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)

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

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.

ACHIEVEMENTS 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.

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

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).

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

Period

Period

1.5.23

1.7.22

to

to

31.10.24

30.4.23

Unrestricted

Total

fund

funds

Notes

£

£

INCOME AND ENDOWMENTS FROM

Investment income

2

110,023

4,661

EXPENDITURE ON

Raising funds

3

1,885

342

Charitable activities

4

General costs

26,910

-

Other

1,636

601

Total

30,431

943

Net gains/(losses) on investments

(7,486

)

(4,991

)

NET INCOME/(EXPENDITURE)

72,106

(1,273

)

RECONCILIATION OF FUNDS

Total funds brought forward

1,927,385

1,928,658

TOTAL FUNDS CARRIED FORWARD

1,999,491

1,927,385

2024

2023

Unrestricted

Total

fund

funds

Notes

£

£

FIXED ASSETS

Tangible assets

10

2,207

3,843

Investments

11

24,801

904,780

27,008

908,623

CURRENT ASSETS

Debtors

12

1,995,683

48,533

Cash at bank

27,195

1,028,293

2,022,878

1,076,826

CREDITORS

Amounts falling due within one year

13

(14,043

)

(13,315

)

NET CURRENT ASSETS

2,008,835

1,063,511

TOTAL ASSETS LESS CURRENT LIABILITIES

2,035,843

1,972,134

CREDITORS

Amounts falling due after more than one year

14

(36,352

)

(44,749

)

NET ASSETS

1,999,491

1,927,385

FUNDS

16

Unrestricted funds

1,999,491

1,927,385

TOTAL FUNDS

1,999,491

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

(a)	ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.

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

Cash flows from operating activities

Cash generated from operations

1

(1,944,952

)

(43,737

)

Interest paid

(1,858

)

(1,053

)

Net cash used in operating activities

(1,946,810

)

(44,790

)

Cash flows from investing activities

Purchase of tangible fixed assets

-

(2,286

)

Purchase of fixed asset investments

-

(909,771

)

Sale of fixed asset investments

872,493

-

Interest received

81,616

-

Net cash provided by/(used in) investing activities

954,109

(912,057

)

Cash flows from financing activities

Loan repayments in year

(10,181

)

(1,056

)

Interest charged

1,784

1,053

Net cash used in financing activities

(8,397

)

(3

)

Change in cash and cash equivalents in the reporting period

(1,001,098

)

(956,850

)

Cash and cash equivalents at the beginning of the reporting period

1,028,293

1,985,143

Cash and cash equivalents at the end of the reporting period

27,195

1,028,293

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

Period

Period

1.5.23

1.7.22

to

to

31.10.24

30.4.23

£

£

Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities)

72,106

(1,273

)

Adjustments for:

Depreciation charges

1,636

1,636

Losses on investments

7,486

4,991

Interest received

(81,616

)

-

Interest paid

1,858

1,053

Increase in debtors

(1,947,150

)

(47,855

)

Increase/(decrease) in creditors

728

(2,289

)

Net cash used in operations

(1,944,952

)

(43,737

)

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

At 1.5.23

Cash flow

At 31.10.24

£

£

£

Net cash

Cash at bank

1,028,293

(1,001,098

)

27,195

1,028,293

(1,001,098

)

27,195

Debt

Debts falling due within 1 year

(5,882

)

-

(5,882

)

Debts falling due after 1 year

(44,749

)

8,397

(36,352

)

(50,631

)

8,397

(42,234

)

Total

977,662

(992,701

)

(15,039

)

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.

2.	INVESTMENT INCOME

Period

Period

1.5.23

1.7.22

to

to

31.10.24

30.4.23

£

£

Other investment income

28,407

4,661

Interest receivable

81,616

-

110,023

4,661

3.	RAISING FUNDS

Investment management costs

Period

Period

1.5.23

1.7.22

to

to

31.10.24

30.4.23

£

£

Portfolio management

1,885

342

4.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 5)

Totals

£

£

£

General costs

13,447

13,463

26,910

5.	SUPPORT COSTS

Information

Governance

Finance

technology

costs

Totals

£

£

£

£

General costs

7,308

747

5,408

13,463

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

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

Period

Period

1.5.23

1.7.22

to

to

31.10.24

30.4.23

General

Total

costs

activities

£

£

Computer expenses

747

1,497

Governance costs

Period

Period

1.5.23

1.7.22

to

to

31.10.24

30.4.23

General

Total

costs

activities

£

£

Accountancy & legal fees

3,608

3,598

Independent examination

1,800

-

5,408

3,598

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.	STAFF COSTS

The average monthly number of employees during the period was as follows:

Period

Period

1.5.23

1.7.22

to

to

31.10.24

30.4.23

Trustees

2

2

No employees received emoluments in excess of £60,000.

9.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

fund

£

INCOME AND ENDOWMENTS FROM

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

10.	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

11.	FIXED ASSET INVESTMENTS

Listed

investments

£

MARKET VALUE

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:

Listed

investments

£

Valuation in 2024

24,801

12.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Other debtors

1,939,671

-

Deposit with stockbrokers

56,012

47,786

Prepayments

-

747

1,995,683

48,533

13.	CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 15)

5,882

5,882

Other creditors

-

190

Accruals and deferred income

8,161

7,243

14,043

13,315

14.	CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 15)

36,352

44,749

15.

LOANS

An analysis of the maturity of loans is given below:

2024

2023

£

£

Amounts falling due within one year on demand:

Bank loans

5,882

5,882

Amounts falling between one and two years:

Bank loans - 1-2 years

5,882

5,882

Amounts falling due between two and five years:

Bank loans - 2-5 years

17,647

17,647

Amounts falling due in more than five years:

Repayable by instalments:

Bank loans more 5 yr by instal

12,823

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.

16.	MOVEMENT IN FUNDS

Net

movement

At

At 1.5.23

in funds

31.10.24

£

£

£

Unrestricted funds

General fund

1,927,385

72,106

1,999,491

TOTAL FUNDS

1,927,385

72,106

1,999,491

Net movement in funds, included in the above are as follows:

Incoming

Resources

Gains and

Movement

resources

expended

losses

in funds

£

£

£

£

Unrestricted funds

General fund

110,023

(30,431

)

(7,486

)

72,106

TOTAL FUNDS

110,023

(30,431

)

(7,486

)

72,106

Comparatives for movement in funds

Net

movement

At

At 1.7.22

in funds

30.4.23

£

£

£

Unrestricted funds

General fund

1,928,658

(1,273

)

1,927,385

TOTAL FUNDS

1,928,658

(1,273

)

1,927,385