Charrty numb¢r.' 1184835 CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO MEMBERS OF COUNCIL'S REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO CONTENTS Pagè Reference and adrnAnlstratlve detalls olthe ¢harlty. ils Members of Counell and ad¥ls•rs Members of Council's report Independent audltors. report on It* I￿a￿la• stai¢ments 9-12 Statement of financlal actlvitles 13 In¢ome and expe￿I￿r• account Balancè sheet 14 15 lotes to the fina￿la1 statthhents 16-35 CAM8RIDGE UNIVERsrrY CATHOLIC ASSOCIATION CIO REFERENCE ANO ADMINK8TRAThIE OETAILS OF THE CHARrrY. ITS MEMBERS OF COUNCIL AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2024 Member5 01 CounL¥I Ex offldo ProfÈsx¥ J Sosktce. Pfestht. Profess￿ C W2rnKk. Treasurer" {untd 26 Novwnber 20231 Professor M J Kelly, Treasvrer Noyefflber 20231 ifrom 26 No¥emb*r 2023) {ar4)e4nted 20 hlrs A 8rcr•me, Librn¥Jan Mr Wiltram Me¥rKk. Asststsnt Treasu￿1. Ordlnary members Prolessor H JOY￿. Serxelwy" [k¢j￿ary membws Mr G BrdWHHn' Dr P Beer [* F Umetzer rkJ &aggater Dr K Williams Df H M IAFf#inted 26 November 20231 Dr K4 P A Lt)y lapprmnted 26 November 2023 K M.J Allen (aprKxnted 26 November 20231 Ptolessor D Oe AryelL% laswnied 26 NovembBr 20231 ' Member of th• Finance Commrtlee Charlty registefed number 1184835 Prlnclpal offlct FBI￿r H(yJse Gusldhall Slreet Cambndge C82 3NH Ind•pÈndent audltor5 P•ters Elworthy & Mcrfxe ChaMeTed Acthwntants S8h5bury House sts1￿ Road CambrKlJe CBI 2LA Bankers Ba￿lay5 8ank PLC 9.11 Sl Andrews Streel Carnbn¢JJo CB2 3AA Page 1 CAMBRIDGE UNIVERSITY CATHOUC ASSOCIAnON CIO REPORT OF THE COUNCIL FOR THE YEAR ENDED 30 JUNE2024 CaTr*I￿e Uni¥eryty CatholK Associatrffi ICUCA) Counpl of man￿Ment Ireferied to as Tru$teesl present Iheir 8Mual report I￿ether vAth Ihe [mar￿a01 $late￿nts oflhe clwity lor Ihe year ending 30 ju￿ 2024. The financiol s¢atemen15 comply Mith the c￿lent $talyltyy r￿qU￿rnents. Ihe fequiremenls of the charity'5 ooveming document and ￿ proWs￿n5 of Il* Stalemenl of ReC￿￿ended Pr*ice ISORPI, awjkable to charities preparmg their acwtmb ￿ accordanc¢ w*th the FinawK4al Rep￿ng Standard applicable ￿ Ihe UK and Republic of Ireland IFRS 1021 leffecb've 1 Jar￿ary 20191. OBJECTIVE AND ACTIV IES OUR OBJECTI￿S The c4"•cts of the As50Ck8tThi. 0$ defined in the Tntst Deed. are.. The promoknn arbd Safeguarding 0fc8trA￿ intwests in ts Ur¥vw*ty*)f Cambrh*3e ol a reiigw)us, ed￿atiu￿ andlor charital￿ nalure: The p￿VIS￿ ol the ￿e￿55ary accA)moYyJakn lor a CWI.. The h￿sin9 of Ihe UThv•rW Cakn)k Chaplain.. The maintenwKe ola lknary of CalIK>1￿ klaralure ofan ed￿￿li￿al nats¥e" The Yoldir¥J ol meeltngs I￿￿nferen￿ ft¥ Ihe thaw*nt ol au or any of the above obJ"eets. In $ettiThJ objedives and planThro for athitsÈs. the Men*ers of C(MJ)cl have given ¢the c4x)sideration Io general yEHdance publtshed by the Charity c(￿MiSsion to Put4￿ benefjt. in¢kn1M￿ the guidance 'P￿lIE ben?fft'. running a charity IP821'. OURAIMS The ains of the Asso(ithn *e.' lo Mainta￿ Ihe rfftnises c(x￿r￿[wj Ftsher HOU￿ and a￿l￿ning lyikjings to serve Ihe needs of the comnwnily arml thg (*4e¢tr¥es of the L8s(Kiakn". lo enable the Chaplaincy at Fisher ouse to prowde generally for Ihe t￿U￿ty of sI￿ts and residenl senior rnembers ol the Unive¥sty of C8mbndge. lo Ma￿181n fatilities for Cathohc w£)rsh¢p IhrougtKwt ￿ yrar lor m¢mbers tsf the Associab'on and for members of Ihe publiG are ￿k£¥ne to artend serv¢es in Ihe chaFd. to assist in promding resou¥ce$ for the Chaplain's day to day needs., to provide space lor a liiY8ry. The Assooaknn believes that il Satisfies the PU￿1¢ benefft r•quiremenl ￿mIer Ihe Cknbes Act 2071. ACHIEVEMENTS ANO PERFORMANCE 1. S￿p[￿ loi Iht Chaplai Fr Paul Keane has b¢en Chaplain Ihroughout Ihi¥ ￿aT. his seC(￿d in post. He has been supported by the Pr*st Assistant ￿aP1aM Fi Albert ftQbert￿n smce ￿tyUSt 202J. Th¢ Chaplaw tearn has been Com￿eted by Assistant Chaplain Sr Ann swal￿ wlb) has seNed us since 201Q. and by M. Henri G¢)defroy, a seminarian of the D￿C*se of Pans who has been wth us fo¥ Ihks ￿al. This lasl has been very successlul another seminarian will us fr(￿n Paris lor Ihe new finar￿la1 5Ear CUCA CIO has provided finan￿al and administralrve support to ts Chapla￿5 Ihis pewh)J. Pagè 2 CAMBRIDGE UNIVERSITY CATHOUC ASSOCIATION CIO REPORT OF THE COUNCIL ICONTINUEDI FOR THE YEAR EMOED 30 JUNE 2024 2. BuikliTh The Assotsalion ￿ntin￿S to tmthnenl its pryawffip ol mainlensrtt and renewal, alongside giving r￿s1derallon lo lon9er-l•rm. stralegic C&j"￿t￿e5 The Trustees lake appropriate professional advice conceming all as￿ ol ￿￿Thten8r￿￿ 8NI deVel￿Ment. rollinu pro9￿￿me of onnual maintenanc£ fulfils the recomMendat￿nS ￿ the asset management plan of 2013 (updated 20191 and include5 the following amual checks: Fersonal aprtsKe testiro. ksiir¥J ol emergerKy IwJhting and fire sounders, ¢leaii)g of gulters. servic4ThJ of sÈ¢unty aarms arKI carneras etc.. rnainteTran￿ ol hea￿"￿ and hot waler systems. six-monlhly deep deanw as wel as re9￿aT daty deaning and maHrtenan¢e oversight. In the past year, the most S￿nIficant work has been a redeco￿ of the thpel and Narthex. ¢awwied out in Augvst 2023. The Assistant ChapPain's room has be￿ redecualed and a toikl adjacent to the ￿nfeSs￿)￿al has been converted into a storage Space to preserve Ihe trrivacy of Ihe contessional Over summer 2024. main proed 45 the relurbishmenl ol the Librwy. fo¢ugng on Ihe (l￿ent use of the Id)rary as a spate for private slu¢ty. rinonced in large part by a generous dcfialion. Next ￿ar we will c(rylete this rdlw programme an upgrade ol thè Fisher Ro￿￿ as the sorAalisFr¥J frm siudenl members. 3.Regulaiw Framework A5 noted earliw, the Tr￿teeS take cwe to ensure Ilwl au rekvant ¢e￿"[Kath)n is in c¥der. Thls indudes fire saf8ty 1nspectwj￿s. insurance u)ver. heath arKI salety SYecavl￿￿ (stops, ramps, swfaces) and legionela inspection. Irt5urance cover inclu(les.' i￿"kI￿, cmlewts. fwe and Ol￿r darnage. REVIEW OF ACTIVITIES ANO PERFORPAAMCE: SERVING CATHOUC INTERESTS Over lJ)e course of the year. Truslees have contiwed to dosety*Mlh the CharAan. Assisiant Chaplw"n5 and volunteer clergy. to ensure that lunds ￿ facifftitss are avaifabk to supptyl acti￿￿85 01 a Calholic nature in and through Fisher House. The most *gnrfL?nl item of rewlar annual expeThYitufe lor the Aswtation is the provision of a suknlion ILY the work of Ihe chap￿ncY. The wiwpal aim of this wth* 1$ to provth spirilual and pastoral suppjrt frm Cath￿￿ mem￿r$ ofthe Universty Ihe prtsvi5ion ol bluW￿41 cetebra110￿. otta$￿n5 for priv8te prayer and the study of Cathohc hterntw¢, optKxtunitses for Cathohcs to meet each other to so¢ialize and to befngnd each othef in a Surp￿ en¥K¥W￿l. and lo welcome inio Fisher House th95e of other faiths or no failh. some quanlrtaiNti ffleasure ol h(Y+V CUCA Fisher House are achievry IheiT tharit￿8 goals provKled by a summary ol actvibes provKJed by the chap￿￿. Each adwty cx 5eNce is a¢wmpanied by an •stimate of Ihe number ol peO? invthed. Wetkday Mass Altendw Tenn Iwne Trn persLY135 Va￿lI0n time in per￿ 20 Sunday Mas5 Teim tsme attend8nee in person 320 Term tsmg attendance via livestream 10 Vacation 1wne attendartt In person 1$) Vacatk?n lime alt&ndar￿e Ma Iivestrearn 10 Studenl numbets at lun¢h and cthr rewlar rneetry5 Apologia IEvery Tuesday in Mithaelrnas and Lent Te￿$. ffirsl T￿5￿8y$ in Easter t8m)150 Op¢n oifiee (Fridays in lerml 8 81g¢k Swan Bar (Fridays in term) 20 Altar Servers Iweekty in temil 12 Dolphins, Football Tewfft Iwe¢klyin term) 20 'Hadd¢xs' Medical Eihic6 Group Ifwr meelws ￿ Mtheknas. in Lenll 15 Schola Carnorum (weekly In lerml 10 English Mass Choir (weekly in term) 20 Fisher Committee16 times per terffll 12- CUCA makes an annu￿ sthention to Ihe Committe* Page 3 CAMBRIDGE UNWERSITY CATHOLIC ASSOCIATION CIO REPORT OF THE COUNCIL (CONTINUED FOR THE YEAR ENDED 30 JUNE 2024 PTO-Lite Group (ten meeb'ThJs over the ww5e ol the academ￿ ￿8[) 10 EcurnenK81 aTrJ Interfaith GTOUP". a one-off rAjnIeren￿ altracted ¢75, incknjry Members of Universfty 151¥nwc and Jewish Socielies. ￿ the Sttjdenl chris11￿ Mo¥emènt a5 wel as member5 of Fisher House Companies of Malla 25 Piranhas (Rumiry Group) 15 Fisher Society numb￿5 (Ca1hd￿ Studenl So*) 2023 was 7x1 GradSo¢ lyraduate soaetyl meTr*Jernhip 2022 Fortnightly meetings during Michaelmas Iwm, averwje 20 The CUCA Subvents.￿ to the Fisher s￿ety incbjks a t1￿ Gradsoc Po$lDoc Group This has t*en slowly regai*rwJ admty pjst-covid. Weekly SuThJay Apentif Item Imnèl". 1 Fishw Fil￿dS (the Sen•Jr Memberol Ihe Urmversityl rntet￿g after Sunday Mass." >12 (average 8 Social Oulmch Order of IAalta VcAunteers 35, lou¥ soup I￿S a terrn b.rne aTrJ knjr srt down dwirE￿ for the horne￿85. The chapel trs #150 used by m¢Jsiaans loi rehearsiw * rewding As needed. Ihe Fisher Rcx)m rs us¢d as a Pomry StalKJn. Coleclion in kind lor Ukraine Trips and Pl1￿mageS Pilgrimages to London 8 W8lsryhwn." 45 There was a walknn9 pilgrvwJe Irom CaTknhJge to Ety 28 Annual èv•nts Fisher Mass and Lunch 280 Fisher Dinner 1XI In recent years. folknmng the ad¥icÈ ol au¢Jtors PEM. attentN)n ha6 been given to Setting out morè dearty the T•￿￿"0n8hIP b2h¥een the manageffEnt of the A$s(KIats￿'s tNJ5wiess Ihat of the Chaplaincy. The Asswation is responsible for providin9 the m￿S- the b￿.￿￿.￿d mainlenanee, and approwiate financial resoui¢e5 to allow Ihe swriiual and pastoral ol Ihe Chaptans and ChapLaincy to flowish. The WO￿ of the ChaplairKy falls Part￿ Iwthin the remit of CUCA. pro¥ides it5 home and ts r￿r￿M￿j costs. and p8rtty within the remit of the Oxlord and Cambridge Cathdic Education Board I(￿cE￿I. a separate charity reporting lo the Conference ol Cathdi¢ 8¥5hops of England aThJ Wales. rewn5kn1e for Ihe arwntrnent of the Chaplain. The Chaplaincy itsèS1 is not a eharilable Droanisafv"on. OCCEB r￿0￿deS • sm*1 amount of funding direct to the Chaplain for hwn k> spend at his d￿Cle110n.. at present much ￿ tt)is used kn fund ts salary ol an As*stant Chaplain, with sury>lus èecruing for fulure Chaptainty related exF¢￿IrtWe. The OCCEB Trustees aknate Ihis rintrfenced surn ea¢h year and receive a Stalefflent ofexwditure by the Chapla"n. The daty rwffiing of the Chaplaincy is managed by the Treasurei and AdmiThstratty and suppNted by CUCA'S Finance Commrttee ￿ disw$sKyn with the Chaplain. The CUCA Councd reviews relevant exp*)drture al ils MKhaefmas tem meetirvJ. In *JthtbJn ID dired wpport for trwwort ol Ihe ChaF4ain. Ihere 15 also <&￿¢1 sw)wt loi siLtdent #ctivit*5 thrwgh an annual SubVen￿On (£4,426 Ihi5 yearl rnade trj the Fisf*r Society, and through it Ihe Graduate Sooety. Thi5 money 8ll¢>ws these Societies to tlan and c¥ganize a rangÈ ol eV￿¢S ielated to Ihe work of the Chaplaincy. These events included. znnval ILtr)thes kK new siudents and departing students, 8 wde ranoe ol talks, hosfv'ThJ visitor5 trom other churches and chapbaincies, a nW-Iwn8 invitatson lo pa5SW5by to drop in find wme quiel me OT to learn rn￿e about the work of Ihe chaplaincy, ￿vrt￿.0n to speakers 8entix respective field5 to rxjme and lead discussions. Th? students prep￿￿ lh8￿ own drnjmenl 'The Fisher Herald 202*4, whith sumrnarise5 the total and vAde range of Iheir aCts.￿be$. The AssWatic￿ maInta￿S arKI losters thnks *ilh ts abjmni r￿Mn￿￿1ty. styne 4CrfJO wodthwide. ihrgugh Pago 4 CAMBRIDGE UNIVERSITY CATHOUC ¥iss￿lATION CIO REPORT OF TTrtE COUNCIL (CONTINUED) FOR THE Y&qR ENDED 30 JUNE 2024 provision ol an a)nU￿ new5ktter {Ilslithted in Awvswemberl. Ihrwh active ttse tsl the website. with the provision of an Annual Mass lot the commenh)ration of benelacth. and IhTough other reunion and ad hoc gatherings. The annual new51etter. in ath*tion to keeFKng ahjmni inforrned and Invofved In the Ille of Fisher House. is Blso an Impjrtant ve￿￿e for fijntha￿￿g. The AssooatK)n normauy sees a sigwmficanl ￿￿ease in donations loll¢)WiTh3 appea15 made in the newsletter. ￿re no plan lo make Ihe newsletter dig.rtal only. how&¥er we ale asking alumni and Olher supportèrs lo [￿KIe ernal addfesse5 land peffliis510n lo use Ihtsml io allow furthèr communEcatic￿s thai rnay tnrkne lundraiwg e[D￿ls. Members are encwiaged to Infomi themselves of the ch￿ly'S activit￿5 by aNendw*3 Ihe Annual General Meeling at whith Ihe annual ac¢wnts ar8 discussed, I¢8ding Ihe N￿letter. and review￿ the Charivs a¢(Y￿t5 as wsted on Chanly COMMI￿10n.S website. GRANT MAKING POLICY Art grant is made to Ihe Fits Socw is recc*Jnwl by the Proclors as a Universty Sou'•ty. Other grants may oceasonally be aUlh￿l￿ by Courol on an ad basts wrthin the terms of "rtem 15101 th• Assoaalicm'$ oi¥ects. FINANCIAL REVIEW & RESERVES Th• CUCA CIO *rn$ to m￿ntain sufficient unFestrirknJ general funds to cover ￿ expecled expenditure ol at least six months. At 30 June 2024 these at £618,11512023" £524.3751 1$ above the expectation ol £175.693. As part ol Ihis. the CUCA CIO aims to mantan a work¥)g cash reserve {bwng cash at The bank or in handl to cover the expeThJilure ol ai ka5t three m(¥ths. The cash reseNts on 30 June 2024 was £99,$31, whtch is comlortabty atM)ve the largetol£87.846. FurtheErTh)re, £425.821 12023 £308.3071 was hekl a5 cash in the investment porlf01￿ as part oflhe balan￿1 inveslmenl assei atrat¥)n strategy that CUCA CIO have adoptèd, CUCA CIO monlaih a designated re5wve for fulure mainlenancè expend*turÈ. As at 30 June 2024 the lund s¢oDd ai £157,73312023". £200,000). Duw*w Ihe pwbjr year a new d￿gnate(l fund was ¢￿ted io cover Ihe costs fow fuiure CaFMtsI expendilure. As al YJ 2￿24 the bal￿￿ was £200.C*XJ12023. £200.C4)01 The in￿me of the CIO was £388.636 12023: t3￿.￿011. DTect thailatAe expqndiiure arryJLmted to e351.385 12023.. £225.3341 whith induded depreciat￿￿ 8nd *rNxiisakn of £26.037 12023." £25.1991. This resumed in net surplus before inveslment gains 01 £37,251 12023.. £165.2671. Aftef invesknenl gains of £579,443 12023." £32,049 gain) th¢ Charty reporte(1 lotal funds 01 £7.399.74512023". £6,783.0511. an inuease of £616.894. The marttst vakje of the ￿1 inveslmenl p¢xtfokn. including cash. weased by £896,880 fvom £4,914.029 to £5,610.909. This increase in our income us to th￿nIa￿ the of SUP[￿ we g￿e in pursuit of the Association's obpctive5. INVESTMEP4TS The w"ntip81 invesbnent obj'ective agreed by the is to mamlain a rea50nablÈ balance betsveen eapital qrowrth and inGome lo ¢nswe that curf¢nt fuiure needs ol the Asso¢iai*)n can be mel. The portr0￿0 has balanced assai $Uoratv)n comwr&irYJ UK and intemathwl eqiMl*s. tX)fKls. gohj. cammerual woperty and cash. During thi% last ￿ar we have Carried out a revi￿ ol cwr investments wrangements. conduded fhat the balanced asset alO￿tiOn has the yeh*ed retwns that we m&ht have received though a more 8dive management of our fu￿JS. We inteNiewed three luTrJ managers. and have deaded to west wilh CCLA. and particular Iheir Catho&¢ Inveslment Fund. vthth has an ethKal ￿ cofflmertsurate writh our obpctives. We ore also actir¥ in anti￿Pati￿ of a request from the slwlent ethThl wwestment porlfolio. PRINCIPAL FUNDING The A5souatioft's main fwmhg sowr*s from dtThtKX￿. lega￿5 and investrnent inccffle. FUNDRAISING P*Je 5 CAM8RIOGE UNNERsrrY CATHOUC ASSOCIATION CIO REPORT OF THE COUNCIL ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 CUCA raise5 funds in Ihree rna￿ ways. first￿r. ltr￿e 15 a (￿￿t￿)n dwing rel¥J￿5 services in Ihe Chapel dunng which the congregatK)n makes offen.ngs ￿r59 ￿5h. chegRs ujnlaclless. secondly, we re￿1ve online donalitins elI￿r one off w by Sknding order. predrnntly Irom local rnembets of the Chapel cornmunrty and thifdly, we ¥eceNe uns01￿led donatK)h5 predonmnanlty Irom aluft￿l, often a5 bequests. We do not ¢uffenly send out lundrais•)g &leratwe ￿ other coMrnUnKal￿fts (s￿h as emails) however. swKe GDPR came in we ntjw ask Member5 annually lor pemwssx)n 10 send suth comrrwrrtalK)n5. WÈ tlo not employ wofes￿onal fuThJrai5ers and Iher6 were ￿ falures by thè chanty in complwwJ wlh Fvndraising sla￿JaI￿5 in Ihe year. Any fundraising Co￿p1a1nts be handled ty the Treasww ￿ C￿￿￿￿On ￿*h the F￿￿nce Commrtlee.. there Were ¢hv sear. RISK MANAGEMEIIT Thè ¢wnc￿ keeps revw ts fisk assessmtht Fthy publ"c liatiility insurance arwj heamh and safety issues. Insuran￿ p)ho"es for Publ￿ 3Th1 Empl￿r.S Liablity. BU￿1￿)$ and Contents and Trustee Indemnity are maiwrtained wrth Awva These are kept urKleT rewew a￿1 Ihe exteTrt of cover is updated a5 nec￿Sary. undef advice Irom One Broker (Camtr￿￿} Ltd The freeho*J pr￿ertY ethnpri￿rg Fisher House is revalued lor insurance PUWF*Jses every fve wrs OT as requyed, mosl recenuy ￿ 2023., valu4ts.tsns of the ¢ontenls of Fisher House are obtsmd apFYLwate. ser￿"ty ￿ kept ￿¥jer u)ntinual re¥￿W and annual service contracts lor the maintenorKe of access controt, CCTV and ar4￿ SYStem5 are kepl up to date. A card auxss 5yStern has been inslalle(I to cseate security zul￿ in House and Ihe Chapel. Now that CUCA is an employer there Is a r￿k ol an employmenl dwe. Ths nsk is mitigated by mainlaining good comrnvnication with emF4oyees aThJ S)IIow4NJ emF4oyment Professional human rehtsons advice wll be taken rf Ihere is material rtsk ofa dispute. The man risk lor CiKA r5 that the ol the endowrnent is reduced by a Ilapse in the underlyT"ng markets. This risk milwed by adhering to a balanced asset alDcation strategy whereby risk its spread ovw rTrany dozens of UK Llobal coEnpanies and as5et5. The main goverwte nsk lo CUCA CIO is madequate perfcrf￿n￿ ol the Trustees. There COU￿ be mputational darnage il dubes are neglected or sutte55K￿ key roles is not adequately undertakerb. STRUCTURE GOVERNANCE IIANAGEMENT CUCA CIO Is a registered rknanty Irwmber 1184835), wlith was fO￿ded in 2019. havi￿ converted from an uninCo￿*)r8ttd charltable efi￿ty. Und•r the tetffls ol Ihe updaied govemfftg Tw51 Deed. dated 9 August 2019 lorjginal dated 23rd July 19261. resrKJnsiblty for mwwern￿ of the AsS￿at￿¥1'5 affairs ts vested in the CUCA Council. and partrularly ¢t$ ofkers. C(yJMeil meets Mce a and the conststution also proV￿e5 for the calling of addilional or exliaordinary rneeling5. CUCA Cgunril ￿ reSpo￿lble for ensuring Ihat the builth"ng. Fisher Housè. is ManIa￿ed as an asset Ihe h"lÈ of the chanty Members ¢¢1 the Associabon are those ￿th a recogn£ed affilolion lo Ihe Vniver&ty of Cambr* either as ¢utyent or fom)er members of staff or slLKlenls. There is a P1Dvis￿n tn Ihe conslrtulion for creab.ng tbjnwary members of the Asscoabon. as de¢kled by coun￿1. t)ut suth honorary members have no voting rvJht$. The constiltstk)n wovKles for an election pr¢eass for Trustee5. fèquirng those wshing lo be eons¥Jered caThJdate5 to kyovide lo the Secretary of the AsSocia￿.0n a proposer and ge￿nder lor th•r candidacy at least I￿ weeks l)ek>re Ihe AGM al *tK)ns tak¢ Oace. N0￿ce of the AGM, hekl In Fisher House each year on the first SuTraay of Advent. is rKJsled on the website. on CUCA noticeboard ￿ Fishw House aNJ tirujkted by ernail. Vot¥YJ 15 in pewrTr. Th¢ est*ished CUCA Officer posts are PresMlÈrJl. Trvasurer. Secretary a￿1 Librarian. Sc•Jndirws are taken amongsl th& commThrty lo ensure that there Mll bg wx)d candidates standirg lo rwace officers bthen the¢r t¢nure expires at the next AGM. The Trusle8s are mindlul of a need lo foster ¢*"ver$rty anwst Tw5ke5 Irtr terms of ag¢. genijei and expeth"5e. There is now an age swead of ca 40 wrs anwst trjstees, three fjlths of Ihe Offi¢ers are women the gender tsa1￿ce of the other Trustees is 1.3 female..ma￿. (kn the pa$1 year Counc41 has gwi additional encouragetnent to Trustees to inform themselves of thanges b Chartiy law. aTrJ ￿8¢ed Inc￿$*{* emphasi¥ on the requireft*n15 of all (*arFty TnJstee5 to be lully ￿tr￿rned of Iheit resporb*bilrties. The cwfent Trustees provide a raThJe of adminisltatÈve, Feyal and fwncial expertise. aTrJ ￿. 5t all necessarily have th5e links lo Ihe UThversity ol Can*Jri(kJe, t￿Y often aF50 experien￿ in 01￿ sectots vrilh direct ielevance to Ihe Ass0e4ab"￿. The President arnj Treasurer wovbye Thjudion for n&¥ T￿￿lees. The President PFovvJes a copy of the CUCA Consblu￿.on and explatn5 Ihe m*n pro￿$￿)n$. The Treasuter provides u>p￿S of Ihe 5ate5t investment Pag• 6 CAMBRIDGE UNIVERSITY CATHOLIC ASS¢XIATION CIO REPORT OF THE COUNCIL ICONTINUED} FOR THE YEAR ENDEO 30 JUNE 2024 ropjrf finance mrjynittee minutes. The￿ 15 di5CUSSk)n of CUCA'S mam ￿$￿*￿ts￿ltie$ upkgep of the fac¢lities. the emplo￿ ￿ slaff and Ihe Thieslment of the erK3tyvment. h addrtion. the Treasurer intrLYluces new mernbers of the Finance CommHttee to the lemily schedLAe of meebngs aThJ the topics routinely coveied each rneets'ng. Th? annual reporting and auditiThJ routires are olttkned. The Tieaswer a150 oullines the pas5[￿, balanced asset alkncation investrnenl stralegy. by ieleren¢e to exwes of Fe(znt inve$fftnl ￿portS. FINPWCE COMMIThEE MATTERS The Trustee5 h￿e idenbfied what Ihey thM)k are the main risks faciwvJ Ihe Association and estimated Ihe risks. The Msk register is rewewed and plans are t￿led ￿rein lo milyte the hazards. The Tiea$uier. ¥*th advice Irom Ihe Finance ConNni(tee and wlh Ihe cons¢nt ol the CO￿￿J, has mar* the endLxvment passivdy according to a.￿anCE￿ asset alkncatb)n' la mix of UK aryl inlernatK*nal sharÈs, bonds. UK property. cash and gddl. A￿￿￿ investrY*nt costs a￿ DOW a Iracl￿ of s percent ol end￿￿￿enT Against a backdrop of on5k1era￿e m*k•t volahlity, Ihe portlojio rose by rrAJgNy 5% over the finanoal year. recovering the losses of the premous year. however these gains are offset by spjniftcant ￿fialThary headwtyjs. The mcome fiom th¢ eY¥JowTnent has now largdy recovered to pre-Co￿d level Dets￿ed over￿h1 tsl financial affar5 Ire9ular and expendrture, portfolK) perfCKm8n￿, decisions concemino MI￿?￿ expemliture on proje¢151 15 delegated to the F￿ance CLYnmitteg whose membership con5151s ol P￿SIdent. Secret*y, Treasurer. Members ol rKJI officws. bvo meM￿r5 who a￿ nol Trustees, 8nd Ihe Chaplain ex officio. ￿"nUteS of Ihe Fnance Commttee are circulated lo Council Discussions conceming expendi￿￿ on major prc¥ects may ir4bated ￿ CcMJrKal but also be referred to Finance Commfftee for detailed discuwon arn1 wEcommewKlat1c￿. Firw)r* Commrttee also c¢￿￿dets staffing In some dètsil and make5 recommendations to Counc4 rx)ncerning slaffiNJ bevels and sa3nes. In general. *JmM¥5trative $taff salaries are increased in lifi• wilh pay award5 to ￿MparatIe stall. IAembers ol Councl aro Fe5￿nsIble for ensuiing Ihal ￿leVant officer5 prepare and twent Ihe Associakn's annual report and arLounts in accordance th Current eharity law and wactice. In partirAJlar c￿ClI is re9￿151b1e for. appointing auditors, obseNry aeeoontsng rule5, maknng pjdgefflenls and taking dec*sK￿$ ttwt ￿ reasonabl• and in a¢¢ordance with relevant r¢gulatp)ns, and exercising proper aThJ aprxcy*le ovewht elements of the Associati￿.$ fina￿al managernenl. These indth*.. keeping acA¥ale accountin9 recortjs and $latements that comply wrth the Chariks Ati 2011. Two adtninistraltye posts crmtinued dunr*3 the The CUCA Administ¥alor ￿ contracted for 4 hours per week and o¢¢as￿￿811Y wwks overbme. ThÈ CUCA Book keeper ￿ contraded lor 4 hwrs per week and is supporting Ihe Treasurer in ihe generati￿ of Ihe a￿oUnts. Accountino le￿)r￿S and suppcmting dala conceming deta￿5 of inC£￿e and expenthkne are Stored th the Ass￿at￿)n'$ sethon of the olke tocated in the house, Fisher House. They are mainiained by the ke¢per at¥J TreaSurer￿d are available for inspection by other mèmbers ol co￿￿.1 as by a￿d}lOrS. There is a back-￿ 5ys¢em containing doc42ments relaling to insurar￿, building proie¢fs. arxl other asso¢iaied matewial. bul much of the data ts now in electronic lorm. The Associatitsn is rtFindbJ of the nee(1 lo maintain records r)xw￿ the various 4Ytspe¢bon regimes rdatsng to tt build4ng, and the regular expendture on maintenar￿. STAFFING AND EMPLOYMENT PROCEDURES One of the prinGipal obie¢lNes of the As￿la1￿)n r6 the ol a Chaplani. ThLS OtpciNe Ls atheved both by funding a stipènd and Fwvidiw accom￿1￿, a5 rK*ted above. The Chaplain L% a Priesl of 8rentwc¢Jd Diocese. who iemain his em￿o￿tr ￿ri￿ the course of IN"s seemjment. CUCA 1$ invO￿ed by Brenh¥ood Diocese for his serv*th. The Assistaht CharA"n dumg ts finart¢ial ￿ar is a membw ol a relYJiou$ Order in thg Roman cathol￿ Chur¢h. In *cordarKe Mlh the Chanbes SORP IFRS 1021. Sir￿ a contraclu81 rolètionship behveen the Asso¢Iats"¢￿ and the A$￿Stant Chaplain exists. pa￿￿entS made to Iheir Otder in respect of salary during Se￿ndMent lo Foher House have ieen rerw)ised as Pa￿￿1 cx>st$. For othtrr Staff Ihe Assooatson is regi%lered HPARC as ￿ emrty. It is respons*Jle foi payThJ the salaries 8nd pensrons of the Catetakei125 hrs per weekl ieSFonth"hties to rnainiain and prolecl the fabric of Fisher Htyjse, the CUCA Administrator 14 hoLX$ per weekl wih general admiThstratrve responsibilibe5 for bolh CUCA and the Cha￿aIn¢Y. the Chaplaincy AdminI￿rat￿e aSs[s￿lI4 hrs per we8kl with res￿)￿￿*￿.es for chaPl￿nCY accounts and ke￿ing donation records at￿ Ihe Book kgeper14 hours per weekl wth resp￿$4b11ths for keeping Ihe accounts foT Ihe A$s0(aal￿ and perfom.ng pa￿lI1. The Caretaker. Admiftisttator. Administrative P•3e 7 CA￿RIDGE UNIVERsifY CATHOLIC ASSOCIATION CIO REPORT OF THE COUNCIL ICONTINUEDI FOR THE YEAR ENDED 30 JUNE 2024 assistant and B￿k keeper posts are th"reclly by the A$5coakn. All tho empbiees regular support for the wort of the Chaplaincy and the Assooabon. On a day40-day basi5 Iheir work is o¥eFseen by the Chaplain. In eM￿Oyment terms. they re￿t to Ihe Trustees. Other than departure of the lay assistant referred trj aljove Ihere was been no tury¥)ver of staff 11*5 year. All empJoyee5 are ottered the opp)rtunily foi regulai appraisal and lor Iraining. STATEMENT OF MEMBERS OF COUNCIL'S RESPOMSIBIUTIES The Members of Coktncil ale respons￿￿ ￿ PfEparing 11)tt membe￿ ol Q￿n￿l'S rep￿1 and Ihe financial staternents in accordance with appacabk law and United Atttymbng Standards (Uniled kn"ngdom Generally Ac¢eple(l Accountsng Prad1￿). The law applica)le to tharrtie5 in Engbnd & Wvjes rewwes the Membew5 01 Councd to wep8re financFal Slalements for eac* finartEal year which give a iwè and fatr wiew of ihe stale of affairs of Ihe thanty and of its comirvJ resources and applKation of resources, induthw ils income and expenditure. for that peTiod. In prepariTra Ihese financial statements. the Members of Ccthol a￿ required to. selecl suilable accountr.ng pcthoes then ap￿ I￿rn (x)nsi5tentty." obserye Ihe methods and prtn&F4es ol thtr Charilbes SORP IFRS 1021.. rnahe Judgments and £C￿unti￿ estimates Ihat are reasonaL4e and prudent., stats whethtsr applicable UK Accounting Sta￿ts￿d5 IFRS 1021 have been Ic41w￿, S￿1￿ct to any Mat￿la& tpartures disckjsed and expL44￿d in Ihe financial statements: prepare the financial stalements on the concem bas￿ Lmless it 19 ulapwr4i￿& lo pre$Ur￿ that the ¢h•ritywill conb.nue in Ewiness. The Members of Council are responsible for keeFxng *4equale accwting records that are suffiaent to show 8nd expkin Ihts charitys tsar￿dIOnS and reason¥￿e acasracy at aTry lime Ihe fmantial position ol (he charity and enable them to enswe thal the finan￿￿ slatements Compty *ilh the Chanties Act 2011. the Charity IAccoLtnl5 and Reports) RegUlatr"L￿5 21K>8 and ts 4xovisions of the Trust deed. They are also responsib￿ for safeguardtng the asstrts of the ththy hence for takn.￿ ￿a$(￿lab￿ sieps for the prevention and delec￿On of tra￿￿ ¥#J olherwTegLtsii*s Approvad by rthr of the ￿rnber5 ofthe booTd otèAenkn5 of Council and *gned on its behalf ty rolessor J Sosklce PresKlent Date Profe550r Tiea5ur J Kèlly Page 8 CPAI8RIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO INDEPENDENT AUOIYORS. REPORT TO THE IIEMBERS OF CAMBRIOGE UNIVERSITY CAThOLIC ASSOCIATIOM CIO OPINION We have audited the fin8n¢*l 5talemen15 OIC•￿ UThversity Catholit As50ciatson CIO Ithe'ehartyl for the yèar ended 30 June 2024 conyise the Statement of financral 8clivibe5. the Incorne and expendilure a¢ount, the Balance shEet. the Slalemenl ol cash 11(Ms aThl Ihe reLaled notes, inrjudmg a summary of significant accounbng policies. The financiaj rep(xtry framework that has been applied m their weparation applicable law aftd United KinWrn AcfM)UWbtTrJ Slwdards. y￿￿th"n9 FIn￿c￿l ReF4)rting Standard 102 Yhe Finawal Reporbng StaTrlard applKable in the UK and Reput1￿ ol IrelaFkl' (Unrted Kiigdom Generally Accepted Accounting Praclw}. The financial stalements have been wepareil ￿ aCCorda￿e wth AccounliThJ and Repuling by Charitie5 prepanng their accounts in a¢wds￿e wtth the Financial Repth"ng Slandarts applicable in the VK and Republic of I￿land IFRS 1021 in preference to Ihe Ac0￿n11n9 and Rewjrting by Ch¥iltes." Slalement of Recommended Pra¢D'ce i55ued on l Aprf 2C#)5 which is releFred to in Ihe exlant regulath)n5 tsjt has béen wthlrawn. This ha5 been ¢Jone ￿ order for Ihe to wovwje • and lair view ￿ acc￿dance w*h the Gen?raMy Act¢ptgd Accounbng Practice effth for rewtirwJ perKrfls teg1¢￿1￿# on or after l January 2015. In our osxnion the financial statements". "ve o truè and lair vwi ol the $l•ie c+ the dwiiys affairs as al 30 June 2024 and of ts in¢(￿1￿j r￿OU{Ce5 and applicalion ol resrmalKJn conlairbed Ihin Ihe knnual report. OLK Opin￿ ￿ lh• finanlyal slatemenis ¢Joes not cover Ihe other informabon and, eK¢ept to the extent othenwse explirity stated in our rerK)rt. we tlo express any fL¥rn of assurance CDnClu￿0n thereon. Our ￿$￿)ng￿lIty ￿ lo lead the rAheT Mf0miatic￿ and. in doing so. conshler whelher the other info￿0t1¢n ￿ materially incon515tent ￿th the finanfial statements or our kll￿￿e￿ge oblained in Ihe cwrse of th audit, or othewse appears to be Materi￿lY mtsstated. If ￿ hdentrfy s￿h malerial Inco￿&S1enClQS or apparenl matefjal misslatemenls, we require(I to determire ￿elher this gNes rtse lo a material mi55tstement in the financ*al slatements thewn5elves. If. based on IhÈ have perfomw. ￿ conrjude Ih81 Ihere ￿ a material misstatement ol llis other InftNmatTh. we are requwed to rermxi that fact. We have rKsthiwJ to report in Ihis regard. MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTIOII We hawe noth￿9 to rerK¥t in respect of the 101kn￿ maiters tse the Charrfies {Accoun15 and Reports) Regulations 2008 requires u$ to rep￿ lo you rf. wi our opThM.' the inf￿Mal￿)n ￿Ven in Ihe Mwwthrs d cOw￿lf$ report ts inC￿￿o￿nI in matev*81 respect Wlh Ihe fir￿cIal stateTh*nls.' 0* suffic￿nt accounl¥y recosds have not beerb kepi or the financial statem¢nts 8re rxit in agreemerf with the acC￿nI￿ records and retwns.. or we have not received all Ihe expkn1￿ ￿ requwe for ￿rath11t. RESPONSIBILITIES OF TRUSTEES As tsxplawt more hJlPy Members of CcAm￿S statemer( fv Members ol Cwncil a reSpon$kn￿ lor Ihe preparatm of the financial *aiemen15 give a true and lair Y￿¥. aThJ for s(Kh inlemal control as the Members of CourKd detevmine is necessary lo enabk the preparation ol finanual statetnents Ihat are free from matenal misstatemenl. ￿1her due lo fraud ￿eMIr. In Ihe finanraal statements, ￿ Membets of C(MJncil ¥e resp¢yNt* lor a55essing the chaiitys atylity to contsnue as a gory con￿1￿, disdosry, as aFvkaE48. mallers rekled to gthng concern and using the wino oncern basis of accounting unless the Members of wlher Inte￿• to liquidate Ihe charity or to cease opetathons. or have no realstr a#emative to do so Page 10 CAMBRIOGE UIIIVERSITY CATHOUC ASSOCIATION CIO INOEPENDENT AUDITORS. REPORT TO THE MEMBERS OF CAMBRIDGE UNNERSITY CATHOLIC ASSOCIATION cio IcoKllNueDI AUtMTORS' RESPONSIBILmes FOR THE AUDITOF THE FI•IANCIAL STATEhlENTS We ha¥e been as audtr sedK*) 144 of the chai￿ Act 201 l arKI reprxt m ￿or￿nCe wlh thè Act •vJ Felev8nt le9￿ati￿S made or having effect thw•uThler. Our objectives *e to re8sonabk assuwce ￿1her the f¥)ancial slatements as a WTr￿1e are free from material misstatement. vthelher lo fraud w error. and to i5we an Audiltys, report that Indudgs our opinion. Reasonable assurance is a hth of assurance. is not a guarantee that an audit con¢Jucted in accordance wth ISA$ IUKI wil ahyays deted a malenèl M￿Statement Trt exists. P/isst8lements can ansts from fraud u error and ale congdered matwial rf. ithK1ualy or M Ihe aowegate. they could wsonably be *xpectEd to iofiuence the econoThwc deco￿n5 of user5 taken on the basis of Ihese finantsal stalernents. Irregularibes. including Tra￿1, are inslan￿¥ of nL¥Komphance T￿1 law5 and regulatKffis. We de5wn procedures line with our respons*th'tyes. outjined atove. lo detecl material mts51atements in respecl ol Irregularitie5, indudiig fra￿1. The extenl lo wlxh rwrKedure5 art Capab￿ of deteclw ￿regUlar$t1&$, Induthng fr8ud is deta￿ belTrw". Our approa¢h to idenlty.vg and assessir)g the iisks of Ma￿1181 misstatement m rEspect ol irregukn"tres. including fraud and non4ompliance Eaws aThJ regulatk)ns. was as f￿. the erwJagement partner enved that the eThJagemem Itarn ujlkdivety had the appropriate competen￿. capabilrti8s and skins to ¥Jentfy ￿ recogni$e non-eomrAiance ￿ applKable laws and regulalN)ns" we identrfied the laws [egula￿"On$ 4pplKable to the Charty fvough dwuSS￿ with Tmstees and other management, and from our krkxwledge and eKperierte ol the serAor we obt8ined an understanding ol Ihe leqal and rewtalfmy frame¥wJtk appkatde to the Charity and how the Chanly is ¢(￿pIY￿￿ with thai fran￿try>lk.. we obts¥ied an U￿￿￿ta￿lng orth¢ Ch￿5 and pKKedures on comF*8rKe wilh laws an regulah"ons. includiro docurnentstwjn ofany I￿13r￿S of ncffi.c(*npliance. we identtfied whith laws and re￿at￿5 were signrfKant the cthtext ofthe Charity. The Laws and regU￿b"OnS we consmlered in this context were Charities Act 2011 and taxation legisL4tsortr. We assess the rt(yMred ￿nF￿anCe with these kn and le￿lat￿)￿S as part ofow audit pr￿edUleS on the related financi￿ ststement items.. in addition. we considered wovisons of olher la￿ reguIatKX￿ thal do ￿ have a dweel ellect on the rma￿la1 statements but Compliar￿ wth which mvJhl be fvThJa￿lal lo Ihe Charity's abthty to operate or to avokl material penalty," and iden&fie(I Iw45 and ￿gulationS wére wthhin the team regularfy and thè team iemained to instances ol non.compliance Ihrwghout the We assessed the su5cepthlity ofthe Chws st*ments to Mate[￿ rThsStalemeAi. inckndw¥J olAaining an understanding of fr*Jd might c¢rJJr. ty. making enqLririe5 of management as lo where they Ihere was suscep1th￿tY to fraud, Iheir knlywledge ofactual, ￿￿5[￿ted and *ged fraud., arKI (x)nsidering the intemal c￿trCAS in place to n￿lgate nsks cl fraLKI ar¥J n0nn-CDmpli8nce Audiling standard5 also l¥mil Ihe auth"t wctsdures required lo #*nb"fy non.comrATra)cp wth ￿w$ and regulatKJns to en4uwy of Ihe directors and other mawwent atxl insFeCtion of regUlat￿Y and legal ctyrespondence. Material misstatements Ihat arise due to be harder lo det•d ttw those that ar￿ from error as th6y may invdve deliberate concealment or Co1￿1￿. A fvrlher descriptic￿ of our the audit of the finartial stalements ￿ located on the Firtanaal Reporting Counril's webste at.. w*w.frc.¢ klaLKJitc¥sres Al￿110￿$, iewt. nsibilrfEs. This d8scnplion ￿[lls part of our USE OF OUR REPORT This report is made $dely to the tharW5 trusiees. as a br•ty, in ac￿rdanCe WTth Part 4 of thtr Chgrrties IAccounts and Rep￿￿) Reg¢Jlations 2tth. Our •Jdit has been undertaken so that ￿ mi9ht stste to the charitys Iru8lees those rnatters we are r8quwed to state to them ￿ an A￿lrtOrs. report and for no other purpose. To the fullesl extent permilte¢l by law, ￿ do not ac¢ept or responsitl'lity to anyone other Ihan the chanty apd rt5 trustees. as 8 body. for our wcrfk. fcy th55 or for the we have forned Pèters elworthy & Moore Chartered Accwntants SlatuloryAvditors Salisbury House Statyjn Roèd Cambndg8 CB1 2LA Date.. 16 Dècèmbèr 2024 ters Elworthy& ale e*J'b12 to ￿ta$ audrtots in tern￿ ol seclK>n 1212 (rf the Compan1è5 Act 2£￿. Page 12 CAMBRIDGE U141VERSITY CATHOUC ASSOCIATION CIO STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAJI ENDED JO JVNE 2024 Unrestrlcted Restrlcted Endowment funds funds lunds 2024 2024 2024 Total lunds 2024 Total (uThJs 2023 Note INCOME AND ENDOWMENTS FROM: Donations aTrJ legaue5 Other tra<5ing activities Inveslmenls 347 837 205,184 1.377 119,772 62,303 252.197 612 1.377 119.TT2 113.527 24.265 Olhei In¢omÈ TOTAL INCOME AND ENWWMENTS 62.303 20S,377 120.609 388.636 390.601 EXPENDITURE OP4: RatsiThg lunds Chanta￿9 ath￿lIes TOTAL EXPENDMJRE 8.402 342,983 5.496 219,838 275.￿3 281.691 6.149 351,385 225.334 NET (ExPENDITURE￿N COME BEFORE NET GAINS ON INVESTMENTS Net gains on Inyestmenls NET IEXPENDITURE)llN COIIE Tran$f8rs beNveen lund5 NET MOVEMENT IM FUNDS 176.3141 18951 114.460 37251 165,267 579.443 32.409 (76,314} 693.903 616.694 197,676 17 112.787 11117871 ¥4n S01.116 616. 197.676 RECONCILIATION OF FUNOS.. Total lund5 brwght forw&d Net movemenl in funds TOTAL FUNDS CARRIED FORWARD 1539.375 36,473 2.120 18951 4241,$56 581,116 783N51 616.£ 6.5B5.375 197.678 2.$75.848 4.822,672 7,399.T45 6.783,051 The Stalement of finawa 8ctMl*s al gaw and k)55es feec•3nffjed m Ihe year. The notes on paaes 16 to 35 form part ol Ihese finarK#al sialemenls PaJ• 13 CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO SUMMARY INCOME AND EXPENDifuRE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2024 Unrestricted funds 2024 RestrktÈd funds 2024 Total fvnds 2024 Total funds 2023 GROSS INCOME IN THE REPORTING peRIOD Less. Tolal expenditure NET EXPENOITUREIIINCOMEI FOR THE REPORTING PEFUOD 205.3TI 1281,6911 62.650 163.54S) 268,027 1345336) 275,839 1217.9641 (r6314) 1895) (77,2091 57.875 Th& note$ on pages 16 to 35 form pwi oflhese firwKthl stalem￿ts. Page 14 CAMBRIDGe UNIVERStTY CATHOLIC AS%)CIATION CIO 8MLIINCE SHEET AS AT 30 JUNE 2024 2024 2024 2023 2023 Nole FIXED ASSETS Intsngible assets Tangible a55ets Investments 12 8,7511 1,704239 S,610g09 13 1.730.026 4.914,028 14 7.323.B98 6.644.054 CURRENT ASSETS Debtors Cash at bank and in hwd 15 13.829 99,531 16.535 139.068 113,360 157.623 Credit￿$.. alTh)￿ts falling dUè￿.n one year 16 137,513) 118.6261 NET CURRENT ASSETS 75,847 138,997 TOTAL NET ASSETS 7,399,745 6,783.051 CHARITY FUNDS EThJownenl lunds Restiictsd lunds Unreslrithd lunds 17 4822.672 1225 2,57S,848 4,241.556 2.120 2,539,375 17 17 TOTAL FUNDS 7.399,745 6,783,051 The financial stalements were atvoved and auttkins￿ lorissue by the Membets of c￿jD¢11 and sbJned on Ih¢ir behall by.. ssor J. Soskl¢*. Pr*sld•nt Pfofes asurer Oale.. The Th)tes on es16 35 fomi part ol Ih¢5p finanLyal $latmnts. Page 15 CAMBRIDGE UNIVERsrrY CATHOLIC ASSOCIATIOFI CIO NOTES TO THe FI*IANCIAL STATEIIENTS FOR THE YEAR ENDEO 30 JUNE 2024 ACCOUNTING POLICIE8 1.1 BASIS OF PREPARATION OF FINANCI*￿ STATEMENTS The finan￿41 $latements have been wepartd ￿ accordance with Ihe Charibes SORP IFRS 1021- A¢counting ReFwting by Charitjes: Statemenl of Recorrnnendeil Practice applKable to ch￿ille$ eparin9 Iheii acctyjnts m ac4ydance wlh the Financid Reporlir¥J Standard applKablè in the UK a￿1 Repubk of IrdaTrJ IFRS 1021 leffecli¥e 1 January 20191, ts F￿a￿al Reporting Standard a￿￿kable UK *KI Rerthk of Iwelark1 {FRS 1021 and the Chanlies Aci 2011. The finanoal staternents have been wepared to aNe a Irue and fairf wew aThJ have departed from the Chai?lies {A¢￿Un￿ and Reports) Reoulatsons 2008 to the exlenl requwed to provide a Irue and lairf thew. This departure has Invo￿ folbwing the Charitses SORP IFRS 7021 published on 16 Juty 2014 rath￿ Ihan the ACUAJn￿￿y arKI Re￿1￿ by Chariknes." Stalement of Recommend¢d Pra¢b"¢e effecbve Irom 1 Awd 2(KJ5 has SiTKe be￿ witlulrawm. Cambridge Umtr5iiy Catr4K AsS¢Xwth￿ CIO meets the definitKffi of a pubh¢ benefit enb.ly under FRS 102 Assets and hat¥.1rt￿S are Ir￿tt8￿ recLwwl at htstorKal rA)st or trarthaction value unsess othewse stated in Ihe ￿leVant acCO￿￿j pJt¢y. There were no sYJnificant xccwnb"ThJ esb"males ￿ N*ements made by rnanagement in pr•p8rirwJ these ffinancial stalement 1.2 FUIID ACCOUNTING G*)ernl lunds are urYeslTh*d (ur¥J5 ore avadat4è for ￿ at di%r•lion of the Members of CounrAI in rur1herar￿ ol Ihe ¢Jbiecl¢ves of Ihe chan"tyaTrJ have Th)t betn des¥nat8d for (Aher purp)ses. For a(kn￿￿1¥e th. the may frorn to time allcc8le certa#) resouFces receryed to separattt fi￿d5 Des¥gnated funds eomwse urnesit￿ funds that have been set aside by the Memb¢rs of CouncAI for par￿ular purposes The am and use of each de5yna*ed fund is set out in the notes to the fina￿81 statemeftts ReStr￿ted lunds are we io be used ￿ accordanc• wth spe¢ifJc restriciK)ns imw5ed by ¢*Jnors or whth have been ra￿d by the ¢harrty lor wwes. The cosls of roi51ng and Jmintstering gjeh fuTrJs are chw Ihe spear* fuTrd The aln and use ol eath re$tn¢ted lund is S•1 Ihe r￿e$ to fffianrial Statem￿ts. la GOING CONCERN The Trustees have a ieasoThble ihe charity has adeqvaie resour￿9 tc* Q)nth"nue in owalional exthnce for Ihe fyeseeth rU￿re. Ac¢cYdWy. ihe finwKial slatement5 continug to be prepared on Ihe gomg cOn￿M ba Page 18 CAMBRIDGE UNIVERsrrY CATHOLIC A&WCIATION CIO NOTES TO THE ANANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES {CONTINUED} 1.4 INCOME tkJnatJort5 are recogni5ed when the tharity ha5 been r•)lif￿ in Wfthw¥J ol amwnt and settlemenl date. In the event that a donat￿￿ is SLi)iect to ¢￿ditI￿5 Ihal req￿re a level of perform8n¢e before the chanty is enlthd to Ihe frjnds. the income is delerred and not recognised unts"l eithei those corKj￿0nS are luHy met or Ihe f￿filMeTrt ol thtsso condihon5 Is wholly within the ontrol ol Ihe eh¥rty and il is wcknable that those c4)nL*tK¥)s the repofb.ng pe(￿. Legacy ￿ft5 are feeogmsed on 8 c8se by case basis IdkAwng the granting of probale, the adrninistralorlexecutor lor Ihe estsle h8S o)mrThJwwc8ted ￿ wrrtir9 both the amount and I settlelnent d81È. In the event that the is in Ihe fom of an asset othw than cash or a ￿nanCIal asset Iraded <￿. a recognised stock exchange. rec￿rtin is subiect to ts value of Ihe gift ￿.￿g reliabty measLtra)le a degree of reasonaNtr accuracy arwj the tth lo the asset hawng been translerred to th• tharity Grants ￿ incjuded ITh the stsiernent of fina￿81 a¢tNil*s on a recewable basi5 The balance of come tecewed for $pealic purrms nol eypended diry Ihe period ts shovm in the relevw lunds on the Balance sheel Where itLYne is received in advance of entit￿ment of recoipt, ils recA)gnilion is defetred and I￿¢￿ In ue¢JitL¥5 a5 delerred Where entillemeirt L￿CurS IncD￿* lay re¢L)verat4e ty) relai•Jft lo donal￿￿ recewed under or deeds of covenant is rè￿nised at tho ol Ihe donat¥m. Interest on furkls held on det*)srt ￿ I￿ude￿ when recelvabk and Ihe anoLmt can be measuied rebably by the charity. thts is rmymalty upon rMthficathM ol the interest paid c¥ payabltr by the b￿k. OivKlends are rocowsed orKe Ihe dMdeThJ ￿ been de¢gafed and notaicabon has been re￿Ived ol thg fJiwtlend due Thts ts rMxmaNy ￿ tecew of a statement frorn Ihp investmenl marbaaer Page 17 CAMBRIDGE UNIVERsfrY CATHOLIC ASSOCIATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES ICONTNUED) 1.5 EXPENDITURE L&abilil*s are reco9nised as expenthture as Sor￿ a5 ther¢ is a kgal ot cortslructNe obli9abon Commit￿Trg the cha¥ity to that expeThIrtU￿, it is Nob3tAe that settlwnenl wlS b8 rewired and lh¢ arn(K￿t of the obw.on is kno￿ w ean be estMated refiably. Grants payable a¥e pawnents made to ttwrd pdrknes lthrance ol the chan"table rtijecls of the charity. In the case of an unconditti)nal grant offer this 15 accn*d rffice the recIp￿nt ha5 been nok'fied of the ￿an1 award. The notsficalwj) give5 the recip?ent a reascnable ÈxpedatKJn that they receiv Ihe ontr)*ar u ￿ulti-year ￿￿t. Gr￿ts awards Ihat are sutrlect to reci￿.￿nt fulfilling perform8n condil*)ns are ¢)nly accrwl the reoE*enl ha5 been n￿l[*d of Ihe and any remaini Lmfuffilkd conth't#Jn all￿￿@ lo Ihat 0￿1 is outs¥le olthe ofthe chanty. Al expeThJitur¢ iq acetyJnted for on an wuals basi5 and is allocated to the applicable expense headings a dwt cost basts. Where costs Ca￿￿t be direth alltTbuted to parbcular activ*ties they have been treated as a support cost and alkncated as.mis￿lIar$eous other cosls,. As the A55ociation is not regisiered for VAT. all VAT is thaiged agw ￿ expenditure ￿th"ng for %thi¢h it was in¢wred. Ggvemance cosls Iwtuth fowm part ol suppyt costs) comwise all eo$15 invc*ing the W￿1¢ accountsbility of the chatty arKI 115 c￿lIanCe regUlat￿)n and good practice. These cosls indude costs relatry to Ihe slatuw *J￿rt, asset ¥a￿a￿￿5 and olhef statutory teg81 fees. The audrtor's remuneralh)n is separatdy 4dentsf￿. Any Olher $upwt eosts that ielate pr¥narily lo governaftt are alk*ated as governance costs. The costs of raising conytse Investh￿Trt managemenl lee5. PgSt¥Je costs and event expenses. orr￿e costs arKf uth.lity biHs are largely account￿ under (lire¢l ¢o$ts", the vast majority of such Costs Incur￿ by the ASSOrAat￿ are from the use of Fisher House by Ihe students who use its facilities and the resident chaplains. with a sm*1 [m)t￿81 rJ)ntriL*Jbon accounted lo support costs lor the Asso¢¢aM)n's use ol a cLYrnr of the sh¥ed offKe, as shown in note 9. ExpendiDJre on iaising lunds n¢lLKJes al expeThJilwe incurred by Ihe charity lo raise fund8 for its halltable purposés costs ofdl lundrai%iwJ events and non-thafttable tradino. Expenditure ￿ ¢hanlth xtmtss i5 incu￿8(1 c￿ d*ecty ￿dertèkn"ng the ac11vit￿$ which fu¥trw the charws th"eetnies. as ¥¥e4 as anyassoc4ated sw)p(Kt cosls. 1.6 INTANGIBLE ASSETS AND ￿loRTIsATION Intangibk assets costt.ng £NIL C￿ mrwe are capitalwl and recogni￿ v+tsn fftjturo ecoMJmic benefi are prL*able an¢J o)51 or vakne ofthe assel Feliably. Intsnoibje a￿ts are inrttally wogntsed at cosl. Afiet recoJnition. under tho ¢osl model. inlangiNe assets we measufed al fAJSt le55 any a¢¢umulated ￿)￿rtisatiOn and any accumulated wnpaimi¢nl Am(Klisatitin is pro￿lded inlangiNe assets at rntes calwlated lo write off Ihe cost tsf each asset on a stravJhl-IN)e basi5 over rt5 expected usehA lrfe. AM0￿"s8110n is prowded ¢)n Ihe fol￿￿ basis." Compuier 501twaro 20 % str¥¥Jht kne Pw18 CAMBRIDGE UNIVERStri CATHOLIC ASSIXIATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2D24 ACCOUNTING POLICIES (CONTINUEOI 1.T TANGIBLE FIXEO ASSETS DEPRECIAnON Freehold property is state(1 al (leemed ¢A>St using the vaknatti)n al the date ol tran*tion to FRS 102. The freehold ￿￿elty comprises the S¥￿15e5 known as Fisher House in Guikth8n Stre&L Cambndge, CB2 3NH. Freehohj ￿nd F5 not dep[ec￿ted as it is Cons￿re￿ to have an indefinile useful lifo. Futur? costs incuThed in rdatw)n to land bjiklings, over £1,orxi. are cap"rfa1Tr5ed to Ihe extent Ihat U)ey mcrease UJe expe¢red lUtU￿ b￿￿fits to the Chan"ty. Fbxlures and fittinqs acquwed p￿ 2015 are hehJ at th￿r deemed cost u*rvJ the valuatson al the da of transtion to FRS 102. post 2015 are hebj at crd. Fu￿e fixtwes and fftbn9S Costs ovèr £1,oc￿ ar¢ copilalised. D￿ree￿ati￿ Is ¢hwged 50 as to alk￿ the (X￿1 of f￿'ble [￿d assds les5 Ihw re*￿al value over th￿r estimated useftl INe5. BthI(￿rNJs lex¢hJthng landl F￿r¢S and fitlrys - 2% Stra¥Jht Line - 2- ￿ Straiglit L 1.8 INVESTIAENTS Investrnents held the long.term to g￿erate iwKcrfne or ¢èprtal 9rowlh are carned at matket value as ffixed assets. Th¢y are ￿l￿alY rer/wsed at their tran5aclion valu¢. and subsequenlly measured at thwr fair vaue at Ihe balance sheei date The SOFA Indudes net gBin$ aThJ losses arising on reva￿al￿S and ¢*sposaJ5 Ihra¥•MyJt the swr. Lx)th re81tsed and unre*ised. Reah5ed gain$ aYMI Ios8es on me5tments are £th￿ed a5 Ihe difference beNveen Sales proceeds and their value al the slart of the financia sEar, cy their pwch&se v¥lue rf they were purd)ased after star began. ￿n￿a￿"Sed 9ains and k)sses are cak7Aaled as the thffèrence bel¥￿ value at the eThJ of th? finano81 year awKI the¥ valuè al Ihe start of the fmarKial ￿. CY they purth85e value rf thty were pkrthased afterlhe fmanaal SEar b8gan The AssociatM)n doos not a￿￿[e instrufflenis such as tsivats.ves or put options. The main lorm ol fftnan¢￿ risk faced by Ihe tt￿"ty ts tl¥at ol volatAty ￿ investment martets due to Wkler economic eonditrms. the alliknJe 10 ￿vestry￿ risk. and ch￿￿e5 in seniimenl r￿cernIng equrties and within Part￿l9r sectors ors￿> secknrs. 1.9 DEBTORS other debt￿$ are ￿rogr￿Sed al the setllemeni after any trade iliso)urrt Off￿d. Prepayments a￿ valued at ￿ anmint prep*d net ot any trode discounts duè. 1.10 CASH AT BANK AND IN HAND Cash at bank a￿1 In hand Indude5 cash and short-temi highly IK4uid llTresknenls wilh 8 5hyt maiurity of three monlhs or fess I￿¥￿ the dale of aCqL#yl￿n LY opening of the deposit or Similar a[zo￿t. Pag? 19 CAM8RIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO NOIES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 ACCOUNTING POLICIES ICONTINUEDI 1.11 LIABILITIES A14D PROVISIONS Creditors and provi5wJns a￿ whwe thaiÈty has a present obligatson ie5ul*mg from Past event that wiu probably re5utt in the trarsfer C*f ft￿￿5 to a third party and the amount du• 10 settle Obliga￿.￿ can be measured or e5b"Tnated ￿lIablY. c￿e￿rt￿5 and prom$￿5 are nom)8lly r¢¢ognised at th•'r seltlemenl anw>unt after alknv1￿ forany trndè discounts due. 1.12 FINANCIAL INSTRUMEMTS The ¢hwty only has financial assets and ￿an081 ha￿llieS of a kind Ihal qvalfy as ba*e financial nslrumenls. Basic financkal in5trurnenls aTe initialy fewtrnised al transa¢bon valuè and subsequenlly measured at Iheir seitlement vabje ￿ the excepb.on of bart loans which are subsequently rneasu￿d at arnOrt￿ed cost usin9 Ihe effectNe ty￿$1 method. 1.13PENSIONS The ¢Jl8rity waté5 8 defined Sche￿ Ihe pens￿￿ Charge represents the amounls P￿ble by Ihe cwto thefund in w ofthe )tar INCOME FROM OONATIONS AND LEGKIES Unrestrlcted Reslrlct•d Endowment lur¢ds lunds lunts 2024 2024 Total lunds 20Z4 Tolal fl￿d9 2023 Donations Legac*s Tax recoverable on donatr Other inc%Jrne 170.543 21.ItK 12.351 347 837 171,727 21.1(KS 12.3S1 172,518 87.325 12,299 TOTAL 2024 347 837 205.184 252.197 TOTAL 2023 245. 1.235 252.197 Pag• 20 CAMBRIDGE UNniERSITY CATHOUC ASSOCIATION CIO NOTES TO THE FINANCIAL STATEIIENTS FOR THE YEAR ENDEO 30 JUNE 2024 FUNDRAISING INCOME Income from fundralslng events Unrestrlettd funds 2024 Total funds 2024 funds 2023 Rembursed lees and renlal of Fth trx 1.377 1,377 612 TOTAL 2023 612 612 INVESTMENT INCOME Endowment funds 2024 Tatai funds 2024 Total funds 2023 Investmenl wKome Bart #itefest 111.69) 111,690 O,OB2 110.914 2,813 TOTAL 2024 119.772 119,772 113,527 TOTAL 2Q23 113.527 113,527 OTrIER I￿oME UnrÈstric¢ed R•strlthd funds funds 2024 2024 Total funds 2024 Total funds 2023 Rdmbutsement Imm ChaFIa￿Y Chaplaincy IrKo 24.265 62,303 TOTAL 2024 62.303 12,303 24.265 TOTAL 2023 24,265 24.265 Page 21 CAM8RIDGE UNPIERsifY CATHOLIC ASSOCIATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 311 JUNE 2024 EXPENDITURE ON RAISING FUNDS COSTS OF RAISING VOLUNTMRY WCOME Unrestrlcted funds 2024 Toial funds 2024 Total funds 2023 Prts￿e Pr¥)b"ng slatKw 16 6,082 16 0,082 5.496 TOTAL 2024 6,098 6.098 5.496 TOTAL 2023 5.496 5.496 ANALYSIS OF EXPENDITURE BY ACTMnES Actlvltles Grani Support & Ub)dertaken lundlng of govern dlrectty •ctlvlts"es costs {note n InotÈ 91 {note 101 2024 2024 Total lunds 2024 Total funds 2023 Chantatle exp&knthtUTe 271,443 47.724 23.816 342,983 219,838 TOTAL 2023 142.231 54,910 22,697 2t9.&36 Page 22 CAM8RIOGE UNIVERSITY CATHOLIC ASSOCIATION CIO NOTES TO THE FINANCIAL 5TATEMeNTS FOR THE YEAR ENOED 30 JUNE 2024 AfrWLYSIS OF EXPENDITURE BY ACTIVITIES ICONTINUEDI ANALYSIS OF DIRECT COSTS Total fund5 2024 Tolal lund 2023 Slaff costs Depreuth"on ChaF4aincy staff Non-domestic rates Council tax Ulthbes Insurance." proFerty & liabilrty Office supplies 8nd equip[r￿1 Building rnaint¢nance & repaw5 Buikjing minor wcrfks Sefajltty TdephonÈ Bank charges MiseellaneEMts ¢OSts Chaplain¢y ￿$ts PwtrfeSSkMal lees Ecclesiaslical supF4*s 57,675 26.037 79 1,504 17,127 39.753 25.199 229 1.598 10.809 7.632 3.532 32.270 3,255 42,OSO 42,267 557 842 585 7,691 6,539 854 513 4.161 5.802 S6.396 *L028 1.347 2,115 2,860 271 142,231 INVESTMENT IAANAGEhlEMT COST8 Endty*mofit funds 2024 Total funds 2024 Totsl fur￿$ 2023 Investment management fees 2,304 2.304 Page 23 CAM8RIDGE UNIVERSITYCATHOUC ASSOCIATI(IN CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3D JUNE 2024 ANALYSIS OF GRANTS Gran15 to Grants to 1nsii14thon5 IndlvNlua15 2024 2024 Total funds 2024 Totsl lunds 2023 Total grants 43.879 3,845 47.724 54,910 TOTAL 2023 47.540 7.370 54.910 Th? ¢harityhas made the fdh)￿.ng matwial gr* to dwirKJ the year.. 2024 2023 chap1a1￿y- Ge￿[al c￿*￿y. Lit¥ary Fi%her Soryety 38.953 500 43.870 4.426 3.170 43,079 47.540 The Assoualion's ot4ects, as definwj ￿ the Trust Deed. indude Ihe wowsion of Ihe aceomrThJdatiDn for Univetsity Oratory and the pro¥w)n ol ￿ lor a UnNersty cathC4￿ Chapkiin. FUTrJ1￿ for these objects Is prowded l￿(vjh grants tL) cathol￿ Chaplaincy of the UnNersity of CaTr*4itbJe th8t are uso. Th# Associat¥)n'5 obJecl$ also irsdude m•ntenance of a library of Catholi¢ literature of an educakn.onal n8twe. Alcry ￿th ￿J￿ing ￿T%$ and the wrtha5e of tumi14tre. as detaikd ￿ f¥)le 11. this object is additi¢W funded through ￿$ to the Chapl*rrylhat aredenoted lor use ￿ the Library. The AS￿latiOn'S obj.ects also indude Ihe a￿1 saleguarding of calho￿ urtwtssts thrwghout the UTh¥ersity, Ihe contribulion to Cath(th"t K¥ks of an educatbx4 or charilable natu￿ and ihtr hohjing ol meetings or confeiences. These cknjects ale ￿gety (￿ded through gr8nls to tho FishÈr Socpty. rwster8d Cambf*e UThversrty 5rKaety of Cathc* stLMJents. Page 24 CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO NOTES TO THe FINANCIAL STATEMENTS FOR THE YEAR ENDEO 30 JUNE 2024 ANALYSIS OF GRANTS (CONTINUED The tharilyhas made thè lollwrvJ matérial 9T8nts to irthiduals durfng Ihe yEaF'. Elizabeth Kolb Memorial Granls 3.845 7,370 3,845 7,370 In accordan￿ Ihe awns ol Ihe Ko*J Mem￿1 Tntsl Iregistered ¢haiity 3141921. whose assets are held by the AS￿la￿. Ihe Assroakn makes gwts frorn the reslricled Kolb Fund on the instructions ol that Trust's Trustees. The grants We one-off payments wAlh no ong(¥ng liability to th8 Assouat40n Kolb grants awarfed lo 8 [2023: 7) as i*reded by the Trustees of the Elizalxth Kolb emoiial TrLSSI. 10. SUPPORT COSTS Total funds 2024 Total fvnds 2023 Support 2024 2024 OffKe suppties and equipment InSJrar￿e.' indemnty Notional conlrtsrtw lo u*"&ty ￿1$ Athyil fee Ar£ount5 preparation l•e Wages and salanes 243 243 1,013 132 1.013 153 9.500 3.160 8,739 1.013 12,300 12,300 8.846 14.681 9.135 23.816 22,697 TOTAL 2023 13.e73 9.024 22,697 Pa9? 2$ CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YENR ENDED 30 JUNE 2024 STAFF COSTS. TRUSYEES REMUNERATION AND EXPENSES. ANO THE COST OF KEY MANAGEMENT PERSONNEL 11. 2024 2023 Wage5 and 581anes ial security ¢4)$1s Contnbution to dèfined pÈnsTh 6ckne5 69.970 4,401 2,150 42.016 4,338 2.138 66.621 48,492 average D¢An￿r of pwS0￿ enwoyed by chaitydurry Ihe y was as I￿OW5. 2024 2023 Em￿o>￿e$ The average ￿UnI ￿￿￿essed as tun-lvne equivaknts was. 2024 No. 2023 No. The key management personnd of the ¢W Comprraes the T￿￿te$. The Truslees ￿1 give thwr thme and eXPe￿Se Trmlhout any kmd of re￿￿neral￿ ty other beneffts in kwwJ12023.. £nl). Although Trustees ar& r(wbnely retmkned lor purthaS￿ made diredy on ￿hall ol Ihe Asg0¢i•knon. no other expenses hav• been rein*u￿d to Ihe A$sc￿a￿'S Tntstee$12023" £nill. Page 26 CAMBRIDGE UNIVERSITY CATHOUC ASSOCIATIOM CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIIDEO 30 JUNE 2024 12. INTANGIBLE ASSETS Comput software COST Adth￿ons 9,000 At 30 June 2024 9.000 AMORTISATION Charge for the year 250 At 30 2024 250 NEf BOOK VPLUE AI 30 June 2D24 8,750 At 30 June 2023 Page 27 CAMBRIDGE UNIVERsrrY CATHOLIC ASSOCIATION CIO NOTES TO THE FINANCIAL STATEiiieNTS FOR THE YEAR ENDED 30 JUNE 2024 13. TANGt8LE FIXED ASSETS F￿th01￿ Flxturts and PToperty Ilttlngs Total COST At 1 Juty 2023 1.750.OC•) 180,315 1.930.315 At 30 ￿￿ne 2024 1,7SOmO 180,315 1.•30.315 OEPRECIATION Al 1 July 2023 Chargo for 135.IXID 15.0110 65289 10.787 200,289 25.787 At 30 Jur* 2024 150,000 76.076 226.076 NEf BOOK VPIUE At 30 Jur* 2024 1.600.1100 104.239 1,704,239 AI 30 Junè 2023 1.615,000 115.026 1.730.026 14. AXED ASSET INVESThlENTS Cash held Listed for Investments In¥estmen¢ Total COST OR VALUATION Al 1 J4Jly 2023 Addiknons Disposals Revaluations Movement in cash 4.605,722 849,914 1880,0441 589.496 304307 4914.029 849,914 1860.0441 589,498 117,514 117,514 AT30JUNE 2024 5.185.088 425,B21 5,610.909 Page 28 CAMBRIDGE UNIVERSITY CATHOUC ASSOCIATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 14. FIXED ASSET INVESTMENTS (CONTINUED) Llsted Investments In¥e$ltnent in equrtigs fixed interesl a￿ all traded n wrAed public maFkets. pnmarily the London Stock Exchange. Hddings in in¥estrnenl ￿r￿ls. unil trusts * openotxled Investment companies are at the bK1 pric•. The basi% ot fair vaue fr)ryited investments 15 equN81ent to the market value. using the bid price. Assel sales and purchases arè recognised at date of trad• at cost Ithal is gh￿r transxlw Wal￿). l inve5tmenis are Car￿{ at their fay vakE. The PK¥tkkn was invested usmg knv cosi iThlex t￿k1￿j funds fdk)wing Ihe FTSE B￿Ce￿ as581 allorAtirffi. The sign*ficance of fJnan(ial inStrum￿ts lo Ihe cwg financial sustainats'lity of Ihe Chanty is consider￿1 in thB f￿a￿la1 ￿VIeW and inveslment p(thcy and perfornance se¢l*)ns ol Ihe Trustees. Annual Reptsrt The obiect¢ves of th• ftmds hekl by CUCA aTe to provwje kng t•rm wtrwth by InvestsrvJ a p￿￿01￿> of quoted ex¢hange li*Jed lunds eyp3￿¢ towothide eqthbes, fixed interest stocks. prop•rty, qotd, ¢ash aTvJ money martet instrtEments. The fimd has kltte exposw• to CTedit ￿ cash lfvyw rr5k. Thre a￿ no b)Ncwngs or unlisted secuiities of a material Tha￿re and so is IAUe exposure to ￿ukylfy fisk. The mwn risks it fates from ils financial instrurr*nis are market foreign Currency inl¢re$t rate risk. Th8 po&cies are ￿￿eWed for Managi￿ these risks in order lo lokn and athieve Ihe inveslment 9￿ctive. 15. DEBTORS 2024 21Y23 Gift aid le￿IVatIe Other debiors 7,313 6,516 5,942 12.593 13.829 18.535 16. CREDITORS: MIOUNTS FALUNG OUE WITHIN ONE YEAA 2024 2023 Accmjals 37.S13 18.626 Page 29 CAMBRIDGE UMIVERStrY CATHOUC ASSOCIATKW CIO NOTES TO THE FINANCIAL STATEMENT3 FOR THE YEAR ENDED 30 JUNE 2024 17. STATEMENT OF FUNDS STATEMENT OF FUNDS- CURRENT YEPJI Balance at 30 June 2024 Bafanee * 1 Juty 2023 Twan51ers Inloui Galn51 ILossts} Incomfr Expend6tUfe UNRESTRICTED FUNDS DESIGNATED FUNDS Property rnainlenaKÈ lund Capit •xpwYlitu 200.￿)0 1SI.733 200.00(J 20D,000 400,(￿0 142.267) 357,733 GENERAL FUNDS Cawtsl reserv• lund un￿$trIc￿d f￿d$ 1.61&000 1140001 1,600.000 524,375 205J77 (224.4241 1117B7 618.115 2,139J75 20S,371 {239.424} 112.787 2,218,115 TOTAL UNRESTRICTED FLINDS 2.$39.375 205,377 1281.6911 112.787 2,S75,848 ENDOWMENT FUNDS Main Endovmienl Fund Kolb Fund- Caprfal Kolb F¥nd . unspent IrKorr 3,719N3 105288 110251 (1032631 $09.373 4,229.246 167.683 23.091 190.774 10,915 202,049 131.492 4,773 5.719 13.937) 1110} 11.751 229,716 149.498 11,687 Slopp FUF Gilbey FuThJ Lawam Fund 1S,6091 13,6501 126SI 27.667 18,006 1.306 Page JO CAM8RIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JO JUNE 2024 17. STATEMENT OF FUNOS ICONTINUEOI STATEMENT OF FUNDS- CURRENT YEAR (cont1n￿rtI Balance at 30 June 2024 BalwKe at 1 Juty 2023 Transfers Inlout Galnsl IL05sesl In￿ Expe*￿tt￿le 4.241.556 120.609 16.1491 {112,7871 579,443 4,822,672 RESTRICTED FUNDS Other Ettle$ia$bcal $UpF4￿ Fund Chaplwncy 347 1347) 1120 11.0001 161198) 1.120 105 1120 650 {63.$45) 122S TOTAL OF FUNDS 6,783,051 388.636 13S1.384 SY9,443 7.300.745 Ptye 31 CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIAnoN CIO NOTES TO THE FINANCIAL STATEIJIENTS FOR ThE YEAR ENDED 30 JIJNE 2024 17. STATEMENT OF F￿lDs ICONTINUEDI STATEMENT OF FUNDS. PRIOR YEAR Balan￿ 81 30 June 2023 88￿nIx at 1 Juty 2022 Transfers Gainsl (Losses) UNRESTRICTEO FUNDS DESIGNATED FUNDS Property maintenant* fund Capilal expenditu nd 2(MJ,C￿J 200.(KJO ,000 I.￿)0 2￿,c 41X).O(Ki GeNERAL FUNDS Captsl reser fijnd Unrestrided funds 1.630,1)JO {1S.tn)) 1,615.000 544.617 270,839 I2(￿.084) 1gJ,997) 524.375 2,174.617 270.839 {215.0841 I￿.997) 2,139.375 TOTAL UNRESTRICTED FUNDS 2.374,617 270.839 1215.084) 109,003 2.539,375 ENOObYMENT FUNDS Main End(y*ment Fund l(olb Fund - ca￿81 bFund- unspenl inccfr opp FWKI Glbey Fund iangham Fur¢1 3,691.315 1LKI.IYJ4 (1C(1.0341 28,558 3,719.873 166.392 1.291 187.683 13.761 200.498 130.483 7,934 4.524 5.433 17,3701 10.915 202.049 131.492 15.4331 1.551 I,OD9 375 Page 32 CAMBRIDGE VNIVERsrrY CATHOUC ASSOCIATION CIO 14OTES TO THE FINAIICFAL STATEMENTS FOR THE YEAR ENOED 30 JUNE 2024 17. STATEMEKf OF FUNDS ICONTWUED STATEMENT OF FUNDS- PRIOR YEAR {CONTINUED Balance at 30 June 2023 Trartsfers inlLWt Gainsl (Losses) 1 thJty2022 4.210.383 114.762 (1.3701 1108.6281 32.409 4,241,556 RESTRICTEO FUNDS Sermon books 375 13751 Ecclespastical 'es 12.8801 2.120 375 12.8801 1375) 2.120 TOTAL OF FUNDS 6.585,375 YaJ.601 (225.3341 32,409 6.783,051 Page 33 CAMBRIDGE UNIVERSITY CATHOUC ASSOCIATION CIO NOTES TO THE HIIANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024 17. STATEMENT OF FUNDS {CONTINUED} Unrtstrlcted funds: The Ca￿181 Reserve Fund refers to the wal￿ of lh8 freehokl property krbtyyn as Fisher House. kn¢aled GuihJhaN Street. Cambrbjge C82 3NH. In Ihe financial yea¥ ending 30 June 2016. Ihe Assouabon ￿CeNed a large legacy as a bequest Irom tha te Prof8ssor Htr•Mrd Etskine-Hrfl, a membet of the Assocw1￿, and the Trustees ￿$01¥ed to invest it aFcmgs¥Je the P￿Ik)ll0. altw Ihe l￿dS are unreslTh*d ratsr Ihan enthJwment. This is included the other unrestricted furth. Oeslgnaled Funds". The property m?intenan¢e rewesents f￿￿JS requwwj fry fftjbj￿ Maintena￿ oftr* f￿hold prtspèrty. wAlal expeniJitur• hHKI re[￿ents (urMJ5 al0￿ to lutUTe Cavtd eXpendIbJ￿. Resirlcted lunds". The sermon bc4Jks fuThl C(￿5￿15 of a dc￿11(￿ ILxYards the pmtw arKJ L*$tributvJn of Ihe lale Falher M¥k's Se￿(￿ books and inchbjes donatThs receNgd th4ar(Is thè wcn th.rect (hjnalkins in 200M. Ihe intenlion ol fom7i¢vJ a pewrnanent ErKID￿n￿nt to Tewe Ihe Assouat￿￿'S felkqrte owt renlal incfft. and to 5UPPOrt Ihe AssccMth"on in perpetuty. The Kdb Fu￿1 iewesents cash held on behalf of the Elizabelh K0￿ klerThThl Twsl. lo be di4ributed as instructed by its Truslees in accordanc¢ wlh it$ awns. The Kdb Fund represents In￿Me generated in the yoar from the endowrnent to be th"￿￿*buted in grants to gttl$ ol the ftc￿an Catholic faith bom in the Unrt•d KI￿1¢M engaged in any parttsyjw c(Mtrse ol stud*s, With thw'r living eX￿nSeS at the Cambridge University. EThJland. The Stopp Fund was cre*ed a gfft by Or Elizabeih StOFV in 1980 in mernory of her husband. Dr F. J. Slopp. The irthme of1he is a¥a￿able 10 Ihe li)r*y ènd fy geneEal purposes. The Gilbey Memorial was eslablist*d in 2[￿11 as a resvm of an appeal ¥) mwnory of Monsignor JITed Gilbey. Chaplain frrKn 1932 to 1965. The Ir￿oMe Iroffl the fund ES unre5thcted in das￿rvallOn btst is used lo support the ChapLaincy arld lom)s ￿ ofthe anrn￿l subvention. For Ihe endowment funds the investment managemeni fees, atr)d yain5 and losse5 a￿ a¢counted agairy8t eaeh of the four lunds in prop0kb.0￿$ detewmined by their re￿INe %zes at the beginning of Ihe year or when reeeived. Irwme aliKaled lo the Kots the wÈet ￿ 3.95% of the inveslmtrni I[￿Ome or £4,000. The trar￿ferS from erM*y￿ent uMeslrKled figMl$ represents the on expendable endowmenls to be used for9ene￿ wwposes. Th• Langham Fund wa5 estsblished In 2022 as a of an appe&l in memrxy of Father Mark Langham. Th8 income from the fund is unre5tiicted in dasststion bul is used to 5UPPQrt the Cha￿ainCY and forms part ol Ihe annual subventi￿. Page 34 CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIAT1014 CIO PIOTES TO THE FINANCIAL STATEMENTS FOR THE YEAJI ENDED 30 JUNE 2024 18. ANALYSIS OF NET ASSEfs BEfwEEN FUNOS ANALYSIS OF NET ASSETS BETWEEN FUNDS- CURRENT PERIOO UM￿strIcted RestFlcted Endowment fvnds lurkds lunds 2024 2024 2024 Total nds 2024 T￿Ne fixed assets Intangible fL¥ed assèts Fixe(l asset investments Current assels CredrtC¥S ¢kn *ilhin Or￿ ye 1.704.239 8,750 811,676 1.704.239 8.750 5.61D.909 113.360 137,5131 4.799,233 23.439 137.5131 TOTAL 2,575,848 1,Z25 4.e22,672 7.399,745 ANALYSIS OF NET ASSETS BETY￿K FUNDS. PRIOR PERIOD Unrestricted Reslrictsd Endownent hjnds fund5 funds 2023 2023 2023 Tolal funds 2023 T8TrJbble fjxe(l assets Frxed asset inv￿rnents Current assets Ctedrfors due wrtlmn tsie ye 1.730.026 692.930 135,045 11B.6261 1.no,tr26 4.914.028 157,623 118,826) 4221,098 20,458 2.120 TOTAL 2.539,375 2.120 4,241.556 6,783.051 19. PENSION COmMIT￿NTs The thanty owates a define(I contrbJ1￿ pensK>n scheme. Tho ¥ssels of the Scheme are hdd sep•ately from those of Ihe chanty an VKbependenity a(kninY6tered fund The pen*on cosl charge represents cimtnbubons payab￿ by the charity to Ihe lund and amounted to £2.150 12023" £2.1381 ontribuknons totallino £11912023. £251 were payabk lo futKI al the balarKe sheet date. RELATEO PARTY TRANSACTK)NS Dunng the repjrtry t￿1 dty*lbJns reCeN￿ Irustees in the ypar, wthout coTrJitions am￿n￿ to £9.7e612023'. £8,397). There have been no othèr rekted p&ty transxtiLTh Ihat reqwe discl)sure {2￿23. th1). Page 35