**Charity Registration No. 1024808**
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS**
## **CORNWALL BRANCH**
**ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH LEGAL AND ADMINISTRATIVE INFORMATION**
## **Trustees**
**Charity number**
Mrs C Allan (Appointed 9 April 2020) Mr C Laurence (Appointed 9 April 2020)
1024808
**Principal address** The William & Patricia Venton Animal Centre Quoit ST COLUMB Cornwall TR9 6JS **Auditor** RRL LLP Peat House Newham Road TRURO Cornwall TR1 2DP
**Bankers** Royal Bank of Scotland 2 Old Town Street PLYMOUTH Devon PL1 1DP Lloyds Bank Plc 7 Boscawen Street TRURO Cornwall TR1 2QT Santander (London) 2 Triton Square Regent's Place LONDON NW1 3AN
Barclays Bank plc (St Austell) 10 Church Street ST AUSTELL Cornwall PL25 4AS
## **Solicitors**
Nalders LLP Cannis House Chapmans Way ST AUSTELL Cornwall PL25 4QU
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH LEGAL AND ADMINISTRATIVE INFORMATION**
Stephens Scown LLP 1 High Cross Street ST AUSTELL Cornwall PL25 4AB
**Investment advisors** Rathbone Investment Management Ltd The Senate Southernhay Gardens EXETER Devon EX1 1UG Brewin Dolphin Ltd Ashleigh Court Ashleigh Way Langage Business Park PLYMOUTH Devon PL7 5JX
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH CONTENTS**
||**Page**|
|---|---|
|Trustees' report|1 - 6|
|Statement of Trustees' responsibilities|7|
|Independent auditor's report|8 - 10|
|Statement of financial activities|11 - 12|
|Balance sheet|13|
|Statement of cash flows|14|
|Notes to the financial statements|15 - 33|
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The Trustees present their report and financial statements for the year ended 31 December 2020. As temporary trustees appointed in April 2020, they did not have responsibility for the management and administration of the charity until 9 April 2020 (see Structure, Governance and Management) and the provision of information is limited in that context.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) .
## **Objectives and activities**
The objects of the Branch are to promote the work and objectives of the National Society – to promote kindness and to prevent or suppress cruelty to animals by all lawful means with particular reference to the Cornwall and Isles of Scilly areas, in accordance with the policies of the Society.
The aim of the branch has been to provide far reaching care for all animals throughout the branch area in the most cost effective way. This has been achieved in collaboration with the RSPCA inspectorate that is funded by the national Society.
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Achievements and performance**
2020 was an unprecedented year for the entire world and the pandemic has had a significant impact on branch operations. We were unable to hold our annual fundraising events and income from our charity shops depleted considerably with our animal centre also closed to the public, so we needed to quickly adapt to a changing world. We invested in our social media platforms to ensure we were continuing to engage with our supporters and create much needed funds for the running of the animal centre. The branch has reached out to numerous businesses within Cornwall to begin a Corporate Sponsorship scheme which has been hugely successful and a new management structure at the branch has created a more community focused approach to the way the branch operates.
Despite the pandemic, the branch was still able to provide a collection and delivery service which enabled us to rehome animals through virtual meetings with adopters and our aim to accept, rehabilitate and rehome animals that have been mistreated or abandoned or whose owners are unable to care for them continued to operate successfully. This work is key to ‘the prevention or suppression of cruelty’ part of the RSPCA objects, and promotes humane sentiments towards animals which involves moral benefit to humankind as a whole. In 2020 the Centre took in 475 animals which includes wildlife rehabilitation and release. Under the new trustees and in spite of COVID restrictions re-homing increased by 23% from 2019. The branch successfully re-homed 260 animals which included our longer stay dogs.
In addition, the Branch has provided welfare assistance, subsidised neutering and microchipping for animals belonging to owners who have financial difficulty, primarily those on state benefits. 862 cat neutering vouchers were issued to residents of Cornwall and the Isles of Scilly, this equates to £34,480. 58 animal welfare vouchers were issued to a value of £2,435 and 14 microchipping vouchers were issued at a cost of £280. Many of these animals may have gone on to have unwanted litters, be denied veterinary treatment or been unable to be reunited with their owners. The branch also continued to support Devon and Cornwall police with our bull breed neutering scheme.
Following a comprehensive health and safety review, the decision was made to close the Camborne and St Austell charity shops as both would require structural work to bring them to a standard where thy could legally operate under Health and Safety rules. Although this inevitably creates a loss of income in the short term, it gives the branch the opportunity to secure more appropriate rental premises and review our retail and fundraising strategy.
The branch makes extensive use of a wide variety of willing volunteers. We would like to thank all of our shop volunteers that served in Camborne and St Austell over the years. Our volunteers in Bude have continued to offer support despite the ever changing restrictions and new ways of working that we have had to adapt to. The branch launched a recruitment drive for new branch volunteers and with a new volunteer coordinator to support them, we look forward to welcoming them on board. We also have volunteer roles that include fostering and fundraising. Trustees are also volunteers and give up significant amounts of their time to run the branch.
The trustees confirm that they have had due regard to the guidance issued by the Charity Commission on public benefit.
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Financial review**
Income for the year was £559,715 and expenditure was £794,295, a deficit of £240,843. In addition, there were unrealised losses on investments of £6,263 as at 31 December 2020. Unfortunately the coronavirus pandemic has had a significant impact on the branch income. In addition the Branch donated £50,000 to the central Branch Emergency Fund that was established to assist other Branches who were suffering severe financial difficulty as a result of the pandemic and would have been forced to reduce their animal welfare work as a result. Our charity shop income and fundraising abilities were most affected.
The branch uses investment managers Brewin Dolphin and Rathbones and risk levels are ‘Cautious with risk’ and ‘Lower risk’ respectively. This is designed to provide a dividend income whilst protecting capital.
The proportion of income for the branch provided by legacies is over 70% and the temporary trustees consider this to be too high in light of the inevitable uncertainty of legacy income. Although this is mitigated by significant income from the endowment and investment funds we consider that the branch should concentrate more on generating income from other sources. The temporary trustees have implemented a new management structure at the branch to ensure greater concentration on more diverse income streams.
Coronavirus has delayed legacy income as many legacies relate to the sale of property or investments. The value of investments and dividends have also been reduced which is likely to affect the branch in the short to medium term.
The branch has been able to take advantage of the furlough scheme receiving grants totalling £10,386 which meant we have been able to furlough some staff without reducing the care of animals at the Venton Centre. We have been awarded a number of government grants totalling £31,334 in relation to the shops that have been closed.
The branch has significant cash reserves and will therefore remain in a sustainable position for the foreseeable future, however the impact of Coronavirus on the economy and individual’s ability to donate, increases the need to source additional and diverse income streams.
## _Reserves policy_
It has been the policy of the charity to maintain the free reserves at a level equal to two years unrestricted expenditure. As the charity relies heavily on donations and legacies, both of which can fluctuate enormously from year to year to fund its animal welfare work in the county including the running of the Animal Centre, previous trustees felt it prudent to maintain reserves at this level. Free reserves are defined as unrestricted funds not held as tangible assets or designated for particular purposes. As at 31 December 2020 free reserves totalled £2,503,417 (2019: £2,638,758).
The temporary trustees consider two years’ reserves excessive. However, the current economic crisis owing to the coronavirus pandemic has affected both investment values, donations and legacy income and consequently it is thought advisable to reconsider the reserves policy in the light of income during 2021.
The trustees consider the charity to be a going concern.
The Trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Plans for the future**
The trustees have made significant improvements to the way the branch is now managed. A Branch Development Manager and new Animal Centre Manager have been recruited to ensure more effective oversight and engagement within the Cornwall community.
The relationship has considerably improved with staff from the national RSPCA on whom we depend for advice and with whom animal welfare provision is achieved. In 2021 the centre will open one of our exercise fields to the public, ensuring regular income and improved welfare for dogs that otherwise would have no off lead exercise.
We plan to improve our reception area to provide a more informative and welcoming environment to the public. We are also reviewing our kenneling provision to ensure our kennel facilities continue to be fit for purpose and provide the most appropriate accommodation for the dogs in our care.
The branch will create an income strategy to include a retail portfolio which will ensure diverse income
streams.
The branch will appoint a Community Animal Welfare Officer to support the Inspectorate and ensure animals in need throughout Cornwall are reached as quickly as possible. Education in schools and beyond as well as prevention work is a key element of this role, we will engage with local communities to provide support and advice and continue with our welfare assistance programme to help those animals most in need.
- 4 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **Structure, governance and management**
The charity is legally a charitable unincorporated association i.e. a group of individuals who are committed to a purpose which is charitable according to law. It is set up as a Branch of the RSPCA and subject to its governing document, the Rules for Branches as updated in 2012.
In April 2020 the number of charity trustees fell below the number required for a quorum at meetings (4) and consequently the national Society, exercising powers under its Rules, appointed temporary trustees to run the Branch on 9 April 2020. The temporary trustees are Mr C J Laurence and Mrs C Allan, respectively the elected Chair and Vice Chair for the RSPCA South West Regional Board. Their primary task is to review the functioning of the branch and to get it in a position to be returned to more local control.
Those trustees will be recruited from local residents who have shown an interest in progressing animal welfare and who have the business skills to run the branch effectively. Critical to the success will be their ability to set achievable strategy and to monitor its implementation by the Branch Development Manager. In the first instance, local potential trustees will be recruited to work with the temporary trustees. This will allow them an effective induction period and the temporary trustees time to evaluate them as potential trustees. The temporary trustees aim to recruit and induct new local trustees during 2021 with a view to returning the Branch to local control by early 2022.
The temporary trustees have instituted a Scheme of Delegation. It sets out what decisions may be made by staff and their ability to authorise expenditure. It has been in place since early May 2020 and is working well.
The remuneration package of staff is controlled by the temporary trustees and is set in relation to the conditions in other comparable RSPCA Centres and branches.
The RSPCA Cornwall Branch is an independent charity but is governed by Branch Rules set out by the national RSPCA.
The Trustees who served during the year were: Mrs E Forty - Hon Branch Chairman (Replaced 9 April 2020) Mrs E Watts - Hon Branch Treasurer (Replaced 9 April 2020) Miss LD Carss - Hon Branch Secretary (Replaced 9 April 2020) Mr GB Hillman-Liggett (Replaced 9 April 2020) Mr S Stribley (Replaced 9 April 2020) Mrs M Sinclair (Resigned 9 April 2020) Mrs C Swiggs (Replaced 9 April 2020) Mrs C Allan (Appointed 9 April 2020) Mr C Laurence (Appointed 9 April 2020)
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The senior staff during the year were:
Mrs E Bowen - Branch Development Manager from 1st October 2020
Mrs K Evans - Finance Administrator
Miss M Kermode - Animal Centre Manager to 21 April 2020
Mr I Macfarlaine - Animal Centre Manager from 4th November 2020 until 11th February 2021. Completed notice period on 5th March 2021
Miss H Jones - Acting Centre Manager from 23rd March 2020 - Deputy Manager from 4th November 2020, Appointed Centre Manager from 12th February 2021
Mrs L Andrew - Administrator
The Trustees' r eport was approved by the Board of Trustees.
**Mrs C Allan** Trustee Dated: 24 May 2021
**Mr C Laurence** Trustee Dated:24 May 2021
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## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH STATEMENT OF TRUSTEES' RESPONSIBILITIES**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.
In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH INDEPENDENT AUDITOR'S REPORT**
## **TO THE TRUSTEES OF ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS**
## **Opinion**
We have audited the financial statements of Royal Society for the Prevention of Cruelty to Animals (the ‘charity’) for the year ended 31 December 2020 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice) .
In our opinion, the financial statements:
- give a true and fair view of the state of the charity’s affairs as at 31 December 2020 and of its incoming resources and application of resources, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS**
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees' r eport; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of Trustees**
As explained more fully in the s tatement of Trustees' r esponsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
- Obtain a understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We determined that the following laws and regulations were most significant: the Charities Act 2011;
- Review of the disclosures in the financial statements and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;
- Enquiries of management concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
- Reviewing minutes of trustee meetings and correspondence with regulators;
- Performing audit work in connection with the risk of management override of controls, including testing journal entries for reasonableness and evaluating the business rationale of significant transactions outside the normal course of busines s.
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH INDEPENDENT AUDITOR'S REPORT (CONTINUED)**
## **TO THE TRUSTEES OF ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS**
We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: http s :// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
## **Use of our report**
This report is made solely to the charity's trustees, as body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
**Mark Williams (Senior Statutory Auditor) for and on behalf of RRL LLP**
2 June 2021
**Chartered Accountants Statutory Auditor**
Peat House Newham Road TRURO Cornwall TR1 2DP
RRL LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.
- 10 -
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Current financial year**
**Unrestricted Endowment**
**Restricted**
**funds**
**funds**
**funds**
**Venton**
**Centre**
**2020**
**2020**
**2020**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
423,690
-
-
Charitable activities
To promote kindness and to prevent
or suppress cruelty to animals
**4**
29,183
-
-
Other trading activities
**5**
35,677
-
-
Investments
**6**
52,633
18,532
-
**Total income**
541,183
18,532
-
**Expenditure on:**
Raising funds
**7**
44,936
5,351
-
Charitable activities
To promote kindness and to prevent
or suppress cruelty to animals
**8**
714,296
-
29,712
**Total charitable expenditure**
714,296
-
29,712
Other
**14**
-
-
-
**Total resources expended**
759,232
5,351
29,712
Net gains/(losses) on investments
**13**
10,194
(16,457)
-
**Net movement in funds**
(207,855)
(3,276)
(29,712)
Fund balances at 1 January 2020
3,434,103
977,979
351,770
**Fund balances at 31 December**
**2020**
3,226,248
974,703
322,058|**Total**
**2020**
**£**
423,690
29,183
35,677
71,165
559,715
50,287
744,008
744,008
-
794,295
(6,263)
(240,843)
4,763,852
4,523,009|Total
2019
**£**
605,554
22,534
114,989
92,710
835,787
55,949
678,066
678,066
1,027
735,042
290,127
390,872
4,372,980
4,763,852|
|---|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure is derived from continuing activities.
- 11 -
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**Prior financial year**
**Unrestricted Endowment**
**Restricted**
**funds**
**funds**
**funds**
**Venton**
**Centre**
**2019**
**2019**
**2019**
**Notes**
**£**
**£**
**£**
**Income from:**
Donations and legacies
**3**
604,992
-
562
Charitable activities
To promote kindness and to prevent or
suppress cruelty to animals
**4**
22,534
-
-
Other trading activities
**5**
114,989
-
-
Investments
**6**
67,808
24,902
-
**Total income**
810,323
24,902
562
**Expenditure on:**
Raising funds
**7**
50,237
5,712
-
Charitable activities
To promote kindness and to prevent or
suppress cruelty to animals
**8**
644,346
-
33,720
**Total charitable expenditure**
644,346
-
33,720
Other
**14**
1,027
-
-
**Total resources expended**
695,610
5,712
33,720
Net gains/(losses) on investments
**13**
232,208
57,919
-
Gross transfers between funds
708
-
(708)
**Net movement in funds**
347,629
77,109
(33,866)
Fund balances at 1 January 2019
3,086,474
900,870
385,636
**Fund balances at 31 December 2019**
3,434,103
977,979
351,770|**Total**
**2019**
**£**
605,554
22,534
114,989
92,710
835,787
55,949
678,066
678,066
1,027
735,042
290,127
-
390,872
4,372,980
4,763,852|
|---|---|
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure is derived from continuing activities.
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## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH BALANCE SHEET**
## _**AS AT 31 DECEMBER 2020**_
|**Notes**
**Fixed assets**
Tangible assets
**15**
Investments
**16**
**Current assets**
Stocks
**18**
Debtors
**19**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**20**
Net current assets
**Total assets less current liabilities**
**Income funds**
Restricted funds
**21**
Endowment funds - Venton Centre
**22**
Unrestricted funds
Designated funds
**23**
General unrestricted funds|**2020**
**£**
**£**
857,691
3,082,713
3,940,404
10,625
35,598
571,965
618,188
(35,583)
582,605
4,523,009
322,058
974,703
722,831
2,503,417
3,226,248
4,523,009|**2019**
**£**
**£**
882,876
3,115,143
3,998,019
14,057
34,537
755,175
803,769
(37,936)
765,833
4,763,852
351,770
977,979
795,345
2,638,758
3,434,103
4,763,852|
|---|---|---|
The financial statements were approved by the Trustees on 24 May 2021
Mrs C Allan Mr C Laurence **Trustee Trustee**
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**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH STATEMENT OF CASH FLOWS**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**2020**
**2019**
**Notes**
**£**
**£**
**£**
**Cash flows from operating activities**
Cash (absorbed by)/generated from
operations
**29**
(261,026)
**Investing activities**
Purchase of tangible fixed assets
(19,516)
(3,833)
Proceeds on disposal of tangible fixed
assets
-
800
Purchase of investments
(568,518)
(367,723)
Proceeds on disposal of investments
594,685
416,751
Interest received
71,165
92,710
**Net cash generated from investing**
**activities**
77,816
**Net cash used in financing activities**
-
**Net (decrease)/increase in cash and cash**
**equivalents**
(183,210)
Cash and cash equivalents at beginning of year
755,175
**Cash and cash equivalents at end of year**
571,965|**£**
50,911
138,705
-
189,616
565,559
755,175|
|---|---|
- 14 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **Charity information**
Royal Society for the Prevention of Cruelty to Animals Cornwall Branch is a charitable unincorporated association registered in the United Kingdom. The address of the registered office is given in the charity information page of these financial statements. The nature of the charity’s operations and principal activities are to promote the work and objectives of the National Society – to promote kindness and to prevent or suppress cruelty to animals by all lawful means – with particular reference to the area of the Branch, in accordance with the policies of the Society.
## **1.1 Accounting convention**
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK Generally Accepted Accounting Practice. The charity is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling , which is the functional currency of the charity. Monetary a mounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
## **1.2 Going concern**
At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **1.3 Charitable funds**
Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.
Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements .
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
## **1.4 Incoming resources**
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
- 15 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.
## **1.5 Resources expended**
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:
- Costs of raising funds includes fundraising trading costs as listed in note 7 to the financial statements;
- Expenditure on charitable activities includes the items listed in note 8 to the financial statements; and
- Other expenditure represents those items not falling into the categories above.
Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.
## **Support costs allocation**
Support costs are those that assist the work of the charity but do not directly represent charitable activities and include governance costs. They are incurred directly in support of expenditure on the objects of the charity. Where support costs cannot be directly attributed to particular headings they have been allocated to cost of raising funds and expenditure on charitable activities on a basis consistent with use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Costs identifiable or apportioned to fundraising and the shops are included in fundraising trading expenditure.
## **1.6 Tangible fixed assets**
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings Over 50 years in equal instalments Fixtures and fittings 15% per annum on written down value Motor vehicles 25% per annum on written down value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in net income/(expenditure) for the year.
## **1.7 Fixed asset investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year . Transaction costs are expensed as incurred.
- 16 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
**(Continued)**
## **1.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .
## **1.9 Stocks**
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell . Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
## **1.10 Cash and cash equivalents**
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
## **1.11 Financial instruments**
The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
## _**Basic financial assets**_
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
## _**Basic financial liabilities**_
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
- 17 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **1 Accounting policies**
## **(Continued)**
## _**Derecognition of financial liabilities**_
Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.
## **1.12 Employee benefits**
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
## **1.13 Retirement benefits**
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
## **2 Critical accounting estimates and judgements**
In the application of the charity’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Donations and legacies**
|**Unrestricted**Unrestricted
Restricted
**funds**
funds
funds
**2020**
2019
2019
**£**
£
£
Donations and gifts
94,935
88,639
562
Legacies receivable
287,035
516,353
-
Government Grants
41,720
-
-
423,690
604,992
562|Total
2019
£
89,201
516,353
-
605,554|
|---|---|
HMRC - grants have been received totalling £10,386 (2019: £Nil) to help with the furloughed staff whilst in a nationwide lockdown due to COVID-19.
Cornwall Council - grants have been received totalling £31,334 (2019: £Nil). The local restrictions support grant has been issued to help businesses during the national lockdown and COVID-19 outbreak.
- 18 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **4 Charitable activities**
|Animal centre income
**Other trading activities**
Auxiliaries and commission income
Income from charity shops
Other sales income
Event and other income|**2020**
**£**
29,183|**2020**
**£**
4,454
23,695
3,821
3,707
35,677|2019
£
22,534
2019
£
10,047
89,965
7,913
7,064
114,989|
|---|---|---|---|
## **5 Other trading activities**
## **6 Investments**
|**Unrestricted Endowment**
**funds**
**funds**
**Venton**
**Centre**
**2020**
**2020**
**£**
**£**
Income from listed
investments
45,561
11,709
Interest receivable
7,072
6,823
52,633
18,532|**Total**Unrestricted Endowment
funds
funds
Venton
Centre
**2020**
2019
2019
**£**
£
£
57,270
59,046
17,098
13,895
8,762
7,804
71,165
67,808
24,902|Total
2019
£
76,144
16,566
92,710|
|---|---|---|
- 19 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **7 Raising funds**
|**Unrestricted Endowment**
**funds**
**funds**
**Venton**
**Centre**
**£**
**£**
Fundraising and publicity
Stationery, advertising and miscellaneous
814
-
Goods for resale and fundraising costs
65
-
Staff costs
710
-
Fundraising and publicity
1,589
-
Trading costs
Operating charity shops
3,508
-
Animal Centre goods for resale
1,895
-
Staff costs
-
-
Support costs (see note 9)
22,700
-
Trading costs
28,103
-
Investment management
15,244
5,351
44,936
5,351
**For the year ended 31 December 2019**
Fundraising and publicity
2,396
-
Trading costs
31,110
-
Investment management
16,731
5,712
50,237
5,712|**Total**
**2020**
**£**
814
65
710
1,589
3,508
1,895
-
22,700
28,103
20,595
50,287|Total
2019
£
896
893
607
2,396
4,623
2,907
880
22,700
31,110
22,443
55,949
2,396
31,110
22,443
55,949|
|---|---|---|
- 20 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **8 Charitable activities**
|Staff costs
Depreciation and impairment
Centre animal care costs
Centre running expenses
Utilities
Maintenance fund expenses
Centre and future development costs
Animal welfare costs
Veterinary fees
Payments to Regional Headquarters
Insurance
Stationery, advertising and miscellaneous
Contribution to Branch Emergency Fund
Support costs (see note 9)
Governance costs (see note 9)
**Analysis by fund**
Unrestricted funds
Restricted funds
**For the year ended 31 December 2019**
Unrestricted funds
Restricted funds|**2020**
**£**
416,803
44,701
32,710
37,312
33,439
6,619
10,680
44,636
46,380
5,268
2,912
3,351
50,000
734,811
3,600
5,597
744,008
714,296
29,712
744,008|2019
£
407,403
41,934
30,061
48,947
35,876
4,867
1,706
40,351
50,276
1,378
2,923
3,796
-
669,518
3,780
4,768
678,066
644,346
33,720
678,066|
|---|---|---|
- 21 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **9 Support costs and governance**
|**Support**
**costs**
**Governance**
**costs**
**£**
**£**
Operating lease charges
26,300
-
Audit fees
-
2,600
Accountancy
-
1,950
Trustees expenses
-
1,047
26,300
5,597
Analysed between
Trading
22,700
-
Charitable activities
3,600
5,597
26,300
5,597|**2020**
**£**
26,300
2,600
1,950
1,047
31,897
22,700
9,197
31,897|2019**Basis of allocation**
£
26,480 Actual
2,400 Actual
1,800 Actual
568 Actual
31,248
22,700
8,548
31,248|
|---|---|---|
## **10 Net movement in funds**
||||
|---|---|---|
|**Net movement in funds**|**2020**|2019|
||**£**|£|
|Net movement in funds is stated after charging/(crediting)|||
|Fees payable to the company's auditor for the audit of the company's|||
|financial statements|2,600|2,400|
|Depreciation of owned tangible fixed assets|44,701|41,934|
|Loss on disposal of tangible fixed assets|-|1,027|
|Operating lease charges|26,300|26,480|
Fees payable to the company's auditors for other services totalled £1,950 (2019: £1,800).
## **11 Trustees**
None of the Trustees (or any persons connected with them) received any remuneration during the year .
Three Trustees were reimbursed a total of £ 1,047 for travelling expenses (2019 - one Trustee was reimbursed £ 568 ).
- 22 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **12 Employees**
## **Number of employees**
The average monthly number of employees during the year was:
|Charitable activities
Support and administration
**Employment costs**
Wages and salaries
Social security costs
Other pension costs|**2020**
**Number**
22
2
24
**2020**
**£**
387,601
23,210
6,702
417,513|2019
Number
22
2
24
2019
£
382,049
21,086
5,755
408,890|
|---|---|---|
Included within the above wages and salaries costs is £730 in relation to employees termination costs (2019: £Nil).
The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.
The pension charge represents contributions payable to the scheme for the year of £6,702 (2019: £5,755). There were outstanding contributions payable at the year end of £611 (2019: £526).
There were no employees whose annual remuneration was £60,000 or more.
## **13 Net gains/(losses) on investments**
|**Unrestricted Endowment**
**funds**
**funds**
**Venton**
**Centre**
**2020**
**2020**
**£**
**£**
Revaluation of
investments
62,650
(13,997)
Gain/(loss) on sale of
investments
(52,456)
(2,460)
10,194
(16,457)|**Total**Unrestricted Endowment
funds
funds
Venton
Centre
**2020**
2019
2019
**£**
£
£
48,653
228,580
44,573
(54,916)
3,628
13,346
(6,263)
232,208
57,919|Total
2019
£
273,153
16,974
290,127|
|---|---|---|
- 23 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **14 Other**
||**2020**|2019|
|---|---|---|
||**£**|£|
|Net loss on disposal of tangible fixed assets|-|1,027|
## **15 Tangible fixed assets**
|**Freehold land**
**and buildings**
**Fixtures and**
**fittings**
**Motor vehicles**
**£**
**£**
**£**
**Cost**
At 1 January 2020
1,906,637
142,367
11,313
Additions
-
11,016
8,500
At 31 December 2020
1,906,637
153,383
19,813
**Depreciation and impairment**
At 1 January 2020
1,060,124
108,018
9,299
Depreciation charged in the year
35,268
6,805
2,628
At 31 December 2020
1,095,392
114,823
11,927
**Carrying amount**
At 31 December 2020
811,245
38,560
7,886
At 31 December 2019
846,513
34,349
2,014|**Total**
**£**
2,060,317
19,516
2,079,833
1,177,441
44,701
1,222,142
857,691
882,876|
|---|---|
Freehold land and buildings represents the Venton Centre, Quoit, St Columb, Cornwall in which the branch holds an equitable interest in the freehold. The legal ownership is vested in the national charity, who hold the property as custodian Trustee for the Cornwall Branch.
Included in freehold land and buildings is £143,260 (2019: £143,260) of land which has not been depreciated.
- 24 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **16 Fixed asset investments**
||**Listed**|
|---|---|
||**investments**|
||**£**|
|**Cost or valuation**||
|At 1 January 2020|3,115,143|
|Additions|568,518|
|Valuation changes|48,653|
|Disposals|(649,601)|
|At 31 December 2020|3,082,713|
|**Carrying amount**||
|At 31 December 2020|3,082,713|
|At 31 December 2019|3,115,143|
The cost of the above investments at 31 December 2020 was £2,628,625 (2019: £2,597,582).
|**17**
**Financial instruments**
**Carrying amount of financial assets**
Instruments measured at fair value through profit or loss
**18**
**Stocks**
Animal centre stock and goods for resale
**19**
**Debtors**
**Amounts falling due within one year:**
Other debtors
Prepayments and accrued income|**2020**
**£**
3,082,713
**2020**
**£**
10,625
**2020**
**£**
27,880
7,718
35,598|**2019**
**£**
3,115,143
**2019**
**£**
14,057
**2019**
**£**
26,201
8,336
34,537|
|---|---|---|
- 25 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH**
**NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**20**
**Creditors: amounts falling due within one year**
Other taxation and social security
Trade creditors
Accruals and deferred income|**2020**
**£**
-
17,620
17,963
35,583|**2019**
**£**
4,041
13,839
20,056
37,936|
|---|---|---|
- 26 -
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **21 Restricted funds**
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
|**Balance at**
**1 January 2019**
**£**
Capital Fund - Venton Centre Fund
320,937
Capital Fund - Bulk Store Extension Fund
29,480
Capital Fund - Other Funds
2,224
Cash Fund - Molly/Golden Oldie Fund
5,519
Cash Fund - Legacy Fund
5,771
Cash Fund - Mixer Run Fund
660
Cash Fund - Cat Microchipping Fund
20,945
Cash Fund - Exeter University Fund
100
385,636|**Movement in funds**
**Incom e**
**E xpend iture**
**£**
**£**
-
(15,034)
-
(740)
-
(333)
500
(11,515)
-
(5,771)
-
(28)
62
(299)
-
-
562
(33,720)|**Transfers**
**Balance at**
**1 January 2020**
**E xpend iture**
**Balance at**
**31 December**
**2020**
**£**
**£**
**£**
**£**
-
305,903
(15,033)
290,870
-
28,740
(740)
28,000
-
1,891
(284)
1,607
20,100
14,604
(13,655)
949
-
-
-
-
-
632
-
632
(20,708)
-
-
-
(100)
-
-
-
(708)
351,770
(29,712)
322,058|
|---|---|---|
- 27 -
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **21 Restricted funds**
**(Continued)**
## **Purposes of restricted funds**
## _Venton Centre Fund_
The fund represents a grant of £50,000 from the RSPCA and a donation of £675,000 towards the cost of building the Venton Centre, less depreciation to date.
## _Bulk Store Extension/Other Funds_
These funds represent the net book value of certain fixed assets not held in other funds.
## _Molly/Golden Oldie Fund_
This fund is to meet veterinary expenses that are over and above usual expenses in rehoming animals.
## _Legacy Fund_
The legacy fund represents a legacy which provides for keeping and caring for unwanted dogs in Cornwall.
## _Mixer Run Fund_
This fund is specifically for the mixer run.
## _Cat Microchipping Fund_
This fund is to help owners on benefits with the cost of microchipping their cats. During the year this fund was amalgamated with the Cat Neutering Campaign.
## _Exeter University Fund_
This fund is to subsidise an internship.
- 28 -
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **22 Endowment funds - Venton Centre**
These funds of the charity are held in endowment funds and comprise the follow ing unexpended balances :
||||**Movement in funds**|**Movement in funds**|||**Movement in funds**|**Movement in funds**|||
|---|---|---|---|---|---|---|---|---|---|---|
|||**Balance at**|**Income**|**E xpend iture Revaluations,**||
**Balance at**|**Income**|**E xpend iture Revaluations,**||**Balance at**|
||**1**|**January 2019**|||**gains and**|
**1 January 2020**|||**gains and**|**31 December**|
||||||**losses**||||**losses**|**2020**|
|||**£**|**£**|**£**|**£**|
**£**|**£**|**£**|**£**|**£**|
|The Venton Centre Endowment Fund||900,870|24,902|(5,712)|57,919|
977,979|18,532|(5,351)|(16,457)|
974,703|
The Endowment Fund represents an original donation of £499,971 plus investment income earned to date less investment management charges incurred to date, and adjusted for the revaluation of investments at the balance sheet date. The Fund was set up to provide income to be applied to meet future deficits, should they arise. £ 1 70 , 472 (2019: £157 , 291) of the Fund represents income available to the Trustees against future operational deficits and is therefore expendable. The original investment into the fund represents a permanent endowment.
- 29 -
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **23 Designated funds**
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
|**Balance at**
**1 January 2019**
**£**
Capital Reserve
570,164
Centre Development Fund
76,846
Future Development Fund
39,624
Future Capital Expenditure Fund
4,424
25th Anniversary Fund
15,000
Kennel Refurbishment Fund
10,800
Cat Neuter Campaign
15,248
Maintenance Fund
49,249
Training Fund
5,045
Other Funds
9,055
795,455|**Movement in funds**
**Income**
**E xpend iture**
**£**
**£**
-
(25,827)
-
(374)
-
(1,332)
-
-
-
-
-
-
-
(23,099)
23,259
(8,700)
-
-
-
(1,750)
23,259
(61,082)|**Transfers**
**Balance at**
**1 January 2020**
**£**
**£**
2,005
546,342
-
76,472
-
38,292
-
4,424
-
15,000
-
10,800
30,708
22,857
-
63,808
-
5,045
5,000
12,305
37,713
795,345|**Movement in funds**
**Income**
**E xpend iture**
**£**
**£**
-
(28,644)
-
(5,930)
-
(5,480)
-
-
-
-
-
(1,051)
4,250
(30,823)
4,096
(6,619)
-
-
-
(158)
8,346
(78,705)|**Transfers**
**Balance at**
**31 December**
**2020**
**£**
**£**
19,516
537,214
-
70,542
(8,500)
24,312
(4,424)
-
(15,000)
-
-
9,749
20,000
16,284
(10,646)
50,639
-
5,045
(3,101)
9,046
(2,155)
722,831|
|---|---|---|---|---|
Included in Other Funds are the following balances as at 31 December 2020:
|Police Bull Breeds
Networking Fund|£ 5 ,275
£ 3,771
£9,046|
|---|---|
- 30 -
## **ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)**
## _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **23 Designated funds**
## **(Continued)**
## **Purposes of designated funds**
_Capital Reserve -_ This fund equals the net book value of tangible fixed assets not in restricted funds. _Centre Development Fund -_ This fund is for development of the animal centre. _Future Development Fund -_ This fund is for development of the charity and its activities. _Future Capital Expenditure Fund_ - This fund is for future capital expenditure at the Animal Centre. _25 th Anniversary Fund_ - This fund is for activities to celebrate the 25 th Anniversary of the Branch. _Kennel Refurbishment Fund_ - This fund is for refurbishment of the Kennels. _Cat Neuter Campaign_ - This fund is for neutering cats in Cornwall. _Maintenance Fund_ - This fund is for maintenance of the animal centre. _Training Fund_ - This fund is for training staff, volunteers or Trustees. _Police Bull Breeds -_ This fund is for a neutering campaign for Bull Breeds of dogs. _Networking Fund -_ This fund will enable the centre to move animals between other rehoming facilities.
## **24 Analysis of net assets between funds**
|**Unrestricted**
**funds**
**Endowment**
**funds**
**Restricted**
**funds**
**2020**
**2020**
**2020**
**£**
**£**
**£**
Fund balances at 31 December 2020 are
represented by:
Tangible assets
537,214
-
320,477
Investments
2,327,435
755,278
-
Current assets/(liabilities)
361,599
219,425
1,581
3,226,248
974,703
322,058|**Total**Unrestricted
funds
Endowment
funds
**2020**
2019
2019
**£**
£
£
857,691
546,342
-
3,082,713
2,337,010
778,133
582,605
550,751
199,846
4,523,009
3,434,103
977,979|Restricted
funds
2019
£
336,534
-
15,236
351,770|Total
2019
£
882,876
3,115,143
765,833
4,763,852|
|---|---|---|---|
- 31 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
## **25 Operating lease commitments**
## **Lessee**
At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
|Within one year
Between two and five years
**Related party transactions**
**Remuneration of key management personnel**
The remuneration of key management personnel is as follows.
Aggregate compensation|**2020**
**£**
15,204
9,625
24,829
**2020**
**£**
93,376|**2019**
**£**
23,204
6,004
29,208
**2019**
**£**
93,174|
|---|---|---|
## **26 Related party transactions Remuneration of key management personnel**
## **27 Contingent assets**
At the year end the charity had been notified of further legacies likely to be received, however at the date of approval of these financial statements an estimate of the amount receivable could not be reasonably quantified.
## 28 **Analysis of changes in net funds**
The charity had no debt during the year.
- 32 -
**ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)** _**FOR THE YEAR ENDED 31 DECEMBER 2020**_
|**29**|**Cash generated from operations**|**2020**|**2019**|
|---|---|---|---|
|||**£**|**£**|
||(Deficit)/surpus for the year|(240,843)|390,872|
||Adjustments for:|||
||Investment income recognised in profit or loss|(71,165)|(92,710)|
||(Gain)/loss on disposal of tangible fixed assets|-|1,027|
||Loss/(gain) on disposal of investments|54,916|(16,974)|
||Fair value gains and losses on investments|(48,653)|(273,153)|
||Depreciation and impairment of tangible fixed assets|44,701|41,934|
||Movements in working capital:|||
||Decrease/(increase) in stocks|3,432|(2,702)|
||(Increase)/decrease in debtors|(1,061)|5,250|
||(Decrease) in creditors|(2,353)|(2,633)|
||**Cash (absorbed by)/generated from operations**|(261,026)|50,911|
- 33 -