OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2024-12-31-accounts

Charity registration number 1024808 (England and Wales)

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS

CORNWALL BRANCH

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs F Varcoe Dr S Ife Mr G Lay Ms J Blakeburn (Appointed 18 June 2024) Ms S Fisher (Appointed 18 June 2024) Ms A Hanlon (Appointed 20 November 2024) Charity number 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 Barclays Bank Plc 14 King Street TRURO Cornwall TR1 2RB

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH LEGAL AND ADMINISTRATIVE INFORMATION

Investment advisors

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

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH CONTENTS

Page
Trustees' report 1 - 9
Statement of Trustees' responsibilities 10
Independent auditor's report 11 - 13
Statement of financial activities 14 - 15
Balance sheet 16
Statement of cash flows 17
Notes to the financial statements 18 - 35

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees present their report and financial statements for the year ended 31 December 2024.

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.

Our Vision

Vision Statement:

"Where every animal in Cornwall is cherished, protected, and able to live a life free from cruelty and neglect, fostering a community deeply connected to and enriched by its relationship with animals."

Mission Statement:

"Our mission is to advocate for the well-being of animals by providing compassionate care, advocating for their rights, and promoting responsible ownership. Through rescue, rehabilitation, education, and community outreach, we strive to alleviate their suffering, prevent cruelty, and build a society where every animal is treated with dignity and compassion. Together, we work towards a future where animals thrive in a county that cherishes their intrinsic value and safeguards their welfare."

Our Values:

Compassion: Demonstrating empathy and kindness towards all animals in need, regardless of species or circumstance.

Respect: Treating every animal with dignity, acknowledging their inherent worth and right to a life free from suffering.

Integrity: Upholding honesty, transparency, and ethical standards in all our actions and interactions. Collaboration: Working collaboratively with local communities and organisations to maximise our impact and promote collective welfare.

Education: Providing comprehensive education and resources to promote responsible pet ownership and understanding of animal needs and welfare issues.

Sustainability: Incorporating sustainable practices into our operations to minimise our environmental impact and ensure long-term effectiveness.

Empowerment: Empowering individuals and communities to take action to improve the lives of animals and create positive change.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Achievements and performance A Year of Growth and Innovation

The past year has brought both challenges and significant progress for our branch. While the cost-of-living crisis continued to affect our ability to meet some of our objectives, we focused on the well-being of the animals in our care and adapted our operations to ensure long-term sustainability. A key part of this strategy was revising our income approach, which included securing grants to support our work. Notably, our application to the Pets Foundation for funding towards the next phase of improvements to our facilities was successful and we have secured £180,000 which likely will be recognised in the 2025 year. We also worked to diversify our income streams by expanding our fundraising and securing additional grants. In addition, we focused on supporting our community by tailoring our welfare provision to those who need it most.

Exciting Developments and Achievements

One of the most exciting milestones of the year was the opening of our new grooming facility, PAWS. This new service enhances the care we provide to our animals while offering a valuable resource to the public, helping to raise additional funds for our work.

We also celebrated the completion of our new kennel block and community barn. This facility provides better accommodations for our animals and allows us to carry out more effective training and rehabilitation. The community barn is a multi-purpose space that not only supports our behavioural training and dog socialisation programmes but will also serve as a venue to expand our educational offerings, providing a platform for new training programmes and workshops benefiting both animals and people.

After much consideration, we made the decision to close our small animal unit. This decision allows us to focus on where our expertise truly lies—caring for dogs and cats, particularly those facing significant welfare challenges due to the rise in cruelty cases and abandonment. By concentrating our resources on these animals, we can provide the best care possible and maximise our impact.

Adapting to Changing Needs

This year, we saw a significant increase in cruelty cases, leading to animals arriving with complex health issues and challenging behaviours. To meet these demands, we sought additional funding, including securing grants to enhance our enrichment equipment and allocate more staff time to care for these difficult cases. These efforts are critical in ensuring that these animals receive the specialised care and rehabilitation they need.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Organisational Review and Strategic Partnerships

As part of our commitment to continuous improvement, we carried out an organisational review and implemented a new management structure to ensure that we are best positioned to meet the evolving needs of the animals and our community. This new structure allows for clearer responsibilities and stronger leadership across the organisation. Part of this review enabled a cross-training programme for our staff team which gave everyone the opportunity to diversify their skills by working in other areas of the organisation to give us greater resilience in our operations as well as personal development of our staff team.

We also formed a valuable partnership with the police to support the boarding of animals in need of rehoming. This collaboration not only improves the welfare of these animals but also facilitates quicker rehoming while generating additional income for the branch.

A Record Year for Animal Rehoming

We are incredibly proud to announce that we rehomed a record 457 animals in 2024. This achievement is a testament to the hard work of our team, particularly as many of the animals that came to us were in poor physical and mental health. We provided specialised care to help these animals recover and find their forever homes.

We also saw an increase in multi-animal hoarding situations, with many animals coming from homes with more than 30 animals. In response, we launched a collaborative pilot project with Cornwall MIND, addressing the issue of animal hoarding through a trauma-informed approach that focuses on mental health support and community engagement.

Just some of the animals rehomed:

Some of the most challenging animals we have rehomed included Bella. Bella came to us with a broken leg that had been left untreated for several months. Bella was heavily pregnant so could not undergo any treatment for her leg, she gave birth to 11 happy and healthy puppies and was a wonderful mum. Bella coped with all of these puppies and her damaged leg until they were old enough to be rehomed, Bella then went in for surgery to have her leg amputated as the damage was too severe to save her leg. We never gave up on Bella, who saw all of her pups find loving homes. It took 6 months before the perfect family came along and gave her the loving home she deserved. Her owner was prosecuted and banned from owning dogs for life. Martha and Rosie, were two bonded cats that we never gave up hope would find loving homes.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Two dogs that had spent more than 500 days in private boarding came to us before Christmas and were both rehomed within two weeks.

The Cornwall NOAH MIND Project: A Crucial Step Forward

A major highlight of 2024 was the launch of our collaboration with Cornwall MIND, which began in Summer 2024. This project has already had a profound impact, supporting our animal welfare work by addressing complex issues such as animal hoarding and the mental health challenges behind these behaviours. By adopting a trauma-informed approach, the project provides critical mental health support to individuals, helping to prevent hoarding and improve both human and animal welfare.

We are excited to see this project continue to grow and make a long-term difference in the lives of both animals and people in our community.

Expansion of Our Foster Network

The expansion of our foster network has been another significant achievement this year. We now have over 40 foster homes, which has greatly enhanced our ability to provide personalised care for animals in need. To further grow this network, we have focused on dedicated recruitment, ensuring that more animals can experience life in a home environment while waiting for their forever homes.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

Supporting Young People to become animal advocates in the future

In addition to our animal welfare efforts, we have made a greater impact in our community through educational programmes. In 2024, we supported 160 young people on our core program for 11-17-year-olds. We also piloted a programme for 8-11-year-olds, reaching 10 children, and operated a holiday summer club, further extending our outreach. These initiatives provide a safe and nurturing environment for young people, fostering personal growth and connection with animals. Moreover, we partnered with Cornwall Council to become one of their preferred education providers, which will allow us to reach even more children in need of support.

Feedback from participants and their families highlights the transformative power of these programmes:

"My daughter has attended various types of alternative provision; the RSPCA Cornwall Branch programme was the one she got the most from and never wanted to miss. She gained a lot of confidence."

Enhancing Our Community Impact

Throughout 2024, we have worked tirelessly to expand our presence and support within the community. Our teams have provided vital advice, financial assistance, and held fundraising events across the county, reaching more people and animals than ever before. One of the initiatives included our work with XL Bully owners, helping them navigate legislative changes to ensure their pets received the care and training they needed.

Other key highlights from our marketing and events team included the seamless organisation of a number of external dog shows, the highly successful wreath making events, and the participation in Santa Paws, all of which exceeded expectations in both attendance and funds raised. On social media, their innovative campaigns and authentic storytelling not only expanded the centre’s reach but also engaged new donors and volunteers. Their collaborative approach and hard work have been instrumental in building stronger connections within the community and ensuring the Branch’s mission continues to thrive. One favourite achievement of support for the team was the work put in by our Social Media and Marketing Lead to secure 5 free dry robes for our kennel team to help keep them warm and dry!

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Reopening Our Secure Exercise Area

In 2024, following closure for building works, we were pleased to reopen our secure exercise area, an invaluable resource for our community of dog owners. This area allows them to safely exercise off-lead, contributing to their physical and mental well-being. Alongside this, we introduced off-site activities for our centre dogs, such as scent work classes and new environments to explore. These activities have been vital in providing stimulation and improving dog welfare.

Retail Strategy Update

As part of our ongoing review, we decided to close our Truro shop and focus on investing in our online sales platform. This shift will allow us to reach a broader audience and streamline our retail operations. Meanwhile, our shops in Newquay and Bude continue to perform exceptionally well, providing valuable income and supporting our community.

Volunteer Engagement

Our volunteers remain essential to everything we do. Their unwavering support allows us to care for more animals and strengthen our community engagement. We continue to grow our volunteer network, ensuring they receive the recognition and support they deserve. We currently have 99 dedicated volunteers who support our branch in so many different ways.

Fundraising Practices

The charity undertakes a variety of fundraising activities, led by our in-house fundraising team and supported by staff and volunteers across the organisation. Our approach includes digital appeals, community fundraising events and occasional fundraising activities hosted at our animal centre. These efforts are often supported by our volunteers, adopters, fosterers, and local supporters, reflecting our strong roots in the Cornish community.

We do not use professional fundraisers or commercial participators to raise funds on our behalf.

The charity is registered with the Fundraising Regulator and complies fully with the Code of Fundraising Practice. All fundraising activities are planned and overseen by our fundraising team to ensure they meet legal and ethical standards. Oversight is provided by the senior leadership team and trustees through regular reporting.

We did not receive any complaints about our fundraising during the reporting period. We also receive notifications from the Fundraising preference service weekly, and we have had no requests to cease communications.

We are committed to making fundraising a positive experience for all. Our approach includes safeguarding as a core principle, ensuring that vulnerable people and the wider public are treated with respect, fairness, and care at all times.

Financial review

Income for the year was £1,102,092 and expenditure was £1,280,859, giving a trading deficit of £178,767. The deficit was then reduced to £50,592 by gains in investment values of £128,175.

The branch uses investment managers Brewin Dolphin and risk levels are ‘Intermediary 5 & 7”. This is designed to provide a dividend income whilst protecting capital. The proportion of income for the branch provided by legacies remains high. The branch remains committed to building diverse income streams to avoid reliance on legacy income. This continues to be extremely challenging in the light of the cost-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.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Reserves policy

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. Trustees are continually monitoring the level of free reserves, however, the ongoing economic crisis owing to the coronavirus pandemic, cost-of-living crisis, global politics and Brexit, 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 2025. Free reserves are defined as unrestricted funds not held as tangible assets or designated for particular purposes. As at 31 December 2024 free reserves totalled £777,755 which equates to just over seven months' operating expenditure.

The trustees consider the charity to be a going concern.

Risk Management

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. There is a risk register in place that is discussed at Trustees’ meetings where the key risk areas within Governance, Operational, Financial, Reputation and Compliance are scored between Extreme, Moderate, Minor and Insignificant. The potential impact of risks is identified and steps to remove or reduce such risks are agreed with the Trustee board. The person/persons who are responsible to implement the change are then instructed accordingly. These plans are monitored on a timely basis and additional action is taken where necessary.

The principal risks and uncertainties facing the charity include the following:

To manage such risks the trustees have adopted the following strategies:

Plans for future periods

As we move into 2025, we are confident in our ability to continue making a difference in the lives of animals and people. With the expansion of our foster network, the success of our Cornwall MIND project, Phase 2 of our kennel build, the reopening of our secure exercise area, and the development of new off-site activities for our dogs, we are well-positioned to build on this year's successes. We are deeply grateful to all who have supported us, and we look forward to an exciting and impactful year ahead.

One of our primary focuses in 2025 will be the continued development of our animal services, ensuring we offer the best possible care for animals in our community. We will focus on diversifying income streams to support the growth of our services while ensuring sustainable operations. A key priority is the development of Phase 2 of our kennel build. This will provide more space for animals to transition into a home environment, including the creation of a dedicated "home room" where animals can experience a homely atmosphere, supporting their rehabilitation and improving their chances of successful rehoming.

We will also continue to support the inspectorate, focusing on the animals most in need of care, particularly those rescued from cruelty and neglect Through our partnerships with local authorities and the police, we will ensure these animals receive the specialised care they need to recover and find new homes.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Our volunteer network remains incredibly important to us and is crucial to our operations. We offer a wide variety of opportunities for volunteers—from dog walking and cat socialisation to helping out in our charity shops. We are deeply grateful for the support that our volunteers provide and will continue to enhance our volunteer engagement efforts. This will allow us to maximise our volunteer network and care for even more animals in need.

Investing in the growth of our education programme is another key priority. We are committed to expanding our outreach and impact, providing educational opportunities to children and young people through our core programmes, school initiatives, and community group activities. Our partnership with Cornwall Council will further enhance our ability to reach and support young people, fostering compassion and understanding of animal welfare in the next generation.

By continuing to focus on the development of our animal services, investing in our volunteer network, and expanding our educational initiatives, we are excited to build upon the successes of the past year and continue our mission to support animals and people alike. We look forward to an exciting and impactful year ahead, confident in our ability to make a lasting difference in the community.

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.

The Trustees held an AGM in 2024 and elected two new trustees. One further trustee was then co-opted to serve on the committee. Several trustees left us in 2024 for a variety of reasons and we thank them for their service. The remuneration package of staff is controlled by the trustees and is set in relation to the conditions in other comparable RSPCA Centres and branches.

The Trustees who served during the year were:

Mrs F Varcoe Mr G Lay Dr S Ife Ms A Hanlon (Appointed November 2024) Mrs J Blackburn (Appointed June 2024) Mrs S Fisher (Appointed June 2024) Mrs J Shepherd (Resigned June 2024) Mr J Pertwee (Resigned June 2024) Mrs G Auden (Resigned June 2024) Mrs N Howe (Resigned October 2024)

The key management personnel during the year were:

Mrs E Bowen - Chief Executive Officer Mrs R Wilton- Deputy CEO (Head of Income Generation) Mrs K Evans - Head of Finance Mrs N Wilkerson - Joint Head of Animal Operations resigned August 24 Mr D Rich - Head of Animal Operations started January 24 Miss L Southgate - Deputy Head of Animal Operations started October 24 Mrs N Rankine-Toshney - Head of Welfare started December 24

The charity is run on a day to day basis by a CEO, appointed by the trustees, who is assisted by the Senior Management Team. The CEO reports to the trustees who continue to have overall responsibility for all decisions.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

The Trustees' report was approved by the Board of Trustees.

Mrs F Varcoe Trustee

Mr G Lay Trustee

30 May 2025

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2024

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:

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.

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 Cruelty to Animals Cornwall Branch (the ‘charity’) for the year ended 31 December 2024 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:

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.

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 requires us to report to you if, in our opinion:

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 statement 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 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.

As part of our audit 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 compliance with the Charities 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 statements but compliance with which may be fundamental to the Charity’s ability to operate or to 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 extent to which these are capable of detecting irregularities, including fraud is detailed below:

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

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.

Our audit approach also considered the opportunities and incentives that may exist within the charity for fraud and identified the greatest potential for fraud being in respect of cut off and completion risk around revenue recognition. Under ISA (UK) we are also required to undertake procedures to respond to the risk of management override of controls. Out procedures included the following:

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: https:// 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.

RRL LLP 5 June 2025
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 section 1212 of the Companies Act 2006.

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 2024

Current financial year Unrestricted Endowment Restricted Total Total
funds funds funds
2024 2024 2024 2024 2023
Notes £ £ £ £ £
Income from:
Donations and legacies 3 264,345 - 269,475 533,820 535,857
Charitable activities
To promote kindness and to
prevent or suppress cruelty to
animals 4 315,647 - - 315,647 181,004
Other trading activities 5 185,127 - - 185,127 171,201
Investments 6 54,510 12,988 - 67,498 78,913
Total income 819,629 12,988 269,475 1,102,092 966,975
Expenditure on:
Raising funds 7 204,929 5,308 - 210,237 201,084
Charitable activities
To promote kindness and to
prevent or suppress cruelty to
animals 8 1,042,179 - 28,443 1,070,622 1,015,287
Total expenditure 1,247,108 5,308 28,443 1,280,859 1,216,371
Net gains on investments 11 64,592 63,583 - 128,175 103,791
Net income/(expenditure) (362,887) 71,263 241,032 (50,592) (145,605)
Transfers between funds 12,988 (12,988) - - -
Net movement in funds 10 (349,899) 58,275 241,032 (50,592) (145,605)
Reconciliation of funds:
Fund balances at 1 January 2024 3,118,799 582,618 278,637 3,980,054 4,125,659
Fund balances at 31 December
2024 2,768,900 640,893 519,669 3,929,462 3,980,054

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure is derived from continuing activities.

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 2024

Prior financial year Unrestricted Endowment Restricted Total
funds funds funds
2023 2023 2023 2023
Notes £ £ £ £
Income from:
Donations and legacies 3 504,357 - 31,500 535,857
Charitable activities
To promote kindness and to prevent or
suppress cruelty to animals 4 181,004 - - 181,004
Other trading activities 5 171,201 - - 171,201
Investments 6 63,612 15,301 - 78,913
Total income 920,174 15,301 31,500 966,975
Expenditure on:
Raising funds 7 196,472 4,612 - 201,084
To promote kindness and to prevent or 8
suppress cruelty to animals 972,410 - 42,877 1,015,287
Total expenditure 1,168,882 4,612 42,877 1,216,371
Net gains on investments 11 75,577 28,214 - 103,791
Net income/(expenditure) (173,131) 38,903 (11,377) (145,605)
Transfers between funds 311,383 (311,383) - -
Net movement in funds 10 138,252 (272,480) (11,377) (145,605)
Reconciliation of funds:
Fund balances at 1 January 2023 2,980,547 855,098 290,014 4,125,659
Fund balances at 31 December 2023 3,118,799 582,618 278,637 3,980,054

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH BALANCE SHEET

AS AT 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 15 2,114,354 825,379
Investments 16 1,557,024 2,430,495
3,671,378 3,255,874
Current assets
Stocks 18 10,537 11,992
Debtors 19 370,014 165,046
Cash at bank and in hand 333,358 594,127
713,909 771,165
Creditors: amounts falling due within
one year 20 (455,825) (46,985)
Net current assets 258,084 724,180
Total assets less current liabilities 3,929,462 3,980,054
Income funds
Restricted funds 24 519,669 278,637
Endowment funds - Venton Centre 25 640,893 582,618
Unrestricted funds
Designated funds 23 1,991,145 2,039,943
General unrestricted funds 777,755 1,078,856
2,768,900 3,118,799
3,929,462 3,980,054

The financial statements were approved by the Trustees on 30 May 2025

Mrs F Varcoe Mr G Lay Trustee Trustee

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from/(absorbed by) 31
operations 13,422 (367,232)
Investing activities
Purchase of tangible fixed assets (1,343,335) (110,900)
Purchase of investments (1,111,425) (1,600,507)
Proceeds on disposal of investments 2,113,071 2,305,506
Interest received 67,498 78,913
Net cash (used in)/generated from
investing activities (274,191) 673,012
Net cash used in financing activities - -
Net (decrease)/increase in cash and cash
equivalents (260,769) 305,780
Cash and cash equivalents at beginning of year 594,127 288,347
Cash and cash equivalents at end of year 333,358 594,127

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

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 amounts 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.

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.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable. Grants could become repayable if certain conditions are not met.

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

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can 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 to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

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:

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 over £500 are initially measured at cost and subsequently measured at cost, 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 the statement of financial activities.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

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.

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.

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.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

1 Accounting policies

(Continued)

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 payments 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.

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.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 85,964 1,975 87,939 91,535 - 91,535
Legacies receivable 178,381 - 178,381 412,822 - 412,822
Grants - 267,500 267,500 - 31,500 31,500
264,345 269,475 533,820 504,357 31,500 535,857

Volunteers

The charity benefits greatly from the involvement and support of its many volunteers. In accordance with the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the financial statements.

4 Charitable activities

2024 2023
£ £
Animal centre income 264,670 144,823
Education income 50,977 36,181
315,647 181,004
Other trading activities
2024 2023
£ £
Auxiliaries 2,314 2,518
Income from charity shops 159,653 143,547
Other sales income 2,805 4,367
Event and fundraising income 20,355 20,769
185,127 171,201

5 Other trading activities

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

6 Income from investments

**Unrestricted ** Endowment Total Unrestricted Endowment Total
funds funds funds funds
Endowment Endowment
fund fund
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Income from listed
investments 18,325 12,120 30,445 32,463 11,719 44,182
Interest receivable 36,185 868 37,053 31,149 3,582 34,731
54,510 12,988 67,498 63,612 15,301 78,913

7 Raising funds

**Unrestricted ** Endowment Total Total
funds funds 2024 2023
Venton
Centre
£ £ £ £
Fundraising and publicity
Stationery, advertising and miscellaneous 342 - 342 791
Goods for resale and fundraising costs 1,735 - 1,735 2,620
Staff costs 31,441 - 31,441 31,399
Fundraising and publicity 33,518 - 33,518 34,810
Trading costs
Operating charity shops (includes staff costs) 111,931 - 111,931 92,163
Animal Centre goods for resale 1,271 - 1,271 1,232
Support costs (see note 10) 42,055 - 42,055 50,875
Trading costs 155,257 - 155,257 144,270
Investment management 16,154 5,308 21,462 22,004
204,929 5,308 210,237 201,084
For the year ended 31 December 2023
Fundraising and publicity 34,810 - 34,810
Trading costs 144,270 - 144,270
Investment management 17,392 4,612 22,004
196,472 4,612 201,084

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

8 Charitable activities

2024 2023
£ £
Animal centre and welfare direct costs (including staff costs) 681,887 656,321
Depreciation and impairment 54,360 57,654
Centre running expenses 121,514 108,051
Utilities 31,890 38,480
Development fund costs 1,543 2,906
Veterinary fees 75,182 70,461
Payments to Regional Headquarters 1,378 1,908
Insurance 4,347 2,923
Stationery, advertising and miscellaneous 3,188 4,199
Education costs (includes staff costs) 83,423 63,456
1,058,712 1,006,359
Support costs (see note 9) 1,160 1,053
Governance costs (see note 9) 10,750 7,875
1,070,622 1,015,287
Analysis by fund
Unrestricted funds 1,042,179
Restricted funds 28,443
1,070,622
For the year ended 31 December 2023
Unrestricted funds 972,410
Restricted funds 42,877
1,015,287

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

9 Support costs and governance

Support Support
Governance		 2024 2023 Basis of allocation
costs costs
£ £ £ £
Operating lease charges 41,215 - 41,215 44,428 Actual
Dilapidations provision 2,000 - 2,000 7,500 Actual
Audit fees - 7,000 7,000 4,725 Actual
Accountancy - 3,750 3,750 3,150 Actual
43,215 10,750 53,965 59,803
Analysed between
Trading 42,055 - 42,055 50,875
Charitable activities 1,160 10,750 11,910 8,928
43,215 10,750 53,965 59,803

10 Net movement in funds

Net movement in funds
Net movement in funds 2024 2023
£ £
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 7,000 4,725
Depreciation of owned tangible fixed assets 54,360 57,654
Operating lease charges 41,215 44,428

Fees payable to the company's auditors for other services totalled £3,750 (2023: £3,150).

11 Gains and losses on investments

**Unrestricted ** Endowment Total Unrestricted Endowment Total
funds funds funds funds
Endowment Endowment
fund fund
2024 2024 2024 2023 2023 2023
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments 62,447 69,271 131,718 78,717 33,066 111,783
Sale of investments 2,145 (5,688) (3,543) (3,140) (4,852) (7,992)
64,592 63,583 128,175 75,577 28,214 103,791

12 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year.

No trustees were reimbursed for travelling expenses (2023 - No trustees were reimbursed).

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

13 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

14 Employees

The average monthly number of employees during the year was:

----- Start of picture text -----
|||| |---|---|---| |2024|2023| |Number|Number| |Charitable activities|37|34| |Support and administration|2|2| |Total|39|36| |Employment costs|2024|2023| |£|£| |Wages and salaries|810,312|819,124| |Social security costs|61,044|52,393| |Other pension costs|16,002|12,173| |887,358|883,690|

----- End of picture text -----

Included within the above wages and salaries costs is £Nil in relation to employees termination costs (2023: £5,665).

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 £16,002 (2023: £12,173). There were outstanding contributions payable at the year end of £1,334 (2023: £1,157).

There were no employees whose annual remuneration was more than £60,000.

Remuneration of key management personnel

The remuneration of key management personnel was as follows:

Aggregate compensation 226,076 186,792

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

15 Tangible fixed assets

Tangible fixed assets
Freehold land Fixtures and Motor Total
and buildings fittings vehicles
£ £ £ £
Cost
At 1 January 2024 1,906,637 253,332 25,753 2,185,722
Additions 1,341,179 2,156 - 1,343,335
At 31 December 2024 3,247,816 255,488 25,753 3,529,057
Depreciation and impairment
At 1 January 2024 1,201,196 141,177 17,970 1,360,343
Depreciation charged in the year 35,268 17,147 1,945 54,360
At 31 December 2024 1,236,464 158,324 19,915 1,414,703
Carrying amount
At 31 December 2024 2,011,352 97,164 5,838 2,114,354
At 31 December 2023 705,441 112,155 7,783 825,379

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 (2023: £143,260) of land which has not been depreciated.

16 Fixed asset investments

Unlisted
investments
£
Cost or valuation
At 1 January 2024 2,430,495
Additions 1,111,425
Valuation changes 131,718
Disposals (2,116,614)
At 31 December 2024 1,557,024
Carrying amount
At 31 December 2024 1,557,024
At 31 December 2023 2,430,495

The cost of the above investments at 31 December 2024 was £1,396,299 (2023: £2,367,669).

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

17 Financial instruments
2024 2023
£ £
Carrying amount of financial assets
Instruments measured at fair value through profit or loss 1,557,024 2,430,495
18 Stocks
2024 2023
£ £
Animal centre stock and goods for resale 10,537 11,992
19 Debtors
2024 2023
Amounts falling due within one year: £ £
Other debtors 94,434 38,576
Prepayments and accrued income 275,580 126,470
370,014 165,046
20 Creditors: amounts falling due within one year
2024 2023
Notes £ £
Deferred income 21 180,000 -
Trade creditors 168,309 18,527
Accruals 107,516 28,458
455,825 46,985
21 Deferred income
2024 2023
£ £
Other deferred income 180,000 -
Deferred income is included in the financial statements as follows:
2024 2023
£ £
Deferred income is included within:
Current liabilities 180,000 -
Movements in the year:

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

21 Deferred income (Continued)
Deferred income at 1 January 2024 - -
Resources deferred in the year 180,000 -
Deferred income at 31 December 2024 180,000 -

Deferred income includes grants for which conditions have not been met and therefore, the income recognition criteria has not yet been fulfilled.

22 Retirement benefit schemes

Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 12,567 9,470

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January At 1 January Incoming Resources Transfers Gains and At 31
2024 resources expended losses December
2024
£ £ £ £ £ £
Capital Reserve 548,388 - (37,325) 1,082,086 - 1,593,149
Development
Fund 1,444,987 - - (1,054,491) - 390,496
Mind Mental
Health Worker - - - 7,500 - 7,500
Cat Neuter
Campaign 9,168 - (9,168) - - -
Maintenance
Fund 33,254 - - (33,254) - -
Police Bull
Breeds 4,146 - - (4,146) - -
General funds 1,078,856 819,629 (1,200,615) 15,293 64,592 777,755
3,118,799 819,629 (1,247,108) 12,988 64,592 2,768,900

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

23 Unrestricted funds Unrestricted funds (Continued)
Previous year: At 1 January At 1 January Incoming Resources Transfers Gains and At 31
2023 resources expended losses December
2023
£ £ £ £ £ £
Capital Reserve 483,959 - (40,221) 104,650 - 548,388
Merged
Development
Fund 1,624,097 - - (179,110) - 1,444,987
Cat Neuter
Campaign 16,135 6,000 (12,967) - - 9,168
Maintenance
Fund 42,329 - - (9,075) - 33,254
Police Bull
Breeds 4,489 - (343) - - 4,146
General funds 809,538 914,174 (1,115,351) 394,918 75,577 1,078,856
2,980,547 920,174 (1,168,882) 311,383 75,577 3,118,799

Purposes of designated funds

Capital Reserve - This fund equals the net book value of tangible fixed assets not in restricted funds.

Development Fund - This fund is for development of the animal centre and Branch.

Mind Mental Health Worker - To fund a mental health worker in partnership with Cornwall Mind to support incidents of animal hoarding within Cornwall that are attributable to mental health issues.

Cat Neuter Campaign - This fund is for neutering cats in Cornwall.

Maintenance Fund - This fund is for maintenance of the animal centre.

Police Bull Breeds - This fund is for a neutering campaign for Bull Breeds of dogs.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

24 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Income Expenditure Balance at Income Expenditure Balance at
1 January 2023 1 January 2024 1 January 2024 31 December
2024
£ £ £ £ £ £ £
Capital Fund - Venton Centre Fund 260,803 - (15,034) 245,769 - (15,033) 230,736
Capital Fund - Bulk Store Extension Fund 26,520 - (740) 25,780 - (740) 25,040
Capital Fund - Other Funds 1,161 - (174) 987 - (148) 839
Capital Fund - New Builds Phase 1 - - - - 251,403 - 251,403
Cash Fund - Mixer Run Fund 352 - - 352 - - 352
Cash Fund - Tree Planting Fund 400 - (292) 108 - (108) -
Cash Fund - Memorial Garden 640 - (325) 315 - - 315
Cash Fund - Travellers' Site 138 2,500 (1,767) 871 - (871) -
Cash Fund - Mind Partnership - - - - 7,500 - 7,500
Capital Fund - Plymouth Branch AWO - 5,940 (1,485) 4,455 - (1,114) 3,341
Cash Fund - Plymouth Branch AWO - 18,060 (18,060) - 10,000 (10,000) -
Cash Fund - ADCH Animal Welfare - 5,000 (5,000) - - - -
Cash Fund - New Beds - - - - 572 (429) 143
290,014 31,500 (42,877) 278,637 269,475 (28,443) 519,669

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

24 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.

New Builds Phase 1

This fund represents the net book value of the new kennel block and multi-use training barn of which was funded externally.

Mixer Run Fund

This fund is specifically for the mixer run.

Tree Planting Fund

This fund represents funding received to plant trees within the charity's grounds.

Memorial Garden Fund

This fund is for construction of a pet memorial garden.

Travellers' Site Fund

This fund is for animal welfare work at Travellers' sites within the County.

Mind Partnership

To fund a mental health worker in partnership with Cornwall Mind to support incidents of animal hoarding within Cornwall that are attributable to mental health issues.

Plymouth Branch AWO

The branch employed another Animal Welfare Officer (AWO) in the year which was partly funded by RSPCA Plymouth Branch. The capital part of this fund relates to a van which was purchased with the funds received from RSPCA Plymouth Branch.

ADCH Welfare Assistance

ADCH Association of Dogs and Cat Homes awarded the branch £5,000 towards the charity's welfare assistance scheme that helps pet owners in Cornwall who are in receipt of means tested benefits to pay for their veterinary fees for their companion animals.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

24 Restricted funds

(Continued)

New Beds

New beds for our rescue dogs that are fit for purpose and cosy for our residents.

25 Endowment funds - Venton Centre

These funds of the charity are held in endowment funds and comprise the following unexpended balances:

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Income Expenditure Transfers Gains/(losses) Balance at Income Expenditure Transfers Gains/(losses) Balance at
1 January 2023 1 January 2024 31 December
2024
£ £ £ £ £ £ £ £ £ £ £
The Venton
Centre
Endowment Fund 855,098 15,301 (4,612) (311,383) 28,214 582,618 12,988 (5,308) (12,988) 63,583 640,893

Endowment funds represent assets which must be held permanently by the charity (the original donation totalled £499,971). Income arising on the endowment funds can be used in accordance with the objects of the charity and is included as unrestricted income. Any capital gains or losses arising on the assets form part of the fund.

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

26 Analysis of net assets between funds

Unrestricted Endowment Restricted Total
funds funds funds
2024 2024 2024 2024
£ £ £ £
At 31 December 2024:
Tangible assets 1,602,995 - 511,359 2,114,354
Investments 919,372 637,652 - 1,557,024
Current assets/(liabilities) 246,533 3,241 8,310 258,084
2,768,900 640,893 519,669 3,929,462
Unrestricted Endowment Restricted Total
funds funds funds
2023 2023 2023 2023
£ £ £ £
At 31 December 2023:
Tangible assets 548,388 - 276,991 825,379
Investments 1,860,112 570,383 - 2,430,495
Current assets/(liabilities) 710,299 12,235 1,646 724,180
3,118,799 582,618 278,637 3,980,054

27 Related party transactions

Transactions with related parties

During the year the charity entered into the following transactions with related parties:

A Trustee is the owner of a local veterinary practice. Transactions totalled £12,532 (2023: £8,153) for veterinary services in the year. As at 31 December 2024, there was £762 (2023: £Nil) outstanding.

28 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.

29 Analysis of changes in net funds

The charity had no material debt during the year.

30 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:

ROYAL SOCIETY FOR THE PREVENTION OF CRUELTY TO ANIMALS CORNWALL BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024

30 Operating lease commitments (Continued)
2024 2023
£ £
Within one year 33,800 40,360
Between two and five years 60,050 19,500
93,850 59,860
31 Cash generated from operations 2024 2023
£ £
Deficit for the year (50,592) (145,605)
Adjustments for:
Investment income recognised in profit or loss (67,498) (78,913)
Loss on disposal of investments 3,543 7,992
Fair value gains and losses on investments (131,718) (111,783)
Depreciation and impairment of tangible fixed assets 54,360 57,654
Movements in working capital:
Decrease in stocks 1,455 414
(Increase) in debtors (204,968) (109,530)
Increase in creditors 228,840 12,539
Increase in deferred income 180,000 -
Cash generated from/(absorbed by) operations 13,422 (367,232)

32 Auditor's liability limitation agreement

For the year ended 31 December 2024, the charity entered into a liability limitation agreement with its auditors, the principal terms of which limit the liability of the auditors to £5,000,000 to relation to their responsibilities as auditors of the charity. The date this was agreed by the charity was 12 May 2025.