THE IVO TRUST (Registered Charity Number 1143502} Financial Statements and Trustees Report for the year ended 31 December 2024 PENNINGTONS MANCHES COOPER Bottle Works The Bars Guildford GU1 4LP Tel.. 01483 791800 www.penningtonslaw.com ref.. 30035401APMILZD
THE IVO TRUST Contents to the financial statements for the year ended 31 December 2024 Page Description Legal and Administrative Information Trustees, Report Trustees, responsibility statement Examiner's Report Stslement of Financial Activities Balance Sheet 10-14 Notes Contents Page 2
THE IVO TRUST Legal and Administrative Information at 31 December 2024 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 Bollle Works The Bars Guildford GU14LP Solicitors Penningtons Manches Cooper LLP Bollle Works The Bars Guildford GU14LP Investment Managers Saranac Partners 16 St James's Street London SW1A 1ER Custodians Credit Suisse IUKI Ltd 5 Broadgate London EC2M 2QS Accountants & Examiners Steve Robinson FCA Mercer & 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 2024 Governing Document and Constitution The Trust was established by Declaration of Trust dated 22 March 2011. The deed gives the power to the Trustees lo apply income or capital to the charitable objects al their discretion. The Trust is registered with the Charity Commission for England and Wales. Specific Investment Powers The Trustees, powers include full discretionary powers lo make grants. They also have full discretionary power lo make investments. Appointment of New Trustees The current Trustees have the power to appoint new Trustees by resolution at a special meeting of the Trustees. New Iruslees wll be encouraged to 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 consideration 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 Charity The future plans of the Charity are lo continue ils grant making activities. Oryanisational and decision making process of the Charity The Trustees make grants normally after discussion at periodic meetings. Investment policy and the perfomiance achieved against the policy The trustees intend that the real value of their assets be maintained and enhanced over the long term by investment in a portfolio comprised of equities, fixed income stocks, other slruclured products and cash. This FX)rfolio is intended also to reflect the need lo achieve diversification of investments. The investment portfolio held by the Iruslees is held across a broad range of asset classes with worldwide exposure to investment markets. The cumulative rale of return on the investment portrolio for the year was an increase of 10.480/012023". increase of 6.750/01. During the year, the benchmark chosen to best provide a comparative measure of the performance of the investments, the 'ARC Balanced Asset Private Client Index,, rose by 6.810/012023". rose by 5.790101. Appllcatlons The Trustees invite applications to the Principal Address for Correspondence and will give particular consideration to charitable organisations within their definib'on 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 Report for the year ondgd 31 December 2024 Icontinuedl Roview of tho dovelopment. activitios and achievements of the Charity during the year At 31 December 2024 the Trust held cash tolalling £25,217 (£76,079 in 20231. The investment portfolio was valued at £6,656,7041£6,060,381 in 20231. Nel income from investments and cash deposits totalled £55,6831£69,083 in 20231. During the year, the net surplus was £432,82412023'. surplus of £70,049). In the year, £172,400 grants have been agreed In furtherance of the charity's objectives1£242,830 in 20231. Reserves policy The Trust has no ongoing financial commitments that require it lo maintain 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 unrestricted fund balance from time to time. Al 31 December 2024, reserves amounted to £549,67812023.' £116,854). Risk management The Trust has no operational risks. Its risks are related to investment strategy and it guards against those risks by ensuring, with advice from investment professionals, a reasonable diversification on investments. Relationship with other charities There is no relationship with any other general grant making charitable trust or other charitsble entity. Grant making policy The charity aims lo expend an amount on grants that is in line with the income earned each year. Grants agreed by Trustees During the year, the charity agreed grants tolalling £172,400 to 10 charib'es. In the previous year, grants lotalling £242,830 were agreed, to 13 charities. At yearend, the charity had ongoing grants commitments tolalling £109,000, which are expected lo be paid in future periods, subject lo continued compliance with grant conditions and availability of funds. Of the SLJM committed, £49,000 is due to be paid in the following year, with £60,000 due in periods following. These amounts have been recognised in the accounts in line with the charities accounting policy on grant expenditure. Publie benefit The Trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard to the Charity Commission's general guidance on public benefit. Signed on behalf of the trustees". Mrs Charlotte Brown, Trustee Date.. Report Page 5
THE IVO TRUST Trustees, responsibilities statement for the year ended 31 December 2024 The Iruslees are responsible for preparing the Trustees, Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Awounling Praclicel. The law applicable to charities in England & Wales requires the Iruslees lo prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial slatemenls, the trustees are required lo..
select suitable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP 2019 IFRS 1021., make judgements and estimates that are reasonable and prudent", slate whether applicable accounting standards have been followed., and, prepare the financial statements on the going conrn basis unless it is inappropriate to presume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act, the Charities (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Signed on behalf of the trustees". Mrs Charlotte Brown, Trustee Date.. Resp. statement Page 6
THE IVO TRUST Independent Examinerfs Report to the Trustees of The Ivo Trust report lo the charity Iruslees on my examination of the accounts of the charity for the year ended 31 December 2024 which are set out on pages 1 to 14. Responsibilities and basis of report As the charity's Iruslees you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 I'lhe Act'l. I report in respect of my examination of the charity's accounts carried out under section 145 of the Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 14515llbl of the Act. Independent examlnevs statement I have completed my examination. I confirm that no material matters have come to my attention in onneclion wth the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charity as required by section 130 of the Act., or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the applicable requirements concerning the form and conlenl of accounts set out in the Charib'es (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'lrue and fair view, which is not a maller considered as part of an independent examinats'on. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Steve Robinson FCA Mercer & Hole LLP 21 Lombard Street London EC3V 9AH Date.. IE Report Page 7
THE IVO TRUST statement of Financial Activities {including income and expenditure accounti for the year 31 December 2024 2024 Unrestricted fund 2024 Endowment Fund 2024 2023 Note Total Total Income Incoming resources from generated funds.. Investment Income 55,536 55,536 68,662 Other income 147 147 421 Endowment funds 17,5941 Total Income 55,683 55,683 61,489 Ex nditure Charitable aclivilies-. Grants to Charities {172,4001 1172,4001 1242,8301 Legal and administrative costs 125,8921 125,8921 123,6711 Cost of raising funds 154,9801 154.9801 154,7481 Gainsl Losses Dn Investment Assets Currency gains I Ilossesl 15,1981 15,1981 18,1721 Realised during the year 162,241 162,241 194,9911 Unrealised during the year 473,370 473,370 432,972 Nel ex enditure for the ains and losses ear after 377,141 377,141 8,560 Nel Movement in Funds 432,824 432,824 70,049 Funds Brou ht Forward at 1 Janua 2024 116,854 5,993,477 6,110,331 6,040,282 Funds Carried Forward al 31 December 2024 549,678 5,993,477 6,543,155 6,110,331 The notes on pages 10 to 14 fomi part of these accounts S'ment of Financial Activrties Page 8
THE IVO TRUST Balance Sheet as at 31 December 2024 2024 Total 2023 Total Note Fixed Assets Investments 6,656,704 6,060,381 Current Assets Debtors 85 5,622 Cash at bank and stockbrokers 10 25,217 25,302 76,079 81,701 Creditors Amounts falling due within one year 11 178,851) 131,7511 Net Current Assets 153,549) 49,950 Lon -tem liabilities Amounts falling due after one year 12 160,0001 Total Net Assets 6,543,155 6,110,331 The funds of the charity". Endowment fund Unrestricted funds 5,993,477 549,678 5,993,477 116,854 Total charity funds 6,543.155 6,110,331 The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS1021. The financial statements were approved by the Board of Trustees on signed on ils behalf by.. and were Signed............................................................. NAME............................................................ The notes on pages 10 10 14 form part of these accounts Balance Sheet Page 9
THE IVO TRUST (Reglstered Charlty Number 11435021 Notes to the Flnanclal Statements for the year to 31 December 2024 1. Ac¢ountin Policies lal Basis of preparation of financial statements The 3ocounts (financial statements) have been prepared in accordance with the Statement of Recornmended Practits". Accounting and Repotting by Charities preparing their accounts In accoidants wth the Finanaal 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 ol Ireland IFRS1021 and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 J8nu3ry 2015. The accounts Ilinanaal 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 'lrue and lair vie. This departure has involved followng the Accounting and Reporting by Charities preparing their accounts in acoordance with the Financial Reporting Standard applicable in the UK and Republic of Iieland IFRS10212nd Edition issued on October 2019 rather than the Accounting and Reporting by Charitses." Statement of Recommended Practice effethve from 1 April 2005 which has Sin been withdrawn. Ibl Incomlng resources All incoming resources are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. (¢1 Rasoureas èxpandad All expenditure Is accounted for on an accruals basis and has been Induded under expense categories that aggregate all costs lor allocation purposes. Giants payable are recognised In the year when the offer Is made, providing that any related condth.ons within the control ol the Trustees have been fulfilled. Grants offered subject to conditions which remain within the control of the Trustees and have not been met at the year end are noted as a comrnitrnent, but not accrued as expenditure. Value Added Tax is not recoverable by the charity and, as such, is included in the relevant costs in the Statement of Financial Activities. Idl Cash flow The fi'nancial statements do not include a cash flow statement because the charity, as a sm811 reporting entity withi the piovi5ion5 of FRS 102. 15 exetnpt frorn the requir&ment to pr8P3re such a 5tatetnent18ff8Ctive 16 July 20141. lel Investmènts Investments are stated at market value at the balance sheet date. The Statement ol Financial Activities includes the net gains and losses arising on valUatIOnS and disposals during the year. lfj Taxatlon 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 of the Income Tax Act 2007 or Section 256 of the Taxation of Chargeable Gains Act 1992 are exempt frorn incotne and capital gain5 tax to th8 8Xt8nt that they ar8 appli8d to it5 charitable purpos8S. 2. Investment Income 2024 2023 Fixed interest Equity 12,653 42.883 55,536 38,480 30,182 68,862 Notes Pa8e 10
THE IVO TRUST (Reglstered Charlty Number 11435021 Notes to the Financial Statements for the year to 31 December 2024 l¢ontinuedl 3. Other income 2024 2023 Interest inoome frorn estate of deaed person Bank Interest CeiVed 110 37 243 178 147 421 Endowment funds 2024 2023 Adjustment to sum due from estate of deceased person 7,594 7,594 5. Grants 2024 Pald 2023 Granted Granted Carrled fOard The Mare and Foal S3n¢tuary Redwings Hoise Sanctuary RSPCA Hillingdon. Slough, Windsor, Kingston and Distri( Guide Dogs lor the Blind Save Me Trust PDSA The Mayhew Animal Home ESPA Prickles Hedgehog Rescue Moorland Mou5ie Trust RSPCA Wigan, Leigh & District RSPCA Bolton The Freedom of Spirit Trust World Horse Welfare Dogs for Autism Royal Vetinary College- Animal Care Trust Refuge4Pets Healing Dog5 for Desf People Remus Memorial Sanctuary 23.570 50,000 20,(X)O 5,000 2,000 32,260 3.000 2,500 2,000 2,000 50,000 50,000 500 5,000 4,000 5,000 4.000 15,000 2,000 5,000 2.OCKJ 10.000 5,000 25,000 25,000 75,000 5,0(X) 11,400 172,400 5,000 5,000 5,000 25,000 5,000 11,400 83,400 20.000 20,000 50.000 109.000 242,830 Of the sums reflected as carried forward £49,000 are due wthin one year. and £60,000 are due after more than one year. All grants were made to animal welfare charities in line with the objects of the charity. 6.Le al and Administrative Costs 2024 2023 Unrestricted fun Legal & cornplianTr lees Bank fees Accountants, remuneration- Examiners lee Website and promotional expenses Reimbursed tax penalty 17,908 708 3,480 3.896 11001 25,892 19,622 659 3,390 23,671 Notes Pa8e 11
THE IVO TRUST (Reglstered Charlty Number 11435021 Notes to the Flnanclal Statements for the year to 31 December 2024 Icontlnuedl 7. Costs of raisin funds 2024 2023 Unrestricterl funrl Investment manager's fees LEI registrationlrenewal fee 54,980 54,631 117 54,748 54.980 8. Fix Investmen 2024 2023 Historical cost at 1 January 2024 Additions at cost Disposals at cost Historical cost at 31 DeTrmber 2024 5.816.749 2.545.772 12,422,819) 5,939,702 5,698,417 3,177,903 13,059,571) 5,816,749 Cumulative unrealised g8inslllossesl 8t 31 December 2024 717.002 243,632 Market Value as er BalanTr Sheet 6.658,704 6,060,381 Structure of the ortfolio b m8tk8t value Liquidrty & similar investments Fixed income & similar investments Equitie5 & sitnilar Investments Altemative investments. commodities & real estate Mixed & other investments 5.13° 44.80Yo 39.98W¢ 8.48• 1.81° 1.23% 51.31°/o 41.41Q/ 4.22Q/ 1.84% 9. Debtors 2024 2023 Due from unadm1nisted estate of deceased person 85 85 5,622 5,622 10. Cash at bank and Investment mana ers 2024 2023 Solicitors Client Account Investment Man8ger- GBP account Investment Manager- USD account Investment Manager- EUR account Investment Manager- JPY account Investment Man8ger- CAD account 416 19.219 3.950 1,417 139 76 25.217 279 50,214 19,490 4,009 2,010 77 76,079 11. Creditors.. amounts fallin due within one 8ar 2024 2023 Legal & Complian fees Investment manager's fees Independent examiner fees Donation comtnittnent5 13.407 13,084 3.360 49.000 78.851 16,238 12,273 3.240 31,751 Notes Pa8e 12
THE IVO TRUST (Reglstered Charlty Number 11435021 Notes to the Financial Statements for the year to 31 December 2024 l¢ontinuedl 12. Lon -term Ilabllltles.. amounts fallln due after one ear 2024 2023 Donation commitments 60,000 60.000 13. Related Pa Transaction During the year. no trustees ceIVed reimbursement for expenses or was In receipt ol any othertrust monies. 14. Com arative Staternent of Financial Activities for revious ear 2023 Unrestricted fund 2023 Endowment Fund 2023 Total Income Incoming resources Irorn generated funds.. Investmènt Income 68,662 68.662 Other incorne 421 421 Endowment funds 17.5941 17,5941 Total Income 69,083 7,594 61,489 Ex enditure Charitable activities.. Giants to Charities 1242,8301 1242,8301 Legal and administrative costs 123,6711 123,6711 Cost of raising funds 154,7481 154.7481 (jain Losses on Invesimeni Assers Currency gains I Ilossesl 18,1721 18,1721 Realised during the year 194,9911 194,9911 Unrealised during the year 432,972 432,972 Net ex enditure for the ains and losses ear after 8,560 8,560 Movem in Fun 77,643 17.5941 70.049 Funds Brou ht Forward at 1 Janua 2023 39,211 6.001,071 6,040,282 Funds Carried Forward at 31 December 2023 116,854 5.993,477 6,110,331 Notes Pa8e 13
THE IVO TRUST (Reglstered Charlty Number 11435021 Notes to the Flnanclal Statements for the year to 31 December 2024 Icontlnuedl 15. Anal sis of charitable funds Balan at 1 Jan. 2024 Income I adjustment G8ins or losses Funds at 31 Dec. 2024 Expenditure Unrestricted fund 116,854 55,683 1253,2721 S30,413 549,678 Endowment fund 5.993.477 5,993,477 Total 6.110.331 55,683 253,272 630.413 6,543,155 Prevlous year BalaNTr 811 Jan. 2023 In¢otne I adjustment G81ns or losses Funds 8t 31 Dec. 2023 Expenditure Unrestricted fund 39,211 69,083 1321,2491 329,809 116,854 Endowment fund 6,001,071 17,5941 5,993,477 Total 6,040,282 61,489 321,249 329,809 6,110,331 Name offund DesGription, natuR and pury)ose of ftind Unrestiicted fund The fvnds from which the trustees intend to make grants to anim81 welfare Gharib"es. Endowment fund Funds provided by the Settlors ol the charity. There are no restriction on 16. Anal sls of net assets between funds 2024 Unrestricted Fund 2024 Endowment Fund 2024 Total Fixed asset investments Debtors Cash at bank and stockbrokers Creditors falling due within one year 6.856,704 85 1603.3121 6,656,704 85 25,217 178,8511 628,529 178,8511 Total 549,678 6,053,477 6,603,155 Previous year 2023 Unrestiicted Fund 2023 Endowment Fund 2023 Total Fixed asset investments Debtors Cash at bank and stockbrokers Creditors falling due within one year 6.060,381 5.622 172.5261 6,060,381 5,622 76,079 131,7511 148,605 131,7511 Total 116,854 5,993,477 6,110,331 Notes Pa8e 14