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← Olsen Animal Trust

2023-12-31-accounts

REGISTERED COMPANY NUMBER: 09795018 REGISTERED CHARITY NUMBER: 1169982

Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 December 2023 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 2023

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 13
Detailed Statement of Financial Activities 14

Olsen Animal Trust

Report of the Trustees

for the Year Ended 31 December 2023

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 2023. 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 2023

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:

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:

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 2023

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.

During the year, grants were made to:

Additionally,

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.

Investment Policy

The Trustees, in conjunction with the Investment Advisors, seek to maximise the return on the Trust’s investments having regard to risk and market volatility, whilst also taking account of liquidity to fund grant commitments and expenses.

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 £253,869 (2022 - £599,432). After deducting costs of £1,505,281 (2022 - £1,243,964), the deficit before gains and losses amounted to £1,251,412 (2022 - £644,532). Costs include investment funded grants totalling £1,406,845 (2022 - £1,128,363).

Page 3

Olsen Animal Trust

Report of the Trustees

for the Year Ended 31 December 2023

Reserves policy

The net result for the period was a deficit prior to the profit on disposal of investment assets, the revaluation of investment assets and foreign exchange gains of £1,251,412 (2022 - £644,532). The net result after these gains and losses was a deficit of £1,119,864 (2022 - £1,118,713). The Trustees seek to ensure that year end reserves are at least £1,500,000 which will be sufficient to fund the next financial year’s commitments. Total reserves at the year end amounted to £1,964,681 (2022 - £3,084,545) which meets their objective.

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 9 September 2024 and signed on its behalf by:

Mrs S J Olsen – Trustee

Page 4

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 2023 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

  2. 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

  3. 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: 16 September 2024

Page 5

Olsen Animal Trust

Statement of Financial Activities

for the Year Ended 31 December 2023

2023 2022
Unrestricted Unrestricted
fund fund
Notes £ £
INCOMING RESOURCES
Incoming resources from charitable activities
Donations and gift aid 2 209,063 555,487
Investment income 3 44,806 43,945
Total incoming resources 253,869 599,432
RESOURCES EXPENDED
Grants payable 4 1,406,845 1,128,363
Charitable activities 9,011 21,386
Support and governance costs 5 34,465 33,875
Staff costs 6 54,960 60,340
Total resources expended 1,505,281 1,243,964
NET OUTGOING RESOURCES
BEFORE OTHER GAINS AND LOSSES (1,251,412) (644,532)
Net gain/(loss) on disposal of investment assets 377,110 (206,447)
Net losses on revaluation of investment assets (233,335) (286,002)
Foreign exchange (loss)/gain (12,227) 18,268
__ __
Net movement in funds (1,119,864) (1,118,713)
RECONCILIATION OF FUNDS
Total funds brought forward 3,084,545 4,203,258
TOTAL FUNDS CARRIED FORWARD 1,964,681 3,084,545

The notes form part of these financial statements

Page 6

Olsen Animal Trust

Balance Sheet
At 31 December 2023
2023 2022
Unrestricted Unrestricted
fund fund
Notes £ £
FIXED ASSETS
Investments 8 1,510,021 2,539,015
CURRENT ASSETS
Debtors 9 129,038 87,225
Cash at bank 329,475 460,945
458,513 548,170
CREDITORS
Amounts falling due within one year 10 3,853 2,640
NET CURRENT ASSETS 454,660 545,530
TOTAL ASSETS LESS CURRENT LIABILITIES
1,964,681 3,084,545
NET ASSETS 1,964,681 3,084,545
FUNDS 11
Unrestricted funds 1,964,681 3,084,545
TOTAL FUNDS 1,964,681 3,084,545

The notes form part of these financial statements

continued...

Page 7

Olsen Animal Trust

Balance Sheet - continued At 31 December 2023

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for:

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 9 September 2024 and were signed on its behalf by:

Mr J R L Olsen -Trustee

The notes form part of these financial statements

Page 8

Olsen Animal Trust

Notes to the Financial Statements for the Year Ended 31 December 2023

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 and are recognised when they are incurred.

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 2023

2.
VOLUNTARY INCOME
Donations
Gift Aid
3.
INVESTMENT INCOME
Investment income
Bank interest received
4.
GRANTS PAYABLE
The total grants paid to institutions during the year was as follows:
Animal welfare and conservation
More detail on grants payable can be found in the trustees’ report.
5.
SUPPORT AND GOVERNANCE COSTS
Administration support
Independent examination fee
Investment manager fees
Bank charges		 2023
£
167,250
41,813
209,063
2023
£
44,411
395
44,806
2023
£
1,406,845
2023
£
19,500
4,614
10,301
50
34,465		 2022
£
496,374
59,113
555,487
2022
£
43,697
248
43,945
2022
£
1,128,363
2022
£
16,500
3,488
13,801
86
33,875

Page 10

Olsen Animal Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

6. STAFF COSTS

Gross wages
Employers NIC
Employers pensions		 2023
£
49,315
5,537
108
54,960		 2022
£
53,817
6,523
-
60,340

No employees (2022: nil) received employee benefits for the reporting period of more than £60,000.

7. TRUSTEES' REMUNERATION AND BENEFITS

During the year £49,315 (2022: £53,817) was paid in trustee remuneration to D Higgs. This remuneration was made to in relation to his responsibilities for carrying out due diligence and onsite audits by visiting all projects, as well as undertaking all social media activity for the charity.

The breakdown of the remuneration, and other staff related costs, are shown in note 6 to these financial statements as D Higgs is the one employee of the charity.

Trustees' expenses

During the year £5,475 (2022: £19,058) 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 2023 2,339,089 199,926 2,539,015
Acquisition at cost 364,456 2,891,731 3,256,187
Disposals at opening book value (2,470,210) (1,581,636) (4,051,846)
Net gains/(losses) on revaluations at year end (233,335) - (233,335)
__ __ __
At 31 December 2023 - 1,510,021 1,510,021
__ __ __
NET BOOK VALUE
At 31 December 2023 - 1,510,021 1,510,021
__ __ __
At 31 December 2022 2,339,089 199,926 2,539,015
__ __ __
2023 2022
£ £
Historical cost 1,510,021 2,305,680
__ __

Page 11

Olsen Animal Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023
£
Other debtors
129,038
10.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023
£
Other creditors
3,853
11.
MOVEMENT IN FUNDS – CURRENT YEAR
Net
movement
At 01.01.23
in funds
Transfers
£
£
£
Unrestricted funds
General fund
3,084,545 (1,119,864)
(905,750)
Designated funds – grants
-
-
905,750
_
_
_
TOTAL FUNDS
3,084,545 (1,119,864)
-
_
_
_
Net movement in funds, included in the above are as follows:
Incoming
Resources
Other
resources
expended
gains/(losses)
£
£
£
Unrestricted funds
General fund
253,869
1,505,281
131,548
Designated funds – grants
-
-
-
_
_
_
TOTAL FUNDS
253,869
1,505,281
131,548
_
_
_		 2022
£
87,225
2022
£
2,640
At 31.12.23
£
1,058,931
905,750
_
1,964,681
_
Movement
in funds
£
(1,119,864)
-
_
(1,119,864)
_

Designated funds represent the minimum funds that the trustees have allocated at the year end to fund projects in the following 12 months.

Page 12

Olsen Animal Trust

Notes to the Financial Statements - continued for the Year Ended 31 December 2023

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 01.01.22
in funds
At 31.12.22
£
£
£
4,203,258
(1,118,713)
3,084,545
_
_
_
4,203,258
(1,118,713)
3,084,545
_
_
_
follows:
Incoming
Resources
Other
Movement
resources
expended
gains/(losses)
in funds
£
£
£
£
599,432
1,243,964
(474,181)
(1,118,713)
_
_
_
_
599,432
1,243,964
(474,181)
(1,118,713)
_
_
_
_

12. ULTIMATE CONTROLLING PARTY

The charity is controlled by the Trustees of Olsen Animal Trust.

13. RELATED PARTY TRANSACTIONS

During the year the charity received donations of £167,250 (2022: £236,453) from Mr J R L Olsen, a trustee of the charity.

Page 13

Olsen Animal Trust

Detailed Statement of Financial Activities

for the Year Ended 31 December 2023

2023
£
INCOMING RESOURCES
Incoming resources from charitable activities
Donations and Gift Aid
209,063
Investment income
44,411
Bank interest received
395
Total incoming resources
253,869
RESOURCES EXPENDED
Charitable activities
9,011
Grants
1,406,845
Legal and administrative costs
Administration support
19,500
Independent examination fee
4,614
Bank charges
50
Investment manager’s fees
10,301
Gross wages
49,315
Employers NIC
Employer pensions
5,537
108
89,425
Total resources expended
1,505,281
Net expenditure
(1,251,412)		 2023
£
209,063
44,411
395
253,869
9,011
1,406,845
19,500
4,614
50
10,301
49,315
5,537
108		 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)

This page does not form part of the statutory financial statements

Page 14