2024-04-05-accounts

CHARITY NO. 265974

THE SELWOOD CHARITABLE TRUST

REPORT OF THE TRUSTEES

FINANCIAL STATEMENTS

For the Year ended 5 April 2024

THE SELWOOD CHARITABLE TRUST

Contents

Legal and administrative information Report of the trustees Report of the statutory auditor Statement of financial activities Balance Sheet Notes forming part of the financial statements	Page 2-3 4-5 6 7 8 9-12

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THE SELWOOD CHARITABLE TRUST

Legal and administrative information

Trustees	T J Selwood
	S P Selwood
	Mrs L A Selwood
	Mrs K M Lazarou
	P G Stone F.C.A.
Charity Number	265974
Charity Offices	75 Bournemouth Road
	Chandlers Ford
	EASTLEIGH
	SO53 3AP
Statutory Auditor -	Christopher David Osmond F.C.C.A
Independent Examiner	Stone Osmond Limited
	75 Bournemouth Road
	Chandlers Ford
	EASTLEIGH
	SO53 3AP
Accountants	Stone Osmond Ltd
	75 Bournemouth Road
	Chandlers Ford
	EASTLEIGH
	SO53 3AP
Bankers	Lloyds Bank plc
	Above Bar Branch
	92-94 Above Bar Street
	SOUTHAMPTON
	SO14 7DT
Solicitors	Paris Smith LLP
	Number 1
	London Road
	SOUTHAMPTON
	SO15 2AE

2

THE SELWOOD CHARITABLE TRUST

Investment Managers

Gore Browne – Investment Management Chequers Court 37 Brown Street SALISBURY SP1 2AS

Charles Stanley & Co Ltd 2 Westover Road BOURNEMOUTH BH1 2BY

J P Morgan Asset Management PO Box 12272 CHELMSFORD CM99 2EL

3

THE SELWOOD CHARITABLE TRUST Report of the trustees for the year ended 5 April 2024

The trustees present their report and financial statements for the year ended 5 April 2024. The financial statements have been prepared in accordance with the accounting policies set out on page 8 and comply with the charity’s trust deed and applicable law.

Constitution, Objectives and Activities for the Public Benefit

The Selwood Charitable Trust is constituted under a trust deed dated 22 May 1973 and is a registered charity, no. 265974. The trust deed defines the objects and purposes of the trust to be “such charitable object or objects or purposes if more than one in such shares and in such manner in all respects as the trustees in their absolute discretion think fit”.

The trustees confirm they have complied with the duty under Section 4 of the Charities Act having due regard to the guidance published by the Charity Commission, including public benefit guidance.

Organisation

The trustees named on page 2 have served throughout the year, or the period shown, and since the year end. The appointment of trustees is governed by the regulations of the charity.

Investment Policy

The policy of the trustees is to invest to provide a balanced return from capital and income at medium risk. Social, environmental or ethical considerations are taken into account where possible.

Reserves Policy

The trustees’ policy on reserves is that they regard the income fund as available for distribution in whole or in part and the capital fund as distributable only in exceptional circumstances.

Risk Management

The trustees have examined the potential risks which the charity faces and confirm that measures to minimise these risks have been put in place.

Review of Activities

The charity makes grants. During the year sixteen different organisations and individuals benefitted from grants totalling £90,200.

Plans for Future Period

The charity’s future income will be derived from investments and rental.

There are no fundraising activities and the trustees are aware that investment income may vary, in which case grants would need to be adjusted accordingly.

The charity would, however, continue to make grants for the benefit of the public.

4

THE SELWOOD CHARITABLE TRUST Report of the trustees for the year ended 5 April 2024

Trustees’ Responsibilities

The trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which give a true and fair view of the charity’s financial position at the end of the year. In preparing financial statements giving a true and fair view the trustees should follow best practice and:

• a) select suitable accounting policies and apply them consistently;

• b) observe the methods and principles in the Charities SORP;

• c) make judgements and estimates that are reasonable and prudent;

• d) state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements; and

• e) prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping accounting records which disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by the trustees on and signed on their behalf:

T J Selwood Trustee

5

THE SELWOOD CHARITABLE TRUST Independent Examiner’s report to the trustees of The Selwood Charitable Trust

I report on the accounts of the Trust for the year ended 5 April 2024 which are set out on pages 7 to 11.

Respective Responsibilities of Trustees and Examiner

The charity’s trustees are responsible for the preparation of the accounts. The charity’s trustees consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the 2011 Act).

It is my responsibility to:-

• Examine the accounts under section 145 of the 2011 Act;

• Follow the procedures laid down in the General Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act; and

• State whether particular matters have come to my attention.

Basis of Independent Examiner’s Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether accounts present a “true and fair view” and the report is limited to those matters set out in the statement below.

Independent Examiners’ Statement

In connection with my examination, no matter has come to my attention:

1. which gives me reasonable cause to believe that, in any material respect, the requirements:

2. To keep accounting records in accordance with section 130 of the Charities Act 2011; and

3. To prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Charities Act 2011 have not been met; or

4. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.

Christopher David Osmond F.C.C.A. Stone Osmond Ltd Accountants 75 Bournemouth Road Chandlers Ford EASTLEIGH SO53 3AP

Date:

6

THE SELWOOD CHARITABLE TRUST Statement of Financial Activities for the year ended 5 April 2024

INCOMING RESOURCES Investment income Other income Total incoming resources RESOURCES EXPENDED Costs of generating funds Charitable activities Total resources expended NET INCOMING/(OUTGOING) RESOURCES OTHER RECOGNISED LOSSES AND GAINS (Losses)/gains on investments NET MOVEMENT IN FUNDS FUNDS BROUGHT FORWARD FUNDS CARRIED FORWARD	Note 2 3 4 5 9		Unrestricted Funds £ 116,955 56,351 173,306 28,949 102,510 131,459 41,847 318,824 360,671 5,757,251 6,117,922		Restricted Funds £ - - - - - - - - - - -		Total £ 116,955 56,351 173,306 28,949 102,510 131,459 41,847 318,824 360,671 5,757,251 6,117,922		2023 Total Funds £ 115,538 -
									115,538
									29,255 64,068
									93,323
									22,215 (319,470)
									(297,255) 6,054,506
									5,757,251

7

THE SELWOOD CHARITABLE TRUST Balance Sheet as at 5 April 2024

FIXED ASSETS Investment property Investments CURRENT ASSETS Debtors Cash at bank and on deposit CURRENT LIABILITIES Creditors falling due within one year NET CURRENT ASSETS TOTAL NET ASSETS FUNDS Unrestricted capital Unrestricted income	Notes	£ 5,684 350,181	2024	£ 1,104,841 4,665,316 5,770,157 347,765 6,117,922 1,897,550 4,220,372 6,117,922		2023 £ 1,104,841 4,464,871
	8 9 10 11 12 13 13
						5,569,712 3,684 191,155
		355,865 8,100				194,839 7,300
						187,539
						5,757,251
						1,607,675 4,149,576
						5,757,251

T J Selwood Trustee

8

THE SELWOOD CHARITABLE TRUST Notes forming part of the financial statements for the year ended 5 April 2024

1. Principal Accounting Policies

a) Accounting convention

• The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting 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) issued on 16 July 2014 (as updated through Update Bulletin 1 published on 2 February 2016), the Financial Reporting applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, and UK Generally Accepted Practice as it applies from 1 January 2015.

The charity has applied Update Bulletin 1 as published on 2 February 2016 and therefore does not include a cash flow statement in these financial statements.

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 £1.

The significant accounting policies in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

b) Investment income

Investment income is accounted for in the period in which the charity is entitled to receipt.

c) Resources expended

Expenditure is included on an accruals basis.

Costs of generating funds comprise those costs directly attributable to managing the investment portfolio. Governance comprises costs for the running of the charity itself as an organisation.

d) Investment property

The property was purchased in January 2022 and is held at fair value with a policy to revalue every three years.

The rental income from the property is accounted for in the period in which the charity is entitled to receipt.

e) Investments

Investments are included at closing mid-market value at the balance sheet date. Any gain or loss on revaluation is taken to the Statement of Financial Activities.

9

THE SELWOOD CHARITABLE TRUST

Notes forming part of the financial statements for the year ended 5 April 2024

2. Investment Income Dividends – UK equities Dividends – Foreign equities Interest – UK securities Interest – Foreign 3. Other Income 4. Costs of Generating Funds Investment management fees 5. Charitable Activities Unrestricted funds Grants - Minstead Trust - Other Grants Property expenses – insurance Governance (note 6) 6. Governance Independent examiners fee Accountancy and administration fees	2024 £ 90,723 11,688 11,767 2,777 116,955 56,351 28,949 20,139 70,061 90,200 3,560 8,750 102,510 1,500 7,250 8,750	2023 £ 89,054 13,239 13,245 -
		115,538
		-
		29,255
		25,098 29,300
		54,398 1,999 7,671
		64,068
		1,500 6,171
		7,671

7. Trustees’ Remuneration

The trustees received no remuneration (2022: £Nil) and were not reimbursed for any expenses (2022: £Nil) in the year.

8. Investment Property

Fair Value Cost Revaluation At 5 April 2023	Total 1,104,841 -
	1,104,841

The property was purchased in January 2022 and the trustees consider this to be the fair value at the year end and no revaluation is required for this period.

10

THE SELWOOD CHARITABLE TRUST Notes forming part of the financial statements for the year ended 5 April 2024

9. Investments Market value at 6 April Acquisitions at cost Proceeds from disposals (Losses)/gains in the year Market value at 5 April Investments at market value comprised: Fixed interest Equities Unit Trusts Historical cost at 5 April 10. Debtors Minstead Hardship Fund 11. Creditors Accruals 12. Analysis of Total Net Assets by Fund Unrestricted Capital Unrestricted Income 13. Outline Summary of Fund Movements Unrestricted Capital £ Opening fund balances 1,607,675 Incoming resources - Outgoing resources (28,949) Gains and Losses 318,824 1,897,550		Fixed Assets £ 5,770,157 - 5,770,157 Unrestricted Income £ 4,149,576 173,306 (102,510) - 4,220,372	2024 £ 4,464,871 147,760 (266,139) 318,824 4,665,316 318,188 2,878,878 1,468,250 4,665,316 2,706,644 5,684 8,100 Net Current Assets £ (3,872,607) 4,220,372 347,765 Total Funds £ 5,757,251 173,306 (131,459) 318,824 6,117,922	2024 £ 4,464,871 147,760 (266,139) 318,824 4,665,316 318,188 2,878,878 1,468,250 4,665,316 2,706,644 5,684 8,100 Net Current Assets £ (3,872,607) 4,220,372 347,765 Total Funds £ 5,757,251 173,306 (131,459) 318,824 6,117,922		2023 £ 4,827,608 215,275 (258,542) (319,470)
						4,464,871
						269,643 2,827,844 1,367,384
						4,464,871
						2,785,869
						3,684
						7,300
						Total Net Assets £ 1,897,550 4,220,372 6,117,922
				6,117,922

11

THE SELWOOD CHARITABLE TRUST Statement of Financial Activities for the year ended 5 April 2024 Information for the Trustees only

UNRESTRICTED INCOME FUND Incoming resources Investment Income Rental Income Property expenses – insurance Management and administration costs Independent examiners fee Accountancy and administration fees Surplus for the year before grants Grants paid Minstead Trust Other Grants Surplus/(Deficit) for the year after grants Opening balance Closing balance CAPITAL FUND Opening balance Investments: Realised gains/(losses) Unrealised gains/(losses) Management charges Equalisation and retention Closing balance TOTAL FUNDS	2023/24 £ £ 116,955 56,351 3,560 1,500 7,250 12,310 160,996 20,139 70,061 90,200 70,796 4,149,576 4,220,372 1,607,675 38,500 280,324 (28,949) - 1,897,550 6,117,922	2023/2023 £ 115,538 1,999 1,500 6,171
		9,670
		105,868 25,098 29,300
		54,398
		51,470 4,098,106
		4,149,576
		1,956,400 50,122 (366,387) (29,255) (3,205)
		1,607,675
		5,757,251

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