**REGISTERED CHARITY NUMBER: 326026**
## **REPORT OF THE TRUSTEES AND**
**UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **FOR**
**THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
Vale & West Chartered Accountants Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG
**THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
||**Page**|
|---|---|
|**Reference and Administrative Details**|1|
|**Report of the Trustees**|2 to 3|
|**Independent Examiner's Report**|4|
|**Statement of Financial Activities**|5|
|**Balance Sheet**|6|
|**Notes to the Financial Statements**|7 to 13|
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
**REFERENCE AND ADMINISTRATIVE DETAILS FOR THE YEAR ENDED 5 APRIL 2024**
**TRUSTEES** Mrs C M Austin F J O'Mahony R Chamberlain **PRINCIPAL ADDRESS** Blue Hills Three Gates Lane Haslemere Surrey GU27 2ET **REGISTERED CHARITY** 326026 **NUMBER**
**INDEPENDENT EXAMINER** Vale & West Chartered Accountants Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG
Page 1
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024**
The trustees present their report with the financial statements of the charity for the year ended 5 April 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
The Charity's principal activity continues to be that of making grants to charitable or other organisations chosen by the Trustees, within the UK, as a way of providing benefits.
The Charity's aim is to support people with disabilities or epilepsy.
To further its aim, the charity makes donations to organisations that work with people with epilepsy or disabilities.
The Trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.
## **ACHIEVEMENT AND PERFORMANCE**
The Charity donated funds totalling £139,694 (2023 £132,500) to organisations during the year.
## **FINANCIAL REVIEW**
The charitable fund showed a surplus of £253,273 (2023: deficit of £67,591) for the year, resulting in overall reserves being carried forward of £4,594,436 (2023: £4,341,113). The surplus is primarily due to revaluations of the charity's investment portfolios and property.
As at 5 April 2024, the charity held £4,594,386 (2023: £4,341,113) of unrestricted funds and £50 (2023: £50) of restricted funds.
The charity's investment strategy during the year was to use moderate risk investment portfolios, managed through a fund manager, to provide a mixture of capital growth and income.
The charity does not raise funds from the general public and so is not registered with the Fundraising Regulator.
The trustees have set a formal reserves policy to ensure that income received is distributed annually via donation and/or grant, keeping a sum aside for routine expenses. These distributions will focus on charities who support people with disability or epilepsy.
The trustees do not currently maintain a risk register.
Page 2
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 5 APRIL 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The Charity was established under Deed of Trust on 15 January 1982.
The Trustees who served during the year and up to date of signature of the financial statements were: C M Austin F O'Mahony R Chamberlain
In the process of appointing and recruiting new trustees into the charity, the existing trustees would seek recommendations from professional advisors.
The trustees meet in person or hold conference calls twice per year. Requests for donations are collated as received, and analysis of these and of the charities making the requests carried out. The trustees will then discuss the requests before deciding whether to approve donation. It is anticipated that the majority of donations will be made to charities chosen by the Trust, but the charity will be open to requests being made. C Austin carries out the day-to-day administration of the charity's affairs.
The trustees are the key management personnel of the charity. The trustees received reimbursed expenses of £102 from the charity in 2024 (2023 £Nil).
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
~~....................................~~ .............................
Mrs C M Austin - Trustee
Page 3
## **INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **Independent examiner's report to the trustees of The Michael O'Sullivan Charitable Trust**
I report to the charity trustees on my examination of the accounts of The Michael O'Sullivan Charitable Trust (the Trust) for the year ended 5 April 2024.
## **Responsibilities and basis of report**
As the charity trustees of the Trust 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 Trust'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 Trust 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 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.
Lee Gardner FCA
Vale & West Chartered Accountants Victoria House 26 Queen Victoria Street Reading Berkshire RG1 1TG
Date: .............................................
Page 4
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 5 APRIL 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
2
**Total**
**EXPENDITURE ON**
Raising funds
3
**Charitable activities**
4
Charitable aims
**Total**
Net gains/(losses) on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
**318**
**123,331**
**123,649**
**3,817**
**173,526**
**177,343**
**306,967**
**253,273**
**4,341,113**
**4,594,386**|Restricted
fund
£
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**50**
**50**|**5.4.24**
**Total**
**funds**
**£**
**318**
**123,331**
**123,649**
**3,817**
**173,526**
**177,343**
**306,967**
**253,273**
**4,341,163**
**4,594,436**|5.4.23
Total
funds
£
33,018
149,339
182,357
3,718
145,147
148,865
(101,083)
(67,591)
4,408,754
4,341,163|
|---|---|---|---|---|
The notes form part of these financial statements
Page 5
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **BALANCE SHEET 5 APRIL 2024**
|Notes
**FIXED ASSETS**
**Investments**
Investments
7
Investment property
8
**CURRENT ASSETS**
Debtors
9
Cash at bank
**CREDITORS**
Amounts falling due within one year
10
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
11
Unrestricted funds:
General fund
Revaluation reserve
Restricted funds
**TOTAL FUNDS**|Unrestricted
funds
£
**3,382,939**
**1,200,000**
**4,582,939**
**579**
**13,484**
**14,063**
**(2,616)**
**11,447**
**4,594,386**
**4,594,386**|Restricted
fund
£
**-**
**-**
**-**
**-**
**50**
**50**
**-**
**50**
**50**
**50**|**5.4.24**
**Total**
**funds**
**£**
**3,382,939**
**1,200,000**
**4,582,939**
**579**
**13,534**
**14,113**
**(2,616)**
**11,497**
**4,594,436**
**4,594,436**
**4,046,172**
**548,214**
**4,594,386**
**50**
**4,594,436**|5.4.23
Total
funds
£
3,179,789
1,100,000
4,279,789
579
63,267
63,846
(2,472)
61,374
4,341,163
4,341,163
4,099,866
241,247
4,341,113
50
4,341,163|
|---|---|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
~~....................................~~ .........
C M Austin - Trustee
The notes form part of these financial statements
Page 6
**THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Investment property**
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting end date. The surplus or deficit on revaluation is recognised in the statement of financial activities.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
continued...
Page 7
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024**
## **2. INVESTMENT INCOME**
|Rents received
Income from listed investments
Deposit account interest
**RAISING FUNDS**
**Investment management costs**
Investment advice
**CHARITABLE ACTIVITIES COSTS**
Direct
Costs
£
Charitable aims
**33,832**|**5.4.24**
**£**
**34,033**
**88,627**
**671**
**123,331**
**5.4.24**
**£**
**3,817**
Grant
funding of
activities
£
**139,694**|5.4.23
£
60,340
88,883
116
149,339
5.4.23
£
3,718
Totals
£
**173,526**|
|---|---|---|
## **3. RAISING FUNDS**
## **4. CHARITABLE ACTIVITIES COSTS**
## **5. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 5 April 2024 nor for the year ended 5 April 2023.
## **Trustees' expenses**
The Trustees received reimbursed travel expenses of £102 from the charity in 2024 (2023 £Nil).
## **6. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
|**INCOME AND ENDOWMENTS FROM**
Donations and legacies
Investment income
**Total**
**EXPENDITURE ON**
Raising funds
**Charitable activities**
Charitable aims|Unrestricted
funds
£
33,018
149,339
182,357
3,718
145,147|Restricted
fund
£
-
-
-
-
-|Total
funds
£
33,018
149,339
182,357
3,718
145,147|
|---|---|---|---|
continued...
Page 8
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024**
|**6.**|**COMPARATIVES FOR THE STATEMENT OF**|**FINANCIAL ACTIVITIES - continued**|**FINANCIAL ACTIVITIES - continued**|**FINANCIAL ACTIVITIES - continued**|**FINANCIAL ACTIVITIES - continued**|
|---|---|---|---|---|---|
|||Unrestricted|Restricted||Total|
|||funds|fund||funds|
|||£|£||£|
||**Total**|148,865||-|148,865|
||Net gains/(losses) on investments|(101,083)||-|(101,083)|
||**NET INCOME/(EXPENDITURE)**|(67,591)||-|(67,591)|
||**RECONCILIATION OF FUNDS**|||||
||Total funds brought forward|4,408,704|50||4,408,754|
||**TOTAL FUNDS CARRIED**|||||
||**FORWARD**|4,341,113|50||4,341,163|
|**7.**|**FIXED ASSET INVESTMENTS**|||||
||**MARKET VALUE**||||Listed
investments
£|
||At 6 April 2023||||**3,179,789**|
||Additions||||**6,477**|
||Disposals||||**(10,294)**|
||Revaluations||||**206,967**|
||At 5 April 2024||||**3,382,939**|
||**NET BOOK VALUE**|||||
||At 5 April 2024||||**3,382,939**|
||At 5 April 2023||||3,179,789|
||There were no investment assets outside the UK.|||||
||Cost or valuation at 5 April 2024 is represented by:|||||
||Valuation in 2024||||**Listed**
**investments**
**£**
**333,214**|
||Cost||||**3,049,725**|
||||||**3,382,939**|
|||||||
continued...
Page 9
**THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024**
## **8. INVESTMENT PROPERTY**
**----- Start of picture text -----**
|||
|---|---|
|£|
|FAIR VALUE|
|At 6 April 2023|1,100,000|
|Revaluation|100,000|
|At 5 April 2024|1,200,000|
|NET BOOK VALUE|
|At 5 April 2024|1,200,000|
|At 5 April 2023|1,100,000|
|Fair value at 5 April 2024 is represented by:|
|£|
|Valuation in 2023|115,000|
|Valuation in 2024|100,000|
|Cost|985,000|
|1,200,000|
**----- End of picture text -----**
Investment property comprises 47 Moreton Street, London, SW1V 2NY and 14 Beatrice Lodge, Beatrice Road, Oxted, RH8 0QH. The investment properties were initially recognised at fair value on the basis of valuations carried out at 13 August 2020 and 7 September 2020 by Egerton Chartered Surveyors & White and Sons, who are not connected with the charity. The valuations were made on an open market value basis by reference to market evidence of transaction prices for similar properties.
The trustees consider that, at 5 April 2024, the value of 14 Beatrice Lodge is similar to the valuation made in 2020, and that the property at 47 Moreton Street has increased in value by £100,000 compared to 5 April 2023.
## **9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
**----- Start of picture text -----**
||||
|---|---|---|
|5.4.24|5.4.23|
|£|£|
|Other debtors|579|579|
**----- End of picture text -----**
continued...
Page 10
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024**
## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other creditors
**11.**
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Revaluation reserve
**Restricted funds**
Restricted
**TOTAL FUNDS**
Net movement in funds, included in the above
**Unrestricted funds**
General fund
Revaluation reserve
**TOTAL FUNDS**|At 6.4.23
£
**4,099,866**
**241,247**
**4,341,113**
**50**
**4,341,163**
are as follows:
Incoming
Resources
resources
expended
£
£
**123,649**
**(177,343)**
**-**
**-**
**123,649**
**(177,343)**
**123,649**
**(177,343)**||**5.4.24**
**£**
**2,616**
Net
movement
in funds
£
**(53,694)**
**306,967**
**253,273**
**-**
**253,273**
Gains and
losses
£
**-**
**306,967**
**306,967**
**306,967**|5.4.23
£
2,472
At
5.4.24
£
**4,046,172**
**548,214**
**4,594,386**
**50**
**4,594,436**
Movement
in funds
£
**(53,694)**
**306,967**
**253,273**
**253,273**|
|---|---|---|---|---|
continued...
Page 11
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024**
## **11. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|Net
Transfers
movement
between
At 6.4.22
in funds
funds
£
£
£
**Unrestricted funds**
General fund
4,052,791
(67,591)
114,666
Revaluation reserve
355,913
-
(114,666)
4,408,704
(67,591)
-
**Restricted funds**
Restricted
50
-
-
**TOTAL FUNDS**
4,408,754
(67,591)
-
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
Gains and
resources
expended
losses
£
£
£
**Unrestricted funds**
General fund
182,357
(148,865)
(101,083)
**TOTAL FUNDS**
182,357
(148,865)
(101,083)
A current year 12 months and prior year 12 months combined position is as follows:|At
5.4.23
£
4,099,866
241,247
4,341,113
50
4,341,163
Movement
in funds
£
(67,591)
(67,591)|
|---|---|
|**Unrestricted funds**
General fund
Revaluation reserve
**Restricted funds**
Restricted
**TOTAL FUNDS**|At 6.4.22
£
4,052,791
355,913
4,408,704
50
4,408,754|Net
movement
in funds
£
(121,285)
306,967
185,682
-
185,682|Transfers
between
funds
£
114,666
(114,666)
-
-
-|At
5.4.24
£
4,046,172
548,214
4,594,386
50
4,594,436|
|---|---|---|---|---|
continued...
Page 12
## **THE MICHAEL O'SULLIVAN CHARITABLE TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 5 APRIL 2024**
## **11. MOVEMENT IN FUNDS - continued**
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
Revaluation reserve
**TOTAL FUNDS**|Incoming
resources
£
306,006
-
306,006
306,006|Resources
expended
£
(326,208)
-
(326,208)
(326,208)|Gains and
Movement
losses
in funds
£
£
(101,083)
(121,285)
306,967
306,967
205,884
185,682
205,884
185,682|
|---|---|---|---|
## **12. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 5 April 2024.
Page 13