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← The Starling Family Charitable Trust

2024-03-31-accounts

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Charity number: 1113583
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THE STARLING FAMILY CHARITABLE TRUST

TRUSTEES’ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

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THE STARLING FAMILY CHARITABLE TRUST

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report together with the audited financial statements of the charity for the year 1 April 2023 to 31 March 2024.

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 statements following.

in the financial

Achievements and performance

a. Key performance indicators

The Trustees report a surplus in the year of £878,947 (2023 - deficit £719,854) and net assets of £18,770,219 (2023 - £17,891 ,271).

The main key performance indicator used by the Trustees is to generate a minimum investment return of £340,000 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 £366,267 (2023 - £403,018). New grant commitments during the year amounted to £714,970, which led to net expenditure on unrestricted funds for the year of £364,173. Although this exceeded the investment return for the year, the largest grant commitment of £600,000 made this year will be spread over three years and other grant commitments will be reduced during this time.

The Trustees meet with their investment advisors at least annually to review the level of investment returns.

Page 2

THE STARLING FAMILY CHARITABLE TRUST

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF THE STARLING FAMILY CHARITABLE TRUST

We have audited the financial statements of The Starling Family Charitable Trust (the for the year ended 31 March 2024 which comprise the Statement of financial activities, the Balance sheet 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).

for the year

In our opinion the financial statements:

e give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources for the year then ended; e have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and e 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.

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