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
DeScript￿n
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 discreti￿ary
power lo make investmerlts.
Appointment of Néw Trustees
The Gu￿ent TTUStees have the power lo appoint new Tw51ees by resolution at a spedal meeting of the
Trustees. New trustees wll be enc*yJraged 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 $ecur¢ty for animals vthich are in neeo of eare and attention by
reason of sickness, maltreatment, poor circumstances or ill usage and pertaining lo animal we￿are in
general and the preventton of crL¢elty and suffering among animals_
Future plans of tho Charity
The future plans of the Charjty are lo contintse its grant making activities.
Oryanisational and declsion maklng process of tha Charlty
The TrLtstees make grants normalty after dl8cu8sion at periodic meeting$.
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 ap￿IcationS 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 eXaMinat￿n 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 g￿VIng 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 ap￿ICable 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 wh￿h 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 resou￿e5 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 prepa￿d 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 prepa￿ng 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". Stat￿ent 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 In￿￿ed under expense categories that
a99￿gate 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￿$.
Idl Cash flow
The financial 5tatemenls do not indude a rash flow stalement because the charity. as a 5rnall reporting entity
within the provision5 of FRS 102, Is exempt from the requirement to P￿pare such a stslemeni leffective 16 Juty
20141.
lel Irrv8stments
Investment$ 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
F￿ed 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$t r8c*ved
DiV￿end In￿Me fr£Kn estate ol derE05ed pef50n (net of tax)
243
178
256
421
256
2023
2022
Adjustmenlto Sum due frorn estate ol deceased person
594
sg4
70.777
2023
2022
The Mare ¥n£f Foal Sanctuary
Redwings F¢or88 Sanctuary
RSPCA Hillingdon. Slough, Windsor, Kin9$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 MOu￿e Trust
RSPCA VVKJan, L￿Jh & 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
ststK*nary 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
p￿VIouS 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 Intt￿e
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
N91￿e oflunGI
DescrM)bon, nature andpuwse oliljnd
un￿striCted 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