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 ac￿pt 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