THE IVO TRUST (Registered Charity Number 11435021 Financial Statements and Trustees Report for the year ended 31 December 2023 PENNINGTONS MANCHE5 COOPER 31 Chertsey Street CJuildford Surrey GU1 4HD Tel. 01483 791800 .penningtonslaw.com ref.. 30035401APMILZO
THE IVO TRUST Contents to the financial statements for thè year ènded 31 Decernber 2023 Page DeScriptn Legal and Administrative Informkn'on Trustees, Report Examinerfs Report Stslement of Financial Activities Balance Sheet 9-13 Notes Contents Page 2
THE IVO TRUST Legal and Administrative Information at 31 December 2023 Charity Registration Numbar 1143502 Settlors M5 Dawn Loraine Thesiger and Ms Philippa Merryn Thesiger Governing Instrument Declaration of Trust dated 22 March 2011 Trustees Mrs Charl(>tte Brown Mrs LaLJra Dadswell Mrs Jocelyn Neill Law of Trust England & WalES Principal Address for Correspondence Penningtons Manches Cooper LLP 31 Chertsey Street Guildlord Surrey GU1 4HD Solieitors Penninglons Manche5 Cooper LLP 31 Chertsey Street Guildlord Surrey GU1 4HD Investment Managèrs Saranac Partner5 16 St James's Street London SW1A 1ER Custodians Credit Suisse IUKI Ltd Five Cabot Square London E14 4QR Accountants & Examiners Steve Robinson FCA Mercer & Hole LLP 21 Lombard Street London EC3V 9AH Legal and Admin Page 3
THE IVO TRUST Trust¥•' Annual Raport for the y9ar end•d 31 Decomber 2023 Governlng Document and Constitutlon The TTUSt was estsblished by Declaratson of Trust dated 22 Marth 2011. The deed gives the power lo the Trustees lo apply income or capital to the charitable objects al their discretion. The Trust is registered the ChaTily Commls8iiJn for EnglarKI 8nd Wales. Spgclllc InveBtment Power8 The Twslees, PObSPT8 include full discretionary powers lo make grants. They also have full discretiary power lo make investmerlts. Appointment of Néw Trustees The Guent TTUStees have the power lo appoint new Tw51ees by resolution at a spedal meeting of the Trustees. New trustees wll be encyJraged to receive appropriate training depending on their qualifications and experience. ObJÈcts of the Charity The objeets of the charity are for any PUTpose$ cOgniS3b[e as charFtable. The Twstees wll give particular consideration to charitable OTganisation5 promote humane beh8viour to%Ydrds animals by providing aPPTopriate care Irealmenl and $ecur¢ty for animals vthich are in neeo of eare and attention by reason of sickness, maltreatment, poor circumstances or ill usage and pertaining lo animal weare in general and the preventton of crL¢elty and suffering among animals_ Future plans of tho Charity The future plans of the Charjty are lo contintse its grant making activities. Oryanisational and declsion maklng process of tha Charlty The TrLtstees make grants normalty after dl8cu8sion at periodic meeting$. Inv8Stment policy and thF perfonnanca achlevèd against the policy The trustees intend that the real value of their assets be maintained and enhanced over the long term trjy investmanl in a portfolio CQmPTised of equity"e3. fixed income stocks, Other stru¢tured PTodLÈCts and cash. This portfoli0 15 inlended also to reflect the need to achieve diversrficatiorE of investments. The Investment portfolio held by the trustees is held acr033 a broad range of asset dasses wth worl(knde exposure to investment maTkels. The cumulattve rate of retuin on the investment POFffolio for the year was an increase of 6.75% 12022.. fall of 8.05%}. Durtng the year, the benchn7ark chosen to best provlde comparative Measu of the perfofmance ol tha investments, Ihe 'ARC Balanced Asset Private Client Index,, rose by 5.79% {2022= fell by 9.14%). Applic•tions The Trustees invite apIcationS lo the Principal Address for Cofrespondenee and wll glve parkncLtlar consideration to charitable organisations wthin their definition of Objects. as described above. Whilst all applicattons 1 be consldered. the Twstees cannot guarantee they will re$pond to unsuccessful applicants. Report Page 4
THE IVO TRUST Trustg*s' Annual Report for the year ended 31 Dacembor 2023 Ic¢ntlnued) R8vlew of the d¢¥glopmont. actlvities and achievements of the Charlty durlng th• year At 31 Oecember 2023 the Trust held cash totalling £76.0791£548,904 in 20221. The investment portfolio was valued al £6,060.381 1£5.509,077 in 20221. Net income from investments and cash deposits totalled £69,0831£74,960 in 20221. During the year, the net Sufplus was £70,049 {2022'. deficit of £723,675). In •lhe year, £242,830 grants have been made in furtherance of the charity's objeclives1£107,620 in 20221. Reser48s poliey The Trust has no ongoing financial commitments that require it to maintsin reserves. However, investments are maintained with the hope that the level of income and long term capital growth is sufficient to cover any grants made. The reserves held are represented by the unrestri¢led fund balance from time to lime. Al 31 December 2023, reserves amoLtnted to £116,854 {2022" £39,211). Risk managemant The Trust has no operational risks. Its risks are related lo inveslrnenl strategy and it guards against those risks by ensuring, with advice from investment PTofessionals, a reasonable diversification on Investment5. Relatlonship wlth other charities Theie is no relationship with any other general grant making chairtable trust OT Other charitable entty. Grant making pollcy The charrty aims to expend an amount on grants that is in line with the income earned each year. Grants paid Durfng the year, the ¢harity m3de grant5 totalling £242,830 10 12 chariu"es. In the previous year, grants totalling £107,620 10 6 charities. Publlc ben•fft The Trustees confirm that they have cornplied with the duty in Section 4 of the Charities Act 2006 to have due regard lo the Charity Commission's general guidance on public benefit. Signed on behalf of the tnJslees'. Mrtéharlotte Bro. Trustee ftnLn Dale.. Report Page 5
Independent Examinerfs Report to the Trustees of The IVO Trust I repcsrt to the tharity trjstees on my examinab.on ofthe att¢unts of bhe chanty for the yearended 31 DecEmber 2023 which are outon pa9es 1 to 13. Responslbllltles and ba$ls of report As the charity's trustees you are responsible for the preparation of the ac£ounts in accordan wilh the requirements of the Chants'es Act 20111.the ACYI. I rpport in reS¢t ofmy eXaMinatn oflhe chanty's accounts carried out under secb'on 145 of the Act and in carying out my examtiiats'on I have followed all the applut4e Oirectr'ons given by the Chaty Commisyon under secbon 145(5llbl ol the Act Independent examiner's statement I have completed my examination. I confinn that no material rnatters have conE lo my attention in Djnnection with the examina*'on gVIng me cause to believe that in any material resI¢t accA)unb"ng records were not kept In respect ol the chanty a5 required by secknon 130 01 the Act, or 2. the accounts do not accord with Ih05e records l. or 3. the accounts do not comply the apICable requirements conoming the form and eonlenl ol aecounts set outin the Chanlies (Accounts and Reports) Regulab"ons 2008 other than any requirement Ihal the accwnts give a'true and fail vipA which is not a matter considered as part ofan independent examinatr'on. I have no concems and have come across no other matters In connectDn the examinabon to whh attentnn should be drawn in this report in order to enable a pKwer understsnding ol ihe accwnis lo be reached. Steve Robinson FCA Mercer & Hole LLP 21 L¢Jxbard Street London EC3V 9AH Date.. 16 October 2024
THE IVO TRUST Statement of Flnancial ktiviti88 (including Incon7e and expanditure account) for the year 31 December 2023 20Z3 Unrestricted fund 2023 Endowment Fultd 2023 2022 Nots Totsl Total Incoming resoue5 from generated fvnds.. Irtvestmenl Income 68,662 68,662 74,704 inco 421 421 256 Endowment lunds {7,5941 (7.5941 110.777) 89,083 ,594 61,489 64,183 Ex èn Charitable 4ctiwties'. GTants to Ch8rities (242,83Q} {242,8301 1107,620) Legal and administrativè ¢o$ls 123,8711 {23,67f) {23.995} Cost of raising fund$ {54.7481 (54,7481 {54,0101 sse n Investment Asset CurrenLy gains I Ik>sse8} 18,172} {8.172) 5.693 Reglised during the year (94.9911 {94,9911 200,181 Unfealised during the year 432.972 432.972 {808,f071 re for the aiFES 8,560 1787,858 ve 77,643 17,5941 70,049 1723,6751 ht Fonvard anua 39.21 t 6,001,071 6,040,282 6.763,957 Funds Carried F er 2023 116,854 5.993 4T1 8,110.33t 6.040,282 The n£rtes on pages 9 10 13 forni part of the8e accounts S'ment of Ftnancial Activ%tie5 Page 7
THE IVO TRUST Balance Sheet as at 31 December 2023 2023 Totsl 2022 Total Not• Fixed Assets Investments 6,060,381 5,509,077 urTenl A55els Debtors 5,622 12,973 Cash at bank and stockbrokers 10 76.079 81.701 548,904 561,877 Creditor Amounts falling due within one year 11 31.751 30,672 Net Currnnt Assets 49,950 531,205 Totsl Net As50ts 6.110,331 6,040,282 The funds of the charity.. Endowment fund Unrestricted lunds 5,993,477 116.854 6,001,071 39,211 Total charity funds 6 110,331 6,040,282 The financial statements have been prepared in accordance wlh the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS102). The financial statemen15 were approved by the Board of Trustees on ............................................. and tre signed on its behalf by.. Signed.. NAME.. The notes on pages 9 to 13 form part of these accounts Balance Sheet Page 8
THE IVO TRUST IRegi8tered Charity Nurnb•r 11436021 Nots8 to th Financial Slatements forthe yearto 3108cemb•r 2023 1. Acc ntl PolsCi08 lal Bas1¥ of preparat6on of financi•l ststements The accoun& (financial 51alementsl have b8en prepad in accordan with Ihe Ststement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance th the Financial RepDrting Standard applitsble in th8 VK and Republic of Ireland IFRS10212nd Edition issued October 2019 and the Financial Reporting Standard applicabb in the United Kingdom and Republic of Ireland IFRS1021 and the Chanlies Act 2011 and UK Generally Accepted Pracb'ce as It applk?s from 1 January 2015. The accounts Ifinancial 5talernentsl have been prepared to give a'tfue and fair view and have departed from the Charities (Accounts an4 Report51 Regulation5 2008 only lo the extent required to provide a 'true an¢ fair view,. This departure ha8 illvDlved following ihe Atcounting and Reporting by Charitses prepang their a¢count5 In accordan %ith the Finanual Reporting Standard applicable in the UK and Republic of Ireland IFRS10212nd Edition issued on October 2019 rather than the Accounting and Reporting by Charities". Statent ol Recommended Praclic8 8ffedive fr¢)m 1 April 2005 which has 81nce been withdrawn. Ibl Incoming re$ources All incoming sourceS are included in the Statement of Finanaal Acliwties when Ihe charity is legalty entitsd lo the IncoTh and the amount can be quantified with re8$onable accuracy. Icl Resources expended All expenditure 1$ 4¢counted fer on an acLYual8 tsas and h85 been Ined under expense categories that a99gate all costs for allocation purposes. Grants payable are ¢09n15•d in the year when the offer is made. providing that any related wndibons within the (onlrol of the Trustees have been fulfiued. Grants offered subject to conditions which remain witt)In the control of the Trustees and have not been met at the yearend are noted ès a Eornmilment, but not acuued as expenditure. Value Added Tax 1$ not recoverable by the charity and, as such, 15 Induded in the relevant costs in the Statement of Financial Activit$. Idl Cash flow The financial 5tatemenls do not indude a rash flow stalement because the charity. as a 5rnall reporting entity within the provision5 of FRS 102, Is exempt from the requirement to Ppare such a stslemeni leffective 16 Juty 20141. lel Irrv8stments Investment$ are 51aled at market value at the balance sheel date. The Statement of Financial Aclwilie5 indude$ Ihe net gains and losses arising on revaluations and di5P05als during the year. ifj raxation The trust is a registered charity and. as such. is not subject lo tax on its income and gains falling within Sections 518 10 537 ef the Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exernpt from incorne and capital gains lax to the exient that they are appliecl lo its charitable PUTPDses. veskn 2023 2022 Fed interest Equity 38.480 30,182 68,662 32,311 42,393 74,704 Notes Page 9
THE IVO TRUST IRog16t•red Charlty Nurnbor 11435021 Not•B to the FINanciat 8tstsm•nts lorth• yeartD 31 L)ecember 2023 Icontinu•d} h•r tncom• 2023 2022 Interest income from estate of de¢ea5ed person In8t of tax) Bank Int¥rg$t r8cved DiVend InMe fr£Kn estate ol derE05ed pef50n (net of tax) 243 178 256 421 256 2023 2022 Adjustmenlto Sum due frorn estate ol deceased person 594 sg4 70.777 2023 2022 The Mare ¥n£f Foal Sanctuary Redwings F¢or88 Sanctuary RSPCA Hillingdon. Slough, Windsor, Kin9$ton and District Guide Dogs forthe Blind Save Me Tlust POSA 23,570 so,000 20.OOt> 53,000 35.620 5,000 2,¢)00 2,000 32,260 Fèrflace Animal Re&¢ue Th8 Mayhew hnimal Home ESPA Prithles He(Sgehog Resuje Moorfand MOue Trust RSPCA VVKJan, LJh & Distfid RSPCA Bolton The Freedom of Spirit Twst 10,OCO 2,000 3,000 2.500 2,OW 50.WQ 50.000 500 242,830 107,620 19rants werg mad? to animal watfare charts.es in bne with the objects of the tharity. nd Adm v• Coats 2023 2022 Leg81 & cL¥npliaTrce fees Bank fees Accountants, remuneration- Examine¢5 fep ststKnary an* postsi costs 19,622 659 3,390 20,230 397 3,360 23.677 fur 2023 1022 Unreslricl•d fvnd rnathagels fees LEI r8gV6tratbonlrenewal fee 54.631 117 54,748 53,932 78 54.010 Notes Page 10
THE IVO TRUST IR¢gi$tered GhaYSty Number 11436021 Notes to the Financial Ststsmeftts lorthe ye•rto 31 December 2023 Icontinuedl 8. Fixed *ffj8et Inve8tm8nt8 2023 2022 Hkslori¢al cesl al 1 January 2023 Additions al cost Disposals al cost Histon¢al cost al 31 December 2023 5.698,417 3,177,903 3.059.571 5.816,74g 5,462,264 5,146,318 4,910,165 5.698,417 CUmul8th" unrealised 9ain$lllossesl at 31 December2023 243,632 1189,3401 eas erB 6.060,381 5.509,077 Structure of th maTket val Lv4uidity & sirnilar investsnenls Fixed Incorne & Similar investments Equities & similar investments temative investments. commodities & real eslalè Mixed & other Investments 1.23% 51.31% 41.41% 4.22% 1.84% 9.05% 47.10% 40.94% 1.00% 1.91% 2023 2022 Due from unadministered estate of deceased person 5.822 5.622 12.973 12.973 10. Cash adk an 2023 2022 Solicrtor5 Client Account Inve$tmenl Mana9er- GBP account Investment Manager- USD account IrTrvgstmenl Manzger- EUR account Investment Manager- JPY account Investment Manager- CAD account 279 50.214 19,490 4.009 2.Q10 77 76.079 102 213,534 330,084 3,937 1,247 548,904 11. rs.. 4rnovnt8 fallin due wilhin 2023 Z022 Legal & ccrnpliance fee8 Investment manager's fee5 Independent examiner fees Donation5 payable 16.238 12,273 3.240 12,195 12.237 8,240 31.751 30,672 12.R During the year. no trustees received rEirnbur5ement for ew8nse5 or was in receipt of any other trust monEs. In the pVIouS year, Mrs Charfotte Brown received a reimbutsemenl of £7.65 in respect of postage costs. Notes Pagell
THE JVO TRUST IRegl$t•r•d Charity Number 11435021 Notes to tho Flnanclal Stst•m•nts for tho yearto 31 DEcernber 2023 l¢ontinuedl 13. Com arative Statement of Financial Activities lor revious 2022 Unre$tsicted fund 2022 Endowm•nt Fund 2022 Totsl Incorning resour*$ from generated funds.. InvesTrnt Iricorne 74.704 74,704 Other income 256 256 Endowrnent funds 110.7771 110,7771 Total Intte 74.960 10.777 $4 183 ndilure Charitable aEtMtse$'. Grants to Charib'e$ 1107,6201 1107.6201 Legal and admini$trab"ve costs 123.9951 123.9951 Cost of raising fund5 Losses 154.0101 154,0101 Gain Dn Investment As Currency gains I Ilossesl Realised during the year 5,693 5.693 200,181 200.181 Unrealised during the y?ar tex enditu ins and10558s 1808.1071 1808,1071 raft 787.858 787.858 Nel Movement in Funds 1712.8981 110,7771 (123.6751 Funds Brou ht FoMard al 1 Jan 752.109 6.011,848 6,763,957 Funds Carried Foward t 1 December 2022 39,211 6.001,071 6 040,282 Notes Page 12
THE IVO TRUST IRegi•te¥ed ¢hdrity14umbèr 1143S021 Notes to th? Flnancial Ststements for the yearto 31 Ooc•mb•r2023 IcontSnuedl 14. An of cha ble fund Balance at Jan. 2023 Income I ¥dlu$trnent Gain8 or 1055es Funds at 31 Doc. 2023 Expendlture Unreslricted fund 39,211 69,083 1321,2491 329.809 118.854 Endowrnenl fund 6,001.071 17.5941 S,993,477 Totsl 6,040,282 61,489 321,249 329.809 6,110,331 Prnviousyear Balanc8 at 1 Jan. 2022 In¢om8 1 djuslrnent Gains or losses Fund$ at 31 ¢. 2022 Exponditu Unrestricted fund 752.109 74,960 1185,6251 1602,2331 39.211 Endowment fund 6.011.848 110,7771 6.001,071 Total 6.763.957 64,183 185.625 602.233 6.040.282 N91e oflunGI DescrM)bon, nature andpuwse oliljnd unstriCted fund The fund8 from which Ihe trusteè5 intend to make grants to animal welfare charities. Enéowmenl fund Funds pro¥ed by the Settlors of the charity. There are no restri¢tion on Making grants from this sourts. 16. knal een fund 2023 2023 Endowm¥nt Fund 2023 Unrestricted Fund Totsl Fwl 855et investments Debtors Cash 8t bank and stockbrokers Creditor5 falling due within one year 8,060,381 5,622 172.5261 6,Q80.381 5,622 76,079 131.7511 148.605 131,7511 Total 116,854 5.993 477 6,110,331 Prevlou5 year 2022 Unrestricted Fund 2022 Endowment Fund 2022 TDtsI Fixed asset investments DebtOTS Cash at bank and sloEkbrokers Creditor$ falling due within one year 5.509.077 12.973 479,021 5,509,077 12.973 548,904 130,6721 69,883 130,6721 Total 6,001 071 6,040,282 Note$ Page 13