TRUSTEES REPORT AND FINANCIAL STATEMENTS Start Network Charitable Company Year ended 31 December 2024 Registered Number.. 09286835 Charity Number: 1159483
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2024 TRUSTEES Company registered number 09286835 Amad Muhammad Charity registered number 1159483 Angelina Nyajima Simon Jial (appointed 22Dd May 2025) Registered office Albert House 256 - 260 Old Street London, EC1V 9DD Anwer Iqbal Aydrus Sheikh Daar (appointed 22nd May 2025) Chief Finance and Operations Officer Suzanne Lyne Binny Prabhakar (resigned 8th Jan 2025) Glyn Isherwood (Treasurer) Chief Executive Officer Christina Bennett Jamshaid Farid (appointed 22nd May 2025) Independent auditor Crowe U.K. LLP 55 Ludgate Hill London, EC4M 7JW Malcolm David Spence Mohammad Iqbal Rafiq (appointed 29th Jan 2025) Bankers Barclays 1-7 King Street London, EC2V 8AU Mohammed Nadeem (resigned 6th April 2025) Noreen McGrath Gumbo (Vice Chair, until 8th April 2025) Oenone Kate Chadburn (resigned 30 Apr 2024) Solicitors Withers LLP 20 Old Bailey London, EC4M 7AN Pankaj Kumar (resigned 26th Feb 2025) Rahaf Rifah (Resigned 26th Nov 2024) Salome Mulangala Ntububa (appointed l oih Feb 2025) Sanjayan Srikanthan (Chair) 75=
TRUSTEES ANNUAL REPORT YEAR ENDED 31 DECEMBER 2024 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 134 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 The Start Network Trustees present their Annual Report together with the audiled financial statements of the charity for the year 1 January 2024 to 31 December 2024. The Annual Report serves the purposes of both a Truslees, 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 ofthe 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 l January 2019). Our vision is for a locally led and proactive humanitarian system that is accountable to people affected by and at risk of crisis, that saves more lives, promotes dignity and protects people from loss and harm. Our mission is to develop, test and spread new ways of collaborating, operating and resourcing locally led, proactive humanitarian action. Start Nelwork, the charitable Company, 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 I st 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) 76 Trustee Report and Financial St81ements
OUR VALUES We shifted Network power to local and national organisations by supporting 9 locally led hubs - coalitions of local, national and international civil society organisations working together to improve humanitarian action. 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. We put people first: the communities we serve come first in our decision-making and programming. We shifted Network resources directly to local and national organisations for small-to-medium sized and neglected crises. Across its 10 years of operation, the Global Start Fund disbursed £127 million in rapid response f unding, assisting more than 25 million people in 78 countries. More than £4 million has gone to local organisations directly. We are brave: we have great ambition and are willing to explore new things and are willing to take risks to achieve it. We operate collectively". we leverage the value of working as a network, sharing risk and resources, and learning together. We moved from assisting people in need to protecting people at risk by making Network resources available ahead of crises through Start Ready, a leading-edge anticipatory financing facility and risk pool of £5 million. We are Incluslve: we see the value in diverse perspectlves and workto remove the barriers that prevent voices being heard. We improved Network practice and behaviour to be flexible, risk willing, inclusive, anti-colonial and driven by community priorities. We supported home-grown solutions to recurrent crises through our Communily-Led Innovation Programme and provided platforms and opportunities to amplify Community impact on a global scale. We brought equity and ethics to our programmes and operations through our decolonisation framework. We are open: we work transparently and with integrity, building mutual trust in all levels of our work, from governance to programming. We are ethlcal: we behave and operate based on key principles of anti-racism, non-discrimination, and anti-colonialism. We influenced the global 'localisation' and anticipatory action policy agendas through our practice, evidence and experience. OUR STRATEGIC PRIORITIES The start of 2024 coincided with the launch of our new three-year strategy.. change means action. Our new strategy 2024-2026 aims to put the learning of the last three years into practice, positioning Start Network as a change agent that will help to remake the humanitarian aid system through practical action. As we move into this new strategy period, our focus is on demonstrating the impact of our work by modelling the change we wish to see. Our ability to affect change is when we bring together our four key areas of strength, as a Networker, Funder, Innovator and Influencer. Over the previous three years, we made considerable progress,. We increased the Network's reach by expanding membership to close to 100 local, national and international organisations working across six continents. Our membership is now 70% local. 77 Trustee Report and Financial St81ements
For 2024, we agreed to make the following priorities over each of these key areas., PUBLIC BENEFIT Networker: We will build and diversify our network of networks through our members and locally led hubs and support hubs, through our growing membership, on their journey to independence. 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 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. Funder: We will scale our family of funds by increasing funding levels, diversifying our financial products and expanding our coverage of countries and risks across our nelwork. In doing so, we will increase access to funding by local organisations. We hold a unique space that is not being fulfilled by anyone else and believe that the issues we are tackling in humanilarian action will lead lo an improved humanitarian sector, where spend is more efficient and delivery is more effective. Innovator: We will advance humanitarian practice by designing, testing and exporting 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 areas. 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.. Organlsatlonal development: We will invest across key organisational areas that will allow us to cater to a growing membership and provide a robust and effective service offer to our members, hubs, donors and other stakeholders.
crisis-affected communities, who receive higher quantity and quality of assistance Throughout the first year, our metrics have demonstrated a good performance against these targets, including scaling our membership to 134 organisations, increasing our local/nalional NGO represenlalion and in continuing to be seen as a leading voice in the sector for the key issues linked to our mission and vision. our members, who become better at delivering assistance- more timely, appropriate, efficient, and collaborative the wider humanitarian sector, which is exposed to our innovations such as anticipation, tiered due diligence and local decision-making and funding taxpayers and donors, who see their contributions managed more efficiently and transparently 78 Trustee Report and Financial St81ements
OVERVIEW OF PERFORMANCE IN 2024 PLANS FOR 2025 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. As 2025 will mark the mid-point of our new strategy, we will seek to further build on our success in 2024 by cementing our role as a leader in humanitarian system change. Due to the significant financial pressures currently facing the sector, we must continue to prove our value to partners, donors and communities by leading the way in modelling more efficient, effective and ethical practices across our Network. PERFORMANCE HIGHLIGHTS,. Disbursed over £20 million across 126 alerts through our Start Fund. STRATEGIC OBJECTIVES 2025 Protecled a record high number of people at-risk before crises hit through Start Ready. Our strategic objectives will remain aligned with those outlined in our thre&year strategy. However, we will seek to ensure that we are to focus on key deliverables and some of our 2025 priorities are,. Launched and embedded the Hub Health Check Committee, a peer accountability mechanism to localise governance furlher for our 9 nalional hubs. Completing the Grant Custodian exit Start Network will complete its full transition to independence from Save the Children. Platformed local leadership by sending local network members to major events such as COP 29, the Humanitarian Networks and Partnerships Week and the Global Dialogue Platform and other regional and international events. Launching a new Digital Transformation programme to ensure our systems and processes are fit for purpose, and thal we are maximising the potential of new technologies to create efficiencies and drive meaningful insights. Welcomed multiple new donors, both government and institutions, to strengthen our hubs and continue to develop our work on anticipatory action. Seale both the Start Fund and Start Ready by at least 10% to ensure they continue to keep pace will the complex and growing demand on their funds. Co-designed the Hub Development Approach 2.0, a new model that seeks to ensure our national hubs are receiving tailored support, fit for their local context. Diversify our donor base to ensure we are drawing on a wide number of donors and continue to reduce our reliance on the major sources of income. For more information and case studies please refer to our Annual Review 2024. Conduct a thorough analysis of our Hub programme, with a view to gaining key insights that can further the locally-led agenda. I 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. 79 Trustee Report and Financial St81ements
ROLE OF THE GRANT CUSTODIAN The growth in restricted income in 2024 was largely due to new grants with existing donor partners including the Dutch Ministry of Foreign Affairs, European Civil Protection and Humanitarian Aid Operations {ECHO) and Mac Philanthropies along with new donors including the People's Postcode Lottery and the Irene M. Staehelin Foundation. In 2024, SCUK continued to act as Grant Custodian to Start Network, in relation to mutually agreed programmes. Working to funding agreements, SCUK implemented programmes and distributed project funding to members and Start Network for its operational costs and other initiatives. In June 2024, Start Network Board of Trustees gave notice to end the grant custodian agreement in October 2025. A cross-organisational project was set up to manage the transition and build and test Ihe capacity of Start Network to accept and manage grants independently. As part of this project, a decision was made to transfer staff associated with these programmes from SCUK to Start Network under a TUPE agreement. This is planned to take effect on the 1 st July 2025. Unrestricted Income In 2024 Start Network also received a total of £1,759,000 (2023: £2,887,000) in unrestricted income. All £1,759,000 {2023'. £1,647,000) 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. In 2023 we also received £1,239,000 unrestricted funding from the Dutch governmenl. A new Ihree year grant was awarded in 2024 and this grant is now included within restricted income. These funds can be used at the discretion ofthe senior management team to cover support and other indirect and operational costs. FINANCIAL REVIEW Start Network's income in 2024 was £23,802,000 compared to £21,894,000 in 2023. This is an increase of 9% 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 CHARITABLE ACTIVITIES Start Network received £532,000 in membership fees in 2024 (2023.. £540,000). Income from membership fees is used to cover Start Network core and business as usual activities. INCOME FROM DONATIONS Restricted Income ANALYSIS OF EXPENDITURE In 2024 Start Network recognised a total of £21,501,000 (2023.. £18,450,000) restricted income lo 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. Total expenditure for 2024 was £23,524,000 (2023.. £16,454,000) of which £865,000 (2023: £681,000) was allocated to raising funds. The remaining £22,659,000 (2023- £15.773,000) was split wilh £20.672.000 (2023.. £13.926,000) being allocated as direct costs, including staff costs of £1,776,000 (2023.. £1,282,000), programme disbursemenls of £17,487,000 (2023.. £11,614,000) and programme activities £1,409,0000 (2023.. £1,030,000). £1,987,000 (2023.. £1,847,000) was allocated to support costs such as staff costs, rent, IT, bank charges and foreign exchange losses. 80 Trustee Report and Financial St81ements
SUMMARY OF FINANCIAL POSITION funders, who not only sustain our initiatives financially but buy into our ambition to work differently. Start Network ended the year with total funds of £10,819,000 (2023.. £10,541,000), of which £7,556,000 {2023'. £7,026,000) are restricted funds. Net income and reserves at year end and cashflow throughout the year are affected by the timing of the grants we receive. We often receive f unds at the end of one financial year to be spent in the following. Details of the balances held are shown in note 14 Statement of Funds. We have ref reshed our budget and associated plans in 2025 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. 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 f unding opporlunity according to Start Network's ethical principles. The donor is not involved in harmful activities and can demonstrate this. Acceptance of funding is unlikely to cause reputational damage to the Start Network. Acceptance of funding will not result in the perception that Start Network has been influenced by that donor to pursue a specific policy or course of action. The donation Is received without undue pre-conditlons (e.g. geographical or political exclusions). 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 cosls and inflation. The donation will include a reasonable contribution towards Start Network's operating costs or show evidence of a future long-term commitment and financial contribution. If applicable, the donation or partnership should bring new skills that further Start Network's objectives. 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. 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. FUNDRAISING POLICY AND PRINCIPLES 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 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 81 Trustee Report and Financial St81ements
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 crealed and brought in some strategic new private sector donors in 2023, particularly we were able to engage more effectively with donors around the locally led agenda and climate. For example, H&M Foundation, has agreed to support our anticipation work for the next year and the Irene M Staehelin Foundation has also committed to funding our work for the next three years. The Truslees have also considered global financial impacts as part of the Going Concern review, including the current global decline in humanitarian funding from institutional donors, which has created a more challenging environment for the sector. While this trend presents a risk to the wider funding landscape, the Charity has considered its diverse funding base and existing commitments and, at the time of this report, does not anticipate any malerial impact on its operations or the Charity's ability to continue over the next twelve months from the date of approving this report. The situation remains under regular review. Beyond this, many of our donors are now also supporting multiple programmatic areas across the whole of the Start Network vision. RESERVES POLICY 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 2024 and we were able to secure a new two year grant from USAID BHA for Start Fund Bangladesh and continuation funding from the Share Trust. 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.. Finally, we are grateful lo the Netherlands Ministry of Foreign Affairs who in 2024 awarded Start Network with a substantial grant (14,468,107 euros) which will help to catalyse key areas of our slralegy related to local leadership, increasing funding to local actors and strengthening all the work related to the networks of networks vision.
a temporary loss of income, e.g. a short-term deficit in cash a permanent fall in income, giving time to adjust our cost-base or adjust our business model incurring a oneoff cost such as an expenditure in our grant portfolio that has not been covered by a donor andlor other eligible income streams GOING CONCERN The Start Network Board of Trustees have reviewed its financial position. the budget for 2025 - 2026, forecasts and income projections, and the Charity's current levels of reserves and cash. As part of this assessment. management have undertaken scenario analysis and stress testing of key assumptions, which support the Trustees, conclusion that Ihe Charity has sufficient access to resources to remain operational for at least the next twelve months from the date of this report. Therefore, the Trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements. Start Network has set an unrestricted reserves level in the range of £2.9 million to £3.2 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 £1 0.819,000 (2023.. £10,541,000). of which £7,556,000 (2023.. £7,026,000) are restricted and £3,263,000 (2023= 3,515,000) are unrestricted. £226,000 of unrestricted reserves cover future operating lease commitments. 82= Trustee Report and Financial St81ements
At the end of 2024, the level of free reserves held was £3,037,000 (2023.. £3,003,000) which is within our minimum range of £2,900,000 to £3,200,000. 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. Existing processes in place regarding risk management comprise..
a quarterly review by the Board of the principal risks and uncertainties that Start Network faces as part of regular Board reporting quarterly Risk and Compliance Committee meetings a risk management policy and framework outlining procedures, processes, and systems to communicate and manage identified risks an organisational risk register that captures strategic and operational risks identified and assessed by the Senior Management Team 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. 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 Commitlee. The purpose of the Start Nelwork risk managemenl framework is to link decision making to objectives and ensure that the organisalion 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. 83 Trustee Report and Financial St81ements
The following are currently considered to be our principal risks, aligned with our risk register.. STRUCTURE. GOVERNANCE AND MANAGEMENT R18k Finance and Fundraising Rl$k DesLYlptlon Comrol Measure$ In Plaee Failure to comply with conditions of funding could result in loss of donor, disallowance or reduction in funds. Audit processes in place,. maintain good relationships with donors. Grant management function enhanced to ensure focussed donor compliance. In addition, the economic and political situation globally and Funding base becoming more diverse with new donors added and funders sUPPOrting new areas reduced government expendiiure of business such as hubs and charlty on humanitarian aid results in the loss of donor5 or reduction in key development. Scenario planning and forecasting undertaken to ensure any material changes are grants and impacts the delivery of identified. programmes or critical activities 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-to4ay 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.. Fraud Misuse of Start Network funds or Clear reporting requirements. policies, and property by staff, network procedures for rnembers and partners in place,. members or partners could re8uII grant ¢ustodianlSlart Network case in financial loss, legal action and/ management roles 2nd responsibilities agreed,. or damage to our reputation. due diligence of members enables understanding of member risk re. use of funds,. dissemination of handbook to members and associated tralning,. Polltically Exposed Person and sanction checks
admitting new members into the network appointing or removing Trustees approving any changes to Start's Membership Policy. Safeguarding Our staff, members, partners, or beneficiaries could suffer from sexual exploiiation and abuse, bullying or harassment. Policies and procedures reviewed regularly and communicated to all. Training for staff and Trusiees in place,. safeguarding awareness is prominent in recruitment processes with stringent reporting mechanisrns in place., dedicated Safeguarding Lead and represeniative on the Board, 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/EGM matters and take part in decision making on behalf of their organisations. Staff Wellbeing & Start Network fail to meet their Creation of a welkbeing support group. Retention duty of care to staff in the work Pay and package ieviewed and brought into environment and, as a result, staff alignment with the wider sector members suffer from physical injuries or p(>or meNal healih due Dispersed te8rn hiring model reviewed and to workload, pressures of the greater parity across staff role. 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. Risk of poor staff retention. Start Network's Board ofTrustees comprises a mix of independent experts and representatives of the charity's member agencies. There are five nominated Trustee Trustee Report and Financial St81ements
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 memberTrustees are elected by the members based on their background and skills to ensure member representation on the Board. The Board is supported by sub-committees, as shown below, while the day-to-day running of the charity is the responsibility of the CEO and CFOO who jointly report to the Chair of Trustees. rt Nelwork Oovernince Structure 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 Nelwork's membership (if it is an elected Trustee role) or exlernally 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. Assembly Highest governing body, representing all members Board of Trusiees Oversees the implemeniation of the sirategy, and responsible lor the governance of the organisation, ensuring it is effectively run and is meeting its mission omm tte•s ch committee is either seat for a Trustee representative Oversees membership issues in the network and advises on the evolution of the hubs Membership Committee ORGANISATIONAL STRUCTURE AND DECISION-MAKING POLICIES Start Fund Comrnittee Responsible for the operational and strategic oversight of the St8rt Fund Responsible for the operational and strategi¢ oversight of Start Ready Start Ready Committee Start Network's Board of Trustees sets the charity's long-lerm stralegy 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. Finance and Audli Commlttee Oversees the managemeni of finances, treasury and reserves policies and external audit Human Resour¢es Committee Advises ihe Board on the organisations, HR and remuneration frameworks. Norninations Committee Oversees Board composition and election of new Tiustees Risk & Compliance Committee Oversees our risk strategy and management, reporting and complian¢e with UK regulations 85= Trustee Report and Financial St81ements
TRUSTEE INDUCTION AND TRAINING TRUSTEES. INDEMNITIES The onboarding process includes inductions with the Chair, CEO and CFOO, and the Governance Manager (Company Secretary). Within two months ofjoining 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. 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 wrongf ul act committed by an insured person against any past, present or prospective employee or Trustee including, but not limiled to, unfair dismissal, failure to promote or employ and failure to furnish accurate job references. PAY POLICY FOR KEY MANAGEMENT PERSONNEL STATEMENT OF TRUSTEES, RESPONSIBILITIES 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 CEO and CFOO pay grades and are reviewed by the Start Network Trustees and Human Resources Committee on an annual basis. The Truslees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees, Reporl and Ihe 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 stalements 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- RELATED PARTY RELATIONSHIPS The Trustees give their time freely and no Trustee remuneratlon was paid In the year. Details of Trustee expenses, benefils and relaled party Iransactions 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-of-lnterest Policy.
select suitable accounting policies and then apply them consistently observe the methods and principles of the Charities SORP (FRS 102) makejudgements and accounting estimates that are reasonable and prudent state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements 86 Trustee Report and Financial St81ements
prepare Ihe financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business BOARD APPROVAL 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 Ihem to ensure that the financial statemenls 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. The trustees report for Start Network charitable company, has been approved by order of the members of the Board of Trustees and signed on their behalf by.. Date.. 2410612025 INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF START NETWORK DISCLOSURE OF INFORMATION TO AUDITOR Each of the persons who are Trustees at the lime when this Trustees, Report is approved has confirmed that.. Oplnlon We have audited the financial statements of Start Network ('the charitable company,) forthe year ended 31 December 2024 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).
as far as that Trustee is aware, there is no relevant audit information of which the charily's auditor is unaware, and they have taken all steps that ought to have been taken as a Trustee to be aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor. Crowe U.K. LLP. has indicated its willingness to continue in off ice. The designated Trustees will propose a motion reappointing the auditor at a meeting of Trustees. In our opinion the financial slalements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its income and expenditure, for the yearthen ended-, 87 Trustee Report and Financial St81ements
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report. have been prepared in accordance with the requirements ofthe Companies Act 2006. Other Information The Trustees are responsible for the other information contained within the trustee's annual report. The other information comprises the information included in the trustee's annual report, on pages 7fy87, other than the f inancial 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. Basls for Oplnlon 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. 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 facl Concluslons 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 slatements is appropriate. We have nothing to report in Ihis regard. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively, 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. Opinions on Other Matters Prescribed by Ihe Companies Acl 2006 In our opinion based on the work undertaken in the course of our audit the information given in the Trustees, report. which includes the directors, report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistenl with the financial statements-, and
the directors, report included within the Trustees, report has been prepared in accordance with applicable legal requirements. 88 Trustee Report and Financial St81ements
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 Ihe Trustees, report. 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 misslatement, whelher 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 ihe 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. 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..
adequate and proper accounting records have not been kept,. or the financial statements are not in agreement with the accounting records and returns., or Audltors Responslbllltles for the Audlt of the Flnanclal Statements Our objectives are to obtaln reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo 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 exisls. 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. certain disclosures of Trustees, remuneratlon specified by law are not made., or we have not received all the information and explanations we require for our audit,. or the Trustees were not entitled to prepare the financial stalements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, directors, report and from the requirement to prepare a strategic report. Responslbllltles of Trustees As explained more fully in the Trustees, responsibilities statement, on Page 86, the Trustees (who are also the directors of ihe charitable company for the purposes of company law) are responsible for the preparation of the f inancial statements and for being satisfied 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 statements is located on the Financial Reporting Council's website at.. www.frc.or auditorsres onsibilities. This description forms part of our auditor's report. 89 Trustee Report and Financial St81ements
Exlent to whlch the Audlt was Consldered Capable of Detecting Irregularllles, 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. 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 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 non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statemenls, 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, We obtained an understanding of the legal and regulatory frameworks within which the charitable company operates, focusing on those laws and regulations that have direcl effecl on the determinalion 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 direcl effecl 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 thal may exist within the charitable company for fraud. The laws and regulations we considered in this context for the UK operations were anti-fraud, bribery and corruption legislation, employment legislation and taxation legislation. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulalions to enquiry of Ihe Truslees 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 go Trustee Report and Financial St81ements
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 fullesl 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 2025 91 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) Unrestricted fund$ 2024 £000 Total funds 2023 £000 Registered Number.. 09286835 Restrlcted fund$ 2024 £000 Total funds 2024 £000 Note STATEMENT OF FINANCIAL ACTIVITIES INCOME FROM Donations and legacies (Incorporating income and expenditure account) For the year ended 31 December 2024 21,501 1,759 23,260 21,337 Charitable activities 542 $42 557 TOTAL INCOME 21,501 2,301 23,802 21,894 EXPENDITURE ON.. Raising Funds 5, 6,7 547 318 865 681 Charitable Activities 20,424 2,235 22,6S9 15,773 20,971 2,553 23,524 16,454 NET INCOME 530 {252) {252) 278 5,440 NET MOVEMENT IN FUNDS 530 278 5,440 RECONCILIATION OF FUNDS Total funds broLJghi forward 7,026 3,515 10,$41 5,101 Net movemeni in funds 530 (252) 278 5,440 TOTAL FUNDS CARRIED FORWARD 7,556 3.263 10,819 10,541 The Statement of Financial Aclivities includes all gains and losses recognised in the year. The notes on pages 9410 111 form part of these financial statements. 92= Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) Registered Number.. 09286835 2024 £000 2023 £000 Note BALANCE SHEET CURRENT ASss Debtors 12 1,193 1,879 As at 31 December 2024 Cash at bank and in hand 11.635 14,114 12,828 15,993 Credliors., amounts falling due within one year 13 12,0091 15,452) NET CURRENT ASss 10,819 10,541 TOTAL NET ASSETS 10,819 10,541 CHARITY FUNDS Restricted funds 14,1 S,16 7,556 7,026 Unrestricted funds 14,15,16 3,263 3,515 TOTAL FUNDS 10,819 10,541 The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. Sanjayan Srikanthan Trustee Date.. 2410612025 The notes on pages 9410 1 I I form part of ihese financial siatements. 93 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 2024 2023 Registered Number.. 09286835 £000 £000 STATEMENT OF CASH FLOWS Ca¥h flow$ from operatlng a¢tlvltles Net cash used in operating activities {2,4791 9,630 Forthe year ended 31 December 2024 Change In cash and Cash equlvalents In the year Cash and cash equivalents at the beginning of the year {2,4791 9,630 14,114 4.484 Cash and cash •qulvalents at the end of the y•ar 11,635 14,114 The notes on pages 94 to 11 I form part of these financial statements, Recon¢lllatlon of net movement In fund$ to net ca$h flow from operatlng a¢tlvltlès 2024 £000 2023 £000 Net In¢ome for the perlod {per Statement of Flnonclal Actlvltle8) Adlustments for: 278 5,440 Ilncreaselldecrease in debtors 686 1818) {3,4431 5,008 In¢8$e/(deerease) in crediiors Net cash provlded by operatlng actlvltle$ {2,4791 9,630 Analy$i$ of ¢a$h and ¢a$h equivalent$ 2024 2023 £000 £000 Cash in bank and in hand 11,635 14,114 94: Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 2.2 Golng Concern The Start Network Board of Trustees have reviewed its financial position, the budget for 2025- 2026, forecasts and income projections, and the Charity's current levels of reserves and cash. As part of this assessment, management have undertaken scenario analysis and stress testing of key assumptions, which support the Trustees, conclusion that the Charity has sufficient access to resources to remain operational for at least the next twelve months from the date of this report. Therefore, the Trustees continue to adopt the going concern basis of accounting in preparing the annual financial statements. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 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. The Truslees have also considered global financial Impacts as part of the Going Concern review, including the current global decline in humanitarian f unding from institutional donors, which has created a more challenging environment for the sector. While this trend presents a risk to the wider funding landscape, the Charity has considered its diverse funding base and existing commitments and, at the time of this report, does not anticipate any material impact on its operations or the Charity's ability to continue over the next twelve months from the date of approving this report. The Truslees have considered.. 2. ACCOUNTING POLICIES 2.1 Basls of Preparatlon of Flnanclal Stalements The financial statements have been prepared in accordance with the Charilies SORP second edition (Oclober 2019) (FRS 102) - Accounting and Reporting by Charilies.. Stalement 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) {effeclive l 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.
cash position and cash flow projections scenarios that consider potential changes to donor funding sources of funding and liquidity available expenditure controls and future commitments 95= Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 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 supporl 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 single grant are apportioned between those grants on a basis consistenl with the use of resources. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 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. Expenditure on raising funds includes all expenditure incurred by the charity to raise f unds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Grants are included in the statement of financial activities on a receivable basis once entitlement to Ihe 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. 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. Indirect Cost Recovery {ICR) Income is recognised in line with the conditions of the grant to which it applies and once the charity has enlitlement 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 Starl Network is recognised as restricted income. 96 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 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 amounl of the settlement can be estimated reliably. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 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 forthe goods or services it must provide. 2. ACCOUNTING POLICIES (CONTINUED) 2.5 Grants Maklng 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. 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. 2.9 Flnanclal Inslruments 2.6 Forelgn currencles Monetary assets and liabililies denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. 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 amorlised cost using the effective interest method. 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. 2.10 Operating Leases Rentals paid under operating leases are charged to the Statement of Financial Activities on a straighl-line basis over the lease term. 2.7 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. 2.11 Pensions Prepayments are valued at the amount prepaid net of any trade discounts due. 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. 97 Trustee Report and Financial St81ements
- ACCOUNTING POLICIES {CONTINUED) 2.12 Fund Accounting General funds are unrestricted funds which are available for use at Ihe 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 Estimales 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 2024, however the following critical accounting judgements have been identified below.. Cost allocation: The cost allocation methodology requires judgement as to what are the most appropriate bases to use to apporlion support costs. Support costs are allocated between costs of raising funds and charitable activities primarily based on staff numbers employed on those areas during the period. 98 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) Restrieted Unr¢$trlct•d funds funds NOTES TO THE FINANCIAL STATEMENTS 2024 2024 Tal fund$ 2024 Total fund$ 2023 £000 £000 £000 £000 For the year ended 31 December 2024 Grants ICR (Indirect cost recovery) 1,759 1,759 1,647 3. Income from Donations and Legacies Federal Republic of Germany Ministry for Foreign Affairs 7.485 7,485 11,155 Foreign, Commonwealth and Development Office IFCDOI 4,532 4,$32 2,082 Duich Ministry of Foreign Affairs EU Civil Protection & Humanitarian Aid 2.488 2,488 1,239 1,636 1,636 1,298 Operations (ECHOI IKEA Foundation 1.500 1,500 1,873 Margaret A, Cargill Philanthropie5 1,182 1,182 IMS 842 People's postcode loitery 500 500 GSD 374 374 393 Howden Foundation 201 201 201 Conrad N. Hilton Foundation 192 192 409 H&M 186 186 303 USAID 144 144 Swiss Re Foundation 121 121 460 Disaster Emergency Committee IDEC) 54 Okta for Good 40 32 Department of Foreign Aff8irs Ireland 14 14 111 Jersey Aid 10 Total grants 21,501 1,759 23,260 21,337 Total 2023 18,450 2,887 21,337 99 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 6. Expenditure on Raislng Funds NOTES TO THE FINANCIAL STATEMENTS Unrestrlcted funds 2024 Total fund$ 2024 Total funds 2023 £000 £000 £000 Restricted funds 2024 £000 For the year ended 31 December 2024 4. Income from Charitable Activities Wages and salaries Social security costs Contrlbuilon io defined contribution pension schemes 264 380 276 40 29 Unr•strlcted nds 2024 £000 20 20 Restrlcted fund$ 2024 £000 Total funds 2024 Total funds 2023 £000 £000 Other direct ¢ost$ 12 46 25 Support costs 249 130 379 336 Membership income Costs recharged to third parties Total 2024 532 532 Totsl 2024 547 318 865 081 10 10 17 Total 2023 285 396 681 542 542 557 Toial 2023 557 557 7. Analysls of Expendlture by A¢tlvttles 5. Total Expendlture Summary by fund type Dlrect costs Support eosts 2024 2024 Total funds 2024 Total funds 2023 Éooo £000 £000 £000 Unrestrlcted funds 2024 £000 Restrlct•d funds 2024 £000 Total funds 2024 Total funds 2023 £000 £000 Ralsing Funds Charitable activities 486 379 865 681 20,672 1,987 22.659 1 S.773 Total 2024 21,159 2,266 23,524 16,454 Raising Funds Charitable activities 486 379 805 681 Total 2023 14,271 2.183 16.454 20,672 1,987 22,659 15,773 Total 2024 21,158 2,366 23,524 16,454 Total 2023 13.221 3,233 16,454 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) Analysis of support costs NOTES TO THE FINANCIAL STATEMENTS 2024 2023 For the year ended 31 December 2024 £000 £000 Staff costs 920 888 7. Analysis of Expenditure by Activities (continued) Rent and utilities 242 217 Analysis of direct costs of charitable activities Legal fees 42 74 Finance 58 Charltable Charltable a¢tlvltle$ actlvltles 2023 Recruitment 48 Training 67 2024 £000 £000 IT costs 234 193 Events 14 Staff costs 1,776 1,282 Insurance 35 Consultancy and professional fees Communications and marketing 581 561 Other overheads 36 36 159 206 Foreign exchange lossllgainl Total 228 Legal fees 29 62 1,987 1,847 Travel & Events 640 201 Programme disbursements 17.487 11,614 Total 2024 20.672 13,926 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 2024 2023 NOTES TO THE FINANCIAL STATEMENTS Partner Organisationsllnstilulions £000 £000 Ooaba Foundation 124 For the year ended 31 December 2024 Doctors of ihe World 229 Eco Social Development Organisation IESDOI 727 454 8. Grant Making Health and Nutrition Development Socieiy IHANDSI 56 During the year, Slart Network made material grants (those in excess of £50k in 2024) to the following partners in order to deliver programmes line with the charity's objectives. No grants were paid to individuals in the year. Help Age 60 Help Foundailon 65 60 Humanliy 8 Incluslon UK 1,242 339 Initiative for Developmenl and Empowerment Axis IIDEAI 67 89 2024 2023 Partn•r Organl8atSonslln8tltutlon8 Islamic Relief 306 £000 Éooo Laar Humanitarian and Developmenl Programme ILHDPI 123 ACTED 79 60 Mercycorps 92 Action Against Hunger IAAHI 314 125 Muslim Hands 221 Association of Gender Awareness & Human Ernpowerment IAGAHEI 51 MIDEFEHOPS 293 Asociacion de Servicios Comunitarios de Salud IASECSAI 513 323 North-East Affected Area Development Society {NEADSI 69 Bright Star Development Society Balochistan 190 61 People In Need IPINI 300 CADENA 540 Participatory Rural Development Society IPRDSI 102 Catholic Agency for Overseas Development ICAFODI 919 215 Sangtani Women Rural Development Organization ISWRDOI 886 Care Iniern8tional UK 695 Save the Children UK 7,320 8,138 Care Philippines 379 385 Sustainable Environment and Ecological Development Society ISEEDSI 287 88 Caritas India 102 Tearfund 286 343 Catholic Relief Services 1,007 152 World Vision 579 176 Cesvi 60 Other 253 Christian Aid TOTAL 17.487 11,614 Concern Worldwide (UK) 115 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) The average number of persons employed by the Charity during the year was as follows.. NOTES TO THE FINANCIAL STATEMENTS 2024 2023 For the year ended 31 December 2024 No. No. Executive 9. Staff Costs Finance and Operations Communication8 13 2024 £000 2023 £000 Evidence Innovation Wages and salaries 2,881 2,323 Network Development and Member Engagement Social security costs 254 201 Resource Mobilisation Coniribution to defined contrlbutlon pension s¢hemes 128 101 Start Ready Other Staff Costs 50 27 50 40 3,313 2,653 In 2024, following a f unctional review Start Network introduced a team of 5 Directors to lead each of the Directorates, Network and Funds, Impact and Change, Resource Mobilisation and Business Development, People, Operations and Assurance and Finance. New roles were also created in Finance and Grant Management, Assurance, Communications and Resource Mobilisation inline with the growth in income and activity. Other staff costs include 1 termination payment of £1 0,011 made during the year (2023 £9,667). Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 9. Staff Costs (continued) The number of employees whose employee benefits (excluding employer pension costs) exceed £60,000 was.. 2024 No. 2023 No. In the band £60,001- £70,000 In the band £70,001- £80,000 In the band £80,001- £90,000 In the band £90,001- È100,000 In the band £100,001 £110,000 Total key management personnel remuneration (including pension costs) in the year was £242,427 (2023.. £234,614). Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 13. Creditors: Amounts falling due within one year NOTES TO THE FINANCIAL STATEMENTS 2024 £000 2023 £Doo Forthe year ended 31 December 2024 Trade creditors 40S 3,677 10. Trustees, Remuneration and Expenses Other taxailon and 80¢ial security Other creditors 85 55 19 During the year, no Trustees received any remuneration or other benefits (2023.. £nil). Accruals and deferred income 1,499 1,701 During the year ended 31 December 2024, expenses were reimbursed or paid directly to 2 Trustees for a total of £2,220 for travel expenses (2024.. £1,513 to 4 Trustees).. 2,009 5,452 2024 2023 £000 £000 11. Audltors, Remuneratlon Oeferred income at l January 2024 Resources deferred during the year 2024 2023 £000 275 Éooo Amounts released from previous periods Deferred income ai 31 December 2024 275 Fees payable to the Charitys auditor for the audit of Ihe Charity's annual accounts 33 26 12. Debtors 2024 £000 2023 £000 Trade debtors 439 216 Prepayments and accrued income 752 1,656 Other debtors 1,193 1,879 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) Balance at 1 January 2024 £000 Balanc• at 31 Transfers inloul December 2024 £000 Éooo Income Expenditure £000 Èooo NOTES TO THE FINANCIAL STATEMENTS Unrestricted fvnds For the year ended 31 December 2024 General funds all funds 3,515 2,301 {2,5531 {2,5531 3,263 3,515 2,301 3,263 ReStr1¢t fund$ 14. Statemenl of Funds Federal Republic of Germany Ministry for Foreign Affairs Foreign, Commonweahh and Development Office IFCDOI FCDO Innovation 3,593 7,485 {9,B451 1,233 Current year 433 3,751 {2,8911 1,293 761 17491 {1,7461 65 EU Civil Protection & Humanitarian Aid Operations (ECHOI Ministry of Foreign Affairs of the Netherlands 1,287 1,636 1,177 2,488 (1,7561 732 IKEA Foundation 388 1,500 18011 14351 15321 13221 13361 13781 13741 12131 11121 11881 151 1541 11211 78 1,087 Margaret A, Cargill Philanthropies Irene M. Staehelin Foundation 31 1,182 778 842 310 Peoples Post¢ode Lottery Swiss Re Foundatlon 500 178 308 121 93 French Ministry of Foreign Affairs Global Support 8nd Development Howden Foundation 389 374 117 201 105 Conrad N. Hilton Foundation 192 123 LOre21 Foundation 188 H&M Foundation 186 USAID 144 90 Share Trust LCA Bangladesh Department of F(>reign Affairs Ireland Other restricted funds 124 72 14 124 1351 {20,9711 {23,5241 89 7,026 21,S01 7,556 Total of funds 10,541 23,802 10,819 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 8alan¢e at 1 January 2023 £000 Balan¢e at 31 Transfers Inloth D•cemb8r 2023 £000 £000 NOTES TO THE FINANCIAL STATEMENTS In¢om¢ Expgndlture £000 £000 Unrestrleted funds For the year ended 31 December 2024 General funds all fLJnds 3,342 {3,2331 138) 3,515 3,342 {3,2331 138) 3,515 14. Statement of Funds (continued) Restrlcted funds Prior year Foreign, Cornmonweahh and Developmeni Office IFCDOI Federal Republic of Germany Ministry for Foreign Affairs European Commission (ECHOI 1,443 {1,1641 433 11,155 17,5621 3,593 1,298 1,287 Department of Foreign Affairs Ireland CDP Bangladesh 111 1391 121 72 FCDO Innovation 639 16341 13731 53 Conrad N, Hilton Foundation 409 43 Howden Group Foundation 201 1841 IKEA Foundation 12 1,873 {1,4971 11151 (1,2271 388 Loreal Foundaiion 303 188 Mac Philanthropies 1,258 31 sha Trust - LCA Bangladesh Swiss Embassy Bangladesh 124 32 1591 12841 Swiss RE 132 460 308 French Ministry 149 393 11531 389 Other restricted funds 1211 1171 (13.2211 {16,4S41 28 1,759 18,450 38 7.026 Total of funds 5,101 21,894 10,541 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 16. Analysls of Net Assets between Funds Current year NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 Restrlcted funds Unrestrlcted funds 2024 2024 Total fund$ 2024 15. Summary of Funds Current year £000 £000 £000 Current assets 6,113 6,715 12.828 Creditors due within one year Total 2024 1,443 13,4521 12,009) Balance at 31 December 2024 7,556 3,263 10,819 Balanc• at I January 2024 £000 Transfers Inl out Income Expendlture £000 Èooo £000 £000 Prior year General funds 3,515 2,301 12,5531 3,263 Re8trl¢ted funds Unre8trl¢ted fund8 2023 2023 Total fund8 2023 Restricted funds 7,026 21,501 {20,9711 {23,5241 7,556 10,541 23,802 10,819 £000 £000 £000 Current assets Prior year 11,567 4,426 15,993 Crediiors due within one year Total 2023 {4,S411 7,026 19111 3,515 15,4S2) 10,541 Balance at 31 December 2023 Balanee at I January 2023 £000 Transfers inl out Ineome £000 Expendlturo £000 17. Penslon Contrlbutlons £000 £000 The group operates a defined contributions pension scheme. The assets ofthe scheme are held separalely 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 £128,000 (2023- £101,000), of which £20,472 (2023: £12,000) was payable to the fund at the balance sheet date and was included in other creditors. General funds 3,342 13,233) {38) 3,51 S Restried funds 1,759 18,450 113,221) 38 7,026 5,101 21,894 116,454) 10,541 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) 20. Related Party Transactlons During the year there were no transactions with related parties to disclose. NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 December 2024 21. Analysis of Change in Net Debt At l January 2024 £000 Cash At 31 December Flows 2024 £000 £000 18. Operating Lease Commitments At 31 December 2024 the charity had commitments to make future minimum lease payments under non<ancellable operating leases as follows. 2024 2023 Cash at bank and in hand 14,114 {2,4791 {2,4791 11,635 £000 £000 14,114 11,635 Not later than l year Between 2 and 5 years 226 286 226 19. Grant Commltments At 31 December 2024 the charity had the following grant funding commitments to our partner organisations, in the form of sub-grant agreements.. 2024 2023 £000 £000 Less ihan 1 year 2,986 2,690 Between 2 and 5 years 85 1,739 Total 3,071 4.429 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. Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) Unrestrlcted funds 2023 NOTES TO THE FINANCIAL STATEMENTS Restricted funds 2023 Total funds Total fund8 2023 2022 Note £000 £000 £000 £000 For the year ended 31 December 2024 INCOME FROM Donations and legacies 18,450 2,887 21,337 5,8SO 22. Comparalive Statement of Financial Activilies Charitable activities 557 557 TOTAL INCOME 18,450 21,894 6,424 EXPENDITURE ON: Raising Funds Charitable Activities 285 396 681 530 12,936 2,837 15,773 7,384 13,221 3,233 16,454 7,914 NET INCOME 5,229 211 5,440 {1.4901 (1,4901 NET MOVEMENT IN FUNDS 5,229 211 5,440 RECONCILIATION OF FUNDS Total funds brought forward Net movement in funds 1,759 3,342 5,101 6,591 S,229 211 5,440 {1,4901 Transfers between funds 38 1381 TOTAL FUNDS CARRIED FORWARD 7.026 3,515 10.541 5,101 Trustee Report and Financial St81ements
START NETWORK (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS Forthe year ended 31 December 2024 23. Post Balance Sheet Events After the balance sheet date, on 26 February 2025, Start Network received formal notification of the termination of two grant agreements funded by USAID,. both of which commenced in 2024. The total value of the grants was $2,495,048, comprising: Grant A.. $1,495,048 USD, delivered via a subgrant through Save the Children US, of which $183,205 USD had been received in 2024. Grant B.. $1,000,000 USD, directly contracled wilh Start Network, no funds had been received in 2024. These terminations were part of broader USAID funding cuts and programme closures announced in early 2025, affecting a wide range of international programmes. Upon receiving termination letters on 26 February 2025, Start Network assessed all incurred and committed expenditure up to Ihe lermination date, including allowable project close-out costs, in accordance with grant terms. Of the funds received in 2024, $93,660 was unspent and returned to USAID via Save the Children US as per the grant and subgrant agreements. Trustee Report and Financial St81ements
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