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← Starehe UK

2023-12-31-accounts

Charity no. 1158079

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Starehe UK Report and Unaudited Financial Statements

31 December 2023

Starehe UK

2023 Headline Figures

For the year ended 31 December 2023

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1

Starehe UK

Reference and administrative details

Reference and administrative details Reference and administrative details
For theyear ended 31 December 2023
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
Geraldine McKibbin
Keith Price
Helen Varma
Mark Webb
Paul Whitehouse
Administrative support Ruth Dorrell (Charity Manager)
Joanne Knight (Finance 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 2023

The trustees present their report and the examined financial statements for the 12 month period ended 31 December 2023 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 and an annual electronic newsletter. Part-time administrative support was provided during the period by Ruth Dorrell 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 some financial administration. Support with financial administration is provided by Joanne Knight for a few hours each month as required.

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 2023

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 Ruth Dorrell.

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

2023 was the first year since the Pandemic that both Starehe Girls' Centre and Starehe Boys' Centre were able to resume a normal term structure. The challenging need to compress terms to compensate for the time the schools had to close due to Covid was removed.

The Kenyan Certificate of Secondary Education examinations took place in November 2023 when 92.8% of all Starehe Students achieved the grades required to secure a place in one of Kenya’s public universities.

It is a credit to all the hard work and determination from the students and staff at the school that they continue to maintain such excellence. As well as this outstanding academic performance the schools have also increased their focus on supporting students' emotional wellbeing in the aftermath of the pandemic when many struggled to readjust.

4

Starehe UK

Report of the trustees

For the year ended 31 December 2023

The schools were able to offer a full programme of extracurricular activities to students, including participation in an international Round Square conference hosted in Nairobi.

Support provided to Starehe Girls' Centre

Support provided to Starehe Boys’ Centre

Starehe UK fundraising

During the year ended 31 December 2023, the SUK’s total incoming resources were £87,529 (2022: £94,206), of which £31,350 (2022: £33,969) was from donations and charitable activities, and £56,179 (2022: £60,237) was investment income.

Overall between 1 January 2023 and 31 December 2023, SUK disbursed £109,315 (2022: £108,117) 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 2023 calendar year.

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

5

Starehe UK

Report of the trustees

For the year ended 31 December 2023

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 are treated as restricted. Where donors did not place any restriction on their pledges, these funds are 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 2023 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.

Financial position

There was a net deficit before investment gains for the 12-month period of £55,290. After accounting for the increase on investments of £141,601 arising from the revaluation of investments held at 31 December 2023 to market value, the total net increase in the funds for the period is £86,311.

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.

6

Starehe UK

Report of the trustees

For the year ended 31 December 2023

Investment performance

The value of Starehe UK’s investments at the end of December 2023 was £2,314,459 (2022: £2,229,041). An income of £56,179 (2022: £60,237) was generated during the year.

Just under three quarters of the investment portfolio is invested in equities. Approximately two thirds of the equities are 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 a property fund which is only available to charities, and which is relatively conservatively invested within the UK.

The Starehe portfolio recorded a return of 7.9% net of costs over the year. This compares to the benchmark return of 11.0% and a return of 7.5% 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.

Since Evelyn Partners started managing our investments nearly 9 years ago, the portfolio has returned 55.7% and until 2022, exceeded the CPI linked target return. The substantial rise in inflation over the last few years coupled with a difficult period for 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

Trustees have agreed that reserves to cover 3 to 6 months' running costs (2023: £2,792 to £5,584) for the charity, plus an emergency fund for the schools of £75,000 should be maintained. The unrestricted funds of £821,422 at 31 December 2023 (2022: £726,922) sufficiently cover this.

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.

7

Starehe UK

Report of the trustees

For the year ended 31 December 2023

Plans for the future

Fundraising for both of the schools remains a challenge and costs in Kenya continue to rise. SUK trustees intend to make the usual transfers of funds to the schools in 2024 to support student places and general running costs. Trustees are confident that SUK will remain a going concern and will continue to support the Starehe schools for the remainder of 2024 and into the future.

SUK intends to make two transfers to both schools in 2024, in April and December to cover fees for endowed and sponsored places and a grant towards general running costs.

The intended changes to the school structure in Kenya with the roll out of the new Competency Based Curriculum (CBC) will now not affect the Starehe Schools for a few years to come. Under current plans the schools will take their last intake under the 8-4-4 structure next year in 2025, in 2026 there will be no intake as the school adjusts to the new 6-3-3-3 structure under which the duration of senior secondary school will be 3 years rather than 4. The schools are reviewing how this will impact them and are considering the best way to instil the Starehe values when students are only with them for 3 years.

Starehe Boys' Centre welcomed a new Director, Mr Frederik Okono at the start of January 2024. SUK look forward to working with Fred, and as Josphat Mwaura concludes his term as Director of the Centre, acknowledge Josphat’s enormous contribution to the centre and its exemplary performance over the last few years.

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.

8

Starehe UK

Report of the trustees

For the year ended 31 December 2023

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 26 April 2024 and signed on their behalf by

Tim Faithfull

Timothy Faithfull - Chairman

9

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 2023, which are set out on pages 11 to 23.

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: 29 April 2024

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

10

Starehe UK

Statement of financial activities

For the year ended 31 December 2023

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
£
£
-
5,223
26,127
-
-
56,179
26,127
61,402
-
21,503
34,316
87,000
34,316
108,503
(8,189)
(47,101)
-
141,601
(8,189)
94,500
1,509,034
726,922
1,500,845
821,422		 2023
2022
Total
Total
£
£
5,223
5,059
26,127
28,910
56,179
60,237
87,529
94,206
21,503
19,090
121,316
109,790
142,819
128,880
(55,290)
(34,674)
141,601
(257,255)
86,311
(291,929)
2,235,956
2,527,885
2,322,267
2,235,956

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.

11

Starehe UK

Balance sheet

As at 31 December 2023

Note
Fixed assets
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
Liabilities
Creditors: amounts falling due within 1 year
12
Net current assets
Net assets
13
Funds
14
Restricted funds
Unrestricted funds:
General funds
Total charity funds		 £
2,538
12,910
15,448
7,640		 2023
£
2,314,459
2,314,459
7,808
2,322,267
1,500,845
821,422
2,322,267		 Restated
2022
£
2,229,041
2,229,041
2,955
29,583
32,538
25,623
6,915
2,235,956
1,509,034
726,922
2,235,956

Approved by the trustees on 26 April 2024 and signed on their behalf by

Tim Faithfull

Timothy Faithfull - Chairman

12

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

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 £821,422, and a cash balance of £12,910 as at 31 December 2023. 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.

13

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

1. Accounting policies (continued)

g) Allocation of support and governance costs

2023 2022
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. Listed investments also includes cash and cash equivalents held for reinvestment purposes.

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. Cash held by the investment managers for the purposes of re-investment is included within listed investments on the balance sheet.

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.

14

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

1. Accounting policies (continued)

m) Grants payable

n) Foreign currency transactions

Transactions in foreign currencies are translated at rates prevailing at the date of the transaction. Balances denominated in foreign currencies are translated at the rate of exchange prevailing at the year end.

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 2023 no key sources of estimation uncertainty had a significant effect on the amounts recognised in the financial statements.

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
Net income / (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)		 2022
Total
£
5,059
28,910
60,237
94,206
19,090
109,790
128,880
(34,674)
(257,255)
(291,929)

15

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

3. Donations

Donations
Individual Donations With Gift Aid
Individual Donations Without Gift Aid
Overseas Donations		 2023
Total
£
3,495
1,495
233
5,223		 2022
Total
£
3,764
1,195
100
5,059

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

4. Charitable activities

Bursaries
Starehe Boys School
Capital Projects
Sponsorships
Overseas Capital Projects
Overseas Sponsorships
Old Starehian Society UK
Starehe Girls School
Capital Projects
Sponsorships
Overseas Capital Projects
Old Starehian Society UK
Total charitable activities		 2023
Total
£
125
(222)
3,738
-
2,561
75
75
19,700
-
75
26,127		 2022
Total
£
125
2,313
3,737
731
3,127
75
475
17,521
731
75
28,910

All income from charitable activities in the current and prior period was restricted.

The reason for the negative income shown above is due to the overstatement of an income debtor in the prior period.

16

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

5. Total expenditure

Total expenditure
£
£
£
Grants payable to partners (note 6)
-
109,315
-
Freelance workers
-
3,630
3,630
General office expenditure
-
-
1,009
Bank charges
216
-
-
Investment charges
19,194
-
-
Exchange rate (gain) / loss
-
-
2,927
Accountancy and professional fees
-
-
2,898
Sub-total
19,410
112,945
10,464
2,093
8,371
(10,464)
Total expenditure
21,503
121,316
-
Governance costs in the year were £2,898 (2022: £2,760).
Allocation of support and governance costs
Raising
funds
Charitable
activities
Support and
governance
costs		 2023
Total
£
109,315
7,260
1,009
216
19,194
2,927
2,898
142,819
-
142,819

Total expenditure - prior period comparative

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
Allocation of support and governance costs
Total expenditure		 £
-
-
-
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

17

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

6. Grants payable

Grants payable
Grant to Starehe Boys' Centre
Grant to Starehe Girls' Centre
Total		 2023
£
51,351
57,964
109,315		 2022
£
56,062
52,055
108,117

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 (excluding VAT)
Trustees' reimbursed expenses		 2023
£
Nil
Nil
2,415		 2022
£
Nil
Nil
2,300

No trustees were reimbursed for expenses during the current or prior year.

18

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

8. Key management personnel

The key management personnel of the CIO comprise the trustees and the Charity Manager who is engaged on a freelance basis. Key management personnel received no employee benefits during the period. The Charity Manager was paid fees of £4,741 during the year (2022: £6,685).

9. Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

10. Listed investments

Market value at 1 January 2023
Additions
Disposals proceeds
Realised gains / (losses)
Unrealised gains / (losses)
Market value at 31 December 2023
Cash held pending re-investment
Total investments
Investments comprise:
Listed investments
Cash and cash equivalents
Total investments		 2023
£
2,201,099
663,170
(705,728)
5,321
136,280
2,300,142
14,317
2,314,459
2,300,142
14,317
2,314,459		 Restated
2022
£
2,404,065
694,428
(640,139)
(44,680)
(212,575)
2,201,099
27,942
2,229,041
2,201,099
27,942
2,229,041

The restatement of 2022 figures is to reclassify £27,942 of cash held by the investment manager from cash at bank and in hand to be included within investments, reflecting a change in accounting policy.

11. Debtors

Accrued income
Trade debtors		 2023
£
2,514
24
2,538		 2022
£
2,640
315
2,955

19

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

12. Creditors : amounts due within 1 year

Accruals
13.
Investments
Current assets
Current liabilities
Net assets at 31 December 2023
Prior period comparative - restated
Investments
Current assets
Current liabilities
Net assets at 31 December 2022
Analysis of net assets between funds		 Restricted
funds
£
1,498,729
2,116
-
1,500,845
Restricted
funds
£
1,509,034
-
-
1,509,034		 2023
£
7,640
£
815,730
13,332
(7,640)
821,422
£
720,007
32,538
(25,623)
726,922
Unrestricted
funds
Unrestricted
funds		 2022
£
25,623
Total funds
£
2,314,459
15,448
(7,640)
2,322,267
Total funds
£
2,229,041
32,538
(25,623)
2,235,956

20

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

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
2023
£
377
3,420
868,991
605,487
27,154
3,605
1,509,034
726,922
726,922
2,235,956		 Income
£
£
75
(75)
(222)
(75)
-
-
125
-
19,775
(27,889)
6,374
(6,277)
26,127
(34,316)
61,402
(108,503)
61,402
(108,503)
87,529
(142,819)
Expenditure		 £
-
-
-
-
-
-
-
141,601
141,601
141,601
Investment
gains /
(losses)		 £
377
3,123
868,991
605,612
19,040
3,702
At 31
December
2023
1,500,845
821,422
821,422
2,322,267

21

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

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

22

Starehe UK

Notes to the financial statements

For the year ended 31 December 2023

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

There were no related party transactions during the current or prior period.

16. Financial instruments at fair value

Financial assets measured at fair value 2023
£
2,300,142		 2022
£
2,201,099

Financial assets measured at fair value comprise listed investments.

23