If the PSU was bought in 2011, and has enough PCI-E cables etc, it should be ok.
The reason the BIOS needs updated is that some of the CPU's are released after the BIOS revision on a specific motherboard.
My apologies regarding any confusion and disruption with may last post, I saw you had a limited budget, and were not intent on playing Crysis 3 at 4k resolution so pointed out some low cost alternatives that would offer an upgrade over what you have.
I really see NO point in 4gb of memory with anything from Windows 7 upward, I have a few old systems here, and often see 4gb as detrimental. I am on 4.76gb right now doing very little, often over 6gb in use, so spending £44 for 8gb makes more sense than £36 for 4gb, as it works out at £8 for a 4gb upgrade.
The H81 at £25 is a big saving even over a B grade Z97. If your limited now, you not going to be buying an i5 for £200 any time soon, nor running Crosfire or SLI. By the time you are intent on such, better motherboards will be available for less anyway. As will better GPU's.
Don't get me wrong, the Z97 motherboards are usually better, but not worth skimping with memory for.
Take a look at the reviews of the G3258, and what some people are doing with it in H81 motherboards and Z97 motherboards, consider that many of the Z97 systems are also in better cases and using better hardware and coolers, then consider the quoted overclock figures and GPU's used.
Most of the Z97 features simply offer little to entice many budget gamers and PC builders. A few frames on some games. Oh wow 0.3 more overclock! 9fps higher average on Sims! Oh great, I could run an i7 K series!
The fact is the H81 socket 1150 motherboards are great for the money, and offer little loss financially if something better comes up down the line. Neither does a G3258, or even a cheaper Pentium if your not overclocking.
You can add 8gb of memory and it will be of benefit straight away, but a Z97 could sit there until some new tech replaces it and may never see those upgrades you think of.
If you can afford a Pentium or better CPU and 8gb of memory, and a Z97 motherboard thats great.
I showed you 8gb of memory that is £8 more than the £36 4gb kit elsewhere.
I showed you an H81 motherboard that is £25 less than the Z97 elsewhere.
Ergo it costs less but offers more where it is needed.
If you do have more money, I would recommend the following motherboard and memory if you do intend on an i5 and two GPU's in future, though bear in mind two GPU's will need reasonable case cooling/airflow, and usually a 750w plus PSU.
YOUR BASKET
1 x
Gigabyte Z97X-SLI Intel Z97 (Socket 1150) DDR3 ATX Motherboard £89.99
1 x
Kingston HyperX Savage Red 8GB (2x4GB) DDR3 PC3-19200C11 2400MHz Dual Channel Kit (HX324C11SRK2/8) £46.99
Total : £146.58 (includes shipping : £8.00).
Though if your using a G3258, I doubt you will see a huge difference over the H81 motherboard and Teamgroup memory I specced earlier.
It says at the bottom of the post that someone might be able to suggest a better board. No need to start ranting.
The Z97 is a much better choice though, as it gives him a whole host of possible upgrade routes for the future, rather than just buying the cheapest he can lay his hands on.
I'll refrain from making a facetious comment about your opinion though, as I don't need to get kicks from trying to belittle peoples suggestions on a website

.
Edit: I just realised, the components you recommend only came to £7.01 less. In this case, the loss of features is more than the money he would be saving...
I was showing him alternative budget and sorry, take a closer look, 8gb of memory instead of 4gb.
You STATE "
If you want to go the K series route you will need a decent motherboard, CPU cooler and case cooling" which to me looks more like someone ranting or rambling, so no need to make a facetious remark hidden within a sarcastic factually incorrect reply
The FACT is that a cheap motherboard and ram with the stock cooler is a capable set up that can be overclocked, as many budgeting builders threads on various google searches confirms.
The Z97 is not going to last any longer than the H81, it is just going to allow possible future upgrades that will cost more money and slightly better overclocking, which will equate to a few FPS more in some games and slight improvements in benchmark figures. That is also assuming the OP wants to keep a budget Z97 board when we may have newer editions comming with Broadwell, and Skylake is not far behind.
Chucking in another cheap GPU down the line? Well not all scale well or give much benefit, some usually require a beefier PSU. Not all games benefit, sometimes there are glitches and driver problems. I would rather save for whatever single GPU card was best for the budget at that future date.