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 con￿rn 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 de￿a￿ed 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 fO￿ard
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 unadm1niste￿d 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