Charlty Roglstratlon No. 1130264 THE HENRY STARNES CHARITABLE SErrLEMENT TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2022 Propared by.. Brachers LLP Somerfield House 59 London Road Maldslone Kent ME16 8JH 571PHS0159.1
THE HENRY STARNES CHARITABLE SEThLEMENT LEGAL AND ADMINISTRATIVE INFORMATION Settlor Petgr Henry Slarnes Trustees Peter Henry Starn85 Anthony Simon Palmer Brachers Trust Corporation Limil8d IChrisloph&r Eriksson-Le8 representing) Charlty numbor 1130264 Principal addross 59 London Road Maldslone Kent ME168JH Sollcttors and accountants Brachers LLP Sorneffleld House 59 London Road Maldslone Kent ME16 8JH Investment advisors Walker Crips Stockbrokers Llmlted Old Change House 128 Queen Victoria Street London EC4V 4BJ Independent oxaminer M Wilkes FCA Azets Audll Servlces Globe House Eclipse Park Sillingboume Road Maldslone Kent ME14 3EN
THE HENRY STARNES CHARITABLE SETTLEMENT CONTENTS Pago Trustees, report Independent examiner's report Slal8ment of flnanclal acllvltles Balancé sheet Notes lo the accounts 7-12
THE HENRY STARNES CHARITABLE SEThLEMENT TRUSTEES, REPORT FOR THE YEAR ENDED 28 FEBRUAR Y 2022 The Trustees present thelr report and the unaudlled flnanclal 8tatements of the charlly for the year end 28 Febru8ry 2022. The Iru81e88 have adopted the provisions ol the Slalement of Recommended Practice {SORPI'Ac¢ounllng and Reporllng by Charlues" IFRS 1021 in preparing the annual roport and fbnancial slalemenls of the charity. The financbal slalemenls have been prepared in 8ccordance with the accounting policies sel out in tho notes lo the accounts and comply with the chadty's governing document. the CharflSes Act 2011 and Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charities preparlng Ihelr accounts in accordance with the Financtal Reporting Standard applicable In the UK and Republic of Ireland published in October 2019. Objects and activitiè$ for tho publlc benoflt The Qharlly's objects are to mak6 donallons as the t¥uslees in their dIsCreon think fit lo organisalions regarded as charitable by the laws of England and Wales, in particular lo charities that deal wlth the hèalth and care of animals. The policies adopted in furtherance ol these objects are in making donatSons to charflles involvgd Sn thls area. The trustees confirm that they hav& roforred to the guidance contained In the Charlty Commission's general guidance on public benefit when reviewing the trust's alms and objectives and in plannlng future act(vlll8s and In tho plannin9 of future donations and grants. Achelvèments and performance The charfty was successful In mainl8lnSng an approprlate level of investments to ConnUe lo generate sufficient invesmenl Income to malnlaln current grant maklng poliLies. Review of financial position and activities The results for the year are set out on page 5. Total income for the year amounted to £35,329 (2021.. £74,148). which included an unreslrfcled donation of £nll12021.. £45,0001. During the year the trust commltted £19,000 beeen the 19 charities il supports in respect of the year ended 28 February 202212021.. £19.000). As at 28 February 2022, a lolal of £19,000 remained unpaid. After accounting for other costs, which amounted lo £10,853 for the year12021.. £10,903) and portfolio management fees of £1 S,98712021= £14,290), the funds not expenditure of £10,51112021.' surplus £29,955) before Investment portfolio gains and losses is acceptable lo the trustees In thls Instance as it is due to the limlng of an unreslricled donation that the charfty was not entitled lo unlll Mah 2022. Reallsed gains and unrealSsed galns on the Investment porlfollo of £1,169 and £164,557 respecuvely. meant that unre8trlcled funds increased by £155,21512021.. £206,816) In total durlng Ihe year. Page 1
THE HENRY STARNES CHARITABLE SETTLEMENT TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 28 FEBRUAR Y2022 Rgsorvg8 Ilncludlng Reserves Pollcyl Al 28 February 2022. the chaTiWs unieslricled reserves amounted lo £2,004,25812021.. £1,849,043). The unrestrlcled fund represents the amount availablo for general charitable purposes al the dlscrgtlon of the Irustees. The truslees. Inlenllon Is lo keep reserves al levels suffi¢l6nl lo conllnu6 lo provide Income whlch will enable them lo pfovlde donatlons lo approved appllc8fjons, havlng regard lo unforeseen volalilily In Investment market values. They belleve the resetves pOSiOn al 28 February 2022 was sallsfaclory. 11 is the policy of the charity to ulllmalely malntsin 'free' reserves (being that element of the unreslrfctgd revenue reserve whlch Is not fundlng Inveslmenlsl of approximately one ye8r's runnlng cx)sts. As al 28 February the fre8 reserves of the charity amounted lo £57,83512021= £98.5511- The Iruslees conslder the closlng level as sufflclent to support their anllclpaled grant maklng expendlture in the followin9 twelve months, Includlng any unforeseen urgent charflable applications. Dgslgnatgd funds at 28 February 2022 total £1,946,42312021.' £1,750,4921- see note 10 for details. Investment policy Tha Iruslees have wde powers of Snveslmenl In accordance with th& goveming instrument lihe charitable l¥usl deed) and the provlslons ol the Charitles Acts. In conjunction with the chadlws Investment advlsors, the Iruslees approach the investment of funds in a cautious manner with the intention of maintaining the real value of the capltal of the fund where posslble, thus produclng a reallslic Income from the capital whlch can then be dislribuled. Where appropriate. the trustees rnay distribute capital in furtheran of the objects of the charity. Risk management The trustees have assessed the major rfsks lo whlch the charlty Is exposed, and are satisfied that systems are In pla lo mibgale exposure to the major rlsks. The funds Invested and those held on deposll are sublect to the compliance procedures of both the charfty's Investment advisors and Bra¢hers LLP. Going ¢oncem The Trustees have no reason to believo that the charlty wfll be unable to contlnue oper8tlng 8$ a golng concern {able to pay ils debts and 9rant commitments as they fall duel for a perlod of al least 12 months from the date of approving these accounts. Page 2
THE HENRY STARNES CHARITABLE SETTLEMENT TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y2022 Slructure. governance and managgmgnt The charftsble seluement is a registerd charity, number 1130264, and was established by a charflable trust deed dated 5 Novembar 1996. It was registered as a charlty wlth the Charity Commlsslon on 22 June 2009. There are currently throe trustees. The Iwstees conslder charllable donallons on the basls of the objects of the charity and taking into account appeals received by the trustees during the year. Thè trustees who served during the year were.. Peter Henry Starnes Anthony Simon Palmer Brachers Trust Corporation Limited The trustees include profosslonals wllh approprSale skllls lo properly manage tho trust assgls and apply those assets In accordance with the trust deed. Brachers Trust Corporation Limited was appointed trustee. with Chrfslopher Eriksson-Lea taking an acuve role as assigned Iruslee representative In hls capacSty as dirgclor of Brachers Trust Corporation Llynltsd. The original seluor has the power lo appoint additional or new Irustees during his lifetime. After the setUor'8 death, additional or new Iruslees are appointed by the existing trustees. The trust deed provldes for a maximum of five Iruslges. Approved b and slgned on Ihelr behalf.. Chrlstopher Eriksson-Lee on behalf of Bra¢hor¥ Trust Corporatlon Limited Trustee Dated.. 15 December 2022 Page 3
THE HENRY STARNES CHARITABLE SEThLEMENT INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE HENRY STARNES CHARITABLE SEThLEMENT I report lo the trustees on my examlnalion of the acGoLJnts of the Henry Slames Charllable Setuemenl for the year ended 28 February 2022. which are set out on pages 5 to 12. Rèspon61bllltlgs and basls of rgport As the charSly Iruslees of the Trust you are responsible for Ihe preparation of the accounts in accordance wllh the requlremenls of the Charblles Act 2011 Ilhe 'Acl'l. I report in respect of my examination of the Trust's accounts cariied oul under section 145 of the 2011 Act and in carrying out my examinauon I have followed all the applicable Diieclions glven by the CharSty CommSssion under secllon 145(5Xbl of the Act. Independent examlner'8 Statement I have Completed my examination. I confirm that no material mallers have come lo my attention in conne¢llon wllh the examinallon glvlng me cause lo believe that In any m81edal respect.. 1. accoL¢ntlng records were not kept In respect of the Trust as requlred by secllon 130 of the Act,. or 2. the accounts do not accord wllh those records,. or 3. the accounts do not cornply with the applicable requIrnents concemlng the form and content Df accounts Sel out In the Charilles (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair Vie which is not a maller considered as parl of an independent examlnallon. I have no concerns and have come acrDSS no other matters in connection wth the examination ID which allenlion should be drawn in this report in order lo enable a proper understanding of the acoounls to be reached. M Wllkes FCA Azets Audlt Servlces Globe House Eclipse Park Sittlngbourne Road Maidslone Kent ME14 3EN Dal&d: 15 Decemb81 2022 Page 4
THE HENRY STARNES CHARITABLE SELEMENT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 28 FEBRUARY 2022 Unrè8triclod Funds Unrestricted Funds Year endgd 28 Fobruary 2022 Year ended 28 February 2021 Notes Income from Legacles & donauons Dlvldends & Interest 45.000 29,148 35,329 Totsl In¢om 35,329 74,148 Expenditure on Charilable activities 19,000 15,987 10,853 19,000 14,290 10,9D3 Costs of raising funds othor costs Total expenditure 45,840 44,193 Not {gxpendlturelllncomg 110,5111 29,955 other recognised gains and losses Nel gains on inveslmenis 165,726 176,861 Not movèment in fund6 155,215 206.816 Total funds brought forward 1.849,043 1,642,227 Total funds carrled folard 2.004,258 1,849,043 Page 5
THE HENRY STARNES CHARITABLE SETTLEMENT BALANCE SHEET AS A T 28 FEBRUAR Y2022 28 February 2022 28 February 2021 Notes Flxod assets Investments 1.946,423 1,750,492 Current assets Debtors Cash at bank and in hand 2,113 78,700 45,000 75,864 80.813 120,864 Croditors: amounts falling du wlthln one year 122,9781 122,3131 Net current assats 57,835 98.551 Total assots less current 1SabSlltles 2.004.258 1,849,043 Reprgsentod by Unreslricled funds Designated funds General funds 10 1,946,423 57.835 1,750,492 98,551 Total unreslricled funds 2,004,258 1,849,043 The aocoun ved by the Trustees on 15 December 2022 Christophor Erlks$on-Lg& on behalf of Brach¥rs Trust Corporation Limited Trustee Pag8 6
THE HENRY STARNES CHARITABLE SEThLEMENT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 28 FEBRUARY 2022 1 Accountlng poll¢l•s 1.1 Basls of preparation The Henry Starnes Charrtable Selllemenl is a charfty ieglstered wllh the Charlty Commlsslon in the United Kingdom (England & Walesl IN, 1130264}. The address of the registered office is Somerfield House, 59 London Road, Maldslone, Kent, ME16 8JH. The charity conslltules 8 public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance wllh Accounllng and Reporting by Charities.. Statement of RecDmmgnded Practice applicable lo charities preparing their accounts In a¢cordan¢e wllh tho Flnan¢lal Reporting Standard applicable Sn the UK and Republic of Ireland IFRS1021 issued in October 2019, the Financlal Reporung Standard applloablg In Ihg Unlled Kingdom and Ropublic of Ireland IFRS1021, Ihe Charflles Act 2011 and UK Generally Accepted Praolice. The charily conslilulgs a pubS1¢ benefll entlty as defined bythe SORP. The charity has opted not to prepare a cash flow stslemenl for the financlal p8rtod, as pemilled by the 2019 Slalement ol Recommended Practice. The fi'nancial st8temen15 have been prepared lo give a 'lrue and fair view. and have departed from the Charities IAccounls and Rgporlsl Regulations 2008 only lo the extant required to provide a'lrue and falr view.. This departure has involved followlng the Accountlng and Reporting by Charllies: Slatemenl of Recommended Pracllce appllcab18 to chaiilies prepaiSng their accounts in accordance wllh the Flnandal Reportlng Standard applicable In the UK and Republlc of Ireland (FRS 1021 Issued In October 2019. The financial statements are prepared on a going con basis under the historical cost Gonvenllon, modSfied lo InGlvde certaln Items al falr value. The financlal slalemenls are presented In 8lerllng which Is the functlonal currency of th8 charlty and rounded to the nearest £. The signiflcanl ac¢ounUng pollcles applled In the preparatlon of these flnanclal slalemenls are Set out below. These pollcles have been conslslently applied lo all years presented unless olherwlse slated. 1.2 Incomo recognition Donations, legacies and other fomis of voluntary Income are rècognlsed 8s Income when recelvable, except insofar as they are incapable of finan¢lal me8surernenl. Income from Investments Is reGognlsgd when recelvable. 1.3 ExndIture r•cognltlon All expenditure is accounted for on an accruals basls and has been el&ssifled under headings that aggregate all costs related lo the category. Grant expenditure is recognised when awarded lo the recipient. The expense is In¢luded on an accruals basis in the year in which a legal or constructive obligation to pay the grant arises. Costs of raising funds are those Investment nanagement fees for both income generation and capSts1 maintenanc8. Charllable acllvllles Include expendllure assoclaled with the making of grants and donations and Snclude both thg dlrecl costs and indlrgot costs relating lo Iheso aclivllies, on an accruals basls. Page 7
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 1.3 Expendllure rècognltlon {conllnuedl IrreGoverable VAT Is charged 8galnst the category of resource expended for whlch11 was Incurred. 1.4 Investmènts Investments are recognised al fair value which Is normally the Iransactlon pric& excludlng Iransacllon Costs. Subsoquonlly they are measured al falr value with changes r&cognlsed In 'nel gainsl{lossesl on Investments. in the SOFA If shares are publlc ally traded or thelr fair value can olherwls8 be measured reliably. Realised galns or losses arSslng on dispos818re recognlsed In the Slalemenl of Fln8nci81 Acdvllles (SOFA) when the proceeds are reivable. 1.5 Fund accountlng The funds held by the charity are unrestricted funds which can be used in accordance with the charitable objectives al the discreliork of the Iruslees. Designated funds comprise funds which have been sel aside al the discretion of the Iruslee for splfi0 purposes, The purposes and uses of the deslgnaled funds are sel out In the notes lo the flnanclal statements. 1.6 Debtors and cr•dltors rg¢aivablelpayabla within ona yoar Debtors and creditors with no staled inl8resl rate and receivable or payable within one year are racorded at transaci¢on price. Any losses arislng from Impalrmenl are recognlsed In expendllure. 1.7 Taxatlon The charity Is an exempt charity wilhin the meaning of schedule 3 of Ihe Charities Act 2011 and is consldered lo pass the tests set out In Paragraph 1 Schgdulo 6 Flnance Act 2010. 1.8 Golng Concern The financial statements have been prepared on a golng concern basss as th8 Iruslees bellev8 that no materlal uncertainlles exist. The Iruslees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these flnancfjal slalèmenls. They believe the anlicipaled expendllure wlll be adequately lunded glven the exlslSng level of r&s&rves for the charity lo be ablo lo conunue as a going concom. 1.9 Judgements and key sources of estlmatlon uncertalnty Accounttng esllmalos and judgements are conllnu211y evaluated and are based on historical oxperfence and other factors. Includlng expectations of future &venls that are believed lo be reasonable under the drcumstsnces. Page 8
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2022 2 Legaclos and donatlons 2022 2021 Unreslrfcled fund5'. Donatlons 45,000 3 Dlvldend8 and Intgrost 2022 2021 Income from listed Investments Interest receivable 35.329 29,111 37 35,329 29.148 4 Expenditure 2022 2021 Charlt8ble actlvltles Grants lo InstutIOnS.. BILJe Cross Gr8enpeace Charitable Trust Hearing Dogs for tho Deaf Kent Wlldllfe Trust League Against Cruel Sports PACT Anlmal Sanctuary PDSA RSPB RSPCA Royal Veterinary College Anlmal Care Trust SPANA (Society lor the prol&cllon of animals abroad) Sight Savers Inlemalional The Brooke Hospllal for Animals The Dogs, Trust World Society for the ProteGtton of Anlm8ls WWF-UK 1,000 1,000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1.000 1,000 1,000 1,000 1,000 1,000 1,000 1.000 1,000 1,000 1,000 1,DOO 1,000 1,000 1,000 1,000 1,000 1,000 Camvet Dogs for Gix)d PETA Foundation 19,000 19,QOO Page 9
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 4 Exp•ndlturg {contlnu&dl 2022 2021 Reconclllatlon of grants payable Commitments unpald 811 March 2021 Commitments made in the year (above) Grants pald during the year 19,000 19,000 119,0001 18,000 19,000 118,000) Commitments unpaid al 28 February 2022 {NDlg 91 19,000 19,0(10 Costs of raising funds Invesbnent managers, fees 15,987 14,290 15,987 14,290 oth&r costs Management, adminislralion and accountancy fees Ind&pend0nl examination.. Independent examination fees Other servlces- accountsncy Irrecoverable withholding lax 7,694 8.589 2,620 2,240 59 74 10,853 10.903 5 Trustees and related party transaction$ Nono of the tDJslees Inor any persons connected wSlh them) personally recelved any remuneration or expenses relmbursed durtng the year, In accordance wllh the trust deed. In addition, the charity was charged managemenl, administration and accountancy by Brachers LLP amounllng lo £7,694. Durfng the year an assoclated undertaking of 8rachers LLP, Brachers Trust Corporatlon Llmlled, was appolnled a trustee of the Charlty. Foes are charged al commercl81 rates by Brachers. Durlng the yeaT the charity received uncondllional donaJons 8mounting lo £nll12021: £45,000) from 8 trustee. 6 Employees There were no ernployees during the year. Page 10
THE HENRY STARNES CHARITABLE SEThLEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 7 FIX a88et Invèstmènts 2022 2021 Llsted Inv&8tments: Market value al 1 March 2021 Addltlons al cost Dlsposal proceeds Realised losses on disposals Unrealised gBinslllossesl on revaluation 1.596.301 411,835 (269,7501 1,532.716 178.217 1291,4931 1,169 164,557 179,554 12.6931 165,726 176.861 1,904,112 42.311 1,596,301 154,191 Cash Market value at 28 February 2022 1.946.423 1,750,492 Hislorical cost of investments 1.257.099 1,065,800 The portfolio was corllprosed as follows= Equities Fixed Interest Securities Allemative Assets Cash 1,389,733 185,615 328,764 42,311 1,058,897 226,490 310,914 154,191 1,946,423 1,750,492 Investments represenllng more than 5Yo of tho total market value of the listed invesmenls porffollo were as follows.. European Opportuniles Trust PIC Ord GBOO.01 Llnk Fund Solutions Ltd Ruffer Total Return C Dis Fbdellty European Trust PIC Ord GBPO.026 Ishares11 PIC- GBP Idx-llnked Gllts UCITS ETF GBP Dlsl Ishares S&P UCITS ETF NAV 132.656 115,889 122,620 92,739 107,698 Page11
THE HENRY STARNES CHARITABLE SELEMENT NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2022 8 Debtor¥ 2022 2021 Other debtor8 2,113 45.000 2.113 45.000 9 Credltors: amounts f411Sng duo wlthln one year 2022 2021 Grants payable (note 41 Olhgr ¢redllors 19,000 3,978 19.000 3.313 22,978 22,313 10 Doslgnatod funds The income hjnds of th8 charity include the following d6slgnated funds which have bg8n sel asida out of uniestricled funds by the Iruslees for sp&clfl¢ purposes.. 1 March Ngw 2021 doslgn4tlons D&8ignatlons reloased 28 F$bruary 2022 Investment fund 1,750,492 465,681 1269,7501 1,946,423 1 March New 2020 Il&slgnationB Designatlons reloased 28 Fobruary 2021 Investment fvnd 1,$66,523 475,462 (291.4931 1,750,492 Investment fund - these funds are Invested to maximisa lot81 return and generate incomè. Page 12