**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:
- The obligations of Directors.
- The main documents which set out the operational framework for the charitable company including the Memorandum and Articles.
- Resourcing and the current financial position as set out in the latest published accounts.
- 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:
- to relieve, and to contribute towards ending, the exploitation of animals by humans;
- to raise public awareness of, and to educate people about, the negative impacts of animal exploitation, and the positive benefits of animal protection;
- to assist with the rescue, rehabilitation and lifetime care of exploited animals and, where possible, to return them to their natural habitats;
- to conserve wildlife and working with other stakeholders, as appropriate, protect the environment which such animals inhabit; and
- 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:
1. 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
3. 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
4. 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:
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
- (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