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← Starehe UK

2024-12-31-accounts

Charity no. 1158079

Starehe UK Report and Unaudited Financial Statements

31 December 2024

Starehe UK

2024 Headline Figures

For the year ended 31 December 2024

1

Starehe UK

Reference and administrative details

For the year ended 31 December 2024

Charity number 1158079
Registered office and The Printworks
operational address 77 High Street
Bridgnorth
Shropshire
WV16 4DX
Trustees Trustees who served during the period and up to the date of this report
were as follows:
David Kisiaky Chair
Festus Maseki Treasurer
Vane Aminga
Lord Valentine Cecil
Timothy Faithfull
Dr John Kibugi (appointed 22 April 2024)
Geraldine McKibbin
Keith Price
Neil Scotney (appointed 22 April 2024)
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
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 2024

The trustees present their report and the examined financial statements for the 12 month period ended 31 December 2024 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 as well as direct email correspondence. 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 0.15 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. Additional 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 indicated in 2023 that he would be looking to step down as Chair of Trustees in 2024, allowing time for consideration of his replacement. David Kisiaky, who has been treasurer of Starehe UK since 2012, was appointed as the new Chair of Trustees at the April trustee meeting and Geraldine McKibbin was appointed Vice-Chair. David attended Starehe Boys Centre as a student from 1994 - 1999 before first coming to the UK on an exchange programme at Gordonstoun School in Scotland. Having been involved with Starehe UK since 2008, we look forward to David bringing his significant experience and connection to the Starehe Centres to the role of Chair.

3

Starehe UK

Report of the trustees

For the year ended 31 December 2024

In 2024 we welcomed two more Starehe alumni to the board of trustees. Dr John Kibugi and Neil Scotney joined Vane Aminga and Festus Maseki on the board to assist with maintaining 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

2024 was an excellent year in terms of exam performance for both Centres. The Boys’ Centre saw 99.6% of their students achieve the grades required to secure a place in one of Kenya’s public universities. Closely matched by the Girls Centre where 94.8% achieved the necessary C+ or above to progress to University.

The Centres also both celebrated 65 years of Starehe with a 65th anniversary gala in Nairobi, which was well attended by both alumni and staff.

A new academic Principal and Deputy Principal were appointed at Starehe Girls Centre in 2024, the first time these crucial posts have been filled for some years.

4

Starehe UK

Report of the trustees

For the year ended 31 December 2024

Support provided to Starehe Girls' Centre

Support provided to Starehe Boys’ Centre

Starehe UK fundraising

During the year ended 31 December 2024, the SUK’s total incoming resources were £93,071 (2023: £87,529), of which £33,082 (2023: £31,350) was from donations and £59,989 (2023: £56,179) was investment income.

Overall between 1 January 2024 and 31 December 2024, SUK disbursed £114,834 (2023: £109,315) 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 2024 calendar year.

In 2024 a webinar was held for supporters of Starehe UK to offer the opportunity to hear from our new Chair of Trustees, David, and get a direct update on matters relating to both SUK and the schools. Attendance was very good at this webinar and it was a wonderful opportunity to connect with loyal SUK supporters.

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

5

Starehe UK

Report of the trustees

For the year ended 31 December 2024

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 investment 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 2024, the income sent to the schools was allocated in the ratio 60:40 to Starehe Boys’ Centre and Starehe Girls’ Centre respectively. This ratio reflects the different size of the schools and their needs.

Investment policy

The trustees have an investment policy, which is agreed with Evelyn Partners, 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 2024 was £2,417,421 (2023: £2,314,459) (2022: £2,229,052). An income of £59,989 (2023: £56,179) was generated during the year.

Just over three quarters of the investment portfolio is invested in equities. Approximately three quarters 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 sovereign issues. The infrastructure investments are generally global in nature with a bias towards renewable energy. Much of the property exposure is through a property fund which is only available to charities, and which is relatively conservatively invested within the UK with no gearing.

6

Starehe UK

Report of the trustees

For the year ended 31 December 2024

During 2024, a number of changes were made to the investment policy statement. Firstly, the minimum annual income yield set at 2.5% was removed from the policy. This was originally included following the move to a total return approach, in order to mitigate the initial likely fall in the income generated by the portfolio. However, the trustees agreed that the overriding objective of CPI+ 3.75% per annum should be the key driver within the investment mandate. Retaining the minimum income requirement was seen as posing an unnecessary constraint going forward. It was also agreed that the ARC Steady Growth Charity Index would be used as an additional barometer to reflect how the Starehe portfolio is performing relative to similar charity portfolios which are 60% to 80% invested in equities.

2024 proved to be a strong year, with the investment portfolio recording a return of 8.9% net of costs over the year. This compares to the benchmark return of 9.6% and a return of 8.8% for the ARC Steady Growth Index.

Since Evelyn Partners started managing our investments nearly 10 years ago, the portfolio has returned 69.6% 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 are holding the investments in order to provide an income to the two Starehe Schools As unrestricted funds were £924,665 at 31 December 2024 (2023: £821,422) and the charity's running costs are very low, they do not have a formal reserves policy.

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.

Plans for the future

2025 brings change to the Starehe Centres with no new intake of students in January for the first time in over 60 years. As the Kenyan education system transitions to the new Competency Based Curriculum, students will only spend 3 years in senior secondary schools going forward and 2025 is the adjustment year. We will work with the schools to understand how these changes will affect them and support them wherever possible.

In 2025 we plan to continue with making two annual transfers to the schools in May and December to cover fees for endowed and sponsored places and a grant towards 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 2025 and into the future.

7

Starehe UK

Report of the trustees

For the year ended 31 December 2024

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 21 May 2025 and signed on their behalf by

David Kisiaky - Chairman

8

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 2024, which are set out on pages 10 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.

William Guy Blake

Date: 21 May 2025

William Guy Blake ACA 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

9

Starehe UK

Statement of financial activities

For the year ended 31 December 2024

Note
Income from:
Donations
3
Charitable activities
4
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
6
Net gain on investments
8
Reconciliation of funds:
Total funds brought forward
Total funds carried forward
Net movement in funds
Net expenditure before investment
gains		 Restricted
Unrestricted
£
£
-
4,737
28,345
-
-
59,989
28,345
64,726
-
21,822
29,834
97,580
29,834
119,402
(1,489)
(54,676)
-
157,919
(1,489)
103,243
1,500,845
821,422
1,499,356
924,665		 2024
2023
Total
Total
£
£
4,737
5,223
28,345
26,127
59,989
56,179
93,071
87,529
21,822
21,503
127,414
121,316
149,236
142,819
(56,165)
(55,290)
157,919
141,601
101,754
86,311
2,322,267
2,235,956
2,424,021
2,322,267

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 16 to the accounts.

10

Starehe UK

Balance sheet

As at 31 December 2024

As at 31 December 2024
2024 2023
Note £ £ £
Fixed assets
Investments 11 2,417,421 2,314,459
2,417,421 2,314,459
Current assets
Debtors 12 1,187 2,538
Cash at bank and in hand 28,953 12,910
30,140 15,448
Liabilities
Creditors: amounts falling due within 1 year 13 23,540 7,640
Net current assets 6,600 7,808
Net assets 15 2,424,021 2,322,267
Funds 16
Restricted funds 1,499,356 1,500,845
Unrestricted funds:
General funds 924,665 821,422
Total charity funds 2,424,021 2,322,267

Approved by the trustees on 21 May 2025 and signed on their behalf by

David Kisiaky - Chairman

11

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies

a) Basis of preparation and general information

Starehe UK is a charitable incorporated organisation registered in England and Wales. The registered office address is The Printworks, 77 High Street, Bridgnorth, Shropshire, WV16 4DX.

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, which the trustees consider appropriate having regard to the current level of unrestricted reserves. There are no material uncertainties about the charity's ability to continue as a going concern.

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.

12

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

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.

g) Allocation of support and governance costs

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Governance costs are the costs associated with the governance arrangements of the charity, including the costs of complying with constitutional and statutory requirements and any costs associated with the strategic management of the charity’s activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities on the following basis:

he following basis:
2024 2023
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.

13

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

1. Accounting policies (continued)

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 a commitment but are not accrued as expenditure.

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 2024 no key sources of estimation uncertainty had a significant effect on the amounts recognised in the financial statements.

14

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

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 expenditure before investment
gains
Individual Donations With Gift Aid
Individual Donations Without Gift Aid
Overseas Donations		 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
2024
Total
£
2,815
1,922
-
4,737		 2023
Total
£
5,223
26,127
56,179
87,529
21,503
121,316
142,819
(55,290)
141,601
86,311
2023
Total
£
3,495
1,495
233
5,223

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

15

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

4. Charitable activities

Bursaries
Starehe Boys School
Capital Projects
Sponsorships
Overseas Sponsorships
Old Starehian Society UK
Starehe Girls School
Capital Projects
Sponsorships
Overseas Capital Projects
Old Starehian Society UK
Total charitable activities		 2024
Total
£
2,180
2,661
3,863
-
1,151
113
17,126
100
1,151
28,345		 2023
Total
£
125
(222)
3,738
2,561
75
75
19,700
-
75
26,127

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

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

5. Investment income

Dividends and interest from listed investments
Bank interest		 2024
Total
£
59,421
568
59,989		 2023
Total
£
55,907
272
56,179

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

16

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

6. Total expenditure

Total expenditure
£
£
£
Grants payable to partners (note 7)
-
114,834
-
Freelance workers
-
5,118
5,118
General office expenditure
-
-
1,304
Bank charges
160
-
-
Investment charges
19,796
-
-
Exchange rate (gain) / loss
-
-
(94)
Accountancy and professional fees
-
-
3,000
Sub-total
19,956
119,952
9,328
1,866
7,462
(9,328)
Total expenditure
21,822
127,414
-
Governance costs in the year were £3,000 (2023: £2,898).
Charitable
activities
Support and
governance
costs
Allocation of support and governance costs
Raising
funds		 2024
Total
£
114,834
10,236
1,304
160
19,796
(94)
3,000
149,236
-
149,236

Prior period comparative

Prior period comparative
Grants payable to partners (note 7)
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		 £
-
-
-
216
19,194
-
-
19,410
2,093
21,503
Raising
funds		 £
£
109,315
-
3,630
3,630
-
1,009
-
-
-
-
-
2,927
-
2,898
112,945
10,464
8,371
(10,464)
121,316
-
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

17

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

7. Grants payable

Grants payable
Grant to Starehe Boys' Centre
Grant to Starehe Girls' Centre
Total		 2024
£
61,682
53,152
114,834		 2023
£
51,351
57,964
109,315

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

8. Net movement in funds This is stated after charging:

Trustees' remuneration
Independent examiner's fees (excluding VAT)
Trustees' reimbursed expenses		 2024
£
Nil
Nil
2,500		 2023
£
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 2024

9. 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 £8,836 during the year (2023: £4,741).

10. Taxation

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

11. Listed investments

Market value at 1 January 2024
Additions
Disposals proceeds
Realised gains
Unrealised gains
Market value at 31 December 2024
Cash held pending re-investment
Total investments
Investments comprise:
Listed investments
Cash and cash equivalents
Total investments
12. Debtors
Accrued income
Trade debtors		 2024
£
2,300,142
589,328
(665,890)
55,177
102,742
2,381,499
35,922
2,417,421
2,381,499
35,922
2,417,421
2024
£
1,187
-
1,187		 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
2023
£
2,514
24
2,538

19

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

13. Creditors : amounts due within 1 year

13. Creditors : amounts due within 1 year
Accruals
Grant commitments (note 14)
14. Grant commitments
Grant commitments brought forward
Grants committed during the period
Grants paid during the year
Grant commitments carried forward
A detailed list of grants payable is included in note 7.		 2024
£
8,078
15,462
23,540
2024
£
-
114,834
(99,372)
15,462		 2023
£
7,640
-
7,640
2023
£
-
109,315
(109,315)
-
15.
Investments
Current assets
Current liabilities
Net assets at 31 December 2024
Prior period comparative
Investments
Current assets
Current liabilities
Net assets at 31 December 2023
Analysis of net assets between funds		 Restricted
funds
£
1,513,760
1,058
(15,462)
1,499,356
Restricted
funds
£
1,498,729
2,116
-
1,500,845		 £
903,661
29,082
(8,078)
924,665
£
815,730
13,332
(7,640)
821,422
Unrestricted
funds
Unrestricted
funds		 Total funds
£
2,417,421
30,140
(23,540)
2,424,021
Total funds
£
2,314,459
15,448
(7,640)
2,322,267

20

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

16. 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
2024
£
377
3,123
868,991
605,612
19,040
3,702
1,500,845
821,422
821,422
2,322,267		 Income
£
£
213
(573)
2,661
(2,717)
-
-
2,179
-
18,278
(18,579)
5,014
(7,965)
28,345
(29,834)
64,726
(119,402)
64,726
(119,402)
93,071
(149,236)
Expenditure		 £
-
-
-
-
-
-
-
157,919
157,919
157,919
Investment
gains /
(losses)		 £
17
3,067
868,991
607,791
18,739
751
At 31
December
2024
1,499,356
924,665
924,665
2,424,021

21

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

16. Movements in funds (continued) Prior period comparative

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 -
Boys' Centre
Capital Projects -
Girls' 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

22

Starehe UK

Notes to the financial statements

For the year ended 31 December 2024

16. 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.

17. Related party transactions

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

18. Financial instruments at fair value

Financial assets measured at fair value 2024
£
2,381,499		 2023
£
2,300,142

Financial assets measured at fair value comprise listed investments.

23