Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
Company registration number: 06908030 Charity registration number: 1143135
SILVERFIT LTD
(A company limited by guarantee and registered charity)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the Charity, its Trustees and advisers |
2 |
| Trustees' report | 3 - 6 |
| Independent examiner's report | 7 |
| Statement of financial activities | 8 |
| Balance sheet | 9 |
| Notes to the financial statements | 10 – 16 |
Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD (A company limited by guarantee and registered charity)
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MAY 2025
| Trustees | Paul James Perry,Chair |
|---|---|
| Brett Allison Berger (resigned 12 August 2025) Sarah Elizabeth Foxton(appointed 26 August 2025) |
|
| Terence Thomas McGregor (resigned 19 August 2024) Janet McHugh (appointed 28 February 2025) PervizQureshi(appointed 17 October 2024) |
|
| Catherine Jane Shelley | |
| Company registered number | 06908030 |
| Charity registered number | 1143135 |
| Registered office | The Zig Zag Building (6th Floor, C/O Navig8) 70 Victoria Street London SW1E 6SQ |
| Company secretary | Paul Perry |
| Chief executive officer | Dr Edwina Brocklesby |
| Independent examiner | MHA Chartered Accountants 910 The Crescent Colchester Business Park Colchester Essex CO4 9YQ |
| Bankers | The Cooperative Bank Dell House Skelmersdale WN8 6WT |
| Solicitors | Russell‑Cooke 2 Putney Hill London SW15 6AB |
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2025
The Trustees present their Annual Report together with the Financial Statements of the Charity for the year 1 June 2024 to 31 May 2025. The Annual Report serves the purposes of both a Trustees' Report and a Directors' Report under company law. The Trustees confirm that the Annual Report and Financial Statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
Since the Charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objectives and purpose of the Charity, as per its Memorandum and Articles of Association, are the promotion of physical activity and the promotion and provision of physical exercise opportunities with the object of improving the health and wellbeing, in particular but not exclusively, for those over 45 and those whose health, ethnicity and socio ‑ economic circumstances might mean they need more help and encouragement to take part in physical activity.
The Charity targets areas of economic and social deprivation where it is considered the greatest difference can be made in terms of healthier ageing. For that reason, the Charity has always aimed to keep the cost of attendance to the minimum amount possible. In line with certain funders’ requirements, the Charity collects attendance fees at specific venues from those attendees who are able to pay.
Silverfit constantly promotes the need for healthier happier ageing, and actively seeks new partners and funders, whilst maintaining excellent relations with existing partners and funders. All active and potential contacts are diligently checked to ensure their aims are fully aligned with Silverfit’s objectives and aims.
The Charity spends a considerable amount of time each year analysing the data obtained from those attending the sessions. Attendee feedback is positively encouraged to try to enhance the experience for those attending sessions and to help identify groups who may be tempted back into exercise. The Charity has been actively involved in the past in various pieces of research, evidencing the benefits to those who regularly attend a Silverfit session.
Silverfit continues to identify new avenues for funding to protect existing sessions and to aid plans for growth, both in terms of additional activities in existing venues and expanding into new venues.
b. Regular activities undertaken to achieve objectives
Since its inception, Silverfit has organised weekly community events in London, offering a range of physical activities combined with the opportunity for social interaction; this reached a peak in 2019 of 46 activity sessions per week at 18 different venues across nine London Boroughs. These activities were significantly impacted by the COVID ‑ 19 outbreak in the UK in 2020 and 2021, however Silverfit continued to provide opportunities for with daily exercise videos released on the Silverfit@Home YouTube channel and Zoom classes. Silverfit has fully reverted to only in person sessions although free access to the library of over 170 exercise videos is still available.
Two new classes opened during the year; yoga at Elephant and Castle Community and Engagement Hub and strength and balance at Chessington Sports Centre. As at 31 May 2025 there were 24 in person sessions at 14 venues per week (2024: 22 in person sessions at 12 different venues). Average weekly attendance has increased slightly to 250 (2024: 235). Nordic walking remains the most popular activity, followed by Yoga and Tai Chi; other activities include Bollywood dance, fitness, badminton, table tennis, indoor rowing, Qi Gong and strength and balance.
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
Silverfit managed activities offered as at 31 May 2025
| Venue | Silverfit Activities | Weekly sessions | Weekly sessions |
|---|---|---|---|
| 31 May 2025 | 31 May 2024 | ||
| Ashburton Park | Nordic walking | 1 | 1 |
| Yoga | 1 | 1 | |
| Broadwater Farm Community Centre, Tottenham |
Badminton and table tennis | 1 | 1 |
| Burgess Park | Nordic walking | 1 | 1 |
| Canada Water, Docklands | Nordic walking | 1 | 1 |
| Fitness class | 1 | 1 | |
| Canbury Park, Kingston | Nordic walking | 1 | 1 |
| Yoga | 1 | 1 | |
| Chessington Sports Centre | Strength and balance | 1 | - |
| Crystal Palace National Sports Centre | Nordic walking | 1 | 1 |
| Tai Chi | 1 | 1 | |
| Dulwich Park | Nordic walking | 1 | 1 |
| Elephant and Castle Community and Engagement Hub |
Yoga | 1 | - |
| Hyde Park | Nordic walking | 1 | 1 |
| Kingston Rowing Centre | Indoor rowing | 1 | 1 |
| Kingston United Reformed Church | Tai Chi | 2 | 2 |
| Bollywood dance | 1 | 1 | |
| Lordship Recreation Ground, Haringey | Nordic walking | 1 | 1 |
| Yoga | 1 | 1 | |
| Whitton Community Centre | Nordic walking | 1 | 1 |
| Tai Chi | 1 | 1 | |
| Qi Gong | 1 | 1 | |
| Bollywood dance | 1 | 1 | |
| Total | 24 | 22 |
c. Volunteers
The Charity recognises the benefits of acting as a volunteer with volunteers more likely to seek to be healthier and happier as they age. For that reason, we have adopted a volunteer led culture where possible at the weekly sessions.
Silverfit Ambassadors help at some of the venues taking attendance registers, collecting activity fees and organising the social element of the event. The Charity continues to train a number of regular Nordic Walkers to become walk leaders; this enables them to lead separate groups of walkers at the venues whilst under the supervision of a qualified instructor. The Treasurer provides accounting services to the Charity on a voluntary basis.
The Charity has had 22 volunteers assisting with its activities this year (excluding the trustees) and acknowledges and appreciates the time and effort its volunteers give in managing its activities.
e. Main activities undertaken to further the Charity's purposes for the public benefit
During the year the Charity organised weekly outdoor and indoor community events in up to 14 different venues across London, offering a range of physical activities. In addition, the Charity provided remote exercise opportunities through its library of 170 exercise videos on the Silverfit@Home YouTube channel, including cheerleading, yoga and keep fit. The Trustees confirm that they have had regard to the guidance issued by the Charity Commission on public benefit.
f. The impact of Silverfit on participants
The beneficial effects of the Charity are evident in so many ways but especially around health, including mental health and building confidence. This has been demonstrated in a recent “hands up survey” of our attendees at two of our venues to support of our end of funding report. The results were as follows:
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
-
100% of attendees enjoyed the sessions
-
100% of participants felt they had learnt something new from the sessions
-
100% of participants walk more since they started Nordic Walking with Silverfit
-
100% of participants feel more positive about walking since they started Nordic Walking with Silverfit
In addition to quantitative data, Silverfit has received a huge amount of positive feedback from attendees which sums up the overall impact and benefits; here are some recent words from them:
“Silverfit enables me to get out and have fun with like-minded people at an affordable rate. It really is invaluable to a lot of people especially those who are retired and live alone as it’s a very social group.”
“It’s nearly a year since I joined the Whitton Nordic group and I wish I’d found you earlier. It’s a pleasure to walk with nice people and improve my health, wellbeing and to learn a new skill. Every walk is different and Crane Park is the perfect place to do it plus it’s right on the doorstep to the Whitton Community Centre.”
“Always enjoy our park walks, the change of surroundings each week, the group, though often varied, are always a pleasure to walk with, thankfully the warm-up and cool-down exercises are getting easier, and it’s all having a positive influence on my health and wellbeing.”
“Silverfit has given me the confidence to return to some of my former activities including open water swimming and I hope to regain more movement in time…a work in progress!“
Achievements and performance
a. Review of activities
Silverfit continues to provide opportunities for older people, and particularly those whose health, ethnicity and socio ‑ economic circumstances might mean they need more help and encouragement to take part in physical activity, to partake in regular exercise in friendly local social environments. In addition, individuals can access the library of 170 exercise videos on the Silverfit@Home YouTube channel. The benefits to health and wellbeing are well documented.
The Trustees wish to express their gratitude to the following organisations who have supported the Charity with valued funding during the year ended 31 May 2025: City Bridge Foundation, London Borough of Haringey, National Lottery Community Fund, Southwark Charities, Elephant and Castle Community Fund and Greenwich Leisure Limited.
Financial review
a. Review of financial performance
The Charity received grants and donations of £100,474 (2024: £97,949), services fees of £15,007 (2024: £14,576) and activity fees and other income totalling £19,732 (2024: £18,273) giving total income of £135,213 (2024: £130,798). Total expenditure for the year ended 31 May 2025 was £116,244 (2024: £99,069), which included £37,772 (2024: £34,256) for the costs of activity instructors and £12,705 (2024: £10,396) to hire venues. The Charity made a surplus of £18,969 (2024: £31,729). The Charity aims to breakeven each year and the surplus is largely due to grant funding already received this financial year but for which some of expenditure will be incurred in the next financial year.
Service fee income, private donations and activity fees do not have any restrictions on how they can be spent and are used to cover administrative costs and venues which are not directly supported by other funding.
b. Reserves policy
Having considered the risks and examined the Charity’s requirements for reserves, Silverfit’s Trustees have set a reserves level equivalent to three months’ expenditure. This is in line with many charities and whilst Silverfit is very dependent on external funding, it has no commitments for premises costs and with no employees, no committed staff costs. Total reserves as at 31 May 2025 were £84,531 (2024: £65,562) of which £44,711 (2024: £25,508) was restricted and £39,820 (2024: £40,054) was unrestricted.
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
c. Going concern
The Trustees consider there to be no material uncertainties about Silverfit’s ability to continue as a going concern based on their review of budget, cash flow forecasts and cash reserves. Silverfit has a funding strategy which anticipates a mixed income base including grants, service fees, activity fees, donations and community fundraising.
Structure, governance and management
a. Constitution
The organisation is a Charitable Company limited by guarantee, incorporated on 18 May 2009, and registered as a Charity on 27 July 2011. The Company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1.
b. Methods of appointment or election of Trustees
‑ The management of the Charity is the responsibility of the Trustees who are elected and co opted under the terms of the Memorandum of Association.
‑ c. Organisational structure and decision making policies
All Trustees give their time voluntarily and receive no benefits from the Charity. The Trustees review the aims, ‑ objectives and activities of the Charity at Board meetings held every 4 6 weeks, and these meetings include a report from the CEO on current issues requiring consideration.
The Board of Trustees and CEO regularly review the knowledge base of the Charity’s Trustees and look to recruit Trustees who provide necessary experience or a fresh mindset to the Charity, whilst also having a desire aligned with the Charity’s objectives. When an existing Trustee wishes to step down, the intention is to suitably replace the Trustee prior to their resignation.
The Trustees constantly look to improve knowledge in specific fields, whilst also keeping up to date on issues directly affecting the attendees of the sessions. The Charity does not have any employees but does pay for consultants and freelancers to help in the areas of business management, project management, fundraising, data analysis, marketing and advertising; their costs are clearly set out in the financial statements. The Treasurer provides accounting services to the Charity on a voluntary basis. Silverfit pays the instructors who run the activities for Silverfit on a freelance basis.
The Trustees present this report to show what the Charity has achieved and the outcome of its work during the year ended 31 May 2025. 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. This review also helps the Trustees ensure the Charity’s aims, objectives and activities remain focused on its stated purpose.
d. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the finances and operation of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
This Report has been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
Approved by order of the members of the board of Trustees and signed on their behalf by:
| ................................................ Paul James Perry Chair |
................................................ Catherine Jane Shelley Treasurer |
|---|---|
| Date: ~~December 12, 2025~~ |
December 12, 2025 |
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD (A company limited by guarantee and registered charity)
INDEPENDENT EXAMINER’S REPORT FOR THE YEAR ENDED 31 MAY 2025
Independent examiner's report to the Trustees of Silverfit Ltd ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 May 2025.
Responsibilities and basis of report
As the Trustees of the Charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe in any material respect:
| 1. | accounting records were not kept in respect of the Charity as required by section 386 of the 2006 Act; or |
|---|---|
| 2. | the accounts do not accord with those records; or |
| 3. | the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or |
| 4. | the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). |
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.
Signed: Dated: December 15, 2025
Cara Miller ACCA MHA 910 The Crescent Colchester, United Kingdom
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542).
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MAY 2025
| Unrestricted funds 2025 |
Restricted funds 2025 |
Total funds 2025 |
Total funds 2024 |
||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | £ | £ | £ | £ | |||||
| Income: | |||||||||
| Grants | 3 | - | 86,755 | 86,755 | 67,503 | ||||
| Donations | 4,739 | 8,980 | 13,719 | 30,446 | |||||
| Activityfees | 19,144 | - | 19,144 | 17,833 | |||||
| Service fees | 15,007 | - | 15,007 | 14,576 | |||||
| Other income | 588 | - | 588 | 440 | |||||
| Total income | 39,478 | 95,735 | 135,213 | 130,798 | |||||
| Expenditure on: | |||||||||
| Activitycosts | 4 | 19,299 | 40,253 | 59,542 | 50,044 | ||||
| Administration expenses | 5 | 20,197 | 36,289 | 56,486 | 48,809 | ||||
| Finance costs | 216 | - | 216 | 216 | |||||
| Total expenditure | 39,712 | 76,532 | 116,244 | 99,069 |
| Net(expenditure)/income | (234) | 19,203 | 18,969 | 31,729 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net movement in funds | (234) | 19,203 | 18,969 | 31,729 | |||||||||
| Reconciliation of funds: | |||||||||||||
| Total funds brought forward | 40,054 | 25,508 | 65,562 | 33,833 | |||||||||
| Net movement in funds | (234) | 19,203 | 18,969 | 31,729 | |||||||||
| Total funds carried forward | 39,820 | 44,711 | 84,531 | 65,562 | |||||||||
The Statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
In 2024, of the total income of £130,798, £63,295 was from Unrestricted funds and £67,503 was from Restricted funds. In 2024, of the total expenditure of £99,069, £36,816 was to Unrestricted funds and £62,253 was to Restricted funds.
The notes on pages 10 to 16 form part of these financial statements.
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD (A company limited by guarantee and registered charity)
BALANCE SHEET REGISTERED NUMBER: 06908030 AS AT 31 MAY 2025
| 2025 | 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Note | £ | £ | |||||||
| Current assets | |||||||||
| Debtors | 7 | 16,150 | 4,468 | ||||||
| Cash at bank and in hand | 83,867 | 75,350 | |||||||
| 100,017 | 79,818 | ||||||||
| Creditors: amounts falling due within oneyear |
8 | (15,486) | (14,256) | ||||||
| Net current assets | 84,531 | 65,562 | |||||||
| Total net assets | 84,531 | 65,562 | |||||||
| Charity funds | |||||||||
| Restricted funds | 9 | 44,711 | 25,508 | ||||||
| Unrestricted funds | 9 | 39,820 | 40,054 | ||||||
| Total funds | 84,531 | 65,562 | |||||||
The Charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
| ................................................ Paul James Perry Chair |
................................................ Catherine Jane Shelley Treasurer |
|---|---|
| Date: December 12, 2025 |
December 12,2025 |
| The notes onpages 10 to 16 formpart of these financial statements. |
9
Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
1. General information
Silverfit Ltd is a Company limited by guarantee and is registered with the Charity Commission (Charity Registered Number 1143135) and Registrar of Companies (Company Registration Number 06908030) in England and Wales.
In the event of the Charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the Charity.
The address of the registered office is given in the Charity information on page 1 of these financial statements. The nature of the Charity’s operations and principal activities are detailed in the Trustees' Report.
2. Accounting policies
2.1 Basis of preparation of financial statements
‑ The financial statements have been prepared in accordance with the Charities SORP (FRS 102) 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) and the Companies Act 2006.
Silverfit Ltd meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value.
The financial statements are presented in sterling which is the functional currency of the Charity and rounded to the nearest pound.
2.2 Going concern
The financial statements have been prepared on a going concern basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the Charity to be able to continue as a going concern.
2.3 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
For donations to be recognised the Charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfillment of those conditions is within the control of the Charity and it is probable that they will be fulfilled.
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
No amount is included in the financial statements for volunteer time in line with the SORP (FRS 102). Further detail is given in the Trustees’ Annual Report.
The Charity receives local government grants in respect of furthering its charitable objectives. Income from local government and other grants are recognised at fair value when the Charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity; this is normally upon notification of the interest paid or payable by the Bank.
2.4 Expenditure
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
2.5 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.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
2.7 Cash at bank and in hand
Cash at bank and in hand includes cash and short ‑ term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.8 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.9 Financial instruments
The Charity only holds basic Financial Instruments. The financial assets and financial liabilities of the Charity are as follows:
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
Debtors – trade and other debtors (including accrued income) are basic financial instruments and are debt instruments measured at amortised cost as detailed in Note 7. Prepayments are not financial instruments.
Cash at bank – is classified as a basic financial instrument and is measured at face value.
Liabilities – trade creditors, accruals and other creditors will be classified as financial instruments, and are measured at amortised cost as detailed in Note 8.
2.10 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
3. Analysis of Grants
| 3. | Analysis of Grants | ||||
| 2025 | 2024 | ||||
| £ | £ | ||||
| Grants to support running weekly physical exercise sessions at venues across London |
|||||
| CityBridge Foundation | 49,490 | 24,565 | |||
| National LotteryCommunityFund | 19,098 | - | |||
| Southwark Charities | 9,517 | 9,518 | |||
| Elephant and Castle CommunityFund | 8,650 | - | |||
| Royal Borough of Kingston upon Thames | - | 10,000 | |||
| London Borough of Richmond upon Thames | - | 10,000 | |||
| Groundwork Walkingand CyclingGrants London | - | 4,920 | |||
| Childwick Trust | - | 5,000 | |||
| Charles Hayward Foundation | - | 3,000 | |||
| SporTedd | - | 500 | |||
| 86,755 | 67,503 |
There are no unfulfilled conditions or other contingencies attached to the government grants listed above.
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
| 4. | Activity costs | |||||||
|---|---|---|---|---|---|---|---|---|
| 2025 | 2024 | |||||||
| £ | £ | |||||||
| Instructor fees | 37,773 | 34,256 | ||||||
| Venue hire | 12,705 | 10,396 | ||||||
| Project management | 7,546 | 3,192 | ||||||
| Sports equipment&other costs | 1,518 | 2,200 | ||||||
| 59,542 | 50,044 | |||||||
| 5. | Administration expenses | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Business and operations management | 26,319 | 15,613 | |||||
| Marketingand social media | 8,968 | 9,893 | |||||
| Fundraising | 8,955 | 9,305 | |||||
| Independent Examiners' remuneration | 3,000 | 2,700 | |||||
| Data collection&analysis | 2,856 | 3,009 | |||||
| Software and maintenance | 2,592 | 2,881 | |||||
| Insurance | 2,080 | 1,283 | |||||
| Administration costs | 1,082 | 2,192 | |||||
| Sundryexpenses | 634 | 533 | |||||
| Professional fees | - | 1,400 | |||||
| 56,486 | 48,809 | ||||||
The Independent Examiners' remuneration includes examination fees of £3,000 (2024: £2,700) and taxation services of £NIL (2024: £NIL).
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Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD (A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
6. Trustees' remuneration and expenses
Trustees are remunerated when required under the legal authority granted by the Charity's Memorandum and Articles of Association. No Trustees received any remuneration in the year.
The Trustees consider the Board of Trustees and the CEO to be the Key Management Personnel of the Charity. The total amount of benefits received by Key Management Personnel was £21,500 (2024: £11,500).
‑ At the year end, Dr Edwina Brocklesby, the CEO, is owed £NIL (2024: £645) by the Charity in relation to expenses paid on behalf of the Charity in previous years.
During the year ended 31 May 2025, no Trustee expenses have been incurred (2024: £NIL). One Trustee was reimbursed for company expenses of £34 (2024: £NIL)
| 7. | Debtors | ||||||
|---|---|---|---|---|---|---|---|
| 2025 | 2024 | ||||||
| £ | £ | ||||||
| Due within oneyear | |||||||
| Trade debtors | 15,006 | 3,577 | |||||
| Prepayments | 894 | 641 | |||||
| Deposits | 250 | 250 | |||||
| 16,150 | 4,468 | ||||||
8. Creditors: Amounts falling due within one year
| 8. | Creditors: Amounts falling due within one year | Creditors: Amounts falling due within one year | Creditors: Amounts falling due within one year | Creditors: Amounts falling due within one year | Creditors: Amounts falling due within one year |
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| £ | £ | ||||
| Trade creditors | 11,826 | 10,281 | |||
| Other creditors | - | 645 | |||
| Accruals | 3,660 | 3,330 | |||
| 15,486 | 14,256 |
14
Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
| 9. | Statement of funds | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Statement of funds‑currentyear | ||||||||||||||||
| Balance at 1 June 2024 £ |
Income £ |
Expenditure £ |
Balance at 31 May 2025 £ |
|||||||||||||
| Unrestricted funds | ||||||||||||||||
| General funds | 40,054 | 39,478 | (39,712) | 39,820 | ||||||||||||
| Restricted funds | ||||||||||||||||
| Funding for weekly physical exercise sessions at venues across London |
25,508 | 95,735 | (76,532) | 44,711 | ||||||||||||
| Total of funds | 65,562 | 135,213 | (116,244) | 84,531 | ||||||||||||
| Statement of funds‑ prioryear | ||||||||||||||||
| Balance at 1 June 2023 £ |
Income £ |
Expenditure £ |
Balance at 31 May 2024 £ |
|||||||||||||
| Unrestricted funds | ||||||||||||||||
| General funds | 13,575 | 63,295 | (36,816) | 40,054 | ||||||||||||
| Restricted funds | ||||||||||||||||
| Funding for weekly physical exercise sessions at venues across London |
20,258 | 67,503 | (62,253) | 25,508 | ||||||||||||
| Total of funds | 33,833 | 130,798 | (99,069) | 65,562 |
15
Docusign Envelope ID: 8BABF33C-F08C-4218-8135-D906FE5D6783
SILVERFIT LTD
(A company limited by guarantee and registered charity)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025
Restricted funds comprise the income from funders which are to be used in accordance with specific restrictions. Activity fees the participants pay at each session, private donations and service fees are unrestricted funds.
Funding for weekly physical exercise sessions at venues across London
Grants are provided by a number of different organisations, including local Government and charities, to enable Silverfit to deliver regular in person activity sessions lead by qualified instructors in the London area. Funding is restricted to supporting these sessions; some grants are further restricted to support a specific location, London Borough or activity type.
10. Analysis of net assets between funds
‑ Analysis of net assets between funds current year
| Unrestricted | Restricted | |||
|---|---|---|---|---|
| funds | funds | Totalfunds | ||
| 2025 | 2025 | 2025 | ||
| £ | £ | £ | ||
| Current assets | 55,306 | 44,711 | 100,017 | |
| Creditors due within oneyear | (15,486) | - | (15,486) | |
| Total | 39,820 | 44,711 | 84,531 |
‑ Analysis of net assets between funds prior year
| Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | Analysis of net assets between funds‑prior year | |
|---|---|---|---|---|---|---|---|---|---|
| Unrestricted funds 2024 |
Restricted funds 2024 |
Total funds 2024 |
|||||||
| £ | £ | £ | |||||||
| Current assets | 54,310 | 25,508 | 79,818 | ||||||
| Creditors due within oneyear | (14,256) | - | (14,256) | ||||||
| Total | 40,05 4 | 25,508 | 65,562 | ||||||
11. Related party transactions
In addition to the transactions detailed in Note 6, the Charity received donations without any conditions from Trustees and Key Management Personnel of £9,800 (2024: £7,364) in aggregate.
16