Trustees, Annual Report for the peri¢)J from 1 January 2025 to 31 December 2025 The Cambridge Chrysalis Trust (formerly The Chrysalis Trust) Registered Charty Number 1151614 9 Bell Lane Fenstsnlon Huntingdon PE28 9JX Trustees Cathryn Dovming Founder appoinled by Trust Deed Description of the charity The Cambridge Chrysalis Trust is govemed by a Trust Deed, dated 25 April 2006, and a Supplemental Trust Deed, dated 11 April 2013, which changed the name of the Trust. It Is conslltuted as a Trust. New trustees are appointed by th8 Founder. Objoctivos and A¢Uvlties Objects: The Trust's objects are broadly defined and exclusively charitsble. ActNiti8s'. The Cambridge Chrysalis Trust is pemiitted by its Trust Deeds to accumulate and invest all income until April 2027. Thereafter, all income musl be disbursed annually. Until 2027, the Trust will maIn fully invested so long as il believes that investment of funds will enable a more significant contribution for the public benefrt. However, at its discretion. the Trust does make grants to other registered charities for activities, including reSe?h and education. in furtherance of its objecliv8s, if the Irustees decide that Ihe public benefil of thos8 activities is Ilkely to oulwelgh the future public bénefit that could realiséd by the investment of funds.
Grant-rnaking policy: The Trust ¢on$iders granl applicalions from registered charities. These are scoréd on five factors: {1) the degreè of match between the ndIdate project's objectives and those of the Trust- (2) the Importan of the candidate project-13) the likelihood of the project achieving its goals- (4) the strateglc value of the grant to the project; 8nd15) the relativ8 cost of the grant. The Trust asks applicants to provSde baslc project Infomatlon and to complete an application form (available by email or post) lo assist the evaluation of grant proposals on these factors. The form asks applicants lo outlin8 the importance of th8ir project on the intemational, national and regional levels and to provide information that will assist the trustees to determine the likelihood thal the project will succeed at each of these levels. It also asks applicants to indicate what level of funding would be signrficant to the project. whether matching funds are available and whether funding needs can be mel from other SoUes. Grantees must documenl Ihelr us8 of funds from th8 Trust in thelr annual r8POrt and accounts, and send the Trust a progress report upon completion of the projed. Grants: The Trust awarded no grants in 2025. Investmerrts: The Trust recelvad Income almost exdusively from its managed investment portfolio, which Increased by 12.3 /0 on a total return basis over the current financial year (nel of fees). Cumulative nel growth over sevent88n years, 8xcluding additions, was 220°h. Public Benefit= The trustees wnfirm that Ihey have had due regard to ihe guidance issued by the Charity Commission on public benefit and that it is their beli8f that a greater lowt8rm public benefit C8n be achleved by allowlng the Trust primarily to accumulate and invest income at this tlme.
Flnancial R6viow No reseTVeS policy is currently in place. The trustees consider this to be appmpriate given that the charity is currently within the 21-year period pemiitting the accumulation and investment of income as allowed by its governing document and hence has no signifiGqnt ongoing costs ar)d anti¢iP8tes minimal grant activity in the near term. Ther8foie, the trustees do not foresee that cosls can exceed expendable resources. The Trust funds its operations entirely from its investments. The total retum of its Investment porlfolio was 12.3°/o over the current financial year (net of fees). The portfolio exceeded its target of CPI + 30/0 in 4 of the last 5 years. and its annualised net return (6.0*/0) ov8r the last 5 years lagged this target by only 2IJA. Ils annualised performance exceeded the perfomance of ils nearest ARC comparator. ARC Charity Steady Growth, by 1%, and exc88ded the more conservative comparator, ARC Charity Balanced Assel, by 20A. Cumulalive net growth over the entire seventeen years of the Trust's investment, excluding the additlon of new funds, was 220% (7.1 % annualised). Declaration The undersigned Irustee declares that she has approv8d the trustees. report above. Signed on behalf of the charity's trustees 5 June 2026 Cathryn J Downing, Trustee Date
Independent Examiner's Report to the Trustees of Tho Cambridge Chrysalis Trust We report on the financial statements for the year ended 31 December 2025, which are set out on the following pages. This report is made solely to the Twslees in accordance with Section 14511) (a) of the Charities Act 2011. Our work has been undertaken so that might slate lo the Trustees Ihose matters which we are required to state to them in an independent examinerfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the Trustees for our work, for this report, or for the opinions we have formod. Respectlve responslbllttl•s of Ihè Trustees and examlner The Charitys Trustees are responsible for the preparation of the accounts,. you consider that the audit requirements of Sectron 144121 of the Charities Act 2011 (the Act) do not apply and that an Indepondgnt examinatn is needed. It is our responsibility to: examine the accounts under S145 ofthe 2011 Act. 2. follow the procedures laid down in the general Directions given by the Charity Commlssicmer under S145 {5llbl ol the 2011 act. ststs whether particiAar matters have come to our sttention under S156 of the 2011 act. Ba¥is of Independent examlnerf8 report Our examination was carried out in accordance with the General Dlrectlons glven by trje Charity Commlssioners. 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 consideration of any unusual items or disclosures in the arLounts and seeking explanations from you as Trustees conceming any such matters. The prOdureS undertaken do not provide all the evidence that would be required IN an audit, and consequendy we do not express an audit opinion on the view given by the accounls. Independent examlnerfs ststement In connection with our examination, no matter has come to our attentic which gives us reasonable cause to believe that in any material respect the requirements: - to keep ac¢ounling rerdS in accordance with Section 130 of the Act.. 2nd - to prepare accounts which accord with the accounting records and to comply wlth the accounting requirements of the Act have rK)t been met., or lo which, in our opinion, attention should be drawn in order to enable a proper understandlng of the accounts to be reached. Date.. 7.7. 2lo. C A Liston FCCA MAAT 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 2025 to 31 December 2025 Section A. Recespts and Payments Total funds lo the nearest Last year to the nearest A1 R•c•ipts Int8resVOiv £158,309 £141,429 A2 Asset and investment sales £2,993 £10,221 Total Receipts £161,302 £151,650 A3 Paym•nt$ Grants £0 £0 Governance £0 £0 Investment Fees £10.153 £9,530 Sub total £10,153 £9,530 A4 Asset and Investment purchases £179,569 £144.199 Totsl Payments £189.722 £153,728 Nel {£28,420) (£2,078) A5 Transfors £0 £0 A6 Cash funds last year end £43,252 £45.330 Cash funds Ihls year end £14,832 £43.252
Receipts and Payments Accounts The Cambridge Chrysalis Trust Registered Charity Number 1151614 1 January 2025 to 31 Dember 2025 Section B. Statement of assets and liabilities at the end of the period Details GBP Unrestricted Funds B1 Cash Funds Bank Accounts £9,326 Investment Portfolio £5,506 Totsl cash fvnds £14.832 B2 Other monetsry assots None B3 Investment Assets Managed Investment Portfolio (excluding cash fvnds above) £5,536,078 B4 As$th r•taln•d for the Charit$ own us• None BS Llabllltles None Signed by one or two trustees on behalf of all of the ttustees Signature Printed name Date of approval Cathryn J Downing 2 July 2026