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2025-03-31-accounts

Charity registration number 1180754 (England and Wales)

Company registration number 11067711

FIRST STAR SCHOLARS UK

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

FIRST STAR SCHOLARS UK

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Stuart Irvine
Peter Samuelson
Tom Brighton (Appointed 18 October
2024)
Monica Henao-De-Castro (Appointed 20 October
2024)
Teshie Monae (Appointed 18 October
2024)
Richard Donnelly (Appointed 25 November
2025)
Robert Gratton (Appointed 15 May 2025)
Caroline Place (Appointed 24 March 2025)
Secretary Stuart Irvine
Charity number 1180754
Company number 11067711
Registered office 167-169 Great Portland Street
London
W1W 5PF
Independent examiner Gravita Audit Oxford LLP
First Floor, Park Central
40-41 Park End Street
Oxford
OX1 1JD

FIRST STAR SCHOLARS UK

CONTENTS

Page
Trustees' report 1 - 11
Independent examiner's report 12
Statement of financial activities 13
Balance sheet 14
Notes to the financial statements 15 - 23

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2025

The trustees present their annual report and financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's memorandum and articles of association, the Companies Act 2006 and "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).

Review of the Year and Strategic Context (2024–25)

During the year ended 31 March 2025, the Trustees undertook a full, organisation-wide review of First Star Scholars UK’s delivery model, funding profile and operating structure. This review considered the charity’s historical successes, areas for improvement, and the changing external context in which the charity world operates, including increased financial pressures on philanthropy, universities and the wider education sector.

Since its establishment, First Star Scholars UK has demonstrated strong impact through intensive, high-quality residential programmes delivered in partnership with universities. These programmes have helped careexperienced young people to raise aspirations, strengthen educational engagement and build confidence in navigating academic environments. However, the Trustees recognised that the existing model was comparatively high-cost and reliant on a narrow funding base, making it vulnerable in a period of reduced philanthropic capacity and constrained university budgets.

At the same time, the review identified opportunities to improve recruitment and retention of participants, increase consistency of impact, and reach significantly more young people without compromising programme quality. Evidence from delivery, alumni feedback and external research informed a strategic shift towards a more sustainable and scalable model.

As a result, during 2024–25 the charity implemented a new strategic plan focused on sustainability, cost control and impact. This included moving from a small number of longer, higher-cost residential programmes to a blended model combining shorter, high-quality residentials, anchored provision at national centres of excellence (including the National STEM Centre in York), and enhanced online and place-based delivery. The new approach is centrally designed, evidence-informed and led by a combination of highly experienced senior education leaders and careexperienced people, ensuring both professional rigour and lived-experience insight.

The Trustees also identified the need to reduce reliance on Trust and Foundation funding over time and to increase sustainable income streams. During the year, work began to diversify funding, including a greater focus on Pupil Premium Plus, local authority engagement, and deeper partnership with universities as co-investors rather than sole hosts.

These strategic changes position the charity for a more resilient future. In 2025–26, First Star Scholars UK will, for the first time, begin delivery under its new regional model at University College London and Emmanuel College, Cambridge, marking a significant milestone in the charity’s development and its ambition to reach many more careexperienced young people across England.

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Our Mission, Values, Aims and Objectives

Purpose and Aims

The charity’s purposes, as set out in the objects contained in the Company’s Articles of Association, are:

These purposes guide all aspects of the charity’s strategy, delivery and governance.

Mission

First Star Scholars UK exists to improve the life chances of looked-after children and care-experienced young people by ensuring they have the academic preparation, life skills, aspiration and sustained adult support needed to progress successfully through education and into adulthood. The charity works in partnership with universities, Virtual School Heads, schools and Designated Teachers, carers, social services and local authorities to address entrenched educational disadvantage and systemic barriers faced by young people in care.

Strategic progress during 2024–25

During the year ended 31 March 2025, the Trustees led a period of significant organisational development focused on long-term sustainability, leadership capacity, governance strength and impact quality. This work built on the charity’s proven delivery record while responding to increasing financial pressures across philanthropy, higher education and statutory systems.

A new strategic plan was implemented during the year, centred on three core priorities: sustainability , scalability , and quality of impact . This included a transition away from a small number of longer, higher-cost residential programmes towards a more centralised and evidence-led delivery model capable of reaching more young people at lower unit cost without compromising safeguarding or outcomes. The revised model combines shorter, high-quality residential experiences, anchored provision at national centres of excellence (including the National STEM Centre in York), and complementary online and place-based activity. The Trustees also prioritised reducing over-reliance on Trust and Foundation funding. During the year, work progressed to diversify income and strengthen sustainable funding streams, including increased alignment with Pupil Premium Plus, engagement with local authorities, and deeper partnerships with universities as long-term delivery and funding partners rather than solely host institutions.

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Leadership, governance and lived experience

A key area of progress during 2024–25 was the strengthening of both executive and non-executive leadership. The charity deliberately invested in building a leadership team with deep expertise in education, safeguarding, governance and systems change. Senior roles are held by highly experienced professionals with proven track records in school leadership, safeguarding practice, and the delivery of complex services for vulnerable young people.

In parallel, the charity made significant progress in embedding lived experience at the heart of governance and strategic decision-making. Care-experienced alumni of First Star programmes increasingly contribute to programme design, evaluation and delivery. Importantly, alumni have progressed into formal governance roles, including service as Trustees and advisors to the Board. This shift ensures that the charity’s strategic direction, priorities and delivery model are informed by both professional expertise and lived experience, strengthening relevance, accountability and impact.

The Board of Trustees was reviewed and refreshed during the year to ensure an appropriate balance of skills, independence and experience, with particular emphasis on safeguarding oversight, financial sustainability and impact evaluation.

Our Values in practice

The charity’s values continue to underpin all activity and were actively reviewed and embedded during the year with input from scholars, alumni, staff, trustees and partners.

Belonging

We foster a culture in which every young person feels valued, heard and supported. During 2024–25, the charity strengthened its alumni engagement by recruiting them as Trustees to lead the charity, ensuring that scholars experience a sustained sense of community and continuity of support beyond individual programme participation.

Empowerment

We believe in the potential of every young person we support. The charity provides environments that enable exploration, build confidence and support informed decision-making. Co-design was further embedded during the year, with care-experienced alumni actively shaping programme content, events and communications.

Commitment

We are committed to long-term outcomes rather than short-term intervention. During 2024–25, this commitment was reflected in strategic decisions to redesign delivery for sustainability, improve retention and consistency, and ensure the charity can continue to support young people as they transition into adulthood.

Partnership

We work collaboratively with our partners and communities, holding ourselves to high standards of educational quality, safeguarding and ethical governance. During the year, partnerships with University College London and Emmanuel College, Cambridge were consolidated, alongside deeper engagement with schools, local authorities and Virtual Schools. These partnerships underpin delivery planned for the next financial year under the new regional model.

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Achievements and Performance 2024-2025

First Star Scholars UK continues to demonstrate significant impact on the lives of care-experienced young people by addressing educational barriers, improving life outcomes, and setting a national benchmark for achievement. Below is a summary of key performance outcomes for the year 2023-2024:

1. Educational Achievement

2. Higher Education Pathways

3. Stability and Housing

4. Criminal Justice Engagement

5. Alumni Success

Through our alumni programme, graduates continue to receive one-on-one support, budget advice, study sessions, and opportunities to network and engage socially, ensuring their continued success.

Conclusion

First Star Scholars UK continues to outperform national benchmarks and transform outcomes for care-experienced young people. Our data-driven approach, holistic support systems, and strong partnerships with educational institutions ensure that scholars achieve their full potential in education, housing, and life skills.

Our 2023-2024 performance demonstrates that with sustained intervention, care-experienced young people can defy expectations, thrive academically, and successfully transition into adulthood.

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2.1 Income (2024-25)

Total income for the year ended 31 March 2025 dropped 50%, representing a significant reduction compared with the prior year. This decrease had been anticipated and reflected a combination of factors, including the completion of several time-limited grants, a historically narrow philanthropic model that relied heavily on Trust and Foundation funding, and limited income diversification. During the year, the organisation also experienced operational and leadership capacity pressures, which impacted fundraising performance. In response, the Trustees accelerated a strategic shift towards more sustainable income streams. Notably, during the financial year the charity began implementing a diversified funding model, including the issuing of invoices linked to Pupil Premium Plus funding, marking a substantial step towards long-term financial sustainability and reduced reliance on discretionary philanthropic income. All management took significant steps to reduce expenditure in line with projected income, which both operated as planned. There will be an increase in both income and inline but leaner expenditure profile in 2025-26.

2.2 Expenditure (2024–25)

Total Expenditure: £135,563 (2024: £337,318) – a 60% decrease .

Breakdown of expenditure (key lines):

Other notable support costs: depreciation £4,875 , IT £2,206 , independent examination £3,600 , accountancy/ payroll £2,680 , professional fees £2,517 .

Analysis:

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2.3 Net Movement in Funds (2024–25)

Analysis:

2.4 Fund Balances (as at 31 March 2025)

Analysis:

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

2.5 Assets and Liabilities (as at 31 March 2025)

Analysis:

3. Qualitative Analysis (updated for 2024–25)

3.1 Achievements and Performance

During 2024–25, the charity progressed a strategic shift towards a more sustainable and scalable delivery model, including work to structure delivery through England’s education regions from 2025–26 (initially East of England and London).

Key achievements included securing restricted funding to support digital access (WCIT) and regional delivery preparation (East of England), alongside improving programme development activity through specialist consulting capacity.

3.2 Challenges

  1. Funding profile and timing: restricted income and delivery timing can create volatility in restricted fund movements year-to-year.

  2. Cost concentration: consulting represented a significant proportion of total spend, requiring active governance oversight to ensure value for money and appropriate procurement/contract management.

  3. Cashflow management: increased debtors/accrued income requires careful monitoring to ensure cash is available when delivery costs fall due.

The Trustees review a risk register at each Board meeting, with key risks including funding concentration, cost control, safeguarding and cashflow management. Risk management is further overseen through Chair and Treasurer oversight meetings.

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

3.3 Future Plans

To strengthen sustainability and deliver impact at scale, the charity will focus on:

Conclusion

Income

The charity’s income is generated through grants, donations, and other minor income streams. Restricted funding supports specific programmes and projects, while unrestricted income provides operational flexibility to deliver the charity’s mission and maintain core activities. The vast majority of this was from Trust and Foundations in 2024-25 but moving forward will be much less.

Expenditure

Expenditure is allocated to direct charitable activities, programme delivery, and operational support costs. A significant portion of funds is invested in the provision of academic and life skills education for young people in care, including mentoring, residential programmes, and specialised initiatives. Support costs encompass staff salaries, project consulting, IT, and administrative expenses necessary for programme execution and day-to-day operations.

Contextual situation 2024-25

There were some significant changes at the beginning of the 2024 financial year with all new staff with significant experience and success in both education and charity work which were or are at vice principal or above level. This ensured a system of major changes to strategy, finance, safeguarding and all other areas, leading to a period of noted improvement.

Staffing

The charity operated with a lean and effective workforce in 2024-25 using a mix of consultants and previous staff. The workforce was made up of three headteachers, safeguarding and education experts. A small team now manages the organisation’s delivery, supported by consultants where needed. Employee costs in 2024-25 reflect wages, social security contributions, and pension obligations, ensuring compliance with employment standards but had dropped significantly temporarily due to using consultants, two consultants have agreed to become permanent staff members which means employee costs will return. There was a reflection that full time staff members need to have a more rigorous approach to benchmarking of salaries moving forward and a maximum cost set for transport (£100), no international travels and other measures to remain lean.

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Risks, Assets and Liabilities

The charity holds minimal tangible fixed assets, primarily IT equipment, which are maintained and depreciated over their useful life. Short-term liabilities, such as trade creditors and accruals, are managed prudently to ensure financial stability.

During the year, the Trustees reviewed the charity’s principal risks as part of regular Board oversight and decisionmaking. Risks considered included funding and cashflow volatility, delivery capacity and quality assurance, safeguarding, and regulatory compliance. The Trustees manage these risks through active monitoring of budgets and reserves, diversification of income (including increased alignment with sustainable statutory funding streams), and maintaining a lean operating model supported by specialist capacity where required. Safeguarding risk is overseen through clear policies, designated safeguarding leadership and regular scrutiny of practice, with escalation and incident management arrangements reviewed by the Board.

Funds Management

The incoming CEO created a model based on the major issues in both philanthropy across the UK and globally coupled with Universities struggling with finances, that will be sustainable moving forward using Pupil premium funding, which by the end of the financial year has come to fruition.

Governance and Compliance

The Trustees ensure that resources are managed in alignment with the charity’s goals. No Trustees received remuneration for their role as Trustees during the year. Trustees may reclaim reasonable expenses incurred in the course of their duties, as disclosed in the financial statements. One individual received consultancy fees for work undertaken outside their role as a Trustee and not during their period of trusteeship, in accordance with the charity’s governing document and conflict of interest policy.

The Board of Trustees

The Board of Trustees are directors for the purpose of company law and trustees for the purpose of charity law, who served during the year and up to the date of this report are set out in the accompanying document. In accordance with company law, as the company's directors, we certify that:

“so far as we are aware, there is no relevant audit information of which the company's independent examiners are unaware; and as the directors of the company we have taken all the steps that we ought to have taken in order to make ourselves aware of any relevant audit information and to establish that the charity's independent examiner is aware of that information.”

Public benefit

The Trustees have complied with the duty in Section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Independent Examiners

Gravita Audit Oxford LLP were re-appointed as the charitable company's Independent Examiners providing unaudited accounts and have expressed their willingness to continue in that capacity.

This report has been prepared in accordance with the requirements of the Companies Act 2006. The Independent Examiner is satisfied that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination. The Independent Examiners Report accompanies this document.

Reserves policy

The Board of Trustees has reviewed the charity’s reserve requirements in light of its principal financial and operational risks and has established a reserves policy whereby unrestricted funds not committed to specific purposes should be sufficient to cover a minimum of three months of normal operating expenditure (c.£35,000). At 31 March 2025, the charity’s level of unrestricted reserves exceeded this minimum target and is considered appropriate given the seasonal nature of expenditure, with significantly higher costs typically incurred during summer delivery periods when residential programmes take place. The Trustees take a prudent approach to financial management and do not commit to programme delivery unless funding is fully secured in advance, particularly for large-scale programmes such as those delivered in partnership with the University of Cambridge and University College London, which may involve increased participant numbers and higher staffing and residential costs.

Structure, governance and management

The Charity was registered with the charity commission on 19 November 2018.

The charitable company was incorporated as a company limited by guarantee on 16 November 2017.

The governing document of First Star Scholars UK is its Memorandum and Articles of Association. The Board of Trustees appoints any new Trustees.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Stuart Irvine Nawtej Dosanjh (Resigned 15 April 2024) Jason Arday (Resigned 16 May 2025) Peter Samuelson Jade Standley (Resigned 22 April 2024) Colette Fletcher (Resigned 11 April 2024) Imogen Beecroft (Resigned 16 April 2024) Emily Hollis (Appointed 18 October 2024 and resigned 3 January 2025) Catherine Dovey (Resigned 16 April 2024) Tom Brighton (Appointed 18 October 2024) Monica Henao-De-Castro (Appointed 20 October 2024) Teshie Monae (Appointed 18 October 2024) Richard Donnelly (Appointed 25 November 2025) Robert Gratton (Appointed 15 May 2025) Caroline Place (Appointed 24 March 2025)

FIRST STAR SCHOLARS UK

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

Recruitment and appointment of trustees

The Directors of the company are also charity trustees for the purposes of charity law and under the company's Articles are known as Trustees. All Trustees give their time voluntarily and receive no benefits from the charity. Any expenses reclaimed from the charity are set out in the accounts in the accompanying document. First Star's work focuses upon young people in care. The Board of Trustees seeks to ensure that the needs of this group are appropriately reflected through the diversity of the trustee body. Ongoing recruitment of trustees reflects the Board’s focus on breadth of expertise, and lived experience reflecting scholars' lives; and on sustainability and governance. Recruitment reflects the young people in care/care leaver focus of the charity. Two scholar special advisors are nominated annually to attend the Board and represent the newly developed Scholar’s Council and the views and ideas of scholars from all programmes. In addition, the strategic plan has been revised and updated to reflect our expansion intent, advocacy activity and sustainability plans. Stakeholder engagement was sought with emphasis on input from scholars and alumni.

The trustees' report was approved by the Board of Trustees.

.............................. Stuart Irvine Trustee

Date: ............................................. 18 December 2025

FIRST STAR SCHOLARS UK

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF FIRST STAR SCHOLARS UK

I report to the trustees on my examination of the financial statements of First Star Scholars UK for the year ended 31 March 2025.

Responsibilities and basis of report

As the trustees charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity are not required to be audited under Part 16 of the Companies Act 2006 and are eligible for independent examination, I report in respect of my examination of the charity’s financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the Charities Act 2011.

Independent examiner's statement

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

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Elinor Upjohn ACA Gravita Audit Oxford LLP

First Floor, Park Central 40-41 Park End Street Oxford OX1 1JD 19 December 2025 Date: ............................

FIRST STAR SCHOLARS UK

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Unrestricted
Restricted
funds
funds
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
3
62,456
68,970
Investments
4
-
-
Other income
5
701
-
Total income
63,157
68,970
Expenditure on:
Charitable activities
6
15,629
115,059
Other expenditure
9
11,474
-
Total expenditure
27,103
115,059
Net income/(expenditure) and
movement in funds
36,054
(46,089)
Reconciliation of funds:
Fund balances at 1 April 2024
15,474
108,753
Fund balances at 31 March
2025
51,528
62,664		 Total
Unrestricted
Restricted
funds
funds
2025
2024
2024
£
£
£
131,426
151,066
156,889
-
170
-
701
-
-
132,127
151,236
156,889
130,688
229,280
108,038
11,474
-
-
142,162
229,280
108,038
(10,035)
(78,044)
48,851
124,227
93,518
59,902
114,192
15,474
108,753		 Total
2024
£
307,955
170
-
308,125
337,318
-
337,318
(29,193)
153,420
124,227

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

FIRST STAR SCHOLARS UK

BALANCE SHEET

AS AT 31 MARCH 2025

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within
one year
13
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
15
Unrestricted funds
16		 2025
£
39,420
79,885
119,305
(5,113)		 £
-
114,192
114,192
62,664
51,528
114,192		 2024
£
6,000
164,974
170,974
(58,221)		 £
11,474
112,753
124,227
108,753
15,474
124,227

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the trustees on ......................... 18 December 2025

.............................. Stuart Irvine Trustee

Company registration number 11067711 (England and Wales)

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

Charity information

First Star Scholars UK is a charitable company limited by guarantee incorporated in England and Wales. The registered office is 167-169 Great Portland Street, London, W1W 5PF.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's articles of association, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 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 activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment

Straight line depreciation over 4 years.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.9 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

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

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

The Trustees do not consider there to be any critical judgements or significant estimates in these financial statements.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Grants 39,687 68,970 108,657 53,827 145,038 198,865
Donations 22,769 - 22,769 97,239 11,851 109,090

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Interest receivable - 170

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Other income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Other income 701 -
6 Charitable activities
2025 2024
£ £
Support costs
Staff costs 17,682 150,354
Depreciation and impairment - 4,574
Advertising and marketing 320 3,874
Office costs 1,767 10,550
Travel and subsistence 1,444 19,244
Information technology 2,206 8,360
Other costs 330 3,084
Independent examination fees 3,600 3,360
Accountancy and payroll fees 2,680 7,779
Professional fees 2,517 602
Recruitment fees 405 -
Donations given 214 -
Summer residential costs 6,773 12,322
Consulting 90,174 49,220
Project costs 576 19,920
130,688 293,243
Activities undertaken directly
Provision of academic and life skills education to children in social care - 44,075
130,688 337,318
Analysis by fund
Unrestricted funds 15,629 229,280
Restricted funds 115,059 108,038
130,688 337,318

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2025
Number
2
2025
£
17,536
-
146
17,682		 2024
Number
6
2024
£
138,152
7,385
4,817
150,354

Redundancy and termination payments totalling £nil (2024: £6,611) were made in the reporting period.

The number of employees whose annual remuneration was more than £60,000 is as follows:

is as follows:
2025 2024
Number Number
£70,001 - £80,000 - 1
9 Other expenditure
Unrestricted Unrestricted
funds funds
2025 2024
£ £
Net loss on disposal of tangible fixed assets 11,474 -

10 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

11 Tangible fixed assets

At 1 April 2024
Disposals
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Eliminated in respect of disposals
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024
12
Debtors
Amounts falling due within one year:
Accrued Income
13
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
14
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 Office
equipment
£
21,117
(21,117)
-
9,643
(9,643)
-
-
11,474
2025
2024
£
£
39,420
6,000
2025
2024
£
£
-
4,048
547
44,926
-
705
4,566
8,542
5,113
58,221
2025
2024
£
£
146
4,817

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
University of Winchester 81,867 - (81,867) -
FS2U 26,886 - (8,192) 18,694
Frank Litchfield - 5,000 (5,000) -
Shanly Foundation - 2,000 (2,000) -
Peter Harrison - 8,000 (8,000) -
Gosling Foundation - 10,000 (10,000) -
WCIT Charity - 8,970 - 8,970
East of England - 35,000 - 35,000
108,753 68,970 (115,059) 62,664
Previous year: At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
University of Winchester 8,000 117,538 (43,671) 81,867
FS2U 51,014 27,500 (51,628) 26,886
Cambridge Community Foundation - 11,851 (11,851) -
The Portal Trust 888 - (888) -
59,902 156,889 (108,038) 108,753

University of Winchester - First Star received funds that were restricted to and expended upon the delivery of the programme at the University of Winchester. The programme aims to improve outcomes for looked-after children by boosting their engagement in higher education and includes two annual residentials on campus.

FS2U - First Star received funds that were restricted to and expended upon the launch and delivery of the FS2U programme

Frank Litchfield – Funds were restricted to the delivery of educational support and enrichment activities for care-experienced young people, supporting academic engagement and progression into further and higher education.

Shanly Foundation – Funds were restricted to the delivery of programmes supporting children in care and care-experienced young people to improve educational engagement, confidence and employability-related skills.

Peter Harrison – Funds were restricted to the delivery of the First Star Scholars programme at the University of Winchester, including residential experiences and academic enrichment activities aimed at improving higher education progression for looked-after children.

Gosling Foundation – Funds were restricted to programme delivery costs supporting care-experienced young people to participate in structured educational and developmental activities designed to improve aspiration and progression outcomes.

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025

15 Restricted funds

(Continued)

WCIT Charity – Funds were restricted to improving digital access for care-experienced young people through the provision of IT equipment, including laptops, to support learning and educational engagement.

East of England delivery and regional approach:

During 2024–25, First Star Scholars UK undertook a comprehensive review of its programme model and delivery footprint to strengthen consistency, governance oversight and scalability as the charity grows. As a result of this review, the charity will, from 2025–26 onwards, group its work using the nine education regions of England as its primary geographic framework for planning, delivery and reporting.

This regional approach is intended to support clearer accountability, stronger partnership working, and more transparent reporting of reach and impact by region, while ensuring the charity remains responsive to local need and statutory partners.

In 2025–26, First Star Scholars UK will deliver programmes in two regions: East of England and London, with further regional programmes under exploration. Within the East of England, programme activity will include a residential experience hosted at Emmanuel College and associated delivery activity designed to support careexperienced young people to build aspiration, confidence and skills for progression in education. This approach strengthens the charity’s ability to work with local partners, including schools and Virtual Schools, to identify and support young people who can benefit most from sustained, structured intervention.

16 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April Incoming Resources At 31 March
2024 resources expended 2025
£ £ £ £
General funds 15,474 63,157 (27,103) 51,528
Previous year: At 1 April Incoming Resources At 31 March
2023 resources expended 2024
£ £ £ £
General funds 93,518 151,236 (229,280) 15,474

17 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2025
2025
£
£
At 31 March 2025:
Current assets/(liabilities)
51,528
62,664
51,528
62,664		 Total
2025
£
114,192
114,192

FIRST STAR SCHOLARS UK

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

17 Analysis of net assets between funds (Continued)
Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 31 March 2024:
Tangible assets 11,474 - 11,474
Current assets/(liabilities) 4,000 108,753 112,753
15,474 108,753 124,227

18 Related party transactions

During the year ended 31 March 2025, Trustee expenses were paid one trustees for travel totaling £260 (2024: £8,882 to two trustees).

During the year ended 31 March 2025, one Trustee was paid consultancy fees for work not related to their role as a Trustee totaling £10,400 (2024: £nil).

During the year ended 31 March 2025, total Trustee donations in the year were £nil (2024: £101).