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2020-12-31-accounts

Annual Report and Financial Statements For the year ended 31 December 2020

BSAVA Registered Charity Number: 1024811 Company Number: 02837793

CONTENTS

British Small Animal Veterinary Association Annual Report and Financial Statements For the year ended 31st December 2020

CONTENTS
Introduction from the President and Chief Executive Ofcer 2
Trustees’ Annual Report 4
Membership Subscriptions and Member Services 4
Products and Services 8
Review of Financial Position 12
Structure, Governance and Management 13
Trustees and Advisers 17
Independent Auditor’s Report 18
Opinion 18
Financial Statements 20
Accounting Policies 20
Statement of Financial Activities 22
Balance Sheet 23
Statement of Cash Flows 24
Notes to the Financial Statements 25

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BSAVA | Annual Report and Financial Statements

Introduction from the President and Chief Executive Officer

Ian Ramsey As a charity, the British Small Animal President 2020-2021 Veterinary Association (BSAVA) strategy and activities are core to delivery of Amanda Stranack our vision and mission. We are here to Chief Executive Officer drive excellence in veterinary practice to improve the health and welfare of small animals and that role has never been more important than through the 2020 pandemic and beyond.

Throughout the year, as well as our response to the pandemic outlined here, we have continued to work to meet our aims to provide the best science and education resources to our members.

We work with, and support, the wider veterinary profession in the UK and around the world. Internationally the BSAVA is a member of the Federation of European Companion Animal Veterinary Associations (FECAVA) and the World Small Animal Veterinary Association (WSAVA). These

Throughout all of this time the BSAVA continued to promote high standards of veterinary education and veterinary care of small animals for the public benefit.

RESPONSE TO THE PANDEMIC

Early in February 2020, BSAVA Board started to consider the potential impact of a novel coronavirus that had first been detected in China and had recently spread to Italy with devastating consequence for the local hospitals. The first deaths in the UK had yet to be reported, though a handful of people had been infected. Even before our meeting in March, it was clear that BSAVA Congress was under considerable threat and two days following this meeting the final decision was taken to cancel the congress to avoid increasing the risk to the profession. The decision was widely supported throughout the profession and we remain grateful for the many messages of encouragement that we received around that time.

Our first priority was to provide much needed guidance to small animal vets and a range of small animal businesses such as kennels about measures that could be taken to reduce person to person contact whilst maintaining the health and safety of our members, their clients and their animals. Many volunteers helped our Head of Policy and Communications, Adrienne Conroy, in this process and we are grateful to them all.

organisations provide forums to share knowledge and expertise on issues that affect the veterinary profession globally. In the past year, these networks have proved invaluable, enabling us to quickly share resources and information critical to our responses internationally and at home.

Our second priority was to move all our educational efforts to an online format. Our Education team had already launched Learn Online in January and the BSAVA Library provided the platform to host different formats and content. As a result we were well placed with technology and infrastructure to transfer our other core activities to online provision, which you can read more about in this report.

2020 initially saw progress against formats and content. As a result we our strategic objectives outlined were well placed with technology and in our 2019-2021 plan. However, infrastructure to transfer our other core the COVID-19 pandemic caused activities to online provision, which you considerable disruption and this report can read more about in this report. starts with a review of our response to that most serious of challenges as well This was achieved whilst at the same as reflection on some of the innovations time transferring all our staff to home as a result. The report then continues working and our thanks go to the by defining our strategy going forwards dedicated Woodrow House staff who and concludes with updates on the rose to the challenges magnificently. activities being delivered by our staff and We would like to thank them all on volunteers who work closely together behalf of the whole Association for across BSAVA. their efforts.

As the pandemic progressed from the spring into early summer it became clear that Congress 2021 was also under threat from the restrictions Purpose imposed by the virus. Again, we to drive excellence in quickly took the decisive step to veterinary practice to move congress online and engaged improve the health and in a rapid consultation process to welfare of small animals develop a novel alternative to create the most engaging virtual event we could. We are very excited about the 2021 Congress Programme - we have adapted the delivery of CPD to the Mission online environment while increasing the ways delegates can engage in the event. There will be a lot to learn from this new format of delivery that we can take forward into our planning for their knowledge and skills through leadingCongress 2022.

Purpose

to drive excellence in veterinary practice to improve the health and welfare of small animals

to enable the community of small animal veterinary professionals to develop their knowledge and skills through leadingedge education, scientific research and collaboration.

GOVERNANCE

We held our first hybrid Annual General Meeting (AGM) in May as we adapted our response to meet our legal obligations, and a further online Strategic General Meeting in November. This Pillars and meeting enabled us to change our Articles of Association; going forward Aims we can now hold hybrid or entirely online General Meetings as needed. We hope this will enable a greater number of members to engage in this Community important aspect of the Association’s We will grow our community, governance whilst also increasing both through membership the efficiency of our processes. The and the development of November meeting also saw the wider engagement with confirmation that our Veterinary the small animal veterinary Nurse members can now engage in professions. all aspects of the activities of BSAVA. They can vote at the AGM and, importantly, can hold all volunteer Education posts within the Association ensuring full participation at all levels.

We will grow our community, both through membership and the development of wider engagement with the small animal veterinary professions.

Education and Science

We will advance the small animal veterinary professions through the provision of outstanding professional development combined with the curation and development of knowledge.

STRATEGIC REVIEW

During the latter part of 2020 we conducted a review of our strategy as our current strategic period was coming to end. The pandemic had disrupted our plans and activities to some extent but lot of progress has been made around the development of both education and science resources for our members and the wider profession. However, rather than pursue the old plans to their conclusion, we decided that a new strategic plan to deal with the changes in economic, societal and professional spheres associated with the double challenges of Brexit and the pandemic was required.

Our revised plan emphasises the pillars of community alongside education and science. Beneath these pillars and associated objectives there are the foundations of good governance, IT infrastructure, our people (both staff and volunteers) and sustainability practices that are vital to any modern charity. We look forward to sharing more with you on this soon.

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Trustees’ Annual Re ort p

For the year ended 31st December 2020

The trustees present the Annual Report and the Financial Statements of the British Small Animal Veterinary Association (BSAVA) for the year ended 31st December 2020. The statements appear in the format required by the Statement of Recommended Practice, Accounting and Reporting by Charities applicable to charities preparing their accounts in accordance with FRS 102. The report and statements also comply with the Companies Act 2006 as the BSAVA was incorporated by guarantee on 20th July 1993. It has no share capital and is a registered charity.

The guarantee of each member is limited to £1. The governing document is the Articles of Association of the Company. The trustees of the Association are also the directors of the Company for the purposes of company law.

MEMBERSHIP SUBSCRIPTIONS AND MEMBER SERVICES

Membership

promising, though it is difficult to quantify impact of the pandemic. A dedicated nurse module originally planned for late 2020 was delayed with release anticipated in 2021.

measures to better support members. A member care telephone campaign was launched, reaching out to members who were due to renew to establish any concerns and offer support. This was indispensable in gaining a greater understanding of our members’ experiences and situations. Conversely, the mentoring programme which was due to enter a second phase of pilot was put on hold. We are now reviewing the mentoring programme with a view to re-launching in 2022.

The 2020 pandemic has impacted our members and for some their ability to renew. An early decision was taken to extend membership for all members that were due to renew when the first lockdown was announced. Members who were able were encouraged to renew, but for those struggling financially as a result of the pandemic, or where finance teams were on furlough, an extended ‘grace’ period was given. This was to ensure that members did not lose access to vital resources at a time when they needed them most. Some 84 members requested extensions to their membership beyond the initial 3 months given and a significant proportion of these have now renewed.

Membership development

BSAVA membership is predominantly based on career stage, with membership categories for students, recent graduates, fully qualified and retired practitioners. The primary differentiation between subscriptions is pricing, with largely consistent benefits across all categories. A core objective for 2021 is to scope and develop more relevant and targeted membership packages for different audiences. Whilst we aim to do this across all memberships, we will be starting with students and recent graduates – two groups we know have very specific needs that are under-serviced by the current membership offer.

In August 2020 BSAVA partnered with Vet2Vet to launch VETbytes, a mobile point-of-care clinical support tool providing access to evidencebased information. VETbytes is offered to BSAVA members for free or at a special discounted rate (dependent on membership grade) as a member benefit. Initial take-up has been

A key impact of the pandemic was that much planned activity was suspended in favour of reactive

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JSAP SUBMISSIONS BY ARTICLE TYPE 2008-2020
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500
Original
400 Papers
Case
Reports
300
Reviews
200
Letters
100
Other
0
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
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Limited advertising space was offered in Companion during 2020. Although only a handful of advertisements were booked, this revenue helps to offset the costs of production.

launched in the BSAVA Library, and JSAP virtual issues have been created to coincide with BSAVA promotions.

We are also exploring alternative membership categories to offer a more flexible approach to members looking to step up or down their membership commitments depending on their personal circumstances. Whilst this has been strategically the intention for some time, the priority to provide added support to members during a time of need has increased in response to the pandemic.

The move to asking members to opt into receiving print issues continues to save considerable cost to the Association, and also to the environment in terms of printing and mailing of unwanted print copies, while also demonstrating the engagement of members as more than 1,450 members have now signed up for print issues. Members retain access to the online edition. The full text of JSAP articles was accessed online more than 716,000 times in 2020, an increase of 33% compared with 2019 total downloads. Around 1.5% of online downloads were by BSAVA members.

Changes were made to the paper stock in 2020 which reduced print costs, but also contributed (along with fewer inserts) to a significant reduction in the cost of mailing Companion issues.

Commissioning of CPD content continues apace and in 2021 this should start to allow us to develop themed issues. We also plan to review the fulfilment of Companion as further cost savings may be possible.

Journals

Journal of Small Animal Practice

(JSAP)

JSAP published 12 monthly issues during 2020 containing 132 articles. JSAP received 469 article submissions during 2020, an increase of 10% compared with 2019. The graph illustrates the increase in original papers and new article types such as ‘images in small animal practice’ and ‘viewpoint’ articles, and the relative decline in the submission of traditional case reports which are rarely accepted. 146 articles were accepted for publication (52% more than in 2019).

Policy

With the impact of COVID-19 reverberating throughout the profession during much of 2020, BSAVA Policy & Communications prioritised providing vets and their clients with resources to support them during the pandemic. The dedicated COVID section of the BSAVA website facilitated easy access to our extensive resources which were made freely available to all members of the profession.

Plans for 2021 include a new design for the journal which will help to streamline production.

Companion

Companion is the Association’s monthly membership publication, the purpose of which is to deliver relevant, engaging and informative CPD, at the same time as keeping the BSAVA community informed of BSAVA activities. In 2020, 12 editions of Companion were produced, containing some 160 articles, and circulated to eligible members with an average monthly circulation of just under 6,500 copies.

A new editor was appointed during 2020, Nicola di Girolamo from Oklahoma State University. Among other things, Nic has been seeking to recruit additional Associate Editors to support the team and is working on updated author guidelines.

Resources were produced through BSAVA collaborating with a broad spectrum of organisations. Public Health England (PHE), National Health Service (NHS) and the World Health Organisation (WHO) provided advice on public health requirements with Department of Business Energy and Industrial Strategy (DBEIS) and HM Revenue and Customs (HMRC) providing business support assets. Tailored guidance on practice

The appointment of a Scientific Content Editor for BSAVA in 2019 has led to more regular and increased promotion of JSAP science. Press releases on articles of particular interest have been issued monthly, a series of podcasts on JSAP science has been

Companion is the most viewed publication in the BSAVA Library, with more than 300,000 views in 2020 (17% of total views) and over 17,000 full text accesses (7.75% of total full text accesses).

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BSAVA | Annual Report and Financial Statements

processes and technical procedures specific to the companion animal sector included resources from Defra, Animal and Plant Health Agency (APHA), Royal College of Veterinary Surgeons (RCVS), British Veterinary Association (BVA), Federation of Companion Animal Veterinary Associations (FECAVA), World Small Animal Veterinary Association (WSAVA), Animal Behaviour and Training Council (ABTC) and our affiliate associations to name but a few. The BSAVA’s Toolkit for vets covered guidance on remote consulting, vaccination, neutering, anaesthesia, COVID testing and a Triage Tool which was translated into other languages to support vets globally.

information thereby minimising any further draw on stretched practice resources. Pet owners were also advised on how to access veterinary practices and services that would maintain their pet’s health and welfare, and how to tackle issues arising from COVID constraints whether medical or behavioural.

By working collaboratively with our external stakeholder network and UK Government, BSAVA ensured elements relevant to small animal veterinary practice were taken into consideration and that consistency was maintained throughout national guidance issued to the profession, pet owners and related businesses.

BSAVA also collaborated with national animal welfare organisations and charities to ensure that consistent advice and guidance was available to clients of veterinary practices whether pet owners, breeders or other animal-related business owners such as boarding, grooming and re-homing services. Co-creating dedicated resources meant clients could be directed to readily accessible

Despite the demands of the COVID crisis, BSAVA continued to contribute to consultations, calls for evidence (CfEs) and Policy Positions although these were reduced in number given the demands of COVID. CfEs included the welfare of primates kept as pets (England), rescue and re-homing sanctuaries, third party sales (Wales) and livestock worrying (Scotland).

SOME OF THE UK ORGANISATIONS WE WORK WITH

▪ Dogs Trust

▪ International Cat Care (ICC)

▪ People Dispensary for Sick Animals (PDSA)

▪ Pet Industry Federation (PIF)

▪ Royal College of Veterinary Surgeons (RCVS)

▪ Royal Society for the Prevention of Cruelty to Animals (RSPCA)

Policy Positions included TB, Microchipping of Cats and Under our Care which encompassed Continuity of Care, Remote Prescribing and Remote Referrals.

BSAVA continued to work collaboratively with national organisations that influence some of the topical issues impacting the health and welfare of our clients’ pets. These included the Canine and Feline Sector Group (CFSG) and the Animal Welfare Network for Wales (AWNW) where, aside from extensive work on COVID related resources, a BSAVAchaired Working Group finalised and launched the CFSG Guidance on Dog Conformation to support breeders, sellers, buyers and vets tackle societal issues relating to animal health and welfare. Also, as a member of BWG, BSAVA worked with the BVA to produce a Brachy Toolkit to support vets in practice when managing brachycephalic breed-related issues.

BSAVA worked closely with Defra to contribute to and support their national Petfishing campaign which highlighted unscrupulous, illegal puppy and kitten sellers to the public and in particular, prospective pet owners. Resulting media coverage potentially reached over three million individuals.

In other areas BSAVA continued to work with external stakeholders on improving guidance for vets involved in the licensing of breeding and boarding establishments, worked with BARTA to develop emergency incident response training for vets in practice, and facilitated VMD’s review of their Special Import Scheme website.

Although COVID took precedence during the year, the prospect of Brexit was ever present. BSAVA continued to liaise with Defra and APHA and supported dissemination of communications when final instructions for OVs on pet travel were issued. It also facilitated Defra communications regarding avian influenza by maintaining updates for the profession dependent on escalating numbers of outbreaks throughout the UK.

Whilst policy formulation to support the profession and the clients and businesses it serves is integral to the work of BSAVA Policy, communicating policy outputs and ensuring the voice of our organisation is heard is also core to its remit. Aside from creating COVID content for the BSAVA website, significant resources were allocated

BSAVA continued to work collaboratively with national organisations that influence some of the topical issues impacting the health and welfare of our clients’ pets.

Scientific

The Committee also began a review of the current BSAVA Research Board – an area of the BSAVA website where people are able to find and support clinical research projects from BSAVA members – with a view to improving visibility and usage of the webpages. In 2021, the Committee aims to develop a new science-based e-newsletter for BSAVA members, highlighting research and other publications of interest.

to developing communications with our external stakeholders, including extensive guidance and social media assets. Numerous news articles were produced whilst media requests for presidential quotes, whether for internal or external use by the national press, were regularly facilitated. Through our communications, BSAVA continued to influence outcomes relevant to its sector.

BSAVA’s Scientific Committee developed a review schedule for existing scientific materials – such as Scientific Position Statements and Scientific Information Documents – and began reviewing the first of these documents. The Committee has also developed review processes to aid clarity for future committee members. To date, the review of the ‘Bovine tuberculosis (TB) and badgers’ position statement has been completed, and the ‘Neutering of Dogs, Cats, Rabbits and Ferrets’ position statement has been updated with regard to neutering of cats, and further work relating to neutering of dogs is ongoing. The Committee also published a new Scientific Information Document on the use of cannabidiol (CBD) in dogs and cats. These documents will be reviewed on a rolling five-yearly basis and therefore will continue to form part of the Committee’s future work.

The Committee’s work in relation to obesity in pets is ongoing, and whilst plans to facilitate training and workshops at Congress were not delivered due to the switch to a virtual Congress, planning for future years continues.

As ever, BSAVA policy is driven by external events which are often unpredictable given the nature of the external landscape, with 2020 epitomising such unpredictability. For 2021, BSAVA Policy & Communications will continue to serve members needs and ensure members’ views are reflected in national policy-making activities. It will also aim to influence outcomes in those areas that impact our profession whilst continuing to improve animal health and welfare.

Members of Scientific Committee continue to represent BSAVA and input into external stakeholder activities, such as ABTC, ICC, the Cat Population Control Group (CPCG) and Small Animal Surveillance Network (SAVSNET) External Advisory Panel (EAP), ensuring that the veterinary view is reflected in their activities.

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BSAVA | Annual Report and Financial Statements

remote working conditions as the UK PRODUCTS AND went into lockdown on 23rd March. SERVICES

decision was taken to pivot Congress 2021 to online, running an immersive virtual event and investing in a robust and user-friendly platform. Given the situation at the end of 2020 this was clearly the correct decision and we look forward to an exciting event in March 2021.

The news of the cancellation of Congress was understandably a disappointment but was positively received by the membership and regular participants, as concerns were already being voiced within the profession about attendance at face-to-face meetings. The refund process was received extremely well by those involved.

Congress

Back in January 2020, BSAVA Congress was progressing well. However, no-one could have predicted the impact that was on the horizon due to COVID-19. As the pandemic started to evolve it was fundamental to take some significant decisions to ensure:

A lot of work has been done to reformat Congress to fit a virtual event format, with the experience of participants on equal footing with the scientific learning. Looking further forward, we can’t wait to hold our first Congress in the award winning Manchester Central venue, now scheduled for 2022, and will be reviewing the strategy for the delivery of BSAVA Congress for 2022 onwards.

Congress On Demand

To ensure we maintained

▪ Limitation of financial exposure and risk was undertaken as an immediate course of action

engagement with our membership and community, we launched Congress On Demand, with the aim of providing quality CPD despite the loss of the face to face event. Scheduled speakers recorded their prepared presentations which were packaged together in the BSAVA Library under the Congress On Demand brand. Congress exhibitors were also invited to sponsor webinars. We had a positive outcome from this with the support from the following organisations:

Education

▪ That BSAVA maintained its integrity based on the outcome of any decisions made.

Continuing professional development (CPD)

Despite the significant challenges to CPD provision as a result of the COVID-19 pandemic, the Education Department was able to deliver the majority of the planned programme. The Postgraduate Certificate programmes were rapidly redesigned to be delivered online, practical elements of the Vet Nurse Merit Awards were delivered ‘at home’ via video platform and the popular BSAVA Dispensing Course was accredited for online delivery for the first time.

Whilst it was unknown at the start of the pandemic how the situation would develop, we made the decision that postponement of Congress to later in the year was not an option for such a large event. As the pandemic situation developed, we kept all stakeholders informed and on 13 March we took the decision to cancel BSAVA Congress 2020. From February 2020 we had seen a significant fall off in registrations and exhibition bookings. It was looking increasing likely that the UK Government would impose a ban on large gatherings. A coordinated communications operation was then put into action to notify all stakeholders and press covering multiple platforms.

▪ Bayer plc

▪ Hill’s Pet Nutrition

▪ IVC Evidensia

▪ Nationwide Laboratories ▪ Pet Remedy ▪ Wiley By the end of the year there had been 5,916 video podcast views for Congress On Demand in total. In addition to this there were more than 90,000 abstract level views (which do not require the user to be logged in) and over 14,200 full text views (lecture summaries in text format).

been 5,916 video podcast views for 2020 saw the very timely launch UK Government would impose a ban Congress On Demand in total. In of the new BSAVA Learn Online on large gatherings. A coordinated addition to this there were more than CPD programme. Ten courses were communications operation was 90,000 abstract level views (which do delivered in 2020 with over 400 then put into action to notify all not require the user to be logged in) delegates attending one or more stakeholders and press covering and over 14,200 full text views (lecture courses. The virtual delivery format multiple platforms. summaries in text format). attracted attendees from Europe, Full refunds were undertaken for North America, Canada, Asia and Summit delegate registration fees and this Australasia and the feedback has Summit 2020 was also postponed process was completed in May. been highly positive. For 2021, we Exhibitors and sponsors were also for a year due to the pandemic. The will deliver ten Learn Online courses next event is scheduled for 29th – offered refunds or the option to aimed at vets, two courses open 30th November 2021. transfer to the 2021 congress. The to both vets and nurses and one process ran extremely successfully with Future plans course purely for nurses. These will individuals being kept up to date with As the pandemic evolved and the be delivered in addition to the BSAVA progress. All this had to happen under ongoing impact became clear, the Learn@Lunch Webinars, a monthly

2014
2015
2016
2017
2018
2019
2020
“in person”
events
2020
Regions
now events
2020
Total
Number
of courses
105
109
125
121
114
92
24
7
31
Number
of delegates
2,470
2,681
3,070
3,004
2,766
2,172
494
2210
2704

The proposal for Regions to pilot the mentoring programme in 2020 was paused and will be for future consideration during 2021.

AFFILIATE GROUPS

member benefit for both vet and nurse members.

have expressed an interest in attending the 2021 event, if the current guidance in place closer to the event allows. Similarly, the 34th BSAVA Scottish Congress was unable to go ahead. At the time of writing, the region and team at Woodrow House are making plans for a repurposed event with a new name in 2021 – look out for BSAVA Alba.

with distinction. Four students have enrolled on the course in 2021.

Although one Vet Nurse Merit Award (VNMA) had to be postponed as a result of the pandemic, it was still possible to enrol 79 nurses across four awards offered in 2020. In March, a brand new and highly popular VNMA in Behaviour was launched, the first award designed to be delivered solely online. We continue to develop our next VNMA in Nutrition, which is due to launch in Spring 2021.

The British Dermatological Nursing Group (BDNG) was awarded affiliate status in 2020.

Regional CPD

During 2020, Regional CPD provision event with a new name in 2021 – look evolved to meet the needs our out for BSAVA Alba. members under the confines of the Attendance CPD provision and pandemic and during the spring and uptake had paused from mid-March summer we offered pre-recorded 2020 as a result of the pandemic. In lectures in place of “in person” events. 2020, all regions had aimed to provide However, the collective volunteer a minimum of two day courses and body that organises regional events four evening courses across the felt that more could be done and course of the year. All regional evening implemented a new initiative to deliver CPD was free to BSAVA members, and interactive events with some bonus our day course cost was subsidised information to enhance participation as a BSAVA Member benefit. The in the live element of the event. From number of hours of attendance CPD inception to launch some six weeks provided by BSAVA Regions in 2020 later, ‘Regions Now’ came into being that took place was 76, with 1,330 and has been a successful member delegate hours provided by day and benefit, attracting greater numbers of evening courses. ‘Regions Now’ attendance at regional events. online CPD provided an additional 21 The second iteration of the new hours of CPD with an additional 6,630 event Vets Cymru was a victim of the delegate hours, providing a total of pandemic and it was not possible 7,960 delegate hours and 97 hours of to replace this event at short notice. CPD, which exceeded the 2019 CPD However, plans for Vets Cymru 2021 are provision.

Our current Postgraduate Certificates continue to be successful with a further 81 students graduating in 2020, bringing our total number of graduates across the four programmes up to 449. 2020 also saw the approval and accreditation of the new BSAVA Postgraduate Certificate in Small Animal Diagnostic Imaging by Nottingham Trent University; this course will take its first student intake in January 2022 and will be the first of the Certificates to contain an elective component allowing students to personalise their study.

The second iteration of the new event Vets Cymru was a victim of the pandemic and it was not possible to replace this event at short notice. However, plans for Vets Cymru 2021 are underway and many of the speakers and sponsors who had committed to 2020

The BSAVA Masters in Clinical Veterinary Research had a record five enrolments in 2020 and the second student graduating from the course

In addition, 6 courses were recorded and uploaded into the BSAVA Library.

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BSAVA | Annual Report and Financial Statements

fund a PhD in vaccine hesitancy with the University of Liverpool, which commenced in October 2020. The pandemic had a major impact on scientific research, resulting in application numbers being down on previous years, and the granting of no-cost extensions to several ongoing projects to compensate for the fact that labs were closed for several months. More is being made of the opportunity to form funding partnerships with BSAVA affiliates. Joint funding has continued with one of these, the Veterinary Cardiovascular Society, and PetSavers opened a call for other affiliates to establish similar match-funding agreements. The first grant to be supported in this way aims to open in October 2021. A partnership with the British Hen Welfare Trust is ongoing, but grant awarding has been delayed until September 2021 for reasons relating to the pandemic.

PetSavers

vets and owners about their older dogs. In-depth interviews have been carried out with owners and veterinary professionals as qualitative research to identify key concepts and phrases about senior dogs which will then be used to design a survey to obtain related quantitative findings from a wider group of recipients. This survey will launch later in 2021. The Master’s student working on SAVSNET demographic data as part of this project started in September 2020.

In 2020, PetSavers started a strategic review to consider its branding position and target audience, and ultimately the source of income to allow it to fund research projects into companion animal health. The intention to focus on engaging with the veterinary profession rather than the public, at least initially, is forming the basis of planning efforts to identify future fundraising strategies under the guidance of a fundraising consultancy.

A total of £94,146 of grant funding was awarded to support 9 projects during 2020, excluding the citizen science project, £204,512 including the citizen science project. The Grants Awarding Committee also oversaw the awarding of £50,000 of funds earmarked for SAVSNET work to jointly

The winning citizen science project was launched in June 2020. Promoted as the OAP (old age pets) project in association with a communications agency, this aims to develop a toolkit for use in practice to help guide discussions between

2021 will see the completion of the strategic review of PetSavers and an assessment of tried and tested fundraising approaches to identify those most suited for the long-term financial support of PetSavers. The aim is also to better integrate PetSavers within the BSAVA to provide stronger links between education and science in an evidence-based future.

2021 will see the completion of the strategic review of PetSavers and an assessment of tried and tested fundraising approaches to identify those most suited for the long-term financial support of PetSavers.

£204,512 grants awarded

----- Start of picture text -----
Publications
Books UNIT SALES OF BSAVA PRINT PUBLICATIONS:
In total, 20,901 printed books
(including posters) were sold in 2020,
which is 15% less than in 2019 (though 2016
Direct sales
only 4% less if sales from Congress exc Congress
2019 and a special bulk sale from 2019 2017
are excluded). Sales had a strong end
Congress
to 2020 but the shortfall resulting from sales
the start of the COVD-19 pandemic 2018
and the cancellation of Congress Distributor
was not fully recovered. The figures 2019 sales
should also be viewed in the context
of expanding digital sales, which Other
were fuelled to some extent by the 2020
pandemic. Having said that, demand
for print books remains strong – 20 0 5000 10000 15000 20000 25000
titles were reprinted during the year
and in total we printed some 18.2
million pages (more than in any year
were published and 14 new contracts
in the past eight years).
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were published and 14 new contracts
for translations agreed in 2020 in ABSTRACT VIEWS
association with local publishers.
In 2021 we hope to publish three 2018
manuals, a new edition of the BSAVA
Pocketbook for Veterinary Nurses
2019
and a new ‘How To’ collection. We
also intend to update and expand a
number of digital resources. We plan 2020
to start production on four other
books for publication in 2022 and 0 1000000 2000000
contract some six new titles and
new editions as part of our ongoing FULL TEXT ACCESSES
publishing programme.
The BSAVA Library 2018
2020 saw another large increase
in the usage of the BSAVA Library,
2019
with abstract-level views increasing
by 55% and full-text accesses more
than doubling compared with 2019. 2020
Purchases through the site increased
by more than 3.5 times compared 0 100000 200000
----- End of picture text -----

The publications team produced the following new titles during 2020:

In addition to the Congress On Demand content and the new online content mentioned in the books section above, a ‘Webinar Library’ was launched which now includes 65 webinars and is updated monthly. Webinars are free to members and have been accessed more than 4,200 times so far. The ‘collections’ section of the library is being used increasingly to provide access to topical content and also to deliver bonus material to those participating in CPD and Regions Now events.

▪ A significant update of the BSAVA during 2020. Guide to the Use of Veterinary Medicines (which is our most As well as member usage, access has accessed online resource) been sold to a number of university libraries around the world and also ▪ A further batch of new client a number of veterinary practices information leaflets relating to who provide access to the manuals medicines. for their staff. Seventeen institutions All books budgeted for the year purchased access to library content were published. A further three books for the first time during 2020, and have started production and a further all existing customers renewed their five books have been contracted. In subscription or purchased the 2020 addition, 9 new translated editions content package.

In 2021 we will launch a ‘Lecture Library’ which will provide all congress lecture recordings in one place. We will also work to develop a ‘Video Library’ to showcase the more than 300 clinical videos already in the BSAVA Library.

All books budgeted for the year were published. A further three books have started production and a further five books have been contracted. In addition, 9 new translated editions

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BSAVA | Annual Report and Financial Statements

£10,648,531, (2019: £11,666,445) of

REVIEW OF FINANCIAL POSITION

which £5,997,105 (2019: £7,179,273) is regarded as free reserves, after allowing for funds tied up in tangible fixed assets and designated funds. The budgeted expenditure for 2021 is £5,362,032 and currently free reserves satisfy 111.8% of this expected expenditure. Usually, the trustees intend that the free reserves are within plus or minus 10% of the annual budgeted expenditure of the following year. However, given the impact of the pandemic and subsequent economic recovery, the trustees agree that being 1.8% outside of the agreed tolerance was acceptable in light of the ever changing environment.

The Association constantly reviews and adapts its approach to its internal management and the services that it delivers to its members. A secure financial platform has been achieved over a number of years, which will enable the Association to invest in and deliver new services. This has enabled the Association to deal with and even thrive in a number of areas during the COVID-19 pandemic.

The Association deficit for the year before investment losses was £1,124,050, which is greater than originally forecast due to the cancellation of Congress 2020 resulting from the COVID-19 pandemic and the changes to operations caused by the pandemic.

The trustees review and consider this policy when agreeing the designated reserves and annual budget each year.

The net assets of the Association have been split between restricted and unrestricted funds.

Reserves

Summary of investment policy

The trustees aim to maintain free reserves in unrestricted funds at a level that allows the Association to take a flexible approach to its charitable activities and to ensure that the Association is on a sound financial footing for years to come. Within the unrestricted funds are designated funds for specific projects currently being planned and underway.

Any investment decisions undertaken by the trustees must safeguard the assets of the Association and therefore are in accordance with the guidelines laid down by the Charity Commission.

The asset allocation for each portfolio is reviewed periodically, in conjunction with the fund manager, by the Honorary Treasurer and other Officers, and rebalanced if appropriate.

The balance held as unrestricted funds at 31st December 2020 was

AT 31ST
DECEMBER 2020
£		 AT 31ST
DECEMBER 2019
£
1,471,344
1,971,019
2,516,153
5,958,516
7,179,273
13,137,789
RESTRICTED FUNDS
PetSavers		 1,267,055
UNRESTRICTED FUNDS
Designated funds
Funds already invested
in fxed assets
Working capital		 2,386,505
2,264,921
5,918,481
5,997,105
Total funds as detailed
on the Balance Sheet		 11,915,586

More detailed description of the Restricted Funds and Unrestricted Funds can be found in the Notes to the Financial Statements on pages 37 - 39.

Objective

Our investment objective is to produce a balanced combination of growth and some immediate income, with the potential for capital and income growth over the long term.

Strategy

The strategy is to provide a diversified portfolio comprising predominantly domestic and international equities, as well as some fixed interest. Exposure to specialist areas (for example, smaller companies and emerging markets) will be low and achieved via collective funds.

To improve diversification and reduce volatility, an exposure of up to 20% in alternative investment strategies (such as commercial property, private equity, hedge funds, structured products and other specialist areas) will usually be included.

Suitability

The strategy is suitable for an investor with an investment time horizon of a minimum of 7 years, a moderate income requirement and an attitude to risk which can withstand some fluctuation in capital value and/or income. Currency exposure may have an adverse impact on UK and overseas investment returns and currencies will not be hedged. The dealing frequency of some investments may be limited.

Restrictions

The investments will be suitable for a charity. Should the Association be made aware that animal welfare is compromised by the companies with whom investments are made, those companies will be excluded from the portfolio. In addition to this those companies involved in pornography and the manufacture of arms are also excluded from the portfolio.

Reporting

The portfolio is managed on a discretionary basis and provides reports incorporating a valuation with a measurement of overall investment return, which takes into account the change in value, income received and all capital and income cash movements.

The benchmark for the current portfolio is a composite benchmark reflecting Brewin Dolphin Risk Category 6-7.

The distribution of the investments managed by Brewin Dolphin at 31st December 2020 was as follows:

Income

Income from investments will be
transferred to capital for reinvestment.
The budget for 2020 was set at
£255,000 (2019: £190,000) and the
actual received was £213,927 (2019:
£268,402), which is lower than budget		 AT 31ST
DECEMBER 2020
%		 AT 31ST
DECEMBER 2019
%
by 16.1%.
Implementation		 UK equities
28		 39
A mixture of direct and collective Overseas equities
47		 35
investments to obtain suitable
diversifcation will be implemented.
STRUCTURE,		 Fixed interest
20
Property, hedge
funds & other
5		 20
6
GOVERNANCE AND
MANAGEMENT		 100 100

The new governance structure has been in place since the AGM in April In addition, there were two 2019, which resulting in a reduction subcommittees: in the number of trustees. Changes ▪ Congress Programme (reports to continued throughout 2020 and saw a Congress Committee) reduction in the number of of Working Committees. International Affairs and ▪ PetSavers Grants Awarding (reports to PetSavers Management Membership Development committees Committee). were disbanded, as it was felt that their work would be better served by other Occasionally ad hoc subcommittees areas of the Association. (or working groups) with a closely defined set of objectives and a In order to initiate and manage timetable are established in order to advances in the Association’s activities manage specific projects, which arise and in the provision of services to from time to time. members, a Board and Working Committee structure exists. The Board The UK membership of the members are the President, Senior Association is divided into twelve Vice President, Vice President, Junior geographical regions. Each Regional Vice President, Honorary Secretary, Committee comprises three Officer Honorary Treasurer, Non-Executive positions (Chairman, Secretary Director and Chief Executive Officer. and Treasurer), along with other The Board is ultimately responsible for committee members. the activities of the Association.

between the Regional Officers and provides support and mentoring to the regional committees.

Trustees (other than the President, Non-Executive Director and the CEO) receive no payment for their services, but are reimbursed for travel and certain other out-of-pocket expenses. The President receives an honorarium to compensate for the amount of time spent away from normal work on Association business. The CEO and Non-Executive Director receive salaries pursuant to their employment contracts. Details of trustee expenses and related party transactions are disclosed in notes 7 and 9 to the Financial Statements. All Trustees are required to disclose relevant interests and register them in accordance with the Association’s policy, and highlight them during discussions where conflict of interests arise. Honoraria are paid to the Editors of both JSAP and Companion. Trustees indemnity insurance is maintained for BSAVA.

The Council is an advisory body which holds Board to account. The members of Council are twelve Council Representatives, one from each of the geographical regions of membership, plus the Chairs of Audit and Risk Committee (ARC) and the Volunteer Development Committee (VDC), a representative of the Past Presidents, and the immediate Past President. This committee is chaired by an independent Chair of Council and has two standing committees who report directly to Council, these are:

The members of Board and Working Committee chairs, along with the Woodrow House Management Team, sit on the Advisory & Management (A&M) Committee, which receives input from the Working Committees and external liaison representatives. The A&M Committee discusses and makes recommendations on major projects formulated by the Working Committees and considers membership matters.

On appointment, each trustee undergoes an induction process and training to brief them on their legal obligations under charity and company law, the content of the Articles of Association, the Working Committee and decision-making processes, the Business Plan and the recent financial performance of the charity. Trustees complete a declarations of interest form as part of their induction and all other volunteers are asked to complete a declaration of interest form as best practice. All trustees and volunteers are made aware of their requirement to declare any conflicts immediately during Working Committee meetings and to ensure that any new conflicts are reported for inclusion on the register.

The Working Committees are made up of individuals with suitable knowledge or expertise in the areas in which they participate.

▪ Audit and Risk (reports to Council)

▪ Volunteer Development Committee (reports to Council).

The Working Committees during the year were as follows:

Each Regional Committee organises local day, evening and, in some cases, weekend scientific meetings. Each Region sends two representatives to the Regional Fora and one to Council meetings. The Chair of Regions is responsible for communication

▪ Congress

▪ PetSavers Management

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BSAVA | Annual Report and Financial Statements

When positions become vacant, they are advertised to the membership so that applications can be made to the VDC. These applications are then reviewed by the VDC which will make a recommendation to the Board, which reports the appointed candidates to Council. Board nominations have a further approval stage of notification to Past Presidents of the Association. All appointments are then ratified at the Annual General Meeting. Appointments to the positions of Chair of ARC, VDC and Council are via an application process but are then subject to interview by a panel as outlined in the Rule Book of the Association. Council is tasked with approving the nominations to the ARC and VDC roles.

Overall, there are 325 volunteers giving their time and expertise, and the Association would like to thank them for their work throughout the year.

Membership of BSAVA

The Association is a charitable limited company incorporated under the Companies Act 1985. On 31st December 2020 there were 12,098 members (11,823 in December 2019) of which 4,442 (3,643 in December 2019) were student members. Each paying member with full membership rights has guaranteed to pay £1 in the event of the winding up of the Association. The Association is governed by its Articles of Association.

Full members of BSAVA are individuals working within the profession in the area of small animal medicine and surgery, who are registered with the Royal College of Veterinary Surgeons (RCVS) or meet the requirements of registration. They are essential for the work of BSAVA and we value their time, energy and support enormously.

Full details of membership are available on our website, and application forms can be downloaded.

Risk assessment

The trustees continually review the risks to which the Association is exposed, particularly business, operational and financial risks, and introduce procedures and reporting regimes to manage and reduce any identified risks. The trustees have agreed clear lines of delegation and authority to staff and have involved staff in recognition of risk in all their activities. Procedures are reviewed by the Audit and Risk Committee regularly to ensure that the needs of the charity are met.

The trustees continue to acknowledge the risk associated with our ability as an Association to retain and grow membership. The Membership and Marketing team continue to benchmark membership numbers against that of our previously assessed market size.

Financial strength is essential if BSAVA is to develop in a secure and sustainable manner. With the continuing instability and volatility in the world financial markets, the importance of ensuring a solid financial platform from which to operate becomes more relevant, and during the past year we have adhered to our strategic plan in the face of challenging times. The trustees continue to approve the ongoing income strategy

plan, which addresses these issues, and in particular encourages diversification of income streams.

Going Concern

The Trustees consider that there are no material uncertainties about the Association’s ability to continue as a going concern for the 12 month period from the 10th March 2021. While the Association has suffered a reduction in fundraising activities due to the current COVID-19 pandemic, the Trustees are confident that the amount of funds currently invested in a varied portfolio held by Brewin Dolphin will cover any financial commitments as they arise. The portfolio total at the end of the financial year covers 193% of the annual forecasted budget of £5,362,032 for 2021, should there be a total loss of all income for the coming 12 month period. All grant making on-going commitments will also be covered, by this portfolio.

In addition to this assessment, the Trustees also confirm that there are no material uncertainties affecting the current financial statements, which could affect future years. The key risks of the Association are maintained on the risk register, which is reviewed at regular intervals and mitigations are in place to mitigate those risks. (Please refer to the risk management and reserves policy detailed within this annual report).

Key management personnel remuneration

The trustees consider the Woodrow House Management Team as comprising the key management personnel of the charity in charge of running and operating the charity on a day to day basis.

The pay of the charity’s management team is reviewed annually. The remuneration is also benchmarked with other charities of a similar size and activity as well as local companies to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles.

Management and staffing

In the traditional structure for the management and staffing at Woodrow House, the offices of BSAVA, all administrative support is overseen by the Chief Executive Officer (CEO). The CEO and the management team at Woodrow House, in association with the trustees, delivered the agreed strategy within the various policies and protocols of the Association. The CEO ensures the staff team can provide the skills and expertise needed to run a successful organisation, and that the values of BSAVA are observed.

THE WOODROW HOUSE MANAGEMENT TEAM CONSISTS OF:

▪ A Belcher

Head of Partnerships (to 12/2020)

▪ E Bullimore

Head of Membership & Marketing

▪ A Conroy

Head of Policy

& Communication

▪ S Fitzpatrick

Head of Partnerships and Events (from 01/2021)

▪ L Goodwin

Head of Education

▪ C Haile

Volunteers Manager

▪ E Hayes

IT Manager

▪ I Mellor

Head of Publishing

▪ A Stranack

Chief Executive Officer

▪ M Walmsley Finance Manager

Public benefit statement

The trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard for the Charity Commission's general guidance on public benefit, 'Charities and Public Benefit'.

The objectives of the Association are:

By focusing on these areas we are able to achieve our strategic priorities of maintaining a stable teaching programme and continuing to fund research. All of our services and grants are open to all; for example, training courses and conferences where our charges are kept low thanks to sponsorship from our corporate supporters.

In 2020, the trustees donated £5,000 to the Australian Veterinary Association, to assist in their recovery from the bush fires that devastated the country.

fundraising practices and an annual report is provided to our Audit and Risk Committee. As at 31st December 2020 no complaints have been received.

In 2020, the trustees donated £5,000 to the Australian Veterinary Association, to assist in their recovery from the bush fires that devastated the country and the profession in general at the start of 2020. The trustees also donated £1,600 to VetLife which helps those veterinary surgeons most in need.

Grant awarding policy

The Association carries out this programme through partnerships with individual academics, university veterinary schools and other institutions.

Fundraising policy

The Association’s Fundraising Policy is reviewed and approved by the trustees annually. PetSavers is the brand name for the majority of the fundraising activities for the Association. Supporters of PetSavers are a key element in these fundraising activities and we are committed to employing a transparent and ethical approach to all of our fundraising activities. As such we are committed to ensuring that our fundraising practices go above and beyond all regulations that we rigorously monitor and adhere to.

The Association established its grant awarding policy to achieve its objectives for the public benefit to advance understanding of the cause and/or management of a clinical disorder and to improve the lives and wellbeing of companion animals. The grant awarding policy is reviewed annually to ensure that it reflects the charity's objectives and thereby advances public benefit.

The beneficiaries of our grant making programme are ultimately companion animals and their owners. Our research and educational programmes fund students, researchers, research institutions and veterinary care bodies, which use the funds in their work to improve the lives of companion animals by making advances in the aetiology, diagnosis and management of disease. Any benefit received by the researchers, research institutions or veterinary care bodies is purely incidental to the objectives of our work. The benefits of the Association’s work are the education of future researchers and veterinary professionals, the dissemination of research findings and current knowledge, the development of new techniques and therapies, and the funding of ongoing research. The goal is to improve standards in animal welfare to the benefit of every companion animal and pet owner and all those concerned with the treatment of companion animals.

To help guarantee the availability of continuing funds to fund the work of PetSavers, we aim to maintain a broad base of funding sources. The purpose of the policy is to ensure clarity and openness to all our stakeholders. PetSavers does not pressure supporters to make gifts and respects decisions to stop giving.

The regulatory landscape for fundraising is evolving and we will continue to monitor and adapt with these changes. This included the introduction of the General Data Protection Regulations (GDPR) in May 2018 and our registration with the Fundraising Regulator.

When we work with suppliers and agencies, we ensure that they are fully registered with the appropriate regulatory bodies and we review all their policies as part of our robust procurement due-diligence process.

We monitor and record any complaints resulting from our

14 BSAVA | Annual Report and Financial Statements

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BSAVA | Annual Report and Financial Statements

In so far as the trustees are aware:

Funding sources

accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The trustees continued to work to diversify the income streams throughout the year as part of their work towards risk mitigation. As reported in previous years, a high proportion of our income continues to come from Congress, Membership fees, Continuing Education and Publications, but it is essential for future growth to continue to look for other income sources to develop within the Association.

▪ There is no relevant audit information of which the charitable company’s auditor is unaware

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

▪ The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

The trustees can confirm that funds are available to fulfil all known obligations of the Association.

▪ Select suitable accounting policies and then apply them consistently

Safeguarding Policy

The Association Volunteer and Staff Handbooks outline the expected behaviours for all staff and volunteers and for volunteers, refer to the Nolan Principles of Public Life (Selflessness, Integrity, Objectivity, Accountability, Openness, Honesty and Leadership). All staff and volunteers have a responsibility to recognise and respond to identified issues whilst engaged on BSAVA business, and must immediately report any concerns about any colleague’s welfare to the CEO, President or another Trustee.

▪ Observe the methods and principles in the Charities SORP

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31st December 2020 was 6,987 (2019 7,068). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

▪ Make judgements and estimates that are reasonable and prudent

▪ State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

▪ Prepare the financial statements on This report has been prepared in accordance with the special provisions the going concern basis unless it is relating to small companies within Part inappropriate to presume that the 15 of the Companies Act 2006. charity will continue in operation

The Association is committed to providing support and information to Trustees, staff and volunteers in relation to safeguarding and the Trustees undertake to review the Safeguarding Policy annually and whenever legislation changes.

ON BEHALF OF THE BOARD OF TRUSTEES

The trustees are responsible for TRUSTEES keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets Ian Ramsey BVSc PhD DSAM of the charitable company and hence DipECVIIM-CA FHEA FRCVS for taking reasonable steps for the prevention and detection of fraud and President, 2020 - 2021 other irregularities. 10th March 2021

Statement of trustees’ responsibilities

The trustees (who are also directors of British Small Animal Veterinary Association for the purposes of company law) are responsible for preparing the trustees’ annual report and the financial statements in

Overall, there are 325

volunteers giving their time and expertise, and the Association would like to thank them for their work throughout the year.

Trustees and Advisers

I K Ramsey President 24th May 2020 S Paterson Senior Vice President 24th May 2020 S Middleton Vice President 24th May 2020 A Speakman Junior Vice President 24th May 2020 D Godfrey Honorary Treasurer 24th May 2020 C Gorman Honorary Secretary 24th May 2020 S Spill Non-Executive Director 24th May 2020 A Stranack Chief Executive Officer 24th May 2020 P J Lhermette Senior Vice President 24th May 2020

TRUSTEES

The trustees at 31st December 2020 (with the date of their appointment or resignation where applicable) were as follows:

RESIGNED TRUSTEES

Registered Office

Registered Office Woodrow House, 1 Telford Way, Waterwells Business Park, Quedgeley, Gloucester, GL2 2AB Company Secretary C Gorman Registered charity number 1024811 Company registration number 02837793 Country of registration England Country of incorporation United Kingdom VAT registration number 189 3530 32

COMPANY INFORMATION

Sayer Vincent LLP, Invicta House, 108 – 114 Golden Lane, London, EC1Y 0TL Barclays Bank PLC, 128 High Street, Cheltenham, Gloucestershire, GL50 1EL Harrison Clarke Rickerbys Limited, Ellenborough House, Wellington Street, Cheltenham, Gloucestershire, GL50 1YD Cleveland Scott York LLP, 10 Fetter Lane, London, EC4A 1BR Brewin Dolphin Limited, 4th Floor, The Paragon, Counterslip, Bristol, BS1 6BX

Auditor

ADVISERS

Bankers

Solicitors

Investment Advisers

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Independent Auditor’s Re ort p

To the members of British Small Animal Veterinary Association

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.

OPINION

We have audited the financial statements of British Small Animal Veterinary Association (the ‘charitable company’) for the year ended 31 December 2020 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 British Small Animal Veterinary Association'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.

In our opinion, the financial statements:

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 trustees’ 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, except to the extent otherwise explicitly stated in our report, 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

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the

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.

OPINIONS ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

▪ The information given in the trustees’ annual report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us

to report to you if, in our opinion:

▪ Certain disclosures of trustees’ remuneration specified by law are not made; or

▪ We have not received all the information and explanations we require for our audit; or

▪ The directors were not entitled to prepare the financial statements

design procedures in line with our ▪ In addressing the risk of fraud responsibilities, outlined above, to through management override detect material misstatements in of controls, we tested the respect of irregularities, including fraud. appropriateness of journal entries The extent to which our procedures and other adjustments, assessed are capable of detecting irregularities, whether the judgements made in including fraud are set out below. making accounting estimates are indicative of a potential bias and tested significant transactions that CAPABILITY OF THE are unusual or those outside the normal course of business.

in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ annual report and from the requirement to prepare a strategic report.

RESPONSIBILITIES OF CAPABILITY OF THE TRUSTEES AUDIT IN DETECTING IRREGULARITIES

Because of the inherent limitations of an audit, there is a risk that we will not In identifying and assessing risks detect all irregularities, including those of material misstatement in respect leading to a material misstatement of irregularities, including fraud and in the financial statements or non-compliance with laws and non-compliance with regulation. regulations, our procedures included This risk increases the more that the following: compliance with a law or regulation ▪ We enquired of management which is removed from the events and included obtaining and reviewing transactions reflected in the financial supporting documentation, statements, as we will be less likely to concerning the charity’s policies become aware of instances of nonand procedures relating to: compliance. The risk is also greater ▪ Identifying, evaluating, and regarding irregularities occurring due complying with laws and regulations to fraud rather than error, as fraud and whether they were aware of any involves intentional concealment, instances of non-compliance; forgery, collusion, omission or misrepresentation.

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

In preparing the financial statements, the trustees are responsible for assessing the charitable company’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 liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.

▪ We inspected the minutes of meetings of those charged with AUDITOR’S governance. RESPONSIBILITIES ▪ We obtained an understanding of FOR THE AUDIT the legal and regulatory framework OF THE FINANCIAL that the charity operates in, focusing STATEMENTS on those laws and regulations

USE OF OUR REPORT

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s 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 charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

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.

Fleur Holden

(Senior statutory auditor)

2 9 th March 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We

Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Financial Statements

Income

ACCOUNTING POLICIES

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

For the year ended 31st December 2020

The BSAVA is a charitable company, limited by guarantee and is incorporated in England and Wales. The registered office is Woodrow House, 1 Telford Way, Waterwells Business Park, Quedgeley, Gloucester GL2 2AB.

Membership subscriptions are

recognised as a proportion of the annual fee at each monthly interval during the annual membership. Membership is paid for on a rolling basis and begins at the point of exchange of economic benefits, or the start of the month preceding taking a payment via a monthly or annual Direct Debit. Direct Debit payments are for fixed amounts for a maximum of 12 months.

Basis of preparation

The financial statements have been prepared in accordance with 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) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Continuing Education and Congress income is recognised upon intended attendance at the course, exam or event and that the course, exam or event have happened.

Publications sales are recognised at the point of sale and the transfer of goods or services required have taken place.

Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.

For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.

Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

Going concern

The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date, other than the potential exception of the Investment Portfolio, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Donations of gifts, services and facilities

Listed investments

▪ Expenditure on charitable activities including the cost of delivering membership services, Congress and other educational activities undertaken to further the purposes of the charity and their associated support costs

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading “Net gains/ (losses) on investments” in the statement of financial activities. The charity does not acquire put options, derivatives or other complex financial instruments.

Donated gifts, professional services and facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised and so the reader is referred to the trustees’ annual report for more information about their contribution.

▪ Other expenditure represents those items not falling under any other heading.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Allocation of support and governance costs

Overheads and other costs not directly attributable to a particular activity category are apportioned over the relevant categories on the basis of staff time and the space occupied.

On receipt, donated gifts, professional services and facilities are recognised on the basis of the value of the gift to the charity, which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in first out basis and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for slow moving stocks.

Operating leases

Rental charges are charged on a straight

line basis over the term of the lease.

Tangible fixed assets

Interest receivable

Items of equipment are capitalised where the purchase price exceeds £500 or £300 for IT Equipment. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Debtors

Trade and other debtors are recognised at the settlement amount due. Prepayments are valued at the amount prepaid.

Fund accounting

Cash at bank and in hand

Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.

Cash at bank and cash in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

The refurbished and extended liquid investments with a short criteria is charged to the fund. Woodrow House has been valued maturity of three months or less from Unrestricted funds are donations and in the asset register via the Value in the date of acquisition or opening of other incoming resources received or Use method, which is the cost of the deposit or similar account. generated for the charitable purposes. the main contractor plus the project management fees. This represents the Creditors and provisions Designated funds are unrestricted funds earmarked by the trustees for value of the building to the association Creditors and provisions are particular purposes. for our provision of member recognised where the charity has a services and high quality continuing present obligation resulting from a Expenditure and irrecoverable professional development. See note 11 past event that will probably result VAT for further details. in the transfer of funds to a third Expenditure is recognised once there party and the amount due to settle Depreciation is provided at rates is a legal or constructive obligation calculated to write down the cost of the obligation can be measured or to make a payment to a third party, each asset to its estimated residual estimated reliably. Creditors and it is probable that settlement will provisions are normally recognised value over its expected useful life. The be required and the amount of the at their settlement amount. depreciation rates in use are as follows: obligation can be measured reliably. Expenditure is classified under the Freehold land Nil Financial instruments following activity headings: Freehold buildings 4% of cost The charity only has financial assets ▪ Cost of raising funds relating to the and financial liabilities of a kind that costs incurred by the charitable Plant equipment 20% of cost qualify as basic financial instruments. company in inducing third parties to Fixtures and fittings 25% of cost Basic financial instruments are initially make voluntary contributions to it, recognised at transaction value and Office equipment as well as the cost of any activities subsequently measured at their with a fundraising purpose (inc. IT equipment) 33% of cost settlement value.

Pension costs

Contributions payable on behalf of employees to money purchase pension schemes are charged to the statement of financial activities as they become payable.

PetSavers grants payable

Grants payable are payments to third parties in the furtherance of charitable objectives. Grants, including multi-year grants, are accounted for in full following the approval of the grant by the PetSavers’ Management Committee and notification of the award to the recipient. Certain multi-year grants are subject to an annual report requirement, which gives PetSavers the discretion to refuse further funding. Whilst this discretion is retained in practice the implementation of this is low.

Awards are written off to the extent that the Association is notified that projects or research are not being continued. On this basis, the trustees consider it appropriate to account for multi-year grants in full with the corresponding amounts payable included within creditors.

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Statement of Financial activities

For the year ended 31st December 2020

2020
2020
2020
2019
2019
2019
UNRESTRICTED
RESTRICTED
TOTAL
UNRESTRICTED
RESTRICTED
TOTAL
NOTE
£
£
£
£
£
£
INCOME FROM:
Donations & legacies
1
-
30,548
30,548
833
172,369
173,202
Charitable activities
Membership subs & services
2
1,291,179
-
1,291,179
1,310,591
-
1,310,591
Products & services
2
2,128,856
4,139
2,132,995
4,290,592
5,602
4,296,194
Investments
3
188,071
34,439
222,510
238,712
44,238
282,950
~~Total income~~
~~3,608,106~~
~~69,126~~
~~3,677,231~~
~~5,840,728~~
~~222,209~~
~~6,602,937~~
EXPENDITURE ON:
Raising funds
Raising funds
4
33,397
28,048
61,445
33,745
30,369
64,114
Charitable activities
Membership subs & services
4
1,190,929
-
1,190,929
1,268,761
-
1,268,761
Products & services
4
3,308,671
240,236
3,548,907
4,790,145
126,005
4,916,150
~~Total expenditure~~
~~4,532,997~~
~~268,284~~
~~4,801,281~~
~~6,092,651~~
~~156,374~~
~~6,249,025~~
Net (expenditure) before net
5
(losses) / gains on investments
(924,891)
(199,158)
(1,124,050)
(251,923)
65,835
(186,088)
Net (losses) / gains on investments
(93,022)
(5,131)
(98,153)
1,100,988
218,013
1,319,001
Net movement in funds in the year
(1,017,914)
(204,289)
(1,222,203)
849,065
283,848
1,132,913
Funds at the beginning of the year
11,666,445
1,471,344
13,137,789
10,817,380
1,187,496
12,004,876
~~Funds at the end of the year~~
~~10,648,531~~
~~1,267,055~~
~~11,915,586~~
~~11,666,445~~
~~1,471,344~~
~~13,137,789~~

All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movement in funds are shown in note 21 to the financial statements.

Balance Sheet

As at 31st December 2020

Company No. 02837793

2020
2019
NOTE
£
£
Fixed assets
Tangible assets
11
2,264,921
2,516,153
Investments
12
10,429,575
10,353,757
~~12,694,496~~
~~12,869,910~~
Current assets
Stocks
14
199,561
264,536
Debtors
15
429,630
713391
Cash at bank & in hand
992,958
2,193,991
~~1,622,149~~
~~3,171,838~~
Creditors: Amount falling due within one year
16
(2,401,057)
(2,903,961)
Net current (liabilities)/ assets
(778,908)
267,877
~~Net assets~~
~~11,915,586~~
~~13,137,789~~
The funds of the charity
21
Restricted income funds
1,267,055
1,471,344
Unrestricted income funds – Designated
2,386,505
1,971,019
– General funds
8,262,026
9,695,426
~~Total charity funds~~
~~11,915,586~~
~~13,137,789~~

Approved by the trustees on 10th March 2021 and signed on their behalf by

David Godfrey BVetMed CertSAD CertSAM DipABVP CBiol FSB FRCVS Honorary Treasurer

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Statement of Cash Flows

Notes to the Financial Statements

For the year ended 31st December 2020

2020
2020
2019
2019
NOTE
£
£
£
£
Cash fows from operating activities
19
-
(1,252,173)
-
(545,825)
Cash fows from investing activities
Dividends and interest from investments
222,510
-
282,950
-
Purchase of fxed assets
(12,634)
-
(30,778)
-
Proceeds from sale of investments
3,108,823
-
1,552,297
-
Purchase of investments
(3,402,765)
-
(1,691,844)
-
~~Net cash used in investing activities~~
~~-~~
~~(84,066)~~
~~-~~
~~112,625~~
-
(1,336,239)
-
(433,200)
~~Change in cash & cash equivalents in the year~~
~~-~~
~~(1,336,239)~~
~~-~~
~~(433,200)~~
The funds of the charity
Cash and cash equivalents at the beginning of the year
-
2,418,707
-
2,880,382
Change in cash & cash equivalents due to exchange rate movements
-
15,311
-
(28,473)
~~Cash and cash equivalents at the end of the year~~
~~20~~
~~-~~
~~1,097,782~~
~~-~~
~~2,418,707~~

1. Income from Donations and Legacies

2020
2020
2020
2019
2019
2019
UNRESTRICTED
RESTRICTED
TOTAL
UNRESTRICTED
RESTRICTED
TOTAL
£
£
£
£
£
£
Donations
-
5,320
5,320
833
21,669
22,502
Legacies
-
25,228
25,228
-
150,700
150,700
~~-~~
~~30,548~~
~~30,548~~
~~833~~
~~172,369~~
~~173,202~~

2. Income from Charitable Activities

2020
2020
2020
2019
2019
2019
UNRESTRICTED
RESTRICTED
TOTAL
UNRESTRICTED
RESTRICTED
TOTAL
£
£
£
£
£
£
Members' subscriptions
1,179,221
-
1,179,221
1,228,128
-
1,228,128
JSAP
111,958
-
111,958
82,463
-
82,463
Membership subscriptions & services
1,291,179
-
1,291,179
1,310,591
-
1,310,591
Publications
918,066
-
918,066
960,096
-
960,096
Continuing education
1,203,032
-
1,203,032
1,418,301
-
1,418,301
Congress
7,758
-
7,758
1,912,195
-
1,912,195
PetSavers
-
4,139
4,139
-
5,602
5,602
Products & services
2,128,856
4,139
2,132,995
4,290,592
5,602
4,296,194
~~Total income from charitable activities~~
~~3,420,035~~
~~4,139~~
~~3,424,174~~
~~5,601,183~~
~~5,602~~
~~5,606,785~~

3. Investment Income

2020
2019
£
£
Income from listed fxed asset investments - unrestricted
179,488
224,164
Income from listed fxed asset investments - restricted
34,439
44,238
Interest on cash deposits
8,583
14,548
~~222,510~~
~~282,950~~

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

4. Analysis of Expenditure

MEMBERSHIP
RAISING
SUBSCRIPTIONS
PRODUCTS
GOVERNANCE
SUPPORT
2020
FUNDS
& SERVICES
& SERVICES
COSTS
COSTS
TOTAL
£
£
£
£
£
£
Staf costs (note 7)
-
446,672
807,028
19,832
221,570
1,495,102
Cost of sales
-
181,864
226,879
-
-
408,743
Travel & accommodation
-
6,038
129,540
19,194
461
155,233
Administration
21,412
169,821
308,495
1,555
157,277
658,560
Repairs
-
-
108
-
15,871
15,979
Professional fees
-
98,250
697,141
87,799
95,126
978,316
Rent, rates & insurance
-
16,393
471,990
-
18,179
506,562
Depreciation
-
1,923
95,874
567
165,502
263,866
Awards & grants
-
18,342
205,087
-
-
223,429
Investment management fees
40,033
-
-
-
-
40,033
Finance charges
-
50,889
4,557
-
12
55,458
61,445
990,192
2,946,699
128,947
673,998
4,801,281
Support costs
-
168,500
505,498
-
(673,998)
-
Governance costs
-
32,237
96,710
(128,947)
-
-
~~Total expenditure 2020~~
~~61,445~~
~~1,190,929~~
~~3,548,907~~
~~-~~
~~-~~
~~4,801,281~~

4. Analysis of Expenditure

MEMBERSHIP
RAISING
SUBSCRIPTIONS
PRODUCTS
GOVERNANCE
SUPPORT
2019
FUNDS
& SERVICES
& SERVICES
COSTS
COSTS
TOTAL
£
£
£
£
£
£
Staf costs (note 7)
-
386,612
868,485
-
236,274
1,491,371
Cost of sales
-
162,945
236,132
-
-
399,077
Travel & accommodation
-
24,162
733,790
102,188
6,698
866,838
Administration
23,664
191,996
755,601
9,313
201,451
1,182,025
Repairs
-
-
25
-
8,484
8,509
Professional fees
-
147,823
888,798
104,552
51,995
1,193,168
Rent, rates & insurance
-
17,036
565,645
4,373
17,409
604,463
Depreciation
-
25,357
95,899
910
162,829
284,995
Awards & grants
-
42,377
81,146
-
-
123,523
Investment management fees
40,450
-
-
-
-
40,450
Finance charges
-
43,810
10,703
55
38
54,606
64,114
1,042,118
4,236,224
221,391
685,178
6,249,025
Support costs
-
171,295
513,883
-
(685,178)
-
Governance costs
-
55,348
166,043
(221,391)
-
-
~~Total expenditure 2019~~
~~64,114~~
~~1,268,761~~
~~4,916,150~~
~~-~~
~~-~~
~~6,249,025~~

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

5. Net Income / (Expenditure) for the Year

5. Net Income / (Expenditure) for the Year
2020 2019
This is stated after charging/crediting £ £
Depreciation 263,866 284,995
Auditors’ remuneration
Audit 19,790 19,400
Other services - 325
Operating lease rentals
Property 462,090 425,472
(Gains) / Losses on foreign exchange (15,311) 28,473

6. Analysis of Grants / Awards

2020
GRANTS TO
GRANTS TO
INSTITUTIONS
INDIVIDUALS
£
£
Research projects
PetSavers
204,512
-
BSAVA awards
-
11,742
Industry donations
6,600
-
~~211,112~~
~~11,742~~
~~Total grants / awards~~
~~-~~
~~222,854~~

For comparative purposes, the Analysis of Grants/Awards for the Year Ended 31st December 2019

2019
GRANTS TO
GRANTS TO
INSTITUTIONS
INDIVIDUALS
£
£
Research projects
PetSavers
81,146
-
Education
Clinical Club lectures
7,114
-
Congress attendance
-
11,800
BSAVA awards
-
12,112
Industry donations
11,351
-
~~99,611~~
~~23,912~~
~~Total grants/ awards~~
~~-~~
~~123,523~~

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

Recipients of institutional grants and awards for the Year Ended 31st December 2020

TOTAL
TOTAL
£
£
Research - PetSavers
University of Liverpool
145,897
-
University of Cambridge
42,089
-
University of Oxford
8,000
-
University of Nottingham
7,830
-
University of Bristol
2,500
-
University of Glasgow
1,700
-
Royal Veterinary College
1,600
-
Claims written of in the year
(5,104)
-
-
204,512
Industry donations
Australian Veterinary Association
5,000
-
VetLife
1,600
-
-
6,600
~~Total~~
~~-~~
~~211,112~~

Recipients of institutional grants and awards for the Year Ended 31st December 2019

TOTAL
TOTAL
£
£
Research - PetSavers
University of Cambridge
43,528
-
Royal Veterinary College
14,616
-
University of Bristol
11,906
-
University of Edinburgh
8,974
-
Cheshire Cardiology
8,000
-
University of Liverpool
7,940
-
Claims written of in the year
(13,818)
-
-
81,146
Education - Clinical Club Lectures / Conferences
University of Bristol
1,500
-
University of Glasgow
1,500
-
University of Liverpool
1,500
-
University of Surrey
1,500
-
University of Edinburgh
914
-
University of Nottingham
200
-
7,114
Industry Donations
WSAVA
10,000
-
Vet Policy Research Foundation
1,000
-
Animal Welfare and Ethics
300
-
Various Small Donations
51
-
11,351
~~Total~~
~~99,611~~

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

7. Analysis of Staff Costs, Trustee Remuneration and Expenses, and the Cost of Key Management Personnel

2020
2019
£
£
Salaries and wages
1,249,793
1,240,241
Redundancy and termination costs
8,642
16,986
Social security costs
116,224
116,576
Employer’s contribution to defned contribution pension schemes
97,698
94,404
Other forms of employee benefts
22,745
23,164
~~1,495,102~~
~~1,491,371~~

All redundancy and termination costs have been fully settled in the year the costs were incurred. There was no outstanding amounts at the year end.

The following number of employees received employee benefits (excluding employer’s national insurance and excluding employer pension costs) during the year between:

2020 2019
£60,000 - £69,999 1 1
£70,000 - £79,999 1 1

The total employee benefits including employer’s pension contributions and employer’s National Insurance of the key management personnel were £556,824 (2019: £535,044).

2020
2019
£
£
Trustees' remuneration
177,767
133,665
Trustees' expenses
11,980
58,210
~~189,747~~
~~191,875~~

A total of nine trustees served during the year to 31st December 2020. All trustees, with the exception of one, claimed expenses in the year for Association meeting attendance, running continuing professional development courses and representing the Association at third party meetings.

The trustees’ remuneration includes the payments or accrued payments made on behalf of the President’s Honorarium, for which permission has been granted by the Charity Commission. Payments of £63,423 were paid to the University of Glasgow for the services provided by Professor Ramsey, of which £42,467 were accrued at the year end. In.2019, payments of £46,950 were paid to Veterinary Dermatologicals Ltd for services provided by Mrs Susan Paterson (of which £20,956 was accrued at the year end), and payments of £15,270 were paid to Elands Veterinary Clinic for the services provided by Mr Philip Lhermette.

The trustees’ remuneration also includes the total employment benefits paid to Non-Executive Director, Mr Steve Spill of £19,832 (2019: £nil). Although Miss Amanda Stranack did not receive any remuneration for her role as a trustee, the trustees’ remuneration includes the total employee benefits of £94,512 (2019: £71,445) paid to her as part of her employment contract. This includes employer pension contributions of £6,334 (2019: £4,674).

8. Staff Numbers

The average number of employees (head count based on number of staff employed) during the year was as follows:

2020
2019
Products and services
23
23
Membership subscriptions & services
11
10
Support
7
7
Governance
1
-
~~42~~
~~40~~

9. Related Party Transactions

As is the nature of the Association, the Association transacts with its trustees and members in relation to such items as publication sales, provision of training courses and membership fees. These are provided at commercial rates although members, who include the trustees, receive a discount on products and services by virtue of their membership. Consequently, as products and services provided to the trustees are not on different commercial terms to those received by other members, the trustees do not consider that any disclosures in the financial statements are required in respect of these transactions.

10. Taxation

The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purposes.

11. Tangible Fixed Assets

FIXTURES,
FREEHOLD
FITTINGS
OFFICE
PROPERTY
& PLANT
EQUIPMENT
TOTAL
£
£
£
£
Cost
As at 1st January 2020
2,346,730
345,654
659,053
3,351,437
Additions
-
-
12,634
12,634
Disposals
-
-
(11,266)
(11,266)
At 31st December 2020
2,346,730
345,654
660,421
3,352,805
Depreciation
As at 1st January 2020
127,328
194,405
513,551
835,284
Charge for year
85,932
75,911
102,023
263,866
Disposals
-
-
(11,266)
(11,266)
At 31st December 2020
213,260
270,316
604,308
1,087,884
Net book value
~~As at 31st December 2020~~
~~2,133,470~~
~~75,338~~
~~56,113~~
~~2,264,921~~
~~As at 1st January 2020~~
~~2,219,402~~
~~151,249~~
~~145,502~~
~~2,516,153~~

Land with a value of £200,000 (2019:£200,000) is included within Freehold Property and not depreciated.

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

12. Listed Investments

2020
2019
£
£
Fair value at the start of the year
10,128,961
8,670,413
Additions at Cost
3,402,765
1,691,844
Disposals proceeds
(3,108,823)
(1,552,297)
Net (losses) and gains on investment
(98,152)
1,319,001
Cash held by Investment managers for investment purposes
104,824
224,796
~~Fair value as at 31st December~~
~~10,429,575~~
~~10,353,757~~
The fair value of the investments is analysed as follows:
Listed on United Kingdom Stock Exchange
2,784,241
3,919,964
Listed on non-United Kingdom Stock Exchanges
4,841,719
3,521,760
United Kingdom Gilts & Fixed Interest
2,044,505
1,985,790
Hedge Funds & Other
403,773
394,350
Property Funds
250,511
307,097
Cash held by Investment managers for investment purposes
104,824
224,796
~~10,429,575~~
~~10,353,757~~

13. Financial asset measured at fair value through profit and loss

2020
2019
£
£
Investments
10,324,751
10,128,961
~~10,324,751~~
~~10,128,961~~

14. Stock

2020
2019
£
£
Work In progress
2,153
21,934
Finished goods
230,802
245,231
Provision for slow moving stock
(33,394)
(2,628)
~~199,561~~
~~264,537~~

15. Debtors

2020
2019
£
£
Trade debtors
148,909
141,673
Other debtors
25,374
19,581
Prepayments
239,467
536,972
Accrued income
15,880
15,165
~~429,630~~
~~713,391~~

16. Creditors – Amounts Falling Due Within 1 Year

2020
2019
£
£
Trade creditors
119,768
104,220
Taxation & social security
114,954
170,320
Grants payable
189,921
160,747
Other creditors
176,122
216,036
Accruals
213,695
220,237
Deferred income
1,586,597
2,032,401
~~2,401,057~~
~~2,903,961~~

17. Deferred Income

Deferred income comprises of membership dues, commercial exhibition fees and continuing professional development registrations

2020
2019
£
£
Balance at beginning of year
2,032,401
1,959,791
Amount released to income in the year
(1,823,751)
(1,756,005)
Amount deferred in the year
1,377,947
1,828,615
~~Balance at year end~~
~~1,586,597~~
~~2,032,401~~
2020
2019
£
£
Membership services
232,679
237,121
Congress
100,003
650,767
Postgraduate certifcate
1,122,048
1,016,751
Continued professional development
16,751
25,892
Masters
38,000
40,750
BSAVA Library Access
77,116
61,120
~~1,586,597~~
~~2,032,401~~

34

35

BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

Notes to the Financial Statements

18. Pension Scheme

The Association provides an auto enrolment qualifying group personal pension scheme for its employees. The assets are held separately from those of the company in independently administered funds. Contributions payable by the Association during the year were £97,698 (2019: £94,404). At the end of 2020 there was no balance to be transferred to the pension provider (2019: nil).

19. Reconciliation of Net Income / (Expenditure) to Net Cash Flows from Operating Activities

2020
2019
£
£
Net income for the reporting period
(1,222,203)
1,132,913
(as per the statement of fnancial activities)
Depreciation charges
263,866
284,995
Losses / (Gains) on investments
98,153
(1,319,001)
(Gains) / Losses on currency revaluation
(15,311)
28,473
Dividends & interest from investments
(222,510)
(282,950)
Decrease in stocks
64,975
14,129
(Increase) / Decrease in debtors
283,761
(403,832)
Decrease in creditors
(502,904)
(552)
~~Net cash (used in) operating activities~~
~~(1,252,173)~~
~~(545,825)~~

20. Analysis of Cash & Cash Equivalents

AS AT 1ST
AS AT 31ST
JANUARY
CASH
OTHER
DECEMBER
2020
FLOWS
CHANGES
2020
£
£
£
£
Cash at bank in hand
2,193,991
(1,216,347)
15,311
992,958
Cash held by investors for investment purposes
224,716
(119,892)
-
104,827
~~Total Cash & Cash equivalents~~
~~2,418,707~~
~~(1,336,239)~~
~~15,311~~
~~1,097,785~~

21. Movement in Funds

The detail below is for the Year Ended 31st December 2020.

AS AT 1ST
AS AT 31ST
JANUARY
INCOME &
EXPENDITURE
DECEMBER
2020
GAINS
& LOSSES
TRANSFERS
2020
£
£
£
£
£
Restricted fund:
PetSavers
1,471,344
63,995
(268,284)
-
1,267,055
Unrestricted funds:
Designated funds - see note 21
1,971,019
-
(48,702)
464,188
2,386,505
General fund
9,695,423
3,613,236
(4,582,448)
(468,188)
8,262,026
Total Unrestricted funds
11,666,445
3,613,236
(4,631,150)
-
10,648,531
~~Total funds~~
~~13,137,789~~
~~3,677,231~~
~~(4,899,434)~~
~~-~~
~~11,915,586~~

Please be aware that the Movement in funds detailed below is for the year ending 31st December 2019 and is illustrated for comparative purposes.

AS AT 1ST
AS AT 31ST
JANUARY
INCOME &
EXPENDITURE
DECEMBER
2019
GAINS
& LOSSES
TRANSFERS
2019
£
£
£
£
£
Restricted fund:
PetSavers
1,187,496
440,222
(156,374)
-
1,471,344
Unrestricted funds:
Designated funds - see note 21
1,991,629
-
(209,326)
188,716
1,971,019
General fund
8,825,751
5,622,715
(4,564,324)
(188,716)
9,695,423
Total Unrestricted funds
10,817,380
5,622,715
(4,773,650)
-
11,666,445
~~Total funds~~
~~12,004,876~~
~~6,062,937~~
~~(4,930,024)~~
~~-~~
~~13,137,789~~

Purpose of the restricted fund:

The restricted fund is known as PetSavers and largely comprises money received from legacies, covenants, donations and fundraising activities. It includes PetSavers’ investments (held with Brewin Dolphin in the PetSavers portfolio). PetSavers investments may not be used for general Association purposes.

The majority of the PetSavers income (as details on page 25) is used to fund PetSavers’ grants. For the year to 31st December 2021, the expected spend on awards will be in the region of £120,000. The first part of the PetSavers Citizen Science project was awarded in the year. This totalled £110,470 and was awarded to the University of Liverpool.

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

22. Designated Funds

The detail below is for the Year Ended 31st December 2020.

AS AT 1ST
AS AT 31ST
JANUARY
NEW DESIGNATION /
DECEMBER
2020
(RECLASSIFICATION)
(UTILISED)
2020
£
£
£
£
Fixed asset replacement
838,284
263,866
(11,266)
1,087,884
Property maintenance
20,000
-
(2,891)
17,109
Marketing project
150,000
-
-
150,000
Publications project
43,871
(43,871)
-
-
PDP project
31,014
(31,014)
-
-
Practical CPD project
200,000
(200,000)
-
-
Online CPD development
100,000
(100,000)
-
-
Mentorship
71,100
-
(621)
70,479
SAVSNET research projects
50,000
-
-
50,000
Congress operational
15,000
-
-
15,000
Links Group
8,727
-
-
8,727
Governance project
46,771
-
(3,780)
42,991
Temporary business development
29,252
207
(29,459)
-
Data analysis & reporting
20,000
-
(685)
19,315
Property expansion
250,000
-
-
250,000
New activities fund
100,000
-
-
100,000
Sustainability Working Group
-
25,000
-
25,000
Digitization project
-
350,000
-
350,000
Online forum
-
100,000
-
100,000
Vet GDP project
-
100,000
-
100,000
~~1,971,019~~
~~464,188~~
~~(48,702)~~
~~2,386,505~~

Notes to the Financial Statements

(i) Fixed asset replacement: (xii) Governance project:
This reserve represents the depreciation of fxed assets, as The Association has been working on reforming its
detailed in note 11. Depreciation is a measure of wear and governance structure since 2017. This culminated in the
tear and therefore this reserve makes allowance for the changes being approved at the AGM in April 2019. The
Association to replace worn out assets. Funds have been remaining fund has been allocated to bring in additional
utilised from this reserve as assets have been disposed of. support and advice during the reforming discussions and
(ii) Property maintenance:
The property, Woodrow House, requires continual		 transition period, while the Association continually works
on the reforms needed to improve processes.
maintenance and upgrading in order to satisfy the (xiii) Temporary business development:
requirements of the Association, and to maintain the In an ever more competitive market the fund has
building. been set up to bring in expert advice where needed
(iii) Marketing project: for specifc tasks to support the Association in its
current and future activities.
Further development and communications around
planned changes prior to and during the transfer to (xiv) Data analysis and reporting:
Manchester. The Association’s customer relationship management
(iv) Publications project:
The project to digitalise the Association’s publications (in
terms of production and delivery methods) has now gone		 (CRM) system contains a vast quantity of data. This fund
has been set up so that data can be analysed and the
results used to improve the membership ofering and
communication with our members.
live. Remaining balance to be used to enhance the Library
and delivery methods to improve the user experience. (xv) Property expansion:
(v) PDP project:
As part of BSAVA’s lifelong learning strategy this fund
has been designated to provide support and resources
for new graduates in the professional development		 Following the recent refurbishment of the Association’s
headquarters, the Trustees have recognised that a
refurbishment will be required in the future to continually
meeting the needs of our members and the profession.
The fund will increase as the reserves allow it, so as to
phase of their career. provide the appropriate level of funding required for a
(vi) Practical CPD project: second complete refurbishment.
This fund has been designated to explore innovative (xvi) New activities fund:
alternative models for delivery of practical skills training. This fund has been established for the Association to
The project is looking at and based on identifying new
technologies and alternatives to the use of cadavers in
practical CPD.		 investigate new opportunities to improve the ofering
to our members, the profession as a whole and
subsequently beneft the general public.
(vii) Online CPD development:
The money designated in this reserve is for the
development of online learning platforms to facilitate
extended delivery of continuing education. This will
enhance the uptake of education throughout the
profession nationally and internationally.		 (xvii) Sustainability Working Group:
A Working Group has been set to explore and
implement sustainable practices and operations to
move the Association towards being carbon neutral.
It is expected that this fund will be needed and used
for the next 2 years.
(viii) Mentorship:
Funding allocated for the implementation of a mentorship
scheme, initially to provide support to recently qualifed
members within the profession. Year 1 pilot complete and
initial planning phase underway for year 2 of the pilot.		 (xviii) Digitization project:
This fund is for the Association to enhance and improve
the current digital platforms and membership ofering.
It is expected that this fund will be needed and used
for the next 2 years.
(ix) SAVSNET research projects:
Funding to support research projects benefting from
SAVSNET project data, providing insights in to key areas
for the beneft of our members.		 (xix) Online forum:
The proposed online forum is a key part of the
Association’s strategy to enhance the current
community ofering to members and other third
(x) Congress operational plan:
The fund has been allocated to assist in the operational
contingency planning for the Association’s annual		 parties. The introduction of this forum will bring this
project together. It is expected that this fund will be
needed and used for the next 3 years.
Congress. (xx) Vet GDP project:
(xi) Links Group:
Continued funding to put on CPD events working
with the Links Group in supporting training to help
vets understand the complexity of abuse around the		 Vet GDP is the preplacement for the PDP system
introduced 5 years ago and is in line with the RCVS
guidelines recently set out and agreed. It is expected that
this fund will be needed and used for the next 2 years.
concept of non-accidental injury and the ‘violent
household’ in addition to how to approach situations
when animal abuse is suspected.

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

Notes to the Financial Statements

23. Analysis of Net Assets between Funds

The detail below is for the year ended 31st December 2020.

Please be aware that the Analysis of Net Assets between funds detailed below is for the year ending 31st December 2019 and is
illustrated for comparative purposes.
GENERAL
DESIGNATED
RESTRICTED
TOTAL
UNRESTRICTED
FUNDS
FUND
FUNDS
£
£
£
£
Tangible fxed assets
2,516,153
-
-
2,516,153
Investments
6,760,351
1,971,019
1,622,387
10,353,757
Net current liabilities
418,920
-
(151,043)
267,877
~~Net assets at end of year~~
~~9,695,426~~
~~1,971,019~~
~~1,471,344~~
~~13,137,789~~
GENERAL
DESIGNATED
RESTRICTED
TOTAL
UNRESTRICTED
FUNDS
FUND
FUNDS
£
£
£
£
Tangible fxed assets
2,264,921
-
-
2,264,921
Investments
6,338,564
2,386,505
1,704,506
10,429,575
Net current liabilities
(341,457)
-
(437,451)
(778,908)
~~Net assets at end of year~~
~~8,262,028~~
~~2,386,505~~
~~1,267,055~~
~~11,915,586~~

24. Operating Lease Commitments

PROPERTY
PROPERTY
2020
2019
£
£
Less than one year
-
429,799
One to fve years
1,023,859
1,018,795
~~1,023,859~~
~~1,448,594~~

The 2020 figure represents the Net Present Value of the current Congress contract that covers the event from March 2022 until March 2024.

25. Company Status

The Association is a company limited by guarantee. Every member of the Association, whilst a member, or within 1 year of ceasing to be a member, undertakes to contribute to the net assets of the company, in the event of the same being wound up, for payment of the debts and liabilities of the company contracted before ceasing to be a member, and of the costs and expenses of winding up. Such member’s contribution, as may be required, will not exceed £1.

*Photographs within were taken before Covid

40

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BSAVA | Annual Report and Financial Statements

BSAVA | Annual Report and Financial Statements

British Small Animal Veterinary Association, Woodrow House, 1 Telford Way, Waterwells Business Park, Quedgeley, Gloucester, GL2 2AB www.bsava.com Tel: 01452 726700|