THE SIR PETER O'SULLEVAN CHARITABLE TRUST Report and Financial Statements for the year ended 30th April 2024
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Report and Financial Statements for the year ended 30th April 2024 CONTENTS Page Legal and Administrative Information 2 - 5 Annual Report of the Trustees ststement of Financial ActNities Balance Sheet Statement of Cash Flows 9- 17 Notes to the Accounts 18 Independent Examiners Report
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Report and Financial Statements for the year ended 30th Aprll 2024 Charity name The Sir Peter O'sullevan Charitable Trust Charty registration numb 1078889 Address The Old School Bolventor Launceston CornvRII PL15 7TS Management Committee Geoffrey Hughes Michael Dillon Nigel Payne MBE Trustees Michael Dillon Nigel Payne MBE Geoffrey Hughes Michael KeTh-Dineen John Mcmanus Sir Anthony Mccoy OBE Died Flood Administrator Nigel Payne MBE Investment Managers Vermeer Partners. 130 Jermyn Street, London SW1 Y 4UR Quilter Cheviot, One Kingsway. London WC28 6AN (until December 2019) Auditors I Independent Examiners C Jezierski Associates. Chiswick, London W4 2LR Bankers Weatherbys Bank Limited Sanders Road Wellingborough, Northamptonshire NN8 4BX Website IlwwN.thevoiceofracin Page 1
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th Aprll 2024 The Trustees present their Report for the year ended 30th April 2024. The Charity was established by Trust Deed dated 24th August 1999 and is registered with the Charity Commission, the registered number is 1078889. Objectives, Organisation and Activities The Sir Peter O'sullevan Charitable Trust was established to provide funds for the welfare of animals, particularly horses. These funds were raised principally from The Sir Peter O'sullevan Annual Award Lunch. Benefiting Charities: Since it's inception in 1997 the Trust has supported Peter's six favourite causes: Blue Cross - sick, injured and homeless pets have relied on Blue Cross since 1897. Brooke - a global charity that protects and improves the lives of horses. donkeys and mules which give people in the developing world the opportunity to work their way out of povety. Compassion in World Farming - is the leading fann animal welfare charity. Racing Welfare - is a registered charity supporting the Workfor of British horseracing. The British Thoroughbred Retraining Centre - was founded in 1991 with Peter as its first Patron and is the oldest Centre dedicated to the retraining and rehoming of retired racehorses. World Horse Welfare - an international charity that promotes good welfare across the full spectrum of the horse world. Peter wished his Trustees to continue to support these six wonderful charities but also to offer funding elsewhere which The Trustees now base on two criteria: firstly, would Peter have wanted to support this cause and secondly, does the donation create a legacy to his name? The Trust has supported many causes in the main, but not exclusively, related to equines or the racing industry. Close to £15 Million has now been committed since the inception of the Trust. Page 2
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th Aprll 2024 Trustees The Trustees of the Trust are: Michael Dillon - Media Consultant Nigel Payne MBE- Trust Administrator Geoffrey Hughes - Proprietor, Osborne Studio Art Gallery Michael Kerr- Dineen - Company Director John Mcmanus - Company Director Sir Anthony Mccoy OBE - Broadcaster Diedre Flood - Financial Director The Managing Committee is appointed with the officers being selected from the Trustees and Administrators. Legacy from the late Sir Peter O, Sullevan Dec'd The Trust is the beneficiary of a legacy from Sir Peter O'sullevan. This will ensure that the Trust will be able to continue its support for the animal welfare causes and other causes to which it is dedicated for some time to come. Review of progress and achievements The Trust's fund-raising activities continued during the year, in particular the Trust was able to hold the 26th Sir Peter O'sullevan Charitable Trust Award Lunch for 2023 at the Dorchester on 30th November. The 2023 Award was presented to Nicky Henderson OBE by the previous award winner. The Trust has continued to both support the causes to which it is dedicated during the year and additionally provided some help to those in need where such assistance is in line with the overall objectives of the Trust. The Trust has established its grant making policy to achieve its objectives for the public benefit having had regard to the Charities Commission guidance and to reduce operational risk. Grants are made if the Trustees unanimously agree that the grant is for the public benefit and that the late Sir Peter O'sullevan would have wanted to support the cause receiving the donation. Page 3
THE SIR PEfER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th April 2024 Finances The attached financial statements show the state of finances for the year ended 30th April 2024 which the Committee consider to be sound. Reserves Policy The management committee has a policy of distributing the maximum available to the beneficiary charities whilst retaining sufficient funds to meet all foreseeable commitments within the coming years and avoiding all risk. Bankers The Charity's bankers are Weatherbys Bank Limited at Northampton. During the year Weatherbys, (the organisation that administrates the horseracing industry) continued to provide free banking services to the Trust for which they are immensely grateful. Investment Managers The Charity's Investment Managers are Vermeer Partners, 130 Jermyn Street, London SW1Y 4UR who are instructed to manage the investments on a discretionary basis to achieve income and capital growth. The Trustees consider the variability of investment returns to be the charity's major financial risk. The Trust has a policy to diversify investments to redu risk. Auditors The Auditors of the Trust are C Jezierski Associates, Registered Auditors and Chartered Certified Accountants. Trustees, responsibilities in relation to the financial statements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charty and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to: • select suitable accounting policies and then apply them consistently; observe the methods and principles in the applicable Charities SORP; Page 4
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30th April 2024 make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements; prepare the financial statements on the going concem basis unless it is inappropriate to pSuMe that the charity will continue in business. The trustees are responsible for keeping proper accounting records that disclose with reasonable acGuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of the charity and financial information included on the chaiity's website in accordan with legislation in the United Kingdom goveming the preparation and dissemination of financial statements. Approved by t Trustees on 3iJ 2025 and signed on their behalf by: Nlgel P Date TRUSTEE Page 5
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Statement of Flnanclal Actlvltles for the year ended 30th April 2024 2024 Unrnstrlcted fund8 2023 Unrestricted funds Notes Incomlng r•sour¢e8 Incomlng resources from genorated funds Voluntary income Donations and othèr lega¢ies 74,750 87.469 Activities for generating fvnds Fund raising lunch and auction 222,450 188.025 Christmas card sales 17,804 29,608 Investment income Dividends and Interest received 82,377 89.984 Total incoming resources 397.381 395.086 Resources Expended Cost of generating funds Fundraising trading costs Fund raising lunch and auction costs 147,689 143.030 Costs of Sales 16,664 17.977 Fundraising and publicty Investment management costs 20,847 21,667 9.194 15.541 Total cost of generating funds 194,394 198,215 Expenditure on Charitable activities Grants and Donations 7- 12 1.030.491 1.254.500 Governance costs Management and administration of the Charity 13 125.055 124,792 Total resources expended 1,349,940 1.577.508 Net (outgoing) resources (952,559) (1.182,422) Net Gains l (Losses) on Investments (610) {200.389) Fund balances brought fopNard 1,950,176 3.332,987 Fund balancos carrled forward 20 997.007 1,950.176 The notes on pages 9 to 17 form part of these accounts. Page 6
THE SIR PETER O'SULLEVAN CHARITABLE TRUST BALANCE SHEET for the year ended 30th Aprll 2024 30th Aprll 2024 30th Aprll 2023 Fixed Assets Investrnents 16 1.042.159 1,919,587 Current Assets Cash at bank Debtors 93,393 17,811 99,278 17 111,204 105.346 Creditors: amounts falling due within one year 18 156.356 74,756 Net current assets (45,152) 30.590 Creditors: amounts falling due after one year 19 Net assets 997,007 1.950.177 Represented by.. FUNDS of the Charlty 997.007 1.950,176 Unrestricted funds 20 997.(K17 1.950.176 Nigel Payne BE TRUSTEE Pag8 7
THE SIR PETER O'SULLEVAN CHARITABLE TRUST ststement of Cash Flows for the year ended 30th Aprll 2024 2024 Not•$ Total funds 2023 Total funds Cash flows from Investing activities Cash infows: Sale of investments 1,889,805 3,694,012 Interest and dividends 82,377 89,984 Purchase of Investments Inveslment management costs (2,381,171) (15,541) (9,194) Cash flows from investing activities 1,962.988 1.387.284 Cash flows from operdtlng activities Net cash Inflows Donations and proceeds from fund raising adivities 307.925 305.101 Cash oufflows: Charitable Grants and donations paid {948,891) {1.437.868) Fundraising and cost of fundraising events (189,903) (181,450) Other expenditure (125,055) (128.888) Net cash flows from operating activities (955.924) (1.443.105) Net Cash Flow 1.007.064 (55,821) Cash and cash equivalents brought forward 128.488 184.309 Cash and osh equivalents carried forward 21 1.135.552 128,488 The notes on pages 9 to 17 forni part of these accounts. Page 8
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notes to the Accounts for the year ended 30th April 2024 1. Ac¢ountlng Policies The accounts (financial statements) have been prepared under the historical cost convention with items re¢ogni$ed at cost or transaction value unless othetwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) issued on the 16th July 2014 and the Charities Act 2011. The Trust constitutes a public benefit entity as defined by FRS 102. Ba$is of accounting The Trustees consider that there are no material uncertainties about the Trust's ability to continue as a Going Concern. Fixed assets Investments Investments are a form of basic financial instrument and are initially recognised at their transaGtion value and subsequenlly measured at their fair value as at the balance sheet date using the closing quoted market pri. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year. INCOMING RESOURCES All incoming resources are included in the statement of financial activities when the charity is entitled to the income, the trustees are virtually certain they will re1ve the resources and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income. Recognltion of incomlng resources Donations and legacies Voluntary income received by way of donations and legacies is only included in the SOFA vthen the charity has unconditional entitlement to the resources. Donated services and These are only included in incoming resources (with an equivalent amount in resources facllltles expended) where the benefrt to the charity is reasonably quantrfiable, measurable and material. The value placed on these resources is the estimated value to the charity of the Servi or facility provided. Investment in¢ome Investment income is induded when re1Vable. Incomlng resources wlth relatsd expenditure Where incoming resources have related expendiiure (as with fundraising or ¢ontract in¢ome) the incoming resources and related expenditure are reported gross in the SOFA. EXPENDITURE AND LIABILITIES Liability recognltlon Liabilities other than charitable grants and distribtions are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Goveman¢e ¢08ts Include costs of the preparation and audii of the statutory ac¢ounts. the costs of trustee meetings and cost of any advice lo the Twstees on govemance or constitutional matters. Page 9
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notes to the Accounts for the year ended 30th April 2024 2. Donatlons and oth•r legacies received 2024 2023 Donations received 74,750 87,469 74,750 87,469 3. Fund raising lunch 2024 2023 Ticket Sales Auction proceeds Sponsorship 91,450 121,000 10.000 63.525 104,500 20.0 Gross proceeds of fund raising lunch 222,450 188,025 Fund rdlslng lunch costs 2024 2023 Catering and other lunch costs Costs of goods auctioned 130,804 16,885 135.117 7,913 Costs of fund raising lunch 147.689 143,030 Net proceeds from fund raising lunch 74.761 44.995 4. Christmas cards. book and memorabllla Sales 2024 2023 Christmas cards. book, memorabilia and print sales and book advances Christmas card production and distribution costs 17.804 29,608 16.664 17,977 Net proceeds from sales of Christmas Cards, memorabilia and prints 1,140 11,631 Page 10
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notes to the Accounts for the yoar ended 30th April 2024 5. Investment Income 2024 2023 Dividends and interest Other income 82,377 89,984 82,377 89,984 6. Fundrai$lng and publicity 2024 2023 Newbury Racecourse Other fundraising and publicity costs 20,400 447 20.400 1,267 20.847 21.667 7. Grants and charttable distributions 2024 2023 The following grants and charitable distributions have been committed by the Charity during the year. Annually recurring grants { Note 8) 120.0(M) 150.000 Grants for specific projects and other good causes commiitted and paid during the year ( Note 10) 763,891 1.039.500 Payments made during the year to meet previous commitments (Note 9) 65,000 248.368 Total payments made during the year 948,891 1,437,868 Grants for specific projects and other good causes committed during the year but not paid by 30th April 2024 ( Note11) 146,61)0 65,CM)O Payments made during the year to meet previous commitments (65,1)00) (248,368) Grants and distributions for the year 1,030.491 1,254.500 Page11
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notes to the Accounts for the yoar ended 30th April 2024 8. Annualty recurrlng grants 2024 2023 The Brooke Worfd Hors8 Welfare Compassion in World Famiing Blue Cross The British Thoroughbred Rehabilitation Centre Racing Welfare 20,000 20,000 20,000 20.LM)O 20,000 20,000 25,000 25.Crf)O 25,000 25.000 25,IXIO 25.000 Total paid during the year 120,000 150.OCM) The above are annual grants which the Trust has made every year since its inception in 1999 from its income. These payments have been made every year from the prOedS of the Trusvs fvnd raising lunch and other income and have varied each year depending on the income of the Trust. 9. Grants for specific projects and other good causes paid dunno the vear Payments made during the year to meet prevlous commitments 2024 2023 Equine Therapy Festina Lente Canter Equine assisted leaming The VAY of the horse invoice Redwings Horse sanctuary 25.000 20.000 10.000 10.000 Totsl payments made during the year to meet previous commitments 65,000 248,368 10. Grants for speclflc projects and other good causes paid durina the vear 2024 2023 Payments committed and paid during th• year Injured Jockeys fund 05 Jan 24 IJF 11 Jul 23 The Brook 15 Jan 24 225,000 40.OCM) 35,0 RarRhorse Trainers Ben 29 Feb 24 Retraining of racehorses 08 Feb 24 Northern Racing College 15 Aug 23 28.000 23.600 20.000 Sub total 371,600 Page 12
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notes to the Accounts for the year ended 30th Aprll 2024 10. Grants for spe¢lfi¢ projects and other good causes Dald dunno the vear (Gontinuod) 2024 2023 Payments commltted and pald during th• year {contlnued) 371,600 Dare to Live 03 Nov 23 horseworfd Trust 13 Dec 23 Park Palace Ponies 05 Jan 24 Horseback UK Ltd Inv 18223 23 Feb 24 WHW grant agreed 119 23 11 Sep 23 HEIR via Mare & Foal Snctuary 04 Sep 23 British Horse Society 20 Oct 23 Hill pony resources group 10 Nov 23 Autism in Racing Strength and Leaming 23 Feb 24 RDA Knightsbridge 23 Feb 24 New Beginnings 26 Feb 24 Canter Equine assisted leaming 27 Feb 24 Ride High Equestrian 29 Feb 24 RTS Educaton Program 04 Apr 24 Raysteded Animal Welfare 08 Apr 24 Retraining of Racehorses 18 Jan 24 Urban Equestrian Academy New site development agreed 4 10 .' horse sense Wirral 14 Nov 23 Graham and Rebecca 05 Dec 23 Racing to Relate 05 Dec 23 RDA Newbury 23 Feb 24 The way of the horse invoice TWO TH 26 Feb 24 Healing hooves 14 Mar 24 Cotswold RDA 27 Feb 24 RDA Fairlight 23 Feb 24 PFL4 Pony 23 Jun 23 Happy Hooves 21 Aug 23 Jockeys Education and Training 07 Dec 23 RDA Duchy 30 Apr 24 Great British racing limited 08 Aug 23 Jill Phipps associazione anti hardship payment 25 May 23 N B Horses TA New Beginnings 04 Dec 23 irnmersive interactive 28 Sep 23 Carly Jones MBE autism 28 Sep 23 20,000 20,000 20.wo 20,000 18.000 15,¢XJO 15.Crf)O 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15.000 12,963 11.800 10,000 10.000 10.000 10,000 10.000 10,000 9.600 8,950 8.CM)O 7,200 7.000 5,000 5.000 4,000 2,000 1,250 1,050 478 Total payments committed and paid during the year 763,891 1,039,51)0 Total payments during the year for specific projects and other good causes 978,891 1,467,868 Page 13
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notes to the Accounts for the yfrar ended 30th Aprll 2024 11. Grants for speclflc projects and other good causes made durlna the vear Tho following commltments to future paym•nts have been recognised In these accounts 2024 2023 Mental Heatth Programme NTF 489 Lamboum open day POSLOD 484 Equne Therapy and more CANter 488 HEIRegister HEIR l Bracher 504 New RDA Horse Cambs RDA 498 Annual Website allowancre NRW 507 56,000 50,000 21,600 10,000 5,000 4.01)O Totsl grants committed during the year but not paid by 30th April 2024 146.600 65,000 These grants are mostly for specrfic projects which do not recur and hence comparative figures are not appropriate. Some grants are made in instalments or annual tranches and these future commitments are included in the accounts if the commitrnent to pay these grants was rnade before 30th April 2024 and the amount of the fvture payments can be ascertained with reasonable accuracy. The Trust makes an annual payment to the WHW Annual conference of £12.000 pa which is included in the accounts when paid. These accounts do not, however, include future commitments for this support. All grants and tharitable distributions have been paid to institutions. These include the continued support of charitable causes vthich its late founder and benefactor, the late Sir Peter O'sullevan supported personally. Page 14
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notss to the Accounts for the year ended 30th Aprll 2024 12. Grants and charitable distributions, pledged and ¢ommltted The following grants and charitable distributions were pledged by the Charity but had not beén paid by 30th April 2024 2024 2023 Equine Therapy Festina Lente Was 353 Equine Therapy Rescue Ranch The Way of the Horse Redwings RDA Website Racehorse Relief Mental Health Programme NTF 489 Lamboum open day POSLOD 484 Equne Therapy and more CANter 488 HEIRegister HEIR l Bracher 504 New RDA Horse Cambs RDA 498 Annual Website allowancre NRW 507 25,OCrf) 20,000 10.000 10,000 5.556 5,556 56,000 50.000 21,600 10.(MJO 5,000 Total amount due under obligations existing as at 30th April 2024 152.156 70.556 12. Grants and charitsble distributions, pledged and committed 2024 2023 Amounts due within one year Amounts due after one year 152,156 70,556 Totsl amount due under obligations existing as at 30th April 2024 152,156 70.556 13. Management and administratlon of the Charity 2024 2023 Managing Trustees fees Gallery administrators fee Auditors remuneration Other costs 100.036 6.oc 4.617 14.402 109.996 4,200 10,596 125,055 124,792 Management costs of £66.680 and Consultancy of £33,336 were paid to N P Racing and Earth Summit Marketing Ltd, two businesses conneded to the current administrator of the Charity and Truste8 Mr. N Payne. The fees were at the rate of £8.333 per month. There are also expenses paid to N P Ra¢ing amounting to £8,655. Page 15
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notes to the Accounts for the year ended 30th April 2024 14. Trustees Remunerailon and fee8 to connected person8 Management fees of £6.000 were paid to GCS Hughes Advisory Services in spe of services provided by Mr G Hughes who Is a Trustee. No other remuneration was paid to the Trustees during the year and no salaries were paid during the year. 15. Rtlatsd party transactlons Expenses were paid to the businesses connected to Mr Payne referred to above during the year. All of these expenses relate directly to publicity. the fvnd raising lunch and auction costs. Mr GeOffY Hughes was also a Trustee of World Horse Welfare until 3rd December 2019. Payments have been made by the Trust to World Horse Welfare as shown in notes 8 to 10 above. The Trusvs investments are managed by Vermeer Partners of which Mr Michael Ke-Dineen. a Trustee. is Chairman. The investment management fees paid to Vermeer Partners totalled £9,194 (2023 £15.541). A relative of a Trustee donated £74.500 (2023 £75,000) and made purthases of £25.500 (2023 £25.000) at the auction. 16. Flxed Asset Investments 2024 2023 Balan brought forward 1.919.587 3.520.534 Add= additions to investments at cost Disposals at carrying value Increasel(Decrease) in cash deposit5 and accrued income included in the Investment Portfolio 2.381.171 (3,893,832) (1.890.410) 1,012,982 (88,286) Market value as at 30th April 2024 1,042,159 1,919,587 16. Fixed Asset Investments (contlnued) 2024 2023 Fixed asset investments are comprised of.. Fixed Interest Securities Cash held within the Investment portfolio 1,890,410 29,177 1,042,159 Market value as at 30th April 2024 1.042.159 1,919,587 Page 16
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Notss to the Accounts for the year ended 30th Aprll 2024 17. Debtors 2024 2023 Prepaid lunch Expenditure Debt due from Paypal for Christmas card sales 10.733 7.079 6.068 17.812 6,(8 18. Credltors . Amounts due within one year 2024 2023 Accruals for Grants payable ( Note 12) Other creditors 152,156 4,200 70,556 4.200 156,356 74.756 20. Reserves 2023 General purpose fund 997.007 1.950,176 21. Reconciliation of net movement in funds to net cash flow 2024 2023 Cash held wiihin Investment Portfolio Cash held for operating activities 1.042.159 93,393 29.210 99,278 21. Cash and cash equlvalents at the year end 1,135,552 128.488 Page 17
THE SIR PETER O'SULLEVAN CHAIUTABLE TRUST Independent Exgminer•s Report to the Trustees of the Slr Peter O'sullevan Charltable Trust I report on the accounts of the charity for the year ended 301h April 2024 whieh are set out on pages I to 17. Respective responsibilitie5 of trustees and examiner: The charity's trustees are Te5ponsible for the preparation of the accounts. The charity's trusttts consider that an audit is not required for this year under section 144 of the Charities Act 2011 (the Act) and that an independenl examination is needed. It is my responsibility to- examine the a¢¢ount5 under section 145 of the Act: follow the procedures laid down in the General Directions given by the Charity Commission under section [specific section] of the ACL and stat¢ wh¢th¢r particular mattcrs have com¢ to my attention. Basis of independent examiner's report My examination was Caled out in accordance with the General Directions given by the Charity coll1missio An examination includes a review of the accounting trcords kept by the charity and a comparison of ihe accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as truste£s concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently l th) not expTrss an audit opinion on the view given by the accounts. Independent examin¢r's statement In connection with my examination, no matter has come to my attention: which gives me Teasonablc cause to b¢li¢v¢ that in any material respeci the requir¢ments'. to keep arcounting records in accordance with section 130 ofthe Act. and to prepare accounts which accord with the accounting records and comply with the a¢countAng requirements of the Act have not been met. or to which, in my opinion, attention should b¢ drawn in order to enable a Proper of the a¢wunts to be reached. I,) td,. Il Colum lan J ierski FCCA (Senior Statulory Auditor) For and on behalf of C Jezierski A&wciates Chartered C¢rtifi¢d Accountants and stsry Auditors. London W4 2LR Page 18