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2021-06-30-accounts

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

Registered number: CE018485 Charity number: 1184835

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

MEMBERS OF COUNCIL'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2021

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

CONTENTS

Page
Reference and administrative details of the charity, its Members of Council and 1
advisers
Members of Council's report 2 - 9
Independent auditors' report on the financial statements 10 - 13
Statement of financial activities 14
Income and expenditure account 15
Balance sheet 16
Notes to the financial statements 17 - 36

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS MEMBERS OF COUNCIL AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2021

Members of Council Ex officio
Professor J Soskice, President*
Dr D Crowther, Treasurer*(resigned 22 November 2020)
Dr H Joyce, Secretary*
Mrs A Browne, Librarian
Dr C Warnick, Treasurer*(appointed 22 November 2020)
Ordinary members
Ms K Allen
Professor M Kelly*(resigned 22 November 2020)
Mr G Brannan
Dr P Beer
Mr P Juhasz (appointed 22 November 2020)
Dr C MacKenzie (appointed 22 November 2020)
Dr F Umetzer*
Dr C Warnick*(resigned 22 November 2020)
Dr K. Williams
Company registered
number CE018485
Charity registered
number 1184835
Registered office Fisher House
Guildhall Street
Cambridge
CB2 3NH
Independent auditors Peters Elworthy & Moore
Chartered Accountants
Salisbury House
Station Road
Cambridge
CB1 2LA
Bankers Barclays Bank PLC
9-11 St Andrews Street
Cambridge
CB2 3AA

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

REPORT OF THE COUNCIL FOR THE YEAR ENDED 30 JUNE 2021

Cambridge University Catholic Association (CUCA) Council of Management (referred to as Trustees) present their annual report together with the financial statements of the charity for the year ending 30 June 2021.

The financial statements comply with the current statutory requirements, the requirements of the charity’s governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

OUR OBJECTIVES

The objects of the Association, as defined in the Trust Deed, are:

  1. The promotion and safeguarding of Catholic interests in the University of Cambridge of a religious, educational and/or charitable nature;

  2. The provision of the necessary accommodation for a Chapel;

  3. The housing of the University Catholic Chaplain;

  4. The maintenance of a library of Catholic literature of an educational nature;

  5. The holding of meetings or conferences for the advancement of all or any of the above objects.

In setting objectives and planning for activities, the Members of Council have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

OUR AIMS

The aims of the Association are: to maintain the premises comprising Fisher House and adjoining buildings to serve the needs of the community and the objectives of the Association; to enable the Chaplaincy at Fisher House to provide generally for the Catholic community of students and resident senior members of the University of Cambridge; to maintain facilities for Catholic worship throughout the year for members of the Association and for members of the public who are welcome to attend services in the chapel; to assist in providing resources for the Chaplain’s day-to-day needs; to provide space for a library. The Association believes that it satisfies the public benefit requirement under the Charities Act 2011.

ACHIEVEMENTS AND PERFORMANCE

1. Impact of COVID-19 and its mitigation

Throughout this financial year the Covid pandemic has affected the CUCA CIO’s operations. Varying levels of government restrictions have been in place over the course of the year, including two lockdowns: one in November 2020 and one during the first three months of 2021. During the second of these lockdowns the student body of the University was mostly not in residence in Cambridge. The situation continues to pose challenges to the operations of the CUCA CIO. In particular the size of the congregation at services has been restricted, affecting regular donations; use of the Library has been limited; group meetings and conferences have moved online. Many of the innovations introduced by necessity at the start of the pandemic in March 2020 have proven valuable in continuing to deliver on the charitable objectives: live-streaming of services, the online and social media presence of Fisher House and teleconferencing have enabled religious meetings, social interactions and CUCA governance to continue. In addition to this, protocols have been developed to enable the safe return of limited face-to-face engagement.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

2. Arrangements for the Chaplain

From the start of the pandemic the Chaplain, Fr Mark Langham, had been shielding to protect his health and took a Sabbatical to enable him to do this. An Acting Chaplain, Fr Robert Verrill was appointed by the Oxford and Cambridge Catholic Education Board (OCCEB) from September 2020 for an initial period of seven months, later extended to one year. Sadly, Fr Mark passed away in January 2021 after a long battle with cancer. OCCEB has appointed a new Chaplain, Fr Alban Hood. CUCA CIO has been making arrangements for the arrival of the new Chaplain, who is expected to take up the post in September 2021. A lay assistant has been in post to assist the Chaplain for most of this financial year, from September 2020 to July 2021, and a new assistant has been appointed for the coming academic year.

3. Buildings

The Association continues to implement its rolling programme of building maintenance and renewal, alongside giving consideration to longer-term, strategic objectives for the building. The Trustees take appropriate professional advice concerning all aspects of building maintenance and development. The rolling programme of annual maintenance fulfils the recommendations in the asset management plan of 2013 and includes the following annual checks: personal appliance testing, testing of emergency lighting and fire sounders, clearing of gutters, servicing of security alarms and cameras etc., maintenance of heating and hot water systems, sixmonthly deep cleaning as well as regular daily cleaning and maintenance oversight.

In the past year, work on the terrace took place during the summer of 2020, to improve access and to prevent and repair further damage to the waterproof membrane. There has also been considerable preparatory work for essential repairs to the roof of Fisher House. This has been slowly sagging, and required significant intervention to prevent further deterioration. Work will take place over the summer of 2021, and the opportunity will be taken to update the Chaplain’s bathroom at the same time.

4. Regulatory Framework

As noted earlier, the Trustees take care to ensure that all relevant certification is in order. This includes: fire safety inspections, insurance cover, health and safety precautions (steps, ramps, surfaces) and legionella inspection. Insurance cover includes: building, contents, fire and other damage.

REVIEW OF ACTIVITIES AND PERFORMANCE: SERVING CATHOLIC INTERESTS

Trustees have continued to work closely with the Chaplain and Assistant Chaplains to ensure that funds and facilities are available to support activities of a Catholic nature in and through Fisher House. The most significant item of regular annual expenditure for the Association is the provision of a subvention for the work of the Chaplaincy. The principal aim of this work is to provide spiritual and pastoral support for Catholic members of the University through the provision of liturgical celebrations, occasions for private prayer and study of Catholic literature, opportunities for Catholics to meet each other to socialize and to befriend each other in a supportive environment, and to welcome into Fisher House those of other faiths or no faith. Some quantitative measure of how CUCA and Fisher House are achieving their charitable goals is provided by a summary of activities provided by the Chaplain. Each activity or service is accompanied by an estimate of the number of people involved:

Weekday Mass Attendance Term time in person 15 Term time via livestream 15 Vacation time in person 8 Vacation time via livestream 10

Sunday Mass

Term time attendance in person 75 Term time attendance via livestream 60

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Vacation time attendance in person 50 Vacation time attendance via livestream 60

Student numbers at lunch and other regular meetings Apologia (Tuesdays in term online) 10 Open Office (Fridays in term) 4 Black Swan Bar (Fridays in term) 20 Altar Servers (weekly in term) 2 ‘Dolphins’ Football Team (weekly in term) 10 ‘Haddocs’ Medical Ethics Group (four meetings in Michaelmas, once in Lent) 15 COSTA (S.E. Asian students meeting weekly) 25 Schola Cantorum (weekly in term) 4 English Mass Choir (weekly in term) 4

Fisher Committee (twice in term) 8 - CUCA makes an annual subvention to the Committee

Pro - Life Group (four online talks over the year) 25

Ecumenical and Interfaith Group (twice termly) 20 The Society of St Vincent de Paul (SVP) – there are 172 volunteers on the list; they go out in groups of three, nightly in term time outside of lockdown

Fisher Society numbers (Catholic Student Society) 2021

Adding together all the students from all the Colleges who have registered with us: 650

GradSoc (graduate society) membership 2021 There are 235 members of the GradSoc Facebook page. Fortnightly meetings during Michaelmas term, numbers average 10 The CUCA subvention to the Fisher Society includes a sum for the GradSoc

PostDoc Group

Weekly online meeting in term and vacation (5) Handful of Sunday lunch (5)

Senior Member activities

Spiritual reading group in Lent (7) Fisher Friends online meeting after Sunday Mass (8)

Social Outreach:

The SVP see between 20 and 30 homeless or hungry each night. The soup run ends at Jimmy’s Nightshelter, where the remainder of the food is handed in.

The chapel is also used by musicians for rehearsing and recording: three times a year. 2 people each time. As needed, the Fisher Room is used as a Polling Station.

Trips and Pilgrimages

There was a walking pilgrimage from Cambridge to Ely (8).

Annual events

Fisher Mass and Lunch 60

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Fisher Dinner 60 – CUCA subsidises tickets substantially to make tickets affordable.

Garden Party 45

In recent years, following the advice of auditors PEM, attention has been given to setting out more clearly the relationship between the management of the Association’s business and that of the Chaplaincy. The Association is responsible for providing the means – the building and its maintenance, and appropriate financial resources to allow the spiritual and pastoral work of the Chaplains and Chaplaincy to flourish. The work of the Chaplaincy falls partly within the remit of CUCA, which provides its home and its running costs, and partly within the remit of the Oxford and Cambridge Catholic Education Board (OCCEB), a separate charity reporting to the Conference of Catholic Bishops of England and Wales, responsible for the appointment and employment of the Chaplain. The Chaplaincy itself is not a charitable organisation. OCCEB provides a small amount of funding direct to the Chaplain for him to spend at his discretion: at present much of this is used to fund the salary of an Assistant Chaplain, with surplus accruing for future Chaplaincy related expenditure. The OCCEB Trustees allocate this ring-fenced sum each year and receive a statement of expenditure by the Chaplain. The daily running of the Chaplaincy is managed by the Treasurer and the Administrator and supported by CUCA’s Finance Committee in discussion with the Chaplain. The CUCA Council reviews relevant expenditure at its Michaelmas term meeting. There have been no changes to the financial relationship between CUCA CIO and the Chaplaincy this year.

In addition to direct support for the work of the Chaplain, there is also direct support for student activities through an annual subvention made to the Fisher Society, and through it the Graduate Society. This money allows these Societies to plan and organize a range of events related to the work of the Chaplaincy. These events included, annual lunches for new students and departing students, a wide range of talks, hosting visitors from other churches and chaplaincies, a night-time invitation to passersby to drop in and find some quiet time or to learn more about the work of the chaplaincy, invitation to speakers senior in their respective fields to come and lead discussions. The Fisher Society received an annual sum of £1500 funding. The Association maintains and fosters links with its alumni community, some 4000 worldwide, through the provision of an annual newsletter (distributed in August/September), through active use of the website, with the provision of an Annual Mass for the commemoration of benefactors, and through other reunion and ad hoc gatherings. The annual newsletter, in addition to keeping alumni informed and involved in the life of Fisher House, is also an important vehicle for fundraising. The Association normally sees a significant increase in donations following appeals made in the newsletter. There is no plan to make the newsletter digital only, however we are asking alumni and other supporters to provide email addresses (and permission to use them) to allow further communications that may include fundraising emails.

CUCA CIO’s income has been reduced as a consequence of the COVID-19 pandemic. While giving through standing orders has continued, the Sunday Mass offerings have significantly reduced as a consequence of the reduced size of the congregation. This lost income, combined with the fall in dividend income from the investment portfolio has required us to draw on reserves this year and will likely do so again in the 2021-22 financial year. The capital value of the investments has been robust, growing over the year. Members are encouraged to inform themselves of the Charity’s activities by attending the Annual General Meeting at which the annual accounts are discussed, reading the Newsletter, and reviewing the Charity’s accounts as posted on the Charity Commission’s website

GRANT MAKING POLICY

An annual grant is made to the Fisher Society which is recognised by the Proctors as a University Society. Other grants may occasionally be authorised by the Council on an ad hoc basis within the terms of item (5) of the Association’s objects.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

FINANCIAL REVIEW

RESERVES

The Association maintains sufficient free reserves (being unrestricted funds not including fixed assets or cash in the investment portfolio) to cover the expected expenditure of at least three months. At 30 June 2020 free reserves stood at £551,309 (2020: £545,285). This figure excludes £47,823, which is designated as a maintenance fund.

This figure is substantially higher than the target of three month’s expenditure (£50,808). The working cash reserve, freely accessible in the CUCA current account, was £14,864, which is below the target primarily because £141,083 (2020: £291,042) was held as cash in the investment portfolio as part of the Balanced Investment Asset Allocation strategy that we have adopted.

FINANCIAL REVIEW

The income of the Association was £194,180 (2020: £225,792). Direct charitable expenditure amounted to £223,298, (2020: £209,188) which included depreciation of £22,007 (2020: £22,007). This resulted in a net deficit before investment gains of £29,118 (2020: £16,604 surplus). After investment gains of £429,921 (2019: £16,667 loss) the charity reported total funds of £6,615,980 (2020: 6,215,177), an increase of £408,803. The market value of the total investment portfolio, including cash, increased by £429,957 from £4,337,559 to £4,767,534.

INVESTMENTS

The principal investment objective agreed by the Council is to maintain a reasonable balance between capital growth and income to ensure that current and future needs of the Association can be met. The portfolio has a balanced asset allocation comprising UK and international equities, Gilts, gold, commercial property and cash.

PRINCIPAL FUNDING

The Association's main funding sources are from donations, legacies and investment income.

FUNDRAISING

CUCA raises funds in three main ways; firstly, there is a collection during religious services in the Chapel during which the congregation makes offerings using cash, cheques and contactless, secondly, we receive online donations either one off or by standing order, predominantly from local members of the Chapel community and thirdly, we receive unsolicited donations predominantly from alumni, often as bequests. We do not currently send out fundraising literature or other communications (such as emails) however, this year we have started asking Members for permission to send such communications in the future. We do not employ professional fundraisers and there were no failures by the charity in complying with Fundraising Standards in the year. Any fundraising complaints will be handled by the Treasurer in consultation with the Finance Committee; there were none in the year.

RISK MANAGEMENT

The Council keeps under review its risk assessment policy including public liability insurance and health and safety issues. Insurance policies for Public and Employer’s Liability, Buildings and Contents and Trustee Indemnity are maintained with Aviva. These policies are kept under review and the extent of cover is updated as necessary, under advice from One Broker (Cambridge) Ltd.

The freehold property comprising Fisher House is revalued for insurance purposes every five years or as required; valuations of the contents of Fisher House are obtained when appropriate.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Security is kept under continual review and annual service contracts for the maintenance of access control, CCTV and alarm systems are kept up to date. A card access system has been installed to create security zones in Fisher House and the Chapel.

Now that CUCA is an employer there is a risk of an employment dispute. This risk is mitigated by maintaining good communication with employees and following employment regulations. Professional human relations advice will be taken if there is material risk of a dispute.

The main financial risk for CUCA is that the value of the endowment is reduced by a collapse in the underlying markets. This risk mitigated by adhering to a Balanced Asset Allocation strategy whereby risk is spread over many dozens of UK and global companies and assets.

The main governance risk to CUCA CIO is inadequate performance of the Trustees. There could be reputational damage if duties are neglected or succession planning for key roles is not adequately undertaken.

STRUCTURE GOVERNANCE AND MANAGEMENT

CUCA CIO is a registered charity (number 1184835), which was founded in 2019, having converted from an unincorporated charitbale entity. Under the terms of its governing Trust Deed, dated 23rd July 1926, responsibility for management of the Association’s affairs is vested in the CUCA Council, and particularly its officers.

Council meets once a term and the constitution also provides for the calling of additional or extraordinary meetings. CUCA Council is responsible for ensuring that the building, Fisher House, is maintained as an asset for the life of the charity. Members of the Association are those with a recognised affiliation to the University of Cambridge either as current or former members of staff or students. There is a provision in the constitution for creating honorary members of the Association, as decided by Council, but such honorary members have no voting rights.

The constitution provides for an election process for Trustees, requiring those wishing to be elected to provide to the Secretary of the Association a proposer and seconder for their candidacy at least three weeks before the AGM at which elections take place. Notice of the AGM, held in Fisher House each year on the first Sunday of Advent, is posted on the website, on the CUCA noticeboard in Fisher House and circulated by email. Voting is in person, when permitted by covid regulations. The established CUCA Officer posts are President, Treasurer, Secretary and Librarian. Soundings are taken amongst the community to ensure that there will be good candidates standing to replace officers when their tenure expires at the next AGM. The Trustees are mindful of a need to foster diversity amongst Trustees in terms of age, gender and expertise. There is now an age spread of ca. 30 years amongst trustees, three quarters of the Officers are women and the gender balance of the Trustees is 6:5 male:female.

Over the past year Council has given additional encouragement to Trustees to inform themselves of changes to Charity law, and placed increased emphasis on the requirements of all charity Trustees to be fully informed of their responsibilities. The current Trustees provide a range of administrative, legal and financial expertise, and whilst all necessarily have close links to the University of Cambridge, they often also have experience in other sectors with direct relevance to the Association.

The President and Treasurer provide induction for new Trustees. The President provides a copy of the CUCA Constitution and explains the main provisions. The Treasurer provides copies of the latest investment report and finance committee minutes. There is discussion of CUCA’s main responsibilities for the upkeep of the facilities, the employment of staff and the investment of the endowment.

In addition, the Treasurer introduces new members of the Finance Committee to the termly schedule of meetings and the topics routinely covered in each meeting. The annual reporting and auditing routines are outlined. The Treasurer also outlines the passive, balanced asset allocation investment strategy, by reference to

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

examples of recent investment reports.

FINANCE COMMITTEE MATTERS

The Trustees have identified what they think are the main risks facing the Association and estimated the risks. The risk register is reviewed and plans are included therein to mitigate the hazards.

The Treasurer, with advice from the Finance Committee and with the consent of the Council, has managed the endowment passively according to a “balanced asset allocation” (a mix of UK and international shares, bonds, UK property, cash and gold). Annual investment costs are now a fraction of a percent of the endowment and the performance has reflected, or slightly exceeded, the benchmark, growing over the year after the costs of running CUCA and the Chaplaincy have been covered. The income from the endowment has been significantly reduced in this year relative to previous years, due to the continued effects of the covid pandemic, however this has been offset by improved capital growth.

Detailed oversight of financial affairs (regular income and expenditure, portfolio performance, decisions concerning minor expenditure on projects) is delegated to the Finance Committee whose membership consists of President, Secretary, Treasurer, two members of Council not officers, an independent adviser, and the Chaplain ex officio. Minutes of the Finance Committee are circulated to Council. Discussions concerning expenditure on major projects may be initiated in Council but also be referred to Finance Committee for detailed discussion and recommendation. Finance Committee also considers staffing in some detail and makes recommendations to Council concerning staffing levels and salaries. In general, administrative staff salaries are increased in line with pay awards to comparable University staff.

Members of Council are responsible for ensuring that relevant officers prepare and present the Association’s annual report and accounts in accordance with current charity law and practice. In particular Council is responsible for: appointing auditors, observing accounting rules, making judgements and taking decisions that are reasonable and in accordance with relevant regulations, and exercising proper and appropriate oversight over all elements of the Association’s financial management. These include: keeping accurate accounting records and statements that comply with the Charities Act 2011.

Two administrative posts continued during the year. The CUCA Administrator is contracted for 4 hours per week and occasionally works overtime. The CUCA Book keeper is contracted for 4 hours per week and is supporting the Treasurer in the generation of the accounts. Accounting records and supporting data concerning details of income and expenditure are stored in the Association’s section of the office located in the house, Fisher House. They are maintained by the Book keeper and Treasurer and are available for inspection by other members of Council as by auditors. There is a back-up filing system containing documents relating to insurance, building projects, and other associated material, but much of the data is now in electronic form. The Association is mindful of the need to maintain records concerning the various inspection regimes relating to the building, and the regular expenditure on maintenance.

STAFFING AND EMPLOYMENT PROCEDURES

One of the principal objectives of the Association is the support of a Chaplain. This objective is achieved both by funding a stipend (part of the subvention to the Chaplaincy) and providing accommodation, as noted above. The Chaplain, prior to his passing, was a priest of the Diocese of Westminster, who remained his employer whilst he was on secondment to Fisher House. The diocese invoiced the Association in respect of his salary, on a six monthly basis. The Acting Chaplain is a member of the English Province, a religious Order in the Roman Catholic Church. In accordance with the Charities SORP (FRS 102), since a contractual relationship between the Association and the Acting Chaplain exists, payments made to the English Province in respect of his salary during his secondment to Fisher House have been recognised as payroll costs. The assistant chaplains do not currently receive a stipend from CUCA CIO. For other staff the Association is registered with HMRC as an employer. It is responsible for paying the salaries and pensions of:

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2021

Other than the change in lay assistant referred to above there has been no turnover of staff this year. The increase in staff wage costs from £23,292 to £60,396 reflects both the increased number of employees, as well as the recognition of the stipend payments for the Acting Chaplain. All employees are offered the opportunity for regular appraisal and for training.

MEMBERS OF COUNCIL' RESPONSIBILITIES STATEMENT

The Members of Council are responsible for preparing the Members of Council's report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).The law applicable to charities in England & Wales requires the Members of Council to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Members of Council are required to:

The Members of Council are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Members of Council on 28 November 2021 and signed on their behalf by:

................................................ Dr C. Warnick

................................................ Professor J. Soskice

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

OPINION

We have audited the financial statements of Cambridge University Catholic Association CIO (the 'charity') for the year ended 30 June 2021 which comprise the Statement of financial activities, the Income and expenditure account, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the Members of Council's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Members of Council with respect to going concern are described in the relevant sections of this report.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Members of Council are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Members of Council's report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

RESPONSIBILITIES OF TRUSTEES

As explained more fully in the Members of Council's responsibilities statement, the Members of Council (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Members of Council determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Members of Council are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (CONTINUED)

using the going concern basis of accounting unless the Members of Council either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (CONTINUED)

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.

USE OF OUR REPORT

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

Kelly Bretherick (Senior statutory auditor) for and on behalf of Peters Elworthy & Moore Chartered Accountants Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

Date: 16 December 2021 | 09:57 GMT

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2021

Note
INCOME AND
ENDOWMENTS
FROM:
Donations and legacies
2
Other trading activities
3
Investments
4
Other income
5
TOTAL INCOME AND
ENDOWMENTS
EXPENDITURE ON:
Raising funds
6
Charitable activities
7
TOTAL
EXPENDITURE
NET
(EXPENDITURE)/IN
COME BEFORE NET
GAINS/(LOSSES)
ON INVESTMENTS
Net gains/(losses) on
investments
NET
(EXPENDITURE)/IN
COME
Transfers between
funds
16
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
Net movement in funds
TOTAL FUNDS
CARRIED
FORWARD		 Unrestricted
funds
2021
£
79,847
9
4,737
24,452
109,045
5,015
217,393
222,408
(113,363)
-
(113,363)
81,135
(32,228)
2,276,365
(32,228)
2,244,137		 Restricted
funds
2021
£
5,000
-
-
-
5,000
396
-
396
4,604
-
4,604
(5,000)
(396)
396
(396)
-		 Endowment
funds
2021
£
-
-
80,135
-
80,135
-
494
494
79,641
429,921
509,562
(76,135)
433,427
3,938,416
433,427
4,371,843		 Total
funds
2021
£
84,847
9
84,872
24,452
194,180
5,411
217,887
223,298
(29,118)
429,921
400,803
-
400,803
6,215,177
400,803
6,615,980		 Total
funds
2020
£
99,397
550
120,571
5,274
225,792
5,049
204,139
209,188
16,604
(16,667)
(63)
-
(63)
6,215,240
(63)
6,215,177

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 17 to 36 form part of these financial statements.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2021

Note
GROSS INCOME IN THE
REPORTING PERIOD
Less: Total expenditure
NET EXPENDITURE/(INCOME) FOR
THE REPORTING PERIOD		 Unrestricted
funds
2021
£
109,045
(222,408)
(113,363)		 Restricted
funds
2021
£
5,000
(396)
4,604		 Total funds
2021
£
114,045
(222,804)
(108,759)		 Total funds
2020
£
105,919
(208,189)
(102,270)

The notes on pages 17 to 36 form part of these financial statements.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee) REGISTERED NUMBER: CE018485

BALANCE SHEET AS AT 30 JUNE 2021

Note
FIXED ASSETS
Tangible assets
11
Investments
12
Social investments
13
CURRENT ASSETS
Debtors
14
Cash at bank and in hand
Creditors: amounts falling due within one
year
15
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
16
Restricted funds
16
Unrestricted funds
16
TOTAL FUNDS		 2021
£
21,779
14,864
36,643
(22,034)		 2021
£
1,683,837
4,767,534
150,000
6,601,371
14,609
6,615,980
4,371,843
-
2,244,137
6,615,980		 2020
£
7,051
35,870
42,921
(15,971)		 2020
£
1,700,668
4,337,559
150,000
6,188,227
26,950
6,215,177
3,938,416
396
2,276,365
6,215,177

The Members of Council acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Members of Council on 28 November 2021 and signed on their behalf by:

................................................

Professor J. Soskice, President

................................................ Dr C Warnick, Treasurer

The notes on pages 17 to 36 form part of these financial statements.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES

1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Cambridge University Catholic Association CIO meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

There were no significant accounting estimates or judgements made by management in preparing these financial staements.

1.2 FUND ACCOUNTING

General funds are unrestricted funds which are available for use at the discretion of the Members of Council in furtherance of the general objectives of the charity and which have not been designated for other purposes.

For administrative purposes only, the council may from time to time allocate certain resources received to separate funds.

Designated funds comprise unrestricted funds that have been set aside by the Members of Council for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Endowment funds form the charity's permanent endowment.

1.3 GOING CONCERN

The Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the financial statements continue to be prepared on the going concern basis.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.4 INCOME

Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacy gifts are recognised on a case by case basis following the granting of probate, when the administrator/executor for the estate has communicated in writing both the amount and the settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity

Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally on receipt of a statement from the investment manager.

1.5 EXPENDITURE

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation is known or can be estimated reliably.

Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one-year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled condition attaching to that grant is outside of the control of the charity.

All expenditure is accounted for on an accruals basis and is allocated to the applicable expense headings on a direct cost basis. Where costs cannot be directly attributed to particular activities they have been treated as a support cost and allocated as ‘Miscellaneous other costs’. As the Association is not registered for VAT, all VAT is charged against the expenditure heading for which it was incurred.

Governance costs (which form part of support costs) comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs relating to the statutory audit, asset valuations and other statutory legal fees. The

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.5 EXPENDITURE (CONTINUED)

auditor’s remuneration is separately identified. Any other support costs that relate primarily to governance are allocated as governance costs.

The costs of raising funds comprise investment management fees, postage costs and event expenses. Office costs and utility bills are largely accounted under direct costs; the vast majority of such costs incurred by the Association are from the use of Fisher House by the students who use its facilities and the resident chaplains, with a small notional contribution accounted to support costs for the Association’s use of a corner of the shared office, as shown in note 9.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION

Freehold property is stated at deemed cost using the latest available valuation at the date of transition to FRS 102. The freehold property comprises the premises known as Fisher House in Guildhall Street, Cambridge, CB2 3NH. Freehold land is not depreciated as it is considered to have an indefinite useful life.

Future costs incurred in relation to land and buildings, over £1,000, are capitalised to the extent that they increase the expected future benefits to the Charity.

Fixtures and fittings acquired pre 2015 are held at their deemed cost using the latest valuation at the date of transition to FRS 102. Additions post 2015 are held at cost. Future fixtures and fittings costs over £1,000 are capitalised.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.7 INVESTMENTS

Investments held for the long-term to generate income or capital growth are carried at market value as fixed assets. They are initially recognised at their transaction value, and subsequently measured at their fair value at the balance sheet date. The SOFA includes net gains and losses arising on revaluations and disposals throughout the year, both realised and unrealised.

Realised gains and losses on investments are calculated as the difference between sales proceeds and their value at the start of the financial year, or their purchase value if they were purchased after the financial year began.

Unrealised gains and losses are calculated as the difference between their value at the end of the financial year and their value at the start of the financial year, or their purchase value if they were purchased after the financial year began.

The Association does not acquire complex financial instruments such as derivatives or put options. The main form of financial risk faced by the charity is that of volatility in investment markets due to wider economic conditions, the attitude to investment risk, and changes in sentiment concerning equities and within wider particular sectors or sub sectors.

1.8 SOCIAL INVESTMENTS

Programme related investments are held at fair value if this can be measured reliably. If fair value cannot be measured reliably, they are held at cost less impairment.

1.9 DEBTORS

Other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

1.10 CASH AT BANK AND IN HAND

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

1.11 LIABILITIES AND PROVISIONS

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

1.12 FINANCIAL INSTRUMENTS

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

1. ACCOUNTING POLICIES (CONTINUED)

1.13 PENSIONS

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2. INCOME FROM DONATIONS AND LEGACIES

Donations
Legacies
Tax recoverable on donations
Cash collections
TOTAL 2021
TOTAL 2020		 Unrestricted
funds
2021
£
66,271
1,000
10,146
2,430
79,847
94,397		 Restricted
funds
2021
£
5,000
-
-
-
5,000
5,000		 Total
funds
2021
£
71,271
1,000
10,146
2,430
84,847
99,397		 Total
funds
2020
£
77,376
244
11,080
10,697
99,397

3. FUNDRAISING INCOME

Income from fundraising events

Cookbooks and Rental of Fisher Room
TOTAL 2020		 Unrestricted
funds
2021
£
9
550		 Total
funds
2021
£
9
550		 Total
funds
2020
£
550

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

4. INVESTMENT INCOME

Investment income
Bank interest
Margaret Beaufort loan interest
TOTAL 2021
TOTAL 2020		 Unrestricted
funds
2021
£
-
-
4,737
4,737
698		 Endowment
funds
2021
£
80,055
80
-
80,135
119,873		 Total
funds
2021
£
80,055
80
4,737
84,872
120,571		 Total
funds
2020
£
119,411
462
698
120,571

5. OTHER INCOME

Reimbursement from Chaplaincy
TOTAL 2020		 Unrestricted
funds
2021
£
24,452
5,274		 Total
funds
2021
£
24,452
5,274		 Total
funds
2020
£
5,274

Page 22

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

6. EXPENDITURE ON RAISING FUNDS

COSTS OF RAISING VOLUNTARY INCOME

Fundraising expenses
Postage
Printing and stationery
TOTAL 2021
TOTAL 2020		 Unrestricted
funds
2021
£
-
79
4,936
5,015
100		 Restricted
funds
2021
£
-
-
396
396
4,949		 Total
funds
2021
£
-
79
5,332
5,411
5,049		 Total
funds
2020
£
35
65
4,949
5,049

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Charitable expenditure
TOTAL 2020		 Activities
undertaken
directly
(note 7)
2021
£
158,430
115,704		 Grant
funding of
activities
(note 8)
2021
£
39,514
40,519		 Support &
governance
costs
(note 9)
2021
£
19,943
47,916		 Total
funds
2021
£
217,887
204,139		 Total
funds
2020
£
204,139

Page 23

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Staff costs
Depreciation
Chaplaincy
Non-domestic rates
Council tax
Utilities
Insurance: property & liability
Office supplies and equipment
Building maintenance & repairs
Building minor works
Security
Boiler maintenance
Telephone
Bank charges
Miscellaneous costs		 Total
funds
2021
£
58,248
22,007
10,257
328
1,645
10,450
5,351
3,455
20,106
23,076
318
565
1,139
505
980
158,430		 Total
funds
2020
£
20,235
22,007
14,974
385
1,417
6,228
5,189
1,768
6,886
28,920
1,332
2,627
1,173
741
1,822
115,704

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

8. ANALYSIS OF GRANTS

Total grants
TOTAL 2020		 Grants to
Institutions
2021
£
39,020
39,520		 Grants to
Individuals
2021
£
494
999		 Total
funds
2021
£
39,514
40,519		 Total
funds
2020
£
40,519

The charity has made the following material grants to institutions during the year:

Chaplaincy - General
Chaplaincy - Library
Fisher Society		 2021
£
37,020
500
1,500
39,020		 2020
£
37,020
500
2,000
39,520

The Association’s objects, as defined in the Trust Deed, include the provision of the accommodation for a University Oratory and the provision of housing for a University Catholic Chaplain. Funding for these objects is provided through grants to the Catholic Chaplaincy of the University of Cambridge that are denoted for general use.

The Association’s objects also include the maintenance of a library of Catholic literature of an educational nature. Along with building works and the purchase of furniture, as detailed in note 11, this object is additionally funded through grants to the Chaplaincy that are denoted for use on the Library.

The Association’s objects also include the promotion and safeguarding of Catholic interests throughout the University, the contribution to Catholic works of an educational or charitable nature and the holding of meetings or conferences. These objects are largely funded through grants to the Fisher Society, a registered Cambridge University society of Catholic students.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

Elizabeth Kolb Memorial Trust Grants 494
494		 999
999

In accordance with the aims of the Elizabeth Kolb Memorial Trust (registered charity 314192), whose assets are held by the Association, the Association makes grants from the restricted Kolb Fund on the instructions of that Trust’s Trustees. The grants are one-off payments with no ongoing liability to the Association.

Kolb grants were awarded to 1 individual (2020: 1) as directed by the Trustees of the Elizabeth Kolb Memorial Trust.

9. SUPPORT COSTS

Office supplies and equipment
Insurance: indemnity
Notional contribution to utility bills
Audit fee
Accounts preparation fee
Professional fees
Wages and salaries
TOTAL 2020		 Governance
2021
£
-
708
-
9,269
1,350
600
-
11,927
37,817		 Support
2021
£
49
-
148
-
-
-
7,819
8,016
10,091		 Total
funds
2021
£
49
708
148
9,269
1,350
600
7,819
19,943
47,908		 Total
funds
2020
£
2,049
616
230
8,500
1,311
27,398
7,812
47,916

Page 26

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND THE COST OF KEY 10. MANAGEMENT PERSONNEL

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2021
£
60,396
3,763
1,908
66,067		 2020
£
23,292
3,019
1,736
28,047

The average number of persons employed by the charity during the year was as follows:

Employees
The average headcount expressed as full-time equivalents was:
Staff		 2021
No.
5
2021
No.
2		 2020
No.
4
2020
No.
1

No employee received remuneration amounting to more than £60,000 in either year.

The key management personnel of the charity comprises the Trustees. The Trustees all give their time and expertise without any kind of remuneration or other benefits in kind (2020: £nil).

Although Trustees are routinely reimbursed for purchases made directly on behalf of the Association, no other expenses have been reimbursed to the Association's Trustees (2020: £nil).

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

11. TANGIBLE FIXED ASSETS

COST OR VALUATION
At 1 July 2020
Additions
At 30 June 2021
DEPRECIATION
At 1 July 2020
Charge for the year
At 30 June 2021
NET BOOK VALUE
At 30 June 2021
At 30 June 2020
FIXED ASSET INVESTMENTS
COST OR VALUATION
At 1 July 2020
Additions
Disposals (proceeds £200,002)
Revaluations
Movement in cash
AT 30 JUNE 2021		 Freehold
property
£
1,750,000
-
1,750,000
90,000
15,000
105,000
1,645,000
1,660,000		 Fixtures and
fittings
£
80,002
-
80,002
39,334
7,007
46,341
33,661
40,668
Listed
investments
£
4,196,517
200,015
(201,996)
431,915
-
4,626,451		 Assets
under
construction
£
-
5,176
5,176
-
-
-
5,176
-
Cash held
for
investment
£
141,041
-
-
-
42
141,083		 Total
£
1,830,002
5,176
1,835,178
129,334
22,007
151,341
1,683,837
1,700,668
Total
£
4,337,558
200,015
(201,996)
431,915
42
4,767,534

12. FIXED ASSET INVESTMENTS

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

12. FIXED ASSET INVESTMENTS (CONTINUED)

Listed investments

Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. The basis of fair value for quoted investments is equivalent to the market value, using the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).

All investments are carried at their fair value. The portfolio was invested using low cost index tracking funds following the FTSE Balanced Fund asset allocation.

The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in the financial review and investment policy and performance sections of the Trustees’ Annual Report.

The objectives of the funds held by CUCA are to provide long term growth by investing in a portfolio of other authorised funds, worldwide equities, fixed interest stocks, cash and money market instruments.

The fund has little exposure to credit or cash flow risk. There are no borrowings or unlisted securities of a material nature and so there is little exposure to liquidity risk. The main risks it faces from its financial instruments are market price, foreign currency and interest rate risk. The policies are reviewed for managing these risks in order to follow and achieve the investment objective.

13. SOCIAL INVESTMENTS

COST OR VALUATION
At 1 July 2020		 Programme
related
investments
£
150,000
150,000		 Total
£
150,000
150,000

Loan to Margaret Beaufort Institute

On 11 May 2020, the charity lent £150,000 to the Margaret Beaufort Institute of Theology. The loan funds certain costs of refurbishing freehold property at 12-14 Grange Road, Cambridge, CB3 9DU (student accommodation). The loan matures in February 2045, attracts interest of 3.25% above the Bank of England base rate and is secured against the Institute's assets.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

14. DEBTORS

Gift aid receivable
Other debtors
Prepayments and accrued income		 2021
£
6,271
15,094
414
21,779		 2020
£
6,303
50
698
7,051

15. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Bank overdrafts
Accruals		 2021
£
-
22,034
22,034		 2020
£
57
15,914
15,971

Page 30

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

16. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Maintenance fund
GENERAL FUNDS
Capital reserve fund
Unrestricted funds
TOTAL UN-RESTRICTED FUNDS
ENDOWMENT FUNDS
Main Endowment Fund
Kolb Fund - Capital
Kolb Fund - unspent income
Stopp Fund		 Balance at 1
July 2020
£
71,080
1,660,000
545,285
2,205,285
2,276,365
3,464,973
156,155
6,603
188,203		 Income
£
-
-
89,867
89,867
89,867
69,870
-
4,000
3,795		 Expenditure
£
(23,076)
(15,000)
(165,154)
(180,154)
(203,230)
-
-
(494)
-		 Transfers
in/out
£
(176)
-
81,311
81,311
81,135
(69,870)
-
-
(3,795)		 Gains/
(Losses)
£
-
-
-
-
-
378,822
17,132
-
20,576		 Balance at
30 June
2021
£
47,828
1,645,000
551,309
2,196,309
2,244,137
3,843,795
173,287
10,109
208,779

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

16. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - CURRENT YEAR (continued)

Gilbey Fund
RESTRICTED FUNDS
Newsletter Fund
Roof repairs Fund
TOTAL OF FUNDS		 Balance at 1
July 2020
£
122,482
3,938,416
396
-
396
6,215,177		 Income
£
2,470
80,135
-
5,000
5,000
175,002		 Expenditure
£
-
(494)
(396)
-
(396)
(204,120)		 Transfers
in/out
£
(2,470)
(76,135)
-
(5,000)
(5,000)
-		 Gains/
(Losses)
£
13,391
429,921
-
-
-
429,921		 Balance at
30 June
2021
£
135,873
4,371,843
-
-
-
6,615,980

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

16. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTED FUNDS
DESIGNATED FUNDS
Maintenance fund
GENERAL FUNDS
Capital reserve fund
Unrestricted funds
TOTAL UNRESTRICTED FUNDS
ENDOWMENT FUNDS
Main Endowment Fund
Kolb Fund - Capital
Kolb Fund - unspent income
Stopp Fund		 Balance at
1 July 2019
£
100,000
1,675,000
488,590
2,163,590
2,263,590
3,479,659
156,819
2,825
189,001		 Income
£
-
-
100,919
100,919
-
105,625
-
4,777
5,737		 Expenditure
£
(28,920)
(15,000)
(159,320)
(174,320)
(203,240)
-
-
(999)
-		 Transfers
in/out
£
-
-
115,096
115,096
115,096
(105,625)
-
-
(5,737)		 Gains/
(Losses)
£
-
-
-
-
-
(14,686)
(664)
-
(798)		 Balance at
30 June
2020
£
71,080
1,660,000
545,285
2,205,285
2,276,365
3,464,973
156,155
6,603
188,203

Page 33

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

16. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR (CONTINUED)

----- Start of picture text -----
Balance at
Balance at Transfers Gains/ 30 June
1 July 2019 Income Expenditure in/out (Losses) 2020
£ £ £ £ £ £
-
Gilbey Fund 123,001 3,734 (3,734) (519) 122,482
3,951,305 119,873 (999) (115,096) (16,667) 3,938,416
RESTRICTED FUNDS
Newsletter Fund 345 5,000 (4,949) - - 396
-
TOTAL OF FUNDS 6,215,240 124,873 (209,188) (16,667) 6,215,177
----- End of picture text -----

.

Unrestricted funds:

The Capital Reserve Fund refers to the value of the freehold property known as Fisher House, located in Guildhall Street, Cambridge CB2 3NH.

In the financial year ending 30 June 2016, the Association received a large legacy as a bequest from the late Professor Howard Erskine-Hill, a member of the Association, and the Trustees resolved to invest it alongside the portfolio, although the funds are unrestricted rather than endowment. This is included with the other unrestricted funds.

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DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

(A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

Designated Fund :

The property maintenance fund represents funds required for future maintenance of the freehold property.

Restricted funds:

The Newsletter fund consisted of restricted donations given for the purposes of funding the annual newsletter publication. This fund was fully spent in the year.

Roof repairs fund consists of a donatuon towards the roof repair work. As a seperate designated fund has been set up for this work and the donation has been transferred to the designated fund.

Endowment funds:

The Main Endowment Fund was primarily raised from direct donations in 2005-8, with the intention of forming a permanent endowment to replace the Association’s reliance on rental income, and to support the Association in perpetuity.

The Kolb Fund represents cash held on behalf of the Elizabeth Kolb Memorial Trust, to be distributed as instructed by its Trustees in accordance with its aims. The Kolb Fund represents income generated in the year from the endowment to be distributed in grants to assist worthy girls of the Roman Catholic faith born in the United Kingdom engaged in any particular course of studies, with their living expenses at the Cambridge University, England.

The Stopp Fund was created following a gift by Dr Elizabeth Stopp in 1980 in memory of her husband, Dr F. J. Stopp. The income of the fund is available to support the library and for general purposes.

The Gilbey Memorial Fund was established in 2001 as a result of an appeal in memory of Monsignor Alfred Gilbey, Chaplain from 1932 to 1965. The income from the fund is unrestricted in classification but is used to support the Chaplaincy and forms part of the annual subvention.

For the endowment funds the investment management fees, and gains and losses are accounted against each of the four funds in proportions determined by their relative sizes at the beginning of the year or when received. Income allocated to the Kolb fund is the greater of 3.95% of the investment income or £4,000.

The transfers from endowment to unrestricted funds represents the income on expendable endowments to be used for general purposes.

Page 35

DocuSign Envelope ID: 8BC705FD-8242-4609-AC2B-1E9852726922

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2021

17. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Fixed asset investments
Social investments
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2021
£
1,683,837
405,800
150,000
26,534
(22,034)
2,244,137		 Endowment
funds
2021
£
-
4,361,734
-
10,109
-
4,371,843		 Total
funds
2021
£
1,683,837
4,767,534
150,000
36,643
(22,034)
6,615,980

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Fixed asset investments
Social investments
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2020
£
1,700,668
405,747
150,000
35,921
(15,971)
2,276,365		 Restricted
funds
2020
£
-
-
-
396
-
396		 Endowment
funds
2020
£
-
3,931,812
-
6,604
-
3,938,416		 Total
funds
2020
£
1,700,668
4,337,559
150,000
42,921
(15,971)
6,215,177

18. PENSION COMMITMENTS

The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £1,908 (2020: £1,736). Contributions totalling £nil (2020: £nil) were payable to the fund at the balance sheet date.

19. RELATED PARTY TRANSACTIONS

In the reporting period, there have been no related party transactions that require disclosure (2020: £nil).

Total donations received from trustees in the year, without conditions amounted to £10,535 (2020: £10,190).

Page 36