Charlty R•g18tratlon No. 1123298 Company Reglstratlon No. 06516762 IEngl•nd and Walgsl VOVOS BErrER WORLD FUND TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUARY 2023
VOVOS BErrER WORLD FUND CONTENTS Page Legal and Adminislrative Infomialion Truslee$' ReprA Indèpendent Examinerf8 Report ststemw)t of Finamal Aclwrfi'es Balance Sheet Notes to the Finan¢ial Staloments 8-12
VOVOS BErrER WORLD FUND LEGAL AND ADMINISTRATIVE INFORMATION Trustsgs Mr Josué Tanaka Mrs Noemi Kopp Charjty number 1123298 Company numbor CE516762 Registerèd offi¢• The Courtyard Shoreham Road Upper Beeding Sleyning Wgst Sussex BN44 3TN Independent oxamlners TC Group The Coutyard Shorèham Road Upper B8eding Steyning West Su$8ex BN44 3TN Invgstment advl8or8 Banqve Lombard Odiér & Cle SA Utoquai 31 Zurich 8Q08 Switzertand
VOVOS BErrER WORLD FUND TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) FOR THE YEAR ENDED 28 FEBRUARY 2023 The Trust$68 pr8sent their report and 8c¢ounls for the year ended 28 February 2023. The accounts havg been prepar8d in accordance with the accounting policies sel out in note 2 to the 8ttounts and comply with the eompanls Memorandum and Articles of AOation, thg Companies Act 2006 tha Ch8rities AGt 2011 and thé Financial Reporting Standard applicable the UK and Republic of Ireland {Chariti8s SORP (FRS 1021}. Structurg. governan¢e and management Th¢ organi8alion Is a charitable mpanY, limited by guarantee. incorporated and regislergd 8s a charity Oft 28 February 2008 with the Charity Comrnission. The company was established under a Memorandum of A$sociatlon which estsblished the object$ and powers of the charitablè company and is govèrned under it8 Artide5 of Associab"on. In the ev&nt of thg company belng wound up mèmbers are rèquired lo each conlribule an amount not exceeding £1. The Trustees. who ar8 8lso the directors for the purpose of company law. and who Served (Juring the year were.. Mr Josua Tanaka Mrs NoenN Kopp None of the Trustees has any bèneficial interest in the ¢ompany. All of the Twstees are members of tho ¢ompany and guarantee to contribute £1 in the 8venl of a windiny up. Methods of recruiting. appolntlng and trainlng nèw Trustses The Directors ofthe company are a150 Charity Tru3tees for the purposes of charity law and under the company's Articles are known 85 mewnbers of the Management Committee. The members of the Managérnent Committoe are elgcted al the Annual Gen6r81 Meeting IAGM) according to the requirerllents of the Memornndum and Article8 of Association. At each Annual Gener81 Meeting IAGMI the Chairman of the Truste95 shall be elecled by the Trustees ih¢ir number lor a terni not exceeding year. When considering co-oplin9 Trust, the Board has regard for the requirement for any Specils1 skills nèeded. Induction New Trustee$ undetyo an induction meeling with Mr J05ué Tanaka to brief thern on the charlty and the context wilhin which it owrates and theii legal obligations under charfty and wmpany law. All Trustees give of theiT time fr8ely. and no remuneraiion was pard in the year or the prior year. Organlsallonal $tructure The Trustees hav& delegated the day to day ad¥iStratIon of the investment funds lo Banqué Lombard Odier & Cie SA who have execution powers only.
VOVOS BErrER WORLD FUND TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) - CONTINUED FOR THE YEAR ENDED 28 FEBRUARY2023 ROlat Parti08 DurirvJ the year Ihèfft were no tran$action8 with related parties {2022.' Ine). Risk management Thg Trust8es have assessed the major risks lo whld) the charity is expo$od, and are sall8fied that $ysterrts are in place lo manage •xposuro lo the fflajor risks. Vovos Bètterworld Fund consider that th• main areas of ftsk lo the charity are.. the current gcononN¢ siiualion and its impact on the ch*ity's prorne in respèct of its assèt base and other sustainablè lunding str8ams.' a1 loss of key petsonnel. In order lo mibgats Tnvestment risk the Charity operaks a highly diversffied investment portfolio. The persortnel ol the charity comprise the Board of Tw51ees. whose perfom)ance 15 assessed regularfy. Induction and training pro¢eduro& provided by the charbty ensure that the Trusteas are adequately traingd to perfom) the governancè funelion required by the charity. The Trustees ha¥8 8130 ¢onsid8red the ¢ther key risks the charity i$ exposed to and pmide the followiro comments.. priix risk.. the charitys income is dependgnt on the perforniante of its quoted investments. Thfj diversified nature of its portlolio helps MItate and changes in price of individual equity instruments,. credit ri8k'. the charity obtains the vast rnajorfty of its realised income in the fomi of interest and dividènds which are paid in a timely manner., and liquidity and cash flow risks.. the charity maintsins fvee cash reserves of an equal or gToaler amount than its current liabilities. Expenditure on charitable activities is made once due consideralion has been made of the charity's cash p(tr$ition by the 808rd of Trustee$. Oble¢tlve$ and aetivltios Vovos Better Worfd Fund is a Development Trust which was founded in February 2008 88 a Company Limited by Guarantee and as a registered Charity for the 9ranting of to individuals or organisations in a¢¢ordance th Ihe purpose of Iho charity which cover environrnental. social and cultural objeclivos. Publlc benefit In accordance with our dutie8 as stated in secbon 17{51 of the 2011 Charibes Act. we have o)nsidered thè guidance provided by th8 Charfty Commission in ard to publSG beneffit. This public benefit has bg demonstrated by the activitiès undertakèn sin¢8 the in¢eption of the charity outlined above. Achlovemants and performance During the year the Trustsès made charitable distributions to institutions and mado grants lotalling £43,572 (2022.. £38,282). Inwrne fmm invoslrnents amounted lo £132,29212022.' £40,191) Iln¢luding fax recoverable) during the year. The Twslees intend lo continue promding 8dequ8te TesourcEs to fund charitable payments for the foreseeablè fLrture. In view of this. th& results shown in the statement of ffnanrial activities ant1 the balance sheet is considered satisfactory. Flnaneial revrgw The Charity has generated a deficit for the year of £59.692 (2022- defic41 of £3,795). This indudes an uniealised gain on investments of £110,966 {2022.' gain of £53.843j and a r831ised loss on disposal of investments of £139,79512022.' gain of £3.605).
VOVOS BETTER WORLD FUND TRUSTEES. REPORT (INCORPORATING THE DIRECTORS, REPORT) _ CONTINUED FOR THE YEAR ENDED 28 FEBRUARY2023 HaviThJ axarnunod tha Charftys requlremenl fix re6arve8 In the light of the rnan tsk8 to the organi8alion. the Board has esfabll$hed a pow whereby th& grants given In fr6 pwlc4Js are malnfalned by the reollsed retums made on Inve8lrnenls. Al the year end the Chwty8 reserv•s were ded Into Invesknerfs. Tho Board will ctosety monilor tho rnserv88 posltton to ensure thgy me•t futstre oblallons. Ai the year end, free Rser¥es lotalled £3,123,5 {2022". £3,183,192). Gr8nl 8xpendllure Is Ilnked lo inve$tmgnl Inwme genertsd. It 18 Ihe polty of Ihe Chaijty that Ihv upit Inv¢slm•nt base is r17alnt¥lned In ordertr the th8rfty to g•nerale fvtO Invealment In¢ome which used for lurth6r pubfio benfjfll. The Trustess nsIder that ServeS al the curr8ni levd wll ¢nsure Iha( In the event of a gnlllcarrt drop in funthng. th¢y will be ablg to eAntinu8 the Charttys ¢urrert ce9 wlmlo &M$rdernlk)n given to ways tn whlch additional fvnds may be ralsed. Plan• forth• futur• Thè chBrity int9nd8 to conttnu¢ to pro0 gtants tor enironmental. soclat and cultural charitablè organlsallons both within th8 UK and InlemationAlly. Thls Ls atr8ady dènCed by donathjns madg In roportlng yeor 8nthng 28 F¢bnBry 2023. Trnstoes, r•sponslbllltlo8 In rglatlon ty th9 a¢wunts The TNstge8, who are also the dIrec1c of VovoB Bettw Workl Fur•J for thè purp)88 of ¢or>wary IWN. arg responslble for preparfng th? Tru$lees' Report Ind the acwjnts In a¢03rdte appll¢8ble law and UnTrted Klngdoffl Accounting Stsndwd8. Company law r¢qulies thè tru$te8s lo piopare aLxounts for each financiol 8rWhkn gN8 a true and faif $W of the stale olaffalrs of the tharhy and of ihe Incomlno re8ouTce$ and appfication of induding the income ¥nd expendlture. oflhe charitabl• cryny fof that year In preparkn9 the8eaAuntl th¢ Trnste ara requ5 to: select 8ullal)le aLwlIng Pt)Ikl&8 and apply them ¢on8tstenUy,' ¢b8eThe thtr methods and prfndpfes In the Ctwrlll•s SORP,. m4keludgtrm9nts and esllmates tha14re re8SODable and pnthnt,. and prep4r• Ilw ac¢ounl8 on the golng concm bas18 unle8s It Is InaPp4te to pre$um that th• chArlty wln continu• kn operall)n. Tho Twslees are r8sponslble for keeplng adequate a¢c(wlSny r8cord& that (fjsclo8e wlth reasonabl• aGRaY at any tim8 thg financlal wslllon of the Charity and onabl8 Ihem to ensuo that the dJntS ¢omply wilh the Cijmpanles Act 2006. They are al$0 responsibl8 fc* safeguardlng the asset8 oflh9 ¢harity aryj hence for taknThg sonabJ• ¥tep8 for proventicffi and d•lon of fraud and other lThegula¥ili8s. This raport has begn p rejallng to small compan red lft ae£wdance wtlh the 6peeAgl pmwslons of Part 15 of the Compantes A¢a 21 On behalof Ihe Mr a08ué Tanaka Trustee S.Jo.J£..7o.is Dated: ..
VOVOS BEThER WORLD FUND INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF VOVOS BETTER WORLD FUND I report on Ihe 8rLounts of the company for the y$ar ended 28 Fabruary 2023, which aro set out on pages 8 to 12. Re8CtiVe r08pon8ibllltip¥ of Trnstees and 8x•mln As the Trustees of th& Charitable Company {and also ils dir8Ctors for the purposes of company 18wI you are responsiblg for the preparation of th& accounts in accordance with the Tequiremenls of the Companies Act 2CM)61'th8 2( ACYI. Having s81isfied myself that the accoun18 of the Company are not required to ba Audited under Part 16 of the 2(6 Act and are eligible for iThJependÈnt examination, I report in sPeCt of my examination of your charity's accounts a8 carried out der section 145 of the Chxrities Act 2011 I'the 2011 Act.). In earrying oul my examination I have followed tho Directions givèn by the Charity Commission under $ection 14515) Ibl of the 2011 Act. Indepèndent èxamlnèffs statem•nt I nfiThn that l arn qualified to undertake the exarnination b&rause l am a mber ol the Assoriation of Chartered C8rtifiEd Accountants. whieh is one Of th8 listed bodies. I ha completed my examination. I confim that Tb) matters have como lo my attention in connection with the exarninai'on givlng me cause to boliev¢'. aGcounting rewrds re not kept in respect of the Company as requiT&J by 8ection 386 of the 2(X)6 Ad.. or 2. Ihe a¢counts do not 8¢cord with those Te¢ords', or 3. the accounts do not comply with the accounliiig rÈquiremonls of section of the 2006 Act other than any requiroment that th& 8ccoun15 giv& a 'lrue and fair view which is not a matter considered a$ part of an independent 8xanwn81ion- or 4. tho accounts have not been wÈpared in accordance with the melhgds and prfnciples of the St8tement of Recomrnended Praelice for accounting and reporting by Charities. I have no cortcem$ and have come no other matters In cyJnn8ction with the examination to which attention $houl¢J be drawn in this report in ordei to enabje a proper understanding of the accounts to be rea¢hed. rc 4 Mark Cummlns FCCA FCIE On behalf of TC Group The Courtyard shebaM Road Upper Beeding, Steynlng West Sussex BN44 3TN Datod.. !.a..
VOVOS BEThER WORLD FUND STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 28 FEBRUAR Y 2023 2023 Total 2022 Not88 INCOME Investment in¢ome 132.292 40.191 Total In¢om 131292 40.191 EXPENOITURE Expendrture on raising fvnd5." Foreign èxchange losses Inveslm&nt management C06ts 89,645 25,994 115.639 30,S06 27,761 58,667 Expenditu on chan"labl8 8Gliwtles." Grants operati of th$ Betterwortd Fund 43.572 38,692 4.075 42,767 47,516 Totsl exp•ndtture 163,155 101.434 Not èypendlturè bgfore gains 130.863) 61,243) Net gglns l {88eS} on investments (28,8291 57,448 Not In¢om•l{Èxpendlturol and not movemwt In funds for the year (59,692 3,795 RECONCILIATION OF FUNDS Total funds brought fotrward 3.183,192 3,186,987 TOTAL FUND8 CARRIED FORWARD 3,123.500 3,183,192 All incorre and expenditure w8s unrestricted in tho Current and previous ac¢ounling period. The r8sulls of tho year derive from wnlinuin9 activities and there are no gains 01 losses other than thos8 shown above. The noles on pag88 8 to 12 forni part of thes8 accounts.
VOVOS BErrER WORLD FUND BALANCE SHEET AS A T28 FEBRUARY2023 2023 2022 Notes Fixèd assgts Investments 3,120,282 3.124,269 Current assets Cash al bank and hand 12,96B 68.673 Creditor8: amounts falllng du& wlthin ong year 12,988 68.873 19,7501 19.7501 Net current a$Bets 3,218 58.923 Total a8$ets less current liablllties 3,123,500 3,183.192 Incomè funds Unreslrictgd funds 3,123,500 3,183,192 3,123,500 3,183,192 The charfty 5s entitled to the ¥xomption from thg audit requir8mènt contained In se¢tion 477 of the Companies Act 2006 loi thè year ended 28 February 2023. No member of the charity ha5 deposited a notieè, pursuant to section 476. requiring an audit of thesè am)unts. The Iruslee¥ acknowlèdge their Tesponsibilities for 8n8urlng that lh• charity keeps accounting records whieh comply wrlh sections 386 and 387 of the Act and for preparing accounts which glve a true and fair view of the slate of affairs ol the charity as al the end of the finanaal year and of ils incoming resources and application of resouices. including its income and expgndllure, for thè financial year in accordance with the requirements of sedions 394 and 29S ond which otherwise cx)mply wlth the requirernents of the Companies Act 2008 relating to ac£ounts, so far as applicabl8 to th8 charilabl? ctsmpany. These ffnan Companies appli ai ststemonts hava t)88n prepareo ¥ttordan¢g the sp181 provislons of Part 15 of th 2006 r818Ing to small tharitable cc¥npanlgs and wth the Slattment of R8cK>mrn8nded Pracdce es In 8¢cordance wlth FRS 1O2_ e ècwun roved by tho Board on 8ka Trustee Company R Istrau No. 08516762 The notes on p8ges to 12 fcffm partof thesè sccounts.
VOVOS BErrER WORLD FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 28 FEBRUAR Y 2023 Statutory infomJ•tlon The chwity is a company limitèd by guarantee. Inwrporated In the United Kingdom. The registered offlce of the ¢harity is di8cJosed in the Legal and Administrative Information. In the event of the ¢harity baing wound up. the liability in respect of the guarantee is limited to £1 per member of tho ckn8rity. The charity is under tho control of the board of trustees. A¢countlng pollei¢s 2.1 Basi$ of prgparation The financial statements have been prepar on behalf of the board of trust8 in accordance 1 Accounting and Reporting by Charilies.. Statemènt of Recommended Practice applieable to charities pr8p8ring their accounts In accordance with th8 Financial Reporting Standard applicable in the UK and Republic of Ireland (Charftles SORP {FRS 102}, the Comp8nies Act 2006 and thè Charities Act 2011. In view of the ¢hariW5 Positive c88h and serveS positions, the charity has no material uncertainties in relatiw to s abli ty to ¢ontinu8 opeTatiThJ and as such Ihe accounts have been prepar8d on a going concem b8$is. Assets and fbIll.e8 are Inllially recognised at their historical ¢08l unlèss OthenSe ststed in the accounting policies and notes. The fijnctional currency of the charity 1$ Pounds Sterfing. Items NtaIned within Ihe accounts aro rounded to the n8ar98t pound. 2.2 Incom• All incorne is included In the Statement of Financial Activtiies when thè charity b legally entitled lo the ineorne, ils receipt is probabl& and the amount can be quantified with reasonable accur8cy. All income is measured net of any discounts and a6 the charity's advllies arè Èxempl from VAT the application of VAT and other sales tsxes is not required. Investment income comprises dlvldènds and intere51 on li8ted investments and is accounted for on a recewablo basi8. ExpendSturè Expenditure is recogni8ed onco there is 8 legal or ¢onslructiv• obligation lo make a payment to a third party. it is probable th818etllemenl will be required and the amount of Ihe obligation can b¢ measured reliably. Irrecoverable VAT is included with the item of expenditure to which is relatQ5. Expen(filure 18 ¢lassrfied under the following actwty headings.. Expenditu on raisirwj funds comprises the direct and indi¥ect Gosts of Tunning the charitys investment portfolio. Expendiiure on charftable aelNilies indudes the awarding of grants lo ben¢fi¢ial thi¥d parties. and the goveman¢e costs a5socialèd with the tr)niinuing operation of the Better World Fund. 2A Interest payabl• Interest tsn inveslmgnl fiJnd$ Is included when payable and Ihe amount can be rneasur reliably by the charrty.
VOVOS BEThER WORLD FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2023 A¢¢ounting pollclas (cont1ndI 2,5 Forelgn currÈn¢y trgn¥latlon The ¢h*iVs presentation cUncY is Pound5 Storling. Tran8actions occurring in foreign currerY throughout the year have been translated using publidy available avepge exchange rates. Monetsry assets and liabllitie$ denomSnaled In foielgn Currencies are translaled into Sterling 8t the Tales of èxchange ruling al the balance sheel date. All fol9n currency differences ar8 recognised in expenditure ( raisin9 funds. 2.6 Fund accountlng Unrestrided fvnds- these used on the general choritabl& objactivès of the charity. All income and expenditure in both 2Q23 and 2022 wa$ unrestri¢ted. Flxod a88et Invg¥tmonts Investments predominarrtty comprise Slmpfe publically Iraded debt and equity fina18] instwments. These are initially measurèd at Iransaction value. with any subsequent changes to their fair value recognised in tho statement of Finan¢ial Aeivilies. The ¢harity also invests in forward conlract detlvativ8s. An ac¢ord8nce wth Section 12 of FRS 102 thesè are initially mt8surÈd 81 their fair value. with arly movements in valuo recognised in the Sialernent of Financial Aclivities. 2.8 Debtor8 Fixed asset investrnont dividend8 receivable are rnea8ured at the settlement anK>unl due. 2.9 Cash at bank and in hand Cash al bank and in hand indu(19s Gash and short term highly liquid investm8nts with a short m8turity of Ihiee monlhs ¢f lèss Imm the dale of opening the deposit or similar aGGounL 2.10 Creditors Creditors are recoonised when there is a present obli9alion arising from a past event, the setuernenl of which will likely resuk in resources ambodying economic benefits being transferred from the ¢hgtity. Arwals aro recognised at theii Settlement amount once a reliable m8asuremènl can be obtairJ. 2.11 Estlmates and judggments In th¢ appliG8lion of Ihg charity's aUnting polici8s, the tnjsteès aré r9quired to make judgemenls, estimates and assumptions about the carrying amount of assets and liabilrbos that ar8 not f8a(tJly app8ienl from other sources. The estimalas and assoeiatèd assumptions are based on hisloriral perience and other factor8 that are considered to be relevant. Actual rèsults may differ from these estimates. The eslimales and undedying 8ssumption8 ale reviewed on an ongoing basis. Revisions to accounting eslinales are recognised in the period in whh the eslTr7at8 is r8visad. The trustees do not consider th¥1 there are any critical estimate$ or areas ofjudg8mant that nèed to be brought to the attention ol the readers of the financial statements. Taxatlon The cornp8ny Is re9lStèred a¥ 8 charity and all of its inGtJm¢ fall¥ within thg exemptions under Part 11 of the Coiporation Tax Act 2010.
VOVOS BETTER WORLD FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY2023 Expenditurè Oth•r eosts Grant funding Totsl 2023 Totsl 2022 Ralslng fund8 Foreign exchange losses Investment m8nagement costs Total 89,645 89,845 30,906 115,639 115.639 58,667 Charitable actlvltiès Grant funding of actiiitie5 InDle 51 Opèration of the Better World Fund Total 43,572 43,572 38,892 4.075 42.767 43,572 47.516 119.583 43,752 163.155 101.434 Alj èxpendituro Ineurred on the operation of the Better World Fund in the current and previous 8ccwnting peric¥l comprises govemance costs. No further support costs weto incurred. Governance $ts include payments to the independant èxaminers of £3,CQO {2022= £3,1)00} in re$pect of independent exan#t1( fees and £nil12022= £978) in r¢$pecl of othèr prolessionJ services. Grants p8y•We Total Total 2022 2023 Action Aid AFfanar UK Coram Crisis Fadum Foundation The Follx Project Inlemational Rescue Committe8 IPAS Médecins Sans FrOnl'èS Nigel Jollands The Wincheslor Project Wornen for Women Intemalional 2,008 4.008 2.008 4.008 4,008 4.008 4.008 2.202 4,008 20,008 2.508 2,508 2,008 9.016 2.508 2,508 2,508 5,008 3.008 43,572 38.282 During the curtenl 8nd prewous accounllng period all grant8 payable were made lo inslilulions. io
VOVOS BEThER WORLD FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUARY 2023 TrustO98 Non8 of the TNste8s lor any per30n$ connectéd with them) received any remuneration of reimbursemants of ¢xpens•s during the yw12022.' tK)nel. Employ•g8 Thore wer8 no employees duNng the year (2022.. non•). FFxed arAet in$1ments Quoted Investments Market value at 1 March 2022 Acquisitions al cosl Di$pos815 al opening rnatkel valuè Movement In market valuation (see below) 3.124.269 821.543 (936,4961 110.966 Markèt vajug at 28 Fobruary 2023 3,120,282 Histori¢al cost.. Al 28 February 2023 2 939.093 Al 1 March 2022 2.589 186 Net galns 1 {Iwe81 on invesknent8'. 2023 2022 {Loss) l Gains on dispo¥al of listed invoslrnents Unr8alised gains on listed investrlleTrts labovel (139,7951 110966 3,605 53.843 28.829 57.448 li
VOVOS BEThER WORLD FUND NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 28 FEBRUAR Y 2023 9. Cash at bank and In hand 2023 2022 Cash held al investment broke 12.968 68,673 10. Crèdltors.. amounts falling due withln on8 yoar 2023 2022 Accruals 9.750 11. Rolat•d party transactions There were no rèlated party transactions during 202312022: none). 12