£
220,721
66,237
120,740
98,896
101,911
35,543
87,176
38,291
198,715
168,138
148,371
10,933
142,922
156,126
11,508
65,770
105,135
56,480
59,937
43,698
251,210
849,422
326,846
329,376
13,547
109,692
____________
3,817,341
73,210
____________
3,890,551
____________|Market value
£
173,396
324,240
181,890
109,460
287,156
195,440
445,557
355,008
110,824
346,116
133,101
53,040
135,916
117,535
552,000
202,410
437,014
423,584
60,160
164,790
394,130
996,683
319,671
321,867
373,207
61,799
____________| |---|---|---| |||
7,275,994
73,210
____________| |||
7,349,204
____________| * These items represent material investments that are over 5% by value of the por�olio. |8.
(b) Programme related investments
Secured recoverable loans suppor�ng the charitable objec�ves (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|2026
£
1,180,053
____________
£
1,190,788
1,465
(12,200)
____________
1,180,053
____________|_2025_
_£_
_1,190,788_
_________
_£_
_1,258,534_
_-_
_(67,746)_
_________
_1,190,788_
_________| |---|---|---| Page | 15 ## The Catenian Associa�on Benevolent and Children's Fund Notes to fnancial statements (con�nued) for the year ended 31 March 2026 |9.
Debtors
Amounts owed by related companies *
Income tax recoverable
Other debtors
Prepayments and accrued income|2026
£
3,785
4,285
5,602
219
________
13,891
________|_2025_
_£_
_12,031_
_9,651_
_5,839_
-
________
_27,521_
________| |---|---|---| * The related companies referred to above are The Catenian Associa�on Limited and The Catenian Associa�on Bursary Fund Limited (see note 12 for more details). 10. Creditors: amounts falling due within one year |Trade creditors
Accruals and deferred income
11.
Unrestricted funds
General purpose income fund
Investment revalua�on reserve
Long term loans reserve|At
1 April
Incoming
2025
resources
£
£
4,566,172
338,283
3,066,806
391,847
1,190,788
-
_______________________
8,823,766
730,130
_______________________|_
_
Outgoing
Gains &
resources
losses
£
£
(1,175,300)
161,990
-
-
-
-
___________________|_|2026
£
15,246
53,950
________
69,196
| |---|---|---|---|---| ||||
|| |||
(1,175,300)
161,990
___________________||

-
8,540,586
______________________| ## Purposes of unrestricted funds General purpose income fund - represents funds available at the discre�on of the trustees to further expand the ac�vi�es of the charity. The fund arises from donated income and income arising on an annual basis from amounts held by way of capital and unu�lised funds less costs of genera�ng funds, charitable expenses and governance costs. It also includes realised gains less losses on investments. The investment revalua�on 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 se�ng 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 designa�on is to ensure that adequate funds are earmarked to meet any poten�al non-recoveries. Page | 16 The Catenian Association Benevolent and Children's Fund Notes to fillancial ststernents Icontinuedl for the year ended 31 March 2026 12. Related party transactions The charity's investments and bank accounts are administered by C3tena Trustees Limited a5 Custodian Trustee. The Directors of Catena Trustees ￿￿lted are appointed by virtue of their appointment as Trustees of the charity. The Trustees of the charity are appointed and the D1￿CtOrS of The Catenian Association Bursary Fund Limited are nominated only by the Central Ctsuncil of the Catenian Association. Therefore. the charities and companie5 are related companies. During the year to 31 March 2026 adminlstrntlon expenses were recharged to the charity by The Catenian Association Limited as follows.. 2026 2025 Office Expense5 Salarie5 io,ooo 27,745 10.000 34,083 37,745 44,083 The charity shares the services of the administrative staff and the premises of The Catenian Association Limited. In return for these facilities, £IO,OQO office expen5e5 was recharged to the company12025- £10,000). In addition, £27.745 wa5 recharged by The Catenian A550ciation Limited for the salary cost5 of the posits'on of clerk to the Trustees of The Catenian A5SOtl8tton Benevolent and Children's Fund12025- £34,083). At the balance sheet date an amount of £3,785 was due from The Catenian A550ciation Limited12025- £11,761 due from) and Enil wa5 due from The Catenian Association BLJfs3ry Fund Limited12025- £270 was due froml. During the year the a8gre8ate total donations received from trustees of the charity without conditions amounted to £58012025- £5501. PaEe117