Trustees, Annual Report
for the period from 1 January 2023 to 31 December 2023
The Cambridge Chrysalis Trust (lon￿dY 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
a￿ointed 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. s￿l¢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 aC￿mUlate 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 Proj￿1, 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 ￿mple￿n 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 he￿waterS 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 LI￿ng Lands￿p8.
InVeStrn￿ls.
The Trust rècelved almost ex￿U￿Ve￿ 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 De￿Mb￿r20z3. which are set out
on the fo￿O￿ng 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 V￿r￿ 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 r￿ded.
It Is our resP￿sIbilIty to".
examine the St￿Unts 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 u￿18[ 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
On￿MIng 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 wh￿th 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 ena￿e 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 a￿lmUlate and invest income at this time.
Financial Review
No reserves poficy is currenty in P￿Ce. 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 Signi￿nt
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 ta￿et 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
PaYM￿ts
£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 liabil￿eS 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 (eX￿￿ing
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