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2023-06-30-accounts

The O'Sullivan Family Charitable Trust Charity Registration No. 1123757

Trustees' report and unaudited accounts For the year ended 30 June 2023

The O'Sullivan Family Charitable Trust

Legal and administrative information

Trustees Finian O'Sullivan Diana O'Sullivan Emily O'Sullivan Sophie O'Sullivan Tessa Cartwright Date of settlement 18 March 2008 Charity number 1123757 Principal address 36 Edge Street London W8 7PN Accountants Evelyn Partners LLP 45 Gresham Street London EC2V 7BG Independent examiner Julie Mutton, FCA Evelyn Partners LLP Cumberland House 15-17 Cumberland Place Southampton SO15 2BG Investment managers UBS AG 1 Finsbury Avenue London EC2M 2AN

The O'Sullivan Family Charitable Trust

Contents

Page
Trustees' report 1 - 3
Statement of trustees' responsibilities 4
Independent examiner's report 5
Statement of fnancial activities 6
Balance sheet 7
Notes to the accounts 8 - 13

The O'Sullivan Family Charitable Trust

Trustees' report for the year ended 30 June 2023

The trustees have pleasure in presenting their report and accounts for the year ended 30 June 2023.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the attached accounts and comply with the trustees' governing document and applicable law. The financial statements comply with the Charities Act 2011, the Foundation's trust deed dated 18 March 2008 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing accounts in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland - SORP (FRS 102) (effective 1 January 2019).

Activities, specific objects and relevant policies

Objects and activities

The charity's objectives and principal activities are as follows:

Statement of public benefit

The trustees are aware of the Charity Commission guidance on Public Benefit and confirm that they have complied with the duty in section 4 of the Charities Act 2011 to have due regard to it. They consider the information which follows in this annual report, about the charity's aims, activities and achievements in the areas of interest that the charity supports demonstrates the benefit to its beneficiaries and through them to the public.

Investment policy

The assets of the charity consist principally of investments and cash and these are collectively recorded on the Balance Sheet and supporting notes at their market value on that date. Any increase or decrease over cost or restatement of these values is recorded in the Statement of Financial Activities.

The charity has a strategic asset allocation of 50% in equities and 50% in cash and bonds.

Achievements and performance

Grants

Charitable activities include direct charitable expenditure in the year and support costs (including governance costs).

During the year ended 30 June 2023, the trustees have made grants totalling £442,605 (2022 - £301,030) to various charities. The largest recipient of support was the University of Oxford Development who have been pledged £186,000 over four years. In the prior year the largest recipient of support was The Playhouse Foundation (Charity registration number: 1164341) receiving donations totalling £94,225.

A full list of grants made during the year ended 30 June 2023 is reflected in note 2 on page 10.

The O'Sullivan Family Charitable Trust

Trustees' report for the year ended 30 June 2023

Support costs of £10,697 (2022 - £10,170) were incurred during the year and included within charitable activities.

Financial review

Results for the year

The financial activities are summarised on page 6 of the accounts. During the period the trustees had net expenditure for the year, before gains on investments and losses on foreign currency transactions, of £362,506 (2022 - before losses on investments and gains on foreign currency transactions £211,761).

Reserves policy

The Endowment Fund is unrestricted and is held to provide future income for the Unrestricted Income Fund for distribution by the trustees, in order to further the aims and objectives of the charity. The trustees have power to make transfers between the Endowment and Unrestricted Funds.

The level of free reserves at 30 June 2023 was £4,990,194 (2022 - £4,991,987), which is held on both the Unrestricted Income Fund and the Endowment Fund. The charity's assets are adequate to fulfill its obligations to apply funds for charitable purposes, as defined in the Deed, in the next financial year.

Plans for future periods

The trustees do not currently propose to deviate from the current objectives and activities of the trust as detailed in this report.

Governance, structure and management

Governance

The charity was established by a Declaration of Trust dated 18 March 2008 and is an unincorporated charitable trust bound by the proper laws of England and Wales. It is registered with the Charity Commission, Charity Registration Number 1123757.

Trustees

The trustees who served during the year and continue to serve at the date of the report's approval are:

Finian O'Sullivan Diana O'Sullivan Emily O'Sullivan Sophie O'Sullivan Tessa Cartwright

The power to appoint new or additional trustees rests with Finian O'Sullivan and Diana O'Sullivan if she survives him. Thereafter, new or additional trustees shall be appointed by resolution, and shall be a minimum of three and a maximum of eight at any one time.

Induction and training

Should new trustees be appointed, a formal induction process will be conducted by the Chairman. Other trustee training is undertaken as and when appropriate. All trustees are kept informed at meetings of their duties and obligations under the law in addition to their proper conduct.

Internal controls

The trustees are responsible for maintaining an adequate system of internal controls and keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity. The trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps towards the prevention and detection of fraud.

The O'Sullivan Family Charitable Trust

Trustees' report for the year ended 30 June 2023

The system of internal controls is designed to provide reasonable, but not absolute, assurance against material misstatement or loss.

Risk policy

A risk assessment has been undertaken which comprises of:

The continuing process will identify risk areas to which the trust is vulnerable and highlight any necessary safeguards that will need to be put in place. No major risks were identified at the date of these financial statements.

The trustees have signed fit and proper declarations in line with HMRC guidance.

Principal address

36 Edge Street, London, W8 7PN

Accountants

Evelyn Partners LLP, 45 Gresham Street, London, EC2V 7BG

Independent examiner

Julie Mutton FCA, Evelyn Partners LLP, 4th Floor, Cumberland House, Southampton, SO15 2BG

Investment managers and bankers

UBS AG, 1 Finsbury Avenue, London, EC2M 2AN

On behalf of the board of trustees

Finian O'Sullivan

Finian O'Sullivan

Dated: ........................................... 26 April 2024

The O'Sullivan Family Charitable Trust

Statement of trustees' responsibilities

The trustees are responsible for preparing the Trustees' Report and the accounts 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 trustees to prepare accounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable regulations). Under that law the trustees must not approve the accounts unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of incoming resources and application of resources of the charity for that year.

In preparing these accounts, the trustees are required to:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the trustees and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. 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.

The O'Sullivan Family Charitable Trust

Independent examiner's report

I report to the trustees on my examination of the accounts of The O'Sullivan Family Charitable Trust for the year ended 30 June 2023, which comprise of the Statement of Financial Activities, the Balance Sheet, and the notes to the accounts, including a summary of significant accounting policies.

Respective responsibilities of trustees and examiner

As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').

I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the applicable requirements concerning the form and content of the accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination.

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 accounts to be reached.

Julie Mutton

Julie Mutton

Fellow of the Institute of Chartered Accountants in England & Wales

Evelyn Partners LLP

Cumberland House 15-17 Cumberland Place SO15 2BG

Dated: ......................... 29 April 2024

The O'Sullivan Family Charitable Trust

Statement of financial activities for the year ended 30 June 2023

Unrestricted Endowment
income funds
funds
Notes
£
£
Income
Investment income
132,616
-
Deposit interest
2,193
-
Total income
134,809
-
Expenditure
Raising funds
3
44,013
-
Charitable activities
-
- Grants
2
442,605
-
- Support costs
2
10,697
-
Total expenditure
497,315
-
Net expenditure before gains and losses
on investments
(362,506)
-
Net gains/(losses) on investments
6
362,651
-
Net (losses)/gains on foreign currency
transactions
(1,938)
-
Net expenditure and movement in funds
(1,793)
-
Fund balances brought forward at 1 July 2022
4,479,737
512,250
Fund balances carried forward at 30 June 2023
4,477,944
512,250		 Total
2023
£
132,616
2,193
134,809
44,013
442,605
10,697
497,315
(362,506)
362,651
(1,938)
(1,793)
4,991,987
4,990,194		 Total
2022
£
146,027
60
146,087
46,648
301,030
10,170
357,848
(211,761)
(207,822)
948
(418,635)
5,410,622
4,991,987

The notes on pages 8 to 13 form part of the accounts.

The O'Sullivan Family Charitable Trust

Balance sheet as at 30 June 2023

Notes
Fixed assets
Investments
6
Current assets
Cash at bank and in hand
Debtors
7
Current liabilities
Creditors: amounts falling due within one
year
8
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after more
than one year
9
Net assets
Represented by:
Endowment funds
Unrestricted income funds		 £
5,053,656
91,511
39
91,550
(66,429)		 2023
£
5,053,656
25,121
5,078,777
(88,583)
4,990,194
512,250
4,477,944
4,990,194		 £
4,988,953
23,094
20
23,114
(20,080)		 2022
£
4,988,953
3,034
4,991,987
-
4,991,987
512,250
4,479,737
4,991,987

26 April 2024 The accounts were approved by the Trustees and authorised for issue on ................................................

Finian O'Sullivan

...................................................................... Trustee

The notes on pages 8 to 13 form part of the accounts.

The O'Sullivan Family Charitable Trust

Notes to the accounts for the year ended 30 June 2023

1 Accounting policies

1.1 General information

The O'Sullivan Family Charitable Trust is an unincorporated trust, registered with the Charity Commission in England & Wales (No. 1123757). The address of the registered office is 36 Edge Street, London, W8 7PN.

1.2 Basis of preparation

These accounts are prepared under the historical cost convention with the exception of fixed asset investments (as noted below).

The accounts have been prepared in accordance with The Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102"), and with the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102. The accounts are also prepared in accordance with the Charities Act 2011.

The charity is a public benefit entity, as defined by FRS 102.

1.3 Fund accounting

The funds held are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objects of the trust and which have not been designated for any other purposes.

1.4 Income

All income is included in the Statement of Financial Activities when the trust is legally entitled to the income, receipt is probable and the amount can be quantified with reasonable accuracy.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

1.5 Expenditure

All expenditure is accounted for on an accruals basis and is recognised when there is a legal or constructive obligation committing the trustees to the expenditure.

Charitable activities comprise grants and donations committed during the year together with support costs (including governance costs). They are included in the Statement of Financial Activities when a firm commitment is conveyed to the recipient.

Governance costs included within charitable activities include the costs associated with meeting the constitutional and statutory obligations of the charity, as opposed to management functions.

1.6 Fixed asset investments

Investments are included at market value at the Balance Sheet date. Realised gains and losses on investments are recognised on disposal of investments and any gain or loss on revaluation is taken to the Statement of Financial Activities. The determination of any gains and losses is calculated by reference to the value of such assets at the beginning of the accounting period.

1.7 Grants paid

Donations granted are recognised in the year in which the award is formally approved, irrespective of the period covered by the donation.

The O'Sullivan Family Charitable Trust

Notes to the accounts for the year ended 30 June 2023

(Continued)

1 Accounting policies

1.8 Liabilities

Liabilities are recognised on the Balance Sheet as soon as a constructive obligation resulting from a past event can be reliably measured. Current liabilities represent those liabilities which are expected to be settled within the next 12 months from the balance sheet date.

1.9 Functional Currency

The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these accounts are rounded to the nearest £1.

1.10 Foreign Currency

Assets and liabilities denominated in foreign currencies are translated at the rate of exchange ruling at the Balance Sheet date. Transactions denominated in foreign currencies are converted at the rate of exchange ruling at the date of the transaction. All translation differences are taken to the Statement of Financial Activities as they arise.

1.11 Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments (other than fixed asset investments) are recognised initially at transaction value and subsequently measured at amortised cost.

1.12 Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised as expenditure.

1.13 Taxation

The charity is not subject to taxes on its charitable activities. Irrecoverable VAT is charged against the category of expenditure for which it was incurred.

The O'Sullivan Family Charitable Trust

Notes to the accounts for the year ended 30 June 2023

2 Charitable activities

Charitable activities
Grants to institutions:
Action Medical Research (Reg Charity No. 208701)
Age UK (Reg Charity No. 1128267)
Brain Research Trust (Reg Charity No. 1137560)
British Asian Trust (Reg Charity No. 1127366)
Canine Partners for Independence (Reg Charity No. 803680)
Carers Trust (Reg Charity No. 1145181)
Citizens UK (Reg Charity No. 1107264)
Clemens Reutter Memorial Trust (Reg Charity No. 1153793)
Countess Mountbatten Hospice Charity (Reg Charity No. 1123304)
Deaf Blind (Reg Charity No. 802976)
Debra (Reg Charity No. 1084958)
Designability Charity Limited (Reg Charity No. 256335)
Emilie's Charity (Reg Charity No. 1108537)
End Violence Against Women Coalition (Reg Charity No. 1161132)
Friends of East Meru Community School (Reg Charity No. 1168456)
Friends of the Family Winchester Limited (Reg Charity 1143462)
Galway University Foundation (Reg Charity No. 12894 - Ireland)
Hampshire Cultural Trust (Reg Charity No. 1158583)
Kids Charity (Reg Charity No. 275936)
Know Thyself Charitable Trust (Reg Charity No. 1192919)
Listening books (Reg Charity No. 264221)
Marie Curie (Reg Charity No. 207994)
Red Cross (Reg Charity No. 220949)
Rose Road Association (Reg Charity No. 276172)
Seenaryo (Reg Charity No. 1173822)
Shepherds Down School Fund (Reg Charity No. 298561)
Southampton University Hospital (Reg Charity No. 1051543)
St John's Farley Chamberlayne
Stable Family Home Trust (Reg Charity No. 1093672)
Step by Step (Reg Charity No. 7597656)
Stroke Association (Reg Charity No. 211015)
The Brickworks (Reg Charity No. 1127606)
The Honeypot Children's Charity (Reg Charity No. 1011672)
The Playhouse Foundation (Reg Charity No. 1164341)
The Salvation Army (Reg Charity No. 21479)
Trinity Winchester (Reg Charity No. 1074604)
Unique Charity (Reg Charity No. 1176695)
University of Oxford Development
Whizz Kidz (Reg Charity No. 802872)		 2023
£
4,000
-
9,900
-
3,000
3,000
5,000
-
-
-
25,000
5,000
4,000
3,000
3,000
3,000
-
-
3,000
3,000
3,000
3,000
-
5,000
2,000
10,000
25,000
500
3,000
3,000
5,000
10,000
3,000
94,205
3,000
7,000
3,000
186,000
3,000
442,605		 2022
£
-
3,000
-
14,000
3,000
-
6,000
3,000
3,000
3,000
15,000
6,000
3,000
5,000
3,000
3,000
34,255
25,000
-
3,000
-
-
8,000
-
6,500
10,000
25,000
-
3,000
3,000
3,000
10,050
3,000
94,225
3,000
-
-
-
-
301,030

The O'Sullivan Family Charitable Trust

Notes to the accounts for the year ended 30 June 2023

2
Charitable activities
Reconciliation of grants payable
Commitments made in the year
Commitments made in previous years
Grants payable in the year
Grants paid during the year
Commitments at 30 June 2023
Commitments at 30 June 2023 are payable as follows:
Commitments due within one year
Commitments due after one year
Support costs
Independent examiners fees (governance costs)
Accountancy fees (Evelyn Partners)
Irrecoverable gift aid
Withholding tax
3
Costs of raising funds
Investment management fees		 (Continued)
442,605
301,030
-
6,847
442,605
307,877
(307,522)
(307,877)
135,083
-
46,500
-
88,583
-
135,083
-
2,415
2,160
8,262
7,940
20
-
-
70
10,697
10,170
2023
2022
£
£
44,013
46,646
44,013
46,646

4 Trustees' remuneration

None of the trustees (or any person connected with them) received any remuneration during the year (2022 - none).

5 Employees

There were no employees during the year (2022 - none).

The O'Sullivan Family Charitable Trust

Notes to the accounts for the year ended 30 June 2023

6
Fixed asset investments
Market value at 1 July 2022
Disposal proceeds
Additions
Net investment (losses)/gains
Market value at 30 June 2023
Net realised gains/(losses) on investments
Net unrealised gains/(losses) on investments
Material holdings in excess of 5% of the portfolio value were as follows:-
Capital International FUND SICAV New Perspective SHS ZLD
Morgan Stanley Funds (UK) GBL Brands Accum shs class
7
Debtors
Gift aid
Dividends received post year end
8
Creditors: amounts falling due within one year
Accountancy fees (Evelyn Partners)
Independent examiner's fees
Investment management fees
Grant payable		 2023
£
4,988,953
(587,417)
289,469
362,651
5,053,656
69,602
293,049
362,651
820,630
366,377
1,187,007
2023
£
-
39
39
2023
£
6,500
2,415
11,014
46,500
66,429		 2022
£
5,336,410
(1,115,357)
975,722
(207,822)
4,988,953
(156,643)
(51,179)
(207,822)
724,626
338,046
1,062,672
2022
£
20
-
20
2022
£
6,500
2,160
11,420
-
20,080

The O'Sullivan Family Charitable Trust

Notes to the accounts for the year ended 30 June 2023

9 Creditors: amounts falling due after more than one year

Creditors: amounts falling due after more than one year
Grants payable 2023
£
88,583
88,583		 2022
£
-
-

10 Analysis of funds

Analysis of funds
Fixed asset
investments
Net current
assets
Creditors due
after one year
£
£
£
Unrestricted income fund
4,643,856
(77,329)
(88,583)
Endowment fund
409,800
102,450
-
5,053,656
25,121
(88,583)		 Total
£
4,477,944
512,250
4,990,194