Charity Registration No. 1130264 THE HENRY STARNES CHARITABLE SETTLEMENT TRUSTEES. REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Piepared by.. Brachers LLP Somerfield House 59 London Road Maidstone Kent ME168JH 571PHS0159.1
THE HENRY STARNES CHARITABLE SETTLEMENT LEGAL AND ADMINISTRATIVE INFORMATION Settlor Pel8r Henry Starnes Tru$tee5 Anthony Simon Palmer Irelired 17 fvrtarch 2023} Bracheis Trusl Coiporation Limited Ichrisiopher Erlksson-Lee represÈnlin91 Charlty number 1130264 Prlnclpal address 59 London Road Maidslone Kent MEI8 8JH Solicitors accountant5 Brachers LLP Sornerfield House 59 London Roa Maidstone Kenl ME16 8JH Investment advlsors Walker CrSps Slockbroker5 Limited Old Change House 128 Oueen Vicioria Slreei London EC4V 48J Indepondent examlner James Francis Ensors Accountants LLP Incubator 2 The Boulev8rd Enterprise Campus Alconbury Weald Hunlingdon Cambridgeshire PE28 4XA
THE HENRY STARNES CHARITABLE SETTLEMENT CONTENTS Page Trustees. report Independent examlnerts report Slatement of financial a¢liwlies Balance sheet Notes to th8 accounts 7-12
THE HENRY STARNES CHARITABLE SETTLEMENT TRUSTEES. REPORT FOR THE YEAR ENDED 29 FEBRUARY 2024 The Trustees present their reporl and the unaudited financial slalemenls of the Eharily lor the year ended 29 February 2024. The trustees have adopted the provisions ol the Slalernenl of Recommended Pr8clice ISORPI"Accounlino and Reporting by Ch8rities" IFRS 1021 in pParIng the annu31 report and financial slalernents of the charity. The financial statements h8ve been prepared in accordance with the accounting policie5 sel out in the notes to Ihe accounls and comply with thE charity'5 governin9 docurnent, Ihe Charities Act 2011 and Accounting and Reporting by Chanlie5.' Slalement of Recommended Practice applicable lo charilies pParIng their ac¢ount5 in accordance wilh Ihe Financial Reporting Standard applicable in the UK and Republic of Irelan(J published in October 2019. Objects and a¢tlvrties for Iho publi£ benelfjt The charity's objects are lo make donations as the Iruslees in their discrelion think fil lo organlsalions r8g2rded as charitable by the lèws of Englan¢J and Wales, in particular lo charities Ihal deal with the heallh and Ca ol anirnals. The policies adopted In furtherance of Ihese objects are in making donatson5 to charities involved in this area. The trustees confirm that they have referreo lo th8 9uidanc8 contained In the Charity Commission's gener81 gvidanre on public benefit when reviewing the trust's èlms and objective5 and in planning fulure activitie5 and in the planning of fuluo donations 8nd grants. Achievements and performance The charity w8$ successful in maintaining an appropriate level ol investments lo continue to generate sufficient investmenl incom8 lo maintain current grant kIng policies. Revlew of financial posStlon and a¢tlvltles The sUItS lor the year are Sel out on page 5. Total in¢orne for the year anK)unled to £80.96012023.' £74,515). which included an unrestricted ¢Jonation of £32.00012023." £32.0151. During Ihe year the trust ¢ommilted £30.000 belw8en the 21 ch8rilies il supports in r8specl ol the year ended 29 February 202412023.. £14,000>. As al 29 February 2024, £9.000 retnained unpaid lo the Blue Cross. After accouniing for other costs, which amounted to £18,801 for the year12023'. £10,937) and portfolio m8n8gemeni le8s of £16,65312023'. £16.2281, tha tund5 n81 syrplu5 of £15.50612023.. £33,350) before investment portfglio gains and10sses is acceptable lo the trustee5. Realised gains and sJnieali5ed 105585 on the Investment portfolio of £56,523 and £39,572 respectively. meant that un$1Cted funds increased by £32,45712023. £100.3331 in lolal during the year. Page 1
THE HENRY STARNES CHARITABLE SETTLEMENT TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Res•rv85 lincluding Re¥eTht$ Policy) Al 29 February 2024. the charills unrestri¢led reserves amounted lo £2,137,04812023". £2,104,591). The unrestricted fund represents the atnounl 8vailable lor general charil8ble purposes al Ihe di5cr8tion ol th8 trustees The Iruslees, intention is lo keep reserves at levels sufficient lo ntInUe lo provide income which will enable them lo provide donations lo approved applications, having regard lo unforeseen volatility in investment market values. They believe the reserves position at 29 F8tyruary 2024 was satisfactory. It 15 the policy of Ihe charity to ullim8tely maintain Yree, reserves (being th81 elemenl of the unrestricted r8venue reserve which is noi funding inveslmentsl of 8pproximately one yea¢s running costs. As at 28 February the free reserves ol the charity amounled lo £71,46012023.. £72.3251 The trustees consider the closing level as sufficient 10 SUPPOrt their anticipated grant making expenditu in the following twelve rnonths, including any unfor•seen urgenl charitable applications. Dasignatad funds a129 February 2024 lolal £2.065.58812022.' £2,032,266) see note 10 for delails. Inve8lment poll¢y The trustee5 have wid8 powers of Investment in a¢¢ordance with Ihe governing Instrument Ithe charitable tru51 deed) and Ihe provisions of the Charities Acts. In Gonjunction with the charilvs inveslmenl advisors, the Iruslees approach the inveslmenl of fund5 in a cautious mantler with Ihe inlenlion of maintaining Ihe real value ol the capital of the fuTrd where possible, thus producing a realistic inrne from the capit81 which can Ihen be dislributed. Wh8re appropriate, the trustee5 may dislnbule capital in furtherance of the obje¢ls ol the tharity. Risk m8nagem¢n¢ The trustees have assessed the mAjor risks lo which the ch8rily is exposed, and are satisfied thai systems are in place lo mili9ale exposure to the major risks. The funds invested and those held on deposit are subject lo the compliance procedures of both Ihe ¢harity's inveslmenl 8dvisors and Brachers LLP. Goin9 concern The Trustees have no reason tu believe that the charity will be unable to continue operating as a going concern (able lo pay ils cfebts and grant commilmenls as they fall duel for a period ol al18asl 12 months from the date ol approving these accounts Page 2
THE HENRY STARNES CHARITABLE SETTLEMENT TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Structure. governanco and management The charilable selllement is a registered ch8rily. number 1130264, and was estaljished by a charitable Irusl deed dated 5 November 1996. 11 was r8gislered as a eharily with the Charity Commission on 22 June 2009. There is currently one corporate trustee. The twstee consider chafitsble don81ions on the basis of the obj8cls of the charity and iaking Into a¢counl appeals CeIvE{l during lh8 year The truste85 who served during Ihe year were.. Anthony Simon Palmer Iretired117 March 20231 Brachers Trust Corporation Limite¢ The Irustees include professionals with appropriate skills lo properly manage the trust assets and apply those assets in accordance with Ihe Irusl deed. Brachers Trusl Corporation Limited was appointed Iru51ee, with Christopher Eriksson-Lee taking an 8clive role as assigned trustee iepre$entaiiv£ in his capacily as director of Brachers Trust Corporation Limited The origin31 sellloi l)as the power to app)inl addilional or new Iruslees during hi5 lifetime. After the settiofs death, additional or new Iruslegs are appointed by the exisliTrg Iruslees The trust deed provides for a maximum of five trustees. Approved by the Iru5 ees and sign8d on their behalf.. Christopher Erlksson.Lot on behall of Bra¢her5 Trust CorpDration Llmlted Trustee Dated.. Page 3
THE HENRY STARNES CHARITABLE SETTLEMENT INDEPENDENT EXAMINER'S REPORT TOTHE TRUSTEES OF THE HENRY STARNES CHARITABLE SETTLEMENT I report to the tru51ees on rriy examination ol the accounts ol the Henry Stafnes Charitable Settlement for the year end 29 February 2024, which are sel out tsn pag85 5 to 12. Responslbllitles and ba51s of r8POrt As the charity Iruslees of the Trust you are responsible for the preparation of the a¢counls In accordance wlth the requirements ol the Charitie5 Act 2011 Ithe'Act'l- I report In Spect ol my èxarn¢nation of the Trust's accounls carried out under section 145 of the 2011 Act and in carrying out my exaTninalion I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent exarnlner'5 Statemènt I have comp18ted my examinab'on. I confirm that no matèrial rnatters have Come Io tny atlenlion in conneciitsn with the examiaation giwn9 me ¢ause lo believe thai in tny material respect.. accounting rècords w&re not kept in iespecl ol the TrLtr5t as required by section 130 of the Act.. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning Ihe form and content of accounts sel out in Ihe Charilies (Accounts and Reportsl Regulations 2008 offter than any requirernent th81 the accounts give a'lrue and fair Vie which is not a maller consider8d as part of an independent exarninaltcn. I have no Concerns and have come across no other matters In Connectio with lh8 examination lo which attention should be drawn in this port in ortjer to 8nab18 8 proper understanding of the accounts to be achEd, Jame5 FTanCIS Ensors Accounlanls LLP In¢ubalor 2 The Boulevard Enterprise Campus Alconbury Weald Hunlingdon Cambridgeshire PE28 4XA Dated.. Page 4
THE HENRY STARNES CHARITABLE SETTLEMENT STATEMENT OF FINANCIAL AcTIVlEs FOR THE YEAR ENDED 29 FEBRUAR Y 2024 Unrestrl¢tgd Funds Unrestricted Funds Year ended 29 February 2024 Year ended 28 February 2023 otes Income from Legacies & donations Dividends & Iniere51 32,000 48,960 32,015 42.500 Total income 80.960 74.515 Expenditure ctn Charilable a¢liYilies Costs ol raising funds Other cost5 30,000 16,653 18,801 14.000 16.228 10,937 Total eyptrnditure 65,454 41,165 Net18xpenditurelllncomg 15.506 33,350 Other recognised gaSn$ and los$•$ Nel gains on Inveslmenls 16,951 66,983 Net movemBllt In funds 32.457 100.333 Total funds broughl fotward 2.104.591 2,004.258 Total funds carrled forward 2, 137.048 2,104,591 Page 5
THE HENRY STARNES CHARITABLE SELEMENT BALANCE SHEET AS A T29 FEBRUARY2024 29 February 2024 28 February 2023 Notes Fixed as58ts Inveslmenls 2,065,588 2,032,266 Current assets Debtors Cash at bank and in han¢J 82,350 74.125 82.350 74,125 Creditor5.' amount5 falling dLtr8 within one year 110,8901 11,8QOI Net current assets 71,46D 72,325 Total assets less currènt 2,137,048 2.104.591 Repregented by Unrestricted funds Designated funds General funds 10 2,065,588 71.460 2.D32,266 72.325 Total unr8stricted funds 2,137,048 2.104.591 The account re oved by the Truslees on Chrlsttsphèr Eriksson.Lee on behalf of Brach8r5 Trust Corporztion Llmi¢ed Trustee Poge 6
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 29 FEBRUAR Y 2024 1 A¢¢ounting poll¢les 1.1 Basis of preparation The Henry S13rnes Charitable Selll?m8nt is a charity regisiered with the Charity Commission in the United Kingdom (England & Wales) IN. 11302641. The addiess ol the registered office is Somerfièld House. 59 London Roacl, Maidstone, Kent. ME16 8JH The charily constitutes a public benefit enlily as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities $13temenl of Recoi]7rnended Practice applicable lo charities preparing their accounts In accordance with the Financial Reporting Slandafd applicable in the UK and Republic of Ifeland IFRS1021 issued in October 2D19. the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021. the Charities Acl 2011 and UK Generally Accepled Practice The charity conslilutes a public benefil entity as defined by the SORP. Th8 charily has opted not to prepare 8 cash now sialernenl for the financial period, as perrnilled by the 2019 Slalemeni of Recommended Practice The finanaal siatemenls have been pr8pared to give a 'lrue allcl lair view, and have departed from the Charitie$ IA¢count5 and Reporfsl Regulations 2008 only lo Ilie exlenl reyviTed lo provicle a 'lrue and r8ir view., Th15 departu has involved following Ihe Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charitie5 preparing their 8ccoun15 In accordance with the Financial Reporting Slandard applicable in the UK and Republic ol Ireland IFRS 1021 is5118d in October 2019. The financial 5talemenls are prepared on a going concern bssis under the historical cost convention. modified to include certain Items at fair value. The financial slalemenls ar8 presented in sterling which is the functional currency of the charity and rounded lo the nearesl £. The significant accounting policies applied in the preparaiion of these financial slalements a sel out below. These policies have been consistenlly applied lo all years presented nIe$S otherwise stated 1.2 Income recognltlon Donalion5, legacies and olhel fomis ol voluntary incorne are recognised as incom8 when receivable, except Insolar as they are incapable of finaricial mea5ur&m$nl. Income Irotn Inve8¢ments Is recognised when receivable. 1.3 Expenditure recognition All exndItUre Is accounted lor on an accruals bas15 and has been classified uncser headings Ihal aggregate all Cosis felaled to the category Grant expenditure is recognised when awarded lo the r8cipienl. The expense is Included on an accruals basis in the year in which a legal or conslrijclive obligation to pay the grant arises. Costs ol raising fun¢s are those investment man2g&ment fees for both income generation and capitsl maintenance. Charilable arbvities include expenditure assocSale(I wilh the making of grants and donation5 8n include both the direct costs and indirect costs relating lo these aclivities, on an 2ccruals basis. Page 7
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 39 FEBRUAR Y 2024 1.3 Expènditure recognltlon Icontlnuedl Irrecov8r8ble VA T is charged against the c8legory of resource expend8d for which it was incurred. 1.4 Investments Inve51menls are recognised al fair value which is normally the transaction price excluding transaction osls. SUbSeqen[lY they are measured at fair value with changes recognis8d in 'nel gainslllossesl on inveEtm$nls' in the SOFA il shares art publicly traded or Ihelr fair value can otheise be measured reliably. R8ali59d gains or losses arising on disposal are recogn1sed in the Ststemgnt of Financial Activities ISOFAI when the proceeds are receivable. 1.5 Fund aceountiftg The funds held by the charity are unrestricted funds which can be se£l in accordance with Ihe chanlable objectives al the discretion of the trL151ees. De3igDaled funds comprise funds whi¢h have been set aside El the discretion of the Iru5te8 for specrfir purposes. The purposes and uses of the designated lund5 arè 5¢1 o¢Jl in the notes to the financial slalemenls. 1.6 Debtors and credltors recelvablelpayable withln one year Debtors 8nd cieditors with no staled inlere51 rale and receivable or payablE Wlthin one year ar8 record?d al transaction price. Any losses arising from impairment are reeognised in 8xpendilur8. 1.7 Taxation The charity is an e¥?mpl chanty within the meaning ol schedule 3 of the Charities Act 2011 and is considered lo pass the le51s s81 out in Paragraph 1 S¢hedule 6 Finance Acl 2010. 1.8 Going Concern The ThancIal slatemenls have been prepared on a going concem basis as the truslees believe thal no material uncertainties exist. The trustees have considered the level ol funds held and the èxpected lev81 of income and expenditure lor 12 months from aulhorising thesè financial statements. They believe lh8 anli¢ipaled expendllure wlll be adequat&ly funded given existing level of reserves lorthe charity to be able to coniiriue as a going concern. 1.9 Jud9ements and key sources ot estimatlon uncertalnty Accounti estimates and judgements are continually evaluated and are based on hislorfcal experience and other factors, including expectaliDn5 01 future events Ihal are believed lo be reasonable under the circurnstances. Page 8
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO T14E ACCOUNTS (CONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 2 Legacies and donatrons 2024 2023 Unrestricted lunds.. Donations 32,000 32.015 3 Dlvldends and inter8st 2024 2023 Income from listed investments Interesl CeIvable 46.772 2,188 42,268 232 48.960 42,500 4 Expenditure 2024 2023 Charltable actlvltles Grants lo inslilulions.. The Sociely for Protection of Anirnals Abfoad Blue Cross University ol C3Tnbridge Veierinary School TIu51 Greenpeace Charilable Tru51 Hearing Dog5 for the Deaf Kent Wildlife Tiusl Leayue Against Cruel Sports PDSA People for Animal Care RSPB RSPCA Royal Veterinary College Anifflal Care Trust Dogs For Good Sighl Savers International The Brook8 Hospital lor Animels The Dogs, Tru51 World Anirtial Protection UK WWF.UK Endangered Species Prote¢tion Agency Limited Songbird Survival PETA FounrJab"on 1,000 10.000 1.000 1,000 1,000 1,000 1.000 1,000 1,OOD 1,000 1,000 1,000 1.OOD 1,000 1.000 1.(X)O 1,000 1,000 1.000 1.000 1,000 5.000 9,000 30.000 14,000 Page 9
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS ICONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 4 Exp8nditur8 Icontlnuèd) 2024 2023 Reconciliation of grants payable Cornmitmenls unpaid al 1 March Commitments made in the year labovel Grants paid during the year 19,000 14,000 133,0001 3D,ODO 121,0001 Commitments unpald at 29 February INole 91 9.000 Costs ol raising funds Investment managers. lees 16,553 16.228 16,553 16.228 Other cost$ Managetnenl, adminisliation and accountancy lees Independenl exarnlnalion". Independent examination fe8S Irrecoverable wlthholding lax 16.911 9.050 1,890 1.800 87 18,801 10,937 S Tw5tee$ and relaled party transactions None ol Ihe twslees Inor any persons connected with them) personally rec8iv£d any remuneration or expenses 1mbur$ed during Ihe year, in accordance with the tfU51 tjeed. In addition. the charity was charged managernent, odrninislralion and accounl8ney services by Brachers LLP amounting lo £16.91112023.. £9,050). During a previous yeaT an associated undertakiiig ol Brachers LLP. BTacher5 TfU5t Corporation Lirnited, was appoinled a trustee ol the charity. Fees a charged at cornmeraal rates by Brachers. During the year Ihe charlly ceiVed unconditional donatyons amounting to £32,00012023.' £32,015) from Peter Henry Slames who rtlirèd as a Iruslee on 18 October 2022. 6 Employèes There were no employees during the year. Page 10
THE HENRY STARNES CHARITABLE SETTLEMENT NOTES TO THE ACCOUNTS ICONTINUEOI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 7 Flxed asset Investments 2024 2023 Listed inve$tments'. Market value ai 1 March Addilion5 at cosl Disposal pro¢eeds Realised gains on disposals Unrealised losses on revaluation 1,996.956 174.919 1164,1431 1.904.112 213,520 1187.6581 56.523 139.5721 79,867 112.8851 16,951 66.982 2.024,683 40,905 1,996,956 35.310 Cash Market value at year end 2.D65.588 2.032,266 Hislorical cost of inveslmenls al year end 1,996.956 1.362.828 The porttolio was compn58d 85 follows.. Equities Fixed Interest Securities Alternalive A$5ets Open Ended Inve51m?nl Unil Trust Cash 1,359.520 154.819 365.184 145.161 40,905 1.356.840 148,512 442,553 49.051 35.310 2.D65.588 2.032.266 Inveslmenls preSentI[g rvre than 5Q/ts of the lotal markel value of Ihe listed investments portfol¢o were as follows.. Blackrock Liquidity Premier Fidelity European Trust PIC Ord GBPO.025 Ishare5 Oil & Gas IshaS FTSE 100 UCITS ETF NAV Ishsr8s S&P500 UCITS ETF NAV 145.161 110.550 102.516 94.500 132,358 P8ge11
THE HENRY STARNES CHARITABLE SEThLEMENT NOTES TO THE ACCOUNTS {CONTINUEDI FOR THE YEAR ENDED 29 FEBRUAR Y 2024 8 Debtors 2024 2023 Olh8T debtors 9 Creditors.. amount5 falling due wlthln one yoar 2024 2023 Grants payable Inole 41 Olher ¢110r$ 9,000 1,890 1.800 10.890 1,800 10 Designated funds The income funds of th8 charity include the following designated funds which have be8n sel 35ide out of unrestri¢ied funds by Ihe trustees for speufic purp05es' q Mah N•w 2023 designatlons De5tgnatlons released 29 Fobfuary 2024 Investment fund 2.032.266 197.465 1164,1431 2,065.588 1 MArch New 2022 deslgnations Designatlon5 roleased 28 February 2023 Investment fund 1,946.423 273.501 1187.6581 2.032,266 Inveslmenl lund- these funds are invested lo maximi$8 total return and gener81e inme. Page 12