ChaTlty reglstfarSon number= 1181649 Starfish Asia Annual Report and Financlal Statements for the Year Ended 31 March 2024 Field Sullivan LTmlted 9 Hare & Billet Road Blackheath SE3 ORB
Starfish Asla Contents {contlnued) Reference and Admlnistrative DEtails Trustee5' Report 2tolO Independent Exarniner's Report Ilto12 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement Is Notes to the Financlal Statements 16to26
Starfish Asla Reference and Admlnlstratlve Details Chalrman Devln Scoble Trustee5 Stephen Curran Maryorie Murphv Sheila Thomas Michael Wakelv Colin Wrigley 1181649 Charlty Reglstratlon Number Pflnclpal Office 32 Beck Lane Beckenham Kent B113 4RE Independent Èxamlner Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 ORB Banke HSBC 184 High Street Bromlev BRI IHE Page I
Starflsh Asla Trustees, Report The trustees of the Starfish L%la CIO here present the report and financlal statements for the period ended 31 Maich 2024. The financial statements have been prepared In accordance wlth the accounting policles set oirt in note I to the financial statements and comply with current statutory requirements, the charity's trust deed. the Charlties Art 2011 and 'Actounting and Reporting by Charities.. Statement of Recotnmended Practice appllcable to charities preparlng thelr accounts In accordance with the Financial RekN)rtlng Standard applicable In the UK and Republic ot Ireland IFRS 1021- leffettice l January 20191. Statement of Trustees. responslbllltles The law applicable to charitie5 in England & Wales requires the trustees to prepare financial statements lor each fTnanclal year whith glve a true and falr view of the Char5$ financlal actlvitSes during the period and of its financial posltion at the end of the perlod. In preparing financlal statements giving a true and fair view. the trvstees should follow best practice and.. select sultable accounting pollcies and then apply them consistentlv: • obsetve the methods and prlncipals In the Charftles SORP.. • make judgements and estlmaEes that are reasonable and prudenL' • state whether applitable UK Accounting Standard5 and statements of Tecommended practice have been followed, subject to any materlal departures disclosed and explained in the financial statements,. prepare the financial Statements on the going concern basis unle55 It Is inappropriate to presume that the tharity will continue IWL bu5ines& The trustees are responslble for keeping adequate accounting records that disclose wlth reasonable accuracy at any time the financial p051tton of the charity and enable them to ensure that the financial statement5 comply with the Charities Art 2011. They are also responsible for Safeguarding the assets of the charity and hence fortaklng reasonable steps for the prevention and detection of fraud and other Irreg¢Jla¥itie5. The trustees ale responslble for the maintenance and integrity of the cha¥ity and financial information included on the charitvs website. Legislation in the United Kingdom governing the preparatSon and dissemination of financial statements may differ from legislation in otherjurisdictiorls. Achlevement Revlew Thls report looks at what the charity ha5 achieved and the outcomes of its work In the reporting perlod. The trustees report the Success of each key actwity and the benefits the charity has brought to those groups of people that it 15 set up to help. The review also helps the twstees ensure the charitvs airns, objectives and activities remained focus on its stated purpose. The trustees have Telerred to the guidance contained in the Charity Commission's general 8uidance on PublSc Benefit when reviewing their aims and objectives and in planning the future activities of the charlty. The trustees ensure that activities contribute to the aims and tsbjective5 they have set. Page 2
Starfish Asia Trustees, Report (contlnuedl Purposes and ?Ims The Objects of the charity are, for the pubSk benefit, the relief of poverty. sicknes5 and distress, the advancernent of e4Jutation and the advancement of the Chrlstlan falth, exclusively in Pakistan. Pakistan is facing a serious challenge to ensure all children. particularly the m05t dlsathiantaged, attend, stay and learn in school. It was Teported In the Pakistani DAWN newspaper in September 2021 that "Out of all children in Pakistan between the ages of five to 16 yeaT5. 32 per cent, i.e. one thlrd, are out of school. Thi5 amounts to an estimated total of over 20 million." The often marginalised Christian minority, who are amongst the Poorest se£tlDn of society and often discrimi¢7ated against, have little realistic access to educatlon from the natlonal or provSncial 8overnments. The hl8h inflation rale and the associated raise in the tost of Ilwng Is exasperatlng the sltuatlon forthe very POOTest in Pakistan. The selection of benefici3rie5 15 carried out by the executwe of the Board of Starfish Pakistan, an independent reglstered Trust in Pakistan, wknse trustees are respected member5 of the Pakistan Christian community. During thi5 financial year one trustee has ieslgned due to a change In hls circumstances with two new members being added, bring•ng expertise from within the Christian and educational management world. Starfish Pakistan is also responsible for the distrtbution ol grants to the supported projects. Grants are paid monthly to locally fegistered trusts which oversee schoo15 and other institutions run by trusted Pakistani ChrlstSan leader5. Oue to a chan8e the law concernin8 Trust registration, alongwith local bureaucracy we are noticing 5ignifiEant challen8es in this re8ard. This Includes the blockin8 of trust bank accounts making our practice5 har¢Jer to lulfil. It ha5 a150 been Starflsh Paklstan's practSce over a number of year5 to di5trlbute teacheT 5tipend5 directly to individual teaihers throu8h their mobile phones. This system wa5 introduced in order to increase transparency afid show that teache15 were ieceivin8 the a8reed amounts. The principal riteria are that the selected schoo15 5UPPOrt the poorest farnilies in the communSty, and that evidence is provided that the aims and objectSve5 of the char4ty are being implemented and achieved. There is constant and regular Interaction between Starfish Pakistan and Starfish Asia, especially in regard to Ihe disbursement of Testricted funding made to approved projects. The relationship between Starfish Asia and Starfish Paknstan Fs documented in a Partnershtp AgreemEnL updated in June 2017. A new a8¥eement was put in place in September 2022 and will run till 2027. Starfish Asla In the UK èn8a8es few volunteers. Mr. Mlchael Wakety and hls wlfe continue to work a5 volunteers Iwithout payl although Keistin's official role has now basically ended due to 111 health. Our two part-time employees continue to work for the charity. Mr Robert BavingtoR as CEO and Mrs Elizabeth Ellis as Administrator. Thi5 year we have begun WOTkin8 Wlth Ali Geake Communications who have provided 5tsff and trustees wlrh tralning In Fund-ralslng as well as producing a new C3se for support entitled Chan8lng Destlnles. We contlnue to Use Susle Arther of GSGSorted All are fully approved by, and answeiable to, Ehe Trustees. Achlevements and performance The Executlve Trustee's Report sets out the sSgnlficant achlevements and performance dtsrlng theyear. Flnantlal revlew Whllst Starfish Asia doe5 not make any unconditlonal grant commltments, every attempt Is made to grant to each supported school or proleet a monthly amount whlch meets an aRreed proportion of its cost5. To acheve this, the charity stresses in all of its IltÈrature the need for regtslar committed 8lvln8 by Its own supporters. The Èru5tees are Provided with detailed management accounts which report piogiess and performance. Page 3
starfish Asla Trustees, Report (contlnued) The charlty aims to maSntaln a balance of unrestflcted funds of e4uivalent to being able to provide 3 rrinlmum of 3 months support, whlch currently equates to around £90.000 to cover both expenses in Pakistan and UK 1£20,CK>O required for UK alone). The balance in the unrestrirted funds at the end of thls period is around £71.000. The tharlty tontinuegto seek to increase support to more projects sn Pakistan as funding allow5. The trustees have assessed the major risks to which the charity is exposed. and are 5atislied that Systems are in place to mitigate exposure to the major risks. Risk Wbthin Paksstsn The most slgnlficant operatlonal rlsk concerns the selection of beneficiaries and the dlstribution of grants within Pakistan. The trustees con5iderthat the processes and arrangements made with the trustees of Starfish Pakistan are sufficient to ensure that grants are made only to those schools which meet the criteria of providing basic education and care in a Christian context to the poorest in soclety. In December 2023 Starfish Pakistan applied for re-registration with the Economic Alfairs Division of the Government of Pakistan. Th$ was finally appyoved March 2024, and an MOU signed 8ranting Starfish Paklstan the right to receive funds from overseas until December 2027. With the continuin6 political unrest one is never certain as to how any new government might vSew the NGO StOr and its ability to send foreign money into the country. The trust notes an increased tendEncy from the local bank to require extra information before allowin8 the monthly tfènsler of funds to go through. Work is a150 urgently undenmay for the re-application a5 a trust due to changes in trust law In Pakistan and wlth that application lor tax exemption due to charity status. Currency fluctuatlon rlsk Over this financial year the exchange rate ha5 largely been stsble, however even a Small drop In value has had an impact in the amount of money needlng to be seni each rnonth. The prevous budget was affetted as ihe rate did nol rise to the level preditted. Inflation 15 Still CUTrently running at around 20%, the effects on schools and teachers is often comrnented on in discussion wtth Starfish Pakistan staff. Althou8h genefal fund resetves are still healthy we are aware that there is a regular shortfall and steps are beln8 taken to rectlfy thSs without reducing support abroad. Fund-ralsln8 Rlsks Starfish A51a CINltinues io stand (by God's gracel on donation5 from individuals, Trusts and Churches / organlsations. The levels of commitment have generally stayed stable. However. one significant trust has ceased to support Us duTin8 thi5 year and 3 further organisatlon ha5 ceased iys funding attltIeS following the death of its founder. In order to push forward in the area of fund-ralsinL a new Case for Support wa5 produced and traifiin8 received for siaff and trustees. Although we feel a hardened climate we are thankful to God that our income remain5 Steady and we have not suffered the same large drop In Income as many 51milar organlsations. Page 4
Starflsh Asla Trustees, Report {continued) Structure, 8iwernan¢e and management The trustees who served during the accountlng perlod ènd up to the date of signature of the financial statements were.. Devln 5cobie Ichalr from 19 March 20201 Mlchael Wakely Iirusteel Marlorle Murphy Itrusteel Stephen Curran Itrusteel Colln Wrigley Itrusteel Shella Thomas Itrusteel Nathan Javed lappolnted November 20221 The trust deed provides for a minitnum of 3 trustees. The indurtlon and trainlng of new trustees into the work of the charlty and responsbilities Is yndertaken by the C.E.O and the Chalrman of the CIO. The tiustees met four times this financial year including two face to face meetings In London. They agree the broad strètegy and areas of activity of the Charity. Including consSderation of grant making. reserve and risk policies and pertormance. Management decisions and the daily conduct of the Trust including fund-ralsln£, partnership decisions related to the projects In Pakistan, etc. are taken by the CEO, subject to the Trust's policies and the final oveisight of the Board. Declslons of Pollcy, appolntment of staff ènd major finantial commitments are made by the Board. Relatlonshlp to Stathsh Paklstan Starli5h Pakistan is an independent Trust rÈgistered in Pakistan with its own 8oard of Trusrees and financial audit. Starfish Asia provide5 funfls to Starfish Pakistan on the basis of a signed 'Partnership Agreement,. This agreement is for a perlod of 5 years and rans till September 2027. 5alarle$ and beneflts Mr Robert Bavington's salary has been set by the trustees and will be reviewed on an annual basls. Mrs Eliiabeth Ellis continues to work part-time on a salary dlded by the trustees. Accountancy charges are paid to Ms Susie Arther of GSG Sorted. The work undertaken by Ali Geake Communicatsons was decided on a fixed price. The charity ha5 llo trading subsidiaries. No employment benefits have been paid to either staff or trustees. Overseas expend4ture Funds transferred over5ea5. exclusively to Pakistan, have all been sent via regulated Bank transfer frorn the Starflsh Asia account, held with HSBC. UK. to the Starfish Paklstan atcount Sn Faysal Bank, Lahore. No cash is halld-carried Or transferred by any other means overseas. No funds afe sent by any means direct to projects or personal accounts wherever possible. This a150 applie5 to transfe¥s rnade to The Elisabeth Memorial Welfare Trust (EMM) with whom we have begun working and have a Partnership Agreement. All fund5 sent to 5t8rfish Pakistan la Registered Trust) and EMI la Registered Trust) are subject to annual Audit and to the checks and balances set in place by the trustees ol the respective trusts. Most funds are translerred 35 Restricted Funds designated lor specified projects. According to the rules of the Audit, no funds Iwlth a lew monitored exceptlOn51 ère transferred to any personal accouftts. Page 5
Starflsh Asla Trustees, Report (contlnued) The trustees are satisfied that the chariV5 rlsk management policy and procedures adequately addfess the r15k5 to the charity arising frorn its ac15vities where It operates. Intome from outsldè the UK St3rfsh Asla recelves few fttnds from outslde the UK, wlth the exceptlon of oc£aslonal Income from the USA and Canada. These donations have inC352d this year followin8 the C.E.O's visit in September. Starfish Asia has re-e5tablished a partfter5hip with BKF, Netherlands whereby they wlll make regular donatlons for a number of schools and projects In Paklstan. AppointmantDf External Examlner Mr. TIM Sulllvan of Sulllvan Fleld, Chartered Accountants, contlnue as our Extemal Examlner for the current flnanclal perlod. The tru&tees' reportwas approved by the Board of Trustees. Devln Stoble Chalrman Dated.. PaEe 6
Starflsh Asla Trustee5' Report {continued) C.E.O'$ REPORT: APRIL 2023- MARCH 2024 Overvlew This year has been a year of con501idat¥on and transition from the past into the beginni of new way5 of working and an enlarged vlslon. This has not been a qukk Process but foundatlons tske time put into place. The hopels that thts will 8ive increased stability and sustaSnabllity for the Charity, wlth God's help. More work certalnly needs to be done In teTms of fund4aislng initiatives to 8et nearer the ambltlons of the Case For Support - Changing DE5tinie5. Over thfjs peilod however. the main focus ol the woik ha5 contintsed provldln8 education to thousand5 of children, 8lvin8 5UPPOrt and training to over 400 teachers as well as provldlng scholarshlps to nearly 200 young people for further and higher education. We see the hand ol God in the mi185t of some darktlme5 and See hi5 leadlng a5 we come out the other side. Despite new, clear guldelines for the eptance of appllcatlon5 there was still an over commitment bv Starflsh Pakistan for the scholarship fund. Rob ha5 now loined the scholarship comrnittee and will be more hands-on Sn the acceptance process, having met wlth the committee a couple of times. Steps have been taken to Improve the follow-up of students and thls contSnues as a Work In progress. Numbei of puplls wSth our supported schools are slowly ret4Jrning to pre-covld levels. Many chlldren seem to have found employment while schools We closed and slmply have not returned to their educatlon. The issue of educational dropout is one that we must seriov51y con51der for future projects, flndln8 ways to keep children in school till they complete theiF matriculation. Teacher trainlng focus was on improving English led by Guat, a professw In Engllsh from SIDgapoTe. Thls was followed up by Nigel Patterson conductlng further. smaller sc31e Engllsh 5ernlnars. Rob, as well a5 Devin Ichairmanl managed to vlsSt Paklstan again. Each visiting lust oncè on their own. Representatlves from BKF also vlslted for the first time. Mlke's book "The Amazing story of Pakistan's ChrSstians" was publlshed and he kindly used St as a means for brSnginE in funds to Starfish Asia. The book is avaSlable for adult readers in UK and Paklstan as well as a school text book for years 8-10. Consolklatlon at Home and Abroad The UK Boèrd.. The Board has tM)w lound a new"p05t-covid" rhythm and I$ some meetings vla Zoom whlle atso havine 2 in peTson meetings each year. This year has seen a continuatlon of growlngtogether ès a tearn as well as a push for greater Input from board members. UX leadershlp and staff team.. As Rob Uavington develops hSs role as Chlef Executive of Starfish Asia UK the translilon proce59 moves forward. He continues to work closely tO8etheT with liz Ellis. Mike Wakely contlnue5 to be involved whlle Kerstln's health has meant that she has handed all her responsibility over to Ilz. The Work of transitlon has contlnued with the board agreelng to engage help from fund-ralsers All and Carlton Geake. Followlng thelr Input and training further dlseusslons are ongolng as to what otheT human resource5 lif any) mSght be needed to continue developinE the Charitv. Leader5hSp In Paklstan= Rev. Danlshmand Wasti and hls wlfe Jasmlne continue to grow into the leadershlp of the work in Pakistan. Thi5 ha5 not been 3 completely easy process and there are rtlll signlflcant areas that need to be addressed. A review of the internal processes Wlthin the office as well "man management Issues" was carried out and Starf15h Pakistan has rertified a number of their practices which were felt to be falling. A follow-up assessment Is planned for Ottober 2024. De5plte the addltion of extra staff, the¥e Ss a growlng realisation that the £urrent number of project5 IS too much to be handled efficlentty. Thr5 Is not just an administratlve issue but maybe more importantlyan issue of educational quality. Pa8e 7
Starfish Asia Trustees, Report {contlnued) DIversifitI0n'. We continue to investigate the possible advantages of diversificatSon. not from our core work, but from only working through Starfssh Pakistan. Our partnership with the Eliiabeth Memorial Welfare Trust 15 working very well. Through this trust we support 4 schools and a program of discipleship development in partnership with the Open Theological Seminary IOTSI within 13 sthools Hot connected with Slarlish Pakistan. This work is overseen by Walter Wahee(l. Rob has also met with leader5 of a couple of eKlSting organisation5 who Share 5fmilar value5 to 5tath5h with the idea of possible partnerships in the future. Oiversilicalion is a possible way to both improve the quality of education in our existing supported schools as well as ivbcreasing the number of supported projects. Although there will always be rtsks Snvolved with working with new partners there is also much that may be gained. This could even be a more cost effective wav forwaid than setting up reglonal offices of Starfish Pakistan. Achlevements STh Pakistan Everything that Starfish Asia Is able to achleve Is dependent on three thing5. Flrstly. the amazlng overall care and sovereign Control of &)d. of which we are regularly aware. Secondly. the constant generosity of our donors, sUPPOrters and friend5, without wh05e partne15hip nothing would be possible. Thirdly, the dedication and hard work of the staff, volunteers. project leaders and teachers in all ihe schools and projects we support in Pakistan. We give thanks to God for thern all. In 2023-2024 we have continued to help about 10,(KIO children reCee an educatlon with Chri5tiafi values and Bible teaching. In thls period, we been able to: • Provide support to 50 schools Wlth regular financial help, especially for teachers, salaries. We also support 5 homes and centres forchildren with spectal needs as well as a community health project. • Provide furniture and equipment plus on8oing fepairs to 15 5choo15, Wlth new toilets, desks and chairs, fans, computers, etc. • Provide S schools with solar panels to help with their energy costs and provisS0n. • Begln and /or complete 4 bullding projects givlng vastly improved faclllties to students. This include5 the major refurblshment and building of an extension for Ananias home for the blind. We are grateful to God for hls provision of two very generou5 donors for this work. • Glve fee scholarshlp awards to more than 180 students with a good number coming from Starfish supported schools. • PTovide sets of textbooks to 47 supported schools and 10.O(M) students in 2024 plus supply students wlth the Blble Curriculvrn book5. We provlded a further 26 s(hools with text books for their 2500 students • Meet kholarship student5 on a touple of otcaslons for rnutua5 encouragement. meeting wSth the Starfish Paklstan team and LJK Chairman, Devtn. Conduct teacher training in Abottabad with a focus on improved English. There have also been a number of 8atherings for Project leaders focusiTrg various issues of leadership and school management. Carry Out regular vlsits to all schools, through Danlshmand, Jasmlne and Johnson. Thus keeping a watchful eye on how the schools are performlng, Issues that need addressin& as well a5 gaining better insight into their accountlng systems and noting improvements in many schools. Thls has hSghllghted short-cornlngs in many area5 and a need for computln8 equlpment for each school so ihat Ilnancial records can be kept better. Organi5e and hold tnock exams for the majorlty of year 9 and 10 students. These "unified exams" gave the pupi15 an experlence of what to expect from thelr actual exams and gave the teachers a chance to See where the pupi15 needed impi(trvement. • Forge better links with our partners In other countrles. We have seen an Increase in support from USA as well as Canada. StarfI5h Singapore has been re-vitalised and provided extra funding when requested. Thev rewrt their support base as being stable and are tak5ng the initiative to publlcise the work and encourage Involvement at different levels. Page 8
Starflsh Asla Trustees, Report {continued) Targets outllned from14st yearfs report: Re-establIshi Starf15h USA and developing partneTshlps with new and e$tIng contacts. DONE • Establish Starfish Canada and see them support 3 schools by the end of the financial year. DONE but only one school supported See Increased support from Starf15h Sln8apore and BKF INetherland51 DONE Adopt the new Case For Support and throu8h its use (along with thè abovÈ} 5ntrease our Income by £440,000. Adopted but increase not yet seen Restructure how support 15 given to existing and new schools. Steps taken but not fully rea115ed Investigate p055ibiltties for a teacher training centre to better equlp Chrlstian teachers. Decision to move to more localised tralning to be more accessible to ALL teacher5 Plans for the future Starfish Asia remalns primafily commltted to supporting education in Pakistan and to see Increaslng qualitv wlthin all supported proletts. We are still workln8 tOWÈfds being in a PDSltion to improve the quallty of the schools we curfevbtly 51JPPDrt AND look to providing support for more schoo15. We continue to work to, not only release new and increased fundln& but also hjndamentally look at our working practices and think creatlvely so as to support practical solutions whith make an impact. Our ernphasis remains to help those from poor families mainly (but not excluswelyl from the depTived Chrlstian community in Pakistan. In order to ccomplish this. we continue the slow process of forging strategic partnership5 both in P3ki5tan 35 well a5 other parts of the world, not only to brlng in increased financlal support but also expertlse, Innovatlon and practlcal solutlons. In the Ilght of thls we set tar8ets for the comlng 2 years.. 2024- 25 Irevlsed from la5tyearfs report): lfttrease the support ralsed by £400.0[1 Forrn 5trateglc partnershlps for the overslght and support of existing schools including Working wth the Starfish Pakistan board to look at the longteim structure and leadership of Starfish Pakistan. Increase the number of supported projects through increased number of partners. Oevelop a strategy for teacher tralning whlch Includes regular, lo(a115ed teacher development. Identify a"Champion" to develop Initiative5 for ralslng awareness and funds lor Starflsh USA. See Increased support from Starfish Canada, 51ngapore and BKF 2025.2026: Increase the support raised tts £1.5 million Increase nvmber of support schools Implement new teacher tratning strategy together with new partners Pa8e 9
Starfish Asia Trustees, Report Icontinued) Finally These are our goals and we know they can onty be attalned by the grace of God and the extraordinary generosity of our donor5. SUPPOrters, and friends- and also by the heroic hard work and dedltation of our staff and all the teachets in the schools and projects we are commltted to in Pakistan. Rob Bavin8ton Chlef Execuilve Officer. Starf55h Asl• july 2024 Page 10
Starflsh Asla Independent Examlner's Report to the trustees of Starlish Asia I rèport to the charlty tru5tee5 on my examination of the actount5 of the charity for the year ended 31 March 2024 which comprise the Statement of Financial Attivities. the Balance Sheet and lated notes. This report Is made Sole to the charitrf5 trustees, a5 a body, in accordance with Section 145 of the Charitles Aet 2011. My work has been undertaken so that I might state to the charitvs trustee5 those matters l am required to state to them chSs report and for other purpose. To the fullest extent permitted by law, I do not accept or assume re5ponsibllity to anyone other than the tharity and the ch8ritVs trustee5 as a body, for my work, for this repor¢ orfor the oplTrion51 have formed. Respon5rbilitles and ba$1$ ol report As the charity tfU5tees of Starfish A513 you are responsible for the preparatlon of the account5 in accordance wlth the reoulrements of the Charitie5 Act 20111.the Act'l. I report In respect of my examlnatSon ofthe Starfish Asia's accounts carried out under sectSon 145 of the 2011 Att and in carrying ot my examinatlon I hève followed all the applScable Direttions given by the Charity Commis51on under sectlon 14515llbl of the Act. An independent examlnation does not Involve gathering all the evidènce that would be required in an audlt and consequently does Trot tover all the matters that an auditor conslders In givlng their opinion on the financlal statements. 7he plènnlng and conduct of an audit goes beyond the Ilrnlted assurance that an independent examination tan provide. Consequently l express nts oplnion as to whether the financlal statements present a 'true and falrf vlew and my report 15 Ilmited to those speclflc matters set out In the independént examinerfs statement. Independentexamlnerfs rtatement Since Starfish Asla's 8ross income exceeded £250,000 your examiner must be a member of a body Ilsted In section 145 of the 2011 Act. I conftrm that l am qualSfied to undertake the examinatlon because l am member of ICAEW, which 15 one of the listed bodles. I have cornpleted my examlnatlon. I confTrrm that no materlal matters havè come to my attention In connection wlth the ex3minatlon giving rne cause to believe that in any materlal respect.. l. accountlng records were not kept in respect of Starflsh Asla as required by sertion 130 of the Act,. Dr 2. the financial statements do not accord wlth those records.. OT 3. the financial statements do not comply with the accountlng requlrements concernlng the form and ontent of accounts set out in the Charitie5 (Accounts and Report51 Re8ulatlons 2008 other than anv requirement that the accoufkts give a 'true and falr view, which is not a rnatter considered as part ol an independent examlnation. I hève no concerns and have come aeross no other matters in connectlon wlth the exarninat%on to which attEntlon should be drawn in thls report Fn order to enable a proper understanding of the accounts to be reached. Page 11
Starflsh Asla Independent Examlner's Report to the trustees of Starfish Asla Icontlnued) Tlrnothy Sullivan FCA ICAEW Field Su115van Limited 9 Hare & Billet Road Blackheath SE3 ORB Date.. Page 12
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Starflsh Asla (Reglstiatlon number: 1181649) Balance Sheet as at 31 March 2024 2024 2023 Note Current a55ets Debtors 12 21,310 151,435 10.243 169,296 Cash at bank and In hand 172,745 179,539 Credltor5'. Amounts fallln8 due wlthln onèyear 14 17,2201 15,8671 N•t assets 165,525 173,672 Funds of the ¢harlty: Restrlcted Income funds Restrl¢ted funds 97.175 74,101 Unre5trfrted In¢ome funds Unrestricted funds 68,350 99,571 Total funds 17 165,525 173,672 The flnanclal statement5 on pages 13 to 26 were approved by the trustees, and authorised for issue on 2 September 2024 and s18ned on thelr behalf bv: Ml¢hael Wakely Trustee The notes on pa8e5 16 to 26 form an Integral part of these financlal statements. Page 14
Starllsh Asla Cash Flow Statement for the Year Ended 31 March 2024 2024 2023 Note Cash Ilow5 from operatlng 8rtl¥ltles Net cash expendlture 18,1471 124,1401 Adjustments to CJ5h Ilowsfrom non-ca5h Items Investment income 12,9651 17161 124,8561 111,1121 Working capital adjustments Ilncreaselldecrease In debtors Increasejldecreasel In treditors 12 111,0671 1,353 7,123 56.9911 14 Net cash flows from operatIg actlvitie5 120,8261 174,7241 Cash IIow5 from ImiestlnB 3ctlvltles Interest recelvable and 5Imllar Income 2,965 716 Net decrease in cash aad cash equivalent5 117.8611 174,LKJ81 Cash and cash equivalents at l April 169,296 243.304 Cash and cash equivalents at 31 March 151,435 169,296 All of the cash flows are derived from continulng operations dLrrlng the above two perlods. The notes on pages 16 to 26 form an integral part of these financlal statements. Page 15
Starf15h Asla Notes to the Finandal Statements forthe Year Ended 31 March 2024 I Charlty Status The rharity is domiciled in En8land and Wale5. The address of its reg¢5tered office is.. 32 Beck Lane 8R3 4RE Starfish Asia is a charltable Incorporated orBanlsatlon. These flnanclal statements were authorised lor issue by the trustees on 2 September 2024. 2 Atcountln8 pollcles ststement ol compll?nce The financial statements have been prepared in accordance with Accounting and Reporting by Charitie5'. Statement of Recomrnended Piattice appllcable to charitles prepailng their accounts in accordance with the Financial Reporting Standard applrcable in the UK and Republic of Ireland IFRS 1021 leffeclive l January 20191- (Charities SORP IFRS 1021 Second edition October 20191, the Financièl Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. They also comply with the Companies Art 2006 and Charitie5 Art 2011. Ba$ls of preparatlon Starf15h Asia meets the definition of a public benefit entity under FRS 102. The accounts Ifinancial statements) have been prepared under the histOf¢cal cost convention with items recognised at cost or transactlon value unless otherwise stated in the relevant notelsl to these ac¢ount5. Golng concer The trustees COnder that there are no material uncertainties aEK)Ut the charitys ablllty to contlnue as a going concern. Pa8e 16
5tarflsh Asia Notes to the Flnanclal Statements for the Year Ended 31 March 2024 Icontlnued) Judgements and keysources of p5tlrnatlon uncertalnty In the èpplication (Ff the charitvs accountlng politie5, the tru5tee5 are required to make judgements, estimates and assumptions about the carrylng aTnount of assets and liabilities that are not readlly apparent from other sources. The estimates and associated assumption5 are based on hlstorlcal experlente and other factor5 that are conslderers to be ielevant. Actual results may differfrom these estimates. The estimates and underlying assumptions are revlewtd on an ongoing basls. Rev15ions to accounting estlmates are recogni5ed In the perlods In which the estimate is revised where revisions affects only that period, or In ihe period of the revlslon and future periods where the revisions affects both current and future perlod5. Income and endowments Voluntary income Includlng donatlons, gifts, le8acies and grants that provlde Core fundlng or are of a 8eneral nature is recognlsed when the thafity has entitlement to the Income, It Is probable that the Income wlll be received and the amount can be measured wfth sufficient Teliabllltv. DotIonS ond kgocies Oonations and legaties are retogn55ed on a receNable basis when recelpt Is probable and the amount can be rellably measured. Investmentlntome Divldends are reco8ni5ed once the dividend has been declared and notification has been received of the dldend due. Expendltyre All expenditure is reco8nised onte there is a legal or constructive obligation to that expendlture, Itls Probable settlement is required and the amount can be measured Yeliably. All cost5 are allocated tts the appllcable expenditure headlng that aggregate similar costs to that category. Where tosts eannot be directly attributed to particular headings they have been allocated on a basis consistent wth the use of reso¥Jrces, wlth central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other 5UPPOrt C05t5 are allocated based on the spread of staff costs. Rolslnglunds These are costs Incu¥red attracttng voluntary income, the management of Investments and those incurred lft trading activities that Taise fund5. Chtyrlttsble tsctivitle5 Charitable expeniliture comprises those costs Sncurred by the charlty in the delivery of it5 activities and 5etvices for Its beneficlarles. It includes both costs that can be allocated directly to su(h activitie5 and those costs of an indirect nature necessary to stspport them. Pa8e 17
Starflsh Asla Notes to the Flnanclal Statements for the Year Ended 31 March 2024 (continued) Grantprov151ons Provislons for grants are made when the intention to make a grant has been communt£ated to the recipient but there Is uncertalnty about either the timing of the grantorthe amount of grant payable. Support costs Support costs include central functtons and have been allocated to artivity cost categories on a basis conslstent with the Lt5e of re50urtes, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their u5aBe. Govemance costs These include the costs attributable to the charivs compliance with constitutional and statutory requirements, including audit. strategic management and trustees meetings and reimbursed expenses. Tamatlgn The charity is considered to pass the tests set out In Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a chafttable company for UK corporation tax purposes. Accordlngty, the charity Is potentially exempt frorn taxatfjon In respecr of In£ome or capltal galns received withln categories covered by Chapter 3 Part 11 of the CorrM)ration Tax Act 2010 or Settion 256 of the Taxation of Cha¥geable Gain5 Act 1992, to the extent that such income or gain5 are applied extlustvety to charttable purposes. Trade debtors Trade debtors are amounts due from customers for merchandise sold or servke5 performed In the ordlnarv iourse of business. Trade debtors are CognISed ihit1è1 at the transactlon prlce. They are subseouently measured at amortlsed cost uslng the effective interest method. le55 prowslon for impalrment. A provlsion for the impairment of trade debtors 15 established when there is objective evidence that the char6ty will not be able to collect all amounts due accordingto the original term5 of the recelvables. Cash and cash equlvalents Cash and cash equivalents comprlse cash on hand and call deptssits. and other short-tem highly Ilould investment5 that are readily convertible to a known amount of cash and are subject tt> an inslgnilic3nt risk of change in value. Fund strUcre Unrestricted Income funds are 8eneral fundsthat are available for use at the trustee5 discretion in furtherance of the objectives of the charity. Restricted inctsme funds are those donated for use In a particular area or foi 5petific puip05e5, the use of which is restricted to that area or purpose. Page 18
Starflsh Asia Notes to the Financlal Statements for the Year Ended 31 March 2024 (contlnuedl Pen510h5 ad other post retlremeTrtobllgat5ons The charity operates a defined contribution penslon scheme which Is a penslon plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligatlon to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee servlce In the current and prSor periods. Contrlbutlons to defined contribution plan5 are recognlsed in the Statement of FSnanclal Attivitles when thev are due. If contributlon payments exceed the contrlbutlon due for servlce, the excess is retognlsed as a prepayment. 3 IcoMe1r0rn donatlon5 and leBo¢les Unrestrlcted funds General Restrkted fund$ Total 2024 Total 2023 Donattons and legacte5,' Donations and grants Gift aid reclaSmed 232,401 27.485 387,838 620,239 27,485 546,936 31,169 259.886 387.838 647,724 578,105 4 Investment Incorne Unre5trfrte fund5 General Total 2024 Total 2023 Interest receSvable and slmilar In£ome.' Interest receSvable on bank deposlts 2,965 2,965 716 Page 19
Starfish Asla Notes to the Financial Statements for the Year Ended 31 March 2024 (continued} 5 Expendlture on ralslng funds al Costs of generatlng donation5 and le8a¢les Unrestrlcted funds Geneial Total Totsl 2023 Note Fundratsln8 costs 3,035 6 Expendlture on charitable actswitles Total 2024 Total 2023 Note Office and admlnSstratlon expense5 MènaEement expenses Travel and subsistence 12,960 54,369 4,075 2,197 518.331 30,763 3S,443 11,830 59,444 2,199 1,927 472.844 26,666 25,016 Bank charges Grant fvnding of actlvitles Staff costs Suppport costs 658,138 599,926 Pa8e 20
Starflsh Asla Notes to the Flnancial Statements for the Year Ended 31 March 2024 Icontlnued) 7 Analy515 of governance and support cost5 Support Costs Unrestrlded funds General Totsl 2024 Total 2023 Staff costs Wa8es and salaries Pension costs Meeting expenses Staff traSning Independent examlner's fee 2L333 640 21,333 640 19,5 585 517 517 1,644 8,700 4,253 8.700 4.253 3.287 35,443 35.443 25.016 8 Grant-maki Analy51$ of grants Below are details ol material grants made to institutiotbS. 2024 2023 Name of In5tltulion School 8ooks and Bibles Scholarships Talent Ministry Blair Trust Model Schools Holy Shepherd Grammar School Ghouri Education Development Society Edkasa Dean Public School other 34,072 32,592 11,348 26.968 12.294 10,635 28,289 26,888 12,218 26,100 10,158 9,641 5,219 11,913 342,418 472,844 4,571 385,851 518,331 Page 21
Starfish Asla Notes to the Flnancial Statements for the Year Ended 31 March 2024 (continued 9 Trustees remwnerallon and èxpenses Dvring the year two trustees were reimbursed travel and 5ubsi5tence ard printin& postage and stationery expenses arnountlng to £1,69112023- two trustees reitnbursed travel and trainillg expense5 of £3.7501. Oonations made by the trustees wthoUt any conditions attached totalled £14,416 for the year 12023 £19,745). 10 Staff costs The aBgregate payroll costs were as follows: 2024 2023 Staff Costs durlngihe yeaT wère: Wages and salaries Penslon costs 51,200 1,536 45,389 1,362 52,736 46,751 The number of pprsons IlncludlnB senlor management i leadershlp teaml employed by the charlty during the yearwas as follow5.. 2024 No 2023 No Operatlon Adminlstratlve No employee received ernolurnents of more than £60,000 durln8 theyear The total employeè benefits of the key management personnel of the charity were £30.76312023- £26.6661. Page 22
Starfish Asia Notes to the Flnanclal Statements for the Year Ended 31 March 2024 (contlnued) 11 Taxatron Thè charity15 a reg15tered charlty and Is therefore exempt frorn taxation. 12 Debtors 2024 2023 Prepayment5 Accrued income 3,214 10,200 7,896 2,997 Other debtors 7,246 21,310 10,243 13 Cash and ta5h eqvlvalents 2024 2023 Cash at bank 151,435 169,296 14 Credltors: amoun15 falllng duewlthlTr one year 2024 2023 Othertaxation and social secuTIty Other credltors Accruals 2,073 307 1,824 3,231 812 4,840 7,220 5,867 IS Penslon and others¢hemes Deftned contrlbutlon pÈn51on scheme The charity operates a deflned contrlbutlon pen51on scheme. The PEnsion cost char6e fijr the year represents contributions payable by the charityto the scheme and aTnounted to £1.53612023-EI,3621. Page 23
Starflsh Asla Notes to the Financial Statements for the Year Ended 31 March 2024 (contlnued) 16 Commltments Starfish Asla continues to SUPIM)rt many projects and related costs of whlch monthly funding h85 been committed. The monthly commitment amouTrt5 to £53,446. The commitments are in Pakistani Rupee PKR18,845,500 exchange rate PKR352.60721£1 at 31 March 2024. There 15 no legal obligation to continue this fundinE and the level of regular funding may decline if sufficient reserves are not available. Funds will be paid to Starfish Asla, Pakistan who wlll distribute these rnonies to the agreed entities. Continued funding 15 dependent on evidence belvE PTovided Showing the airns and objectives of the charity are being irnplemented and athieved. Monthly comrnitments will be funded from current resekves and future income. 17 Funds B?lance at I Aprll 2023 Incomlng resources Resources expended Balancè at 31 March 2024 Unrestricted fvnds Geneml Geneial Funds 99,571 262,851 1294.oni 68,350 Restricted funds Flve Model Schools School Books and Bibles Scholarships Bible Curriculum 24,000 23,363 25.107 18.000 124,0(M)I 117,9991 132,5921 117,2781 340 11.925 17.093 37 5,704 4,440 17,815 37 Building Fund Lighter for Life Mlnistfies The Voice of Childen School other SuppDrt for Schools in Pakistan Staff and Spiritual Development School Upgrade5 Star Shine School Flood Appeal/Relief 3,797 5,221 9.500 12,200 17,6931 110.0611 5,604 7,360 23,026 12,246 198 271,456 1238,5191 112,2431 17461 13.6331 55,963 560 12 3,652 19 218 218 74,101 387,838 1364.7641 97.175 Totsl funds 173,672 650,689 1658,8361 165,525 Page 24
Starflsh Asla Notes to the Financlal Statements forthe Year Ended 31 March 2024 {contlnued) Balance at I April 2022 In¢omln8 resour£es Resources expended Balante at 31 March 2023 Uniestrl¢ted funds 6ellerol General Funds 108,288 303,550 1312.2671 99,571 Restrlrted fund5 Five Model Schools Sthool Books and Bibles Scholarships Bible Curriculum Building Fund Lighter for Life Mtnlstrles Edkasa 241 24,OLK) 32,536 32.600 16,418 16,566 9,700 124,2411 124.9961 126,8881 14,1981 116,6291 17,6161 15,4751 13,0831 19,9641 (7,2001 6,213 4,873 ICKJ 340 11,925 17,093 37 3,797 1,713 5.475 3,083 3.460 lan Pratt Improvement Proletts The Voice of Childen School Other Support for Schools in Pakistan 11,725 5,221 25.865 38.353 72 7,276 70,286 173,1251 126,1071 13,3741 17,2761 23,026 12,246 198 Staff and Spiritual Development School Upgrades Stsr Shlne School 3,500 89,524 217.331 1232.9721 73,883 Total fund5 197,812 520,881 1545,2391 173,454 The specific purpose5 forwhich the funds are to be applied are as follows.. The larger TestrScted fund5 are listed above and are all for the support of Schools Paklstan and all pald to Stèrfish Paklstan who arrange local distribution of funds. Pège 25
Starflsh Asla Note5 to the Financial Statements forthe Year Ended 31 March 20241¢ontlnued) 18 Analysls of net assets between fund5 Unrestricted funds General Total funds at 31 March 2024 Re5trlcted funds Current assets 75,570 17,2201 97,175 172,745 17,2201 Total net assets 68.350 97,175 165,525 Unre5trlcked tunds General Total funds at 31 March 2023 Restricted fund5 Current assets 105,438 15,867) 74.101 179,539 15,8671 Current Ilabilities Total net assets 99,571 74,101 173,672 Page 26