The O'Sullivan Family Charitable Trust Charity Registration No. 1123757
Trustees' report and unaudited accounts For the year ended 30 June 2024
## 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 S&W Partners LLP 45 Gresham Street London EC2V 7BG Independent examiner Keir Singleton, FCA S&W Partners Audit Limited 22 Wycombe End Beacons fi eld Buckinghamshire HP9 1NB 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 offnancial 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 2024
The trustees have pleasure in presenting their report and accounts for the year ended 30 June 2024.
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 fi nancial 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) (e ff ective 1 January 2019).
## Activities, speci fi c objects and relevant policies
## Objects and activities
The charity's objectives and principal activities are as follows:
- a) The advancement of health or relief for those in need by reason of ill-health, disability, fi nancial hardship or other disadvantage, in particular (without limitation) by:
- i) the provision of respite care for children and young adults a ff ected by severe long term disability; and
- ii) the promotion of genetic research into the causes of such a disability, and the dissemination of the useful results of such research.
- b) The advancement of education or science in particular (without limitation) in the fi eld of long term disability.
## Statement of public bene fi t
The trustees are aware of the Charity Commission guidance on Public Bene fi t and con fi rm 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 bene fi t to its bene fi ciaries 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 2024, the trustees committed to make grants totalling £440,705 (2023 - £442,605) to various charities. The largest recipient of support was UBS Optimus Foundation UK (Reg Charity No. 1153537) who were granted £198,422, of which £107,578 was still due to be paid at the year end. In the prior year the largest recipient of support was the University of Oxford Development who was pledged £186,000 over four years. Of this, £135,083 remains outstanding at the year end.
A full list of grants made during the year ended 30 June 2024 is re fl ected in note 2 on page 10.
- 1 -
## The O'Sullivan Family Charitable Trust
## Trustees' report for the year ended 30 June 2024
Support costs of £11,072 (2023 - £10,697) were incurred during the year and included within charitable activities.
## Financial review
## Results for the year
The fi nancial 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 £384,756 (2023 - £362,506).
## 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 2024 was £5,096,864 (2023 - £4,990,194), which is held on both the Unrestricted Income Fund and the Endowment Fund. The charity's assets are adequate to ful fi ll its obligations to apply funds for charitable purposes, as de fi ned in the Deed, in the next fi nancial 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.
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## The O'Sullivan Family Charitable Trust
## Trustees' report for the year ended 30 June 2024
## 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 fi nancial 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 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:
- an annual review of the risks the charity may face;
- the establishment of systems and procedures to mitigate those risks; and
- the implementation of procedures designed to minimise any potential impact on the charity should those risks materialise.
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 identi fi ed at the date of these fi nancial statements.
The trustees have signed fi t and proper declarations in line with HMRC guidance.
## Principal address
36 Edge Street, London, W8 7PN
## Accountants
S&W Partners LLP, 45 Gresham Street, London, EC2V 7BG
## Independent examiner
Keir Singleton FCA, S&W Partners Audit Limited, 22 Wycombe End, Beacons fi eld, Buckinghamshire, HP9 1NB
## 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: ........................................... 30 April 2025
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## 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 fi nancial 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 satis fi ed that they give a true and fair view of the state of a ff airs 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:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable to the United Kingdom and Republic of Ireland (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the fi nancial 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.
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## 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 2024, which comprise of the Statement of Financial Activities, the Balance Sheet, and the notes to the accounts, including a summary of signi fi cant 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 con fi rm 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.
## Keir Singleton
## Keir Singleton
## Fellow of the Institute of Chartered Accountants in England & Wales
## S&W Partners Audit Limited
22 Wycombe End Beacons fi eld Buckinghamshire HP9 1NB
Dated: ......................... 30 April 2025
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## The O'Sullivan Family Charitable Trust
## Statement of fi nancial activities for the year ended 30 June 2024
|Unrestricted Endowment
income funds
funds
Notes
£
£
Income
Investment income
101,134
-
Deposit interest
4,548
-
Total income
105,682
**-**
Expenditure
Raising funds
3
38,661
-
Charitable activities
-
- Grants
2
440,705
-
- Support costs
2
11,072
-
Total expenditure
490,438
-
Net expenditure before gains and losses
on investments
(384,756)
**-**
Net gains on investments
6
505,338
-
Net losses on foreign currency transactions
(13,912)
-
Net expenditure and movement in funds
106,670
**-**
Fund balances brought forward at 1 July 2023
4,477,944
512,250
Fund balances carried forward at 30 June 2024
4,584,614
512,250|Total
2024
£
101,134
4,548
105,682
38,661
440,705
11,072
490,438
(384,756)
505,338
(13,912)
106,670
4,990,194
5,096,864|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|
|---|---|---|
The notes on pages 8 to 13 form part of the accounts.
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## The O'Sullivan Family Charitable Trust
## Balance sheet as at 30 June 2024
|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|£
5,284,880
83,409
1,042
84,451
(230,384)|2024
£
5,284,880
(145,933)
5,138,947
(42,083)
5,096,864
512,250
4,584,614
5,096,864|£
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|
|---|---|---|---|---|
30 April 2025 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.
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## The O'Sullivan Family Charitable Trust
## Notes to the accounts for the year ended 30 June 2024
## 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 o ffi ce 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 fi xed 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 bene fi t entity, as de fi ned 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 quanti fi ed 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 fi rm 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.
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## The O'Sullivan Family Charitable Trust
## Notes to the accounts for the year ended 30 June 2024
## (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 di ff erences are taken to the Statement of Financial Activities as they arise.
## 1.11 Financial instruments
The charity only has fi nancial assets and fi nancial liabilities of a kind that qualify as basic fi nancial instruments. Basic fi nancial instruments (other than fi xed 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.
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## The O'Sullivan Family Charitable Trust
## Notes to the accounts for the year ended 30 June 2024
## 2 Charitable activities
|Charitable activities|||
|---|---|---|
|Grants to institutions:
Action Medical Research (Reg Charity No. 208701)
Book Aid (Reg Charity No. 103484)
Brain Research Trust (Reg Charity No. 1137560)
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)
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)
Kids Charity (Reg Charity No. 275936)
King's College Hospital Charity (Reg Charity No. 1165593)
Know Thyself Charitable Trust (Reg Charity No. 1192919)
Listening books (Reg Charity No. 264221)
Marie Curie (Reg Charity No. 207994)
Playhouse Foundation (Reg Charity No. 1164341)
Rose Road Association (Reg Charity No. 276172)
Seenaryo (Reg Charity No. 1173822)
Shepherds Down School Fund (Reg Charity No. 298561)
Shop & Drop Charity (Reg Charity No. 1202878)
Spread a Smile Charity (Reg Charity No. 1152205)
SPUD (Reg Charity No. 1160358)
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)
UBS Optimus Foundation UK (Reg Charity No. 1153537)
Unique Charity (Reg Charity No. 1176695)
University of Oxford Development
Whizz Kidz (Reg Charity No. 802872)
Wonderseekers (Reg Charity No. 294582)|2024
£
-
3,000
3,000
3,000
3,000
-
3,000
3,000
20,000
3,000
4,000
3,000
-
3,000
17,159
3,000
1,000
3,000
3,000
-
94,125
3,000
6,000
5,000
6,000
3,000
8,000
-
-
3,000
3,000
3,000
5,000
8,000
-
3,000
3,000
198,422
3,000
-
3,000
5,000
440,705|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|
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## The O'Sullivan Family Charitable Trust
## Notes to the accounts for the year ended 30 June 2024
## 2 Charitable activities
## (Continued)
|Reconciliation of grants payable
Commitments at 1 July 2023
Grants payable in the year
Grants paid during the year
Commitments at 30 June 2024
Commitments at 30 June 2024 are payable as follows:
Commitments due within one year
Commitments due after one year
Support costs
Independent examiner's fees (governance costs)
Accountancy fees (Evelyn Partners)
Irrecoverable gift aid
3
Costs of raising funds
Investment management fees|135,083
440,705
(333,127)
242,661
200,578
42,083
242,661
2,898
8,174
-
11,072
2024
£
38,661
38,661|442,605
442,605
(307,522)
135,083
46,500
88,583
135,083
2,415
8,262
20
10,697
2023
£
44,013
44,013|
|---|---|---|
||||
||||
||||
||||
## 4 Trustees' remuneration
None of the trustees (or any person connected with them) received any remuneration during the year (2023 - none).
## 5 Employees
There were no employees during the year (2023 - none).
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## The O'Sullivan Family Charitable Trust
## Notes to the accounts for the year ended 30 June 2024
|6
Fixed asset investments
Market value at 1 July 2023
Disposal proceeds
Additions
Net investment gains
Market value at 30 June 2024
Net realised gains on investments
Net unrealised gains 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
UBS (LUX) Key Sel Dtt Q-Acc Cap
BT Group plc 5.75%
AMGEN INC 5.5%
Rolls Royce 3.375%
Nationwide Build 6.125%
7
Debtors
Dividends received post year end|2024
£
5,053,656
(2,118,428)
1,844,314
505,338
5,284,880
355,746
149,592
505,338
968,211
395,664
306,122
289,408
426,955
304,162
443,972
3,134,494
2024
£
1,042
1,042|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|
|---|---|---|
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## The O'Sullivan Family Charitable Trust
## Notes to the accounts for the year ended 30 June 2024
## 8 Creditors: amounts falling due within one year
|Creditors: amounts falling due within one year|||
|---|---|---|
|Accountancy fees (S&W Partners)
Independent examiner's fees
Investment management fees
Grant payable
Creditors: amounts falling due after more than one year
Grants payable|2024
£
14,675
5,313
9,818
200,578
230,384
2024
£
42,083
42,083|2023
£
6,500
2,415
11,014
46,500|
|||66,429|
|||2023
£
88,583|
|||88,583|
## 9 Creditors: amounts falling due after more than one year
## 10 Analysis of funds
|Analysis of funds||
|---|---|
|Fixed asset
investments
Net current
assets
Creditors due
after one year
£
£
£
Unrestricted income fund
4,875,080
(248,383)
(42,083)
Endowment fund
409,800
102,450
-
5,284,880
(145,933)
(42,083)|Total
£
4,584,614
512,250|
||5,096,864|
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