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|
|---|---|
1
## **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:
- To keep accounting records in accordance with section 130 of the Charities Act 2011; and
- 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
2. 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|
12