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 SoU￿es.
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 examinat￿n 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 prO￿dureS 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 re￿rdS 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 De￿mber 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