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2025-03-31-accounts

Charity registration number: 1181649

Starfish Asia

Annual Report and Financial Statements for the Year Ended 31 March 2025

Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 0RB

Starfish Asia

Contents (continued)

Reference and Administrative Details 1
Trustees' Report 2 to 11
Independent Examiner's Report 12 to 13
Statement of Financial Activities 14
Balance Sheet 15
Cash Flow Statement 16
Notes to the Financial Statements 17 to 26

Starfish Asia

Reference and Administrative Details

Chairman Devin Scobie Trustees Stephen Curran Marjorie Murphy Nigel Paterson Sheila Thomas Colin Wrigley Charity Registration Number 1181649 Principal Office St. Columba's Church St. Margaret's Place Bradford BD7 3AW Independent Examiner Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 0RB Bankers HSBC 184 High Street Bromley BR1 1HE

Page 1

Starfish Asia

Trustees' Report

The trustees present the annual report together with the financial statements of the charity 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 current statutory requirements, the charity's trust deed, the Charities Act 2011 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)” (as amended for accounting periods commencing from 1 January 2016).

Statement of Trustees’ responsibilities

The law applicable to charities in England and Wales require the trustees to prepare financial statements for each financial year which give a true and fair view of the charity’s financial activities during the period and of its financial position at the end of the period. In preparing financial statements giving a true and fair view, the trustees should follow best practice and:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Achievement Review

This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the trustees ensure the charity’s aims, objectives and activities remained focus on its stated purpose.

The trustees have referred to the guidance contained in the Charity Commission's general guidance on Public Benefit when reviewing their aims and objectives and in planning the future activities of the charity. The trustees ensure that activities contribute to the aims and objectives they have set.

Page 2

Starfish Asia

Trustees' Report (continued)

• Purposes and aims

The Objects of the charity are, for the public benefit, the relief of poverty, sickness and distress, the advancement of education and the advancement of the Christian faith, exclusively in Pakistan.

Pakistan is facing a serious challenge to ensure all children, particularly the most disadvantaged, attend, stay and learn in school. It was reported in the Pakistani DAWN newspaper in September 2021 that “Out of all children in Pakistan between the ages of five to 16 years, 32 per cent, i.e. one third, are out of school. This amounts to an estimated total of over 20 million.” This situation remains largely unchanged since the report. The often-marginalised Christian minority, about 2-3% of Pakistan’s 247.5 million population (2023 estimate), are amongst the poorest section of society and often discriminated against. They have little realistic access to education from the national or provincial governments, especially when living (as the vast majority do) in Christian slum/commune areas. The high inflation rate – averaging 30.8% in 2023 - and the associated raise in the cost of living is exasperating the situation for the very poorest in Pakistan.

The selection of beneficiaries is carried out by the executive of the Board of Starfish Pakistan, an independent registered Trust in Pakistan, whose trustees are respected members of the Pakistan Christian community. Close contacts are maintained between the UK and Pakistan Boards and, during this financial year, both boards have strengthened communications at board level between the two countries.

Starfish Pakistan is also responsible for the distribution of grants to the supported projects. Grants are paid monthly to locally registered trusts which oversee schools and other institutions run by trusted Pakistani Christian leaders. Due to a change in the law concerning Trust registration, along with local bureaucracy we have identified significant challenges in this regard. Taking on expert advice, Starfish Pakistan are in the process of registering under The Society Act as Starfish Hope Foundation.

Once registered, they will be able to seek full charitable status and tax exemption. It has also been Starfish Pakistan’s practice over a number of years to distribute teacher stipends directly to individual teachers through their mobile phones. This system was introduced in order to increase transparency and show that teachers were receiving the agreed amounts. The principal criteria are that the selected schools support the poorest families in the community, and that evidence is provided that the aims and objectives of the charity are being implemented and achieved. There is constant and regular interaction between Starfish Pakistan and Starfish Asia, especially in regard to the disbursement of restricted funding made to approved projects. The relationship between Starfish Asia and Starfish Pakistan is documented in a Partnership Agreement, updated in June 2017. A new agreement was put in place in September 2022 and will run till 2027.

In February 2025 Starfish Asia in the UK formally parted company with its founder Mr. Michael Wakely when his final Board term ended, although Mike remains at hand for background information as well as relating to trusts connected with the Bible Curriculum course. His wife Kerstin’s official role has also ended due to her poor health.

Two highly valued part-time employees continue to work for the charity. Mr Robert Bavington as CEO and Mrs Elizabeth Ellis as Administrator. This year we have used the additional services of Mr. Neville Hilton to develop new funding strategy and partners. He has been employed initially on a freelance/consultancy basis.

We continue to use Susie Arther of GSGSorted as our accountant. All are fully approved by, and answerable to, the Trustees.

The C.E.O’s Report sets out the significant achievements and performance during the year.

Page 3

Starfish Asia

Trustees' Report (continued)

Financial review

Whilst Starfish Asia does not make any unconditional grant commitments, we continue to work with a local partner for each school and every attempt is made to grant to each supported school or project a monthly amount which meets an agreed proportion of its costs. To achieve this, the charity stresses in all of its literature the need for regular committed giving by its own supporters. The trustees are provided with detailed management accounts which report progress and performance.

The charity aims to maintain a balance of unrestricted funds of equivalent to being able to provide a minimum of three months support, which currently equates to around £90,000 to cover both expenses in Pakistan and UK (£20,000 required for UK alone). The balance in the unrestricted funds at the end of this period is around £121,000. The Trustees believe this was a wonderful answer to prayer as we had to take serious action in January as our unrestricted reserves fell as low as £30,000 for a number of months at the end of 2024, triggering a number of ex officio meetings and a range of actions which, God-willing, we hope will not need to be implemented. The charity remains aware of the importance of boosting and maintaining reserves to at least a three-month level and continues to seek to increase support to existing and, we hope in time, more projects in Pakistan as funding allows.

The trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks.

• Risk within Pakistan

The most significant operational risk concerns the selection of beneficiaries and the distribution of grants within Pakistan. The trustees consider that 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 society.

With the continuing political unrest one is never certain as to how any new Pakistan government might view the NGO sector 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 allowing the monthly transfer of funds to go through. Work is also urgently underway for the re-application as a trust due to changes in trust law in Pakistan and with that application for tax exemption due to charity status.

• Currency fluctuation risk

Over this financial year the exchange rate has largely been more stable than in 2023/24 and in line with what was budgeted for. Inflation is still high in Pakistan and the effects are felt by schools and teachers. The price of energy and petrol is often commented on in discussion with Starfish Pakistan staff and our partner schools.

• Fund-raising risks

Starfish Asia continues to stand (by God’s grace) on donations from individuals, Trusts and Churches / organisations. The levels of commitment have generally stayed stable. However, a couple of regular partners have not been able to continue supporting at the same level with one stopping support completely. This led to emergency steps being taken early in 2025 and feel a deep debt of gratitude to God and our donors that they responded positively and thus only limited cuts to our work in Pakistan were required. There is undoubtedly a harder fundraising climate than previously. We are undeterred and in order to push forward in the area of fund-raising, we engaged a fundraising consultant for a set number of hours. This coming year we hope to bring him on board as an ordinary member of staff as well as engaging a consultant to initiate new fundraising drives aimed at social media and the younger generation.

Page 4

Starfish Asia

Trustees' Report (continued)

Structure, governance and management

The trustees who served during the accounting period and up to the date of signature of the financial statements were:

The trust deed provides for a minimum of three trustees. The induction and training of new trustees into the work of the charity and responsibilities is undertaken by the C.E.O and the Chairman of the CIO.

The trustees met five times this financial year including two face to face meetings in London. This included an extra meeting on zoom in the light of the financial issues being faced. The Chair, Vice Chair and CEO speak regularly and informally between meetings. The trustees agree the broad strategy and areas of activity of the charity and performance. Management decisions and the daily conduct of the Trust including fund-raising, partnership decisions related to the projects in Pakistan, etc. are taken by the CEO, subject to the Trust’s policies and the final oversight of the Board. Decisions of Policy, appointment of staff and major financial commitments are made by the Board.

Devin Scobie, as Chair, visited Pakistan three times in this year (albeit one visit was in a personal capacity in March 2025) and Nigel Paterson visited twice. On both occasions, Nigel delivered English training and Devin developed and delivered a bespoke advanced course for senior staff in November 2024. Subject to the ongoing security situation with India, a variation on this has been requested for November 2025.

As CEO, Rob Bavington made two three-week visits in October 2024 and February/March 2025 both visits were busy every day and detailed reports were shared with the UK Board afterwards. His March 2025 visit overlapped (deliberately) with Devin for a couple of days.

Starfish Pakistan is an independent Trust registered in Pakistan with its own Board of Trustees and financial audit. Starfish Asia provides funds to Starfish Pakistan on the basis of a signed ‘Partnership Agreement’. This agreement is for a period of 5 years and rans till September 2027.

Mr Robert Bavington’s salary has been set by the trustees and is reviewed on an annual basis. Mrs Elizabeth Ellis continues to work part-time on a salary decided by the trustees, also reviewed annually. Accountancy charges are paid to Ms Susie Arther of GSG Sorted. The work undertaken by Mr. Neville Hilton was agreed by the Trustees and overseen by the CEO. This was a “maximum” number of hours and cost which so far has not been reached. The charity has no trading subsidiaries. No employment benefits have been paid to either staff or trustees.

Page 5

Starfish Asia

Trustees' Report (continued)

• Overseas expenditure

Funds transferred overseas, exclusively to Pakistan, have all been sent via regulated Bank transfer from the Starfish Asia account, held with HSBC, UK, to the Starfish Pakistan account in Faysal Bank, Lahore. No cash is hand-carried or transferred by any other means overseas. No funds are sent by any means direct to projects or personal accounts. This also applies to transfers made to The Elisabeth Memorial Welfare Trust (EMWT) with whom we have a Partnership Agreement.

All funds sent to Starfish Pakistan (a Registered Trust) and EMWT (a Registered Trust) are subject to annual Audit and to the checks and balances set in place by the trustees of the respective trusts. Most funds are transferred as Restricted Funds designated for specified projects. According to the rules of the Audit, no funds were transferred to any personal accounts.

The trustees are satisfied that the charity’s risk management policy and procedures adequately address the risks to the charity arising from its activities where it operates.

• Income from outside the UK

Starfish Asia continues to work hard to build stronger relationships with partners in USA and Canada. This has resulted in extra funds coming from overseas. The CEO plans to revisit Canada in September to help boost the local groups fundraising abilities. Starfish Asia continues to be encouraged by its partnership with BKF, Netherlands whereby they will make regular donations for a number of schools and projects in Pakistan. This coming year they plan to provide support for 2 further schools.

• Appointment of External Examiner

Mr. Tim Sullivan of Sullivan Field, Chartered Accountants, continue as our External Examiner for the current financial period.

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

Devin Scobie

Chairman Dated: 2025

C.E.O’s REPORT: APRIL 2024 – MARCH 2025

Overview

This has been a further year of consolidation and transition from the past into the beginning of new ways of working and an enlarged vision. Most significant is the stepping back of Mr. Mike Wakely, the founder of the organisation. This is still very recent and the Board is sure the effects will be felt this coming year too, although most feedback has ‘assumed’ he would be retiring soon.

Reordering of foundations take time but there is a real sense, not ignoring the difficulty of the current climate, that once these foundations have been re-established we will be in a very good place to significantly increase our income and the impact we can make in Pakistan – to the Glory of God. Neville has made a great start on our fundraising strategy and now as we begin to follow this through with various fund-raising initiatives we will get nearer the ambitions of the Case for Support – Changing Destinies.

Page 6

Starfish Asia

Trustees' Report (continued)

Over this financial year however, the main focus of the work has been continuing providing education to over 9500 children, giving support and training to over 450 teachers as well as providing scholarships to over 200 young people for further and higher education. We see the hand of God in the midst of some dark times and see his leading as we come out the other side.

Consolidation at Home and Abroad

Page 7

Starfish Asia

Trustees' Report (continued)

Achievements in Pakistan

Everything that Starfish Asia is able to achieve is dependent on three things. Firstly, the amazing overall care and sovereign control of God, of which we are regularly aware. Secondly, the constant generosity of our donors, supporters and friends, without whose partnership little would be possible. Thirdly, the dedication and hard work of the staff, volunteers, project leaders and teachers in all the schools and projects we support in Pakistan. We give thanks to God for them all.

In 2024-2025 we have continued to help over 9,500 children receive an education with Christian values and Bible teaching. In this period, we been able to:

Page 8

Starfish Asia

Trustees' Report (continued)

Page 9

Starfish Asia

Trustees' Report (continued)

Targets outlined from last year’s report:

Plans for the future

Starfish Asia remains primarily committed to supporting education in Pakistan and to see increasing quality within all supported projects. We are still working towards being in a position to improve the quality of the schools we currently support AND look to providing support for more schools. We continue to work to, not only release new and increased funding, but also fundamentally look at our working practices and think creatively so as to support practical solutions which make an impact. Our emphasis remains to help those from poor families mainly (but not exclusively) from the deprived Christian community in Pakistan. In order to accomplish this, we continue the slow process of forging strategic partnerships both in Pakistan as well as other parts of the world, not only to bring in increased financial support but also expertise, innovation and practical solutions.

Page 10

Starfish Asia

Trustees' Report (continued)

In the light of this we set targets for the coming year:

2025 -2026:

Finally

These are our goals and we know they can only be attained by the grace of God and the extraordinary generosity of our donors, supporters, and friends – and also by the heroic hard work and dedication of our staff and all the teachers in the schools and projects we are committed to in Pakistan, and the time invested by our two part-time UK staff members and our (voluntary) Board members

Rob Bavington

Chief Executive Officer, Starfish Asia

Page 11

Starfish Asia

Independent Examiner's Report to the trustees of Starfish Asia

I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

This report is made solely to the charity’s trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for my work, for this report, or for the opinions I have formed.

Responsibilities and basis of report

As the charity trustees of Starfish Asia you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the Starfish Asia's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

Since Starfish Asia's gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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

  1. accounting records were not kept in respect of Starfish Asia as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. the financial statements do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view' which is not a matter considered as part of an independent examination.

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

Page 12

Starfish Asia

Independent Examiner's Report to the trustees of Starfish Asia (continued)

...................................... Timothy Sullivan FCA ICAEW Field Sullivan Limited 9 Hare & Billet Road Blackheath SE3 0RB

31 October 2025

Page 13

Starfish Asia

Statement of Financial Activities for the Year Ended 31 March 2025

Note
Income and Endowments from:
Donations and legacies
3
Investment income
4
Total income
Expenditure on:
Raising funds
Charitable activities
6
Total expenditure
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
18		 Unrestricted
£
377,295
2,190
379,485
(4,103)
(323,356)
(327,459)
52,026
68,350
120,376		 Restricted
£
275,050
-
275,050
-
(323,103)
(323,103)
(48,053)
97,175
49,122		 Total
2025
£
652,345
2,190
654,535
(4,103)
(646,459)
(650,562)
3,973
165,525
169,498		 Unrestricted
£
259,886
2,965
262,851
(698)
(293,374)
(294,072)
(31,221)
99,571
68,350		 Restricted
£
387,838
-
387,838
-
(364,764)
(364,764)
23,074
74,101
97,175		 Total
2024
£
647,724
2,965
650,689
(698)
(658,138)
(658,836)
(8,147)
173,672
165,525

All of the charity's activities derive from continuing operations during the above two periods.

The funds breakdown for 2024 is shown in note 18.

The notes on pages 17 to 26 form an integral part of these financial statements. Page 14

Starfish Asia

(Registration number: 1181649) Balance Sheet as at 31 March 2025

Note
Current assets
Debtors
12
Cash at bank and in hand
13
Creditors: Amounts falling due within one year
14
Net assets
Funds of the charity:
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
18		 2025
£
18,560
158,029
176,589
(7,091)
169,498
49,122
120,376
169,498		 2024
£
21,310
151,435
172,745
(7,220)
165,525
97,175
68,350
165,525

The financial statements on pages 14 to 26 were approved by the trustees, and authorised for issue on 31 October 2025 and signed on their behalf by:

......................................... Devin Scobie Chairman

The notes on pages 17 to 26 form an integral part of these financial statements. Page 15

Starfish Asia

Cash Flow Statement for the Year Ended 31 March 2025

Note
Cash flows from operating activities
Net cash income/(expenditure)
Adjustments to cash flows from non-cash items
Investment income
4
Working capital adjustments
Decrease/(increase) in debtors
12
(Decrease)/increase in creditors
14
Net cash flows from operating activities
Cash flows from investing activities
Interest receivable and similar income
4
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at 1 April
Cash and cash equivalents at 31 March		 2025
£
3,973
(2,190)
1,783
2,750
(129)
4,404
2,190
6,594
151,435
158,029		 2024
£
(8,147)
(2,965)
(11,112)
(11,067)
1,353
(20,826)
2,965
(17,861)
169,296
151,435

All of the cash flows are derived from continuing operations during the above two periods.

The notes on pages 17 to 26 form an integral part of these financial statements. Page 16

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025

1 Charity status

The charity is domiciled in England and Wales.

The address of its registered office is: 32 Beck Lane BR3 4RE

Starfish Asia is a charitable incorporated organisation.

These financial statements were authorised for issue by the trustees on 31 October 2025.

2 Accounting policies

Statement of compliance

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102) - Second edition October 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Companies Act 2006 and Charities Act 2011.

Basis of preparation

Starfish Asia meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern.

Judgements and key sources of estimation uncertainty

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 periods in which the estimate is revised where revisions affects only that period, or in the period of the revision and future periods where the revisions affects both current and future periods.

Page 17

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Income and endowments

Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.

Donations and legacies

Donations and legacies are recognised on a receivable basis when receipt is probable and the amount can be reliably measured.

Investment income

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Expenditure

All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent with the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use. Other support costs are allocated based on the spread of staff costs.

Raising funds

These are costs incurred in attracting voluntary income, the management of investments and those incurred in trading activities that raise funds.

Charitable activities

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Grant provisions

Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable.

Support costs

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.

Page 18

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Fund structure

Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity.

Restricted income funds are those donated for use in a particular area or for specific purposes, the use of which is restricted to that area or purpose.

Pensions and other post retirement obligations

The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 Income from donations and legacies

Donations and legacies;
Donations and grants
Gift aid reclaimed		 Unrestricted
funds
General
£
340,656
36,639
377,295		 Restricted
funds
£
275,050
-
275,050		 Total
2025
£
615,706
36,639
652,345		 Total
2024
£
620,239
27,485
647,724

Page 19

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

4 Investment income

Interest receivable and similar income;
Interest receivable on bank deposits		 Unrestricted
funds
General
£
2,190		 Total
2025
£
2,190		 Total
2024
£
2,965

5 Expenditure on raising funds

a) Costs of generating donations and legacies

Note
Fundraising costs
6
Expenditure on charitable activities
Office and administration expenses
Management expenses
Travel and subsistence
Bank charges
Grant funding of activities
Staff costs
Suppport costs		 Unrestricted
funds
General
£
4,103
Note
9
8		 Total
2025
£
4,103
Total
2025
£
14,441
74,992
3,058
2,879
491,386
31,724
27,979
646,459		 Total
2024
£
698
Total
2024
£
12,960
54,369
4,075
2,197
518,331
30,763
35,443
658,138

7 Trustees remuneration and expenses

During the year one trustee were reimbursed travel and subsistence and printing, postage and stationery expenses amounting to £1,563 (2024 - two trustees reimbursed travel and training expenses of £1,691).

Donations made by the trustees without any conditions attached totalled £Nil for the year (2024 - £14,416).

Page 20

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

8 Analysis of governance and support costs

Support Costs

Staff costs
Wages and salaries
Pension costs
Meeting expenses
Staff training
Independent examiner's fee		 Unrestricted
funds
General
£
22,642
679
451
-
4,207
27,979		 Total
2025
£
22,642
679
451
-
4,207
27,979		 Total
2024
£
21,333
640
517
8,700
4,253
35,443

9 Grant-making

Analysis of grants

Below are details of material grants made to institutions.

Name of institution
School Books and Bibles
Scholarships
Talent Ministry
Blair Trust Model Schools
Holy Shepherd Grammar School
Ghouri Education Development Society
Dean Public School
Other		 2025
£
29,803
36,138
12,600
32,963
9,574
10,647
4,806
354,855
491,386		 2024
£
34,072
32,592
11,348
26,968
12,294
10,635
4,571
385,851
518,331

Page 21

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

10 Staff costs

The aggregate payroll costs were as follows:

Staff costs during the year were:
Wages and salaries
Pension costs		 2025
£
53,442
1,603
55,045		 2024
£
51,200
1,536
52,736

The number of persons (including senior management / leadership team) employed by the charity during the year was as follows:

was as follows:
Operation
Administrative		 2025
No
1
1
2		 2024
No
1
1
2

No employee received emoluments of more than £60,000 during the year

The total employee benefits of the key management personnel of the charity were £Nil (2024 - £30,763).

11 Taxation

The charity is a registered charity and is therefore exempt from taxation.

12 Debtors

Prepayments
Accrued income
Other debtors		 2025
£
3,101
-
15,459
18,560		 2024
£
3,214
10,200
7,896
21,310

Page 22

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

13 Cash and cash equivalents

13 Cash and cash equivalents
2025 2024
£ £
Cash at bank 158,029 151,435

14 Creditors: amounts falling due within one year

14 Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals		 2025
£
2,011
315
4,765
7,091		 2024
£
2,073
307
4,840
7,220

15 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £1,603 (2024 - £1,536).

16 Commitments

Starfish Asia continues to support many projects and related costs of which monthly funding has been committed. The monthly commitment amounts to £53,446. The commitments are in Pakistani Rupee PKR18,845,500 exchange rate PKR352.6072/£1 at 31 March 2024.

There is no legal obligation to continue this funding and the level of regular funding may decline if sufficient reserves are not available. Funds will be paid to Starfish Asia, Pakistan who will distribute these monies to the agreed entities. Continued funding is dependent on evidence being provided showing the aims and objectives of the charity are being implemented and achieved. Monthly commitments will be funded from current reserves and future income.

17 Related party transactions

There were no related party transactions in the year.

Page 23

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

18 Funds

Unrestricted funds
General
General Funds
Restricted funds
Five Model Schools
School Books and Bibles
Scholarships
Bible Curriculum
Building Fund
Lighter for Life Ministries
The Voice of Childen School
Other Support for Schools in
Pakistan
Staff and Spiritual Development
School Upgrades
Star Shine School
Flood Appeal/Relief
Regular Support for schools in
Pakistan
Chopan Trust
Teacher Training
OM George Verwer Mission
Total funds		 Balance at 1
April 2024
£
68,350
-
5,704
4,440
17,815
37
5,604
7,360
55,963
3
12
19
218
-
-
-
-
97,175
165,525		 Incoming
resources
£
379,485
15,000
15,835
23,911
12,000
-
-
-
58,650
-
-
-
-
135,790
12,764
1,100
-
275,050
654,535		 Resources
expended
£
(327,459)
(15,000)
(21,310)
(33,626)
(11,613)
-
-
-
(58,567)
-
-
-
-
(155,664)
(11,714)
(1,128)
(14,481)
(323,103)
(650,562)		 Transfers
£
-
-
-
-
-
(37)
(5,604)
(7,360)
(45,601)
-
-
(19)
-
43,528
-
28
15,065
-
-		 Balance at
31 March
2025
£
120,376
-
229
(5,275)
18,202
-
-
-
10,445
3
12
-
218
23,654
1,050
-
584
49,122
169,498

Page 24

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

Unrestricted funds
General
General Funds
Restricted funds
Five Model Schools
School Books and Bibles
Scholarships
Bible Curriculum
Building Fund
Lighter for Life Ministries
The Voice of Childen School
Other Support for Schools in Pakistan
Staff and Spiritual Development
School Upgrades
Star Shine School
Flood Appeal/Relief
Total funds		 Balance at 1
April 2023
£
99,571
-
340
11,925
17,093
37
3,797
5,221
23,026
12,246
198
-
218
74,101
173,672		 Incoming
resources
£
262,851
24,000
23,363
25,107
18,000
-
9,500
12,200
271,456
-
560
3,652
-
387,838
650,689		 Resources
expended
£
(294,072)
(24,000)
(17,999)
(32,592)
(17,278)
-
(7,693)
(10,061)
(238,519)
(12,243)
(746)
(3,633)
-
(364,764)
(658,836)		 Balance at 31
March 2024
£
68,350
-
5,704
4,440
17,815
37
5,604
7,360
55,963
3
12
19
218
97,175
165,525

The specific purposes for which the funds are to be applied are as follows:

The larger restricted funds are listed above and are all for the support of schools in Pakistan and all paid to Starfish Pakistan who arrange local distribution of funds.

Previously grouped together restricted fund has new been split to include the regular support that the charity gives to schools shown as a transfer.

Page 25

Starfish Asia

Notes to the Financial Statements for the Year Ended 31 March 2025 (continued)

19 Analysis of net assets between funds

19 Analysis of net assets between funds
Current assets
Current liabilities
Total net assets
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
127,467
(7,091)
120,376
Unrestricted
funds
General
£
75,570
(7,220)
68,350		 Restricted
funds
£
49,122
-
49,122
Restricted
funds
£
97,175
-
97,175		 Total funds at
31 March
2025
£
176,589
(7,091)
169,498
Total funds at
31 March
2024
£
172,745
(7,220)
165,525

Page 26