THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Report and Financial Statements for the year ended 30” April 2025
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Report and Financial Statements for the year ended 30” April 2025
CONTENTS
Page
-
1 Legal and Administrative Information
-
2 ~~-~~ 5 Annual Report of the Trustees
-
6 Statement of Financial Activities
-
7 Balance Sheet
-
8 Statement of Cash Flows
-
9-15 Notes to the Accounts
16 ~~-~~ 17 Independent Examiners Report
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Report and Financial Statements for the year ended 30" April 2025
| Charity name | Charity name | Charity name | Charity name | Charity name | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | The Sir PeterO'Sullevan | Charitable Trust | Charitable Trust | Charitable Trust | Charitable Trust | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Charity registration numb 1078889 | ||||||||||||||||||
| Address | The Old School | |||||||||||||||||
| Bolventor | ||||||||||||||||||
| Launceston | ||||||||||||||||||
| Comwall PL15 | 7TS | |||||||||||||||||
| ManagementCommittee Geoffrey Hughes | ||||||||||||||||||
| Michael Dillon | ||||||||||||||||||
| Nigel Payne MBE | ||||||||||||||||||
| Trustees | Michael Dillon | |||||||||||||||||
| Nigel Payne MBE | ||||||||||||||||||
| Geoffrey Hughes | ||||||||||||||||||
| Michael Ker~~r-~~Dineen | ||||||||||||||||||
| John | McManus | |||||||||||||||||
| SirAnthonyMcCoyOBE | ||||||||||||||||||
| Diedre Flood | ||||||||||||||||||
| Administrator | NigelPayneMBE | |||||||||||||||||
| Investment | Managers Vermeer Partners, |
130Jermyn | Street, London SW1Y4UR | |||||||||||||||
| Auditors/Independent CJezierski Examiners |
Jezierski Associates, Chiswick,LondonW42LR | |||||||||||||||||
| Bankers | Weatherbys Bank Limited | |||||||||||||||||
| Sanders Road | ||||||||||||||||||
| Wellingborough, NorthamptonshireNN84BX | ||||||||||||||||||
| Website | ~~http:/Awww.thevoiceofracing.com~~ |
Page 1
THE SIR PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30" April 2025
The Trustees present their Report for the year ended 30 April 2025.
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:
Since 2025 this no longer includes Blue Cross . The remaining five are :
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 poverty ~~.~~
Compassion in World Farming ~~-~~ is the leading farm animal welfare charity.
Racing Welfare ~~-~~ is a registered charity supporting the workforce 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 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 30 April 2025
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 ~~-r~~ aising activities continued during the year, in particular the Trust was able to hold the 27*" Sir Peter O'Sullevan Charitable Trust Award Lunch for 2024 at the Dorchester on 28" November ~~.~~ The 2024 Award was presented to John Francome MBE by Nicky Henderson OBE, 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 PETER O'SULLEVAN CHARITABLE TRUST Annual Report for the year ended 30 April 2025
Finances
The attached financial statements show the state of finances for the year ended 30" April 2025 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 reduce 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 Standards (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 charity 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 30" April 2025
* 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 concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy 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.
Tne trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statemenis.
Approved by the Trustees on
2026 and signed on their behalf py:
Nigel Payne MBE TRUSTEE
==> picture [23 x 11] intentionally omitted <==
----- Start of picture text -----
Date
----- End of picture text -----
Page 6
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Statement of Financial Activities
For the year ended 30 April 2025
==> picture [437 x 556] intentionally omitted <==
----- Start of picture text -----
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|2025|2024|
|Notes|Unrestricted|funds|Unrestricted|funds|
|Incoming|resources|
|Incoming|resources from|generated|funds|£|£|£|£|
|Voluntary|:|Donations and|other|
|income|legacies|2|91,205|74,750|
|Activities|for generating|Fund|raising|lunch|and|3|253,420|222,450|
|funds|auction|
|Christmas|card|sales|4|19,958|17,804|
|Investment income|Dividends|and|Interest|5|27,531|82,377|
|received|
|Total|incoming|resources|392,114|397,381|
|Resources|Expended|
|Cost|of generating|funds|
|Fundraising|trading|costs|FUNd|raising|lunch and|3|162,107|147,689|
|auction|costs|
|Costs|of|Sales|4|16,576|16,664|
|Fundraising|and|publicity|6|870|20,847|
|Investment management|
|costs|4,520|9,194|
|Total|cost|of generating|funds|184,074|194,394|
|Expenditure|on|Charitable|activities|
|Grants|and|Donations|7|=|12|454,454|1,030,491|
|Governance|costs|
|Management and|administration|of the|Charity|13|122,117|125,055|
|Total|resources|expended|760,644|1,349,940|
|Net|(outgoing)|resources|(368,530)|(952,559)|
|Net Gains/|(Losses)|on|Investments|-|(610)|
|Fund|balances|brought forward|997,007|1,950,176|
|Fund|balances|carried|forward|19|628,477|997,007|
|The|notes|on|pages|9|to|15 form|part|of these|accounts|.|
----- End of picture text -----
Page 6
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
BALANCE SHEET As at 30” April 2025
| Notes | 30th April 2025 | 30th April 2025 | 30th April 2025 | 30th April 2024 | 30th April 2024 | ||
|---|---|---|---|---|---|---|---|
| £ | £ | £ | £ | ||||
| Fixed | Assets | ||||||
| Investments | 16 | 420,169 | 1,042,159 | ||||
| CurrentAssets | |||||||
| Cash atbank | 304.921 | 93,393 | |||||
| Debtors | 17 | 11,943 | 17,811 | ||||
| Creditors: | 316,863 | 111,204 | |||||
| amounts falling due within | 18 | 108,556 | 156,356 | ||||
| one year | |||||||
| Netcurrent assets | 208,307 | (45,152} | |||||
| Creditors: | |||||||
| amounts falling due afterone year Netassets Represented by: FUNDS ofthe Charity tel Nigel Payne MBE TRUSTEE |
= ~~==~~ ~~5~~ ~~=~~ 628,477 628,477 628,477 |
= ~~ee,~~ 997,007 997,007 997,007 |
For and on behalf of the Managing Committee
The notes on pages 9 to 15 form part of these accounts.
Page 7
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Statement of Cash Flows
For the year ended 30" April 2025
| 2025 | 2024 | |||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Notes | Total funds | Total funds | ||||||||||||||||||||||||
| £ | £ | |||||||||||||||||||||||||
| Cashflowsfrom investing activities | ||||||||||||||||||||||||||
| Cash infows: | ||||||||||||||||||||||||||
| Sale | ofinvestments | investments | - | 1,889,805 | ||||||||||||||||||||||
| Interest | and dividends | 27,531 | 82,377 | |||||||||||||||||||||||
| Purchase ofInvestments | ||||||||||||||||||||||||||
| Investmentmanagement | costs | (4,520) | (9,194) | |||||||||||||||||||||||
| Cash flows from | investing | activities | 23,011 | 1,962,988 | ||||||||||||||||||||||
| Cashflows | flowsfrom operating | activities | ||||||||||||||||||||||||
| Net cash | Inflows | |||||||||||||||||||||||||
| Donations and proceeds | from | fund | raising activities | 369,682 | 307,925 | |||||||||||||||||||||
| Cash outflows: | ||||||||||||||||||||||||||
| Charitable Grants | and | donations | paid | 7 | (501,454) | (948,891) | ||||||||||||||||||||
| Fundraising and | cost offundraising | events | (177,914) | (189,903) | ||||||||||||||||||||||
| Otherexpenditure | expenditure | (123,787) | (125,055) | |||||||||||||||||||||||
| Netcash | flowsfrom operating | activities | (433,472) | (955,924) | ||||||||||||||||||||||
| Net Cash | Flow | (410,462) | 1,007,063 | |||||||||||||||||||||||
| Cash | and cash | equivalents broughtforward | forward | 1,135,552 | 128,488 | |||||||||||||||||||||
| Cash | andcash | equivalentscarried | forward | 21 | 725,090 | 1,135,552 |
The notes on pages 9 to 15 form part of these accounts ~~.~~
Page 8
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Notes to the Accounts For the year ended 30" April 2025
==> picture [453 x 507] intentionally omitted <==
----- Start of picture text -----
|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|1. Accounting|Policies|
|The|accounts|(financial|statements)|have|been|prepared|under the|historical|cost|convention|with|
|items|recognised|at|cost|or transaction|value|unless|otherwise|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|.|
|Basis|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|are a form|of basic financial|instrument and|are|initially|recognised|at their|transaction|
|Investments|value and|subsequently measured|at their fair value as|at the balance|sheet date|using|the closing|
|quoted|market|price|.|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|
|Recognition|of|entitled|to|the|income,|the|trustees|are|virtually|certain|they|will|receive|the|resources|and|the|
|incoming|resources|amount|can|be|quantified|with|reasonable|accuracy|.|The|following|specific|policies|are|applied|to|
|particular categories|of|income|.|
|Donations|and|Voluntary|income|received|by way|of donations|and|legacies|is|only|included|in|the|SoFA when|the|
|legacies|charity has|unconditional|entitlement|to the|resources|.|
|hoilties services and|These are only included|in incoming resources|(with an equivalent amount in resources expended)|
|where|the|benefit|to|the|charity|is|reasonably|quantifiable,|measurable|and|material.|The|value|
|placed|on|these|resources|is|the|estimated|value|to|the|charity of the|service|or facility|provided|.|
|Investment|income|Investment|income|is|included|when|receivable.|
|ee|Where incoming|resources have related|expenditure|(as with fundraising or contract income) the|
|.|incoming|resources|and|related|expenditure|are|reported|gross|in|the|SoFA.|
|expenditure|
|EXPENDITURE AND|LIABILITIES|
|Liability|recognition|
|Governance costs|Include|costs|of the preparation|and|audit of the statutory accounts,|the costs of trustee meetings|
|and|cost of any|advice|to|the|Trustees|on|governance|or|constitutional|matters|.|
----- End of picture text -----
Page 9
==> picture [83 x 52] intentionally omitted <==
==> picture [112 x 41] intentionally omitted <==
==> picture [245 x 52] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 50] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 49] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 50] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 49] intentionally omitted <==
==> picture [226 x 71] intentionally omitted <==
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Notes to the Accounts For the year ended 30" April 2025
==> picture [416 x 472] intentionally omitted <==
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|6.|Fundraising|and|publicity|2025|2024|
|£|£|
|Newbury|Racecourse|-|20,400|
|Other fundraising|and|publicity|costs|870|447|
|870|20,847|
|7.|Grants|and|charitable|distributions|2025|2024|
|£|£|
|The following|grants|and|charitable distributions|have|been|
|committed|by the|Charity|during|the|year.|
|Annually|recurring|grants|(|Note|8)|50,000|120,000|
|Grants for specific projects and|other good|causes commiitted|
|and paid during the year|(Note|10)|404,454|763,891|
|Payments|made|during|the year to meet|previous|commitments|47,000|65,000|
|(Note|9)|
|Total|payments|made|during|the|year|501,454|948,891|
|Grants for|specific|projects|and|other good|causes|committed|.|146,600|
|during|the year|but|not paid|by 30" April 2024|( Note11|)|‘|
|Payments|made|during|the year|to|meet|previous|commitments|(47,000)|(65,000)|
|Grants|and|distributions|for the|year|454,454|1,030,491|
|8.|Annually|recurring|grants|2025|2024|
|£|£|
|The|Brooke|10,000|20,000|
|World|Horse|Welfare|10,000|20,000|
|Compassion|in|World|Farming|10,000|20,000|
|Blue|Cross|-|20,000|
|The|British|Thoroughbred|Rehabilitation|Centre|10,000|20,000|
|Racing|Welfare|10,000|20,000|
|Total|paid|during|the|year|50,000|120,000|
----- End of picture text -----
Page 11
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Notes to the Accounts For the year ended 30" April 2025
8. Annually recurring grants ( continued)
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 proceeds of the Trust's fund raising lunch and other income and have varied each year depending on the income of the Trust ~~.~~
During the year there was a fundamental disagreement with Blue Cross and for this reason they are no longer supported by the Trust.
- Grants for specific projects and other good causes paid during the year
==> picture [414 x 436] intentionally omitted <==
----- Start of picture text -----
|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|Payments|made during|the year to|meet|previous|commitments|
|2025|2024|
|£|£|
|Racehorse|Trainers|Ben|489|28,000|
|Cambridge|College|498|5,000|
|HE!Register|504|10,000|
|NRW|507|4,000|
|Total payments made during|the year to meet previous|47,000|65,000|
|commitments|
|10.|Grants|for specific|projects|and|other|good|causes|
|paid|during|the|year|
|2025|2024|
|Payments|committed|and|paid|during|the|year|£|£|
|British|Racing|School|Riding|a|Dream|100,000|
|The|Urban|Equestrian Academy|558|100,000|
|Wavertree|Education|519|50,000|
|Horseback|UK|Ltd|Inv|515|20,000|
|World|Horse|Welfare|530|18,000|
|Agility|Films|557|12,000|
|Jamies|farm|512|10,000|
|Heros|Ltd|503|10,000|
|Horse|trust|Inv|No|640|520|10,000|
|The way|of the|horse|inv|100400|521|10,000|
|Injured|Jockeys|fund|539|10,000|
|To Autism|in|racing|556|10,000|
|Cotswold|RDA|516|9,454|
|Little|Margate|Equestrian|508|7,500|
|Equine|Assisted|Services|531|7,500|
|New RDA Horse|Cambs RDA 498(|increase|in|addition|to|
|£5,000 commitment|in|year to 30"|April|2024|5,000|
|Supplement|for|Rhino|511|5,000|
|J|Old|IF|Charity|442|5,000|
|The Way|of the|Horse|526|2,000|
|The Way|of the|Horse|546|2,000|
|World|Horse|Welfare|552|1,000|
|Total|payments|committed|and|paid|during|the|year|404,454|763,891|
----- End of picture text -----
Page 12
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Notes to the Accounts For the year ended 30" April 2025
==> picture [414 x 132] intentionally omitted <==
----- Start of picture text -----
||||||||||
|---|---|---|---|---|---|---|---|---|
|10|.|Grante|for specific|projects|(continued)|2025|2024|
|£|£|
|Total|payments during the year for specific projects|and|other|451.454|828.891|
|good|causes|,|'|
|11.|Grante|for specific|projects|and|other good|causes|
|made|during|the|year|
|The|following|commitments|to future|payments|have|been|2025|2024|
|recognised|in these|accounts|£|£|
|Total grants committed|during the year but not paid by 30"|-|446.600|
|April 2025|'|
----- End of picture text -----
These grants are mostly for specific 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 commitmentto pay these grants was made before 30" April 2025 and the amount of the future payments can be ascertained with reasonable accuracy ~~.~~
The Trust makes an annual payment to the WHW Annual conference currently of £18,000 pa (£12,000 pa in previous years) which is included in the accounts when paid ~~.~~ These accounts do not, however, include future commitments for this support ~~.~~
All grants and charitable distributions have been paid to institutions ~~.~~
These include the continued support of charitable causes which its late founder and benefactor, the late Sir Peter O'Sullevan supported personally.
12 ~~.~~ Grants and charitable distributions, pledged and committed
The following grants and charitable distributions were pledged by the Charity but had not been paid by 30" April 2025
==> picture [414 x 218] intentionally omitted <==
----- Start of picture text -----
|||||||||
|---|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Website|Racehorse|Relief|5,556|5,556|
|Mental|Health|Programme|NTF|489|28,000|56,000|
|Lambourn open|day|POSLOD|484|50,000|50,000|
|Equne Therapy|and|more|CANter|488|21,600|21,600|
|HEIRegister|HEIR|/ Bracher 504|-|10,000|
|New RDAHorse|Cambs|RDA|498|:|5,000|
|Annual Website|allowancre|NRW|507|-|4,000|
|Total|amount due|under obligations|existing|as|at 30" April|105,156|152,156|
|12,|Grants|and|charitable|distributions,|pledged|and|committed|
|2025|2024|
|£|£|
|Amounts due within|one|year|105,156|152,156|
|Total|amount due|under obligations|existing|as|at 30" April|105,156|152,156|
----- End of picture text -----
Page 13
THE SIR PETER O'SULLEVAN CHARITABLE TRUST
Notes to the Accounts For the year ended 30" April 2025
13, Management and administration of the Charity
==> picture [392 x 98] intentionally omitted <==
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2025|2024|
|£|£|
|Managing|Trustees|fees|104,948|100,036|
|Gallery|administrators|fee|10,000|6,000|
|Accountants|fees|2,560|4,617|
|Other|costs|4,608|14,402|
|122,117|125,055|
----- End of picture text -----
Management costs of £61,660 and Consultancy of £43,288 were paid to N P Racing and Earth Summit Marketing Ltd, two businesses connected to the current administrator of the Charity and Trustee Mr. N Payne ~~,~~ The fees were at the rate of £8,333 per month ~~.~~ There are also expenses paid to N P Racing amounting to £4,559,
14, Trustees Remuneration and fees to connected persons
Management fees of £10,000 were paid to GCS Hughes Advisory Services in respect 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. Related party transactions
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 fund raising lunch and auction costs.
Mr Geoffrey Hughes was also a Trustee of World Horse Welfare until 3 December 2019, Payments have been made by the Trust to World Horse Welfare as shown in notes 8 to 10 above ~~.~~
The Trust's investments are managed by Vermeer Partners of which Mr Michael Kerr ~~-~~ Dineen, a Trustee, is a Partner ~~.~~ The investment management fees paid to Vermeer Partners totalled £4,520 (2024 £9,194) ~~.~~ A relative of a Trustee donated £89,000 (2023 £74,500) and made purchases of £11,000 (2024 £25,500) at the auction ~~,~~
16, Fixed Asset Investments
==> picture [394 x 109] intentionally omitted <==
----- Start of picture text -----
||||||||
|---|---|---|---|---|---|---|
|2025|2024|
|£|£|
|Balance|brought forward|1,042,159|1,919,587|
|Disposals|at|carrying value|-|(1,890,410)|
|Increase/(Decrease)|in|cash|deposits|and|accrued|income|
|included|in|the|Investment|Portfolio|(621,990)|1,012,982|
|Market value as at 30% April 2025|420,169|1,042,159|
----- End of picture text -----
Page 14
==> picture [167 x 51] intentionally omitted <==
==> picture [140 x 39] intentionally omitted <==
==> picture [164 x 39] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 39] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 40] intentionally omitted <==
==> picture [40 x 39] intentionally omitted <==
THE SIR PETER O’SULLEVAN CHARITABLE TRUST
Independent Examiner’s Report to the Trustees of the Sir Peter O’Sullevan Charitable Trust
I report on the accounts of the charity for the year ended 30™ April 2025 which are set out on pages | to 15.
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 Act) and that an independent examination is needed.
It is my responsibility to:
. examine the accounts 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 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 seeking 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 I do not express an audit opinion on the view given by the accounts.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
- 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 Act; and
to prepare accounts which accord with the accounting records and comply with the accounting requirements of the Act have not been met; or
- to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Page 16
7