Trustees, Annual Report for the period from 1 January 2024 to 31 December 2024 The Cambridge Chrysalis Trust (formerly The Chrysalis Trust) Registered Charity Number 1151614 9 8ell Lane Fenstsnton Huntingdon PE28 9JX CAMBRIDGECHRYSALISTRUST GMAIL.COM Trustees John Daugman Cathryn Downin9 Founder appointed by Trust Deed appointed by Twst Deed Description of the charity The Cambridge Chrysalis Trust is governed by a Trust Deed, dated 25 April 2006, and Supplemental Trust Deed, dated 11 April 2013, which changed the name of the Twst. It is constituted as a Trust. New trustees are appointed by the Founder. Objectives and Activities Objects: The Trust's objects are broadly defined and exclusively charitable. Activities: The Cambridge Chrysalis Trust is permitted by its Trust Deeds to accumulate and invest all income unlil April 2027. Thereafter, all income must be disbursed annually. Until 2027, the Trust will remain fully invested so long as it believes that investment of funds will enable a more significant contribution for the public benefit. However. al its discretion, the Trust does make grants to other registered charilies for activities. including research and education. in furtherance of its objectives, if the trustees decide that the public benefil of those activities is likely to outweigh the future public benefit that could be realised by the investment of funds.
Grant-making policy: The Trust considers grant applications from registered charities. These are 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. (3) the likelihood of the project achieving its goals" (4) the strategic value of the grant to the project; and {5) the relative cost of Ihe grant. The Trust asks applicants to provide basic project infonnalion and to complete an application fomi (available by email or post) to assist the evaluation of grant proposals on these factors. The fomi asks applicants to outline the importance of their project on the intemational, national and regional levels and to provide information that will assist the trustees to determine the likelihood that the project will succeed at each of these levels. It also asks applicants to indicate what level of funding would be significant to the project, whether matching funds are available and whether funding needs can be met 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 completion of the project. Grants: The Trust awarded no grants in 2024. Investments: The Trust received income almost exclusively from its managed investment portFolio. which Increased by 8.1 % on a total return basis over the current financial year (net of fees). Cumulative net growth over sixteen years, excluding addilions. was 1850/0. Public Benefit: The trustees confimi that they have had due regard to the guidance issued by the Charity Commission on public benefit and that it is their belief that a greater long-term public benef can be achieved by allowing the Trust primarily to accumulate and invest income at this time.
Financial Review No reserves policy is currently in place. The trustees consider this to be appropriat8 given that the charity is currently within the 21-year period pemiitting the accumulation and inveslment of income as allowed by its governing document and hence has no significant ongoing costs and anticipates minimal grant activity in the near term. Therefore, the trustees do not foresee that costs can exceed expendable resources. The Trust funds its operations entirely from its investments. The total relum of its inveslment portfolio was 8.1 % over the current financial year (net of fees). The portfolio met or comfortably exceeded its target of CPI + 30/0 in 4 of the last 5 years, although its annualised return (4.3 /0} over the last 5 years continued to lag its tsrget by roughly 3.50/0. Cumulative net growlh over the entire sixteen years of the Trust's inveslment, excluding Ihe addition of new funds, was 185 /0 (6.8°/o annualised). Declaration The undersigned trustee declares that she has approved the trustees, report above. Signed on behalf of the charitjls trustees 8 August 2025 Cathryn J Downing, Trustee Date
Independent Examiner's Report to the Trustees of The Cambridge Chrysalis Trust We report on the financial statements for the year ended 31 December 2024, which are set out on the following pag6s. This report is made solely to the Twstees in accordance with Section 145 (1) (a) of the Charities Act 2011. Our work has been undertaken so that we might slate to the Trustees those matters which we are required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent pemiitted by law. we do not acpt or assume responsibility to anyone other than the Trustees for our work. for this report, or for the opinions we have formed. Respective responsibilities of th• Trustees and examiner The Charity's Trustees are responsible for the preparation of the accounts; you consider that the audit requirements of Section 144 {2) of the Charities Act 2011 (the Act) do not apply and that an independent examination is needed. It is our responsibility to: 1. examine the accounts under S145 of the 2011 Act. 2. follow the procedures laid down in the general Directions given by the Charity Commissioner under S145 {5)(b) of the 2011 act. 3. stste whether particular matters have come to our attention under S156 of the 2011 act. Ba$ls of Independent examinerfs report Our examination was carried out in a¢¢ordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the Charity and a comparison of the accounts. presented with those records. It also includes consider81ion of any unusual items or disclosures in the accounis and seeking explanations from you as Trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit. and consequently we do not express an audit opinion on the view given by the accounts. Independent examinerfs statement In connection with our examination. no matter has come to our attention which gives us reasonable cause to believe that in any material respect the requirements.. - to keep accounting records in accordance with Section 130 of the Act", and - to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act have not been met,. or to which, in our opinion. attention should be drawn in order to enable a proper understanding of the accounts to be reached. Date: C A Liston FCCA MA4T For and on behalf of TC CH Limited 4 Office Village Peterborough PE7 8GX
Receipts and Payments Accounts The Cambridge Chrysalis Trust Registered Charity Number 1151614 1 January 2024 to 31 December 2024 Section A. Receipts and Payments GBP Unrestricted Funds USD Unrestricted Funds Total funds to th8 nearest Last year to the nearest A1 Recelpts InteresUDiv £141.429 $0 £141,429 £147,053 A2 Asset and investment sales £10,221 $0 £10,221 £7,500 Total Receipts £151,650 $0 £151,650 £154,553 A3 Paymenls Grants £0 $0 £0 £25,900 Governance £0 $0 £0 £330 Investment Fees £9,530 £9,530 £8,662 Sub total £9,530 $0 £9,530 £34,892 A4 Asset and Investment purchas•s £144,199 $0 £144,199 £148,831 Total Payments £153,728 $0 £153.728 £183,723 Net (£2,078) $0 (£2,078) (£29,170) A5 Transfers £1 ($1) $1 £0 £0 A6 Cash funds last year ond £45,329 £45,330 £74,500 Cash funds this year end £43.252 $0 £43,252 £45,330
Receipts and Payments Accounts The Cambridge Chrysalis Trust Registered Charity Number 1151614 1 January 2024 to 31 December 2024 Section B. Statement of assets and liabilities at the end of the period Details GBP Unrestricted Funds USD Unrestricted Funds B1 Cash Funds Bank Accounts £9,252 $0 Investment Portfolio £34,000 Total cash funds £43,252 $0 B2 Other monetary assets None B3 Investment Assets Managed Investment Portfolio (excluding cash funds above) £4,902,725 B4 Assets retained for Ihe charity's own use None B5 Liabilities None Signed by one or two trustees on behalf of all of the trustees Signature Printed name Date of approval Cathryn J Downing 8 August 2025