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2022-12-31-accounts

Charity no. 1158079

Starehe UK

Report and Unaudited Financial Statements

31 December 2022

Starehe UK

2022 Headline Figures

For the year ended 31 December 2022

In 2022 SUK supported the Starehe Boys’ and Starehe Girls’ Centres as follows:

43
Starehe students were sponsored by
SUK supporters		 42
Starehe students were supported by
SUK forever bursaries
26
Students supported by SUK
successfully graduated from the
Starehe schools		 12
SUK supported graduates reached
the academic standard for university
admittance
7
new student sponsorships were taken
out by SUK supporters		 £108,117
was transferred to the Starehe
schools towards school fees and
general running costs

1

Starehe UK

Reference and administrative details

For theyear ended 31 December 2022 For theyear ended 31 December 2022
Charity number 1158079
Registered office and c/o The Dulverton Trust
operational address 5 St James's Place
London
SW1A 1NP
Trustees Trustees who served during the period and up to the date of this report
were as follows:
Timothy Faithfull Chair
David Kisiaky Treasurer
Vane Aminga
Lord Valentine Cecil
Festus Maseki appointed 1 November 2022
Geraldine McKibbin
Frank Midega resigned 1 January 2022
Keith Price
Helen Varma
Mark Webb
Paul Whitehouse
Administrative support Joanne Knight (Charity Manager)
Margaret Shaylor (Accountancy Support)
Bankers CAF Bank Limited
25 Kings Hill Avenue
Kings Hill
West Malling
ME19 4JQ
Solicitors Farrer and Co LLP
66 Lincoln's Inn
London
WC2A 3LH
Investment advisers Evelyn Partners (previously called Smith & Williamson)
Portwall Place
Portwall Lane
Bristol
BS1 6NA
Independent examiners Godfrey Wilson Limited
Chartered accountants and statutory auditors
5th Floor, Mariner House
62 Prince Street
Bristol
BS1 4QD

2

Starehe UK

Report of the trustees

For the year ended 31 December 2022

The trustees present their report and the examined financial statements for the 12 month period ended 31 December 2022 for Starehe UK (SUK).

Reference and administrative information is set out on page 2 and forms part of this report. The financial statements comply with current statutory requirements, the charity's governing document and the Statement of Recommended Practice - Accounting and Reporting by Charities (effective from January 2019).

Structure, governance and management

The Starehe Endowment Fund (UK) charity (1035323) was formed by Trust Deed on 2 March 1994 and changed its name to Starehe UK (SUK) on 17 July 2008. On 1 April 2015, SUK became a Charitable Incorporated Organisation, with a new registered charity number (1158079) and constitution. SUK’s principal aim is to support the Starehe Boys’ and Starehe Girls’ Centres in Nairobi, Kenya, and is set out under objectives and activities below. The charity is governed by its trustees who meet annually.

Following the end of the successful StareheFuture Appeal in late 2011, SUK has focused on managing the endowment fund, providing annual distributions of income to support specific developments and running costs at the two schools, receiving and forwarding annual individual donations, usually for sponsorship, as well as acting in support of specific projects developed between UK based donors and the Centres.

This requires continual liaison between the schools and existing and potential donors in the UK. Donors and stakeholders are kept informed about activities at the schools and SUK via SUK's website, electronic newsletters and social media. Part-time administrative support was provided during the period by Joanne Knight as the Charity Manager. This role is self-employed, working the equivalent of 0.1 FTE. The Charity Manager provides the link between the schools, individual sponsored students, and their supporting donors and also supports trustees with charity governance and bookkeeping. Accountancy support is provided voluntarily by Margaret Shaylor for a few hours each month.

Trustees

The trustees who have served throughout the period are shown on page 2. New trustees are appointed at the discretion of existing trustees. Trustees serve for a fixed term, usually five years, at the end of which they may offer themselves for reappointment for a further period. Details of all trustees and the secretary are available on the SUK website. When SUK was converted to a CIO in 2015, all trustees were re-appointed for a single term with staggered retirement dates for future continuity.

Tim Faithfull has been Chairman since 1 April 2013 and succeeded Paul Whitehouse. Paul continues as a trustee. He was the Founder Chairman of Starehe UK, and its prior UK bodies for over 40 years. As a former volunteer at Starehe, between 1963 and 1964, he worked closely with the Founder of the Starehe Boys' Centre, Dr Geoffrey Griffin, to establish a primary school prior to it becoming a registered secondary and primary school in 1972. Paul's continuing involvement with the schools and the funding arrangements in the UK provides continuity, substantial experience and judgment to SUK. Tim Faithfull has been a trustee since 1994, and was chairman of the Management Committee at Starehe Boys’ Centre between 1985 and 1989, whilst working in Kenya.

3

Starehe UK

Report of the trustees

For the year ended 31 December 2022

David Kisiaky, an Old Starehian resident in the UK, was appointed as a trustee in 2008, and has been Treasurer since 2012. Former Starehian pupils, Vane Aminga and Festus Maseki were also appointed as trustees, in April 2020 and October 2022 respectively, to further maintain SUK’s connection with the schools.

For the period of this report, the secretary to the trustees was Joanne Knight.

Objectives and activities

The purpose of SUK is the furtherance of the education of pupils at both Starehe Boys' Centre (from 1972) and Starehe Girls' Centre (from 2005), schools which provide free secondary education to children in Kenya who have been marginalised by poverty. These exceptional schools provide a home and access to a first-class education for bright boys and girls from Kenya’s low income communities.

Trustees also have discretion to support other similar causes, but to date all funds have been directed to the Starehe schools.

SUK receives income from donors and its own investments, which enables it to further its charitable purpose for the public benefit as follows:

The trustees confirm that they have referred to the Charity Commission’s guidance on public benefit when reviewing SUK’s aims and objectives and planning activities for the period.

Achievements and performance

Starehe schools

During 2022 all schools in Kenya, including the Starehe Boys’ Centre and the Starehe’ Girls Centre continued to run four compressed terms to compensate for the Covid school closures in 2020. The Kenyan Certificate of Secondary Education examinations for the academic year of 2021 were deferred until March 2022, when an incredible 93% of all Starehe students achieved the grades required to secure a place in one of Kenya's public universities.

Later in 2022, the KCSE examinations for the academic year of 2022 were held at the usual time of year in November 2022 where Starehe Boys’ Centre increased the percentage of students qualifying for a university place further to 94.5%.

4

Starehe UK

Report of the trustees

For the year ended 31 December 2022

We are immensely proud and fully commend all students and staff at the schools for their achievements. Covering the full curriculum in the compressed terms with reduced breaks between terms required an enormous commitment from staff and pupils. In addition to achieving academically, the students' mental and emotional well-being was supported by teachers, the school counsellors and the alumni. Extracurricular activities were able to resume in 2022, providing rich and varied opportunities for students including music events, debating, sports contests and the Starehe Centres having their own scout troops.

Support provided to Starehe Girls' Centre

Support provided to Starehe Boys’ Centre

The support provided to both schools for general running costs was much higher in 2021 compared to 2022. In recognition that the schools were financially challenged during 2021, due to the ongoing financial impacts of covid, trustees decided to make an additional withdrawal of £75,000 in June 2021 from the SUK's investments to help the schools cover their essential expenditure. This additional support was not repeated in 2022.

Starehe UK fundraising

During the year ended 31 December 2022, the SUK’s total incoming resources were £94,206 (2021: £148,797), of which £33,969 (2021: £85,218) was from donations and £60,237 (2021: £63,579) was investment income. Donations were markedly higher in 2021 compared to 2022, as a significant bursary donation was received in 2021 from a single donor, which was not repeated in 2022.

5

Starehe UK

Report of the trustees

For the year ended 31 December 2022

Overall between 1 January 2022 and 31 December 2022, SUK disbursed £108,117 (2021: £200,108) to the two schools as follows:

Funds distributed for the sponsored student places, endowed bursary places and general running costs have provided contributions to the schools across the 2022 calendar year.

SUK is indebted to a number of individuals and organisations for their fundraising support in the year, including:

We are sincerely thankful to all the individuals, schools, colleges and organisations that support students through sponsorships and regular donations.

Financial review

Sources of funding

The charity’s investment funds have been secured through two major appeals in the UK. The Aim High Appeal (1996-98) raised funds for the Starehe Boys' Centre only, as Starehe Girls' Centre did not open until 2005. The StareheFuture Appeal (2008-11) raised funds for both the Starehe Boys' Centre and the Starehe Girls' Centre. Donations from both appeals funded endowed or sponsored student places, capital projects or general donations. Donations which were pledged for endowed or sponsored student places or capital projects were treated as restricted. Where donors did not place any restriction on their pledges, these funds were invested to provide future unrestricted investment income.

In addition to these past appeals, SUK receives regular ongoing donations from individuals and organisations. These donations are either restricted for student sponsorship or to support just one or both of the schools with running costs, or gifted as an unrestricted contribution towards general funds.

All restricted donations or income from restricted endowed funds are passed directly to the schools. The amount of unrestricted income passed to the schools towards their general running costs is at the trustees’ discretion, taking into account the funds needed to cover the administration and governance costs of SUK. In 2022 the investment income was allocated in the ratio 60:40 to Starehe Boys’ Centre and Starehe Girls’ Centre respectively. This ratio reflects the different sizes of the schools and their needs.

6

Starehe UK

Report of the trustees

For the year ended 31 December 2022

Financial position

There was a net deficit for the 12-month period of £34,674. After accounting for the loss on investments of £257,255 arising from the revaluation of investments held at 31 December 2022 to market value, the total net decrease in the funds for the period is £291,929.

Investment policy

The trustees have an investment policy, which is agreed with Evelyn Partners (previously Smith & Williamson), the fund manager. The overall aim is to produce the optimum total return from the investment portfolio with the aim of generating a relatively high level of income whilst maintaining the real value of the assets over the long term. The primary investment objective is to achieve an annual return equivalent to the Consumer Price Index (CPI) plus 3.75%, net of fees, over a five year rolling period, with the minimum annual income yield being 2.5% of the value of the portfolio. A composite index is used to assess performance in the context of wider market conditions.

Investment performance

The value of Starehe UK’s investments at the end of December 2022 was £2,201,099 (2021: £2,404,065). An income of £60,237 (2021: £63,579) was generated during the year.

Just under 70% of the investment portfolio is invested in equities, with approximately two thirds being invested in overseas markets and the remainder in the UK. The equity portfolio is well diversified by industry and geographically with a focus on leading global businesses. The remainder of the portfolio is invested in a combination of bonds, infrastructure and commercial property. The bond element is invested in both sovereign and corporate debt, albeit with a bias towards short dated issues. The infrastructure investments are generally global in nature with a bias towards renewable energy. The bulk of the property exposure is through two property funds which are only available to charities and which are relatively conservatively invested within the UK.

The last year was a very challenging one for investors. In particular, sustained elevated levels of inflation, exacerbated by the Ukraine conflict, served to undermine confidence in the economic outlook and resulted in a substantial rise in interest rates particularly in developed economies. The impact was felt across asset markets, not just in equities. Indeed, whilst equity markets typically declined by 15% to 30% in local currency terms, 2022 also proved to be the worst year for UK Government bonds since 1974.

The Starehe portfolio recorded a return of -8.6% net of costs over the year. This compares to the benchmark return of -9.0% and a return of -10.6% for the ARC Steady Growth index. The ARC index provides a gauge for the performance of similar UK charity portfolios which are 60% to 80% invested in equities.

7

Starehe UK

Report of the trustees

For the year ended 31 December 2022

Since the year end, markets have improved in tandem with slowing inflation particularly in the US and a growing expectation that interest rates are now close to peak levels. Moreover, the global economic downturn is also looking less severe than most strategists anticipated just a couple of months ago. Nevertheless, there is still a question mark over how economies will evolve beyond the current downturn, without inflationary pressures building again towards the end of the year or in 2024. As such, whilst equities should provide attractive returns over the longer term in the wake of the de-rating suffered in 2022, Evelyn Partners have said that there is likely to be further turbulence as we go through the first half of this year.

Since Evelyn Partners started managing our investments nearly 8 years ago, the portfolio return has been in excess of the market benchmark and, until 2022, the CPI linked target return. The substantial rise in inflation last year coupled with the fall in markets has resulted in the portfolio return now slightly lagging CPI+3.75%, although this target is still seen as achievable over time.

Reserves policy

It is the policy of the charity to maintain its free reserves at a level which generates sufficient income to enable it to meet annual funding requirements agreed with the two schools, and to respond to emergency needs which arise from time to time. As the Fund is intended to provide an assured source of income to both schools, it necessarily has substantial investments.

Risks

The trustees have examined the major risks which the charity faces and confirm that processes are in operation to enable these risks to be mitigated:

Safeguarding

The trustees have undertaken reasonable investigations to be satisfied that both the Starehe Boys’ Centre and Starehe Girls’ Centre give sufficient importance to safeguarding with the relevant policies and procedures in place.

8

Starehe UK

Report of the trustees

For the year ended 31 December 2022

Plans for the future

At a time when many other sources of income for the schools have disappeared or been reduced and costs are increasing in Kenya, SUK trustees intend to make its 2023 transfer of funds as usual. Trustees are confident that SUK will remain a going concern and will continue to support the Starehe schools for the remainder of 2023 and the future.

In May 2023 the following transfers were made to the schools: Starehe Girls' Centre:

Starehe Boys' Centre:

A second transfer of funds will be made later in the year to both schools after further SUK donations have accumulated.

For the 2023 academic year a new Competency Based Curriculum (CBC) was introduced in Kenya, the plan is for students to study the secondary school curriculum for six instead of four years. A general curriculum will be taught for the first three years before focusing on an Arts, Social Sciences or STEM pathway for the final three years. The CBC is intended to better prepare Kenya's youth to thrive in a changing world, by equipping students with the skills needed to drive economic growth in Kenya, and instil values that support peace and national unity.

Initially it was expected that students would move onto secondary school two years earlier, but for the current cohort of pupils at least, they will stay in their primary schools to study the first two years of the secondary curriculum.

9

Starehe UK

Report of the trustees

For the year ended 31 December 2022

Statement of responsibilities of the trustees

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with 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 law applicable to charities in England and Wales requires the trustees are to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and the incoming resources and application of resources, including the net income or expenditure, of the charity for the year. In preparing those financial statements the trustees are required to:

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and which enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities (Accounts and Reports) Regulations, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. The trustees 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.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees have no beneficial interest in the charity.

Independent examiners

Godfrey Wilson Limited were re-appointed as independent examiners to the charity during the period and have expressed their willingness to continue in that capacity.

Approved by the trustees on 16 May 2023 and signed on their behalf by

T W Faithfull

Timothy Faithfull - Chairman

10

Independent examiner's report

To the trustees of

Starehe UK

I report to the trustees on my examination of the accounts of Starehe UK (the CIO) for the year ended 31 December 2022, which are set out on pages 12 to 24.

Responsibilities and basis of report

As the charity trustees of the CIO you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the CIO’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

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 accounts to be reached.

Alison Godfrey

Date: 18 May 2023

Alison Godfrey FCA Member of the ICAEW

For and on behalf of: Godfrey Wilson Limited

Chartered accountants and statutory auditors 5th Floor Mariner House 62 Prince Street Bristol BS1 4QD

11

Starehe UK

Statement of financial activities

For the year ended 31 December 2022

Note
Income from:
Donations
3
Charitable activities
4
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
5
Net gains / (losses) on investments
7
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net movement in funds
Net expenditure before investment
gains		 Restricted
Unrestricted
£
£
-
5,059
28,910
-
-
60,237
28,910
65,296
-
19,090
33,116
76,674
33,116
95,764
(4,206)
(30,468)
-
(257,255)
(4,206)
(287,723)
1,513,240
1,014,645
1,509,034
726,922		 2022
Total
£
5,059
28,910
60,237
94,206
19,090
109,790
128,880
(34,674)
(257,255)
(291,929)
2,527,885
2,235,956		 2021
Total
£
4,731
80,487
63,579
148,797
23,124
211,991
235,115
(86,318)
251,247
164,929
2,362,956
2,527,885

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in note 14 to the accounts.

12

Starehe UK

Balance sheet

As at 31 December 2022

----- Start of picture text -----
2022 2021
Note £ £ £
Fixed assets
Investments 10 2,201,099 2,404,065
2,201,099 2,404,065
Current assets
Debtors 11 2,955 9,057
Cash at bank and in hand 57,525 122,533
60,480 131,590
Liabilities
Creditors: amounts falling due within 1 year 12 25,623 7,770
Net current assets 34,857 123,820
Net assets 13 2,235,956 2,527,885
Funds 14
Restricted funds 1,509,034 1,513,240
Unrestricted funds:
General funds 726,922 1,014,645
Total charity funds 2,235,956 2,527,885
----- End of picture text -----

Approved by the trustees on 16 May 2023 and signed on their behalf by

T W Faithfull

Timothy Faithfull - Chairman

13

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

1. Accounting policies

a) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) - (Charities SORP (FRS 102)), and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Starehe UK 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 notes.

b) Going concern basis of accounting

The accounts have been prepared on the assumption that the charity is able to continue as a going concern. The charity held unrestricted, general reserves of £726,922, and a cash balance of £57,525 as at 31 December 2022. The trustees consider that the charity has sufficient cash reserves to continue as a going concern for a period of at least 12 months from the date on which these financial statements are approved.

c) Income

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the items of income have been met, it is probable that the income will be received and the amount can be measured reliably.

Income from grants, whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

d) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity: this is normally upon notification of the interest paid or payable by the bank.

e) Funds accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charity's work or for specific projects being undertaken by the charity.

f) Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

14

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

1. Accounting policies (continued)

g) Allocation of support and governance costs

2022 2021
Charitable activities 80% 80%
Raising funds 20% 20%

h) Investments

Listed investments held at the year end are valued at the current market value at that date. Investment income from dividends is included in incoming resources while realised and unrealised losses and gains on investments are shown separately on the statement of financial activities (SOFA). Realised gains and losses are calculated on investment disposals during the year as the difference between the opening market value and the proceeds received on sale. Unrealised gains and losses are calculated on investment holdings at the period end as the difference between the closing market value and the opening market value or purchase value during the period.

I) 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.

j) Creditors

Creditors 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 are normally recognised at their settlement amount after allowing for any trade discounts due.

k) Cash at bank and in hand

Cash at bank and cash 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.

l) Financial instruments

The trust only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently recognised at amortised cost using the effective interest method.

m) Grants payable

Grants payable are charged in the period in which the offer is conveyed to the recipient except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attached have been fulfilled. Grants offered subject to conditions at the year end are noted as commitment but are not accrued as expenditure.

15

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

1. Accounting policies (continued)

n) Foreign currency transactions

o) Accounting estimates and key judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

In the year to 31 December 2022 no key sources of estimation uncertainty had a significant effect on the amounts recognised in the financial statements.

16

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

2. Statement of financial activities - prior period comparative

Income from:
Donations
Charitable activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net gains on investments
Net movement in funds
3.
Donations
Net income / (expenditure) before
investment gains
Individual Donations With Gift Aid
Individual Donations Without Gift Aid
Overseas Donations		 Restricted
Unrestricted
£
£
-
4,731
80,487
-
-
63,579
80,487
68,310
-
23,124
50,552
161,439
50,552
184,563
29,935
(116,253)
-
251,247
29,935
134,994
2022
Total
£
3,764
1,195
100
5,059		 2021
Total
£
4,731
80,487
63,579
148,797
23,124
211,991
235,115
(86,318)
251,247
164,929
2021
Total
£
3,864
697
170
4,731

All income from donations in the current and prior period was unrestricted.

17

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

4. Charitable activities

2022
Total
£
Bursaries
125
Starehe Boys School
Capital Projects
2,313
Sponsorships
3,737
Overseas Capital Projects
731
Overseas Sponsorships
3,127
Old Starehian Society UK
75
Starehe Girls School
Capital Projects
475
Sponsorships
17,521
Overseas Capital Projects
731
Overseas Sponsorships
-
Old Starehian Society UK
75
Total charitable activities
28,910
All income from charitable activities in the current and prior period was restricted.		 2021
Total
£
30,125
8,981
3,737
5,147
4,414
308
6,269
13,969
3,094
4,135
308
80,487

5. Total expenditure

Grants payable to partners (note 6)
Freelance workers
General office expenditure
Bank charges
Investment charges
Exchange rate (gain) / loss
Accountancy and professional fees
Sub-total
Total expenditure
Allocation of support and governance costs		 £
-
-
-
137
19,371
-
-
19,508
(418)
19,090
Raising
funds		 £
£
108,117
-
3,342
3,342
-
360
-
-
-
-
-
(8,549)
-
2,760
111,459
(2,087)
(1,669)
2,087
109,790
-
Charitable
activities
Support and
governance
costs		 2022
Total
£
108,117
6,684
360
137
19,371
(8,549)
2,760
128,880
-
128,880

Governance costs in the year were £2,760 (2021: £2,610).

18

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

5. Total expenditure - prior period comparative

Grants payable to partners (note 6)
Freelance workers
Fundraising costs
General office expenditure
Bank charges
Investment charges
Accountancy and professional fees
Sub-total
Allocation of support and governance costs
Total expenditure
6.
Grants payable
Grant to Starehe Boys' Centre
Grant to Starehe Girls' Centre
Total		 £
-
-
544
-
247
20,315
-
21,106
2,018
23,124
Raising
funds		 £
£
200,108
-
3,813
6,687
-
-
-
791
-
-
-
-
-
2,610
203,921
10,088
8,070
(10,088)
211,991
-
2022
£
56,062
52,055
108,117
Charitable
activities
Support and
governance
costs		 2021
Total
£
200,108
10,500
544
791
247
20,315
2,610
235,115
-
235,115
2021
£
111,970
88,138
200,108

All grants were to institutions and were in support of pupil places and specific projects.

7. Net movement in funds

This is stated after charging:

Trustees' remuneration
Independent examiner's fees
Trustees' reimbursed expenses		 2022
£
Nil
Nil
2,760		 2021
£
Nil
320
2,610

No trustees were reimbursed during the current year. In the prior year one trustee was reimbursed £100 for fundraising costs and £220 for IT costs.

19

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

8. Key management personnel

9. Taxation

10. Listed investments
Market value at 1 January 2022
Additions
Disposals proceeds
Realised gains / (losses)
Unrealised gains / (losses)
Market value at 31 December 2022
Historical cost:
At 31 December 2022
11. Debtors
Accrued income
Trade debtors
12. Creditors : amounts due within 1 year
Accruals		 2022
£
2,404,065
694,428
(640,139)
(44,680)
(212,575)
2,201,099
2,067,878
2022
£
2,640
315
2,955
2022
£
25,623		 2021
£
2,273,315
481,169
(601,666)
33,673
217,574
2,404,065
1,931,208
2021
£
9,057
-
9,057
2021
£
7,770

20

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

13. Analysis of net assets between funds

Investments
Current assets
Current liabilities
Net assets at 31 December 2022
Prior period comparative
Investments
Current assets
Current liabilities
Net assets at 31 December 2021		 Restricted
funds
£
1,509,034
-
-
1,509,034
Restricted
funds
£
1,513,240
-
-
1,513,240		 £
692,065
60,480
(25,623)
726,922
£
890,825
131,590
(7,770)
1,014,645
Unrestricted
funds
Unrestricted
funds		 Total funds
£
2,201,099
60,480
(25,623)
2,235,956
Total funds
£
2,404,065
131,590
(7,770)
2,527,885

21

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

14. Movements in funds
Restricted funds
Aim High Appeal
StareheFuture Appeal
Sponsorship - Girls' Centre
Sponsorship - Boys' Centre
Total restricted funds
Unrestricted funds
General funds
Total unrestricted funds
Total funds
Capital Projects -
Girls' Centre
Capital Projects -
Boys' Centre		 At 1
January
2022
£
824
2,029
868,991
605,362
29,959
6,075
1,513,240
1,014,645
1,014,645
2,527,885		 Income
£
£
£
1,206
(1,653)
-
3,044
(1,653)
-
-
-
-
125
-
-
17,596
(20,401)
-
6,939
(9,409)
-
28,910
(33,116)
-
65,296
(95,764)
(257,255)
65,296
(95,764)
(257,255)
94,206
(128,880)
(257,255)
Expenditure
Investment
gains /
(losses)		 £
377
3,420
868,991
605,487
27,154
3,605
1,509,034
726,922
726,922
2,235,956
At 31
December
2022

22

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

14. Movements in funds (continued) - prior period compararative
At 1
January
2021
Income
£
£
£
£
Restricted funds
1,331
9,363
(9,870)
-
978
14,129
(13,078)
-
Aim High Appeal
868,991
-
-
-
StareheFuture Appeal
575,237
30,125
-
-
Sponsorship - Girls' Centre
30,037
18,411
(18,489)
-
Sponsorship - Boys' Centre
6,731
8,459
(9,115)
-
Total restricted funds
1,483,305
80,487
(50,552)
-
Unrestricted funds
General funds
879,651
68,310
(184,563)
251,247
Total unrestricted funds
879,651
68,310
(184,563)
251,247
Total funds
2,362,956
148,797
(235,115)
251,247
Capital Projects -
Boys' Centre
Capital Projects -
Girls' Centre
Investment
gains /
(losses)
Expenditure		 £
824
2,029
868,991
605,362
29,959
6,075
1,513,240
1,014,645
1,014,645
2,527,885
At 31
December
2021

23

Starehe UK

Notes to the financial statements

For the year ended 31 December 2022

14. Movements in funds (continued) - purpose of restricted funds

Capital Projects - Girls' Centre To fund infrastructure projects at Starehe Girls' Centre. Capital Projects - Boys' Centre To fund infrastructure projects at Starehe Boys' Centre. Aim High Appeal To raise funds for the Starehe Boys' Centre (the Starehe Girls' Centre did not open until 2005). Donations from the Aim High Appeal were for endowed or sponsored student places, or general donations. StareheFuture Appeal To raise funds for both Starehe Boys' and Girls' Centre. Donations from the StareheFuture Appeal were for endowed or sponsored student places, capital projects or general donations. Funds from both appeals were either invested or passed directly to the relevant school for sponsorship or a capital project. Returns on the invested donations are used to fund the endowed places at Starehe Boys' Centre and Starehe Girls' Centre. Sponsorship - Girls' Centre To fund sponsored places at Starehe Girls' Centre. Sponsorship - Boys' Centre To fund sponsored places at Starehe Boys' Centre.

15. Related party transactions

Other than the trustees' reimbursed expenses disclosed in note 7, there were no related party transactions during the current or prior period.

16. Financial instruments at fair value

Financial assets measured at fair value 2022
£
2,201,099		 2021
£
2,404,065

Financial assets measured at fair value comprise listed investments.

24