REGISTERED COMPANY NUMBER: 09795018 REGISTERED CHARITY NUMBER: 1169982
Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2022 for Olsen Animal Trust
Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Olsen Animal Trust
Contents of the Financial Statements for the Year Ended 31 December 2022
| Page | |
|---|---|
| Report of the Trustees | 1 to 3 |
| Independent Examiner's Report | 4 |
| Statement of Financial Activities | 5 |
| Balance Sheet | 6 to 7 |
| Statement of cash flows | 8 |
| Notes to the Financial Statements | 9 to 14 |
| Detailed Statement of Financial Activities | 15 |
Olsen Animal Trust
Report of the Trustees
for the Year Ended 31 December 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities'(FRS102) in preparing the annual report and Financial Statements of the Charity.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
09795018
Registered Charity number 1169982
Registered office
Ridgmount Lawbrook Lane Guildford Surrey GU5 9QW
Trustees
Mrs S J Olsen Mr J R L Olsen Mr D Higgs
Independent examiner
Debra Saunders FCA, BSc (Hons) Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey, GU7 1LQ
Investment Advisors
Stonehage Fleming 6 St James’s Square London SW1Y 4JU
Bankers
Citi Private Bank Citibank N.A. Citigroup Centre Canada Square Canary Wharf London E14 5LB
Page 1
Olsen Animal Trust
Report of the Trustees
for the Year Ended 31 December 2022
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The organisation is a charitable company limited by guarantee, incorporated on 25 September 2015 and registered as a charity on 2 November 2016. The company was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
Recruitment and appointment of new trustees
Under the requirements of the Memorandum and Articles of Association the Directors are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. The minimum number of Directors is two. The Board seeks to ensure that they have the requisite skills between them to run the charitable company.
Induction and training of new trustees
The Directors are already familiar with the practical work of the organisation. New Directors are given a short, informal training session to familiarise themselves with the charity and the context within which it operates. This covers:
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The obligations of Directors.
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The main documents which set out the operational framework for the charitable company including the Memorandum and Articles.
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Resourcing and the current financial position as set out in the latest published accounts.
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Future plans and objectives.
Risk management
The Directors have considered the major risks to which the charitable company is exposed and are taking steps to mitigate those risks.
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objectives of the charitable company are:
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to relieve, and to contribute towards ending, the exploitation of animals by humans;
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to raise public awareness of, and to educate people about, the negative impacts of animal exploitation, and the positive benefits of animal protection;
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to assist with the rescue, rehabilitation and lifetime care of exploited animals and, where possible, to return them to their natural habitats;
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to conserve wildlife and working with other stakeholders, as appropriate, protect the environment which such animals inhabit; and
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such other purposes as are exclusive charitable in accordance with the laws of England and Wales as the Directors may from time to time determine.
Public benefit statement
The Directors confirm that they have complied with the requirements of the Charities Act 2011 to have due regard to the Charity Commission's guidance on public benefit.
Page 2
Olsen Animal Trust
Report of the Trustees
for the Year Ended 31 December 2022
ACHIEVEMENTS AND PERFORMANCE
Review of activities
During the year the Trust made grants to projects in Africa, Europe, Asia and the USA in accordance with its objectives. The year marked the sixth full year of operation for the Trust although a number of projects were previously supported directly by the Olsen family prior to the registration of the charity. Grants made during the year are listed on page 11.
Fundraising
The Trust does not actively conduct fundraising activities although it does receive ad hoc donations. Its primary source of income is from donations received from the Olsen Family and investment income.
FINANCIAL REPORT FOR THE YEAR
Results for the year
A summary of results for the year is given on page 5 of the financial statements.
Total income was £599,432 (2021 - £155,936). After deducting costs of £1,243,964 (2021 - £997,782), the deficit before gains and losses amounted to £644,532 (2021 - £841,846). Costs include investment funded grants totalling £1,128,363 (2021 - £901,684).
Reserves policy
The net result for the period was a deficit prior the profit on disposal of investment assets, the revaluation of investment assets and foreign exchange gains of £644,532 (2021 - £841,846). The net result after these gains and losses was a deficit of £1,118,713 (2021 - £432,444). Total reserves at the year end amounted to £3,084,545 (2021 - £4,203,258) which the Trustees feel is adequate to meet their objectives going forward.
PLANS FOR THE FUTURE
Over the next year the Trustees will continue to support projects in Africa, Europe, Asia and the USA in accordance with its objectives by raising funds through donations to the charity.
Approved by order of the board of Trustees on 25 September 2023 and signed on its behalf by:
Mrs S J Olsen – Trustee
Page 3
Independent Examiner's Report to the Trustees of Olsen Animal Trust
I report to the charity trustees on my examination of the accounts of the charity for the year ended 31 December 2022 which are set out on pages five to fourteen.
Responsibilities and basis of report
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner’s statement
Since the company’s gross income exceeded £250,000, I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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 to enable a proper understanding of the accounts to be reached.
Debra Saunders FCA, BSc (Hons) Independent Examiner Azets Audit Services Limited Ashcombe Court Woolsack Way Godalming Surrey GU7 1LQ
Date: 27 September 2023
Page 4
Olsen Animal Trust
Statement of Financial Activities
for the Year Ended 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| fund | fund | ||
| Notes | £ | £ | |
| INCOMING RESOURCES | |||
| Incoming resources from charitable activities | |||
| Donations and gift aid | 2 | 555,487 | 106,840 |
| Investment income | 3 | 43,945 | 49,096 |
| Total incoming resources | 599,432 | 155,936 | |
| RESOURCES EXPENDED | |||
| Grants payable | 4 | 1,128,363 | 901,684 |
| Charitable activities | 21,386 | 2,450 | |
| Support and governance costs | 5 | 33,875 | 40,784 |
| Staff costs | 6 | 60,340 | 52,864 |
| Total resources expended | 1,243,964 | 997,782 | |
| NET OUTGOING RESOURCES | |||
| BEFORE OTHER GAINS AND LOSSES | (644,532) | (841,846) | |
| (Loss)/profit on disposal of investment assets | (206,447) | 361,723 | |
| Net (losses)/gains on revaluation of investment | assets | (286,002) | 54,825 |
| Foreign exchange gain/(loss) | 18,268 | (7,146) | |
| __ | __ | ||
| Net movement in funds | (1,118,713) | (432,444) | |
| RECONCILIATION OF FUNDS | |||
| Total funds brought forward | 4,203,258 | 4,635,702 | |
| TOTAL FUNDS CARRIED FORWARD | 3,084,545 | 4,203,258 |
The notes form part of these financial statements
Page 5
Olsen Animal Trust
Balance Sheet At 31 December 2022
| 2022 | 2021 | ||
|---|---|---|---|
| Unrestricted | Unrestricted | ||
| fund | fund | ||
| Notes | £ | £ | |
| FIXED ASSETS | |||
| Investments | 8 | 2,539,015 | 3,797,912 |
| CURRENT ASSETS | |||
| Debtors | 9 | 87,225 | 62,235 |
| Cash at bank | 460,945 | 345,511 | |
| 548,170 | 407,746 | ||
| CREDITORS | |||
| Amounts falling due within one year | 10 | 2,640 | 2,400 |
| NET CURRENT ASSETS | 545,530 | 405,346 | |
| TOTAL ASSETS LESS CURRENT LIABILITIES | |||
| 3,084,545 | 4,203,258 | ||
| NET ASSETS | 3,084,545 | 4,203,258 | |
| FUNDS | 11 | ||
| Unrestricted funds | 3,084,545 | 4,203,258 | |
| TOTAL FUNDS | 3,084,545 | 4,203,258 |
The notes form part of these financial statements
continued...
Page 6
Olsen Animal Trust
Balance Sheet - continued At 31 December 2022
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.
The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for:
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small charitable companies and with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102).
The financial statements were approved by the Board of Trustees on 25 September 2023 and were signed on its behalf by:
Mr J R L Olsen -Trustee
The notes form part of these financial statements
Page 7
Olsen Animal Trust
Statement of cash flows At 31 December 2022
| Notes Cash flows from operating activities Net cash provided by operating activities 14 Cash flows from investing activities Cash transferred from investment bank account Income and expenses on investment account Donation of shares to investment account Net cash utilised by investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of the year |
2022 £ (651,014) _ 1,057,666 (42,520) (248,698) _ 766,448 _ 115,434 345,511 _ 460,945 __ |
2021 £ (876,584) _ 1,173,200 (36,071) - _ 1,137,129 _ 260,545 84,966 _ 345,511 __ |
|---|---|---|
The notes form part of these financial statements
Page 8
Olsen Animal Trust
Notes to the Financial Statements for the Year Ended 31 December 2022
1. ACCOUNTING POLICIES
Accounting convention
The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) second edition issued in October 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS102) and the Charities Act 2011 and UK Generally Accepted Practice as it applies from 1 January 2019.
Going concern
We have paid particular attention to the likely effects on the business of the current global economic uncertainty and the trustees remain confident that sufficient funding is in place and that the charity has adequate resources to enable the charity to continue as a going concern for the foreseeable future.
Incoming resources
All incoming resources are included on the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.
Resources expended
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
Foreign currency transactions and balances
Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Investments
Fixed asset investments are included in the Balance Sheet at market value. The gains, losses and income from the investments are shown as movements on the Statement of Financial Activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. There have been no restricted Funds to date.
Page 9
Olsen Animal Trust
Notes to the Financial Statements - continued
for the Year Ended 31 December 2022
2. VOLUNTARY INCOME
| 2. VOLUNTARY INCOME |
||
|---|---|---|
| Donations Gift Aid 3. INVESTMENT INCOME Investment income Bank interest received |
2022 £ 496,374 59,113 555,487 2022 £ 43,697 248 43,945 |
2021 £ 78,728 28,112 |
| 106,840 | ||
| 2021 £ 49,079 17 |
||
| 49,096 |
Page 10
Olsen Animal Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
4. GRANTS PAYABLE
The total grants paid to institutions during the year was as follows:
| Animal welfare and conservation Animal Asia Game Rangers International Wilderness Foundation Africa Lilongwe Wildlife Trust Chipembele Wildlife Education Trust Mnkhanya CRB Conservation Lower Zambezi Tikki Hywood Foundation Zambia Primate Project Panthera Africa Pangea Trust Care for Wild Chimpanzee Conservation Contea Elephant Haven Uganda Conservation Foundation Save Vietnams Wildlife Saving Suffering Strays IFAW - Nania Mahouts Elephant Foundation Libassa Wildlife Sanctuary IAPWA Cats in Crisis AMDP Born Free Foundation Welsh Kennels Secret World Wildlife Humane Society International JACK Primate Sanctuary Campaign to Ban Trophy Hunting (UK) PETA India Projet Gorille Big V Sanctuary Four Paws EAGLE/LAGA WARA Conserv Congo Cinderella Animal Rescue Save the Dogs ReWild Safe Hands Franschoek SPCA Grants payable |
2022 £ 1,128,363 2022 £ 452,089 110,120 60,000 25,395 11,717 - 25,723 36,447 8,250 - 141,249 - - 1,000 - - 6,300 - 10,000 - 5,000 - 10,000 19,333 - - 42,727 41,341 30,000 15,000 17,889 - - 20,930 - 19,902 7,736 4,000 4,715 1,000 500 1,128,363 |
2021 £ 901,684 |
|---|---|---|
| 2021 £ 374,855 73,590 60,000 18,693 - 7,068 8,233 7,343 32,928 25,000 57,588 - 50,000 - 4,557 - 5,000 10,000 5,000 7,386 - 9,909 5,000 6,000 2,263 26,120 50,000 - 25,000 - - 13,780 5,508 1,443 3,636 5,784 - - - - - |
||
| 901,684 |
Page 11
Olsen Animal Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
5. SUPPORT AND GOVERNANCE COSTS
6.
| Administration support Independent examination fee Investment manager fees Bank charges Consultancy costs STAFF COSTS Gross wages Employers NIC |
2022 £ 16,500 3,488 13,801 86 - |
2021 £ 18,619 2,730 13,008 164 6,263 |
|---|---|---|
| 33,875 2022 £ 53,817 6,523 60,340 |
40,784 | |
| 2021 £ 47,522 5,342 |
||
| 52,864 |
7. TRUSTEES' REMUNERATION AND BENEFITS
£53,817 (2021: 47,522) was paid in trustee remuneration for the year ended 31 December 2022.
Trustees' expenses
During the year £19,058 (2021 : £Nil) was paid to one trustee for the reimbursement of travel expenses to view the work being done by the overseas institutions.
8. FIXED ASSET INVESTMENTS
| IXED ASSET INVESTMENTS | |||
|---|---|---|---|
| Cash and | |||
| Listed | settlements | ||
| Investments | pending | Totals | |
| £ | £ | £ | |
| MARKET VALUE | |||
| At 1 January 2022 | 3,463,835 | 334,077 | 3,797,912 |
| Acquisition at cost | 553,995 | 1,242,613 | 1,796,608 |
| Disposals at opening book value | (1,109,815) | (1,376,764) | (2,486,579) |
| Net gains/(losses) on revaluations at year end | (568,926) | - | (568,926) |
| __ | __ | __ | |
| At 31 December 2022 | 2,339,089 | 199,926 | 2,539,015 |
| __ | __ | __ | |
| NET BOOK VALUE | |||
| At 31 December 2022 | 2,339,089 | 199,926 | 2,539,015 |
| __ | __ | __ | |
| At 31 December 2021 | 3,463,835 | 334,077 | 3,797,912 |
| __ | __ | __ | |
| 2022 | 2021 | ||
| £ | £ | ||
| Historical cost | 2,305,680 | 2,995,653 | |
| __ | __ |
Page 12
Olsen Animal Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| 2022 £ Other debtors 87,225 10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2022 £ Other creditors 2,640 11. MOVEMENT IN FUNDS – CURRENT YEAR Net movement At 01.01.22 in funds £ £ Unrestricted funds General fund 4,203,258 (1,118,713) _ _ TOTAL FUNDS 4,203,258 (1,118,713) _ _ Net movement in funds, included in the above are as follows: Incoming Resources Other resources expended gains/(losses) £ £ £ Unrestricted funds General fund 599,432 1,243,964 (474,181) _ _ _ TOTAL FUNDS 599,432 1,243,964 (474,181) _ _ _ |
2021 £ 62,235 2021 £ 2,400 At 31.12.22 £ 3,084,545 _ 3,084,545 _ Movement in funds £ (1,118,713) _ (1,118,713) _ |
|---|---|
Page 13
Olsen Animal Trust
Notes to the Financial Statements - continued for the Year Ended 31 December 2022
11. MOVEMENT IN FUNDS – PRIOR YEAR
| Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as Unrestricted funds General fund TOTAL FUNDS |
Net movement At 01.01.21 in funds At 31.12.21 £ £ £ 4,635,702 (432,444) 4,203,258 _ _ _ 4,635,702 (432,444) 4,203,258 _ _ _ follows: Incoming Resources Other Movement resources expended gains in funds £ £ £ £ 155,936 997,782 409,402 (432,444) _ _ _ _ 155,936 997,782 409,402 (432,444) _ _ _ _ |
|---|---|
12. ULTIMATE CONTROLLING PARTY
The charity is controlled by the Trustees and Directors of Olsen Animal Trust.
13. RELATED PARTY TRANSACTIONS
During the year the charity received donations of £236,453 (2021: £112,446) from Mr J R L Olsen, a trustee of the charity.
14. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Net expenditure for the year | (1,118,713) | (432,444) |
| Adjustment for | ||
| Profit/(loss) on disposal of investment assets | 206,447 | (361,723) |
| Net gains/(losses) on revaluation of investment assets | 286,002 | (54,825) |
| Decrease/(increase) in debtors | (24,990) | (27,712) |
| (Decrease)/increase in creditors | 240 | 120 |
| __ | __ | |
| Net cash used in operating activities | (651,014) | (876,584) |
| __ | __ |
Page 14
Olsen Animal Trust
Detailed Statement of Financial Activities
for the Year Ended 31 December 2022
| INCOMING RESOURCES Incoming resources from charitable activities Donations and Gift Aid Investment income Bank interest received Total incoming resources RESOURCES EXPENDED Charitable activities Grants Legal and administrative costs Administration support Independent examination fee Bank charges Consultancy costs Investment manager’s fees Salary PAYE paid Total resources expended Net expenditure |
2022 £ 555,487 43,697 248 599,432 21,386 1,128,363 16,500 3,488 86 - 13,801 53,817 6,523 94,215 1,243,964 (644,532) |
2021 £ 106,840 49,079 17 155,936 2,450 901,684 18,619 2,730 164 6,263 13,008 47,522 5,342 93,648 997,782 (841,846) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 15