Trustees, Annual Report for the period from 1 January 2023 to 31 December 2023 The Cambridge Chrysalis Trust (londY Th8 Chrysalis Trust) Registered Gharity Number 1151614 9 Bell Lan8 Fenslanton Hunlingdon PE28 9JX BR DGECHRYSALISTRUST GMALCO Trust88s John Daugman Cathryn Downing Founder aFpanted by Trust Deed aointed by Trust De8d Descrlptlon of tho Charity The Cambridge Chrysalls Trust Is govemed by a Trust Deed, dated 25 April 2CIJ6, and a Supplemental Trust Deed. dated 11 April 2013. sl¢h changed the name of the Trust. It ts constitLrted as a TNSL New tmstses are appointed by the Founder. Objectivos and Activilies Objects: The Trust's objects are broadty defined and exdusively charitabl8. ActNtt18S: The C8mbrtdge Chrysalis Trust is pemiitted by its Trust Deeds lo aCmUlate and invest all incorne unlil Ayil 2027. Thereafter. all inc(¥ne must be disbursed annually. Until 2027, the Trust will remain fully invested so long as tl believes that investmènt of fvnds will enable a mare significant contribution for the publ benefit. However. at its (Jiscretion, the Trust does make grants to other registered charities for athvtlies. i[luding research and education, in furtherance of its objectives, Tf the tNstees decide that the public benefit of those activities is likely to outw8KJh the tUre publi¢ benefft that coukl be realised by th8 inv8slment of fvnds.
Granl-making poliw. The Trust considers grant applications from registered charities. Th8se ar8 scored on five factors.. (1) the degree of match between the candidate project's objectives and those of the Trust.. {2} the importance of the candidate project'13) the likelhcod of the project achieving its goals- {41 th8 Strategic value of the grant to the projert and (5) the relative cost of the grant. The Twst asks applKants lo provide basic proiecl infonnati)n and to c(xnplot9 an application fom) (available by email or pM)st) to assist the evaluation of grant proposals on these factors. The foTm asks applicants to outline the Importan of their pmject on the int8rnational, national and regional18V8ls and to provide infomiation that WM assisl the trustees to determine the likelihood that the propct will succeed at eath of th&s8 lèvgls. It aL80 asks applicants to indicat6 what level of funding would be sMJnific8nt to the Proj1, whether matching funds are available and whether fvnding needs can be niel from other sources. Grantees must document their use of funds from the Trust in their annual report and accounts. and send the Trust a progress report upon mplen of the project. Grants: The Trust awardad thr6è grants in 2023. At the beginning of 2023. we awarded The Litue se Headvrater5 Project {R8gistered Charity No. 1098232) a grant of £3.400 to cary wt Vegetatic and invertebrate surveys across their wildlife sites. We understand Ihat these surveys are ntegral to the Suc$$fUl management of their reseNes for the benefft of wildlife atKJ wll help lo reconnect and restore important wldlife sites alor¥J the hewaterS of Ihe Little Ouse Riveron the Norfolklsuffolk border. We also awarded the Afghanistsn and Central Asian AssocialN)n {Register&Y Charity No. 1096908) a grant of £10,000 forth8ir Ukrainian R8fug88 project. whith alloy them to provide English language trainng and other asststanc8 to Ukrainkqn refug88s arriwng in th8 UK. Finally, we awarded Langdyke C(yJntysKle TTUSt (R8gistsred Charity No. 1180626} a grarrt of £12,500 to allow them to purchase the 22-acre site known as Christ's Cdlege Pits and safeguard it as a community nature reserve. Our understanding is that the purth2se of the Pits will en8ble not only the protection of increasingly rare habitats (wildfkswer meadows, W8tlands arKI wat8r margins), trAJt also th8 improv8m8nt of the58 habitats and the potential recovery of several nationally significant species. In addition. the purthase of this land ha5 the potential to make a major ntribUtIon toward larger r85tOratic projects including Westings mea(kn and the John Clare County LIng Landsp8. InVeStrnls. The Trust rècelved almost exUVe from its managed inveslment portfolio. whlth Increased by 7.3¥g on a total retum basis over the Current financial year (7.1°A net of fees). Cumulalive net grovAh over fifteen years. exduding additions, was 163%.
Independent Examlnevs Report to the Trustees of The Cambridge Chrysalis Trust We report on the ffinan0 ststements for the year ended 31 DeMbr20z3. which are set out on the foOng pages. This report is mad8 sol8ty to the Trustees in ac(x)rdance wth Section 14511) la) of the Charities Act 2011. Our work has be8n undertaken so that MKJM state to the Trustees those matters which we are rgquired to state to them in an iNlependent examinefs report and for no other purpose. To the fijllest 8Xt8nt P8mÉtted by law, we do nol ar4cept OT assum8 r8sponsibility to anyone other than the Trustees for our Vr for thls repor( or fcf th6 opinions we have fomied. Respectlve r•sponsibilitios of th8 Trustees and examlner The Charivs Trustees are responslble for the preparation of the a(xounts" you cortsld8r that the audit requirements of Section 144 (2) of the Charities Act 2011 (the Act) do not apply and that an independent 8xamination is rded. It Is our resPsIbilIty to". examine the StUnts under S145 ofthe 2011 A 2. follow the prctedures laid down in the gonerat Directions given by th? Charity commissi(er under S14515)(bl of the 2011 ac . state whether particular matters have Ccxne to ojr attention u18[ S156 of the 2011 acL Ba515 of Independent oxaminefs report Our examination was carried txrt in accordance with th8 G8nera Directions gtven by the Charity CoMmiss)ners. An examination includes a review ofthe a(lInting rewrds kept by the Charity and a comparison of the ac¢xMJnts. presented with those records. It also includes nSIderatiOn of any unusual Items or disclosures in the accounts. and seeking explanations from you a5 Trust8es OnMIng any such matters. The procedures undertaken do Th)t provid8 all the gwdenGg that would be requir8d in an audtt, and o)nsequently we do not express an audit opinion on the view given by th8 arKounts. Independent •xaminefs statement In Connection wlh our examination. no matter has come lo our altenlion whth gives u8 reasonabl8 cause to believe that in any malaial respect Ihe requirwnents: - to keep accounting records in actordance wtlh Section 130 of the Act., and - to prepare accounts which aw)rd wtlh Ihe accounting records and lo mplY WTth the accounting requirements ofthe Act hav& not been metr, or to whKh. in our opinlon. attention should be drawn in ord8r to enae a proper undeTSlandlng of the armunts to L* reached. Date: 13.8.20 C A Liston FCCA WAT For and on behaPFof TC CH ]ited 4 Offi ITillage Peterborough PE7 8GX
Public Benefit: The trustees confjnm that thoy have had due regard to Ihe gupjance issued by the Charity Commlsslon on publlc b8n8fft and that it is their belief that a greater long-temi public benefit can be athreved by allowrrfJ the Trust primarily to almUlate and invest income at this time. Financial Review No reserves poficy is currenty in PCe. The trustees nsIder to be appropriate given that the charity is currenlly within the 21-y&ar par p8miitbng th8 accumulation and inv8Stm8nt of income as allowed by its goveming document and hence has no Signint ongoing costs and anticipates minimal grant a(*vtty in th8 n8ar tsmi. Th8r8fore, the trustses do n()t foresee that (xjsts can exceed experKlable resources. Th8 Trust funds ils cp8rations entirely frDm its investments. The totsl return of tts inveslment portfolio was 7.3°A over the Current financial year (7.1Yo net offees). Th6 porttolk)'s annualised rolling 3-year return averaged 5.2% over ils time investèd in the current fund. which remains below the fund's taet of CPI + 3%. For 2023, th8 average annualised rolling 3-year retum wa5 4.9Y., vthith lags the fund's CPI target by 4.50A. The fund also underperfomied its Benthmark by 2.1% for 2023. CumulatiV8 net growth over the entire rffteen years of the Trusys investment excluding the addition of naw funds, was 164% (6.7% annualis8d). Daclaratlon The undersigned trustee dedaros that she has approv8d thè trustees. report above. Sign8d on b8half of the charitys trust88S 6 August 2024 Cathryn J Downing, Trustae
Receipts and Payments Accounts The Cambridge Chrysalis Trust Registered Charity Number 1151614 1 January 2023 to 31 December 2023 Section A. Receipts and Payments GBP Unrestricted FuThJs USD Unrestitted Funts Total fuThJs to the n8ar6st Last year to the nearest A1 Recelpt5 InteresUDiv £147.053 $0 £147.053 £132,285 A2 Asset and Investment Sales £7,500 $0 £7,500 £6,303 Totsl Recelpts £154.553 $0 £154,553 £138,588 A3 Payments Grants £25.900 $0 £25,900 £0 Governan(* £330 $0 £330 £315 Investrnent £8,662 £8.662 £8.777 Sub totsl £34,892 £34,892 £9.092 A4 Asset and Inv•stmont puYchas9S £148.831 $0 £148,831 £90,543 Total PaYMts £183.723 $0 £183,723 £99,635 Net (£29,170) $0 (£29,170) £38,953 A5 Transfer6 £0 £0 £0 A6 Cash funds last year end £74,498 $1 £74.500 £35.546 Cash lunds this year end £45.329 $1 £45,330 £74,500
Receipts and Payments Accounts Tha Cambridge Chrysalis Trust Registered Charity Number 1151614 1 January 2023 to 31 D8C8mb8r 2023 Section 8. Ststement of assets and liabileS at the end of the period Detals GBP Unresfrict Fund5 USD Unrestridod Funds B1 Cash Funds Bank Accounts £9.142 $1 Investment Portfolio £36,187 Total cash lunds £45,329 $1 B2 Other monotary assots None B3 InvestThnt Assets Managed Investrnent Porttolio (eXing cash funds above) £4,532,688 B4 Assots retained for the charws ovm use None B5 LlablNtles None Signed by one or Iwo truslees on behalf of all of the tntstees Signature Printed name Date of approval Cathryn J Downing 6 August 2024