## **STARFISH MALAWI** **Charity No. 1130350** ## **Trustees' Report and Unaudited Accounts** **31 December 2024** **STARFISH MALAWI Contents** ||Pages|| |---|---|---| |Trustees' Annual Report|2 to 4|| |Independent Examiner's Report||5| |Statement of Financial Activities||6| |Summary Income and Expenditure Account||7| |Balance Sheet||8| |Notes to the Accounts|9 to|14| |Detailed Statement of Financial Activities|15 to|16| Page 1 **STARFISH MALAWI Trustees Annual Report** ## Charity The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the unaudited financial statements of the charity for the year ended 31 December 2024. ## **REFERENCE AND ADMINISTRATIVE DETAILS** ## **Charity No. 1130350** ## **Registered Office** ALDERDEN COTTAGE SPONDEN LANE SANDHURST CRANBROOK TN18 5NR ## **Trustees** The following Trustees served during the year: P.A. BELL B. Jackson C. Knott M.A. Mitchell T. Pickford R. Sharpe **==> picture [298 x 102] intentionally omitted <==** ## **Accountants** Cangaf Accountants 235 Tonge Moor Road Bolton BL2 2HR ## **Bankers** CAF Bank 25 Kings Hill West Mailling Kent ME19 4JQ ## **OBJECTIVES AND ACTIVITIES** From a small beginning in 2003 Starfish Malawi has continuously tried to assist the community in the district of Salima in Malawi who experience ongoing poverty. The work has grown to include Lilongwe, the capital. We believe that we were called into existence by God, and we are here to fulfil the commission we are given. Psalm 82:3, “Defend the weak and the fatherless; uphold the cause of the poor and the oppressed.” We provide a difference by allowing more children to access quality education so that they can lift themselves and their communities out of poverty. Page 2 **STARFISH MALAWI Trustees Annual Report** We promote positive communication between schools in the UK and Malawi, so that everybody recognises that we are made in the image of God, and we can share the world in which we live. We have continuously tried to assist in areas where the community have asked for help, and this has included a Medical Clinic, the building of a Maternity Wing to be opened in 2025 and supporting two Special Needs Education centres for young children with disabilities. We encourage a culture of being involved in every way so that it is not just a handout, but a help up. In 2024 the work of Bible Explorer has grown considerably and will continue to do so – over 10,000 children per year. Hope Clinic is seeing about 40,000 patients per year. Students are sponsored through secondary school and university. Girls are able to continue to go to school through provision of Gateway kits which help them during their menstruation period. We run 4 nursery schools providing an excellent start to life and also a meal every day. Each year we send a 40-foot container full of provisions for the communities. Please visit our website and look at “What we do” to see the full range of ministries we undertake. We are excited that in 2025, we hope to start our Community Feeding Programme allowing thousands of children to be fed every day whilst, at the same time, improving understanding of agriculture and better farming techniques. We are primarily run by volunteers in the UK, and we are thankful for the way that they have given their life and resources to this work. The trustees and staff are grateful for the ongoing support of so many givers. ## **ACHIEVEMENTS AND PERFORMANCE** ## **FINANCIAL REVIEW** It is the policy of the Charity's trustees to maintain unrestricted funds, which are free reserves of the Charity, at a level that equates to a minimum of three months of operating expenditure. This provides sufficient funds to cover management, administration and support costs, and to respond to emergency situations. The rationale for holding this reserve is as follows; - to ensure the financial security and proper staffing of the Charity - to provide adequate resources to meet the challenges by new and uncertain funding streams During the period under review, the total income received by the charity was £256,466 (2023: £255,473). Expenditure for the same period was £237,585 ( 2023: £299,784) The charity recorded an operating surplus for the year which is £18,881. Our income from trusts, grants and donors has increased slightly as compared to previous financial year. The principal sources of income were from institutional and individual donations; the trustees and staff are grateful for this ongoing support. Given the current economic climate, the trustees are satisfied with the performance of the charity during the year and with the financial position as at 31 December 2024. The trustees consider the charity is in a good position to continue its activities during the coming year and that the charity's assets are adequate to fulfil its obligations. However, the trustees will continue to explore all options for maintaining and increasing income levels. Page 3 ## **STARFISH MALAWI Trustees Annual Report** The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Companies Act 2006. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities. The above report has been prepared in accordance with the provisions applicable to companies subject to the small companies regime as set out in Part 15 of the Companies Act 2006 and in accordance with the Charities SORP (FRS 102). Signed on behalf of the board C. Knott Trustee 31 December 2024 Page 4 **STARFISH MALAWI Independent Examiners Report** ## **Independent Examiner's Report to the trustees of STARFISH MALAWI** I report to the charity trustees on my examination of the financial statements of STARFISH MALAWI for the year ended 31 December 2024. ## **Responsibilities and basis of report** As the charity's trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act. Having satisfied myself that the financial statements of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's financial statements as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. ## **Independent examiner's statement** As the charity's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of MBA ACCA, which is one of the listed bodies. I have completed my examination. I can confirm that no material matters have come to my attention in connection with the examination giving me cause to believe: - accounting records were not kept in accordance with section 386 of the 2006 Act ; or - the financial statements do not accord with those records; or - the financial statements do not comply with the accounting requirements under section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair' view which is not a matter considered as part of an independent examination; or - the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Cecilia Asamoah MBA ACCA Cangaf Accountants 235 Tonge Moor Road Bolton BL2 2HR 31 December 2024 Page 5 **STARFISH MALAWI Statement of Financial Activities** ## **for the year ended 31 December 2024** |**Notes**
**Income and endowments**
**from:**
Donations and legacies
4
**Total**
**Expenditure on:**
Raising funds
5
Charitable activities
6
Other
7
**Total**
Net gains on investments
**Net income/(expenditure)**
Transfers between funds
**Net income/(expenditure)**
**before other gains/(losses)**
**Other gains and losses**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|**Unrestricted**
**funds**
**2024**
**£**
256,466|**Restricted**
**funds**
**2024**
**£**
-|**Total funds**
**2024**
**£**
256,466|**Total funds**
**2023**
**£**
255,472| |---|---|---|---|---| ||256,466
-
192,052
45,533|-
-
-
-|256,466
-
192,052
45,533|255,472
12,311
218,713
68,759| ||237,585
-|-
-|237,585
-|299,783
-| ||18,881
-|-
-|18,881
-|(44,311)
-| ||18,881|-|18,881|(44,311)| ||18,881
27,114|-
156,947|18,881
184,061|(44,311)
228,372| ||45,995|156,947|202,942|184,061| Page 6 **STARFISH MALAWI Summary Income and Expenditure Account for the year ended 31 December 2024** |Income
**Gross income for the year**
Expenditure
**Total expenditure for the year**
Net income/(expenditure) before tax
for the year
**Net income /(expenditure )for the year**|**2024**
**£**
256,466
256,466
237,585
237,585
18,881
18,881|**2023**
**£**
255,473| |---|---|---| |||255,473| |||299,784| |||299,784| |||(44,311)| |||(44,311)| Page 7 **STARFISH MALAWI Balance Sheet** **at 31 December 2024** |**Notes**
**2024**
**£**
**Current assets**
Cash at bank and in hand
203,743
203,743
**Creditors:**Amount falling due within one year
9
(801)
**Net current assets**
202,942
**Total assets less current liabilities**
202,942
**Net assets excluding pension asset or liability**
202,942
**Total net assets**
202,942
**The funds of the charity**
**Restricted funds**
10
Restricted income funds
156,947
156,947
**Unrestricted funds**
10
General funds
45,995
45,995
**Reserves**
10
**Total funds**
202,942|**2023**
**£**
184,862| |---|---| ||184,862
(801)| ||184,061
184,061| ||184,061| ||184,061| ||156,947| ||156,947
27,114| ||27,114| ||184,061| Approved by the board on 31 December 2024 And signed on its behalf by: C. Knott Trustee 31 December 2024 Page 8 **STARFISH MALAWI Notes to the Accounts** ## **for the year ended 31 December 2024** - 1 **Accounting policies** ## **Basis of preparation** The financial statements have been prepared in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. ## **Change in basis of accounting or to previous accounts** There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years. ## **Fund accounting** - Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. - Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. - Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal. ## **Income** - Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity income becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient reliability. - Income with related Where income has related expenditure the income and related expenditure is expenditure reported gross in the SoFA. Donations and Voluntary income received by way of grants, donations and gifts is included in the legacies the SoFA when receivable and only when the Charity has unconditional entitlement to the income. - Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the donations and gifts gift/donation to which it relates. Donated services These are only included in income (with an equivalent amount in expenditure) and facilities where the benefit to the Charity is reasonably quantifiable, measurable and material. Volunteer help The value of any volunteer help received is not included in the accounts. Investment income This is included in the accounts when receivable. Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value revaluation of fixed at the end of the year. assets Gains/(losses) on This includes any gain or loss on the sale of investments. investment assets Page 9 **STARFISH MALAWI Notes to the Accounts** ## **Expenditure** - Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. - Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. - Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. - Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. - Other expenditure These are support costs not allocated to a particular activity. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Freehold investment property** Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise. ## **Stocks** Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. ## **Trade and other debtors** Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. ## **Cash and cash equivalents** Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowings or current liabilities. In the Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management. ## **Trade and other creditors** Short term creditors are measured at the transaction price. Other 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. Page 10 **STARFISH MALAWI Notes to the Accounts** ## **Foreign currencies** Monetary assets and liabilities denominated in currencies other than the functional currency of the charity are translated at the rates of exchange prevailing at the end of the reporting period. Transactions in currencies other than the functional currency of the charity are recorded at the rate of exchange on the date that the transaction occurred. All exchange differences are are taken into account in arriving at net income/expenditure. ## **Leased assets** Where the charity enters into a lease which entails taking substantially all the risks and rewards of ownership of an asset, the lease is treated as a finance lease. Leases which do not transfer substantially all the risks and rewards of ownership to charity are classified as operating leases. Assets held under finance leases are initially recognised as assets of the charity at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the balance sheet date as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance expenses are recognised immediately, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the charity's policy on borrowing costs. Assets held under finance leases are depreciated in the same way as owned assets. Operating lease payments are recognised as an expense on a straight-line basis over the lease term. In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis. ## **Receipt of donated goods, facilities and services** All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity. Page 11 **STARFISH MALAWI** ## **Notes to the Accounts** - 3 **Statement of Financial Activities - prior year** |3
**Statement of Financial Activities - prior year**|||| |---|---|---|---| |**Income and endowments from:**
Donations and legacies
**Total**
**Expenditure on:**
Raising funds
Charitable activities
Other
**Total**
**Net income**
**Net income before other**
**gains/(losses)**
**Other gains and losses:**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**
4
**Income from donations and legacies**
5
**Expenditure on raising funds**
_Fundraising trading costs_|**Unrestricted**
**funds**
**2023**
**£**
60,683
-
60,683
12,311
-
68,760
81,071
(20,388)
(20,388)
(20,388)
47,502
27,114
**Unrestricted**
**£**
256,466
256,466|**Restricted**
**funds**
**2023**
**£**
194,790
-
194,790
-
218,713
-
218,713
(23,923)
(23,923)
(23,923)
180,870
156,947
**Total**
**2024**
**£**
256,466
256,466
**Total**
**2024**
**£**
-
-|**Total funds**
**2023**
**£**
255,473
-| ||||255,473
12,311
218,713
68,760| ||||299,784| ||||(44,311)| ||||(44,311)| ||||(44,311)
228,372| ||||184,061| ||||**Total**
**2023**
**£**
255,472| ||||255,472| ||||**Total**
**2023**
**£**
12,311| ||||12,311| Page 12 **STARFISH MALAWI Notes to the Accounts** ## 6 **Expenditure on charitable activities** |_Expenditure on charitable_
_activities_
Malawi Expenses
7
**Other expenditure**
Employee costs
Motor and travel costs
General administrative costs
8
**Staff costs**
Salaries and wages
No employee received emoluments in excess of £60,000.
9
**Creditors:**
amounts falling due within one year
Accruals|**Unrestricted**
**£**
192,052
192,052
**Unrestricted**
**£**
30,600
469
14,464
45,533
**2024**
30,600
30,600
**2024**
**£**
801
801|**Total**
**2024**
**£**
192,052
192,052
**Total**
**2024**
**£**
30,600
469
14,464
45,533|**Total**
**2023**
**£**
218,713| |---|---|---|---| ||||218,713| ||||**Total**
**2023**
**£**
34,987
1,959
31,813| ||||68,759| ||||**2023**
34,987| ||||34,987| ||||**2023**
**£**
801| ||||801| Page 13 **STARFISH MALAWI Notes to the Accounts** ## 10 **Movement in funds** |**Restricted funds:**
**Restricted income funds:**
_Total_
**Unrestricted funds:**
**General funds**
**Total funds**
11 **Analysis of net assets between funds**
Net current assets
12 **Reconciliation of net debt**
Cash and cash equivalents
Net debt|**At 1 January**
**2024**
156,947
156,947
27,114
184,061|**Incoming**
**resources**
**(including**
**other**
**gains/losses**
**)**
**£**
-
-
256,466
256,466
**Unrestricted**
**funds**
**£**
203,743
203,743
**At 1 January**
**2024**
**£**|**Resources**
**expended**
**£**
-
-
(237,585)
(237,585)
**Restricted**
**funds**
**£**
(801)
(801)
**Cash flows**
**£**|**At 31**
**December**
**2024**
**£**
156,947| |---|---|---|---|---| |||||156,947| |||||45,995| |||||202,942| |||||**Total**
**£**
202,942| |||||202,942| |||||**At 31**
**December**
**2024**
**£**| |||184,862|18,881|203,743| |||184,862
184,862|18,881
18,881|203,743| |||||203,743| ## 13 **Related party disclosures** ## _**Controlling party**_ The company is limited by guarantee and has no share capital; thus no single party controls the company. Page 14 **STARFISH MALAWI Detailed Statement of Financial Activities** ## **for the year ended 31 December 2024** |**Income and endowments from:**
Donations and legacies
**Total income and endowments**
**Expenditure on:**
Costs of other trading activities
**Total of expenditure on raising**
**funds**
Charitable activities
Malawi Expenses
**Total of expenditure on charitable**
**activities**
Employee costs
Salaries/wages
Directors' remuneration
Motor and travel costs
Travel and subsistence
General administrative costs,
including depreciation and
amortisation
Bank charges
General insurances
Information and publications
Postage and couriers
Software, IT support and related
costs
Stationery and printing
Subscriptions
Sundry expenses
**Total of expenditure of other costs**
**Total expenditure**
Net gains on investments|**Unrestricte**
**d funds**
**2024**
**£**
256,466
256,466
256,466
-
-
-
192,052
192,052
192,052
30,600
-
30,600
469
469
100
827
177
57
-
-
3,247
10,056
14,464
45,533
237,585
-|**2024**
**£**
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-|**Total funds**
**2024**
**£**
256,466
256,466
256,466
-
-
-
192,052
192,052
192,052
30,600
-
30,600
469
469
100
827
177
57
-
-
3,247
10,056
14,464
45,533
237,585
-|**Total funds**
**2023**
**£**
255,472| |---|---|---|---|---| |||||255,472| |||||255,472
12,311| |||||12,311| |||||12,311
218,713| |||||218,713| |||||218,713
25,800
9,187| |||||34,987| |||||1,959| |||||1,959| |||||-
1,105
-
17,323
1,050
1,456
-
10,879| |||||31,813| |||||68,759| |||||299,783
-| Page 15 **STARFISH MALAWI Detailed Statement of Financial Activities** |**Net income/(expenditure)**
**Net income/(expenditure) before**
**other gains/(losses)**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|18,881
18,881
18,881
27,114
45,995|-
-
-
156,947
156,947|18,881
18,881
18,881
184,061
202,942|(44,311)| |---|---|---|---|---| |||||(44,311)| |||||(44,311)| |||||228,372| |||||184,061| Page 16