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 cha￿ty, 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 mood￿StUart
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 ac￿unts, 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 SUC￿88 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
Tru￿8eS conllnue to adopi the golng concern ba81s In prepartng the flnanclal statements.
RESERVES POLICY
The assets of the Trust a￿ expendat￿8 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 cha￿￿es.. 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 in￿rne 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
r￿ogniSed 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 TreaSu￿r 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