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← Start Network

2023-12-31-accounts

TRUSTEES REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023

Registered Number: 09286835 Charity Number: 1159483

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023

Trustees Amad Muhammad
Anwer Iqbal
Benjamin Laniado Kassin (resigned 30 June
2023)
Binny Prabhakar
Glyn Isherwood (Treasurer)
Malcolm David Spence
Mohammed Nadeem
Noreen McGrath Gumbo (Vice Chair)
Oenone Kate Chadburn (resigned 30 April
2024)
Pankaj Kumar (Appointed 30 Nov 2023)
Rahaf Rifah (Appointed 30 Nov 2023)
Sanjayan Srikanthan (Chair)
Company registered 09286835
number
Charity registered 1159483
number
Registered office Albert House
256 – 260 Old Street
London, EC1V 9DD
Chief Finance and Suzanne Lyne
Operations Officer
Chief Executive Christina Bennett
Officer
Independent auditor Crowe U.K. LLP
55 Ludgate Hill
London, EC4M 7JW
Bankers Barclays
1-7 King Street
London, EC2V 8AU

Solicitors Withers LLP 20 Old Bailey London, EC4M 7AN

TRUSTEE ANNUAL REPORT | YEAR ENDED 31 DECEMBER 2023

The Start Network Trustees present their Annual Report together with the audited financial statements of the charity for the year 1 January 2023 to 31 December 2023. The Annual Report serves the purposes of both a Trustees' Report and a Directors’ Report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP), second edition (October 2019), applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

Start Network began in 2010 as the British Consortium of Humanitarian Agencies and was hosted by Save the Children UK (SCUK) until becoming an independent charity on 1st May 2019. SCUK is incorporated under the name of Save the Children Fund, a registered charity in England and Wales (213890) and Scotland (SC039570) and a registered company in England and Wales (178159).

Role of the Grant Custodian

In 2023, SCUK continued to act as Grant Custodian to Start Network, in relation to funding mutually agreed programmes - accepting funds from donors pursuant to the funding agreements, implementing funding programmes and distributing the relevant grant custodian funds to members (for projects) and Start Network (for its operational costs, other projects, and initiatives).

Start Network continues to build its capacity to accept and manage grants independently. In June 2022, Start Network Board of Trustees approved the recommendation to move away from the grant custodian agreement with SCUK in 2025. A cross-organisational project was set up in 2022 to manage this transition.

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Our Vision and Mission

The Start Network charity supports a growing membership of aid agencies across the world (the Network), working together to revolutionise the global humanitarian system. The Network is made up of close to 100 organisations across six continents, ranging from large international organisations to local and national NGOs. That figure is set to grow as we welcome local and national organisations through our hub countries

Our vision is for a locally led humanitarian system that is accountable to people affected by and at risk of crises to save more lives, promote dignity and protect people from loss and harm.

Our mission is to drive system-level shifts in the way humanitarian action is approached, resourced and delivered, by demonstrating powerful alternatives for collaborating, financing and operating.

Our Values

Underpinning all our work, we aim to be the change we want to see, working to uphold the following principles and expecting the same from our staff, hubs, and members.

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Our Strategic Priorities

The events in recent times have challenged us to deepen our commitment to local humanitarian action and the power shifts that this requires; to demonstrate that acting collectively, early, and ahead of a crisis can minimise death and suffering, and to galvanise our diverse, growing global network around a critical examination of our ethics and mindsets and accelerating systems change.

From 2021-2023, we focused on the following strategic outcome areas

For 2023, we agreed to prioritise the following:

  1. To grow and expand our network of networks of locally led country and regional hubs by incubating and transitioning them to become independent entities

  2. To resource and improve our family of global and local funds and risk financing tools by focusing on quality of collaboration, operations and accessibility to them by local organisations

  3. To build a body of evidence and good practice in support of locally led innovative and sustainable humanitarian action through reflection, iteration, and peer learning.

  4. To improve the effectiveness and sustainability of the organisation and network by improving systems and exploring new partnerships and services opportunities.

During the year, we have performed well against our targets that measure the above activities making significant progress towards our 3 Year Strategic Priorities.

PUBLIC BENEFIT

When considering our priorities and activities, the Start Network Board of Trustees had due regard to the Charity Commission’s guidance on public benefit. Our social intentions are to do no harm, operate efficiently and to the

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law, and through the work of Start Network members ensure that people receive better quality humanitarian aid, maintain their dignity and are protected from suffering and harm.

We hold a unique space that is not being fulfilled by anyone else and believe that the issues we are tackling in humanitarian action will lead to an improved humanitarian sector, where spend is more efficient and delivery is more effective.

We work through our members, providing them with resources to enable a higher quality of assistance to communities affected by crisis. We work through our partnerships and advocacy, promoting best practices and system change in the humanitarian sector. We benefit:

OVERVIEW OF PERFORMANCE IN 2023

With thanks to our Trustees, members, supporters and staff, we made substantial progress toward achieving our mission and collective ambition of transforming an outdated humanitarian system.

. Performance Highlights[1]

1 Start Network works closely with Save the Children UK, which manages a number of programmes on its behalf, including the global and local Starts Funds and other disaster risk financing mechanisms.

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international organisations working together to improve humanitarian action

~~~~ We shifted resources to civil society organisations and increasingly local organisations through the Global Start Fund.

 We have made network resources available ahead of crises through Start Ready, a leading-edge anticipatory financing facility and risk pool of £5 million that has allowed us to move from assisting people in need to protecting people at risk. We have influenced the anticipatory action policy agenda through our evidence and experience.

 We have shifted network practice and behaviour to be anti-colonial and driven by community priorities, especially through our Community-Led Innovation Programme (CLIP) and we have provided platforms and opportunities to amplify community impact on a global scale

 We have identified our strengths, crystallised our value offer and improved our practice to better support our members and hubs

For more information and case studies please refer to our Annual Review 2023

PLANS FOR 2024

Start Network has engaged with staff and members to finalise a new threeyear strategy which will crystallise our value offer as a systems change organisation, leveraging our organisational strengths (networker, funder, innovator, influencer). It sets out how we will develop the network of Hubs, by getting funding into the places it’s needed earlier and quicker than ever before, and by designing and testing innovative new ways of operating. All with the principles of local leadership, devolution, and decolonisation at their core.

For more information on how we define our strengths, please refer to the Annual Review.

STRATEGIC OBJECTIVES 2024

Networker - We will build and diversify our network of networks through our members and locally led hubs and support hubs on their journey to independence.

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Funder - We will scale our family of funds, diversify our financial products, expand our coverage of countries and risks across our network and increase access to funds by local organisations.

Innovator - We will advance humanitarian practice by designing, testing and exporting a pool of new approaches, tools and services. In doing so, we will create a culture of innovation across the organisation and network.

Influencer - We will influence organisation, membership and sector policy and practice through evidence, analysis and advocacy across our main change area.

Organisational Development - We will invest in key areas that allow us to cater for a growing membership and provide a robust and effective service to our members, hubs, donors and other stakeholders

FINANCIAL REVIEW

Start Network’s income in 2023 was £21,894,000 compared to £6,424,000 in 2022. This is an increase of 341% mainly due to Start Network increasingly taking on grants directly, over and above those received via the grant custodian arrangement with SCUK plus the ability to secure new income from new strategic donors.

Income from Donations

Restricted Income

In 2023 Start Network recognised a total of £18,450,000 (2022: £3,078,000) restricted income to support the work of the Start Network charity. Restricted income includes the indirect cost recovery (ICR) paid by donors on grants received directly by Start Network. These funds were for activities relating to the Start Fund and Start Ready programmes along with organisational strengthening, communications, network development, grant management, operations and recoverable staff costs.

The significant growth in restricted income in 2023 was largely due to new donor partners including the European Civil Protection and Humanitarian Aid Operations (ECHO), L’Oreal Foundation, Howden Foundation and a substantial grant from the German Federal Foreign Office (£11.2m).

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Unrestricted Income

In 2023 Start Network also received a total of £2,887,000 (2022: £2,778,000) in unrestricted income. £1,647,000 (2022: £1,806,000) was related to indirect cost recovery (ICR), which is paid on grants by donors received through the SCUK as grant custodian and is split between Start Network and SCUK. These funds can be used at the discretion of the senior management team to cover support and other indirect and operational costs. We also received £1,239,000 (2022: £972,000) funding from the Dutch government, which has supported the development of the hub network, our innovation programmes as well as the continued development of Start Network as an independent charity.

Income from Charitable Activities

Start Network received £540,000 in membership fees in 2023 (2022: £497,000). Income from membership fees is used to cover Start Network core and business as usual activities.

Analysis of Expenditure

Total expenditure for 2023 was £16,454,000 (2022: £7,914,000) of which £681,000 (2022: £530,000) was allocated to raising funds. The remaining £15,773,000 (2022: £7,384,000) was split with £13,926,000 (2022: £6,416,000) being allocated as direct costs, including staffing and £11,614,000 (2022: £3,935,000) of programme disbursements. £1,847,000 (2022: £1,178,000) was allocated to support costs such as staff costs, rent, IT, bank charges and foreign exchange losses.

Summary of Financial Position

Start Network ended the year with total funds of £10,541,000 (2022: £5,101,000), of which £7,026,000 (2022: £1,759,000) are restricted funds. We have refreshed our budget and associated plans in 2024 to ensure we are able to expedite some of our work in the coming two years whilst keeping close management of our financial position and adequate reserves.

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Significant Events affecting our Financial Position

The Finance and Audit Committee consider significant external events that could affect our financial position when reviewing financial forecasts used for budgeting purposes including changes to government funding, i.e. from the UK Foreign and Commonwealth Development Office (FCDO), German Federal Foreign Office, Ministry of Foreign Affairs of the Netherlands among others, rising energy costs and inflation.

We continue to monitor risks that could affect our financial sustainability to ensure we have a robust plan. Our approach is always to ensure that we are focusing on the impact to the organisation eighteen months into the future to ensure we have sufficient time to adapt our financial plans if situations change.

FUNDRAISING POLICY AND PRINCIPLES

The assurance of adequate and sustainable funding is fundamental to our success. We would not be able to achieve our aims without the generosity and support of our funders, who not only sustain our initiatives financially but buy into our ambition to work differently.

Start Network does not carry out any fundraising activities directly with individuals; rather all fundraising is connected to institutional and corporate fundraising. We assess every funding opportunity according to Start Network’s ethical principles.

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 If applicable, the donation or partnership should bring new skills that further Start Network’s objectives.

Principal Funding

Start Network works in partnership with a range of donors from around the world who are attracted to our vision for a transformed humanitarian system.

While some donors have been with us since the beginning of our journey as an independent charity in 2019, others were already supporting Start Network when it was an incubated entity of Save the Children UK from as early as 2009. Some have joined us more recently as the range and scope of our work has expanded. After launching ‘Start Ready’, an innovative financial instrument which pools risk and funding to protect a larger number of people by releasing funding prior to a crisis, in 2021, we were able to build on the momentum this created and brought in some strategic new private sector donors in 2023. For example, L’Oreal, a global corporate, has agreed to support our anticipation work for the next year and Howden Foundation who has also committed to this project for the next two years.

Beyond this, many of our donors are now also supporting multiple programmatic areas across the whole of the Start Network vision.

We would also like to mention our national funds, whose long-term sustainability is of critical importance to us. Resource Mobilisation efforts have focused in this area of our work in 2023 and we were able to secure a new two year grant from FCDO for Start Fund Bangladesh and continuation funding from the Share Trust.

Finally, we are grateful to the German Federal Foreign Office who in 2023 awarded Start Network with a substantial grant (£11.2m) which will help to catalyse anticipatory action work through the Start Fund and Start Ready.

Going Concern

The Start Network Board of Trustees have reviewed its financial position, the budget for 2024 - 2025, forecasts and income projections, and the Charity’s current levels of reserves and cash, and concluded that the Charity has sufficient access to resources to remain operational for at least the next twelve months from the date of this report.

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Therefore, the Trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Trustees have also considered global financial impacts as part of the Going Concern review and have concluded that there are no specific risks which affect the Charity’s ability to continue over the next twelve months from the date of approving this report.

Reserves Policy

Start Network’s reserves policy is reviewed and approved by the Board of Trustees on at least an annual basis.

We hold unrestricted reserves to provide cover for unexpected changes in income and expenditure, allowing us to continue key activities in the event of:

Start Network has set an unrestricted reserves level in the range of £1.8 million to £2.3 million. These reserves are to cover our legal, strategic and risk-based obligations and any designated reserves.

Start Network ended the year with total funds of £10,541,000 (2022: £5,101,000), of which £7,026,000 (2022: £1,759,000) are restricted and £3,515,000 are unrestricted. £512,000 of unrestricted reserves cover future operating lease commitments.

At the end of 2023, the level of free reserves held was £3,003,000 (2022: £2,732,000) which is higher than our range of £1,800,000 to £2,300,000. Budgets are prepared on a two-year cycle with the intention to maintain reserves within the agreed range by the end of the second year. This balance of reserves will be used to ensure that Start Network advances itself in its charitable aims and considers its future reserve requirement in line with growth and its Mission and Vision. Levels will be adjusted in line with financial need and plans. The reserves level of the organisation is reviewed every six months on an ongoing basis to also assure the sustainability of the organisation.

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PRINCIPAL RISKS AND UNCERTAINTIES

Start Network views risk management as an integral part of strategic and operational planning, management, decision-making and learning. We consider ourselves to be risk aware, but not risk averse. We identify and manage risks that may prevent us from achieving our objectives by ensuring there are effective and adequate risk management and internal control systems in place to address the key risks to which the network may be exposed.

The Trustees discharge this responsibility through their oversight role with the specific responsibility for reviewing and recommending actions delegated to the Risk and Compliance Committee. The purpose of the Start Network risk management framework is to link decision making to objectives and ensure that the organisation is risk aware, not risk averse. The systems of internal control intend to appropriately manage rather than eliminate risks. They give reasonable - rather than absolute - assurance and provide a consistent approach to identifying, assessing and management of key risks.

Existing processes in place regarding risk management comprise:

The risk management policy, framework and organisational risk register contribute to improving the organisation’s culture of risk and compliance and to the organisation achieving a robust level of risk maturity.

The following are currently considered to be our principal risks, aligned with our risk register:

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Risk Risk Description Control Measures in Place
Fraud Misuse of Start Network
funds or property by staff,
network
members
or
partners could result in
financial loss, legal action
and/or
damage to
our
reputation.		 Clear reporting requirements,
policies, and procedures for
members and partners in place;
grant custodian/Start Network
case management roles and
responsibilities
agreed;
due
diligence of members enables
understanding of member risk
re. use of funds; dissemination
of handbook to members and
associated training; Politically
Exposed Person and sanction
checks.
Finance
and
Fundraising		 Failure to comply with
conditions of funding could
result in loss of donor,
disallowance or reduction
in funds.
In addition, the economic
situation globally results in
the loss of donors or
reduction in key grants and
impacts the delivery of
programs
or
critical
activities		 Audit
processes
in
place;
maintain
good
relationships
with donors.
Grant
management
function
enhanced to ensure focussed
donor compliance.
Funding base becoming more
diverse with new donors added
and funders supporting new
areas of business such as hubs
and charity development.
Safeguarding Our
staff,
members,
partners, or beneficiaries
could suffer from sexual
exploitation
and
abuse,
bullying or harassment.		 Policies
and
procedures
reviewed
regularly
and
communicated to all. Training
for staff and Trustees in place;
safeguarding
awareness
is
prominent
in
recruitment
processes
with
stringent
reporting mechanisms in place;
dedicated Safeguarding Lead
and
representative
on
the
Board.

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----- Start of picture text -----
Risk Risk Description Control Measures in Place
----- End of picture text -----

Risk
Risk Description
Control Measures in Place		 Risk
Risk Description
Control Measures in Place		 Risk
Risk Description
Control Measures in Place
Staff
Wellbeing
&
Retention		 Start Network fail to meet
their duty of care to staff in
the work environment and,
as a result, staff members
suffer
from
physical
injuries or poor mental
health due to workload,
pressures of the role.
Risk
of
poor
staff
retention.		 More focus on manager training
including well-being.
Creation of a well-being support
group.
Pay and package reviewed and
brought into alignment with the
wider sector
Dispersed team hiring model
reviewed and greater parity
across staff

STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

Start Network is a company limited by guarantee and is a registered charity. It is governed by a Board of Trustees who are also the directors of the charity for the purposes of company law, and who are accountable to Start Network members. The Board is supported by sub-committees while the day-to-day running of the charity is the responsibility of the CEO and CFOO.

In setting the Start Network’s strategic direction, the Board takes the steer of the Start Network membership. Members are represented through the Assembly, which retains three key decisions:

Member representatives on the Assembly are nominated by each member agency and are usually CEOs or Humanitarian Directors. They are the individuals authorised to vote on AGM matters and take part in decision making on behalf of their organisations.

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Methods of Appointment or Election of Trustees

The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.

Start Network’s Board of Trustees comprises a mix of independent experts and representatives of the charity’s member agencies. There are five nominated Trustee seats (independent Trustees) and seven elected member Trustee seats (member Trustees). Four of the nominated seats, including the chair and treasurer, must be independent, while one can be assigned to either an independent or a member. Nominated Trustees are selected based on their individual skills in certain areas of importance for Start Network, and member Trustees are elected by the members based on their background and skills to ensure member representation on the Board.

Trustee vacancy briefs are developed based on a bi-annual skills audit facilitated by the Nominations Committee. The briefs are then advertised either within Start Network’s membership (if it is an elected Trustee role) or externally if it is a nominated Trustee role. Nominated Trustees are interviewed by a panel of the Board and recommended to the Assembly for ratification, while elected Trustee nominations are appointed directly by the Assembly.

ORGANISATIONAL STRUCTURE AND DECISION-MAKING POLICIES

Start Network’s Board of Trustees sets the charity’s long-term strategy and approves the annual plan. It monitors progress against objectives and ensures that the principal risks and uncertainties to the charity are identified and controls are in place. It is responsible for Trustee and senior leadership succession planning, setting the charity’s culture and upholding the charity’s values. The Board also has agreed and are responsible for ‘matters that are reserved to the Board’ that sets our key decisions. These are regularly reviewed and updated.

The Board is supported by sub-committees, as shown below, while the day-today running of the charity is the responsibility of the CEO and CFOO who jointly report to the Chair of Trustees.

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----- Start of picture text -----
Start Network Governance Structure
Assembly Highest governing body, representing all members
Board of Trustees Oversees the implementation of the strategy, and responsible
for the governance of the organisation, ensuring it is effectively
run and is meeting its mission
Sub-Committees
Each committee is either chaired by a Trustee or has a seat for a Trustee representative
Membership Oversees membership issues in the network and advises on the
Committee evolution of the hubs
Start Fund Committee Responsible for the operational and strategic oversight of the
Start Fund
Start Ready Responsible for the operational and strategic oversight of Start
Committee Ready
Finance and Audit Oversees the management of finances, treasury and reserves
Committee policies and external audit
Human Resources Advises the Board on the organisations’ HR and remuneration
Committee frameworks.
Nominations Oversees Board composition and election of new Trustees
Committee
Risk & Compliance Oversees our risk strategy and management, reporting and
Committee compliance with UK regulations
----- End of picture text -----

Trustee Induction and Training

The onboarding process includes inductions with the Chair, CEO and CFOO, and the Governance Manager (Company Secretary). Within two months of joining the Board, new Trustees undergo formal Trustee training covering the landscape of the sector (in England & Wales), key duties and challenges for Trustees, delegation and relationship with the Executive, and good governance in charity context. They also receive training on key organisational policies, such as safeguarding and data protection.

Pay Policy for Key Management Personnel

Start Network is jointly led by a CEO who is responsible for the vision, strategy and programmatic activities of the organisation and a CFOO who is responsible for strategy, assurance, governance, finance and operations. Both key management positions report to the Chair of the Board of Trustees. The

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CEO and CFOO pay grades and are reviewed by the Start Network Trustees and Remuneration Committee on an annual basis.

Related Party Relationships

The Trustees give their time freely and no Trustee remuneration was paid in the year. Details of Trustee expenses, benefits and related party transactions are disclosed in the financial statements. Trustees are required to declare all relevant interests on appointment and throughout their tenure as soon as practicably possible before a Board meeting as stated in our Conflict-ofInterest Policy.

Trustees' Indemnities

Start Network has insurance cover which includes addressing claims arising from any actual or alleged wrongful act committed by the organisation, and claims arising from any actual or alleged wrongful act committed by an insured person against any past, present or prospective employee or Trustee including, but not limited to, unfair dismissal, failure to promote or employ and failure to furnish accurate job references.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' Report and the Financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires Trustees to prepare financial statements for each financial year. Under company law, Trustees must not approve the financial statements unless they are satisfied that they give a true and fair representation of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

 select suitable accounting policies and then apply them consistently

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The Board of Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence taking reasonable steps to detect and prevent fraud and other irregularities.

DISCLOSURE OF INFORMATION TO AUDITOR

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

AUDITOR

The auditor, Crowe U.K. LLP, has indicated its willingness to continue in office. The designated Trustees will propose a motion reappointing the auditor at a meeting of the Trustees. Approved by order of the members of the Board of Trustees and signed on their behalf by:

Sanjayan Srikanthan (Chair) Date: 27/06/2024

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INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF START NETWORK

Opinion

We have audited the financial statements of Start Network (‘the charitable company’) for the year ended 31 December 2023 which comprise the Statement of financial activities, Balance sheet, Statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is 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).

In our opinion the financial statements:

Basis for Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively,

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may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other Information

The Trustees are responsible for the other information contained within the annual report. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion based on the work undertaken in the course of our audit

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the directors’ report included within the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

A further description of our responsibilities for the audit of the financial

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statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the Audit was Considered Capable of Detecting Irregularities, including Fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011, together with the Charities SORP (FRS 102). We assessed the required compliance with these laws and regulations as part of our audit procedures on the related financial statement items.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which might be fundamental to the charitable company’s ability to operate or to avoid a material penalty. We also considered the opportunities and incentives that may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were antifraud, bribery and corruption legislation, employment legislation and taxation legislation.

Auditing standards limit the required audit procedures to identify noncompliance with these laws and regulations to enquiry of the Trustees and other management and inspection of regulatory and legal correspondence, if any.

We identified the greatest risk of material impact on the financial statements from irregularities, including fraud, to be within the timing of income recognition and override of controls by management. Our audit procedures to respond to these risks included enquiries of management, and the Finance and Audit Committee about their own identification and assessment of the risks of irregularities, sample testing of income recorded in the year and post year end, sample testing on the posting of journals, reviewing accounting estimates for biases, reviewing regulatory correspondence with the Charity

24

Commission, and reading minutes of meetings of those charged with governance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

Use of Our Report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Dipesh Chhatralia Senior Statutory Auditor For and on behalf of Crowe U.K. LLP Statutory Auditor London

4 July 2024

25

START NETWORK (A company limited by guarantee) REGISTERED NUMBER: 09286835

STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023

----- Start of picture text -----
Restricted Unrestricted
funds funds Total funds Total funds
2023 2023 2023 2022
Note £000 £000 £000 £000
INCOME FROM
Donations and legacies 3 18,450 2,887 21,337 5,856
Charitable activities 4 - 557 557 568
TOTAL INCOME 18,450 3,444 21,894 6,424
EXPENDITURE ON:
Raising Funds 5, 6,7 285 396 681 530
Charitable Activities 6,7 12,936 2,837 15,773 7,384
13,221 3,233 16,454 7,914
NET INCOME 5,229 211 5,440 (1,490)
NET MOVEMENT IN FUNDS 5,229 211 5,440 (1,490)
RECONCILIATION OF
FUNDS
Total funds brought forward 1,759 3,342 5,101 6,591
Net movement in funds 5,229 211 5,440 (1,490)
Transfers between funds 38 (38) - -
TOTAL FUNDS CARRIED
7,026 3,515 10,541 5,101
FORWARD
----- End of picture text -----

The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 29 to 45 form part of these financial statements.

26

START NETWORK (A company limited by guarantee) REGISTERED NUMBER: 09286835

BALANCE SHEET

AS AT 31 DECEMBER 2023

----- Start of picture text -----
2023 2022
Note £000 £000
CURRENT ASSETS
Debtors 12 1,879 1,060
Cash at bank and in hand 14,114 4,484
15,993 5,544
Creditors: amounts falling 13 (5,452) (443)
due within one year
NET CURRENT ASSETS 10,541 5,101
TOTAL NET ASSETS 10,541 5,101
CHARITY FUNDS
Restricted funds 14,15,16 7,026 1,759
Unrestricted funds 14,15,16 3,515 3,342
TOTAL FUNDS 10,541 5,101
----- End of picture text -----

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Sanjayan Srikanthan Trustee Date: 27/06/2024

The notes on pages 29 to 45 form part of these financial statements.

27

START NETWORK (A company limited by guarantee) REGISTERED NUMBER: 09286835

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2023

Cash flows from operating activities
Net cash used in operating activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 29 to 45 form part of these financial statements.
Reconciliation of net movement in funds to net cash flow from operating
activities
Net income for the period (per Statement of Financial Activities)
Adjustments for:
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
Analysis of cash and cash equivalents
Cash in bank and in hand		 2023
£000
2022
£000
9,630
(2,634)
9,630
(2,634)
4,484
7,118
14,114
4,484
2023
£000
2022
£000
5,440
(1,490)
(818)
(633)
5,008
(511)
9,630
(2,634)
2023
£000
2022
£000
14,114
4,484

28

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

1. General Information

Start Network is a private, limited by guarantee, company (registered number 09286835) which is incorporated is in England and domiciled in the UK. The address of the registered office is Albert House, 256-260 Old Street, London, EC1V 9DD.

2. Accounting Policies

2.1 Basis of Preparation of Financial Statements

The financial statements have been prepared in accordance with the Charities SORP second edition (October 2019) (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019) and the Companies Act 2006.Start Network 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.

2.2 Going Concern

The Trustees of the Start Network have reviewed its financial position, the budget for 2024 – 2025, forecasts and income projections, and the Charity’s current levels of reserves and cash; and concluded that the Charity has sufficient access to resources to remain operational for at least the next 12 months from the date of this report.

Therefore, the Trustees of the Start Network continue to adopt the going concern basis of accounting in preparing the annual financial statements. The Trustees have also considered global financial impacts as part of the going concern review and concluded that there are no specific risks which affect the Charity’s ability to continue over the next twelve months from the date of approving this report.

The Trustees have considered:

29

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received, and the amount of income receivable can be measured reliably.

Grants are included in the statement of financial activities on a receivable basis once entitlement to the grant is reached. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Indirect Cost Recovery (ICR) Income is recognised in line with the conditions of the grant to which it applies and once the charity has entitlement to the income. ICR paid on grants by donors received through SCUK as grant custodian is recognised as unrestricted income. ICR paid on grants by donors received directly by Start Network is recognised as restricted income.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single grant are allocated directly to that activity. Shared costs and support costs which are not attributable to a single grant are apportioned between those grants on a basis consistent with the use of resources.

Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

30

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

2. Accounting Policies (continued)

2.5 Grants Making

Grant expenditure which does not involve the receipt of goods or services by Start Network, including payments to partner NGOs, is recognised either when the cash is paid to a third party or, if earlier, when an irrevocable commitment is made to pay out funds to a third party.

2.6 Foreign currencies

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date.

Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction.

Exchange gains and losses are recognised in the Statement of Financial Activities.

2.7 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered.

Prepayments are valued at the amount prepaid net of any trade discounts due.

2.8 Liabilities and Provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost.

31

2. Accounting Policies (continued)

2.9 Financial Instruments

The charity 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 measured at amortised cost using the effective interest method.

2.10 Operating Leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term.

2.11 Pensions

The charity operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charity to the fund in respect of the year.

2.12 Fund Accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

2.13 Estimates and Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

The Trustees consider that there are no key sources of estimation uncertainty as at 31 December 2023, however the following critical accounting judgements have been identified below:

32

START NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

3. Income from Donations and Legacies

Restricted Restricted Unrestricted
funds funds Total funds Total funds
2023 2023 2023 2022
£000 £000 £000 £000
Grants
ICR (Indirect cost recovery) - 1,647 1,647 1,806
Federal Republic of Germany 11,155 - 11,155 -
Ministry for Foreign Affairs
Foreign, Commonwealth and 2,082 - 2,082 855
Development Office (FCDO)
IKEA Foundation 1,873 - 1,873 425
European Commission Civil Protection & 1,298 - 1,298 -
Humanitarian Aid Operations (ECHO)
Dutch Ministry of Foreign Affairs - 1,239 1,239 972
Swiss Re 460 - 460 224
Conrad N. Hilton Foundation 409 - 409 -
French Ministry 393 - 393 -
L’Oreal Foundation 303 - 303 -
Howden Group Foundation 201 - 201 -
Share Trust 123 - 123 72
Department of Foreign Affairs 111 - 111 -
Ireland
Swiss Embassy Bangladesh 32 - 32 33
Disaster Emergency Committee (DEC) 6 - 6 -
Jersey Aid 5 - 5 -
Mac Philanthropies - - - 1,239
CDP Bangladesh - - - 214
Other grants - - - 16
Total grants 18,450 2,887 21,337 5,856
Total 2022 3,078 2,778 5,856

33

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

4. Income from Charitable Activities

Membership income
Costs recharged to third parties
Total 2023
Total 2022		 Restricted
funds
2023
£000
Unrestricted
funds
2023
£000
Total funds
2023
£000
Total funds
2022
£000
-
540
540
497
-
17
17
71
-
557
557
568
-
568
568

5. Total Expenditure

Summary by fund type

Raising Funds
Charitable activities
Total 2023
Total 2022		 Restricted
funds
2023
£000
Unrestricted
funds
2023
£000
Total funds
2023
£000
Total funds
2022
£000
285
396
681
530
12,936
2,837
15,773
7,384
13,221
3,233
16,454
7,914
3,760
4,154
7,194

34

START NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

6. Expenditure on Raising Funds

Wages and salaries
Social security costs
Contribution to defined
contribution pension schemes
Other direct costs
Support costs
Total 2023
Total 2022		 Restricted
funds
2023
£000
Unrestricted
funds
2023
£000
Total funds
2023
£000
Total funds
2022
£000
102
174
276
232
-
29
29
28
-
15
15
14
7
18
25
46
176
160
336
210
285
396
681
530
137
393
530

7. Analysis of Expenditure by Activities

Raising Funds
Charitable activities
Total 2023
Total 2022		 Direct costs
2023
£000
Support costs
2023
£000
Total funds
2023
£000
Total funds
2022
£000
345
336
681
530
13,926
1,847
15,773
7,384
14,271
2,183
16,454
7,914
6,736
1,178
7,914

35

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

7. Analysis of Expenditure by Activities (continued)

Analysis of direct costs of charitable activities

Staff costs
Consultancy and professional fees
Communications and marketing
Legal fees
Travel & Events
Programme disbursements
Total 2023
Total 2022
Analysis of support costs
Staff costs
Rent and utilities
Internet services
Legal fees
Finance
Recruitment
Training
IT costs
Events
Insurance
Other overheads
Foreign exchange loss/(gain)
Total		 Charitable
activities
2023
£000
Charitable
activities
2022
£000
1,282
1,285
561
711
206
172
62
55
201
258
11,614
3,935
13,926
6,416
6,416
2023
£000
2022
£000
888
575
217
227
-
27
74
-
58
32
48
34
67
58
193
156
114
48
35
43
36
29
117
(51)
1,847
1,178

36

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

8. Grant Making

During the year, Start Network made material grants (those in excess of £50k in 2023) to the following partners in order to deliver programmes line with the charity’s objectives. No grants were paid to individuals in the year.

Partner Organisations/Institutions 2023
2022
£000
£000
Save the Children UK 8,138
1,881
Eco Social Development Organisation (ESDO) 454
136
Care Philippines 385
274
Tearfund 343
-
Humanity & Inclusion 339
-
Asociacion de Servicios Comunitarios de Salud (ASECSA) 323
587
MIDEFEHOPS 293
317
Catholic Agency for Overseas Development (CAFOD) 215
-
World Vision 176
-
Catholic Relief Services 152
-
Action Against Hunger (AAH) 125
200
Initiative for Development and Empowerment Axis (IDEA) 89
68
Sustainable Environment and Ecological Development Society
(SEEDS)		 88
75
Bright Star Development Society Balochistan 61
-
ACTED 60
-
HelpAge 60
-
Help Foundation 60
78
Pacific Islands Association of NGOs (PIANGO) -
68
Other 253
253
Total 11,614
3,937

37

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

9. Staff Costs

Wages and salaries
Social security costs
Contribution to defined contribution pension schemes
Other Staff Costs		 2023
£000
2022
£000
2,323
1,843
201
207
101
83
27
2,653
2,133

Other staff costs include 1 termination payment of £9,667 made during the year (2022 Nil).

The average number of persons employed by the Charity during the year was as follows:

Executive
Finance and Operations
Communications
Evidence
Innovation
Network Development and Member Engagement
Resource Mobilisation
Start Ready		 2023
No.
2022
No.
2
2
13
13
3
5
4
4
3
2
7
6
6
6
2
1
40
39

The number of employees whose employee benefits (excluding employer pension costs) exceed £60,000 was:

2023 2022
No. No.
In the band £60,001 - £70,000 2 -
In the band £70,001 - £80,000 - -
In the band £80,001 - £90,000 - -
In the band £90,001 - £100,000 1 2
In the band £100,001 - £110,000 1 -

Total key management personnel remuneration (including pension costs) in the year was £234,614 (2022: £220,317).

38

START NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

10. Trustees’ Remuneration and Expenses

During the year, no Trustees received any remuneration or other benefits (2022: £nil).

During the year ended 31 December 2023, expenses were reimbursed or paid directly to 4 Trustees for a total of £1,513 for travel expenses (2022: £380 to 2 Trustees):

11. Auditors’ Remuneration

Fees payable to the Charity’s auditor for the audit of the Charity’s
annual accounts
12. Debtors
Trade debtors
Prepayments and accrued income
Other debtors		 2023
£000
2022
£000
26
20
2023
£000
2022
£000
216
783
1,656
261
7
15
1,879
1,059
13. Creditors: Amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 January 2023
Resources deferred during the year
Amounts released from previous periods
Deferred income at 31 December 2023
2023
£000
2022
£000
3,677
195
55
47
19
12
1,701
189
5,452
443
2023
£000
2022
£000
-
425
-
-
-
(425)
-
-

39

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

14. Statement of Funds Current year

Balance at
Balance at 1 31
January Transfers December
2023 Income Expenditure in/out 2023
£000 £000 £000 £000 £000
Unrestricted funds
General funds – all funds 3,342 3,444 (3,233) (38) 3,515
3,342 3,444 (3,233) (38) 3,515
Restricted funds
Foreign, Commonwealth and 154 1,443 (1,164) - 433
Development Office (FCDO)
Federal Republic of Germany Ministry
-		 11,155 (7,562) - 3,593
for Foreign Affairs
European Commission (ECHO) - 1,298 (11) - 1,287
Department of Foreign - 111 (39) - 72
Affairs Ireland
CDP Bangladesh 1 - (2) 1 -
FCDO Innovation 48 639 (634) - 53
Conrad N. Hilton Foundation 7 409 (373) - 43
Howden Group Foundation - 201 (84) - 117
IKEA Foundation 12 1,873 (1,497) - 388
L’Oreal Foundation - 303 (115) 188
Mac Philanthropies 1,258 - (1,227) - 31
Share Trust – LCA Bangladesh 1 123 - - 124
Swiss Embassy Bangladesh 18 32 (59) 9 -
Swiss RE 132 460 (284) - 308
French Ministry 149 393 (153) - 389
Other restricted funds (21) 10 (17) 28 -
1,759 18,450 (13,221) 38 7,026
Total of funds 5,101 21,894 (16,454) - 10,541

40

START NETWORK (A company limited by guarantee)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

14. Statement of Funds (continued)

Prior year

Unrestricted funds
General funds – all funds
Restricted funds
Foreign, Commonwealth and
Development Office (FCDO)
Department of Foreign
Affairs Ireland
CDP Bangladesh
FCDO Innovation (formerly
DFID Innovation)
Conrad N. Hilton Foundation
IKEA Foundation
Mac Philanthropies
Share Trust – LCA
Bangladesh
Swiss Embassy Bangladesh
Swiss RE
French Ministry
Other restricted funds
Total of funds		 Balance at 1
January
2022
£000
Income
£000
Expenditure
£000
Transfers
in/out
£000
Balance at
31
December
2022
£000
4,150
3,346
(4,154)
-
3,342
4,150
3,346
(4,153)
-
3,342

-
439
(285)
-
154
-
7
(7)
-
-
-
214
(213)
-
1
105
416
(473)
-
48
1,755
-
(1,748)
-
7
-
425
(413)
-
12
361
1,239
(342)
-
1,258
-
72
(71)
-
1
-
33
(15)
-
18
-
224
(92)
-
132
212
-
(63)
-
149
8
9
(38)
-
(21)
2,441
3,078
(3,760)
-
1,759
6,591
6,424
(7,914)
-
5,101

41

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

15. Summary of Funds

Current year

General funds
Restricted funds
Prior year
General funds
Restricted funds		 Balance at 1
January
2023
£000
Income
£000
Expenditure
£000
Transfers
in/out
£000
Balance at
31
December
2023
£000
3,342
3,444
(3,233)
(38)
3,515
1,759
18,450
(13,221)
38
7,026
5,101
21,894
(16,454)
-
10,541
Balance at 1
January
2022
£000
Income
£000
Expenditure
£000
Transfers
in/out
£000
Balance at
31
December
2022
£000
4,150
3,346
(4,154)
-
3,342
2,441
3,078
(3,760)
-
1,759
6,591
6,424
(7,914)
-
5,101

42

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

16. Analysis of Net Assets between Funds

Current year

Current assets
Creditors due within one year
Total 2023		 Restricted
funds
2023
£000
Unrestricted
funds
2023
£000
Total funds
2023
£000
11,567
4,426
15,993
(4,541)
(911)
(5,452)
7,026
3,515
10,541

Prior year

Current assets
Creditors due within one year
Total 2022		 Restricted
funds
2022
£000
Unrestricted
funds
2022
£000
Total funds
2022
£000
1,789
3,755
5,544
(31)
(412)
(443)
1,758
3,343
5,101

17. Pension Contributions

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amount to £101,000 (2022: £83,000), of which £12,000 (2022: £12,000) was payable to the fund at the balance sheet date and was included in other creditors.

43

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

18. Operating Lease Commitments

At 31 December 2023 the charity had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2023 2022
£000 £000
Not later than 1 year 286 189
Between 2 and 5 years 226

19. Grant Commitments

At 31 December 2023 the charity had the following grant funding commitments to our partner organisations, in the form of sub-grant agreements:

2023 2022
£000 £000
Less than 1 year 2,690 348
Between 2 and 5 years 1,739 73
Total 4,429 421

Sub-grant agreements are non-binding and payments are subject to conditions set out in the agreements. The charity intends to fund these commitments from the current and future funds already received by the charity.

20. Related Party Transactions

During the year there were no transactions with related parties to disclose.

21. Analysis of Change in Net Debt
Cash at bank and in hand		 At 1
January
2023
£000
Cash
Flows
£000
At 31
December
2023
£000
4,484
9,630
14,114
4,484
9,630
14,114

44

START NETWORK (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023

22. Comparative Statement of Financial Activities

----- Start of picture text -----
Restricted Unrestricted
funds funds Total funds Total funds
2022 2022 2022 2021
Note £000 £000 £000 £000
INCOME FROM
Donations and legacies 3 3,078 2,778 5,856 5,179
Charitable activities 4 - 568 568 469
TOTAL INCOME 3,078 3,346 6,424 5,648
EXPENDITURE ON:
Raising Funds 5 137 393 530 376
Charitable Activities 6 3,623 3,761 7,384 2,870
3,760 4,154 7,914 3,246
NET INCOME (682) (808) (1,490) 2,402
NET MOVEMENT IN FUNDS (682) (808) (1,490) 2,402
RECONCILIATION OF
FUNDS
Total funds brought forward 2,441 4,150 6,591 4,189
Net movement in funds (682) (808) (1,490) 2,402
TOTAL FUNDS CARRIED
1,759 3,342 5,101 6,591
FORWARD
----- End of picture text -----

45