RRL
Charity ragistration number 1024808
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr C Laurence
Mrs J Shepherd
Mrs F Varcoe
Mr J Pertwee
Mr M Mealing
Mrs N Howe
IAppointed 17 February 20221
IAppointed 17 February 20221
Charty number
1024808
Prlnclpal address
The William & Palrirya Venton Animal Centre
Quof(
ST COLUMB
Cornwall
TR9 6JS
Auditor
RRL LLP
Peal House
Newham Road
TRURO
Cornwall
TR1 2DP
Bankars
Royal Bank of Scotland
2 Old Town Street
PLYMOUTH
Devon
PL1 1DP
Lloyd5 Bank PIC
7 Boscawen Street
TRURO
Cornwall
TR1 2QT
Sanlander (London)
2 Trilon Square
Regent's Place
LONDON
NW1 3AN
Solicitors
Nalders LLP
Cannis House
Chapmans Way
ST AUSTELL
Cornwall
PL25 4QU

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
LEGAL AND ADMINISTRATIVE INFORMATION
Investment advisors
Rathbone Investment Management Ltd
The Senate
Soulhemhay Gardens
EXETER
Devon
EX1 1UG
Brewin Dolphin Ltd
Ashleigh Court
Ashleigh Way
Langage Business Park
PLYMOUTH
Devon
PL7 5JX
A Kirk
Francis Clark Financial Planning
Lowin House
Tregolls Road
TRURO
Cornwall
TR1 2NA

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
CONTENTS
Page
Trustees, report
Stslemenl of Trustees, responsibilities
Independent auditorfs report
Statement of financial activities
Balance sheet
10
Stslemenl of cash flows
Notes lo the financial statements
12-29

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
TRUSTEES. REPORT
RRL
FOR THE YEAR ENDED 31 DECEMBER 2022
The Trustees present their report and financial statements for the year ended 31 December 2022.
The financial statements have been prepared in accordance with the accounting poliaes set out in note 1 to the
financial slalements 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 IFRS 1021.
leffective 1 January 20191.
Objectives and activities
The objects of the Branch are lo promote the work and objectives of the National Society- lo promote kindness and
to prevent or suppress cruelty to animals by all lawFul means with particular reference to the Cornwall and Isles of
Sally areas, in accordance with the policies of the Society.
The aim of the branch has been to provide far rea¢hing care for all animals throughout the branch area in the most
cost-effective way. This has been achieved in collaboration with the RSPCA inspeclorale that is funded by the
national Society.
Achievements and perfomiance
The branch has managed to achieve a number of the aims and objectives set out in last year's report. In May, the
branch held its first AGM since 2019 as we welcomed members lo come along and meet our new, locally elected
ttuslees. The committee ha5 worked extremely hard lo build a strong leadership team of professionals which bring
together relevant skills, knowledge and experience lo work cohesively in the best interests of the branch.
2022 was another extremely busy year for us and we have certainly stepped up lo the challenge. Imiilst the worfd
began to get back to normal after the pandemic, we recognised that there was still a risk to our staff and volunteers
so we have continued to welcome visitors on an appointment only basis. The success of this approach is evident in
our ability to continue to rehome some of the most challenging and neglected animals, ensuring quality lime is spent
with new owners during pre and post adoption support. The demand for our services is greater than ever as we
entered into a cost-of-living crisis and we continued lo see high demand for animal Space al our cenlre. 504
domestic animals came Into our care during 2022. 400 of which were successfully rehomed. Others were
transferred lo neighbouring RSPCA branches where they would appeal lo a new audience, and sadly 40 animals
did have lo be euthanised for health and behavioural reasons followng veterinary and behaviourisl advice.
Another devastating virus soon had a huge impact on our operations in 2022 in the form of Avian Flu. This virus has
wiped out huge numbers of seabirds throughout Cornwall and meant restrictions were placed on our ability to
rescue, rehabililale and rehome all birds. This accounts for the reduction in the number of wildlife we were able ID
admit lo the cenlre, we saw just 59 animals this year, we are hopeful that DEFRA reslriclions will ease next year
and we can continue lo ensure we are there for the wldlife that need our help throughout Cornwall.
As our branch Animal Welfare team worked tirelessly throughout Cornwall with the aim lo support owners lo keep
their animals with them, the branch issued 177 vouchers for veterinary welfare support. 134 animals were
microchipped in the community and we paid for neutering vouchers for 231 animals. The recruitment of our new
Clinical Animal Behaviourist in October has meant we have also been able to provide specialist care to all of the
animals at our centre, giving them the best Possible Chan￿ of finding a new home. To support owners during the
cosl-of-living crisis who have decided lo relinquish their animal, we have been there to offer behavioural advi￿ and
support with the aim of keeping that animal In the home. This is in addition lo the puppy and dog training classes
that we have launched at the branch, ensuring that animals have the best possible start in life and leaching
responsible animal ownership throughout the community. We continue lo offer off lead exercise facilities for dogs in
the community through the use of our secure field, this has grown in popularity throughout the year and is a reliable
source of income.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
RRL
We are passionate about our prevention and education work and following a surge of interest for available
placements, we recruited an Education OffI￿r lo support our Prevention Manager in the delivery of our animal
welfare programmes which support young people from disadvantagèd backgrounds lo build empathy and
compassion for all animals. This work is fully funded through our partnership agencies such as Social Services and
the NHS. During 2022 we reached over 1500 children and young people.
The bran¢h took part in the Kickslart scheme to support young people into work. We supported four young people
for six months. teaching them new skills and knowledge. The scheme was extremely successful and we were lucky
enough to find a person with huge potential that we have now recruited on a full lime basis.
As part of our five-year strategy implemenlalion, the branch opened two new charity shops Lluring the year. With
premises in Truro opening in August and Nwquay in December. These shops will enable us lo build new
community relationships and provide much needed funds for the branch. Meeting different audiences and promoting
our work in these new areas will build resilience and future support. We continued lo develop our income diversity
through the introduction of our new corporate sponsorship scheme and enjoyed many events at the ¢enlre including
our Summer Fayre and dog show, Easter and Halloween events and our Christmas Fayre.
The branch makes extensive use of a wde variety of willing volunteers. Unfortunately, following the pandemic,
some volunteers decided not to return and we wish them all the best for the future and thank them for their hard
work. We have carried out several volunteer recruitment drives and now have 179 branch volunteers that support us
in many ways either working directly al the centre or supporting our charity shops in hands-on roles. Other
volunteers have been recruited specifically to carry out fundraising activities as part of our team or individually.
Several of these have been given 'Community Officer, roles which see them becoming champions of animal welfare
in their home towns throughout Cornwall. spreading the message of the work that we do. We are extremely grateful
to all of our volunteers and could not help as many animals as we do without them. Our biggest success with
volunteers is our new fostering scheme. The branch has successfully recruited 110 fosterers throughout 2022. This
area of volunteering is so important lo ensure animals that find kennel and cattery life very difficult, can be placed in
a home environment wth the best possible chance of a positive future.
Financial review
Incomè for the year was £902,226 and expènditure was £1,076,785, giving a trading deficit of £174,559. The deficit
was further increased lo £457,086 by losses in investment values of £282,527.
The branch uses investment managers Brewin Dolphin and Rathbones and risk levels are 'Caulious with risk, and
'Lower risk, respectively. This is designed to provide a dividend income whilst protecting capital. The branch
continues to operate a Finance committee to focus on branch finances. The committee carried out a full review of
our investment portfolio in 2022. Following considerable research and proposals from several investment houses,
trustees decided lo move forward Into 2023 carrying our investments using only Brewin Dolphin.
The proportion of income for the branch provided by lègacies remains high The branch rèmains committed to
building diverse income streams to avoid reliance on legacy income. This continues to be extremely challenging in
the light of the cosl-of-living crisis.
The branch has cash reserves and will therefore remain in a sustainable position for the foreseeable future,
however the cost of the future building works and cost of living crisis on the economy and individual's ability to
donate, increases the need to source additional and diverse income streams.
Rese￿eS policy
The charity relies heavily on donations and legacies, both of which can fluctuate enormously from year lo year lo
fund rts animal welfare work in the county including the running of the Animal Centre. Trustees are continually
monitoring the level of free reserves, however, the ongoing economic crisis owing lo the coronavirus pandemic, cost
of living crisis and Brexit, has affected both investment values, donations and legacy income and consequently il is
thought advisable lo reconsider the reserves policy in the light of income during 2023. Free reserves are defined as
unrestricted funds not held as tangible assets or designated for particular purposes. As at 31 De¢ember 2022 free
reserves totalled £809,538 which equates to just over 9 month's operating expenditure.
The trustees consider the charity to be a going concern. The Trustees have assessed the major risks lo which the
charity Is exposed, and are satisfied that systems are in place to mitigate exposure lo the major risks.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
TRUSTEES. REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
RRL
Plans for future periods
The National Society will be introducing a new Partnership ag￿ement with branches in 2023 that will enable us to
become an Charitable Incorporated Organisalion. As soon as this is possible. trustees will apply lo the Charity
Commission to do so.
The branch re￿iVed full planning permission in 2022 to go ahead with our new build plans as part of our current
five-year strategy. Vve anticipate this work will begin in 2023 and will provide much needed accommodation that is fit
for purpose lo our dogs on site. The build wll also include a new training bam with multipurpose use, enabling us ID
have an indoor area lo carry out our public dog training classes and lo build upon our current Prevention and
Education work. This facility will provide a safe learning space that will also enable us to begin welcoming holiday
club children on sile from 2023, providing crucial prevention work as well as further income.
The branch places huge emphasis on investment in stsff development. We have enrolled one of our Current staff
members onto a Level 3 City and Guilds Dog Grooming wurse. which will allow us to provide grooming SeNi￿S to
the public from 2023. This service ￿ll11 not only promote responsible dog ownership and prevent suffering bul will
provide future income from more diverse streams.
We are committed lo working towards minimising our environmental Impact and will be installing solar panels in
2023 which will power a considerable part of our animal Centre. We have also upgiaded our healing and Iighling
systems lo reduce energy consumption and costs.
The branch plans lo open one further charity shop in 2023 to build on our community presence and source
sustainable income.
Stru￿Ure. 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 sel up as a Branch of the RSPCA and subject to ils governing
document, the Rules for Branches as updated in 2012.
The Trustees held an AGM in May 2022 and elected five Iruslees. One further trustee was then ¢(￿OpIed lo serve
on the committee for twelve months. The remuneration package of staff is controlled by the Iruslees and is sel in
relation lo the conditions in other Comparable RSPCA Cenlres and branches.
The Trustees who served during the year were..
Mrs C Allan
(Until 12th May 20221
Mr C Laurence IC(Fopted 12th May 20221
Mrs J Shepherd (Elected 12th May 20221
Mrs F Varcoe
(Elected 12th May 20221
Mr J Pertwee
(Elected 12th May 20221
Mr M Mealing (Elected 12th May 20221
Mrs N Howe
(Elected 12th May 20221
The senior staff during the year were..
Mrs E Bowen - Chief Executive Officer
Mrs K Evans- Finance Manager
Miss H Jones- Centre Manager
Mrs LAndrew- Administrator
The Trustees, ￿port was approved by the Board of Trustees.
Mr J Pertwee
Trusteg
2 May 2023

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
STATEMENT OF TRUSTEES, RESPONSIBILITIES
FOR THE YEAR ENDED 31 DECEMBER 2022
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
Pradicel.
The law applicable to charities in England and Wales requires the Trustees lo prepare financial stslemenls for each
financial year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and
application of resoLJr¢es 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 eslimales that are reasonable and prudent.,
slate whether applicable accounting standards have been followed, subject lo any material departures disclosed
and explained in the financial statements,. and
prepare the financial slalements on the going concern basis unless il is inappropriate lo presume that the charity
will continue in operation.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al
any lime the financial position of the charity and enable them lo ensure that the fi'nancial statements comply with the
Charities Act 2011, the Charity IAccounts and Reports) Regulations 2008 and the provisions of the trust deed. They
are also responsible for safeguarding the assets of the charity and hen￿ for tsking reasonable steps for the
prevention and detection of fraud and other irregularities.

RRL
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 CORNWALL BRANCH
Opinion
We have audited the financial statements of Royal Society for the Prevention of Cruelly to Animals Cornwall Branch
Ilhe 'charty'l for the year ended 31 December 2022 which comprise the statement of financial aclivrties, the balance
sheet, the slalement of cash flows and the notes to the financial slalements, 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 R&porting
Standard applicable in the UK and Republio of I￿}￿nd (United Kingdom General1YA￿epted Accounting Pra¢licel.
In our opinion, the financial slatemenls..
give a true and fair view of the slate of the charity's affairs as at 31 December 2022 and of its incoming
resources and application of resources, for the year then ended.,
have been properly prepared in accordance wlh United Kingdom Generally Accepted Accounting Practice,"
and
have been prepared in accordance with the requirements of the Charities Ad 2011.
Basis for opinion
We conducted our audit in accordance wlh International Standards on Auditing IUKI IISAS IUKII and applicable
law. Our responsibilities under those standards are further described in the Audilorts responsibilrties 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 lo our audit of the financial statements in the UK, including the FRC'S Ethical
Stsndard, and we have fulfilled our other ethical responsibilities in accordance ¥Mth these requirements. We believe
that the audit evidence we have obtsined is sufficient and appropriate lo provide a basis for our opinion.
Concluslons relatlng to golng conc&rn
In auditing the financial statements, we have conduded that the Trustees use of the going concern basis of
accounting in the preparation of the financial slaternenls 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 doubl on the charity's ability lo Continue as a going
concern for a period of at least fvjelve months from when the financial slalements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect lo going Con￿rn are described in the
relevant sections of this report.
Other Infomiatlon
The other Information comprises the information included In the annual report other than the financial slalements
and our auditor's report Ihereon. The Trustees are responsible for the other information contained wthin the annual
report. Our opinion on the financial 51alemenls does not cover the other Infotmation and we do not express any fotrn
of assurance conclusion Ihereon. Our responsibility is lo 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 lo be materially misslaled. If we identify such material inconsistencies
or apparent material misstatemenls, 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 lo report In this regard.
Matters on which are required to report by exception
We have nothing lo report in respect of the following matters in relation to which the Charities (Accounts and
Reports) Regulations 2008 require us lo report lo you if, in our opinion".
the information given in the financial statements is inconsistent in any material resped with the Trustees,
report., 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.

RRL
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 CORNWALL BRANCH
Responsibilities of Trustees
As explained more fully in the slalement of Trustees, responsibilities, 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 detemine is necessary lo enable the preparation of financial statements that are
free from material misstslemenl, whether due to fraud or error. In preparing the financial slalements. 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 ¢oncern basis of accounting unless the Trustees either intend lo ¢ease
operations, or have no realistic altemative but to do so.
Audltorfs responslbllltlgs for the audlt of the flnanclal statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance wth the
Act and relevant regulations made or having effect Ihereunder.
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from
material misslalemenl, whether due to fraud or error, and to issue an auditorfs 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 IUKI will always detect a material misstslemenl when il exists. mi551alemen15 can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be expected lo influence
the economic decisions of users taken on the basis of these financial slatemenls.
Irregularities, induding fraud, are instances of non-compliance with laws and regulations. We design procedures in
line with our responsibilities, oulined above, to detect material misstatements in respect of irregularities, including
fraud.
As part of our aLJdit work, we obtained an understanding of the legal and regulatory frameworks applicable to the
charity and the sector in which they operate. We determined that the laws and regulations that were most
significant were those that have a direct impact on the preparation of the financial statements such as the Charities
Act 2011, and cornpliance wth the Gharilies Statement of Recommended Practice. In addition, we have considered
provisions of other laws and regulations that do not have a direct effect on the financial slalemenls bul compliance
with which may be fundamental lo the Charity's ability lo operate or lo avoid a material penalty. These include
animal welfare, data protection, health and safety, licensing acts, gambling acts and employment legislation. The
specific procedures for this engagement and the e*cent to which these are capable of dele¢ling irregularities,
including fraud is detailed below..
Review of the disclosures in the financial statements and testing to supporting documentation lo assess
Complian￿ with provisions of relevant laws and regulations described as having a direct effect on the financial
stalemenls.,
Enquiries of management wncerning actual and potential liligalion and claims",
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of
material misslalement due to fraud",
Reviewing minutes of Trustee meetings and corresponden￿ with regulators.,
Performing audit work in connection with the risk of management override of controls, including testing journal
entries for reasonableness, evaluating the business rationale of significant transactions outside the normal
course of business and reviewing accounting eslimales for potential bias.
We also Communicate relevant identified laws and regulations and potential fraud risk to all engagement team
members and remain alert lo any indications of fraud or non-compliance wth 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
lèading to a matèrial misslatemenl in the financial statements or non-compliance wrth regulation. This risk
increases the more that compliance with a law or regulation is removed from the events and transactions reflected
in the financial slalements, as we will be less likely lo become aware of instsnces 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.

RRL
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 CORNWALL BRANCH
A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11
www.frc.org.uklOur-WorklAudiVAudit-and-assurancelStandards-and-guidancelStandards-an&guidance-for-
auditorslAuditors-respDnsibilities-for-audiVDescriplion-of-audilors-responsibililies-for-audit.aspx. This description
fomis part of our auditor's report.
This report is made solely lo the charity's Trustees, as body, in accordance wth part 4 of the Char(ties (Accounts
and Reports) Regulations 2008. Our audit work has been undertaken so that we might slate to the charity's trustees
those mallers we are required to slate lo them in an auditors, report and for no other purpose. To the fullest exlenl
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.
RRL LLP
19 May 2023
Chartered Accountants
ststutory Auditor
Peal 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 section 1212 of the Companies Act 2006.

RRL
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 2022
Current financial year
Unrestrlcted Endowment Restrlcted
funds
funds
funds
Venton
Centre
2022
Total
Totsl
2022
2022
2022
2021
Notes
Income from:
Donations and legacies
Charitable activities
To promote kindness and lo prevent or
suppress cruelty lo animals
Other trading adivities
Investments
613,935
30,117
644,052
473,484
99,614
83,567
53,990
99,614
83.567
74.993
55,840
27,427
68.730
21,003
Total Income
851,106
21,003
30,117
902.226
625,481
enditure on-
Raising funds
96,038
5,761
101,799
48,600
Charitable activities
To promote kindness and to p￿vent or
suppress cruelty lo animals
919,080
55,597
974,677
755,742
Total charitable èxpenditure
919,080
55,597
974,677
755,742
other
14
309
309
842
Totsl 9xpendllurg
1,015,427
5,781
55,597
1,076,785
805,184
Net gainslllossesl on investments
12
1229,4961
153,0311
1282,527}
239,439
Net loutgoingllincoming resources before
transfers
1393,8171
137,7891
125,4801 1457,086}
59,736
Gross transfers between funds
{10,0001
10,000
Net movement in funds
1403,8171
137,7891
115,4801 1457,086}
59,736
Fund balances at 1 January 2022
3,384,364
892,887
305,494
4,582,745
4,523,009
Fund balan￿$ at 31 D￿mber 2022
2,980,547
855,098
290,014
4.125,659
4,582,745
The statement of financial activities indudes all gains and losses recognised in the year.
All income and expenditLJre is derived from continuing activities.

RRL
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 2022
Prior financial year
Unrestrlcted Endowment Re$trlcted
funds
funds
funds
Venton
Centre
2021
Totsl
2021
2021
2021
Notes
Income from:
Donations and legacies
Charitable activities
To promote kindness and to prevent or suppress
cruelly to animals
Other trading adivities
Investments
473,084
400
473,484
55,840
27,427
51,225
55,840
27,427
68.730
17,505
Total Income
607,576
17,505
400
625,481
enditure on-
Raising funds
42,828
5,772
48,600
Charitable activities
To promote kindness and to prevent or suppress
cruelly to animals
738,778
16,964
755,742
Total charitable èxpenditure
738,778
16,964
755,742
other
14
842
Totsl 9xpendllurg
782,448
5,772
16,964
805,184
Net gainslllossesl on investments
12
180,028
59,411
239,439
Net loutgoingllincoming resources before transfers
5,156
71,144
116,564}
59,736
Gross transfers be￿een ftjnds
152,960
1152,9601
Net movement in funds
158,116
181,8161
116,564}
59,736
Fund balances al 1 January 2021
3,226,248
974,703
322,058
4,523,009
Fund balances at 31 December 2021
3,384,364
892,887
305,494
4,582,745

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
BALANCE SHEET
AS AT 31 DECEMBER 2022
2022
2021
Notes
Flxed assets
Tangible assets
Investments
772,133
3,031,703
813,951
3,329,421
16
3,803,836
4,143,372
Current assets
Stocks
Debtors
Cash at bank and in hand
19
18
12,406
55,516
288,347
9,472
71,359
391,238
356.269
472,069
Creditors: amounts falling due within
one year
20
134,4461
132,6961
Net current assets
321,823
439,373
Total assets less current liabilities
4,125,659
4,582,745
Income funds
Restricted funds
Endowment funds- Venton Centre
Unrestricted funds
Designated ftjnds
General unrestricted funds
23
24
290,014
855.098
305,494
892,887
21
2,171,009
809,538
1,684,375
1,699,989
2.980.547
3,384,364
4,125,659
4,582,745
The financial statements were approved by the Trustees on 2 May 2023
Mr J Pertwee
Trustee
10-

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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 2022
2022
2021
Notes
Cash flows from operatlng actlvltles
Cash absorbed by operalions
29
1193,0751
1242,189}
Invgstlng actlvltl&s
Proceeds on disposal of tangible fixed
assets
Purchase of investments
Proceeds on disposal of investments
Interest received
1256,5051
271,696
74,993
1304,5581
297,289
68,730
Net cash generated from investing
activities
90,184
61,462
Net cash used in financing activities
Net dg¢r9a$g In ¢a$h and cash gqulva19nls
1102,8911
1180.727)
Cash and cash equivalents at beginning of year
391,238
571,965
Cash and cash equlvalents at end of year
288,347
391,238

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Accounting policies
Charity inforniation
Royal Society for the Prevention of Cruelty to Animals Cornwall Branch is a charitsble unincorporated
asso¢ialion registered in the United Kingdom. The address of the registered office is given in the ¢harily
information page of these financial slalemenls. 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 lawftjl means
with particular reference to the area of the Branch, in
accordance with the policies of the Soaety.
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 I'FRS 1021, "Accounting and Reporting by Charities.
the Slalement of Recommended Practice for charities applying FRS 102, the Charities Act 2011 and UK
GenerallyA¢cepted Accounting Practice. The charity is a Public Benefit Enlily as defined by FRS 102.
The financial slalements are prepared in slet1ing, which is the functional currency of the charity. Monetsry
amounts in these financial ststemenls 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 ¢harity
has adequate resOur￿S 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 Charltable 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 Tiuslees for specific
purposes. The purposes and uses of the designated funds are set out in the notes to the financial slalements.
Reslricled ftjnds are subject to specific Conditions by donors as lo how they may be used. The purposes and
uses of the restricted funds are set out in the notes to the finanaal statements.
Endowment funds are subject lo specific conditions by donors that the caprftal must be maintained by the
charity.
1.4 Incomlng resoU￿e$
Income is recognised when the charity is legally entiued to it after any Performan￿ conditions have been met,
the amounts can be measured reliably, and il 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 GiftAid or deeds of covenant is recognised at the lime of the donation.
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
conlingenl asset.
12-

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ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
Accountlng pollcles
Icontlnuedl
Turnover is measured al the fair value of the consideration received or receivable and represents amounts
receivable for goods and seNices provided in the normal course of business, net of discounts, VAT and other
sales related taxes.
1.5 Resources expended
Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a
third paty. it is probable that a transfer of economic benefits will be required in settlement, and the amount of
the obligation ¢an be measured reliably.
Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and
shared costs, including support costs involved in undertaking each activity. Direct costs attributable ID a single
activity are allocated diredy lo that activity. Shared costs which contribute lo more than one activity and
support costs which are not attributable lo a single activity are apportionèd between those aclivilie5 on a basis
consistent with the use of resources. Central staff costs are allocated on the basis of lime spent, and
depreciation charges a￿ allocated on the portion of the asset's use.
Al expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate
all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to
make payments lo third parties, il is probable that the settlement wll be required and the amount of the
obli9alion can be measured reliably. It is categorised under the followng headings..
C051s of raising funds Indudes fundraising trading costs as listed in note 7 to the financial
slalements.,
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 bul do not directly represent charitable activities
and include governance cost5. They are incurred directly in support of expenditure on the objects of the
charity. IM)ere support costs cannot be directly attributed lo particular headings they have been allocated lo
cost ol raising funds and expenditure on charitable activities on a basis consislenl wth use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not indude the costs of
disseminating information in support of the charitable activities.
Costs identifiable or apportioned to
fundraising and the shops are induded in fundraising trading expenditure.
1.6 Tangible fixed assets
Tangible fixed assets over £500 are initially measured al cost and subsequently measured al cost or
valuation, net of depreciation and any impairment losses.
Depreciation is recogni5ed so as lo write off the cost or valuation of assets lèss their residual valuès over their
useful lives on the following bases".
Freehold land and buildings
Fixtures and fittings
Motor vehicles
Over 50 years in equal instslmenls
15% per annum on written down value
250A per annum on written down value
The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale
proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
13-

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ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
Accountlng pollcles
Icontlnuedl
1.7 Flxed asset Investments
Fixed asset investments are inib'ally measured at transaction pri￿ excluding transaction costs, and are
subsequently measured al fair value at each reporting dale. Changes in fair value are recognised in net
incornellexpenditurel for the year. Transaction costs are expensed as incurred.
1.8 Impairment of fixed assets
At each reporting end date, the charity reviews the carrying amoLJnts 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 lif 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 lo their present location and condition. Items held for distribution at no or
nominal consideration are measured the lower of replacement cost and cost.
Nel realisable value is the eslimaled 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 al call wth banks, other short-tem liquid
investments with original malurilies of three months or less.
1.11 Flnanclal 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 ils finanaal instrLJments.
Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the
conlraclual provisions of the Inslrumenl.
Financial assets and liabilities are offset. wf(h the nel amounts presented in the financial stslemenls, when
there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo settle on a
nel 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 pri￿ including transaction costs and are subsequently carried at amortised cost using the
effective Interest method unless the arrangement constilules a financing transaction, where the transaction Is
measured at the present value of the future receipts discounted at a market rale 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 al transaction price unless
the arrangement constitutes a financing transaction. where the debt instrument is measured at the present
value of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable
within one year are not amortised.
Debt instruments are subsequendy carried al amortised cost, using the effective interest rale 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-currenl liabilities. Trade creditors are recognised initially at
transaction price and subsequenuy measured al amortised cost using the effective interest method.
14-

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ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
Accountlng pollcles
Icontlnuedl
Derecognition of financial liabilities
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or
cancelled.
1.12 Employee beneflts
The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's services are
received.
Temiinalion benefits are recognised immediately as an expense when the charity is demonstrably committed
lo lerminale the employment of an employee or to provide termination benefits.
1.13 Retlrement beneflts
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Crltl¢al ac¢ountlng gstlmat9s and Judggm9nts
In the application of the charity's accounting policies. the Trustees are required to make judgements,
eslimales and assumptions about the carrying amount of assets and liabilities that are not readily apparent
from other sOUr￿s. 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 eslimales.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
eslimales arè 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.
Donatlons and legacles
Unrestricted Restricted
funds
fund$
Total Unrestricted
ftjnds
Restricted
funds
Total
2022
2022
2022
2021
2021
2021
Donations and gifts
Legacies receivable
Grants
73.604
540,331
5,250
78,854
540,331
24,867
81,637
347,924
43,523
81.637
347,924
43,923
24,867
400
613,935
30,117
644,052
473,084
400
473,484
HMRC - grants have been received tolalling £Nil12021.' £34,947) lo help wth the furloughed stsff whilst in a
nationwide lockdown due to Covid-19.
Cornwall Counal - grants have been received totalling £Nil 12021.. £10,764). The local restrictions support
grant has been issued to help businesses during the national lockdown and Covid-19 outbreak.
KickStart- grants have been received lotslling £24,86712021.. £Nill to help young people back into work.
15-

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ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
Charitable activitie5
2022
2021
Animal centre income
Education income
90,872
8.742
55,840
99,614
55,840
Investments
Unrestricted Endowment
funds
funds
V&nton
Centr9
2022
Total Unrestricted Endowment
funds
funds
Venton
Centre
2021
Total
2022
2022
2021
2021
Income from listed
investments
Interest receivable
49,625
4,365
15,198
5,805
64,823
10,170
44,097
7,128
11,227
6,278
55,324
13,406
53,990
21,003
74.993
51,225
17,505
68,730
Other trading activities
2022
2021
Auxiliaries
Income from charity shops
Olhei sale5 Income
Event and fundraising income
3,729
64,311
3,200
12.327
2,966
13,377
2,681
8,403
83,567
27,427
16-

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
Raising funds
Unrestricted Endowment
funds
funds
Venton
Centre
Total
2022
Total
2021
Fundraisin
and ublici
Slalionery. advertising and miscellaneous
Goods for resale and fundraising costs
Staff costs
303
2,368
798
303
2,368
798
820
1,636
746
Fundraising and publicity
3,469
3,469
3,202
Tradin
costs
Operating charity shops
Animal Centre goods for resale
Support costs Isee note 101
43,651
909
31,335
43,651
909
31,335
7,132
851
14,700
Trading costs
75,895
75,895
22.683
Investment mana
emenl
16,674
5,761
22,435
22,715
96,038
5,761
101,799
48,600
For the year ended 31 December 2021
Fundraising and publicity
Trading costs
Investment management
3,202
22,683
16,943
3,202
22,683
22,715
5,772
42,828
5,772
48,600
17-

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
Charitable activitie5
2022
2021
Animal centre direct costs (including staff costs)
Depreciation and impaimienl
Centre running expenses
579,539
41.509
58,223
35,048
8,310
61,434
52,799
82,539
15321
2.977
7,812
1,000
34.503
510,473
42.897
50,635
33,111
Maintenance fund expenses
Development fund costs
Animal welfare costs lincludes staff costs)
Veterinary fees
Payments lo Regional Headquarters
Insurance
Slalionery, advertising and miscellaneous
Charitable donation
Education costs (includes staff costs)
9,278
39,033
52,456
3,308
2,925
2,637
1,000
965,161
747,753
Support costs Isee note 101
Governance costs (see note 101
1,666
7,850
2,664
5,325
974,677
755,742
Analysis by fund
Unrestricted funds
Restricted funds
919,080
55.597
974,677
For the year ended 31 December 2021
Unrestricted funds
Restricted funds
738,778
16,964
755.742
Trustees
None of the Trustees lor any persons connected with them) received any remuneration during the year.
No trustees were reimbursed for travelling expenses12021 No Iruslees were reimbursed).
18-

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ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
10 Support costs and governance
Support Governanco
Costs
costs
2022
2021 Basls of allocatlon
Operating lease charges
33,001
33,001
17,364 Adual
Audit fees
Accountancy
4,500
3,350
4,500
3,350
2,750 Actual
2,575 Actual
33,001
7,850
40,851
22,689
Analysed be￿een
Trading
Charitable activities
31,335
1,666
31,335
9,516
14,700
7,989
7,850
33,001
7,850
40,851
22,689
11 Net movement In funds
2022
2021
Nel movement in funds is slated after Chargin￿(creditIngI
Fees payable lo the company's auditor for the audit of the company's financial
slalements
Depreciation of owned tangible fixed assets
Loss on disposal of tangible fixed assets
Operating lease charges
4,500
41.509
309
33,001
2,750
42,897
842
17,364
Fees payable lo the company's auditors for other services lotalled £3,35012021.' £2,575).
12 Net gainsl{lossesl on investments
Unrestricted Endobvment
funds
funds
Venton
Centre
2022
Total Unrestricted Endo¥Mnent
funds
funds
Venton
Centre
2021
Total
2022
2022
2021
2021
Revaluation of
investments
Gainlllossl on sale of
investments
1216,2001
151,8181 1268,0181
177,786
109,719
287,505
113,2961
11,2131
114,5091
2,242
150,3081
148,0661
1229,4961
153,0311 1282.5271
180.028
59,411
239.439
19-

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
13 Employees
Numberofemployees
The average monthly number of employees during the year was".
2022
Number
2021
Number
Charf(able activities
Support and adminislralion
31
24
33
26
Employment costs
2022
2021
Wages and salaries
Social security costs
Other pension costs
623.471
40,550
9,080
496.840
28,232
8,289
673,101
533,361
Included within the above wages and salaries costs is £Nil in relation lo employees temiination cosls12021".
£Nill.
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 lo the scheme for the year of £9,08012021'. £8,2891.
There were oulslanding contributions payable at the yèar end of £84212021". £7421.
There were no employees whose annual remuneration was £60,000 or more.
14 Other
2022
2021
Nel loss on disposal of tangible fixed assets
309
842
-20-

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ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
15 Tangible fixed assets
Fr88hold land Fixtures and Motor vehicles
and building5
rittings
Total
Cost
At 1 January 2022
Disposals
1,906,637
150.586
12,2141
19,813
2,077.036
12,2141
At 31 December 2022
1,906,637
148,372
19,813
2,074,822
Depreciation and impairment
At 1 January 2022
Depreciation charged in the year
Eliminated in respect of disposals
1,130,660
35,268
118,527
4,763
11,9051
13,898
1,478
1,263,085
41,509
11,9051
Al 31 December 2022
1,165,928
121,385
15,376
1,302,689
Carrying amount
Al 31 December 2022
740,709
26,987
4,437
772,133
Al 31 December 2021
775,977
32,059
5,915
813,951
Freehold land and buildings represents the Venton Cenlre. Quoit. Sl Columb, Comwall in which the branch
holds an equitable interest in the freehold. The legal o¥Nnership is vested in the national ¢harily, who hold the
property as custodian Trustee for the Cornwall Branch.
Induded in freehold land and buildings is £143,26012021'. £143,260) of land which has not been depreciated.
16 Fixed asset invastments
Listed
investments
Cost or valuation
Al 1 January 2022
Additions
Valuation changes
Disposals
3,329,421
256,505
1268,0181
1286,2051
Al 31 December 2022
3,031,703
Carrying amount
Al 31 December 2022
3,031,703
Al 31 December 2021
3,329,421
The cost of the above investments al 31 December 2022 was £2,755,19012021'. £2,729,743).
21

RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
17 Financial instruments
2022
2021
Carrying amount of financial assets
Instruments measured al fair value through profit or loss
3,031,703
3,329,421
18 Debtors
2022
2021
Amounts falling due within one year:
Other debtors
Prepayments and accrued income
38.466
17,050
64.839
6,520
55,516
71,359
19 Stocks
2022
2021
Animal centre stock and goods for resale
12,406
9,472
20 Creditors: amounts falling due within one year
2022
2021
Trade creditors
Accruals and deferred income
18.722
15,724
16,191
18,505
34,446
32,696
-22-

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RRL
ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
25 Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel is as follows.
2022
2021
Aggregate compensation
146,570
129,321
Transactions with related parties
During the year the charity entered into the followng transactions with related parties..
A Trustee is the owner of a local veterinary pra¢lice. Transactions tolalled £5.92012021.' £5341 for veterinary
services in the year. As at 31 December 2022, there was £341 12021.. £1001 outstanding.
26 Contlngent assets
Al the year end the charity had been notified of further legacies likely to be received, however al the date of
approval of these financial slalements an estimate of the amount receivable could not be reasonably
quanb'fied.
27 Operating lease commitments
Lessee
Al the reporting end date the charity had outstanding commitments for ftjlure minimum lease payments under
non-can¢ellable operating leases, which fall due as follows..
2022
2021
Within one year
Between two and five years
45,621
50,660
17,146
7,581
96,281
24,727
28 Anaty$l$ of chang0$ In ngt funds
The charity had no debt during the year.
-28-

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ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS
CORNWALL BRANCH
NOTES TO THE FINANCIAL STATEMENTS {CONTINUED}
FOR THE YEAR ENDED 31 DECEMBER 2022
29 Cash generated from operations
2022
2021
IDeficitl/surpus for the year
1457,0861
59,736
Adjustments for".
Investment income recognised in profit or loss
Loss on disposal of tangible fixed assets
Loss on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
174,9931
309
14,509
268,018
41,509
168,7301
842
48,066
1287,5051
42,897
Movements in working capital..
Ilncreaselldecrease in stocks
Decreasellincreasel in debtors
Increaselldecrea5el in creditors
12,9341
15.843
1,750
1,153
135,7611
12,8871
Cash absorbed by operations
1193,0751
1242,1891
-29-