THE IVO TRUST (Registered Charity Number 1143502} Financial Statements and Trustees Report forthe year ended 31 December 2021 PENNINGTONS MANCHES COOPER 31 Chertsey Street Guildford Surrey GU14HD Tel. 01483 791800 www.penningtonslaw.com ref.. 30035401APMILZD
THE IVO TRUST Contents to the financial statements for the year ended 31 December 2021 Pège Description Legal and Administrative Information Trustees, Report Examiner's Report Statement of Financial Aetivilies Balance Sheet 9-13 Notes Contents Page 2
THE IVO TRUST Legal and Administrative Infomiation at 31 December 2021 Charity Registration Number 1143502 Settlors Ms Dawn Loraine Thesiger and Ms Philippa Merryn Thesiger Governing Instrument Declaration of Trust dated 22 March 2011 Trustees Mrs Charlotte Brown Mrs Laura Dadswell Mrs Jocelyn Neill Law of Trust England & Wales Principal Address for Correspondence Penningtons Manches Cooper LLP 31 Chertsey Street Guildford Surrey GU14HD Sollcltors Penningtons Manches Cooper LLP 31 Chertsey Street Guildford Surrey GU14HD Investment Managers Saranac Partners 16 St James's Street London SW1A 1ER Custodians Credit Suisse IUKI Ltd Five Cabot Square London E144QR Accountants & Examiners Steve Robinson FCA Merr & Hole LLP 21 Lombard Street London EC3V 9AH Legal and Admin Page 3
THE IVO TRUST Trustees, Annual Report for the year ended 31 December 2021 Governing Document and Constitution The Trust was estsblished by Declaration of Trust dated 22 March 2011. The deed gives the power to the Trustees lo apply income or capital lo the charitable objects al their discretion. The Trust is registered with the Charity Commission for England and Wale5. Specific Investment Powers The Trustees, powers include full discretionary powers lo make grants. They also have full discretionary power lo make investments. Appolntment of New Trustees The current Trustees have the power to appoint new Trustees by resolution al a special meeting of the Trustees. New Iruslees will be encouraged lo receive appropriate training depending on their qualifications and experience. Objects of the Charity The objects of the charity are for any purposes recognisable as charitable. The Trustees will give particular considemtion to charitable organisations which promote humane behaviour towards animals by providing appropriate care treatment and security for animals which are in need of care and allenlion by reason of sickness, maltreatment, poor circumstances or ill usage and pertaining lo animal welfare in general and the prevention of cruelty and suffering among animals. Future plans of the Charlty The future plans of the Charity are lo continue ils grant making activities. Organlsatlonal and declslon maklng process of the Charlty The Trustees make grants normally after discussion at periodic meetings. Investment pollcy and the perfomiance achleved agalnst the pollcy The trustees intend that the real value of their assets be maintsined and enhanced over the long term by investment in a portfolio Comprised of equities, fixed income slo¢ks, other structured products and cash. This portfolio is intended also to reflect the need lo achieve diversification of inveslmenls. The investment portfolio held by the Iruslees is held across a broad range of asset classes with worldwide exposure to investment markets. The cumulative rate of return on the investment portfolio for the year was an increase of 7.27010 12020.. fall of 2.120/01. During the year, the benchmark chosen lo best provide a comparative measure of the performance of the investments, the 'ARC Balanced Asset Private Client Index,, rose by 7.6401012020.. rise of 3.880/01. Applications The Trustees invite applications to the Principal Address for Correspondence and will give particular consideration to charitable organisations within their definition of Objects, as described above. Whilst all applications will be considered, the Trustees cannot guarantee they will respond to unsuccessful applicants. Report Page 4
THE IVO TRUST Trustees. Annual R•port for the year gnded 31 Oecembor 2021 (Continued) Rovl•w of the dev•lopmonL activities and achlovements of the Charlty during th• ygJr Al 31 December 2021 the Trust held cash lolalling £730,4921£474.123 in 20201. The investment portfolio was valued at £6.081,031 (£5,663,334 in 20201. Net inwme from investments and cash deposits totslled £110,759 (£85,145 in 20201. During the year, the nel surplus was £279,192 12020". £160,578 deficill. In the year, £140,365 grants have been made in furtherance of the charity's objectives1£189,963 in 20201. Reser4es policy The Trust ha5 no ongoing financial commitments that require it to maintain reserves. However, investrrenls are maintained wth the hope that the level of income and long term Gapital growth is sufficient lo cover any grants made. The re$eNe5 held are represented by the unrestricted fund balance from time to time. At 31 December 2021, re5eTves amounted to £752,10912020." £502,395). Rlsk management The Trust has no operational risks. Ils risk5 are related to investment strategy and it guafds against those risk$ by ensuring. wth advice from investment professionals, a reasonable diversfficalion on investrrenls. Relatlonship with other charltles There is no relationship vAth any other general grant making charttable trust or other charitable entty. Grant making pollcy The charity aims to expend an amount on grants that is in line wlh the income earned each year. Grants paid Ouring the year, the charity made grants lolalling £140.365 to 8 charities. In the previous year. grants totalling £189.963 10 15 charibes. Public b•nefit The Trustees confirrn that they have complied with the duty in Section 4 of the Charities Act 2006 lo have due regard to the Charity Commission's general guidance on public benefit. Signed on behalf trf the trustees.. Mrs Chadotte Brown, Tnjstee Dale-...-S_..i.v......... Report Page 5
Independent Examiner's Report to the Trustees of The IVO Trust I rep)rtto the charity trustees on my examination ofthe accounts ofthe Charityfortk yearended 31 December 2021 ich are set outon pages 1 to 13. Responsibilities and basis of report As Ihe d)anty'strustees you are responsib forthe preparation ofthe accounts in accordan the requirements of tt h8rib.es Act 2011 Cthe Arfl. I rep)rt in respect of my examination ofthe d)arity's accounts carri1 out under section 145 of the Act and in carryiNJ out my examination I have folbwed all the ap1¢2b DIh0n$ gwen by Chatity CommissKJn under sedion 1451510)) ol Ad. Independent examiner's statement I have cxxnpleted my examination. I cnnfirtn that no rn8terial matters have ne lo my attenti in (x)nnection the examination giwng me cause to believe that in any material respect.. accounting rewrds were not kept in respect of the tharity as required by 130 of the Act,. or the awounts do r1 with those rerDrds.' or 3. the a(Lounts do rK)t cornpty th the applicANe requirernent5 1cem1ng thefotTn and (x)ntent of w)unts set out in the Charitie5 (Ac{Unts and Reports) Regulation5 2008 olheithan any requirement thatth8 a[urrtS give a Irue and f8irvEW which is not a m3tterconsidered as p3rtof an indepeNkntexamination. I have no corKEms and have COTne acros5 no other tnatters in connethon ¥th the examination towhith 81t8nts"( should be drawn in tris reKK)rt in Lyderlo enatAe a pmper understanding oflhe aUnts to reached. Steve Robinson FCA Merr & Hole LLP 21 Lombard Street Lond EC3V 9AH 19 Octobei 2022 Examirerfs RetK)rt Page8
THE IVO TRUST Statement of Financial Activities {including income and expenditure account) for the year 31 December 2021 2021 Unrg$trl¢tgd fund 2021 Endowmgnl Fund 2021 2020 Note Totsl Total Income Incoming resources from generated funds.. Investment Income 110,759 110,759 85,145 Other income 47,993 Endowment funds 29,478 29,478 185,3861 Total Income 110,759 29,478 140,237 47,752 enditure Charitable activities.. Grants lo Charities 1140.3651 1140,3651 1189.9631 Legal and adminislralive costs 128,6231 128,6231 132,5841 Cost of raising funds 152,8001 152,8001 150,2201 Gainsl Losses on Investment Assets Currency gains I Ilossesl 110,8261 110,8261 118,1871 Realised during the year 63,244 63,244 1145,3531 Unrealised during the year 308,325 308,325 227,977 Net ex enditure for the ains and losses ear after 138.955 138,955 208.330 Net Movement in Funds 249,714 29,478 279,192 1160,5781 Funds Brou ht Fotward at 1 Janua 2021 502,395 5,982,370 6,484,765 6,645,343 Funds Carried Forward al 31 December 2021 752,109 6,011,848 6,763,957 6,484,765 The notes on pages 9 10 12 fomi part of these accounts S'ment of Financial Activities Page 7
THE IVO TRUST Balance Sheet as at 31 December 2021 2021 Totsl 2020 Total Nots Fixed Asse Investments 6.081.031 5.663,334 Debtors 73,495 376,584 Cash at bank and stockbrokers io 730,492 803,987 474.123 850.707 Amounts lajling due wthin one year 11 121,061 29,276 Net CuThont Assets 682,926 821 431 Total Not Ass•ts 6 763 957 6.484,765 The funds of the ¢harty'. Endowment fund Unreslricled funds 6,011,848 752,109 5.982,370 502,395 Total charfty fund$ 6,763,957 6,484,765 The financial statements have been prepared in accofdance wlh the Finanoal Reporb'ng Standard applicable in the United Kingdom and Republic of Ireland IFRS102). The financial statements were approved by the Board of Tru5tee5 on ..........-..-.......-. signed on its behalf by.. . and were Signed.. The notes on pages 9 10 12 fomi part of these accounts Balance Sheet Page 8
THE IVO TRUST (Registered Charity Number 11435021 Notes to the Financial Statements for the year to 31 December 2021 1. Accountin Policies lal Basis of preparation of financial ststements The accounts Ifin8ncial $t8tementsl have been prepared in accord8nce with the Ststement ol Recommended Practice Accounting and Reporting by Ch311ties preparing their accounts in accordance with the Financial Reporting Standard applicable In the UK and Republic of Ireland IFRS10212nd Edition Issued October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the Ch8rities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015. The accounts Ifinancial statements) have been prepared to give a 'true and fair. view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,. This departure has involved following the Accounting and Reporting by Charities preparing their aOunt$ in 3ccordanc8 IAqth th8 Financi81 R8POrting Standard applicable In the UK 3nd Republic of 1181and IFRS10212nd Edition issued on October 2019 rather than the Accounting and Reporting by Charities.. Statement of Recommended PractiTr effective from 1 April 2005 which has since been withdrawn. Ibl Incomlng resources l incoming resources are induded in the Statement ol Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. 1¢) Resources expended l expenditure 15 accounted for on an 8cGruals basis and has been included undei expense catsgoiies that aggregate all costs for allocation purposes. Grants payable are recognised in the year when the offer is made, providing that any lated conditions within the control ol the Trustees have been lullilled. Grants offered subject to conditions which remain within the control of the Trustees and have not been met * the ye8r end are noted as a commitment. but not 8ccrued as expenditure. Value Added Tax is not reVerable by the tharity and, 35 such. is included in the relev8nt oosts in the Statement of Financial Activth"es. Idl Cash flow The financial statement5 do not include a cash flow statement because the charity. as a small reporting entity within th8 provisions of FRS 102. 15 exetnpt from the r8quirem8nt to prepare such 3 St3t8m8nt (effective 16 July 20141. lel Investments Investments are stated at market value at the balance sheet date. The Statement of Finanaal Activities indudes the net gains and losses arising on revaluations and disposals during the year. ifj Taxatoon The trust is a registered charity and, as such, is not subject to tax on its income and gains falling within Sections 518 to 537 01 the Income Tax Act 2007 or Section 256 ol the Taxation ol Chargeable Gains Act 1992 are exempt from income and capital gains t8X to the extent that they are applied to its charitable purposes. 2. Investment Income 2021 2020 Fixed interest Equity 84.359 26,400 110.759 53.726 31,419 85.145 Notes Page 9
THE IVO TRUST (Registered Charity Number 11435021 Notes to the Flnanclal Statements for the year to 31 December 2021 Icontlnuedl 3. Other Income 2021 2020 Interest income fiorn estate of deceased person (net of tsxl Dividend income from estate ol deaSed person (net of taxl 22.224 25,769 47.993 4. Endowment funds 2021 2020 Adjustment to sum due from estate ol deceased person 29,478 29,478 85,3861 85.386 5. Grants 2021 2020 The Countryside Restoration Trust Rain Rescue Hearing Dogs for Deal People Cat5 Protection Membership Account The Freedom ol Spirit Trust The Maie and Foal Sanctuary Streetvet Redwings Horse Sanctuary South Downs Centre Prickles Hedgehog Rescue RSPCA Hillingdon. Slough, Windsor. Kingston and District RSPCA Solent Branch Support Dogs Ltd Hope Rescue Worthing Anitnal Clinic Nibbles Rodent and Rabbit Rescue Guide Dogs foi the Blind Raystede Centre lor Animal Welfare Save Me Tiust PDSA 5,000 3.000 5,000 1.000 1,000 5.000 14,843 50.000 5.000 500 35.620 20.000 16.000 20,000 8.000 50.CQO 35,620 2.(M)O 1,(M)O 10.000 8,245 2.000 31,500 140.365 189.963 All grant5 were made to animal weltsre charitie5 in line with the objects of the ch8rity. 6.Le al and Administrative Costs 2021 2020 Unrestricted fund Legal 8 Complian fees Bank lees Accountants, remuneiation - Examinerfs fee 22,757 346 5.520 28.623 28.420 1,284 2.880 32.584 7.co isin fund 2021 2020 Unrestricted fund Investment manager's fees LEI registrationlrenewal lee 52.722 78 52.800 50.142 78 50.220 Notes Pa8e 10
THE IVO TRUST (Registered Charity Number 11435021 Notes to the Financial Statements for the year to 31 December 2021 Icontinuedl 8. Fixed Asset Investments 2021 2020 Historical cost at 1 January 2021 Additions at cost Disposals at cost Historical cost at 31 December 2021 5,352.892 2,670,328 2,560.956 5,462,264 2.312.121 9.530,383 6.489.612 5.352,892 Cumulative unrealised gainslllossesl at 31 December 2021 618,767 310,442 Market Value as er Balance Sheet 6,081.031 5.663,334 Structure of the ortfolio b market value Liquidity & similar investments Fixed Incorne & sirnilar investtnents Equities & similar investments Aternative investments, commodities & real estate 8.75Vo 29.81Q 58.46° 2.98% 4.54% 36.06% 44.01Y¢ 5.39• 9. Dabtors 2021 2020 Due from unadministered estate of deceased person Income due 73,495 378,227 357 376.584 73.495 bank nd inve na 2021 2020 Solicitors Client Account Investment Man8ger- GBP account Investment Manager- USD account Investment Manager- EUR account Investment Manager- JPY account 147,374 487.735 23.172 2,364 69.847 730.492 205.000 156.860 5.777 169 106.317 474.123 11. CreditorB'. amount8 fallin due within one ear 2021 2020 Legal & cornpliants lees Investment manager's fees Independent examiner fees Donations payable 24,070 11.746 2,880 82.365 121,061 14,832 11.564 2,880 29,276 12. Relat8d Pa Transaction During th8 ye81 no trust8&S 18C81ved r8itnburs8m8nt for exp8nS8s 01 wa5 in receipt of any oth81 trust monies. Notes Pa8e 11
THE IVO TRUST (Registered Charity Number 11435021 Notes to the Financial Statements for the year to 31 December 2021 Icontinuedl 13. Com aratsve Statement of Financial Activities for revious 2020 Unre5tri¢ted fund 2020 Endowment Fund 2020 Total Income Incoming resources frorr generated funds.. Investtnent Income 85,145 85.145 Other income 47,993 47,993 End¢)wment funds 185.3861 185,3861 Total Income 133,138 85.386 47,752 8nditure Charitable activities.. Grants to Charities 1189,*31 1189.9631 Legal and administrative costs 132,5841 132.5841 Cost of iai51ng funds 150.2201 150.2201 Gainsl Losses on Investment Assets Currency gains I Ilossesl 118,1871 118,1871 Realised during the year 1145,3531 1145.3531 Unrealised during the year 227,977 227,977 Net ex enditure for the ains and losses ear after 208,330 208.330 Movement in Fund 175,1921 185.3861 1160.5781 Funds Brou ht Forward at 1 Janua 2020 577,587 6,(K7,756 6,645.343 502,395 5,982.370 6.484.765 Notes Pa8e 12
THE IVO TRUST (Registered Charity Number 11435021 Notes to the Financial Statements for the year to 31 December 2021 Icontinuedl 14. Anal sls of charltable funds Balancè at 1 Jan. 2021 Incomè I adjustment Gains or losse8 Funds at 31 Oec. 2021 Expenditure Unrestricted fund 502,395 110,759 1221,7881 360,743 752,109 Endowment fund 5,982,370 29,478 6.011,848 Total 6.484,765 140.237 221,788 360.743 6.763,957 Previous year Balance at 1 Jan. 2020 Income I adjuslment Galns or los¥e¥ Funds at 31 De¢. 2020 Expenditure Unrestricted fund stated Endowment fund r85t8t8d 577,587 133.138 1272,7671 64,437 502,395 6,067,756 185,3881 5.982,370 Total 6.645.343 47.752 272,767 64.437 6.484.765 Name offund DesGripbon, nature and purpose of fvnd Unrestricted fund The funds from which the trustees intend to make grants to animal welfare charth"es. Endowment fund Funds provided by the Settlors of the charty. There is no restriction on making grants from this source. 15. Anal sis of of net assets beeen funds 2021 Unrestricted Fund 2021 Endowment Fund 2021 Total Fixed asset investtnents Debtors Cash at b8nk 8nd stockbrokers Creditors falling due within one year 142,678 5,938.353 73,495 6.081.031 73,495 730.492 1121,0611 730,492 1121,0611 Total 752,109 6,011,848 6.763,957 Previous year 2020 Unrestricte Fund 2020 Endowment Fund 2020 Totsl Fixed asset investments Debtor5 Cash at bank and stockbrokers Cieditois falling du& within one year 57,192 357 474,123 129,2761 5,606.142 376.227 5.663,334 376.584 474,123 129.2761 Total 502,396 5,982.369 6.484.765 Notes Pa8e 13