THE IVO TRUST (Registsred Charfty Number 11435021 Financial Ststements 8nd Trustees Report for tho yèar ended 31 December 2022 PENNINGTONS MANCHES COOPER 31 Chertsey Street Guildford Surrey GU14HD Tel.. 01483 791800 www.penningtonslaw.com ref". 30035401APMLZO
THE IVO TRUST Cont•nts to the financial statemènts for the year endèd 31 December 2022 Des¢rtJlion Legal and Administrative Inftymation Trustees, Report Examiftges Report statement of Financial Activities Balance Sheet 13 Notes Contents Page 2
THE IVO TRUST Legal and Administrative Information at 31 De¢¢mber 2022 ChaTIty Registratlon Numbar 1143502 Settlors Ms Dawn Loraine Theslger and Ms Philippa me The$iger Govèrning Instrument Dtr¢laralion of Trust dated 22 Mar¢h 2011 Trustèes Mrs Charlotte Brow Mrs Laura Dadswe Mrs JcrElyn Neill Law of Trust England & Wales Prlnclpal Address lor Correspondence Penninglons Manches Cooper LLP 31 Chertsey Street Guildford Surrey GU14HD Solicitors Pennin9tons Manches Cooper LLP 31 Chertsey Street Guildford Suvrey GU14HD Investment Managers Saranac Partners 16 St Jarnes's Street London SW1A 1ER Custodians Credit Su155e IUIQ Ltd Ffve Cabot Square London E144QR Accountants & Examln•Ys Steve Robinson FCA Mcer & Hole LLP 21 Lombard Street London EC3V gAH Legal and Admin Page 3
THE IVO TRUST Trustees. Annual Report for the ar •ndid 31 December 2022 Governing Documant and Constitution The Trust was established by Declaration of Trust daied 22 March 2011. The deed tyves the power tc the Trustees lo apply income or capital to the charitable objects al IheiT discretion. The Trust is registered wilh the Charity Commission for England and Wales. Sp•cific Inv•gtsn•nt Pow•r8 The Trustees. power3 Include full discretionary powers to m¥k& granlB. They also have full discretionary power to make inveslmenls. Appointment of New Trustees The current TTUStees have the power lo appctinl new Tru5tee5 by resolution at a special meeting of the Trustees. New trustee8 wll be encouraged to receive appropriatè training depending on their qualifiGation$ and experience. Oblects of the Charity The objects of the charty are for any purposes recognisable as eharftsble. The Tru51ees %%yll gi particular consideration to charitable org3nl$alions which promote humane behaviour towards anima15 by woviding approPate care treatment and security for animals which are in need of care and attention by reason of sickness, maltrealmenL poor circumstances or ill usage and pertaining to animal welfare in geneT31 and the prevention of cnjelty and sufferin9 among animals. Future plans of the Charlty The future pknn¥ of the Charity are to continue ils grant makin9 actiwties. Organisational and decislon maklng process Df the Charity The Twstees make grants normally after dS$¢u55ign 8t periodlc meetings. Inv•stment pollcy Bnd the perfonnance achieved against the pollcy The Irustees intend that the re81 value of their assets be maintained and enhanced over the long temi by investment in a portfolio comprised of equities. fixed incomè $to¢ks, other structured products and cash. This portfolia is intended also lo refiect the need to achteve (Jiversrfication of invesknents. The investment portfolio held by the trustees Is held across ? broad range of asset classes wth worfthwde expOSUfe lo investment markets. The cumulative rate of return on the investment porttolio for the year was fall of 8.05% 12021.. in¢rtase of 7.27%). During the year. the benchmark chosen lo best provide a ¢ornparatsve measure of the performance of the investments, the 'ARC 8alanced Asset PrIv8le Client Index,. fell by 9.14%12021: rose by 7.64%). Applicatlons The Tru51ees invite applications to the Princspal Addrèss fc¢ Correspondence and wll gÈve p•rticur consideration to charitable organisations within their definits'on of Objecls. as described above. Whilst all appli¢ab"ons will be considered. the Trustees cannot guarantet they will respond lo unsuccessful applicant5. Report Page 4
THE IVO TRUST rrustees. Annual R•port for the year ended 31 D•c•mber 2022 Icontlnuedl Review of th8 developmenL activltlos and achlevements ol th• Charity during the year At 31 Decernber 2022 the Tnjst held cash lotalling £548.9041£73Q,492 in 20211. The investment portfollo was valued at £5,509,0771£6,081.031 in 20211. Net income from investments and ¢ash deposits totalled £74,9601£110.759 in 2021). During the year, the net defiat was £787.85812021.' surplus of £279,192). In the year. £107,620 grarrt8 hsvc been mttde in furtheranGe of the Gharity's oblcGtives1£140,s iii 2021)- Reserves policy The Trust has no ongoing finan¢al ¢ornmitrnent5 that require it to maintain reserves. However, investments are maintained Mlh the hope Ihat the level of incorne and long term eaprt81 srowth is sufficient to covEr ?ny grants Made. The re$erve$ held aTe represented by the unrestricted fund balance from time lo time. Al 31 December 2022, reserves amounied to £39,21112021.' £752.1091. Rlsk fflanag•menl The TfU5t has no operational risks. Its risks are related to investment slrztegy alld tt guards against those risk5 by ensuring, vAlh adce from investment professionals, a reasonable diversificats.on on investments. Relationship with othor charltigs There is no relationship ?ny other general grant makiny tharilable trust or other charitable enllty. Grant making policy The charity aSrn8 lo expend an amount on grants that is in line with the income eamo1 each year. Grants pald During the year, the charity made grants totalling £107.620 10 6 charities. In the previous year, grants lotalling £140,365 to 8 charities. Public benefit The Trusiees confirm Ihal they have complied writh the duty in Sectkjn 4 of the Charities Aci 2006 to hav ue regard to the Charity Comrni8sion'5 general guidance on publi¢ benèfiL Signed on behaw ol the Iruslees.. Mrs Ghadotte 8rovm, Trusteè Dale.. Report Page 5
Independent Examiner's Report to the Trustees of The IVO Trust I report lo the charity Iruslees on my examination oflhe accounts of the charity for the year ended 31 December 2022 which are sel out on pages 110 13. Responsibilitie5 and basis of report As the charity's trustees you are responsible for the preparatiori of the accounts In accordan with the requirements of the Charibes Act 20111'the ACYI. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carying out my examination I have bllowed all the appIlble Directions given by the Charity Commission under section 1451511bl of the Act Independent examiner's ststement I have completed my examinab"on. I confim that no material matters have come to my attention In conneciion with the examinalion giving me cause lo believe that in any material respect.. accounting records were not kept in respect of the charity as required by Secbon 130 of ihe Act,. or 2. the accounts do not accord with those records [.' or 3. the accounts do not comply ulllh the applicable requirements concerning the form and content ofaccounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give È'true and fair view, which is not a matter considered as part of an independent exaininalion. I have no concerns and have come across no other matters in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached Steve Robinson FCA Merr & Hole LLP 21 Lombard Street London EC3V 9AH Date.. 5 October 2023 Page 6
THE IVO TRUST Statement of Financial Activitios (including Income and èxpendlture account) for the yr 310ecember 2022 2022 2022 ZD22 2021 UnrnAttl*t•d fund Endowrnont Fund Total Total Income Incoming resour¢¢s from generated funds: Investment Income 74.704 74,704 110,759 Other income 256 256 Endowment funds 110.7771 110.777) 29.478 TD Income 74.960 10.777 64,183 140.237 Charitable activilies.. Grants to Charitie5 {107.fi20} 1107.8201 (140,3851 Lryal ¥ii¢J atlrnln151roUve costs (23.YYts} 123,9951 128,6231 Cost of raising funds {54.0101 154.0101 152.8001 insl Losses on Invès nt A5seis Currency gains I Ilossesl 5,693 5,693 110,8261 Reali50d during the ye8r 200,181 20D.183 63.244 Unrealised dring the year 1808,1071 {808,10n 308.325 etex enditur8 1 ains and losses ar alter 787,8581 787,858 138,955 vement In Funds 1712,8981 (1Q,7771 1723.6751 279,192 Fund Br ht FoThvard at 1 Janu 2022 752,109 6,011.848 6,763,957 6,484,785 Fund5 Cawlre rward at 31 0 mber 2022 39,211 8,001,071 6.040,282 6,763,957 The notes on page8 9 to 13 fom part of these accoun15 S'ment of Financial Actlvltle5 Page 7
THE IVO TRUST Balance Sheet as at 31 December 2022 2022 Totsl 2021 Total Note Fixed Assets Investments 5,509,077 6.081.031 Current Assets Oebtor8 12.973 73.495 Ca¥h at bank and stockbrokers 10 548.904 561,677 730,492 803.987 CreditnT5 Amounts falNng due thin one year 11 30.672 121,Cfj1 Net Current Assets 531,205 682,926 Total Net Assets 6,040,282 6,763.957 The funds of the charity. Endovmient fund Unreslri¢led lun¢Js 6.001.071 39,211 6.011,848 7S2,109 Total charity funds 6,040.282 6.763,957 The financial slalements have been prepared in a¢cofdance wth the Financial Reportirhg Stsndard applicable in the United Trthngdom and Repub]ic of Ireland IFRS1021. The financia ststèrnents were approved by ihe Board ol TnJstees on ............................................. and were Sl9ned on ils behalf by." Signed.. The notes pages 9 10 13 fomi part of these accounts Balance Sheet Page 8
THE IVO TRUSTIR•gl$tsred Charity 14vmb¢r 11436021 Notss to th• Finaneial StaternEnts for tho yoarto 31 Dergrnber 202Z l. Accountln Policie8 lal Ba$ls ofpreparatlon of financial ¥tstements The accounts Ifinarlual 51aternentsl have baen prepar•d in accordance with the Ststemont of Recommended Pr8Ctrce'. Accounting and Repn9 by Charibes preparing their accounts in atEord8nce with the Finanraal R8POrting Slartdaryl 4pplicable in tha UK and Republ of Ir81and IFRS10212nd Editson i55ued Ociober 2019 and tb• Financial R•p¢rting Standard appliaabl¢ in thc Uniled SQngd¢)rn and Aepvblic of Ir¢i4nd Ifftsf021 and the Charities Act 2011 and UK Generally AccEpled Prdctice as it applh8s from 1 January 20f5. The accounts IfiThanry815tatementsl have been prepafed to give a'true and fairf vw and have departed frorn the Charitle$ (Accounls and ReporLsl Regulations 2008 onty to Ihe e¥tenl required to provide a 'true and lair wevl. This departure has involved follpwing Ihe Aceounling and Reporting by Charities preparing their 8ccounls in a¢¢vrdance with the FinancK81 Reportiny Standard applicable in the UK and Republic of Ireland IFRS10212nd Edi15Dll issued on October 2019 rather than Ihe Accounting and Reporn9 by Ch4ritK5." Slqlemenl •f R8comrn8nded Prac14c¢ effective Irom 1 April 2005 whlch has since been wlhdrawn, OJI Intomlng r2suur¢e¥ All incorning resources ar8 included in the Statement ol Finanu21 Activibe5 when the charity is IEg¥Uy £nld to the incorne and Iha amount can be quan11fd with reasonable accura¢y. (GI Resources expended l expenditu Is accounted fer on an actru basis and has been included YJer expBll58 cstegorfe5 thal aggregate all co5Ls for allocation purposes. Grants payable are re¢ognlsed in the year when the offEr 4$ made. providing that any related ¢onditions within Ihe Gontrol of Ihe TNstees have been fulfilled. Grants offered subject io conditions whith remain wthirl the control of the TNslees and have not been rnet at Ihe yearend 8rE fioled as a commitment, but notaccrued as eypendibjrn. Valts? Added Tax 15 not r8coverdble by the tharity and. a5 wch, 1$ nduded in the relevant costs in the Statement oi AGtwiti¢s. Idl Cash flow The financial statements do not Include a c8sh flow slalemenl because the tharity. as a Small repthing enbty wlthln the provisions of FRS 1Q2. 1$ eKernpt from the requirement to prepare suth a statement leffEGtive 16 July 20141. lel Investrnents Investment5 are stated at mathet value st the balan sheet dale. The StatemeAI gl FinanciBI Actiwtses indude5 the net galns and loss88 arIng on rev•luakn'on5 and disposal3 during the year. In Taxation The trust 18 a r8gisiÈrÈd charity and. as Such, is not subierl to tax on Its income and gains lalling within Sections 518 10 537 of the Inrne Ta¥ Act 2007 or Section 256 of the Tax31ion of chargeab Gains Act 1992 are exempt from income and 181 g8ins tax to the extent that they are applbed lo its charilabk purpt>se5. Z. Investrnent I 2022 2021 Fwed inlere$l Equity 32.311 42.393 74.704 84,359 26.400 110,759 Note5 Pa£e 9
THE JVO TRUST (Registered Charyty Number 1143S021 Notes to the F¥n•n¢ial Ststsments fvrth• yearto 31 Deeémbef 2022 Icontlvbuèdl 3. Other iftcom 2022 2021 Interest income frThn estate of decea5Ed pv50n (net of lax) vidend income from e¥tate ofdec4osed person Inetof tax) 256 258 ndowment fttnd8 202Z 2021 Adju$tmenttO Sum du? from estate of deceased person 10.777 10,777 29,478 29,478 5. Grth 2022 2021 The Mare and Foal Sancbjary Redwings Horse Sancluary RSPCA Hilingdart. Slough, Windsor. lfjngston and tjstsict Hope Re5CUa Nibbles Rodent and Robbil Rescue Guide Dogs forthe Blind Ray51ede Centre forAnimol Welfare Save Me Tru51 PDSA FarPlaceknimal Rescue The MayhewAmimal Home 50,000 53.000 3S,620 35,820 2.lJJO 1,lJOO 10,000 8.245 2.000 31,500 5,OUO 2,000 10.000 2,000 107,620 140.365 All grants were made to anal waEfare charitte$ In kne with Ihe obi•cts of the charity. 6.Le alan ministrative CoAt& 2022 ZQ21 UnTrslrKled lund Leg81 & compliancè fte$ Bank fees Accountants, remun8ration- Examinerfs fee stationary and poslal costs 20.23Q 397 22.757 346 5,520 23.995 2B,623 7. Costs of raisin fund5 2022 2021 u$1Gted fund Investment managerfs fees LEI regi$tsalwJnlrenewal fea 53,932 78 54,010 52,722 78 52.800 ote5 Pa8e 10
ThE IVO TRUSTIRgglstered Charfty Nurnb•r 11435021 Notes to the FIAHn¢ial Statsm8nts foi th¢ yr to 31 Decèmknr2022 Iconlftuedl 8. Fixed A8Bet Investsnents 2Q22 2021 HistoricBI costat 1 January 2U22 Additions at cost Di$p05als at cost iqtnrirAI ox4t st 31 D*rnber 2022 s.462,4 5.146.318 4.910,165 6.698,417 5.352,892 2.670,328 2.560,956 S.462.2G4 Cumulative unftali58d gainslllossfjsl at31 Dec8mber2Q22 iie9.3401 618.767 Value as erB nce Sheet 5,509,077 8,081,03 Slructur rtf01 b tval Liquidity & &irnilar inve5trn8nts Fixed income & similar inv85tments Equities & $irrTiLir inv8Stmenls lem8b"VE inve51ments, commoditses & real estste Mrxed & olher inve51rnent5 9.05% 47.10% 40.94% 1.00% 1.91% 8.75% 29.81% 58.46% 2.98% 0.00% btgV5 2Q22 2021 Due from unadministered 8s1ate oflKe858d person 73.495 73,495 12.973 10. C88h atbank investment mana ers 2022 20 Soliritors Cli•nlAeeaurtt Investment Monager- GBP account Investment MaTr4ger- USD account Inv8Stment Manager- EUR account Inveslment Manager- JPY account 102 213.534 330,084 3,937 1.247 548,904 147.374 487.735 23.172 2,364 69,847 730,492 11. Creditors.. amounts fairin due wlthln on ar 2022 2021 Legal & Complian fees Inve5trnent manageffs fee6 Independent ex8miner fees Donabon5 payab 12,195 12,237 6,240 24,070 11,746 2.880 82.365 121.061 30.672 12. R•latèd Pa Transactlon tring th? year. Mts Charlotte 8rDWn rece1¥8d a r8imbur8ement vf £7.65 in respect of Postage usts. Other than thi8 P8ymen( trv$tee5 received reirnbursement for expense$ orwas in receipt of any oLher trust monie5. In the prewou8 year, no tru$tee5 recqived reimbursEment for expenses or was in receptof any othertrust monies. Notes Pale 11
THE NO TRU5TIR•glstsred Charfty 11435021 Not¢5 to the Flnanclal S#t¢meDts tor Iho y8ar to 31 D•¢emb8r2022 l¢iintinuwd 13. C+Jm atative Slatement olFlhancial Activitles IDr Tevious 1021 Unrestslcted fund 2021 Endowment Fund 2021 Tolal InuJming re50urce8 from generated fund8.' In¥e51ment Income 110.759 110,759 Other incon ndowment funds 29.478 29.478 Totsl Incom 110,759 29,478 140.237 endilure Charitable adNtUe5'. Grants lo Chaiiknes 1140.3651 1140.3651 Legal 8nd administr•ti¥E Costs (28.6231 128.6231 Cast of raising funds Gwn81 L055es Investment Asse 152,8001 152,8001 Currency gJin51 Ilos8e81 Re81ised during Ihe year Unwalised during Ihe year Nel8 nditure for the ar aflBr ains and losses 110,8261 110,826) 63.244 63,244 308,325 308,325 138.955 138,955 Nel Movemenl in Funds 249.714 29,478 279.192 Funds Brou hl FoFw8rd al 1 Janua 2021 502,395 s,2.370 6,484.765 Funds Carried F ard at 31 December 2021 752,109 6,011,848 8,763.95 Notes Page 12
THE IVO TRUSTIRaglstsred Charity Nurnb8r1143S021 Notes to the Financial Statements t¢rthe year to 31 D¢Gember202Z Icontinuedl 14. Ana Is tsf chari nd8 Balanca al1 Jwn. 2a22 Income I adlu¥trnent Galn6 or 10s808 Funds at 31 Dac. 2D22 Expendltur¢ Unr85tricted fund 752.109 74 l%Stl 1185.6251 1602.2331 39.211 End¢)wmentfund 6,011.84e 110,7771 6,001,071 Totsl 6,763,957 64,183 1BS.625 602,233 6,040,282 Prevlous year Balan¢¢ ati Jan. 2021 In¢omè I adjusknent Gains or 105888 Funds at 31 Dec. 2021 ExpvndltUFP Unrestricted fund 502,395 110,759 1221.7681 360.743 752,109 Endowmantfund 5,982,370 29.478 6.011,848 Totsl 8.484,765 140.237 21,788 360,743 6.763,9S7 Nan of fund Descnptm, neEure arttlpfirpu5p offynd UnreslricAed fund The funds frcrtn which Ihe IN8tees intend to maka grants tu anKnbl wplfare chanknes. Endowment fund Funds pfDvided by the S8ttlws of the tharity. There is no restrKtson on rnaklng sran15 from Ihs $OUfC8. 16. 2022 UttrestriGt¢d Fuftd 2022 Endowment Fund 2022 Tolal Fixed assetinvasknenL* tyeblors Cash at bank and stockbroker5 Creditors falDng due thIn one >Y8r 5,509.077 12.973 479.021 5.509,077 12,973 548.904 130.672) 69,883 (30.6721 Total 39.211 6 001,071 6,040.282 Prnvlou5 y•ar 2021 2021 Endowmtrnt Fund 2021 Unre5trictsd Fund Totsl Frxed a88etinvestmen15 Debtors Cash at bank and stothbrokers Credilofs faThing due Mthin on8 year 142,678 5,938,353 73,495 6,a81.031 73.495 730,492 1121.0611 73D,492 (l21,L1) Total 752 109 6.011,848 6.763.957 Notes Page 13