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2023-03-31-accounts

Charity registration number 1042095

Company registration number 02814639 (England and Wales)

THE SELBY TRUST

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

THE SELBY TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Ms S C Nwimo
Mr E N Ihejirika
Ms A Stennett
Dr V P Olisa
Mr R Danso
Mrs L Das Neves
Mrs S Fitzsimmons
Ms K Butt
Secretary Mr R Danso
Charity number 1042095
Company number 02814639
Principal address The Selby Centre
Selby Road
Tottenham
London
Haringey
N17 8JL
Registered office The Selby Centre
Selby Road
Tottenham
London
Haringey
N17 8JL
Auditor RDP Newmans LLP
Lynwood House
373-375 Station Road
Harrow
Middlesex
HA1 2AW
Bankers Co-operative Bank
195 High Road
Wood Green
London
N22 6DP
Solicitors Anthony Collins Solicitors LLP
134 Edmund Street
Birmingham
B3 2ES

THE SELBY TRUST

CONTENTS

Page
Trustees' report 1 - 14
Statement of trustees' responsibilities 15
Independent auditor's report 16 - 18
Statement of financial activities 19
Balance sheet 20
Statement of cash flows 21
Notes to the financial statements 22 - 42

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their annual report and financial statements for the year ended 31 March 2023.

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 Trust'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).

The Trustees have complied with the duty in Section 17 (5) of the 2011 Charities Act to have paid due regard to guidance issued by the Charity Commission in relation to the activities being for the public benefit. The report is prepared in accordance with the small companies' regime (Section 419 (2) of the Companies Act 2006).

Selby Trust's Memorandum and Articles of Association state that the purpose of the charity is to promote local people's educational advancement and the provision of facilities that support social welfare, leisure and recreation and improve life chances in Haringey and neighbouring areas.

The Trust manages its facilities at the Selby Centre under the motto of "Many Cultures One Community" and attracts over 130 charities, social and community led enterprises, sports clubs, faith-based groups, training providers and local entrepreneurs.

In this context, the Trust satisfies the Public Benefit aspects in respect of the advancement of education and fee charging by providing community facilities that are affordable. Facilities are utilised by a wide range of disadvantaged groups and communities facing impoverished circumstances for educational and leisure purposes.

Principal aims and objectives

The Selby Trust's charitable objects are given below and are taken from our governing document, the Memorandum and Articles of Association.

The Selby Trust's objects are:

(a) to promote for the benefit of the public residents in the London Borough of Haringey and neighbouring areas without distinction of sex, race, colour or political or religious or other opinions, the advancement of education and provision of facilities in the interests of social welfare for recreation and leisure time occupation with the object of improving the conditions of life of the said inhabitants;

(b) to maintain and manage a community centre at Selby Road, Tottenham, London, N17 8JL for activities promoted by the centre in furtherance of the above objects.

Our Values

We treat all people with dignity and respect regardless of race, nationality, gender, sexual orientation, disability and age. At all times, people’s feelings will be valued and respected. Everyone is welcome and this is how we achieve many cultures, one community.

We value the contribution made by members, volunteers, staff, consultants, trustees, statutory and community and corporate partners. We will use their time and resources responsibly and efficiently.

We value the asset we have at the Selby Centre and operate in a manner that allows the community maximum access and benefit from the facilities.

Staff, consultants and trustees work together in an open and honest manner to ensure the positive operation of the Selby Trust and the Selby Centre.

We are committed to lowering our carbon footprint as a learning, social and economic community. By doing so we will save money and generate employment in the green economy.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Vision

To sustain the Selby Centre as an asset of community benefit that enables people of many cultures to come forward as one community creating a place where they can move forward, fulfil their potential and make Tottenham a vibrant and diverse place to live and work.

Working with the London Borough of Haringey, local community and other stakeholders we will create an integrated, inclusive, healthy, sustainable, diverse, connected urban village.

Mission statement

Deliver a consolidated, new, sustainable, community flagship hub, underpinned by an asset transfer, that provides a base for local community organisers and 130+ diverse social action organisations and community businesses they lead at the Selby Centre with new partners, to create lasting exits from local inequalities with opportunities to achieve social value.

Objectives, activities, achievements and performance

The Selby Centre was established by Haringey Council in 1986 as a result of a community campaign for a sizeable community hub to house diverse services and communities with a dedicated centre that was affordable and local people could call ‘home’.

The Council ran the Selby Centre for its first 4-5 years until 1991, after which the community managed it directly.

In 1992, more than 30 years ago, the Selby Trust began in partnership with Haringey Council, as the freeholder, to make the Centre a genuinely community-led project, with a resident-led board.

The Selby Trust was supported by the late Bernie Grant MP and we continue to be strongly supported by our current MP for Tottenham, David Lammy, and Catherine West, the MP for neighbouring constituency in Hornsey and Wood Green. We are supported by the following corporate partners, BlackRock, Crown Workspace, Mako Global Group and Moorhouse Consulting.

The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the Trust should undertake.

The mission and objectives are achieved through the following areas of work:

Broadly, the direction of travel has encompassed:

Our community workers are experts at bringing together individuals and grassroots partnerships and consortia in a rich mix of cutting-edge services that challenge poverty, injustice and inequality. We are achieving sustainability through incubating social enterprises that promote growth in the local economy whilst serving social and environmental functions. We are identifying and maximising community assets by harnessing skills, enthusiasm and commitment of local residents.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(ii) Community Economic Development

The Selby Trust aims to assist people from diverse backgrounds with different needs to acquire the skills, confidence, networks and knowledge necessary for them to develop solutions to life’s challenges. We aim to achieve sustainability through a social enterprise approach that provides revenue for the centre, allows us to incubate and develop other enterprises, foster their financial independence and supports the delivery of activities that promote growth in the local economy.

(iii) Community Environmental Development

At the Selby Centre, we have established space for many environmental enterprises. Together this helps achieve our triple bottom line – integrating green values with positive social and economic outcomes. In the future, we have plans to develop the Selby Centre as part of a wider Selby Centre and Bull Lane site development as an integral part of the Selby Urban Village, by ensuring the new facilities deliver low carbon usage as a model of good practice.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(iv) Social Justice and Community Safety

We promote community safety and social justice to encourage safer neighbourhoods, and work to reduce violence and anti-social behaviour by creating opportunities for young people, older people, women and exoffenders. We build strong relationships between communities, police and youth offending services in the context of seeking justice and transparency. We are actively supporting ex-offenders in rehabilitation.

(v) Community Facilities Management

Maintaining the centre as a community facility which is well used by over 130 grassroots organisations that bring together a rich mix of cutting edge services and ideas. We attract up to 600 people a day on a regular basis. We rent office spaces to community businesses, social enterprises and charities. We also offer a variety of multipurpose rooms and halls for community activity that includes sports, health and well-being, fitness, dance, meetings, learning, job support and conferences. The Selby Trust is more than a landlord and facilities manager as we bring together tenants that can serve the needs of the local community, support them with training and capacity building and share knowledge about new sources of funding and partnerships.

Funding and supporting organisations and support from volunteers and mutual aid groups

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Project highlights - A diverse range of social action projects and activities take place and the table below outlines the key highlights:

2022/23 2022/23 2022/23
Project Name Aim and Objectives Outcomes
Sport
England
–
Together fund
Delivery of regular free holiday
programmes for children ages 5yrs
to
16yrs,
with
sport
and
enrichment activities, and free
refreshments provided. Support
and rresilience provided for Sports
Advisory group members to deliver
free
and
low-cost
sport
programmes to children and young
people
in
the
community
to
increase
access
to
affordable
sports and wellbeing programmes
year-round, as well as Marketing
and developmental support.












- 50 to 100 children per day over the school
holidays (often running between 3 and 4 days
per week) attended holiday programmes
- 3 Sport England Holiday Programmes ran
throughout year.
- Over 300 unique participations and 200 unique
participants.
- Support for sports advisory group to deliver
weekly free and low-cost sport programmes to
children and young people in the community.
National
Lottery
Community Fund -
Synergizing
and
building
community
capacity



The aim is to bring change by
strengthening
resilience
and
introducing
ways
for
flexible
working,
building
relationships,
and
increasing
community
participation seamlessly.




- Digital skills - we aim to support 36 on-site
organisations that lack access to IT and support
around 500 individuals in the community
suffering from digital poverty & unemployment.
- Tackling food poverty – we will continue to
provide the much-needed basic food and
essential services to the local community in
need and aim to support up to 15,000 unique
individuals and families. In addition, as part of
wrap-around service with Credit Union, we aim
to deliver financial advice and training to up to
500 individuals.
- Upskilling staff and volunteers – we aim to
upskill up to 100 staff & volunteers towards
various training programmes such as salesforce,
English
language,
project
management,
safeguarding, maintenance, health and safety,
facilities management, IT, customer service.
- QuickBooks training to 2 staff members by the
Mobile Accountant Limited
- Selby Food hub service has been running
every Tuesday and Thursday, with:
·
Around 300 individuals attending every
week for food of which around 85% are
returning individuals.
·
Around 41% of the beneficiaries are in
Universal Credit allowance
·
Around 56% are from White: Turkish/
Kurdish/European background followed
by 26% from Black: African/Caribbean/
Somali

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Holiday Activities and
Food
(HAF)
programme
in
Partnership
with
Haringey Council
(DFE)



Delivery of regular free holiday
programmes for children ages 5yrs
to
16yrs,
with
sport
and
enrichment activities, and free
refreshments and lunch provided.
The holiday clubs regularly cater
for between 50 and 100 children
per day over the school holidays
(often running between 3 and 4
daysper week).








- 50 to 100 children per day over the school
holidays (often running between 3 and 4 days
per week) attended holiday programmes
- 3 Sport England Holiday Programmes ran
throughout year, during May, October and
February half terms.
- Over 300 unique participations vs 200 unique
participants.
- 50 to 100 meals and refreshments per day
provided to children on site.
CBT: Eco-audit Environmental audit of the Selby
Centre
- Improved pro-environmental behaviour and
environmental performance
Power to Change -
Powering up
Implementing an improved waste
management system
- Establish a waste management system at the
Selby Centre with tools and training embedded
as part of the business plan. This will lead to a
substantial cost saving of around 12k on a
yearly basis. Additionally, will lead to a positive
behaviour change by bringing awareness to the
communityand substantial carbon savings.
Middlesex University The aim is to understand and
promote the transformational role
of social enterprises (SEs) as
pathways to the expansion of
inclusive, sustainable and healthy
local food systems across the UK




- To explore how SEs enable different forms of
community
engagement
around
food
and
wellbeing, how these impacts can be scaled up
and how they can use scientific analysis of diet
and food life-cycle assessment to assess their
impacts.
Cruse Bereavement
Care – Connecting
Communities

The aim is to explore how we can
break down the barriers of talking
aboutgrief in the community

- Recruit a D&I officer for Tottenham
- Provide support and assist with community
mapping.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Selby Food Hub

The aftereffects of Coronavirus and lockdowns have had a huge impact on the community, making local people very vulnerable, as has the cost-of-living crisis and financial challenges. The Selby Food Hub continues to provide food, sanitary items, cleaning products and baby items to as many people as possible. Over 20 local organisations were supported with donations for distribution to the local community and we also continued to supply food for up to 300 local people a week on site. We were supported by local communities that continue to provide local donations, in addition to donations from Food Bank Aid, Amazon, Felix Project, Beauty Box and Banquet. Our continuing partnership with the Haringey Food Network and Haringey Council, has helped to provide an overview of a range of partners in the borough with an interest in addressing the longer terms issues related to food poverty and sustainability. We continue to be part of the coordinated community response to Violence Against Women and Girls (VAWG) across the borough. VAWG sets out a 10-year Haringey Council ambition (2016-2026) for addressing and preventing violence against women and girls in the borough. Working in partnership with Peabody housing mental health support workers and sign posting and referral to Solace Women’s domestic violence services. The Selby Food Hub continues to offer a range of services especially on the days that the food hub operates. Such as employment support sessions, where people can get advice and support on employment, training, education writing and interview skills. The Citizens Advice Bureaux and Public Voice also offer services onsite, the effect of the economic crisis and rising fuel bills, we have seen an increase in people needing advice.

Selby Redevelopment

In partnership with the Local Community, London Borough of Haringey and supported by the Greater London Authority, we have designed bespoke area to suite the very specific needs of the Selby Trust and our communities. The partnership is now working towards submitting for planning approval in February 2024 and further fundraising for the overall Selby Urban Village. The partnership has been extremely successful in securing 20m to complete the first phase of the development, which will provide for community and sports facilities, this is an extremely exciting period for the local community and the Trust and has brought a freshness of optimism and hope for the local community.

There is a programme of transformation of services and restructuring in line with the vision over the next two years.

Selby Trust has a vision that the new Selby Urban Village will be:

A sustainable partnership that has the Selby Trust’s culturally rich communities involved at its heart. They will find high quality community services and inspirational spaces, which will provide connectivity, engagement and learning for all.

The Selby Redevelopment Group and Selby Active has played an extremely important role in supporting the Executive Team and Board in formulating its thoughts and design ideas for the wider Selby Urban Village and Community and Sports facilities moving forward.

HEY Network

The Selby Trust has been delivering the Haringey & Enfield Youth (HEY) Network project funded by the GLA since 2019. The programme is part of the Mayor of London's Young Londoners Fund aimed at reducing serious youth violence and ensuring better outcomes for young people. Our role has been to skill the youth sector in both boroughs, created collaboration opportunities and sustainability of funding. Funding has now come to an end, but we are considering which elements of the project could be sustained beyond the current funding stream.

School Holiday Programme with Sports Partnership Group

Young people have gone through a massive adjustment period during the Covid-19 lockdowns, whether it be working from home, missing out on education or not socialising with peers as normal. This has had an impact on their mental health and wellbeing. Through providing support to our Sports Active Group, over 200 participants, many of whom are young people, participated in different sporting, physical and enrichment activities as part of Selby Active, of which over 75% of participants in this period are from the BAME community. These activities were delivered in partnership with at least 10 local organisations at a time.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Sport England – Tackling Inequality Fund

The project forms part of the ongoing support from Sport England on providing sports and physical activities and services to the community from the age groups between 5 and 65 years old. Target audience - BAME, LESG, Women & Girls, CYP and Disabled. The legacy of this funding for us starting the ground up will enable us to understand the demand and potential organisations we can engage as many as may be interested in using the facilities during the day, especially older groups - the off-peak times. Just engaging and opening this up with new or current community partners would be a step forward.

School for Social Entrepreneurs - The Community Business Trade Up Programme

This course provided a different experience and allowed the student to feel free to raise any problems or difficulties they may have during the year. The programme builds on strong foundations using input from social entrepreneurs and social sector leaders over two decades and has been refined and developed through active engagement with students. We regard them to be contributors to the social enterprise and community business movement and, as such, there will be many opportunities for feedback during the course of the year.

Securedgrant funds for 2023/24 Securedgrant funds for 2023/24 Securedgrant funds for 2023/24
Project Name Time-frame Aim and Objectives
Sport England Together
Fund
April 2022 to September
2023
Delivery of regular free holiday programmes for
children ages 5 to 16, with sport and enrichment
activities, and free refreshments provided. The holiday
clubs regularly cater for between 50 and 100 children
per day over the school holidays (often running
between 3 and 4 days per week). Support and
Resilience
provided
for
Sports Advisory
group
members
to
deliver
free
and
low-cost
sport
programmes to children and young people in the
community to increase access to affordable sports and
wellbeing
programmes
year-round,
as
well
as
Marketingand developmental support.
Holiday Activities and
Food (HAF) programme
Ongoing		 Delivery of regular free holiday programmes for
children ages 5 to 16, with sport and enrichment
activities, and free refreshments and lunch provided.
The holiday clubs regularly cater for between 50 and
100 children per day over the school holidays (often
runningbetween 3 and 4 daysper week).
The
National
Lottery
Community Fund
June 2022 to June 2025		 The funding aims to provide change, through
strengthening resilience and introducing ways for
flexible working, relationship building, and increasing
community participation seamlessly. There are three
core focus areas that funding will be used for. We aim
to support 36 on-site organisations that lack access to
IT and support around 500 individuals in the
community
suffering
from
digital
poverty
&
unemployment. we will continue to provide the much-
needed basic food and essential services to the local
community in need and aim to support up to 15,000
unique individuals and families. In addition, as part of
the wrap-around service with Credit Union, we aim to
deliver financial advice and training to up to 500
individuals. We aim to upskill up to 100 staff &
volunteers towards various training programmes such
as salesforce, English language, project management,
safeguarding,
maintenance,
health
and
safety,
facilities management,IT and customer service.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Middlesex University January 2022 to January
2024
Social Enterprise as a Catalyst for Sustainable and
Healthy Local Food Systems. The Selby Trust is one
of the key partners of this project that aims to
understand and promote the transformational role of
social enterprises (SEs) as pathways to the expansion
of inclusive, sustainable and healthy local food
systems across the UK. We will explore how SEs
enable different forms of community engagement
around food and wellbeing, how these impacts can be
scaled up and how they can use scientific analysis of
diet and food life-cycle assessment to assess their
impacts.
Cruse
Bereavement
Care
–
Connecting
Communities

May 2022 to March 2023		 We are one of the key partners of Cruse Bereavement
Care on a project funded by the Co-op. The aim of the
project is to explore how we can break down the
barriers of talking about grief in the community.
City Bridge Trust - Eco-
audit		 January 2023 to January
2025
We have successfully secured a free Eco-audit for
Selby Centre. The City Bridge Trust will cover the
costs of an Eco-audit provided by an approved
consultant, who for The Selby Trust is Sustain Quality.
The Eco-audit will involve activities such as visiting
Selby Centre, and reviewing our energy and water
use, waste, travel patterns and purchasing practices.
Reviewing our policies and how decisions are made.
Conducting awareness-raising, training and/or eco-tip
workshop for staff and/or volunteers.
Power
to
Change
-
Powering up
January 2023 to March
2024
The project’s aim is to implement an improved waste
management system that enables The Selby Trust and
the Centre to get a waste audit conducted by an
expert waste supplier. Help senior management to
develop
a
waste
and
resource
management
development plan including a budget and action plan
for implementation. Prepare training and education
tools for the employees and volunteers on-site and
communityusers and visitors.

The above projects represent secured forward project funding in excess of £300,000.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

Financial review

The Selby Trust has maintained its healthy financial progress from the prior year despite generating an overall deficit notwithstanding the uncertain economy.

The Selby Trust has generated an overall deficit of £46,400, which is due to the reduction in Covid 19 emergency grants awarded in the prior year. This deficit has also arisen due to the increase in Charitable activities during the year, nonetheless total fund balances remain strong at £513,342.

The total restricted fund balance was £178,473 at the year-end. The restricted fund balance is comprised of either funders monies unexpended as at the year-end or monies expended by the Trust on projects which is still to be recovered from funders as at the year end. The trust has gained several new grants in the year. A breakdown of the relevant projects is provided in the notes to these financial statements.

At the year end, there was no balance remaining for the total unrestricted funds which are designated, as all amounts for designated purposes were fully expended in the year. A breakdown of the relevant projects for this fund is provided in the notes to these financial statements. The total general unrestricted fund balance is in a surplus of £334,869 at the year end.

The Trust's fundraising strategy is to develop a secure future by securing a longer lease and to work towards a future site redevelopment, by maximising social value and impact through relevant prevention and proactive action that reduces inequality, poverty and discrimination.

The Trust has increased its utilisation of grant programmes for community benefit by seeking to distribute grants at a grassroots level.

The Trust is seeking to further develop the concept of minimising competition for less charitable income for direct delivery, by opting for funds that pay for social infrastructure, addressing gap areas in which we can incubate solutions with communities and social entrepreneurs, and work with local people to identify their own solutions and help them grow.

Reserves policy

In line with the Board of Trustees policy established in 2017, the Trust is working towards implementing the policy of building up at least 12 months' worth of operating costs as reserves. The rationale for this is as follows:

  1. Enable the Selby Trust to continue to deliver high-quality service and standard of work in a challenging context of deprivation, older buildings and multiple disadvantages facing local communities by working as a proactive and responsive community-led development trust.

  2. The Selby Trust achieves this by generating income from the hire of facilities and reinvests a percentage of these back into community projects that meet community needs.

  3. Earnings come from a number of community organisations who hire facilities, which may be vulnerable to a range of factors that can lead to their demise and inability to pay rent. Should the Centre fold for any reason, it will need to give notice to licensees and users.

  4. Therefore, to be able to sustain opening hours, and a functioning site, and our own social change projects that connect not just to the voluntary sector (which can tend to focus on what funding requirements are to partly meet community and resident needs) but directly to communities and support responses to their broader and specific needs.

Risk management

The Trustees have assessed the major risks to which the Trust is exposed, and are satisfied that systems are in place to actively monitor and mitigate exposure to the major risks.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

The Trustees regularly review and assess risks to which the charity is exposed, they review a risk register and have put in place systems or procedures to mitigate the risks the charity faces. Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and expenditure, reflected in a financial controls policy. The Trust has established a sub-committee with specific responsibility for Finance and Audit, to provide additional scrutiny and support, the committee is chaired by the Treasurer for the Selby Trust and is also supported by external finance and audit professionals. The Trust has seen a 3-fold increase in its utility costs, this is being monitored closely by the board and senior team and additional funds are being sort from existing funders to offset part of the additional utility costs.

Stakeholder engagement and dialogue with Haringey Council, VCS network, Local Further Education Colleges, NHS Clinical Commissioning Group, Public Health, Probation Service and Metropolitan Police continue to support the holistic model. This can enable celebrating what works at The Selby Centre, how it can further contribute to local service models, take part in co-production, social prescription as an intergenerational hub. This process is a useful contribution towards measuring the social value the Charity brings to the area and addressing what can be improved and how to achieve it. Trustees annually agree a budget and business plan, a realistic fundraising strategy to maintain existing income, develop new income sources and seek key targets that are realistic and appropriate. The charity has co-operated with a council to develop a social value framework which has now been implemented within the Trust and which provides supporting evidence for community impact and redevelopment.

The Trust has secured a 5-year lease with Haringey Council, we are continuing our negotiations with the council to determine lease terms and rental charges once the redevelopment of the new centre is completed. Trustees and the senior management team are continuing to develop a longer-term plan to achieve site redesign and redevelopment that brings about a modern, energy efficient multi-purpose community hub ready for a new era in Tottenham. Procedures are in place to ensure compliance with health and safety of staff, volunteers, clients and visitors to an ever-increasing number of visitors to the centre. Appropriate and systematic controls are in place to provide reasonable assurance against fraud and error, with a clear anti-fraud policy and adequate financial procedures. These procedures have been reviewed by the Treasurer in conjunction with senior staff and updated as necessary to ensure that they continue to meet the needs of the charity.

The economic climate and cost of living increases, has led to a need for increasing services and additional costs for the Trust. Contraction in public sector funds continue to restrain growth, and charitable fundraising remains exceedingly competitive. Utility saving investment would achieve minor savings and reduce carbon emissions. Utility costs remain burdensome, but the Trust will benefit from Government subsidies. The Trust has a stable relationship with its bank, which acknowledges the Charity's prudence and sustained financial improvement.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Transition

We cherish and recognise that in parallel to this physical transformation, it is a necessity to conserve our community-led approach, whereby, our partners play an important role. These include people and organisations from the environmental sector, education institution, statutory services, the third and private sectors. This wide range of partners ensures every part of civil society is involved.

Above all else, we will maintain and redevelop the Selby Centre so it can remain as a central place that develops, organises and strengthens Tottenham and surrounding areas while empowering the people who live here. Specifically, this will include actions to:

Plans for future periods

We are working collaboratively with Haringey Council to deliver a shared vision for the site which is defined within our memorandum of agreement as “an integrated, inclusive, healthy, sustainable, diverse, connected ‘urban village’ on the site”.

The 'urban village' development is based on a mixed-use scheme, which involves - building 200+ housing units, leisure facilities and the new Selby Centre. The Urban Village will enable excellent place making, green futures and vibrant communities together. This 'urban village' development will be carried out in phases so that we are visible and can continue to provide our services to the community.

The team has worked closely with excellent working relationships formed at all levels across the partnership. In particular the Selby Trust has been a conduit to the surrounding communities and has brought many voices to the table via the meetings and events we have hosted on site. The London Borough of Haringey working in partnership with the Selby Trust has received £20m from the Levelling Up Fund. This will support Phase 1 of the redevelopment. Our vision is that the New Selby Urban Village will be a sustainable partnership having culturally rich communities involved at his heart. They will find high quality community services and inspirational spaces which will provide connectivity engagement and learning for all.

The scheme is well supported, and there is no doubt that much of that support comes from the trust local people have in the Selby Trust.

Structure, governance and management

The Selby Trust is a company limited by guarantee and is governed by its Memorandum of Association and Articles of Association adopted 4 May 1993 amended by Special Resolution dated 28 September 1994 as amended on 28 January 2019 and registered at Charities Commission on 16 November 1994. The Charity was established under its Articles of Association, which established the objects and powers of the Charity. The Charity's reference and administrative details are as set out within these financial statements.

The board has committed to the implementation of the Voluntary and Community Sector’s Code of Good Governance as part of our governance framework. The Trust has established a sub-committee for Human Resources and Wellbeing and a sub-committee with responsibility for Finance and Audit.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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:

Mr J J S Clarke (Resigned 1 July 2022) Ms S C Nwimo Mr E N Ihejirika Ms A Stennett Dr V P Olisa Mr R Danso Mrs L Das Neves Mrs S Fitzsimmons Ms K Butt

Recruitment, appointment and terms of office of Trustees

The Selby Trust benefits from a strong, diverse and experienced board of Trustees, drawn from Haringey and neighbouring areas. Trustees bring together skills and knowledge from running charities, businesses, hospitals, sports clubs, and service providers. The board brings those who run and utilise The Selby Centre's facilities alongside local people with professional or business experience who comprehend local needs. We are also grateful to the Haringey councillors who generously share their local knowledge and expertise from local government and their respective fields, in policy, grant making, legalities, and education.

New trustees are recruited from within the Centre, the community of participants, trustee networks, professional contacts, the local council and those who respond to external advertising of the vacancies on The Selby Trust website, twitter feed and online promotions. New trustees complete an application form providing references and indicate their experiences and area of interest and contribution.

Trustee induction and training

Interested candidates are invited to meetings to engage with existing Trustees and, if successful in their application to become a trustee, are inducted into the work of the Trust. This involves visits to the Centre, meeting licensees, reviewing documents, plans and then attending board meetings. Trustees are encouraged to meet with the chief executive, staff, consultants, volunteers as well as other trustees in order to familiarise themselves with the charity and the context of its operations.

All existing Trustees are now already familiar with the practical work of the charity, but often take up the opportunity to refresh their knowledge about the Centre by visiting informally as well as attending meetings taking place at the Trust to keep themselves up-to-date. The charity has a strong and experienced board, supplemented now by new trustees that can continue to help raise the profile and bring in additional expertise in certain areas.

Induction procedures are in place for new trustees as are mechanisms to keep all Trustees abreast of developments in the sector e.g., by attending meetings, training and conferences.

None of the Trustees has any beneficial interest in the charitable company. All of the Trustees are members of the charitable company and guarantee to contribute £1 in the event of a winding up.

Operations and staffing

The Trustees delegate day to day management of the charity to the Chief Executive, Paul Butler, who is supported by his Senior Management Team to deliver the aims and objectives of the charity. The team has complete its first round of changes as it continues to develop a workforce and structure for the new centre and services which will emerge over the next two years. There is a significant program of transformation of both the physical infrastructure and services over the next 5 years.

THE SELBY TRUST

TRUSTEES' REPORT (INCLUDING DIRECTOR'S REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Related parties

During the year, Mr R Danso (Trustee of The Selby Trust) was also a Trustee of the Temple of Refuge Ministries in which Mr R Danso has mutual interest. Income received in the year from Temple of Refuge Ministries was £6,396 (2022: £4,814) with an amount due to the Temple of Refuge Ministries of £388 (2022: £388) and £284 (2022: £256) due from the entity.

Included within the income from Activities for generating funds is £6,159 (2022: £26,880) invoiced to Selby Amateur Boxing Club, an organisation in which Mr J Clarke, a Trustee of The Selby Trust, was the Club Secretary for the three month period (up to July 2022). At the year end, there is an amount of £nil (2022: £13,210) due to Selby Amateur Boxing Club.

During the year, Mrs K Butt (Trustee of The Selby Trust) was also a Trustee of the Solace Women’s Aids, in which Mrs K Butt has mutual interest. Income received in the year from Solace Women’s Aids was £10,521 with an amount due to the Solace Women’s Aids of £4,139 (2022: £3,061).

Supplier payment policy

The Trusts current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The charitable company's current policy concerning the payment of trade creditors is to:

Auditor

In accordance with the company's articles, a resolution proposing that RDP Newmans LLP be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

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

Mr R Danso Trustee 14 December 2023

Mrs S Fitzsimmons Trustee

THE SELBY TRUST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2023

The Trustees, who are also the directors of The Selby Trust for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Trust and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Trust and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Trust and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees confirm that so far as they are aware, there is no relevant audit information (as defined by section 418(3) of the Companies Act 2006) of which the charitable company’s auditors are unaware. They have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information.

THE SELBY TRUST

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE SELBY TRUST

Opinion

We have audited the financial statements of The Selby Trust (the ‘Trust’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

THE SELBY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE SELBY TRUST

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Trust and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report included within the trustees' report.

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

Responsibilities of Trustees

As explained more fully in the statement of trustees' responsibilities, the Trustees, who are also the directors of the Trust for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Trust’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

The extent to which the audit was considered capable of detecting irregularities including fraud

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

THE SELBY TRUST

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE MEMBERS OF THE SELBY TRUST

We assessed the susceptibility of the charitable company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees, directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

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

Paresh Radia FCA (Senior Statutory Auditor) for and on behalf of RDP Newmans LLP 21 December 2023 Chartered Accountants Statutory Auditor Lynwood House 373-375 Station Road Harrow Middlesex HA1 2AW

THE SELBY TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income and endowments from:
Donations and
legacies
4
143,521
163,000
Charitable activities
5
-
266,207
Other trading
activities
6
980,941
-
Investments
7
569
-
Other income
8
-
-
Total income
1,125,031
429,207
Expenditure on:
Raising funds
9
777,766
163,000
Charitable activities
10
440,120
219,752
Total expenditure
1,217,886
382,752
Net (outgoing)/incoming
resources before
transfers
(92,855)
46,455
Gross transfers
between funds
17
39,615
(39,615)
Net (expenditure)/income
for the year/
Net movement in funds
(53,240)
6,840
Fund balances at 1 April
2022
388,109
171,633
Fund balances at 31
March 2023
334,869
178,473		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
306,521
1,128
163,000
266,207
-
362,143
980,941
852,762
-
569
198
-
-
28,565
-
1,554,238
882,653
525,143
940,766
675,203
163,000
659,872
313,256
378,644
1,600,638
988,459
541,644
(46,400)
(105,806)
(16,501)
-
5,385
(5,385)
(46,400)
(100,421)
(21,886)
559,742
488,530
193,519
513,342
388,109
171,633		 Total
2022
£
164,128
362,143
852,762
198
28,565
1,407,796
838,203
691,900
1,530,103
(122,307)
-
(122,307)
682,049
559,742
Donations and
legacies
4
Charitable activities
5
Other trading
activities
6
Investments
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
10
Total expenditure
Net (outgoing)/incoming
resources before
transfers
Gross transfers
between funds
17
Net (expenditure)/income
for the year/
Net movement in funds
Fund balances at 1 April
2022
Fund balances at 31
March 2023

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

THE SELBY TRUST

BALANCE SHEET

AS AT 31 MARCH 2023

2023
Notes
£
Fixed assets
Tangible assets
18
Current assets
Debtors
19
340,694
Cash at bank and in hand
417,512
758,206
Creditors: amounts falling due within
one year
20
(315,946)
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
21
Net assets
Income funds
Restricted funds
24
Unrestricted funds
General unrestricted funds
25
334,869		 2022
£
£
100,249
218,418
522,236
740,654
(271,824)
442,260
542,509
(29,167)
513,342
178,473
388,109
334,869
513,342		 £
120,079
468,830
588,909
(29,167)
559,742
171,633
388,109
559,742

The financial statements were approved by the Trustees on 14 December 2023

Mr R Danso Mrs S Fitzsimmons
Trustee Trustee
Company registration number 02814639

THE SELBY TRUST

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2023

Notes
Cash flows from operating activities
Cash absorbed by operations
28
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2023
£
£
(100,062)
(5,231)
569
(4,662)
-
(104,724)
522,236
417,512		 2022
£
£
(176,282)
(1,333)
198
(1,135)
-
(177,417)
699,653
522,236

THE SELBY TRUST

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

1 Accounting policies

Charity information

The Selby Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is The Selby Centre, Selby Road, Tottenham, London, Haringey, N17 8JL. The trust is registered at the Charities Commission with a registration number 1042095.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's governing document, 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)” (as amended for accounting periods commencing from 1 January 2019). The Trust is a Public Benefit Entity as defined by FRS 102.

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

The accounts 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 Trust 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 unless the funds have been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds are subject to specific conditions by donors 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 Trust 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 Trust 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.

Donated services and gifts in kind are included at the value to The Selby Trust where this can be quantified.

Grants received are accounted for as receivable as and when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to performance conditions is recognised (as the related goods or services are provided). Grant income included in this category provides funding to support activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Advance payments received during the year for activities to be carried out in later financial years are not reflected in the statement of financial activities. The amounts have been deferred to the financial year in which the activities will be carried out and are reported as deferred income. Deferred income is included within creditors.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

Other trading activities income includes rental income which is recognised when receivable.

Investment income is recognised on a receivable basis.

1.5 Expenditure

Expenditure is recognised when a liability is incurred. Contractual arrangements and performance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that result in the payment being unavoidable.

Costs of generating funds are those costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.

Charitable activities include both the direct and support costs relating to these activities.

Governance costs include the cost of any legal advice to trustees on governance or constitutional matters, external accountancy and audit costs.

Support costs include central functions and have been allocated to the different categories of activities based on the time spent on each activity.

The trust is not registered for VAT so all expenses shown in the statement of financial activities and notes to the accounts are shown gross (i.e. inclusive of VAT).

1.6 Tangible fixed assets

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

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

Leasehold improvements 20% Reducing balance Plant and machinery 20% Reducing balance Computer equipment 20% Reducing balance

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 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 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. Bank overdrafts are shown within borrowings in current liabilities.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies

(Continued)

1.9 Financial instruments

The Trust 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 Trust's balance sheet when the Trust 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 and bank loans 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.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust’s contractual obligations expire or are discharged or cancelled.

1.10 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 Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

1.12 Volunteers

A substantial contribution to the activities of The Selby Trust is supplied in the form of voluntary services for supporting the charity and providing administrative services. The financial benefit of these non-cash donations have not been recognised in these accounts as by their nature it would be impractical to quantify in monetary terms.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

2 Change in accounting policy

The Trust had previously recognised governance costs as "Other" costs on the face of the Statement of Financial Activities. However, in accordance with the guidance, the Trust has made a decision to allocate these costs between the charitable activities. This does not change the net movement in funds or the total expenditure. However, the corresponding amounts on the Statement of Financial Activities have been adjusted and as a result, the Unrestricted Expenditure on Charitable Activities in 2022 has increased now from £258,918 to £313,256.

3 Critical accounting estimates and judgements

In the application of the Trust’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.

Specifically, the Trustees have made judgements on the apportionment of support and governance costs across the various charitable activities (see notes 10 and 11 for further details) - the basis of this apportionment has remained consistent to prior years.

Key sources of estimation uncertainty

Depreciation rates and estimated economic useful life of tangible fixed assets

The Trustees review the useful economic lives of depreciable assets at each reporting date so as to allocate the costs of assets, less their residual value, over their estimated useful lives. Uncertainties in these estimates relate to the actual life of the tangible fixed assets.

Bad debt provision

The Trustees makes allowance for doubtful debts based on an assessment of the recoverability of trade debtors. Allowances are applied to trade debtors where events or changes in circumstances indicate that the carrying amounts may not be recoverable. The Trustees specifically analysed historical bad debts, current economic trends and changes in customer payment terms when making a judgement to evaluate the adequacy of the allowance of doubtful debts. Where the expectation is different from the original estimate, such difference will impact the carrying value of trade debtors.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Donations and legacies

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Donations and gifts
3,878
-
Grants receivable for core activities
139,643
163,000
143,521
163,000		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
3,878
1,128
-
302,643
-
163,000
306,521
1,128
163,000		 Total
2022
£
1,128
163,000
164,128

During the year a circular grant of £163,000 (2022: £163,000) was received from London Borough of Haringey (L B Haringey) to fund the occupation of its premises. An additional general unrestricted grant of £91,143 (2022: £nil) was also received in the year to cover rising cost of living costs.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

5 Charitable activities

Community Community Total Community Community
Economic Development Economic Development
Development Development
2023 2023 2023 2022 2022
£ £ £ £ £
Performance related grants 6,180 260,027 266,207 - 362,143

6 Other trading activities

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Trading activity income 980,941 852,762

Other trading activities comprises lettings income in relation to the hire of office spaces, main hall, sports hall and other sundry income.

7 Investments

**Unrestricted ** Unrestricted
funds funds
2023 2022
£ £
Interest receivable 569 198
8 Other income
**Total ** Unrestricted
funds
2023 2022
£ £
Coronavirus Job Retention Scheme grant - 28,565

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

9 Raising funds

Unrestricted
Restricted
funds
funds
2023
2023
£
£
Staff costs and depreciation
Staff costs
241,017
-
Depreciation and impairment
25,061
-
Staff costs and depreciation
266,078
-
Expenditure on raising funds
Rent
-
163,000
Other trading activities
511,688
-
Expenditure on raising funds
511,688
163,000
777,766
163,000		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
241,017
214,118
-
25,061
30,110
-
266,078
244,228
-
163,000
-
163,000
511,688
430,975
-
674,688
430,975
163,000
940,766
675,203
163,000		 Total
2022
£
214,118
30,110
244,228
163,000
430,975
593,975
838,203

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

10 Charitable activities

Community
Economic
Developmen
t
Community
Developmen
t
Facilities
Managemen
t
2023
2023
2023
£
£
£
Staff costs
-
55,765
92,814
Activities undertaken directly
6,180
157,807
135,240
6,180
213,572
228,054
Share of support costs (see note 11)
-
46,866
78,002
Share of governance costs (see note 11)
18,651
30,378
38,169
24,831
290,816
344,225
Analysis by fund
Unrestricted funds
18,651
77,244
344,225
Restricted funds
6,180
213,572
-
24,831
290,816
344,225		 Total
2023
Community
Economic
Developmen
t
Community
Developmen
t
Facilities
Managemen
t
2022
2022
2022
£
£
£
£
148,579
-
80,351
104,129
299,227
-
298,293
16,664
447,806
-
378,644
120,793
124,868
-
46,112
59,757
87,198
18,112
32,162
36,320
659,872
18,112
456,918
216,870
440,120
18,112
78,274
216,870
219,752
-
378,644
-
659,872
18,112
456,918
216,870		 Total
2022
£
184,480
314,957
499,437
105,869
86,594
691,900
313,256
378,644
691,900

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

11
Support costs
Staff costs
General expenses
Other governance costs
Analysed between
Charitable activities		 Support
costs
Governance
costs
£
£
104,640
31,245
20,228
-
-
55,953
124,868
87,198
124,868
87,198		 2023
£
136,232
20,228
55,953
212,413
212,066		 Support
costs
Governance
costs
£
£
74,750
32,256
31,119
-
-
54,338
105,869
86,594
105,869
86,594		 2022
£
107,006
31,119
54,338
192,463
192,463

Support costs and governance costs are apportioned in accordance with the proportion of staff time spent on each non-admin activity. Support costs include conference costs, travel costs and staff welfare costs. Staff costs included within support costs comprise time spent by staff on general administrative work.

Other governance costs include audit fees, legal and professional fees, bookkeeping fees and subscription costs - see note 15 for breakdown.

12 Auditor's remuneration

Fees payable to the Trust's auditor and associates: 2023 2022
£ £
Audit of the Trust's annual accounts 15,000 14,100

13 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year, nor were they reimbursed for any expenses.

14 Employees

The average monthly number of employees during the year was:

Direct charitable work
Administration and Finance
Raising funds
Total		 2023
Number
21
4
3
28		 2022
Number
13
4
3
20

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14
Employees
Employment costs
Wages and salaries
Social security costs
Other pension costs		 (Continued)
2023
2022
£
£
477,175
459,474
40,717
38,443
7,936
7,687
525,828
505,604		 (Continued)
2023
2022
£
£
477,175
459,474
40,717
38,443
7,936
7,687
525,828
505,604
505,604

Staff costs have been apportioned across the various charitable activities of the company on a time basis.

The outstanding pension contributions at the reporting date were £1,645 (2022: £1,460).

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

2023 2022
Number Number
£60,000 to £70,000 1 1

15 Other

Audit fees
Subscriptions
Legal and professional fees
Bookkeeping fees		 Total
£
2023
15,000
2,745
3,663
34,545
55,953		 Total
£
2022
14,100
2,642
6,404
31,192
54,338

Other expenses have been classified as other governance costs which have been split equally between the charitable activities.

16 Taxation

The Charity is exempt from tax on income and gains falling within section 505 of 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.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

17 Transfers

At the year end, the Trust transferred a total of £39,615 from restricted funds to unrestricted funds as detailed below.

At the year end, the Trust transferred a surplus of £2,745 arising on the Haringey Council - Connected Communities project from restricted funds to unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a surplus of £13,262 arising on the Macmillan Cancer project from restricted funds to unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a deficit of £8,003 arising on the Hey! Network Youth Fund project from unrestricted funds to restricted funds to conclude the project objectives.

At the year end, the Trust transferred a surplus of £18,253 arising on the Sport England Fund - TIF project from restricted funds to unrestricted funds to conclude the project objectives. The fund balance at the year end is in relation to amounts utilised for capital expenditure, to be offset against depreciation against the relevant fixed asset groups each year.

At the year end, the Trust transferred a surplus of £1,606 arising on the School for Social enterprise project from restricted funds to unrestricted funds to conclude the project objectives. The fund balance at the year end is in relation to amounts utilised for capital expenditure, to be offset against depreciation against the relevant fixed asset groups each year.

At the year end, the Trust transferred a surplus of £1,251 arising on the National Lotteries - Covid19 project from restricted funds to unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a deficit of £1,565 arising on the Gilead Sciences - HIV Prevention Programme project from unrestricted funds to restricted funds to conclude the project objectives.

At the year end, the Trust transferred a surplus of £19,376 arising on the GLA Good Growth Fund project from restricted funds to unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a deficit of £4,185 arising on the cumulation of the various London Borough of Haringey - Holiday Activity and Food projects from unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a surplus of £1,250 arising on the The Bridge Renewal Trust project from restricted funds to unrestricted funds to conclude the project objectives.

At the year end, the Trust transferred a deficit of £4,375 arising on the Cruise - Connecting Communities project from restricted funds to unrestricted funds to conclude the project objectives.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

18
Tangible fixed assets
Leasehold
improvements
Plant and
machinery
Computer
equipment
£
£
£
Cost
At 1 April 2022
263,689
121,963
55,132
Additions
-
4,701
530
At 31 March 2023
263,689
126,664
55,662
Depreciation and impairment
At 1 April 2022
164,832
109,646
46,227
Depreciation charged in the year
19,771
4,042
1,248
At 31 March 2023
184,603
113,688
47,475
Carrying amount
At 31 March 2023
79,086
12,976
8,187
At 31 March 2022
98,857
12,317
8,905
19
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
314,979
Prepayments and accrued income
25,715
340,694
20
Creditors: amounts falling due within one year
2023
Notes
£
Other taxation and social security
9,988
Deferred income
22
127,986
Trade creditors
50,094
Other creditors
54,063
Accruals and deferred income
73,815
315,946		 Total
£
440,784
5,231
446,015
320,705
25,061
345,766
100,249
120,079
2022
£
201,733
16,685
218,418
2022
£
9,790
67,951
63,481
48,410
82,192
271,824

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

21
Creditors: amounts falling due after more than one year
Other creditors
Other creditors include rental deposits held on behalf of tenants.
22
Deferred income
Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2022
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2023		 2023
2022
£
£
29,167
29,167
2023
2022
£
£
127,986
67,951
2023
2022
£
£
127,986
67,951
67,951
112,072
(67,951)
(112,072)
127,986
67,951
127,986
67,951

Deferred income is recognised when the grant/rental income received in the current year relates to subsequent financial years. This is in order to match as far as possibile the incoming resources with the relevant expenditure.

23 Members' liability

The company is limited by guarantee. In the event of the company being wound up while someone is a trustee, or within one year afterwards, in the event of there being a deficiency, each trustee will contribute a sum not exceeding £1.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

24 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Transfers
Balance at		 Reserves
1 April 2021 resources expended 1 April 2022 resources expended between
31 March 2023		 utilised for
(Revenue) (Revenue) projects capital
expenditure
£ £ £ £ £ £ £ £ £ £ £
LB Haringey - 163,000 (163,000) - - 163,000 (163,000) - - - -
Cruise -
Connecting
Communities - - - - - 1,263 (5,638) 4,375 - - -
The Big Lottery
Fund (7,954) - - 7,954 - - - - - - -
National Lottery
Fund -
Synergising
Communities - - - - - 111,393 (41,894) - - 69,499 -
Haringey Council
- Connected
Communities 28,000 - (22,900) - 5,100 - (2,355) (2,745) - - -
Middlesex
University -
Transforming the
UK Food System - - - - - 6,180 (6,180) - - - -
Hey! Network
Youth London
Fund (5,198) 11,886 (31,512) 24,824 - 11,965 (19,968) 8,003 - - -
Macmillan
Cancer - 13,262 - - 13,262 - - (13,262) - - -
Sport England
Fund - TIF 137,902 90,068 (105,168) (31,534) 91,268 - (9,976) (18,253) 9,976 73,015 73,015

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

Restricted funds
School for Social
Enterprise
National Lotteries
- Covid 19
Selby Food Hub
Power to Change
Trust
Gilead Sciences -
HIV Prevention
Programme
City Bridge Trust
GLA - Good
Growth Fund
Holiday Activity
and Food
The Bridge
Renewal Trust
Sport England -
Together Fund
Selby Active
Hoilday Clubs		 828
9,777
30,164
-
-
-
-
-
-
-
-
193,519		 -
(15,350)
-
-
25,685
(23,247)
9,350
(10,363)
83,913
(64,592)
50,000
(50,147)
25,000
(5,624)
51,719
(49,741)
1,260
-
-
-
-
-
525,143
(541,644)		 15,052
(3,520)
-
1,013
(19,321)
147
-
-
-
-
-
(5,385)		 530
6,257
32,602
-
-
-
19,376
1,978
1,260
-
-
171,633		 1,500
-
-
-
4,467
(6,540)
3,330
(3,330)
-
(1,565)
-
-
-
-
23,453
(32,210)
840
(850)
101,816
(74,632)
-
(14,614)
429,207
(382,752)		 (1,606)
(1,251)
-
-
1,565
-
(19,376)
4,185
(1,250)
-
-
(39,615)		 -
-
-
-
-
-
-
2,594
-
(27,184)
14,614
-		 (Continued)
424
424
5,006
5,006
30,529
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
178,473
78,445		 (Continued)
424
424
5,006
5,006
30,529
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
178,473
78,445
78,445

24 Restricted funds

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

24 Restricted funds

The total restricted fund reserve carried forward amounts to £178,473 (2022: £171,633). The total reserve balance excluding capital expenditure amounts to £100,028 (2022: £73,578).

The Selby Centre receives a circular grant from L B Haringey in respect of rent for which no money is physically received or paid.

The Trust obtained funding from the Haringey Council in relation to the Connected Communities project to provide advice, support, and capacity building to migrant communities. Expenses were incurred the year of £2,355, leaving a surplus of £2,745. The surplus was transferred to unrestricted funds as the project was no longer in use.

During the year the Trust recognised £11,965 of income from the Hey! Network Youth London fund to help young children fulfil their potential, particularly those at risk of getting caught into crime. Expenses were incurred in the year of £19,968, leaving a deficit of £8,003 which was transferred from unrestricted funds.

In the previous financial year, the charity received funding from Macmillan Cancer Trust towards a pilot project to test the concept of dedicated space at the Selby Centre where social and community activities blend with health services and shared workspaces. Due to Covid 19, no income or expenses were received/paid in the year. The brought forward surplus balance of £13,262 was transferred to unrestricted funds as the project was no longer in use.

The Trust obtained funding from Sport England fund - TIF to support 'under-represented' groups during Covid 19 and assist towards inequalities in sport and physical activity. During the year, phase 2 and 3 of the project was complete. An amount of £9,976 in relation to sporting activities was utilised from this fund. It was agreed that a surplus of £18,253 was to be transferred to unrestricted funds including an offset of the deprecation expense of the amounts capitalised in the prior year, leaving a surplus of £73,015 in relation to amounts utilised for capital expenditure, to be offset against depreciation against the relevant fixed asset groups each year.

During the year, additional income was received in relation to the School for Social Enterprise project. A transfer to unrestricted funds of £1,606 including offset of the deprecation expense of the amounts capitalised in the prior year was made during the year. A surplus of £424 in relation to amounts utilised for capital expenditure remains, which is to be offset against depreciation against the relevant fixed asset groups each year.

During the year, no funds were received from National Lotteries to support the trust during the Covid 19 period as the full amount was received in prior years. A transfer to unrestricted funds of £1,251 was made to cover the depreciation costs associated with the capital expenditure. A surplus of £5,006 in relation to amounts utilised for capital expenditure remains, which is to be offset against depreciation against the relevant fixed asset groups each year.

During the year, the Selby Trust continued with their initiative of The Selby Food Hub to provide food to members of the public. An amount of £4,467 was received through various forms of donations and grants with £6,540 being expended. A surplus of £30,529 was carried forward to be used in the following financial year.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

24 Restricted funds

During the year, amounts of £3,330 was received from the Power to Change programme, provided to The Selby Trust to support Participants to attend the SSE Learning Programme and to put their learning into practice within their Organisation. This grant was fully expended in the year.

The Gilead Sciences HIV Prevention Programme is a project to reduce health inequalities by helping hard to reach people in the community to make changes they want in their lifestyle to improve their health and well-being by offering HIV prevention training/workshop, testing and supported signposting into appropriate services. Expenses relating to project amounted to £1,565, which was transferred to unrestricted funds as the project finished during the year.

The Greater London Authority (GLA) Good Growth Fund appointed a development management consultant to increase Selby’s capacity and complete work required for the centres future as a commercially viable community organisation. During the year, £19,376 was transferred to unrestricted funds as the project was completed in the year.

During the year, an amount of £23,453 was received in respect of the London Borough of Haringey (LBH) - Holiday Activity and Food programmes to support Selby’s delivery of regular free holiday programmes for children ages 5 years to 16 years, with sport and enrichment activities. This is an ongoing fund with the LBH, with £32,210 expended in the year to support the activities. An amount of £2,594 in relation to sporting activities was utilised against the grant received from Sport England as described below. The remaining deficit balance of £4,185 was funded by unrestricted funds as the projects are now complete.

During the year, an amount of £840 was received from the Bridge Renewal Trust to deliver services on behalf of the Safer Neighbourhood Board Haringey. The expenses incurred in the years amount to £850. The surplus left over of £1,250 is transferred to unrestricted funds as the project has now been completed.

During the year, amounts of £1,263 was received from the Cruise - Connecting Communities programme, provided to The Selby Trust to deliver services on behalf of the Community Grief Hub. Expenses of £5,638 were incurred, with a deficit of £4,375 transferred from unrestricted funds, as the project was completed in the year.

During the year, income of £111,393 from the National Lottery - Synergising Communities Fund was recognised. The project is help increase The Selby Trust's organisation's capacity in order to help coordinate a productive community across the Selby site. Expenses relating to the project amounted to £41,894, leaving a surplus of £69,499 to be carried forward to be used in the following financial year.

During the year, an amount of £6,180 was received from Middlesex University to fund consultancy services provided by The Selby Trust in relation to the

Transforming the UK Food System project. This grant was fully expended in the year.

During the year, amounts of £14,614 were expended in relation to Selby Active Holiday Clubs. This fund is a cumulation of multiple various organisations that are used by the Trust in relation to sporting activities. This was utilised against the grant received from Sport England as described below.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

(Continued)

24 Restricted funds

During the year, an amount of £101,816 was recognised from Sport England fund - Together Fund to support groups of people that have been disproportionately affected by the Covid-19 pandemic to mitigate the significant impact on their ability to be physically active. Expenses of £74,632 were incurred leaving a surplus of £27,184, which was fully utilised against other sporting activities undertaken on other projects listed above as permitted by Sport England.

The Trustees are satisfied that sufficient resources are held in an appropriate form to enable each fund to be applied in accordance with any restrictions. Furthermore, the Trustees confirm that is no clawback expected on projects where surpluses have been transferred to unrestricted funds.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

25 Unrestricted funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 April 2021
£
Designated - Global Garden project
5,863
Designated - Positive Youth News Haringey
2,478
Designated - Energy Efficiency Repairs and
Lighting Improvements
37,200
Designated - London Borough of Haringey -
Site development
-
General Unrestricted Funds
442,989
488,530		 Movement in funds
Incoming
resources
Resources
expended
Transfers
Balance at
1 April 2022
£
£
£
£
-
-
(5,863)
-
-
-
(2,478)
-
-
-
(37,200)
-
-
-
-
-
882,653
(988,459)
50,926
388,109
882,653
(988,459)
5,385
388,109		 Movement in funds
Incoming
resources
Resources
expended
Transfers
31
£
£
£
-
-
-
-
-
-
-
-
-
48,500
(48,500)
-
1,076,531
(1,169,386)
39,615
1,125,031
(1,217,886)
39,615		 Balance at
March 2023
£
-
-
-
-
334,869
334,869

London Borough of Haringey project funds were designated to cover the Selby site redevelopment costs, specifically earmarked to cover the costs of site development manager. This was fully expended in the year.

The General Unrestricted Fund relates to "free reserves" after allowing for all designated funds.

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

26
Analysis of net assets between funds
Unrestricted
funds
Restricted
funds
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Tangible assets
21,804
78,445
Current assets/(liabilities)
493,451
(51,191)
Long term liabilities
(29,167)
-
486,088
27,254		 Total Unrestricted
funds
Restricted
funds
2023
2022
2022
£
£
£
100,249
22,024
98,055
442,260
395,252
73,578
(29,167)
(29,167)
-
513,342
388,109
171,633		 Total
2022
£
120,079
468,830
(29,167)
559,742

27 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 82,770 79,372

During the year, Mr R Danso (Trustee of The Selby Trust) was also a Trustee of the Temple of Refuge Ministries in which Mr R Danso has mutual interest. Income received in the year from Temple of Refuge Ministries was £6,396 (2022: £4,814) with an amount due to the Temple of Refuge Ministries of £388 (2022: £388) and £284 (2022: £256) due from the entity.

Included within the income from Activities for generating funds is £6,159 (2022: £26,880) invoiced to Selby Amateur Boxing Club, an organisation in which Mr J Clarke, a Trustee of The Selby Trust, was the Club Secretary for the three month period (up to July 2022). At the year end, there is an amount of £nil (2022: £13,210) due to Selby Amateur Boxing Club.

During the year, Mrs K Butt (Trustee of The Selby Trust) was also a Trustee of the Solace Women’s Aids, in which Mrs K Butt has mutual interest. Income received in the year from Solace Women’s Aids was £10,521 with an amount due to the Solace Women’s Aids of £4,139 (2022: £3,061).

THE SELBY TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2023

28 Cash generated from operations 2023 2022
£ £
Deficit for the year (46,400) (122,307)
Adjustments for:
Investment income recognised in statement of financial activities (569) (198)
Depreciation and impairment of tangible fixed assets 25,061 30,109
Movements in working capital:
(Increase) in debtors (122,276) (46,481)
(Decrease)/increase in creditors (15,913) 6,716
Increase/(decrease) in deferred income 60,035 (44,121)
Cash absorbed by operations (100,062) (176,282)

29 Analysis of changes in net funds

The Trust had no debt during the year.