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2025-06-30-accounts

Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

Charity number: 1184835

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

MEMBERS OF COUNCIL'S REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2025

Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

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 - 38

Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS MEMBERS OF COUNCIL AND ADVISERS FOR THE YEAR ENDED 30 JUNE 2025

Members of Council Ex officio
Professor J Soskice, President*
Professor C Warnick (resigned 24 November 2024)
Professor M J Kelly, Treasurer*
Mrs A Browne, Librarian
Mr William Merrick, Assistant Treasurer*
Ordinary members
Professor H Joyce, Secretary*(resigned 24 November 2024)
Mr G Brannan*(resigned 24 November 2024)
Dr P Beer (resigned 24 November 2024)
Dr F Umetzer
Dr J Graggaber
Dr K Williams (resigned 24 November 2024)
Dr H M Wyciszczok
Dr M P A Loy (resigned 24 November 2024)
K M-J Allen
Professor D De Angelis
Dr D C Crowther (appointed 24 November 2024)
Charity registered
number 1184835
Principal office Fisher House
Guildhall Street
Cambridge
CB2 3NH
Secretary R Boyle - Acting Secretary from 12 March 2025
Independent auditors PEM Audit Limited
Statutory Auditors
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: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

REPORT OF THE COUNCIL FOR THE YEAR ENDED 30 JUNE 2025

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 2025.

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. Support for the Chaplaincy

Fr Paul Keane has been Chaplain throughout this year, his second in post. He has been supported by the Priest Assistant Chaplain Fr Albert Robertson since August 2023. The Assistant Chaplain since 2010, Dr Sr Ann Swailes stepped down at the end of 2024, to pursue other works in her order. We thanked her with a major ceremony at the time. In early 2025 Sr Charlotte Cumins CJ joined us as a new Assistant Chaplain. After the success of M. Henri Godefroy who served us during the 2023-2024, we have benefitted from the presence of Rev Augustin de Lamberterie, also of the Paris Archdiocese during this academic year. Both men were ordained priests on June 28th and returned to say a first mass on July 6. CUCA ClO has provided financial and administrative support to the Chaplains during this period.

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

2. 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 (updated 2019) 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, six-monthly deep cleaning as well as regular daily cleaning and maintenance oversight. In the past year, the most significant work has been a full redecoration of the Library carried out in August-September 2024. Over summer 2025, our main project is the refurbishment of the public toilets throughout Fisher House and the refurbishment of the Fisher Room to become the social room of the Fisher House complex. These works have been financed by an anonymous donor. If we succeed in securing another donation we will upgrade the (i) guest facilities in Fisher House (ii) the electrics and ceiling in the dining room, and (iii) paintwork of the inner courtyard in the current financial year.

3.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, public liability and other damage.

REVIEW OF ACTIVITIES AND PERFORMANCE: SERVING CATHOLIC INTERESTS

Over the course of the year, the trustees have continued to work closely with the Chaplain, Assistant Chaplains and volunteer clergy, 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 the 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 measures 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 35 Vacation time in person 20

Sunday Mass Term time attendance in person 320 Term time attendance via livestream 10 Vacation time attendance in person 175 Vacation time attendance via livestream 10

College Masses Every two weeks in term time 40 - 60

Student numbers at lunch and other regular meetings Apologia (Every Tuesday in Michaelmas and Lent Terms, first four Tuesdays in Easter term) 50 Shot of Theology (thursday lunchtime talks) 15 Bethany (Women’s Group) 15 Black Swan Bar (Fridays in term) 30 Altar Servers (weekly in term) 12 Dolphins’ Football Team (weekly in term) 20

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REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

‘Haddocs’ Medical Ethics Group (four meetings in Michaelmas, once in Lent) 15 The Manatees (Men’s Group) 12 Schola Cantorum (weekly in term) 10 English Mass Choir (weekly in term) 20 Choral Reef (Friday Evening Choir) 10 Fisher Committee (6 times per term) 20 - CUCA makes an annual subvention to the Committee Pro-Life Group (ten meetings over the course of the academic year) 10 Ecumenical and Interfaith Group: a one-off conference attracted c75, including members of the University Islamic and Jewish Societies, and the Student Christian Movement as well as members of Fisher House Companions of Malta 25 Piranhas (Running Group) 15

The Fisher Society numbers: at the end of this academic year 380 current students were registered with Fisher House (that is, in some form, come into FH through the week/term). In addition, many others get involved or worship here but are not registered. Strictly, any Catholic who is a member of the university, resident or not, is a member of the Fisher Society.

GradSoc (graduate society) membership 40 Fortnightly meetings during Michaelmas term, numbers average 20 The CUCA subvention to the Fisher Society includes a sum for the GradSoc

PostDoc Group: This has been slowly regaining activity post-covid.

Weekly Sunday Aperitif (term time): 100

Fisher Friends (the Senior Member of the University) meeting after Sunday Mass: 3-12 (average 8)

Social Outreach

Order of Malta Volunteers 35, four soup runs a week in term time and four sit down dinners for the homeless. As needed, the Fisher Room is used as a Polling Station. Collection in kind for Ukraine

Trips and Pilgrimages Pilgrimages to Rome: 20

The Association is responsible for providing the means (in particular - 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 of the Chaplain. 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 any 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.

In addition to direct support for the work of the Chaplain, there is also direct support for student activities through an annual subvention (£5,100 this year) 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, functions 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, invitations to speakers senior in their respective fields to come and lead discussions. The students have prepared their own document ‘The Fisher Herald 2023/4’ which summarises the total and wide range of their activities.

The Association maintains and fosters links with its alumni community, some 4000 worldwide, through the

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REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

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 current 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. 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.

FINANCIAL REVIEW & RESERVES

The CUCA CIO aims to maintain sufficient unrestricted general funds to cover the expected expenditure of at least six months. At 30 June 2025 these stood at £598,622 (2024: £618,115). Additionally, the CUCA CIO aims to maintain a working capital cash reserve (being cash at the bank or in hand) to cover the expenditure of at least three months. The working cash reserve on 30 June 2025 was £101,558, which is comfortably above the target of £60,000. Furthermore, £1,727,236 (2024: £425,821) was held as cash in the investment portfolio as part of the balanced investment asset allocation strategy that CUCA ClO have adopted. CUCA CIO also maintain a designated reserve for future maintenance expenditure. As at 30 June 2025 the fund stood at £140,929 (2024: £157,733). An additional designated fund is held to cover the costs for future capital expenditure. As at 30 June 2025 the balance was £300,000 (2024: £200,000).

The income of the CIO was £398,544 (2024: £388,636). Direct charitable expenditure amounted to £339,950 (2024: £351,385) which included depreciation and amortisation of £24,173 (2024: £26,037). This resulted in a net surplus before investment gains of £58,594 (2024: £37,251). After investment gains of £151,773 (2024: £579,443) the charity reported total funds of £7,610112 (2024: £7,399,745), an increase of £210,367. The market value of the total investment portfolio, including cash, increased by £91,216 from £5,610,909 to £5,702,125.

This increase in our income allows us to maintain and grow the level of support we can give in pursuit of the Association’s objectives.

INVESTMENTS

During the financial year ended 30th June, 2025 the Members of Council appointed CCLA to manage CUCA’s investments. The Council appointed CCLA to undertake a more active approach to investment but, more importantly, to invest the Council’s long-term assets in the CCLA’s Catholic Investment Fund which has an ethical policy commensurate with CUCA’s objectives. The Catholic Investment Fund is a long-term, multi-asset fund which adopts a faith consistent investment policy that is designed to reflect the teachings and mission of the Catholic Church. The fund aims to provide a total return (growth in capital and income) over the long term (defined as five years) of CPI + 5% per annum, before costs and charges.

The fund acts in alignment with the mission of the Catholic Church by seeking to deliver positive change in society while delivering long-term real returns. This fund is an opportunity to work on issues related to social justice and align the Fund’s investment selection with Catholic Social Teaching.

The Fund is an actively managed, diversified multi-asset fund, which has an emphasis on equities (between 50% and 85%) but will also invest in other asset classes, which may include fixed-interest securities, money-market instruments, cash and near-cash, infrastructure related investments, deposits, gold and property, which may be

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

either liquid or illiquid in nature. No more than 5% of the fund’s portfolio will be invested in illiquid assets (investments which may be more difficult to buy or sell quickly at an advantageous time and/or price).

To manage risk, the fund may use derivatives (financial instruments whose value is linked to that of another asset) for efficient portfolio management only (for example, to reduce currency risk). CCLA has classified this product as 4 out of 7, which is a medium risk class.

The Council’s shorter-term funds, held for liquidity and working capital purposes, are invested in CCLA’s COIF Charities Deposit Fund . The fund is an actively managed, diversified short term fund that invests in sterling denominated money market deposits and instruments. The fund aims to provide a high level of capital security and a competitive yield. The fund is categorised as a short-term low volatility net asset value money market fund under the Money Market Fund Regulation.

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 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, most recently in 2023; valuations of the contents of Fisher House are obtained when appropriate. 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. As 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 a diversified range of financial 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 ClO is a registered charity (number 1184835), which was founded in 2019, having converted from an unincorporated charitable entity. Under the terms of the updated governing Trust Deed, dated 9 August 2019 (original dated 23 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,

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

but such honorary members have no voting rights. The constitution provides for an election process for Trustees, requiring those wishing to be considered candidates 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. 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. 40 years amongst trustees, three fifths of the Officers are women and the gender balance of the other Trustees is 1:3 female:male. 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.

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.

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, two members who are not Trustees, 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 and providing accommodation, as noted above. The current Chaplain is a Priest of Brentwood Diocese, who remain his employer during the course of his secondment. CUCA is invoiced by Brentwood Diocese for his services. The Assistant Chaplains during this financial year are members of Religious Order in the Roman Catholic Church. In accordance with the Charities SORP (FRS 102), since a contractual relationship

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

exists between the Association and the Assistant Chaplain, payments made to their Order in respect of salary during secondment to Fisher House have been recognised as payroll costs.

For other staff the Association is registered with HMRC as an employer. It is responsible for paying the salaries and pensions of the Caretaker (25 hrs per week) with responsibilities to maintain and protect the fabric of Fisher House, the CUCA Administrator (4 hours per week) with general administrative responsibilities for both CUCA and the Chaplaincy, the Chaplaincy Administrative assistant (4 hrs per week) with responsibilities for Chaplaincy accounts and keeping donation records and the Book keeper (4 hours per week) with responsibilities for keeping the accounts for the Association and performing the payroll. The Caretaker, Administrator, Administrative assistant and Book keeper posts are funded directly by the Association. All the employees provide regular support for the work of the Chaplaincy and for the Association. On a day-to-day basis their work is overseen by the Chaplain. In employment terms, they report to the Trustees. All employees are offered the opportunity for regular appraisal and for training.

AUDITORS

Our auditor Peters Elworthy & Moore transferred their audit registration and therefore that part of their business to a newly incorporated limited company, PEM Audit Limited, on 1 September 2025. Accordingly, Peters Elworthy & Moore ceased to be the CIO's auditors with the Trustess duly appointing PEM Audit Limited to fill the vacancy arising.

STATEMENT OF MEMBERS OF COUNCIL'S RESPONSIBILITIES

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 and signed on its behalf by:

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

REPORT OF THE COUNCIL (CONTINUED) FOR THE YEAR ENDED 30 JUNE 2025

Professor J Soskice President Date: 03 December 2025

Professor M J Kelly Treasurer

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

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 2025 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).

The financial statements have been prepared in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standards applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.

This has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

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 charity 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 charity'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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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

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.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 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 are responsible for the preparation of the financial statements which 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 charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Members of Council either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

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

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 Charity’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;

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

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

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

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 charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees 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 charity and its trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

PEM Audit Limited

Statutory Auditors Salisbury House Station Road Cambridge CB1 2LA

03 December 2025 Date:

PEM Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30 JUNE 2025

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
6,8
Charitable activities
TOTAL
EXPENDITURE
NET
(EXPENDITURE)/IN
COME BEFORE NET
GAINS ON
INVESTMENTS
Net gains on
investments
NET
(EXPENDITURE)/IN
COME
Transfers between
funds
17
NET MOVEMENT IN
FUNDS
RECONCILIATION OF
FUNDS:
Total funds brought
forward
Net movement in funds
TOTAL FUNDS
CARRIED
FORWARD		 Unrestricted
funds
2025
£
202,418
3,747
-
-
206,165
6,648
251,100
257,748
(51,583)
-
(51,583)
100,286
48,703
2,575,848
48,703
2,624,551		 Restricted
funds
2025
£
-
-
-
84,919
84,919
-
79,642
79,642
5,277
-
5,277
-
5,277
1,225
5,277
6,502		 Endowment
funds
2025
£
452
-
107,008
-
107,460
2,560
-
2,560
104,900
151,773
256,673
(100,286)
156,387
4,822,672
156,387
4,979,059		 Total
funds
2025
£
202,870
3,747
107,008
84,919
398,544
9,208
330,742
339,950
58,594
151,773
210,367
-
210,367
7,399,745
210,367
7,610,112		 Total
funds
2024
£
205,184
1,377
119,772
62,303
388,636
8,402
342,983
351,385
37,251
579,443
616,694
-
616,694
6,783,051
616,694
7,399,745

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

The notes on pages 17 to 38 form part of these financial statements.

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 JUNE 2025

GROSS INCOME IN THE
REPORTING PERIOD
Less: Total expenditure
NET EXPENDITURE/(INCOME) FOR
THE REPORTING PERIOD		 Unrestricted
funds
2025
£
206,165
(257,748)
(51,583)		 Restricted
funds
2025
£
84,919
(79,642)
5,277		 Total funds
2025
£
291,084
(337,390)
(46,306)		 Total funds
2024
£
268,027
(345,236)
(77,209)

The notes on pages 17 to 38 form part of these financial statements.

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

BALANCE SHEET AS AT 30 JUNE 2025

Note
FIXED ASSETS
Intangible assets
12
Tangible assets
13
Investments
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CURRENT LIABILITIES
Creditors: amounts falling due within one
year
16
NET CURRENT ASSETS
TOTAL NET ASSETS
CHARITY FUNDS
Endowment funds
17
Restricted funds
17
Unrestricted funds
17
TOTAL FUNDS		 2025
£
12,968
101,558
114,526
(22,283)		 2025
£
16,044
1,799,700
5,702,125
7,517,869
92,243
7,610,112
4,979,059
6,502
2,624,551
7,610,112		 2024
£
13,829
99,531
113,360
(37,513)		 2024
£
8,750
1,704,239
5,610,909
7,323,898
75,847
7,399,745
4,822,672
1,225
2,575,848
7,399,745

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

Professor J. Soskice, President

Professor M J Kelly, Treasurer

Date: 03 December 2025

The notes on pages 17 to 38 form part of these financial statements.

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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 Charities Act 2011.

The financial statements have been prepared to give a 'true and fair' view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair' view. This departure has involved following the Charities SORP (FRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.

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 statements.

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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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

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.

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. ACCOUNTING POLICIES (CONTINUED)

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 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 and printing 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 10.

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 INTANGIBLE ASSETS AND AMORTISATION

Intangible assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.

Amortisation is provided on the following basis:

Computer software - 20 % straight line

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. ACCOUNTING POLICIES (CONTINUED)

1.7 TANGIBLE FIXED ASSETS AND DEPRECIATION

Freehold property is stated at deemed cost using the 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 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:

1.8 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.

1.9 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.

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

1. ACCOUNTING POLICIES (CONTINUED)

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.

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
TOTAL 2025
TOTAL 2024		 Unrestricted
funds
2025
£
177,034
13,384
12,000
202,418
204,000		 Restricted
funds
2025
£
-
-
-
-
347		 Endowment
funds
2025
£
452
-
-
452
837		 Total
funds
2025
£
177,486
13,384
12,000
202,870
205,184		 Total
funds
2024
£
171,727
21,106
12,351
205,184

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

3. FUNDRAISING INCOME

Income from fundraising events

Reimbursed fees and rental of Fisher room
TOTAL 2024		 Unrestricted
funds
2025
£
3,747
1,377		 Total
funds
2025
£
3,747
1,377		 Total
funds
2024
£
1,377

4. INVESTMENT INCOME

Investment income
Bank interest
TOTAL 2025
TOTAL 2024		 Endowment
funds
2025
£
93,772
13,236
107,008
119,772		 Total
funds
2025
£
93,772
13,236
107,008
119,772		 Total
funds
2024
£
111,690
8,082
119,772

5. OTHER INCOME

Chaplaincy income
TOTAL 2024		 Restricted
funds
2025
£
84,919
62,303		 Total
funds
2025
£
84,919
62,303		 Total
funds
2024
£
62,303

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

6. EXPENDITURE ON RAISING FUNDS

COSTS OF RAISING VOLUNTARY INCOME

Postage
Printing and stationery
TOTAL 2025
TOTAL 2024		 Unrestricted
funds
2025
£
2
6,646
6,648
6,098		 Total
funds
2025
£
2
6,646
6,648
6,098		 Total
funds
2024
£
16
6,082
6,098

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES

Charitable expenditure
TOTAL 2024		 Activities
undertaken
directly
(note 7)
2025
£
263,089
271,443		 Grant
funding of
activities
(note 9)
2025
£
40,600
47,724		 Support &
governance
costs
(note 10)
2025
£
27,053
23,816		 Total
funds
2025
£
330,742
342,983		 Total
funds
2024
£
342,983

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

7. ANALYSIS OF EXPENDITURE BY ACTIVITIES (CONTINUED)

ANALYSIS OF DIRECT COSTS

Staff costs
Depreciation and amortisation
Chaplaincy staff
Non-domestic rates
Council tax
Utilities
Insurance: property & liability
Office supplies and equipment
Building maintenance & repairs
Building minor works
Telephone
Bank charges
Miscellaneous costs
Chaplaincy costs
Professional fees		 Total
funds
2025
£
70,247
24,173
-
137
1,951
17,981
10,380
8,766
18,766
16,804
569
491
7,782
79,642
5,400
263,089		 Total
funds
2024
£
57,675
26,037
5,802
79
1,504
17,127
8,348
3,255
42,050
42,267
854
513
4,161
56,396
5,375
271,443

8. INVESTMENT MANAGEMENT COSTS

Investment management fees
TOTAL 2024		 Endowment
funds
2025
£
2,560
2,304		 Total
funds
2025
£
2,560
2,304		 Total
funds
2024
£
2,304

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

9. ANALYSIS OF GRANTS

Total grants
TOTAL 2024		 Grants to
Institutions
2025
£
40,600
43,879		 Grants to
Individuals
2025
£
-
3,845		 Total
funds
2025
£
40,600
47,724		 Total
funds
2024
£
47,724

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

Chaplaincy - General
Chaplaincy - Library
Fisher Society		 2025
£
35,000
500
5,100
40,600		 2024
£
38,953
500
4,426
43,879

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 13, 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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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

Elizabeth Kolb Memorial Trust Grants -
-		 3,845
3,845

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 0 individuals (2024: 8) as directed by the Trustees of the Elizabeth Kolb Memorial Trust.

10. SUPPORT COSTS

Office supplies and equipment
Insurance: indemnity
Notional contribution to utility bills
Audit fee
Accounts preparation fee
Wages and salaries
TOTAL 2024		 Governance
2025
£
-
1,718
-
12,918
1,440
-
16,076
14,681		 Support
2025
£
175
-
255
-
-
10,547
10,977
9,135		 Total
funds
2025
£
175
1,718
255
12,918
1,440
10,547
27,053
23,816		 Total
funds
2024
£
46
1,013
243
12,300
1,368
8,846
23,816

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

STAFF COSTS, TRUSTEES REMUNERATION AND EXPENSES, AND THE COST OF KEY 11. MANAGEMENT PERSONNEL

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes		 2025
£
72,751
5,507
2,536
80,794		 2024
£
59,970
4,401
2,150
66,521

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		 2025
No.
4
2025
No.
2		 2024
No.
4
2024
No.
2

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 (2024: £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 (2024: £nil).

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

12. INTANGIBLE ASSETS

COST
At 1 July 2024
Additions
At 30 June 2025
AMORTISATION
At 1 July 2024
Charge for the year
At 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024		 Computer
software
£
9,000
9,744
18,744
250
2,450
2,700
16,044
8,750

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CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

13. TANGIBLE FIXED ASSETS

COST
At 1 July 2024
Additions
At 30 June 2025
DEPRECIATION
At 1 July 2024
Charge for the year
At 30 June 2025
NET BOOK VALUE
At 30 June 2025
At 30 June 2024
FIXED ASSET INVESTMENTS
COST OR VALUATION
At 1 July 2024
Additions
Disposals
Revaluations
Transfers intra group
AT 30 JUNE 2025		 Freehold
property
£
1,750,000
-
1,750,000
150,000
15,000
165,000
1,585,000
1,600,000		 Freehold
improvemen
ts
£
-
83,550
83,550
-
-
-
83,550
-
Listed
investments
£
5,185,088
4,021,485
(5,185,088)
(46,596)
-
3,974,889		 Fixtures and
fittings
£
180,315
33,633
213,948
76,076
6,723
82,799
131,149
104,239
Cash held
for
investment
£
425,821
-
-
-
1,301,415
1,727,236		 Total
£
1,930,315
117,183
2,047,498
226,076
21,723
247,799
1,799,699
1,704,239
Total
£
5,610,909
4,021,485
(5,185,088)
(46,596)
1,301,415
5,702,125

14. FIXED ASSET INVESTMENTS

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

14. FIXED ASSET INVESTMENTS (CONTINUED)

Listed investments and cash

During the financial year ended 30th June, 2025 the Members of Council appointed CCLA to manage CUCA’s investments. The Council appointed CCLA to undertake a more active approach to investment but, more importantly, to invest the Council’s long-term assets in the CCLA’s Catholic Investment Fund which has an ethical policy commensurate with CUCA’s objectives. The Catholic Investment Fund is a long-term, multi-asset fund which adopts a faith consistent investment policy that is designed to reflect the teachings and mission of the Catholic Church. The fund aims to provide a total return (growth in capital and income) over the long term (defined as five years) of CPI + 5% per annum , before costs and charges.

The fund acts in alignment with the mission of the Catholic Church by seeking to deliver positive change in society while delivering long-term real returns. This fund is an opportunity to work on issues related to social justice and align the Fund’s investment selection with Catholic Social Teaching.

The Fund is an actively managed, diversified multi-asset fund, which has an emphasis on equities (between 50% and 85%) but will also invest in other asset classes, which may include fixed-interest securities, money-market instruments, cash and near-cash, infrastructure related investments, deposits, gold and property, which may be either liquid or illiquid in nature. No more than 5% of the fund’s portfolio will be invested in illiquid assets (investments which may be more difficult to buy or sell quickly at an advantageous time and/or price).

To manage risk, the fund may use derivatives (financial instruments whose value is linked to that of another asset) for efficient portfolio management only (for example, to reduce currency risk). CCLA has classified this product as 4 out of 7, which is a medium risk class.

The Council’s shorter-term funds , held for liquidity and working capital purposes, are invested in CCLA’s COIF Charities Deposit Fund. The fund is an actively managed, diversified short term fund that invests in sterling denominated money market deposits and instruments. The fund aims to provide a high level of capital security and a competitive yield. The fund is categorised as a short-term low volatility net asset value money market fund under the Money Market Fund Regulation.

The price per Unit at which Units can be bought is the Net Asset Value of a Unit to which may be added an initial charge (if applicable). The price per Unit at which Units may be redeemed is the Net Asset Value per Unit from which may be deducted a redemption charge (if applicable).”

15. DEBTORS

Gift aid receivable
Other debtors		 2025
£
2,883
10,085
12,968		 2024
£
7,313
6,516
13,829

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025 2024
£ £
Accruals 22,283 37,513

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. STATEMENT OF FUNDS

STATEMENT OF FUNDS - CURRENT YEAR

UNRESTRICTE
D FUNDS
DESIGNATED
FUNDS
Property
maintenance
fund
Capital
expenditure
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
Gilbey Fund
Langham Fund		 Balance at 1
July 2024
£
157,733
200,000
357,733
1,600,000
618,115
2,218,115
2,575,848
4,229,246
190,774
11,751
229,716
149,498
11,687		 Income
£
-
-
-
-
206,165
206,165
206,165
94,051
-
4,264
5,108
3,325
712		 Expenditure
£
(16,804)
-
(16,804)
(15,000)
(225,944)
(240,944)
(257,748)
(2,250)
-
(102)
(122)
(80)
(6)		 Transfers
in/out
£
-
100,000
100,000
-
286
286
100,286
(91,801)
-
-
(4,986)
(3,245)
(254)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
133,395
6,048
-
7,245
4,715
370		 Balance at
30 June
2025
£
140,929
300,000
440,929
1,585,000
598,622
2,183,622
2,624,551
4,362,641
196,822
15,913
236,961
154,213
12,509

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - CURRENT YEAR (continued)

RESTRICTED
FUNDS
Ecclesiastical
supplies Fund
Chaplaincy
TOTAL OF
FUNDS		 Balance at 1
July 2024
£
4,822,672
1,120
105
1,225
7,399,745		 Income
£
107,460
-
84,919
84,919
398,544		 Expenditure
£
(2,560)
(1,120)
(78,522)
(79,642)
(339,950)		 Transfers
in/out
£
(100,286)
-
-
-
-		 Gains/
(Losses)
£
151,773
-
-
-
151,773		 Balance at
30 June
2025
£
4,979,059
-
6,502
6,502
7,610,112

Page 33

Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR

UNRESTRICTE
D FUNDS
DESIGNATED
FUNDS
Property
maintenance
fund
Capital
expenditure
fund
GENERAL
FUNDS
Capital reserve
fund
Unrestricted
funds
TOTAL
UNRESTRICT
ED FUNDS
ENDOWMENT
FUNDS
Main
Endowment
Fund
Kolb Fund -
Capital
Kolb Fund -
unspent
income
Stopp Fund
Gilbey Fund
Langham Fund		 Balance at
1 July 2023
£
200,000
200,000
400,000
1,615,000
524,375
2,139,375
2,539,375
3,719,873
167,683
10,915
202,049
131,492
9,544		 Income
£
-
-
-
-
205,377
205,377
205,377
105,288
-
4,773
5,719
3,722
1,107		 Expenditure
£
(42,267)
-
(42,267)
(15,000)
(224,424)
(239,424)
(281,691)
(2,025)
-
(3,937)
(110)
(72)
(5)		 Transfers
in/out
£
-
-
-
-
112,787
112,787
112,787
(103,263)
-
-
(5,609)
(3,650)
(265)		 Gains/
(Losses)
£
-
-
-
-
-
-
-
509,373
23,091
-
27,667
18,006
1,306		 Balance at
30 June
2024
£
157,733
200,000
357,733
1,600,000
618,115
2,218,115
2,575,848
4,229,246
190,774
11,751
229,716
149,498
11,687

Page 34

Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

17. STATEMENT OF FUNDS (CONTINUED)

STATEMENT OF FUNDS - PRIOR YEAR (CONTINUED)

RESTRICTED
FUNDS
Other
Ecclesiastical
supplies Fund
Chaplaincy
TOTAL OF
FUNDS		 Balance at
1 July 2023
£
4,241,556
-
2,120
-
2,120
6,783,051		 Income
£
120,609
347
-
62,303
62,650
388,636		 Expenditure
£
(6,149)
(347)
(1,000)
(62,198)
(63,545)
(351,385)		 Transfers
in/out
£
(112,787)
-
-
-
-
-		 Gains/
(Losses)
£
579,443
-
-
-
-
579,443		 Balance at
30 June
2024
£
4,822,672
-
1,120
105
1,225
7,399,745

Page 35

Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

.

General 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.

Designated Funds:

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

The capital expenditure fund represents funds allocated to future capital expenditure.

Restricted funds:

The ecclesiastical supplies fund consists of a legacy received towards the cost of restoring 2 candlesticks and also the purchase of a Marian vestment for the Chaplaincy.

The chaplaincy fund represents the income and costs associated with the Chapel.

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.

The Langham Fund was established in 2022 as a result of an appeal in memory of Father Mark Langham. 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 five 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 generated by the permanent endowments able to be used for general purposes.

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

18. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2025
£
1,799,700
16,044
723,066
108,024
(22,283)
2,624,551		 Restricted
funds
2025
£
-
-
-
6,502
-
6,502		 Endowment
funds
2025
£
-
-
4,979,059
-
-
4,979,059		 Total
funds
2025
£
1,799,700
16,044
5,702,125
114,526
(22,283)
7,610,112

ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR

Tangible fixed assets
Intangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
TOTAL		 Unrestricted
funds
2024
£
1,704,239
8,750
811,676
88,696
(37,513)
2,575,848		 Restricted
funds
2024
£
-
-
-
1,225
-
1,225		 Endowment
funds
2024
£
-
-
4,799,233
23,439
-
4,822,672		 Total
funds
2024
£
1,704,239
8,750
5,610,909
113,360
(37,513)
7,399,745

19. CAPITAL COMMITMENTS

2025 2024
£ £
CONTRACTED FOR BUT NOT PROVIDED IN THESE FINANCIAL
STATEMENTS
Repairs, maintenance or enhancements to tangible fixed assets 116,534 -

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Docusign Envelope ID: 34D495B4-3D55-4385-934D-FA7A62225D1B

CAMBRIDGE UNIVERSITY CATHOLIC ASSOCIATION CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2025

20. 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 £2,536 (2024: £2,150) ontributions totalling £187 (2024: £119) were payable to the fund at the balance sheet date.

21. RELATED PARTY TRANSACTIONS

During the reporting period, total donations received from trustees in the year, without conditions amounted to £8,348 (2024: £9,766).

There have been no other related party transactions that require disclosure (2024: £nil).

22. OPERATING LEASE COMMITMENTS

At 30 June 2025 the charity had commitments to make future minimum lease payments under noncancellable operating leases as follows:

2025 2024
£ £
Not later than 1 year 2,801 -

Page 38