Maybe I'm being a bit silly but the funding notes for this PhD make it sound like the bursary of 16K is only for one year? Is bursary a one off thing or does it mean it is yearly like stipend?

here is the text:

"This 4 year project is funded by the EPSRC and the research will be undertaken at UCL. The student should be a UK resident or a European with 1 years UK residency. A tax free bursary in excess of £16,000 will be paid and a tuition fee waiver. The project would suit a physical chemist, material scientist or a related discipline who has a 1st or 2:1 masters degree and is interested in advanced experimental science."

I see what you mean, because it doesn't say annual?

I expect it's four years of funding, because it would be very unusual for EPSRC to find a PhD project for only 1 year.

Apply and ask at the interview if you get one.