Charity number: 1113583
THE STARLING FAMILY CHARITABLE TRUST
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
THE STARLING FAMILY CHARITABLE TRUST
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers | 1 |
| Trustees' report | 2 - 5 |
| Independent auditors' report on the financial statements | 6 - 9 |
| Statement of financial activities | 10 |
| Balance sheet | 11 |
| Notes to the financial statements | 12 - 23 |
THE STARLING FAMILY CHARITABLE TRUST
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | R P Starling, Principal |
|---|---|
| C P W Stevenson | |
| M J Gilbert (appointed 3 February 2023) | |
| Charity registered number 1113583 Principal office Cage Lane Thetford Norfolk IP24 2DT Independent auditors Whitings LLP Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY Bankers Barclays Bank plc 28 High Street Ely Cambridgeshire CB7 4FS Solicitors Metcalfe Copeman & Pettefar LLP Cage Lane Thetford Norfolk IP24 2DT Investment Advisers Barratt & Cooke 5 Opie Street Norwich Norfolk NR1 3DW Investment advisers Whitings Wealth Management Ltd 12 & 13 The Crescent Wisbech Cambridgeshire PE13 1EH Property Advisor & Letting Agent Cheffins 1 & 2 Clifton Road Cambridge CB1 7EA |
Page 1
THE STARLING FAMILY CHARITABLE TRUST
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the audited financial statements of the charity for the year 1 April 2022 to 31 March 2023.
Objectives and activities
a. Policies and objectives
The objectives of the Charity are exclusively charitable purposes in East Anglia (particularly Cambridgeshire) and the Trustees shall in their absolute discretion from time to time determine and may, but need not, include the following:
a) the upkeep and repair of the fabric and contents of Ely Cathedral and the maintainance of service therein; and
b) the furtherance of the education (including social and physical training) of pupils attentding Culford School, Culford, Bury St. Edmunds, Suffolk (Charity No. 310486) as the same as is administered by Culford School Trustee Company Ltd (Company No. 05609905).
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's General Guidance, when reviewing the Charity's aims and objectives and in planning future activities and setting future grant-making policy.
In setting objectives and planning for activities, the Trustees 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)'.
b. Activities undertaken to achieve objectives
During the year under review, the Charity has made various grants as detailed at note 4 in the financial statements following.
Achievements and performance
a. Key performance indicators
The Trustees report a deficit in the year of £719,854 (2022 - surplus £1,794,012) and net assets of £17,891,271 (2022 - £18,611,125).
The main key performance indicator used by the Trustees is to generate a minimum investment return of £275,000 per year in order to allow the Trustees to meet their existing grant commitments and to consider making additional grants. The total received from investments for the year was £403,018 (2022 - £361,469).
The Trustees meet with their investment advisors at least annually to review the level of investment returns.
b. Review of activities
The Trustees have continued to concentrate on maintaining the endowment and fulfilling existing commitments to Ely Cathedral and Culford School, although they have also made small grants to other bodies, thereby providing a range of educational, health and welfare support within the East Anglian community.
The Trustees received a number of applicants for grants, but at a time when the level of income on their investments could not be guaranteed, they concentrated on maintaining the endowment and fulfilling existing commitments to Ely Cathedral and Culford School.
Page 2
THE STARLING FAMILY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Achievements and performance (continued)
c. Investment policy and performance
The Trustees review investment policies and performance at their meetings. They take advice from Stockbrokers and Independent Financial Advisors who manage their investment portfolios and who report in person at least once a year and in writing regularly throughout the year. They also take advice from their letting agents in respect of the investment property they own. The investments show an excess over cost of £5,336,201 (2022 - £6,887,557). The value of investments including cash and investment property decreased this year by £717,055 including cash (2022 - increase of £2,068,324).
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
The Trustees commit to making regular grants in specific cases over a period of time and consider that the full amount of such commitments should appear as a distribution in the period in which the commitment was made. Income is recognised as the Charity becomes legally entitled to it. Although when committing to the expenditure the Trustees are mindful of the anticipated future income of the Trust, this can result in the unrestricted general fund having an overdrawn balance.
c. Material investments policy
The Trustees hold no investments that are deemed material in the overall makeup of their investment portfolio.
d. Principal risks and uncertainties
The principal risk that the Charity is exposed to is the movement in the UK and Global stockmarket and its consequential effect on the endowment fund.
Structure, governance and management
a. Constitution
The Starling Family Charitable Trust is a registered charity, number 1113583, and is constituted under a Trust deed dated 19 December 2005. Its initial settled fund was £100 and substantial gift aid payments have since been received from the family and the family company. The Trust does not actively fundraise and seeks to continue the philanthropic work desired by the donors through the careful stewardship of its existing resources.
There have been no changes in the objectives since the last annual report.
Page 3
THE STARLING FAMILY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Structure, governance and management (continued)
b. Methods of appointment or election of Trustees
The three original Trustees, Mr R P Starling, Mr A D Salmon and Mr T W Stevenson were appointed under the trust deed and they were appointed for life. The trust deed provides for a maximum of three Trustees, any vacancy being filled by the surviving Trustees. Mr A D Salmon died on 2 April 2009 and the position in the Trustee body was filled by the appointment of Mr C P W Stevenson on 27 October 2014. Mr T W Stevenson died on 16 November 2019 and the position in the Trustee body left by him was filled by the appointment of Mr M J Gilbert on 3 February 2023.
c. Organisational structure and decision-making policies
The Trustees meet at least three times a year to agree the broad strategy and areas of activity for the Trust, including consideration of grant making, investment, reserves and risk management policies and performance.
d. Policies adopted for the induction and training of Trustees
When new Trustees are appointed they are given an introduction to the Charity by Mr R P Starling who sets out the history of the Charity and its grant making policies, together with copies of the last annual accounts, investment portfolio report, annual return, the governing trust deed and copies of the Charity Commission's guidance 'The Essential Trustee: What You Need To Know' and 'Charities and Public Benefit'.
e. Pay policy for key management personnel
No salaries are paid to the Trustees.
f. Risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
The Trustees are actively planning further bursary awards to both Culford School and Ely Cathedral.
Information on fundraising practices
The Charity does not undertake any fundraising activities that require reporting.
Page 4
THE STARLING FAMILY CHARITABLE TRUST
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' 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 Trustees 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 Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees 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.
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
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that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
Auditors
The auditors, Whitings LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by order of the members of the board of Trustees and signed on their behalf by:
R P Starling
Trustee
Date: 20 January 2024
Page 5
THE STARLING FAMILY CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STARLING FAMILY CHARITABLE TRUST
Opinion
We have audited the financial statements of The Starling Family Charitable Trust (the 'charity') for the year ended 31 March 2023 which comprise the Statement of financial activities, 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:
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give a true and fair view of the state of the charity's affairs as at 31 March 2023 and of its incoming resources and application of resources for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Charities Act 2011.
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 Trustees' 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 Trustees with respect to going concern are described in the relevant sections of this report.
Page 6
THE STARLING FAMILY CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STARLING FAMILY CHARITABLE TRUST (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 Trustees 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:
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the information given in the Trustees' report is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Trustees' responsibilities statement, the Trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Trustees 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 Trustees 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 Trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Page 7
THE STARLING FAMILY CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STARLING FAMILY CHARITABLE TRUST (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:
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Enquiry of management about any known or suspected instances of non-compliance with laws and regulations, and fraud;
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Enquiry of management around actual and potential litigation and claims;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, and evaluating the rationale of any significant transactions outside the course of normal operations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
Page 8
THE STARLING FAMILY CHARITABLE TRUST
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE STARLING FAMILY CHARITABLE TRUST (CONTINUED)
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.
Whitings LLP
Statutory Auditor Greenwood House Greenwood Court Skyliner Way Bury St Edmunds Suffolk IP32 7GY
20 January 2024
Whitings LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
Page 9
THE STARLING FAMILY CHARITABLE TRUST
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Note Income and endowments from: Investments 2 Total income and endowments Expenditure on: Raising funds 3 Charitable activities 5 Total expenditure Net income/(expenditure) before net (losses)/gains on investments Net (losses)/gains on investments 10,11 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 403,018 403,018 - 323,280 323,280 79,738 - 79,738 223,116 79,738 302,854 |
Endowment funds 2023 £ - - 37,564 - 37,564 (37,564) (762,028) (799,592) 18,388,009 (799,592) 17,588,417 |
Total funds 2023 £ 403,018 403,018 37,564 323,280 360,844 42,174 (762,028) (719,854) 18,611,125 (719,854) 17,891,271 |
Total funds 2022 £ 361,469 361,469 51,701 466,568 518,269 (156,800) 1,950,812 1,794,012 16,817,113 1,794,012 18,611,125 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 12 to 23 form part of these financial statements.
Page 10
THE STARLING FAMILY CHARITABLE TRUST
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Investments 11 Investment property 10 Current assets Debtors 12 Cash at bank and in hand Creditors: amounts falling due within one year 13 Net current liabilities Total assets less current liabilities Creditors: amounts falling due after more than one year 14 Total net assets Charity funds Endowment funds 16 Unrestricted funds 16 Total funds |
10,085 261,972 272,057 (338,545) |
2023 £ 17,754,092 550,000 18,304,092 (66,488) 18,237,604 (346,333) 17,891,271 17,588,417 302,854 17,891,271 |
14,128 237,319 251,447 (273,133) |
2022 £ 18,661,147 360,000 19,021,147 (21,686) 18,999,461 (388,336) 18,611,125 18,388,009 223,116 18,611,125 |
|---|---|---|---|---|
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
R P Starling
Trustee
Date: 20 January 2024
The notes on pages 12 to 23 form part of these financial statements.
Page 11
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
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 in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Starling Family Charitable Trust 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.
1.2 Income
All income is recognised once the charity has entitlement to the income, it is probable that the Income will be received and the amount of income receivable can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition has not been met, then the legacy is treated as a contingent asset and disclosed if material.
Donated services or facilities are recognised when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the charity of the item is probable and that economic benefit can be measured reliably.
On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.
Page 12
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
1.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.
Governance costs are those incurred in connection with the administration of the Charity and compliance with constitutional and statutory requirements.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in activities that raise funds.
Charitable activities and governance costs are costs incurred on the Charity's educational operations, including support costs and costs relating to the governance of the charity apportioned charitable activities.
Single or multi-year grants payable (including educational bursaries) are charged in the year when the legal or constructive offer is made, except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
1.4 Taxation
Corporation tax is not provided for in these financial statements as The Starling Family Charitable Trust is a registered charity and corporation tax is not payable to the extent that income is used for charitable purposes.
1.5 Investments
Investments are stated at market value at the Balance Sheet date. The Statement of Financial Activites includes the net realised and unrealised gains and losses arising on revaluations and disposals throughout the year.
1.6 Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid net of any discounts due.
1.7 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.
Page 13
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. Accounting policies (continued)
1.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
1.9 Financial instruments
The Charity has basic financial instruments transactions that result in the recognition of financial assets and liabilities such as trade and other accounts receivable and payable, loans from banks and other parties, loans to related parties and invetsment in non-puttable ordinary shares.
Financial instruments such as investments in shares and investment properties are measured at fair value through the statement of financial activities.
1.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Endowment funds represent those assets donated by gifts from the Starling Family which must be held permanently by the Charity, principally the total investments. Income arising on the endowment funds can be used in accordance with the objects of the Charity and is included as unrestricted income. Any capital gains or losses arising on the investment form part of the fund. Investment management charges and legal advice relating to the fund are charged against the fund.
Investment income, gains and losses are allocated to the appropriate fund.
1.11 Investment properties
Investment properties are included in the balance sheet at their open market value, determined annually by the trustees or their professional advisors, and are not depreciated.
Page 14
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Investment income
| Unrestricted funds 2023 £ Investment properties 11,090 Local listed investments 304,970 Foreign listed investments 86,306 Bank interest 652 403,018 Total 2022 361,469 |
Total funds 2023 £ 11,090 304,970 86,306 652 403,018 361,469 |
Total funds 2022 £ 10,740 273,206 77,484 39 |
|---|---|---|
| 361,469 | ||
3. Investment management costs
| Unrestricted funds 2023 £ Investment fund management - Investment property costs - - Total 2022 22,405 |
Endowment funds 2023 £ 35,214 2,350 37,564 29,296 |
Total funds 2023 £ 35,214 2,350 37,564 51,701 |
Total funds 2022 £ 29,296 22,405 |
|---|---|---|---|
| 51,701 | |||
Page 15
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
4. Analysis of grants
| Grants to Institutions 2023 Total funds 2023 £ £ Grants payable 308,694 308,694 Total 2022 454,836 454,836 The Charity has made the following material grants to institutions during the year: 2023 £ Name of institution Culford School - Bursaries 156,664 Ely Cathedral - Video - Angles Theatre - Culford Science Laboratory - Priscilla Bacon Hospice - East Anglian Air Ambulance 5,000 Ely Cathedral - Paving - Alzheimers Research Trust 5,000 West Norfolk Hospice Tapping House - Ely Cathedral - IT System 50,000 Cambridge Arts Theatre 10,000 Ely Cathedral - Digital Interpretation Project 50,030 Age UK - Warden Scheme 27,000 Red Cross - Ukraine Appeal 5,000 308,694 |
Total funds 2022 £ 454,836 2022 £ 103,336 (6,170) 10,000 200,000 25,000 2,500 (11,118) 3,000 1,000 117,288 10,000 - - - 454,836 |
|---|---|
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THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Charitable activities 323,280 Total 2022 466,568 |
Total 2023 £ 323,280 466,568 |
Total 2022 £ 466,568 |
|---|---|---|
6. Analysis of expenditure by activities
| Charitable activities Total 2022 |
Grant funding of activities 2023 £ 308,694 454,836 |
Support costs 2023 £ 14,586 11,732 |
Total funds 2023 £ 323,280 466,568 |
Total funds 2022 £ 466,568 |
|---|---|---|---|---|
Analysis of support costs
| Governance costs - note 7 Total 2022 |
Activities 2023 £ 14,586 11,732 |
Total funds 2023 £ 14,586 11,732 |
Total funds 2022 £ 11,732 |
|---|---|---|---|
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THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
7. Governance costs
| Unrestricted funds 2023 £ Audit fees 4,697 Accountancy fees 6,305 Legal fees 2,400 Professional fees 1,184 14,586 Total 2022 11,732 |
Total funds 2023 £ 4,697 6,305 2,400 1,184 14,586 11,732 |
Total funds 2022 £ 3,129 6,203 2,400 - |
|---|---|---|
| 11,732 | ||
8. Auditors' remuneration
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Fees payable to the Charity's auditor for the audit of the Charity's annual | ||
| accounts | 4,697 | 3,129 |
| Fees payable to the Charity's auditor in respect of: | ||
| Non-audit services | 6,305 | 6,203 |
9. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL) .
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .
Page 18
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
10. Investment property
| Valuation At 1 April 2022 Surplus on revaluation At 31 March 2023 |
Freehold investment property £ 360,000 190,000 |
|---|---|
| 550,000 |
The historic cost of the investment property is £329,932. The 2023 revaluation was determined by independent valuers, Cheffins Chartered Surveyors, on an open market value for existing use basis.
11. Fixed asset investments
| Cost or valuation At 1 April 2022 Additions Disposals Net realised and unrealised gains/(losses) At 31 March 2023 |
Listed investments £ 18,661,147 2,793,630 (2,748,657) (952,028) |
|---|---|
| 17,754,092 |
The historic cost of the investments is £12,637,959 (2022 - £11,803,658).
Included in fixed asset investments is cash held in investment portfolios. At the balance sheet date cash held in investments was £205,145 (2022 - £297,027).
12. Debtors
| Prepayments and accrued income | 2023 £ 10,085 10,085 |
2022 £ 14,128 |
|---|---|---|
| 14,128 |
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THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income Grants accrued |
2023 £ 11,413 13,000 314,132 338,545 |
2022 £ 29,419 11,670 232,044 |
|---|---|---|
| 273,133 |
14. Creditors: Amounts falling due after more than one year
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Grants accrued | 346,333 | 388,336 |
15. Financial instruments
| 2023 | 2022 | |
|---|---|---|
| £ | £ | |
| Financial assets | ||
| Financial assets measured at fair value through income and expenditure | 18,304,092 | 19,021,147 |
Financial assets measured at fair value through income and expenditure comprise fixed asset investments and investment property.
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THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
16. Statement of funds
Statement of funds - current year
| Unrestricted funds General Fund Endowment funds Endowment Fund Total of funds |
Balance at 1 April 2022 £ 223,116 18,388,009 18,611,125 |
Income £ 403,018 - 403,018 |
Expenditure £ (323,280) (37,564) (360,844) |
Gains/ (Losses) £ - (762,028) (762,028) |
Balance at 31 March 2023 £ 302,854 |
|---|---|---|---|---|---|
| 17,588,417 | |||||
| 17,891,271 |
The Endowment fund is comprised of investments held to generate income to apply for charitable purposes, net of the costs to manage these investments.
Statement of funds - prior year
| Unrestricted funds General Fund Endowment funds Endowment Fund Total of funds |
Balance at 1 April 2021 £ 350,620 16,466,493 16,817,113 |
Income £ 361,469 - 361,469 |
Expenditure £ (488,973) (29,296) (518,269) |
Gains/ (Losses) £ - 1,950,812 1,950,812 |
Balance at 31 March 2022 £ 223,116 |
|---|---|---|---|---|---|
| 18,388,009 | |||||
| 18,611,125 |
Page 21
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
17. Summary of funds
Summary of funds - current year
| General funds Endowment funds |
Balance at 1 April 2022 £ 223,116 18,388,009 18,611,125 Balance at 1 April 2021 £ 350,620 16,466,493 16,817,113 |
Income £ 403,018 - 403,018 Income £ 361,469 - 361,469 |
Expenditure £ (323,280) (37,564) (360,844) Expenditure £ (488,973) (29,296) (518,269) |
Gains/ (Losses) £ - (762,028) (762,028) Gains/ (Losses) £ - 1,950,812 1,950,812 |
Balance at 31 March 2023 £ 302,854 17,588,417 |
|---|---|---|---|---|---|
| 17,891,271 | |||||
| Balance at 31 March 2022 £ 223,116 18,388,009 |
|||||
| Summary of funds - prior year | |||||
| General funds Endowment funds |
|||||
| 18,611,125 |
Page 22
THE STARLING FAMILY CHARITABLE TRUST
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
18. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Fixed asset investments - Investment property - Current assets 987,732 Creditors due within one year (338,545) Creditors due in more than one year (346,333) Total 302,854 |
Endowment funds 2023 £ 17,754,092 550,000 (715,675) - - 17,588,417 |
Total funds 2023 £ 17,754,092 550,000 272,057 (338,545) (346,333) 17,891,271 |
|---|---|---|
Analysis of net assets between funds - prior year
| Fixed asset investments Investment property Current assets Creditors due within one year Creditors due in more than one year Other assets/(liabilities) Total |
Unrestricted funds 2022 £ - - 251,447 (273,133) (388,336) 633,138 223,116 |
Endowment funds 2022 £ 18,661,147 360,000 - - - (633,138) 18,388,009 |
Total funds 2022 £ 18,661,147 360,000 251,447 (273,133) (388,336) - 18,611,125 |
|---|---|---|---|
19. Related party transactions
Mr R P Starling was a director of C N Starling Limited during the year.
During the year, C N Starling Limited settled expenses on behalf of the Trust totalling £19,190 (2022 - £10,229). The amount outstanding at the balance sheet date was £10,229 (2022 - £10,229) and is included within trade creditors.
Page 23