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
Mer￿r & 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 carri￿1 out under section 145 of the Act and in carryiNJ out
my examination I have folbwed all the ap￿1¢2b￿ DI￿h0n$ 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 r￿1 with those rerDrds.' or
3. the a(Lounts do rK)t cornpty ￿th the applicANe requirernent5 1￿cem1ng 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 a￿Unts to reached.
Steve Robinson FCA
Mer￿r & 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 $t8tementsl have been prepared in accord8nce with the Ststement ol Recommended
Practice Accounting and Reporting by Ch311ties preparing their accounts in accordance with the Financial
Reporting Standard applicable In the UK and Republic of Ireland IFRS10212nd Edition Issued October 2019 and
the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021 and the
Ch8rities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2015.
The accounts Ifinancial statements) have been prepared to give a 'true and fair. view and have departed from the
Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a 'true and fair view,.
This departure has involved following the Accounting and Reporting by Charities preparing their a￿Ount$ 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 re￿Verable 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 de￿aSed 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 be￿een 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