Charity number: 1111605 CAMBRIDGE CHINA DEVELOPMENT TRUST UNAUDITED TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
CAMBRIDGE CHINA DEVELOPMENTTRUST CONTENTS Page R6feren¢e and Admlni8tratlve Detall8 of the chaty, Its Trustees and Advi80rs Tru8to•8' Report Independent Examln•rf8 Report Stat•ment ol Flnanclal A¢tlvltle8 Balance Sheel Not•8 to the Flnan¢l81 Stat•m•nt6 10-16
CAMBRIDGE CHINA DEVELOPMENT TRUST REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Professor Lord Broers, Chalr Professor Peter Llttlewood Professor Mlchael Landesmann Professor Kjeld Erik Brodsgaard Mr Douglas Flint Mr Rob&rt Wilkinson Mr Slmon Henry Dr Simon Deakin Sir Mark moodStUart Sir John Parker Mr Muhtar Kent Professor Patsr Huoh Nolan Dr Anll Seal Professor Slr 8rfan Heap Mr Raymond Kwok Mr Nlck Butler (appolnled 1 Septembar 2023) Charlty roglstorod numb•r 1111605 Prln¢lpal offlc• Trinity College Cambridge C62 1TQ Ind•pond•nt Examln•r Peters Elworthy & Moore Chartered Accountants Salisbury House Station Road Cambrldge C81 2LA 8ank•r8 National Westminster Bank PIC 21 Petty Cury Cambridge C82 3NE Page 1
CAMBRIDGE CHINA DEVELOPMENT TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 OBJECTS AND PURPOSES OF THE TRUST The Cambridgè China Development Trusl was establlshed by Trust Deed, dated 9 October 2005, to advance education and in particular any branches or aspects of education likely to be for the benefil of either British subjocls on the one hand or citizens of the People'8 Republic of China on the other. or bolh, in the field of economics, business studies, sy8tems of governance and the development of leadership, managerlaj and buslness skllls, In partlcular by: a) putting on courses, seminars, training programmes and18CtUTes at Cambridge and elsewhere: and b) thè provision of vlsiting fellowships, scholarships, bursaries and secondments for study at Cambridge, elsewhere In the United Kingdom and In the European Unlon. and in the People's Republic of China. The Trustees confirm that Ihese objects are educatlonal and intended solely for the publlc benefit, None of the contributing corporations derive any b8n6fil, individual or corporate, from their support of the Twst; their contributions 8r8 ch8rIt8b donations. No employee or any person connècied wllh the corporations are beneficiarles of the Trust. The senior persons from corporations who have agreed to teach on the Execullve Leadershlp Programme (or may ba Involved In other aspects of future teachlng and re8e8r¢h programme8) do so, and wlll do so, pm bono. The purpose of the Trust's actlvilies is that those who beneflt from these programmes of educatlon, leamlng and research, will. in thelr turn. contrlbule to the publ1¢ benefit In thelr countrles. ORGANISATION AND MANAGEMENT OF THE TRUST The Trust Is a charlty registered with the Charlty Commlsslon for England and Wales (Ch8rfty Refarance Numbor 1111605), The Trust is govemed by its Trustees. Day-tO•day matters 2re dele9ated to sn Executfve Committ88 comprising Ihe Trustees resident In Cambridge. Management liabllity insurance Is In place. Professor Petor Nolan and Dr Anil Seal aro Jolnt Dlroctors of the Trust. Dr Nicholas Bran80n Is Treasurer of the Twst. During 2023-24, the Trust's adminlstration was conducted mainly from rented space In Chesterton Mill, CambrKlge. The financlal adminlslraiion of Ihe Trust has contlnued to be conducted from Ihe headquarters of Ihe Malayslan Commonweelth Studle8 Cenlre. The Trustees express thalr gratllude to Ihe Trustee8 of the Malaysian Commonwealth Studies Centre for provldlng thls accommodatlon. Ilon and tralnln All Trustees have corKsiderable administrative experience and knowledge of related govemance procedures. in most cases having run or held senior positions in education81 or business Instltutlons. Some Tnjstees are leadlng figures from wlthin the Unlv6rslty of Cambrldge and ils Colleges, and olhers are malor figures In International business. It is the policy of the Trust that all new Trustees should receive full minutes of recent meetings of Trustees and théir Executive Committ8e as w811 as details of accounts and budggts for up lo three years prior lo appointment,. Ihat they should receive a copy of Ihe Trust D88d and any ruses and regulallons made under it,. and that they should be given an infomial briefing by the officers and invited to contact the Joint Dlrectors for further and better particulars or for any matters arising after peruslng background papers. A(1 hoc training is provlded as necessary for the Trustees. li nn The key managemanl personnel policy and remunaration is included in Nole Page 2
CAMBRIDGE CHINA DEVELOPMENT TRUST TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 estm The Trust does not 8t present have sufficient assets to warrant the investment of its funds other than through its bank deposit accotsnt. Thls matter will be kept under review by the Trustees. LA The Trustees do not have an ethical Investment policy as such. If Ihay reach the point of being abla to invest thelr fvnds. they will rely on the ethic81 investment policies of the managers of the individual funds concerned. ACTIVITies AND DEVELOPMENTS OF THE TRUST BETWEEN 1 AUGUST 2023 AND 31 JULY 2024 rshl LP After the poriod when the Chlna Ex6cubve Leadership Programmes had to be canc8118d because of the covid-19 pandemlc atKI w8s replaced for two years by more limllad CELP Di81ogues held by Zoom, full CELPS were held In Cambridg8 from 23 0¢tober to 3 November 2023 (the seventeenth CELP) and from 7 to 21 July 2024 (the elghteenih CELP). For the seventeenth CELP, Mlnlster Tan Zuojun, Vlctrchalrman of the State•owned Assets Super¥lslon and Administr811on Commisslon of the Stste Coundl, 8nd Mlnlst6r Yang Xiaoguang of the Embassy of tho People's Republic of China in the Uniled Klngdom, attended the inauguration. For the elghl88nih CELP, Minlster W8ng QI, Mlnlster of the Embassy of the People's Republlc of Chlna Sn the United Kingdom, attanded Ihe Inauguration. Th& participation of global comp8ni88 in the CELP Dialogues and in full CELP programmes has l•d to a resumplion of income from the companies ttincemed. Donations from companies particlpating in the July 2024 CELP wlll be received after the end of Juty 2024 and 11 be shown in detail in the Accounts for 2024-25. For the Accounts for 202&24, an estlm8te of the total donatlons In relatlon to the July 2024 CELP 18 Included in note 14 as these were requested and recelved after the year end. An essentlal element in the educational activities of the Tnjst Is the dlsseminatlon of Ihe results of the Chlna Executive Leadershlp Programme and other Trust actlvltles. In order to take these Initlatlves lorward, the Trust appointed Dr Llu Chunhang {Honorary Director of the China Industrlal Development Rasearch Centre at Peking Universily) as Senior Research Assoclale. The Trust continues to support Dr Zhang Jln as Deputy Dlrector of the CELP in connexlon with her posltlon as Vlce-Presldent of the Center for Intemational Know18dge on Development (CIKD). Dr YaTr Zhang as CCDT Research Fellow. cornbined with her post at Yunnan Unlv8r81ty and the continuaiion of her r8search with its emphasis on development. The research actlvlties of Professor Nolan, as Joint Dirgctor, Dr Zhang Jin and DR Yan Zhang are proving $88ntial to underpin the educalional aspects of the CELP. Public benefit All of the activltles of the trust generate public benefit. The participants In the CELP, includlng those who lead the seminars. derive considerable benefrt from Ihe teaching and leaming programmes. and this in tum helps to strengthen business leadership and widen intemational understanding of the challenges facing the global aconomy at this critical stag8 in China's development. The research actlvlfjes supported by th8 trust are leadlng to a better underslandlng of the relationship belween Page 3
CAMBRIDGE CHINA DEVELOPMENT TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Chlna and the rest of the worfd. a matter of self-evldeni publlc benaf5t. The Trustees are satisfied that all of the activltiès of th6 Trust, as desGrlbed in this report and in the accompanying acunts, are entlrely for charitable purposes and fulty meet the 'public benefit. requirement of the Charitles Act 2011. Th8 Trustees confirm that they have referred to the guidanc8 contalned in the Charity Comrnission's general guidance on public benefit. In Th8 financès of the Trust remain on 8 secure footing, with sufficient capital to sustain the research activilies of the Trust and the initial stsrt-up costs of CELP activities in 2024-25, ahead of the receipt of contributlons for that year. FUTURE OUTLOOK The Trnst's irnmediate tssk is to malntain ihe SUC88 of the China Exe¢utlve Leadership Programme and to bulld on ils success. Among olher futur& pr08pects are collat)oratlv8 research programmes on the Chlnase economy, Includlng programm8s involvlng collaboratlon between relevant Departments at Cambrldge and thalr counterparts In China, and the provlsion of scholarships for study In Cambrfdge by students 8nd offl¢lals from Chlna. Where approprlate, the Trust int8nds to continue lo support Research Assoclates based In Cambrldge in 2024- 25. FINANCIAL REVIEW Donations for the year ended 31 July 2024 were £470,000 (2023: £270,000). Inveslment Income for the year ended 31 July 2024 was £17,641 (2023. £8,385). The expenditure for the year ended 31 July 2024 was £691,812 (2023.. £149.028). The nel expendlture for the year ended 31 July 2024 was £204,171 (2023 net Income: £129,357}. The total assets18ss current liabllities at 31 Juty 2024 wor8 £834,017 (2023: £1,038,188). GOING CONCERN After maklng adequale enqulrles. tha Trustees have a reasonabl8 expectatlon Ihat the Trust has adequate resources to continue in operational existence for at least the next Iwelve months. from the date of slgning these financial statements. The Trust had total assets less CLtrrent liabilitles of £834,017 as at 31 July 2024 (2023.. £1,038,188). The assets at 31 July 2024 included £1,044,315 of cash (2023: £1,050,338). The trust's assets at the start of 2024-25 are slgnificanlly above the administrative cost8 of the charity for at least the nexl Iwo years and will allow Trustees to continue their programme of dlscrelionary charftable expendilur8. Accordingly, the Tru8eS conllnue to adopi the golng concern ba81s In prepartng the flnanclal statements. RESERVES POLICY The assets of the Trust a expendat8 and available generally for the purposes of the Tnjst In accordance with tha Twst Deed. These assets provlde a modest but usefiJl cushlon lo underpin the aclSvili8s of the Trust In 2024- 25 and beyond. There are inevitably risks associaled with running the China Executivè Leadership Programme where certsin matters affecting the administration of the programrne and level of donatlons is outside the immediale control of the Trust. It is the policy of th8 Trustees to retain suffici8nl reseNes to cover any unexpected events. of whatever nature. which might affect the running of the Chlna Executive Leadershlp Programme. It is also necessary to retain sufficient reserves to cover all existing commitmenls for the support of Research Assoclates. The preseni Ve1 of reserves is considered by the Trustees to be prudent in all the circumstances. The Page 4
CAMBRIDGE CHINADEVELOPMENT TRUST TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 unreslrlcted reseNes at 31 July 2024 w8re £834.017 (2023: £1.038,188). There were no restricted reserwes al 31 July 202412023: £nil). RISK MANAGEMENT The Truste68 have examined Ihe major strategic. buslness and operatlonal risks which the Trust fac88. and are satlsfied that, wlth the regular reports they recelve al meetlngs, they are able to assess these rlsks and to put in hand on a Ilmely basls any necessary actlons (malnly In relatlon to the scale of the actlvltles of the China Executlve Leadership Programme) to18ssen or avold th6m. A rlsk register has been compiled. and is kept under annual review. Th8 prlnclpal risk is that futur8 income from bodles particlpating In the CELP wlll be In8ufficlent lo cover costs. Thls rlsk is managed Ihrough the close contacts malntained behveen the Jolnt Dlrectors and the CEOS of partlclpating companles. Projected future income is suff•cient to moet the commitments currently •nvisaged for 2024-25 and future years, STATEMENT OF TRUSTEES. RESPONSIBILITIES The Tnjsiees aro rosponslble for proparfng the Trusta•s' Report and the financl81 statements In accordance wlth appllcable law and Unlted Klngdom Accountlng Standards (Unlted Klngdom Generally Accepted Accountlng Practic8). The law applicable to charilles In England & Wales requiras the Trustee3 to prepare financial 8tatements for each financlal whlch g5ve a true and falr vlew of the state of affalrs of Ihe Charily and of lis Incomlng resources and appllcatlon of resources, Includlng Ils Income and expendlture, for that perlod. In preparlng these finandal statements, the Trustees are required to: select suitable accounting pollcies and th8n apply them conslstently: observe the methods and princlples of the Charities SORP (FRS 102): maka judgmonts and accounting estimates that are reasonable and prudent,. state wh8ther applicable UK Accounting Standards (FRS 102) have been followed, su'ect to any materlal departure8 dlsclosed and explained in the financial statements; prepare the Inanclal statements on the golng concern basis unless It is Inapproprlate lo presume that the Charitywlll contlnue In busln8SS. The Trusteès are responsible lor keeping ad8qual8 accounting records that ar8 sufficient to show and explain Ihe Chariws transactions and disclose wllh 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, the Charity (Accounts and Reports) Regulatlons 2008 and the provlslons of the Trust deed. They ar8 also responslblo for saf8guardlng the assets of the Charlty and hence for taklng reasonable steps for the prevention and detectlon of fraud and other irregularities. Approved by order of the members of the board of Trustees and signed on their behalf by., Professor Pot•r Hugh Nolan Trust• Date: q S¢202 Page 5
CAMBRIDGE CHINA DEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024 INDEPENDENT EXAMINER'S REPORT TO TMETRUSTEES OF CAMBRIDGE CHINA DEVELOPMENT TRUST ('th• Charlty'l I rep¢)rt to the charity Trustaas on my examinalion of the accounts of the Charity for the year ended 31 July 2024. RESPONSIBILITIES AND BASIS OF REPORT As thfi Trustees of the Charity you aro responsible for the preparation of the accounls in accordance th the requir8ments of the Charfties Act 2011 ('the 2011 Acr). I report in respect of my examlnatlon of the Charltls accounts carrled out under sectlon 145 of the 2011 Act and In catyng out my examlnatlon I have followed the applicable Dlrections given by Ihe Charlty Commisslon under section 145(5){b} of the 2011 Act. INDEPENDENT EXAMINER'S STATEMENT Slnce the Charlivs gross Income axceeded £250,000 your axamln&r musl be a m8mber of 8 body listed In sectlon 145 of the 2011 Act. I confirm that l am quallfied to undertake the ex8mSnatlon because l am a membar of the Institut? of Chartered Accountanls in England and Wales, which Is one of the listed bodies. Your attention Is drawn to the fact that the Charity has prepared the accounts in accordance with Accounting and Reportlng by Charltles.. Statemenl of Recommanded Practice appllcable to charltles preparlng their accounts In accordance with the Flnanclal Reporting Standard applicable in the UK and R6publlc of Ireland (FRS 102) in preference to the Accounting and Reportlng by chaes.. Staiement of Recommended Practice issued on 1 Aprll 2005 which is referred lo in Ihe extsnt regulations but has been wllhdrawn. l understand that thls has been done in order for the account8 to provlde a irue and fair vlew in accordance with the Generally Accepted Accounllng Pr8Ctlce effectfjve for reportlng perlod8 b8glnning on or after 1 January 2015. I havè completed my examlnation. I confirm that no matters have come to my attentlon in connection wlth the examinatton giving me cause to believe that in any materlal respecl: accountlng records were not kept in respact of the Charlty as requlred by sectlon 130 of the 2011 Act; or the accounts do not accord with those records; or the accounts do not comply with th8 applicable requirements concerning the fomi and contgnt of accounts set out in tha Charilies (Accounts and Reports} Regulations 2008 other than any requir6ment that the accounts give a 'true and fair, view which is not a malter considered as part of an independent ex8mlnatlon. I have no concerns and h8ve come across no other matters in conn8Ctlon with the examination to which attention should be drawn In this report In order to enable a proper understandlng of the accounts to be reached. Page 6
CAMBRIDGE CHINADEVELOPMENT TRUST INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Th18 report is made solely to the Charitys Trustees. as a body, In accordance wlth Part 4 01 Ihe Charities {Accounts and Reports) R8gulats'ons 2008. My work has be@n undertaken so that I might state to the Charilrfs Trustees those matters l am r8quired to state to thern In an Indapend8nt Examin&rfs Report and for no othgr purpose. To the fu118St extent pemitted by law. I do not accept or assume responsibility to anyone Other than the Charity and the Charivs Trustees as a body, for my work or for thls report, Signed.. Nlkkl Loan Dated. Ki FCA PETERS ELWORTHY & MOORE Chart8red Accountants Salisbury Hous& ststlon Road Cambridg& CB12LA Page 7
CAMBRIDGE CHINA DEVELOPMENT TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 JULY 2024 Unrestrlcted funds 2024 Total funds 2024 Total funds 2023 Not• INCOME FROM: Donations Interest receivable 470,000 17,641 470.000 17,641 270,000 8.385 TOTAL INCOME 487,641 487,641 278,385 EXPENDITURE ON: Charitable actlvlties 691,812 691,812 149.028 TOTAL EXPENDITURE 691,812 691,812 149,028 NET MOVEMENT IN FUNDS (204,171) (204,171) 129,357 RECONCILIATION OF FUND8: Total fund8 brought foThvard N8l movement In funds 1,038,188 (204,1711 1.038,188 1204,171) 908,831 129.3S7 TOTAL FUN08 CARRIED FORWARD 834,017 834,017 1.038,188 Th8 Statement of Financial Activlts'as includes all g8lns and losses recognlsed in the year. The notes on pages 10 to 16 form part of these financial statements. Page 8
CAMBRIDGE CHINA DEVELOPMENT TRUST BALANCE SHEET AS AT 31 JULY 2024 2024 2024 2023 Not• 2023 CURRENT ASSETS Debtors Cash at bank and In hand 10 36,254 1,044,315 1,392 1,050.338 1,080,569 1,051,730 Creditors: amounts f8111ng due wilhln one year 11 (246.552) (13,5421 NET CURRENT ASSETS 634,017 1,038,188 TOTAL NET ASSET8 834,017 1,038,188 CHARITY FUNDS Unrestricted fijnds 834,017 1,038.188 TOTAL FUNDS 834,017 1,038,188 The financial 8tatem8nts were approved and author18ed for i38ue by the Tru8tees and signad on their behalf by: Prof•88or Peter Hugh Nolan Trustee Date: The notes on pages 10 to 16 forni part of Ihese financial statements. Page 9
CAMBRIDGE CHINA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 GENERAL INFORMATION Th8 Cambridge Chlna Dev81opment Trust is an unincorporated charitabl8 trust registered in England and Wales. Th8 financlal stalements hav8 been prepared under the historical cost convention. The function and presentation currency of the Trust is £slerling. ACCOUNTING POLICIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charilles SORP (FRS 102) - Accounting and Reporting by Charilies: Statement of Recommended Practice applicable to charilies preparing their accounts in accordance wilh the Flnancial Reporting Slandard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019). Ihe Flnancial Reportlng Standard applScable In the UK and Republic of Ireland (FRS 102) and the Charltles Act 2011. The financial statements have been prepared to give a 'truo 8fKI fail vlew and have departed from tho Charities (Accounls and Reports) Regulations 2008 onty to tho extent requir8d to provide a 'true and fairf view. Thls departure has involved following the Charities SORP {FRS 102) published In October 2019 ralher than the Accounling and Reporting by Charftles: Statemenl of Recommended Practlce offectlve from 1 Aprfl 2005 whlch has slnce been wllhdr8wn. Cambridge China Development Trust meets the definitson of a public beneflt enllty under FRS 102, Assets and liablliti8s are initially recognised al hlslorical cost or tr8nsactlon value unless otherwrse stated in the rèlevant accounting policy. 2.2 GOING CONCERN The Trustees are confldent that Ihe Charity has adequate fvnds and resources to continue operating for th8 foreseeable future and is well placed to rnanage its business risks successfully. The Trust had net liquld 88S8ts of £834,017 (2023: £1,038.188) as ai 31 July 2024. For this reason, they continue to adopt the golng concem bas18 in preparlng the financial staiem8nts, 2.3 INCOME All income is recognlsed once the Charity has entillement to Ihe income, it is probable that ihe income will be received and the amounl of income receivable can be measured reliably. Donatlons and all other recelpts are reported gross and the related fundraislng costs are reportlng Sn other expendlture. Investment inrne is accounted for when receivable. Pag8 10
CAMBRIDGE CHINA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ACCOUNTING POLICIES (CONTINUED) 2.4 expENDITURE Expenditure 18 recognised once ther8 is a legal or constructive obllgaiion to Iransf8r economic benefit to a thlrd paty, It is probable that a transfer of economlc ben8ffts will be requir8(J in settlement and the amount of the obligatlon can be measured reliably. Expendlture Is clesslfled by actlvity. The costs of each activity are made up of the total of direct costs and shared costs. including support Costs involved In undertaking each actlvity. Direct costs attributable to a single activity are 8IIoc8ted dlreclly to that activlty. Shar8d costs which contribute to more than one activity and support costs which are not allributable to a single activity are apportioned between those activities on a basis consisl8nt with the use of resources. Central staff costs are allocated on the ba81s of time spont. Expenditure on charitsble activities is incuTred on directly undartaking the activitles whlch further the Charitys objectives, as weu as any associat8d Support costs. Grants made to indivlduals are rogniSed In expendlture when approved by the Trustees and communicated lo the r8ciplent. Govamance costs cornprlse 811 costs Involvlng the publlG accountablllty of the charlty and it8 ompliance wlth regulatlon and good practlce. Th8se costs Include costs related to the Independent 8xaminatlon. anylggal fees and the costs of the Treasurer. Support Costs include administrallon costs for charitable activities. 2.5 DEBTORS Trade and other debtors ere recognlsed at th6 settlement arnounl after any trade discount offerad. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.6 CASH AT BANK AND IN HAND Cash at bank and In hand Includes cash and short-l8rm hlghly Ilquld investments wllh a short maturlty of three rnonths or less from the date of acquisition or op8nlng of the deposit or simllar arxount. 2.7 LIABILITIES AND PROVISIONS Llabililles are recognise(l en there Is an obligatlon at the Balance Sheet (late as a result of a past 8venl. It is probable that a transfer of economic beneflt wlll be r8qulred In settlement. and the amount of the settlement can be estimated rellably. Liabilities are recognised ai the amount thai the Charity anticipat6s11 will pay to settla the debt or the amounl it has rec81ved as advanced payments for the goods or services it must provide. 2.8 FINANCIAL INSTRUMENTS The Charfty onty has financial assets 8nd financial liabllilies of a kind that quallfy as basic flnanclal Instruments. Basic financial instrumenls are initially recognised at transaction value and subsequently measured at thelr settlement value with the exception of bank loans which are subsequ8ntly measured at amortlsed cost usSng the effectlve Interest Method. 2.9 FUND ACCOUNTING General funds are unrestricted furKls which are available for use al the discretion of the Twstees in furtherants of the general obj'ectlves of the Charity and which have not been designat8d for other purposes. Page 11
CAMBRIDGE CHINADEVELOPMENTTRUST NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 JULY 2024 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT Estlmatas and judgments are continuamy 8valuatod and ar6 based on hlstorical experience and other factors. including expectations of future evenls that are believed to be reasonable under the circumstances. The Charlty makes estimates and assumptlons conceming th8 future. The resulting accountlng estimates and assumptlons wlll. by definStlon, seldorn equal the related actual resulls. CritiC81 accounting estimates and assumptions: The Trustees do not Consider there are any ¢rilical judgements or sources of estimation uncertainty requlrlng disclosure beyond the accounting pollcies set out above. INCOME FROM DONATIONS Unrostrlctod fund8 2024 Totsl funds 2024 Toial fund3 2023 Donatlons 470,000 470,000 270,000 TOTAL 2023 270,000 270.000 ANALYSIS OF EXPENDITURE BY ACTNrriE8 Actlvltlos undertaken dlre¢iiy 2024 Support Costs 2024 Totsl funds 2024 Total funds 2023 Charilable aciivlti88 660,535 31,277 691,812 149,028 TOTAL 2023 111.685 37,343 149,028 Page 12
CAMBRIDGE CHINA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 ANALYSIS OF EXPENDITURE BY ACTivrriE8 (CONTINUED) ANALYSIS OF DIRECT COSTS Total fvnds 2024 Total funds 2023 Salaries - administration Education and research grant Main programmes Travel Promollon Con8ullant8 - translatlons 84,705 30,000 458,202 14,785 21,094 51,749 40,581 37,500 17,307 1,412 9,718 5,167 660,535 111,685 Grants paid to Indlvlduals fof research for the yèar ended 31 July 2024 were £30,000 (2023". £37,5110). ANALYSIS OF SUPPORT COSTS Total fund* 2024 Total funds 2023 Rent 8ank charges Telephone Office expanses Govemance costs 11,746 62 1,722 847 21,875 21 1,403 1.444 12.600 16,900 31,277 37.343 Included in governance costs is £6.900 for the annual Ind8pandent Examination (2023.. £6.600) and £10,000 for the Treasurer's honorarium (2023: £5,000). INDEPENDENT EXAMINER'S REMUNERATION 2024 2023 Fee for th8 independent examination of the Trust's annual accounts 6,900 6,600 Page 13
CAMBRIDGE CHINA DEVELOPMENT TRUST NOTES TO THE FINANCIAL 8TATEMENTS FOR THE YEAR ENDED 31 JULY 2024 STAFF COSTS 2024 2023 Wages and salaries 94,705 45,581 Th8 average number of persons engaged by the Charity during the year was as follows: 2024 No. 2023 Jolnt Director8 Administralive staff Tr6asur8r No employee received remunaration amounting lo more than £80,000 In eilher year. The Jolnt Dlrectors. 88 Trustees, Pfovlded their services on a pro bono basos and recelved no remuneration In that capa¢ity (2023: NIL). The remuneration of the TreaSur Is d6temiin6d by the Trusteès. The remun8ration of the part-tim8 admlnistratlve staff is determined by the Joint Directors. In settSng the levels of remuneratlon, consideralion 18 given to comparable pay levels in the Universlty of Cambridge. TRUSTEE8' REMVNERATION AND EXPENSES Duflng the year, no Twstees recelved any remuneratlon or other benefits (2023- £NIL). During the ye8r ended 31 July 2024. no Trustee expenses have been incurred (2023 - £NIL). TAXATION The Cambridge China Devolopment Trust is a r8gist8red charity and is exempt from tax on incom8 and cepilal gains falling within Chapter 3 of Part 11 to the Corporatlon Tax Act 2010 or Section 256 of the Taxation of Caplt81 Galns Act 1992 to the extent that they ara applled to ils charitable objectives. No tax charges have arlsen in the Charitable Tfust. Page 14
CAMBRIDGE CHINA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 10. DEBTORS 2024 2023 DUE WITHIN ONE YEAR Trade debtors Prepayments and accrued Income 35.000 1,254 1,095 297 36.254 1,392 11. CREDITORS: AMOUNT8 FALLING DUE WITHIN ONE YEAR 2024 2023 Tr8do creditors Accruals 206,791 39,761 1,307 12,235 246,552 13,542 12. OPERATING LEA8E COMMITMENTS At 31 July 2024 the Charity had commltm8nts to make futur8 minlmum lea8e payments under non- C8nc8llable operatlng1•88es as follows.. 2024 2023 Not later than 1 year 14,482 6,998 13. RELATED PARTY TRANSACTIONS During the year. Professor Nolan rglmbursed the Trust the sum of £1,125 (2023., £1,095) in respect of cosls incurr8d by the Trust on Professor Nolan's behalf. £120.000 was recelved from Companies relates to Trustees towards the CELP held In 2023 and £105.000 was recelved post year gnd relating to the CELP held In 2024. therg are no condrtlon or restrictions relatlng to the recelpt or u68 of these funds. There were no other related party transactions. Pag6 15
CAMBRIDGE CHINA DEVELOPMENT TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. POST 8ALANCE SHEET EVENTS After the y6ar end £315,000 was rec8ived relating to the July 2024 CELP and £70,000 remains outstanding. £35,000 had b8en requested pre year-end and was Included in trade debtors. the balance of £350,000 was requested post yearwand. Page 16