OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-10-31-accounts

REGISTERED COMPANY NUMBER: 10950075 (England and Wales)

REPORT OF THE TRUSTEES AND

UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

FOR

THE SELHURST FOUNDATION (A COMPANY LIMITED BY GUARANTEE)

George Hay & Company Chartered Accountants 83 Cambridge Street London SW1V 4PS

THE SELHURST FOUNDATION

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

Page
Report of the Trustees 1 to 2
Independent Examiner's Report 3 to 4
Statement of Financial Activities 5
Statement of Financial Position 6 to 7
Statement of Cash Flows 8
Notes to the Statement of Cash Flows 9
Notes to the Financial Statements 10 to 17
Detailed Statement of Financial Activities 18 to 19

THE SELHURST FOUNDATION

REPORT OF THE TRUSTEES FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the period 1st May 2023 to 31st October 2024. The trustees have adopted the provisions of 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 financial statements have been prepared in accordance with the accounting policies set out in the Notes to the Financial Statements.

OBJECTIVES AND ACTIVITIES

Public benefit

The Trustees confirm that they have had regard to the Charity Commission's guidance on public benefit when setting the charitable company's objectives and aims.

The objectives of the charitable company are:

(i) The promotion of community participation in healthy recreation in particular the provision of facilities for the playing of football, martial arts, boxing and other sports;

(ii) To promote for the benefit of the inhabitants of London and the surrounding area the provision of facilities for recreation or other leisure time occupation of individuals who have the need of such facilities by reason of their youth, age, infirmity or disablement, financial hardship or social and economic circumstances or for the public at large in the interests of social welfare and with the object of improving the condition of life of the said inhabitants;

(iii) To advance the physical education of children and young people under the age of 25 years (who may be attending schools or in full time education or not undergoing formal education) by providing sports facilities; and

(iv) The advancement of such other objects or purposes which are exclusively charitable according to the law of England and Wales in any part of the world and in such manner as the Trustees may in their absolute discretion think fit.

ACHIEVEMENT AND PERFORMANCE

Charitable activities

During the period money was donated for the setup costs and operation of a charity in Guinea-Bissau.

Fundraising activities

No specific fundraising activities have been undertaken in the year.

Investment performance

The charity holds a range of managed investments with a market value as at 31st October 2024 of £24,801.

FINANCIAL REVIEW

Financial position

The trustees consider that the charity now has sufficient funds to pursue its charitable aims and activities and continue to research further suitable charitable projects for funding and support. At 31 October 2024 unrestricted funds of £1,999,491 were held by the charity.

Principal funding sources

The charity has received interest income from investments and loans in the period.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, the memorandum and articles, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

Charity constitution

The charitable company was registered as a charity with the Charity Commission on 26 March 2019.

Page 1

THE SELHURST FOUNDATION

REPORT OF THE TRUSTEES FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

New trustees are appointed by resolution of the charitable company's members and serve for an initial term of three years. Trustees may serve a total of two consecutive terms, being eligible for re-election only after a year has elapsed, unless the Board of Trustees consider it is in the best interests of the charitable company for the trustee to be eligible for re-election on his or her retirement for such number of further terms as the Trustees shall resolve.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

10950075 (England and Wales)

Registered Charity number

1182639

Registered office

49 Cheyne Place London SW3 4HL

Trustees

M W Harold Ms P Arteaga

Independent Examiner

George Hay & Company Chartered Accountants 83 Cambridge Street London SW1V 4PS

Website:

https://www.selhurstfoundation.com

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

Approved by order of the board of trustees on 29th August 2025 and signed on its behalf by:

M W Harold - Trustee

Page 2

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SELHURST FOUNDATION

I report to the trustees (who are also Directors for the purpose of company law) on my examination of the financial statements of The Selhurst Foundation ('the charitable company') for the year ended 31st October 2024 which comprise the Statement of Financial Activities, the Balance Sheet and related notes.

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

Responsibilities and basis of report

As the trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

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

As permitted by Direction 2, issued by the Charity Commission the firm for which I work has provided the charitable company with bookkeeping services during the year ended 31st October 2024. As a consequence I have followed the requirement of the FRC's Ethical Standard when undertaking this assignment.

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

Independent examiner's statement

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

• accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or

• the financial statements do not accord with those records; or

• the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a 'true and fair view which is not a matter considered as part of an independent examination; or

• the financial statements 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).

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE SELHURST FOUNDATION

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

Michael Davis FCA FCCA

George Hay & Company Chartered Accountants 83 Cambridge Street London SW1V 4PS

29th August 2025

Page 4

THE SELHURST FOUNDATION

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

Notes
INCOME AND ENDOWMENTS FROM
Investment income
2
EXPENDITURE ON
Raising funds
3
Charitable activities
4
General costs
Other
Total
Net gains/(losses) on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Period
1.5.23
to
31.10.24
Unrestricted
fund
£
110,023
1,885
26,910
1,636
30,431
(7,486)
72,106
1,927,385
1,999,491		 Period
1.7.22
to
30.4.23
Total
funds
£
4,661
342
-
601
943
(4,991)
(1,273)
1,928,658
1,927,385

The notes form part of these financial statements

Page 5

THE SELHURST FOUNDATION

STATEMENT OF FINANCIAL POSITION 31ST OCTOBER 2024

Notes
FIXED ASSETS
Tangible assets
9
Investments
10
CURRENT ASSETS
Debtors
11
Cash at bank
CREDITORS
Amounts falling due within one year
12
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year
13
NET ASSETS
FUNDS
15
Unrestricted funds
TOTAL FUNDS		 2024
Unrestricted
fund
£
2,207
24,801
27,008
1,995,683
27,195
2,022,878
(14,043)
2,008,835
2,035,843
(36,352)
1,999,491
1,999,491
1,999,491		 2023
Total
funds
£
3,843
904,780
908,623
48,533
1,028,293
1,076,826
(13,315)
1,063,511
1,972,134
(44,749)
1,927,385
1,927,385
1,927,385

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31st October 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 31st October 2024 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 6

THE SELHURST FOUNDATION

STATEMENT OF FINANCIAL POSITION - continued 31ST OCTOBER 2024

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

The financial statements were approved by the Board of Trustees and authorised for issue on 29th August 2025 and were signed on its behalf by:

M W Harold - Trustee

The notes form part of these financial statements

Page 7

THE SELHURST FOUNDATION

STATEMENT OF CASH FLOWS FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

Notes
Cash flows from operating activities
Cash generated from operations
1
Interest paid
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
Loan repayments in year
Interest charged
Net cash used in financing activities
Change in cash and cash equivalents in the
reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of the
reporting period		 Period
1.5.23
to
31.10.24
£
(1,944,952)
(1,858)
(1,946,810)
-
-
872,493
81,616
954,109
(10,181)
1,784
(8,397)
(1,001,098)
1,028,293
27,195		 Period
1.7.22
to
30.4.23
£
(43,737)
(1,053)
(44,790)
(2,286)
(909,771)
-
-
(912,057)
(1,056)
1,053
(3)
(956,850)
1,985,143
1,028,293

The notes form part of these financial statements

Page 8

THE SELHURST FOUNDATION

NOTES TO THE STATEMENT OF CASH FLOWS FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Losses on investments
Interest received
Interest paid
Increase in debtors
Increase/(decrease) in creditors
Net cash used in operations		 Period
1.5.23
to
31.10.24
£
72,106
1,636
7,486
(81,616)
1,858
(1,947,150)
728
(1,944,952)		 Period
1.7.22
to
30.4.23
£
(1,273)
1,636
4,991
-
1,053
(47,855)
(2,289)
(43,737)

2. ANALYSIS OF CHANGES IN NET FUNDS/(DEBT)

Net cash
Cash at bank
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1.5.23
£
1,028,293
1,028,293
(5,882)
(44,749)
(50,631)
977,662		 Cash flow
£
(1,001,098)
(1,001,098)
-
8,397
8,397
(992,701)		 At 31.10.24
£
27,195
27,195
(5,882)
(36,352)
(42,234)
(15,039)

The notes form part of these financial statements

Page 9

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery - 25% straight line

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Investment assets

Investment assets form part of the unrestricted funds. All income arising from these investments is credited as unrestricted fund incoming resources.

Investment assets are measured at fair value at the Statement of Financial Position date, with changes in being recognised in income and expenditure. Gains or losses on disposal of investment assets are calculated as arising from the latest Statement of Financial Position valuation and are credited or charged as realised gains or losses to unrestricted funds.

Financial instruments

The charitable company only enters into basic financial transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Financial Activities.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

continued...

Page 10

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

2.
INVESTMENT INCOME
Period
1.5.23
to
31.10.24
£
Other investment income
28,407
Interest receivable
81,616
110,023
3.
RAISING FUNDS
Investment management costs
Period
1.5.23
to
31.10.24
£
Portfolio management
1,885
4.
CHARITABLE ACTIVITIES COSTS
Support
Direct
costs (see
Costs
note 5)
£
£
General costs
13,447
13,463
5.
SUPPORT COSTS
Information
Governance
Finance
technology
costs
£
£
£
General costs
7,308
747
5,408		 Period
1.7.22
to
30.4.23
£
4,661
-
4,661
Period
1.7.22
to
30.4.23
£
342
Totals
£
26,910
Totals
£
13,463

continued...

Page 11

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

5. SUPPORT COSTS - continued

Support costs, included in the above, are as follows:

Finance

Finance
Period Period
1.5.23 1.7.22
to to
31.10.24 30.4.23
General Total
costs activities
£ £
Insurance 200 190
Bank charges 5,688 1,612
Foreign exchange (gain)/loss (438) (8,985)
Bank interest 74 -
Bank loan interest 1,784 1,053
7,308 (6,130)
Information technology
Computer expenses Period
1.5.23
to
31.10.24
General
costs
£
747		 Period
1.7.22
to
30.4.23
Total
activities
£
1,497
Governance costs
Accountancy & legal fees Period
1.5.23
to
31.10.24
General
costs
£
3,608		 Period
1.7.22
to
30.4.23
Total
activities
£
3,598
Independent examination 1,800 -
5,408 3,598

continued...

Page 12

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

6. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Period Period
1.5.23 1.7.22
to to
31.10.24 30.4.23
£ £
Depreciation - owned assets 1,636 1,636

7. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31st October 2024 nor for the period ended 30th April 2023.

Trustees' expenses

There were no trustees' expenses paid for the period ended 31st October 2024 nor for the period ended 30th April 2023.

8. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM Unrestricted
fund
£
Investment income 4,661
EXPENDITURE ON
Raising funds 342
Other 601
Total 943
Net gains/(losses) on investments (4,991)
NET INCOME/(EXPENDITURE) (1,273)
RECONCILIATION OF FUNDS
Total funds brought forward 1,928,658
TOTAL FUNDS CARRIED FORWARD 1,927,385

continued...

Page 13

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

9. TANGIBLE FIXED ASSETS

9. TANGIBLE FIXED ASSETS
Plant and
machinery
£
COST
At 1st May 2023 and 31st October 2024 6,543
DEPRECIATION
At 1st May 2023 2,700
Charge for year 1,636
At 31st October 2024 4,336
NET BOOK VALUE
At 31st October 2024 2,207
At 30th April 2023 3,843
10. FIXED ASSET INVESTMENTS
MARKET VALUE Listed
investments
£
At 1st May 2023 904,780
Disposals (876,006)
Revaluations (3,973)
At 31st October 2024 24,801
NET BOOK VALUE
At 31st October 2024 24,801
At 30th April 2023 904,780
Investment assets held outside of the UK total £24,801.
Cost or valuation at 31st October 2024 is represented by:
Valuation in 2024 Listed
investments
£
24,801

continued...

Page 14

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

11.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Other debtors
1,939,671
Deposit with stockbrokers
56,012
Prepayments
-
1,995,683
12.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
£
Bank loans and overdrafts (see note 14)
5,882
Other creditors
-
Accruals and deferred income
8,161
14,043
13.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024
£
Bank loans (see note 14)
36,352
14.
LOANS
An analysis of the maturity of loans is given below:
2024
£
Amounts falling due within one year on demand:
Bank loans
5,882
Amounts falling between one and two years:
Bank loans - 1-2 years
5,882
Amounts falling due between two and five years:
Bank loans - 2-5 years
17,647
Amounts falling due in more than five years:
Repayable by instalments:
Bank loans more 5 yr by instal
12,823		 2023
£
-
47,786
747
48,533
2023
£
5,882
190
7,243
13,315
2023
£
44,749
2023
£
5,882
5,882
17,647
21,220

Bank loans are unsecured and repayable over 10 years from February 2022 at an interest rate of 2.5 per cent per annum.

continued...

Page 15

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

15. MOVEMENT IN FUNDS

Unrestricted funds
General fund
TOTAL FUNDS
Net movement in funds, included in the above are as
Unrestricted funds
General fund
TOTAL FUNDS		 follows:
Incoming
resources
£
110,023
110,023		 At 1.5.23
£
1,927,385
1,927,385
Resources
expended
£
(30,431)
(30,431)		 Net
movement
in funds
£
72,106
72,106
Gains and
losses
£
(7,486)
(7,486)		 At
31.10.24
£
1,999,491
1,999,491
Movement
in funds
£
72,106
72,106

Comparatives for movement in funds

Unrestricted funds
General fund
TOTAL FUNDS		 At 1.7.22
£
1,928,658
1,928,658		 Net
movement
in funds
£
(1,273)
(1,273)		 At
30.4.23
£
1,927,385
1,927,385

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds Incoming
Resources
Gains and
Movement
resources
expended
losses
in funds
£
£
£
£
General fund 4,661
(943)
(4,991)
(1,273)
TOTAL FUNDS 4,661
(943)
(4,991)
(1,273)

continued...

Page 16

THE SELHURST FOUNDATION

NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

16. RELATED PARTY DISCLOSURES

Included within other debtors is the sum of £1,858,055 due from a trustee, Michael Harold, and companies under his control. Interest of 5% (£81,616) has been added to these balances in the period. The full amount of these loans and interest thereon was repaid in April 2025.

Page 17

THE SELHURST FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

Period Period
1.5.23 1.7.22
to to
31.10.24 30.4.23
£ £
INCOME AND ENDOWMENTS
Investment income
Other investment income 28,407 4,661
Interest receivable 81,616 -
110,023 4,661
Total incoming resources 110,023 4,661
EXPENDITURE
Investment management costs
Portfolio management 1,885 342
Charitable activities
Donations paid 13,447 -
Other
Plant & machinery depreciation 1,636 1,636
Support costs
Finance
Insurance 200 190
Bank charges 5,688 1,612
Foreign exchange (gain)/loss (438) (8,985)
Bank interest 74 -
Bank loan interest 1,784 1,053
Information technology 7,308 (6,130)
Computer expenses 747 1,497
Governance costs
Accountancy & legal fees 3,608 3,598
Independent examination 1,800 -
5,408 3,598
Total resources expended 30,431 943
Net income before gains and losses 79,592 3,718

This page does not form part of the statutory financial statements

Page 18

THE SELHURST FOUNDATION

DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 1ST MAY 2023 TO 31ST OCTOBER 2024

Period Period
1.5.23 1.7.22
to to
31.10.24 30.4.23
£ £
Realised recognised gains and losses
Realised gains/(losses) on fixed asset investments (3,513) -
Net income 76,079 3,718

This page does not form part of the statutory financial statements

Page 19