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
Mc￿er & 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$alions which promote humane behaviour towards anima15 by
woviding approP￿ate care treatment and security for animals which are in need of care and attention by
reason of sickness, maltrealmenL poor circumstances or ill usage and pertaining to animal welfare in
geneT31 and the prevention of cnjelty and sufferin9 among animals.
Future plans of the Charlty
The future pknn¥ of the Charity are to continue ils grant makin9 actiwties.
Organisational and decislon maklng process Df the Charity
The Twstees make grants normally after dS$¢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•rticu￿r
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 ad￿ce 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 appIl￿ble 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
Mer￿r & 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 y￿r 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 d￿ring 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 Rep￿￿n9 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 Repor￿n9 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 £n￿l￿d to
the incorne and Iha amount can be quan11f￿d with reasonable accura¢y.
(GI Resources expended
l expenditu￿ Is accounted fer on an actru* basis and has been included Y￿Jer 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 ar￿Ing 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 In￿rne 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$tmenttO Sum du? from estate of deceased person
10.777
10,777
29,478
29,478
5. Grth
2022
2021
The Mare and Foal Sancbjary
Redwings Horse Sancluary
RSPCA Hilingdart. Slough, Windsor. lfjngston and tjstsict
Hope Re5CUa
Nibbles Rodent and Robbil Rescue
Guide Dogs forthe Blind
Ray51ede Centre forAnimol Welfare
Save Me Tru51
PDSA
FarPlaceknimal Rescue
The MayhewAmimal Home
50,000
53.000
3S,620
35,820
2.lJJO
1,lJOO
10,000
8.245
2.000
31,500
5,OUO
2,000
10.000
2,000
107,620
140.365
All grants were made to an￿al waEfare charitte$ 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￿￿$1￿Gted fund
Investment managerfs fees
LEI regi$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¢ y￿r 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 & $irrTiLir inv8Stmenls
lem8b"VE inve51ments, commoditses & real estste
Mrxed & olher inve51rnent5
9.05%
47.10%
40.94%
1.00%
1.91%
8.75%
29.81%
58.46%
2.98%
0.00%
btgV5
2Q22
2021
Due from unadministered 8s1ate oflKe858d person
73.495
73,495
12.973
10. C88h atbank investment mana
ers
2022
20
Soliritors Cli•nlAeeaurtt
Investment Monager- GBP account
Investment MaTr4ger- USD account
Inv8Stment Manager- EUR account
Inveslment Manager- JPY account
102
213.534
330,084
3,937
1.247
548,904
147.374
487.735
23.172
2,364
69,847
730,492
11. Creditors.. amounts fairin
due wlthln on
ar
2022
2021
Legal & Complian￿ fees
Inve5trnent manageffs fee6
Independent ex8miner fees
Donabon5 payab
12,195
12,237
6,240
24,070
11,746
2.880
82.365
121.061
30.672
12. R•latèd Pa
Transactlon
t￿ring th? year. Mts Charlotte 8rDWn rece1¥8d a r8imbur8ement vf £7.65 in respect of Postage usts. Other than thi8
P8ymen( trv$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,L￿1)
Total
752 109
6.011,848
6.763.957
Notes
Page 13