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2024-12-31-accounts

Annual Report and Financial Statements

31st December 2024

BSAVA

(A Charitable Company Limited by Guarantee) Registered Charity Number: 1024811 Company Number: 02837793

BSAVA Annual Report and Financial Statements 2024

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(A Charitable Company Limited by Guarantee)

Annual Report and Financial Statements

31st December 2024

BSAVA Registered Charity Number: 1024811 Company Number: 02837793

Contents

5 Trustees’ Annual Report

20[Financial Statements]

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Introduction from the President and Chief Executive Officer

Julian Hoad President 2024–2025

Amanda Stranack Chief Executive Officer

Reflecting on 2024, it’s evident that this year has been one of significant transformation and renewed purpose for BSAVA. Driven by our vision of a thriving veterinary profession, we’ve made substantial progress in shaping a future-ready, member-centric organization that stands at the heart of the small animal veterinary community.

Strategic Development and Brand Launch

A highlight of the year was the launch of our refreshed brand. This evolution goes beyond a new logo; it symbolizes our commitment to excellence, innovation, and relevance in a rapidly changing world. It reinforces our identity as a trusted, science-led, and supportive community, united by the power of association.

Our long-term strategy has also advanced significantly. Through our Programme of Change, we are prioritizing people – empowering veterinary professionals with accessible, evidence-based resources and a revitalized approach to education and lifelong learning. We’re embracing digital transformation, strengthening our policy voice, and fostering partnerships that extend our impact across the sector.

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Policy and Advocacy

This year has not been without its challenges. The CMA investigation brought intense scrutiny and media attention, causing concern within our profession. As we move into 2025, we are encouraged by a more balanced dialogue that acknowledges the vital role of veterinary professionals in animal welfare. We will continue to advocate for our members and ensure their voices are heard.

We’ve also taken steps to ensure our governance structures are fit for the future. Following a review initiated at the end of 2024, we began implementing changes to enhance decision-making and member representation. We are delighted to welcome Jo Megarity as the first Veterinary Nurse on the BSAVA Board, and we hope she will be the first of many.

None of this progress would be possible without the energy, insight, and generosity of our community. Heartfelt thanks go to our incredible volunteers, staff, members, and partners for their contributions throughout the year.

Looking ahead

We are excited to launch new products shaped by the profession, for the profession. We are reimagining BSAVA education to restore the joy of learning and ensure every experience is enriching and rewarding. Our pilot AI assistant, introduced at Congress, is another example of how we are combining trusted content with cuttingedge technology to better serve the profession. We look forward to sharing more on these initiatives with our members soon.

The BSAVA Vision

A world where the veterinary profession and professionals can thrive.

The BSAVA Mission and Purpose

Provide members with essential knowledge, applicable content, and actionable research, giving them the tools to overcome the challenges faced in their practice while championing the profession.

We are working to improve the profession and transform the health and welfare of small animals by providing the most straightforward path to the right outcomes for small animal owners, and the best outcomes, results, and experiences for the veterinary profession.

The Power of Association underscores what the BSAVA stands for: strength in numbers, excellence through shared knowledge, and advancement of the profession through mutual support and world class products and services. It signifies a commitment to the community; a supportive network that empowers veterinarians, nurses, clinicians, and support staff alike. It highlights the importance of professional growth, continuous learning, and personal wellbeing, and reflects our determination to set standards of excellence, advocate for the profession, and influence policies that ensure the best possible outcomes for animals and their caregivers.

This progress is only possible because of the dedication and generosity of our community. Heartfelt thanks to our incredible volunteers, staff, members, and partners for their contributions throughout the year. As we continue this journey together, we remain inspired by the strength, compassion, and dedication of the veterinary community. BSAVA is proud to stand alongside you – advocating, supporting, and evolving to meet the future with confidence.

Julian Hoad President 2024–2025

Amanda Stranack Chief Executive Officer

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Trustees’ Annual Report

For the year ended 31st December 2024

The trustees present the Annual Report and the Financial Statements of the British Small Animal Veterinary Association (BSAVA) for the year ended 31st December 2024. 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 directors’ report requirements of 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 Performance

Overview

Membership performance in 2024 experienced fluctuations, with consistently strong results in the first half of the year followed by varied outcomes in the second half. While some categories maintained steady performance throughout the year, others showed mixed results. By the end of 2024, the total number of paying members remained stable compared to 2023, with slight improvements in key veterinary categories. However, the decision to change the term dates for student members negatively impacted the numbers of non-paying members, a phasing anomaly expected to resolve in 2025.

Retention and Acquisition

Retention rates across the membership base in 2024 were slightly better than in previous years, indicating that the value proposition of membership is strong and meets expectations. Member acquisition has been challenging for the Association in recent years, and 2024 was no exception, with the total number of new members slightly lower than in 2023.

Future Outlook

Enhanced member benefits and initiatives aimed at driving acquisition are expected to positively impact recruitment in 2025. The recent rebrand, significant media investment behind Congress and Expo 2025, increased visibility across media channels for various BSAVA products, ongoing improvements to the

BSAVA website, and more robust PR campaigning are all anticipated to amplify the Association’s profile. This increased visibility is expected to generate greater interest in BSAVA and, by extension, memberships.

Publications

Revenue Overview

Across all books, journals, and publishing formats, revenue in 2024 was slightly lower than in 2023 but higher than in 2022.

Books and BSAVA Library

Sales of printed books declined slightly in 2024, primarily due to lower distributor orders, reflecting a general industry trend in print sales of academic and professional

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books. However, revenue from digital content sales increased significantly, accounting for 44% of total publications revenue in 2024 compared to 17% in 2020. Most digital revenue came from BSAVA Library access sales to institutions such as university libraries and veterinary practices.

In 2024, we published a new edition of our popular Guide to Procedures, featuring high-quality videos providing expert guidance on key procedures. Selected videos were provided free to eligible renewing members. We also published a new edition of the BSAVA Manual of Canine and Feline Thoracic Imaging.

We continue to publish various resources to assist veterinary practitioners and pet owners. Updated online resources were published to support the new BSAVA poster on responsible antibiotic use (published in 2023) and a revamped poster on responsible antibiotic use in rabbits was produced under the PROTECT ME umbrella, in cooperation with SAMSoc and the Rabbit Welfare Association & Fund. We also updated the BSAVA Guide to the Use of Veterinary Medicines, our most accessed online resource, and published a new series of client information leaflets on reptile care.

Manuals continue to represent the majority of revenue by product type, accounting for 63% in 2024. In 2025, we plan to publish a new edition of our Neurology manual, a new manual on Guinea Pigs, and an expanded and updated printed version of our Guide to Nutrition. We also plan to publish online information to support the Rabbit PROTECT ME poster and a new series of client information leaflets on small mammal care. Additionally, we are working on translations of our PROTECT ME poster to help reduce antibiotic overuse in key countries.

The number of logins to the BSAVA Library grew to nearly 140,000 in 2024, although there was a small dip in full-text accesses. In 2025, we added the ability to search for figures and tables as specific content types and plan to launch a new advanced search tool utilizing artificial intelligence technology to help veterinary professionals find answers quickly.

Revenue from digital content sales increased significantly, accounting for 44% of total publications revenue in 2024 compared to 17% in 2020.

Companion

Journal of Small Animal Practice (JSAP)

Companion, BSAVA’s monthly membership publication, continued to provide engaging and relevant continuing professional development (CPD) and news, along with fun features such as quizzes. In 2024, several CPD articles written by nurses were published, an area we aim to expand in 2025.

In 2024, submissions to our peerreviewed scientific journal increased, and the time from article submission to publication of accepted articles decreased. We introduced a new manuscript submission system to make it easier for authors to submit articles. There were over 810,000 downloads of JSAP articles in 2024, making it one of the most accessed veterinary journals.

A student project initiative started in 2023 was a great success, with high-quality projects submitted from various UK veterinary schools showcased in a September 2024 article. We intend to repeat this initiative in 2025 to encourage future veterinary professionals to engage in clinical research.

We continue to collaborate with the World Small Animal Veterinary Association (WSAVA) on guidelines and other papers. In 2024, we published new guidelines on reproduction and wellness and updated guidelines on vaccination. WSAVA-contributed articles were downloaded more than 130,000 times in 2024.

In 2025, Companion published a special issue aimed at students and new graduates, featuring articles designed to help transition into a veterinary career. Advertising and other revenue continues to offset some publication costs. Changes in fulfilment arrangements reduced print and mailing costs by around 7% in 2024, with further savings expected in 2025.

In early 2025, we appointed a new editor, Dr. Marije Risselada, Associate Professor at Purdue University College of Veterinary Medicine. We also implemented a new process for BSAVA members to access JSAP online, enabling direct login from the JSAP website using BSAVA login details.

Companion continues to attract traffic online via the BSAVA Library, ensuring CPD content delivers value to members beyond each monthly publication. The Companion app ceased in 2024, and we are exploring new ways to present content digitally.

In 2025, we plan to implement a new peer-review system designed to provide a streamlined and collaborative process, with tools to screen for article integrity. We expect to publish a new WSAVA guidelines article and

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mini-reviews on pain management topics. Changes to the editorial board structure and the introduction of a new article type for short surgical findings are also planned.

BSAVA Policy

During 2024 and into 2025 BSAVA Policy continued to ensure the voice of the small animal veterinary profession was heard and that we influenced outcomes of benefit to the profession and animal welfare. We contributed to national consultations and policy formulation, generated policy resources to support the profession and collaborated with a range of stakeholders across Government departments, non-governmental organisations (NGO’s) and the Royal College of Veterinary Surgeons (RCVS), on issues affecting vets in practice and their clients.

BSAVA Policy’s engagement with Government departments to influence outcomes of relevance to our profession was broad-reaching, encompassing a diversity of topics. As the ban on XL-bully dogs came into force in England and Wales in February 2024, soon after followed by similar for Scotland and Northern Ireland, BSAVA continued to liaise with Government on further proposals including typing of dogs and amendments to original scheme criteria such as neutering deadlines. Given the introduction of compulsory microchipping for cats, we collaborated with Defra to ensure timely communications and we contributed to updated content for microchipping forms. We also worked with BVA to update our joint policy position (PP) on Cat Microchipping to reflect government updates. We continued to liaise with Defra on scanning of animals at the point of euthanasia to ensure requirements of vets in small animal practice remain pragmatic. We were pleased to see our influence coming to fruition with the introduction of a ban on unlicensed primate keeping thereby requiring primate keepers to have a licence from April 2026. Similarly, the Veterinary Medicines Regulations (VMRs) which BSAVA responded to as part of the VMD consultation in 2023, came into force in May 2024.

National Collaboration

Welfare (APPGAW) we continued to contribute to a potential scoring system that assesses a dog’s fitness to breed. Through our regular meetings with RCVS and a range of veterinary associations we ensured our views were heard.

stakeholder organisations which influence some of the topical issues impacting the health and welfare of our clients’ pets. These included the Canine Feline Sector Group (CFSG) in England, the Animal Welfare Network Wales (AWNW) and the Companion Animal Sector Council (CASC). All Groups actively liaise with respective Government’s on their activities relating to companion animals. As part of CFSG, we contributed to the Code of Practice on Cat Breeding, finalised Pet Grooming Guidelines for businesses and informed the new Defra Minister of our joint priority areas for animal welfare. We also responded to Defra’s Animal Welfare Committee’s (AWC) opinions on cat breeding and canine fertility clinics and commented on Defra’s Post Implementation Review (PIR) of regulations covering licensing of activities involving animals (LAIAR). For species covered by CASC, we contributed to CASC legislative proposals covering breeders, licensed activities and welfare at shows and we responded to the Welsh consultation on activities involving animals which require licensing. Through our membership of the All Party Parliamentary Group on Animal

Focus on Surveillance

As part of small animal disease surveillance, our membership of the Government-led Rabies/Exotic Disease Group and the Small Animal Expert Group (SAEG), meant BSAVA Policy continued to monitor and assess exotic diseases of pets globally including the threat of incursion and their zoonotic potential and, we also launched SAEG’s SmART system which alerts vets to small animal disease outbreaks. We updated the joint BVA, BVZS & BSAVA Avian Influenza (AI) Guidance on new measures for backyard poultry keepers and also, Defra’s updated case definitions covering pets and ungulates. We contributed in the National Audit Office’s (NAO) study to assess the country’s resilience to animal disease and the role vets

BSAVA Policy’s engagement with Government departments to influence outcomes of relevance to our profession was broadreaching, encompassing a diversity of topics.

BSAVA Policy continued to work collaboratively with national external

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in practice have to play in disease management. As part of issues and crisis management we worked with Government to warn owners about ‘werewolf syndrome’ potentially linked to imported dog chews from China. We launched our Brucella canis Hub making all of Government and BSAVA resources readily accessible to the profession, incorporated government updates into our SID and, in collaboration with cross-Government Departments, we finalised guidance on risk assessment of cases for small animal vets in practice. We also liaised with VMD and the Environment Agency (EA) on how best to engage with their dedicated Parasiticides in the Environment (PiE) Group.

Ensuring the voice of our profession is heard

The RCVS has been reviewing its governance structures and procedures and in contributing to potential changes, BSAVA Policy participated in a BVA-led working group on RCVS governance. Along with other veterinary associations we contributed to RCVS deliberations to influence how the RCVS is structured and how the veterinary profession and its associated professionals are governed in the future.

A significant resource continued to be allocated by BSAVA Policy to the CMA’s market investigation into the provision of veterinary services for household pets which CMA confirmed would proceed in March 2024. With BSAVA designated as a Main Party, we ensured the work and views of vets in small animal practice was conveyed to the CMA. In collaboration with other veterinary associations such as BVA, BVNA, VMG and FIVP, we liaised directly with

CMA, responded to consultations on its issues statement and working papers, and attended a formal hearing held at CMA Headquarters.

Throughout 2024 and into 2025, BSAVA Policy updated the profession and its members on our activities through our various communication channels in collaboration with our external stakeholders and veterinary Associations. Our aim is to continue to engage across the stakeholder landscape to support vets in practice who can in turn support their clients. We will also ensure the voice of our profession is heard and our views are reflected in national policymaking activities so as to influence outcomes in those areas that impact our profession, whilst continuing to improve animal health and welfare across society.

Scientific

To keep BSAVA members informed about relevant scientific and research developments, we disseminated content through various channels, including newsletters, blogs, Companion articles, press releases, infographics, and other veterinary publications. We promoted papers published in the Journal of Small Animal Practice to our members and the wider profession, achieving 29 pieces of media coverage in 2024. BSAVA’s collection of Scientific Information Documents, which provide key, easily accessible information on important diseases, were viewed a total of 5,743 times in 2024. We produced a new Scientific Information Document on heartworm, which, although not endemic in the UK, is increasingly diagnosed in dogs here. The Brucella canis Scientific Information Document remained particularly popular and was one of the top five most viewed resources in the BSAVA Library. BSAVA’s Scientific Committee reviewed and updated Scientific Position Statements on companion animal nutrition and complementary and alternative therapies and conducted horizon scanning for emerging scientific issues that may affect the profession.

Sustainability at BSAVA

After being awarded Silver accreditation from Investors in the Environment (iiE) in 2023, BSAVA has continued to improve sustainability across the Association. This included steps to limit the environmental impact of our publishing activities.

In 2024:

We printed 36% fewer pages and 26% less tonnage than in 2023.

All our publishing printing was done in the UK, with 99.3% using carbonbalanced paper via the World Land Trust scheme.

Throughout 2024, we ran a regular series on sustainability topics in our Companion.

In partnership with the Responsible Use of Medicines Alliance – Companion Animal & Equine (RUMA CA&E), we promoted the antibiotic amnesty for the third year running, encouraging the safe disposal of unused or out-ofdate antibiotics to avoid environmental contamination. Alongside RUMA-CA&E and other groups, we are investigating the potential environmental impact of anti-parasitic drugs. We are also represented on Vet Sustain’s Greener Veterinary Practice working group, assisting practices in reducing their environmental impact.

Towards the end of 2024, BSAVA signed an agreement with 2020SolarPV for the installation of solar panels at Woodrow House and will be completed by early summer 2025.

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Products and Services

Congress and Events

We were thrilled to return to Manchester for BSAVA Congress 2024, welcoming over 3,500 attendees from the small animal veterinary community. The event fostered a renewed sense of connection, with both familiar faces and first-time attendees.

Congress proved to be a pivotal platform for professional development, knowledge sharing, and meaningful connections. Attendees engaged with a diverse and high-quality educational programme, featuring both clinical and non-clinical content. We were pleased to reintroduce favourites like the Practical Village, offering hands-on learning opportunities, and to introduce fresh content designed to inspire and inform. The discussions were thoughtful, insightful, and reflective of the evolving needs of the profession.

Beyond education, Congress was a space for connection and enjoyment. The vibrant exhibition hall showcased a broader range of exhibitors, offering invaluable advice, education, and support tailored to small animal veterinary professionals. Delegates shared that Congress continues to serve as a crucial platform for staying abreast of the latest research, products, techniques, and industry trends, reinforcing its multifaceted appeal as a hub for education, networking, and professional growth.

The atmosphere in Manchester was full of enthusiasm, with attendees making the most of opportunities to reconnect with peers, engage with exhibitors, and gain practical, actionable learnings to take back to practice. From high-quality clinical insights to memorable social moments, the event once again demonstrated the power of bringing the small animal veterinary community together.

At the time of writing this report, Congress and Expo 2025 had just taken place, and we were once again warmly welcomed back to Manchester. We were pleased to host 3,163 attendees and have already received encouraging feedback on the vision for Congress Reinvented, which was designed to support the ongoing evolution of the Congress. It was rewarding to see this vision come to life, providing a refreshed experience that balanced high-quality education, opportunities for meaningful connections, and

moments of fun and community. Attendees embraced the chance to come together, share experiences, and strengthen their professional knowledge and networks.

Thank you to everyone who joined us and contributed to making BSAVA Congress 2024 such a success, and to those who returned to support us again in 2025. Your continued involvement and enthusiasm are what make Congress such a special event for the small animal veterinary community.

Vets Cymru 2024

Vets Cymru 2024, delivered in partnership with Wales Veterinary Science Centre (WVSC), successfully supported the veterinary profession in Wales. We were delighted to return to Aberystwyth and see so many familiar and new faces come together for two days of high-quality CPD, knowledge exchange, and professional connection.

We are incredibly grateful to WVSC for their continued partnership in making Vets Cymru a success. As we look ahead, we are already excited to return to Aberystwyth in 2026 and continue our commitment to providing relevant, practical, and engaging learning experiences for the veterinary community in Wales.

BSAVA Alba 2024

BSAVA Alba continues to grow as a key CPD event for the small animal veterinary profession, led by our Scottish Regional Committee. The 2024 event, hosted in Glasgow, delivered an enriching programme that supported knowledge exchange and professional development for vets and nurses.

We are already looking forward to building on this success in 2025 and continuing to support regional learning opportunities.

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Education

Continuing Education Department

In 2024, the Continuing Education Department implemented several bold and forward-thinking changes to modernise and enhance the delivery of CPD to veterinary professionals. A key development was the retirement of the longstanding Learn Online format, paving the way for a new CPD product – an innovative, learnercentred model designed to better meet the needs of vets and veterinary nurses. This project has made excellent progress, with development well underway and a full launch planned for the first quarter of 2026. This new approach promises greater flexibility, interactivity, and clinical relevance, setting a new standard for veterinary CPD.

To support these ambitions, the department invested in upgrading its digital infrastructure. New exam software was procured and implemented to improve the assessment experience for students, ensuring greater reliability, accessibility, and ease of use. Additionally, the team began the procurement process for a new learning management system, which will support the delivery of the new CPD programme and provide a more seamless and intuitive learning journey for all users.

Programme Delivery Milestones

The department created and launched a new Veterinary Nurse Merit Award in Dentistry, which received excellent feedback for its relevance, practical focus, and engaging format. Simultaneously, the first cohort of students successfully completed the Postgraduate

Certificate in Small Animal Diagnostic Imaging, marking a significant achievement for both learners and faculty. The wider Postgraduate Certificate programme has continued to run smoothly and remains popular, reflecting ongoing demand for indepth, clinically focused education across the profession.

Another notable change in 2024 was the integration of regional CPD delivery into the Continuing Education Department. This transition was carried out smoothly and has already led to improvements in how regional courses are administered and supported. These developments have significantly strengthened the quality, accessibility, and innovation of BSAVA’s CPD offering, positioning the department strongly for the future.

Regional CPD

Increased Attendance: In 2024, regional CPD saw increased attendance compared to 2023, particularly for in-person CPD, which is encouraging. This increase may be attributed to personalised regional newsletters that included information from regional committees and up-to-date details of CPD courses within a member’s geographical area.

Innovative CPD Offerings: While the CPD offered via the regional structure continues to be scientific, some regions introduced innovative CPD covering diverse subjects such as Sustainability, New to Management, Team Management, and social networking events like pub quizzes. The regional structure also continued to deliver the Links Veterinary Initiative Programme, with courses successfully held in Wales, Southern, and North West Regions. Delegates are now equipped to recognise and act on nonaccidental injury and domestic abuse. The Association has agreed to support these valuable courses through 2027.

Committee Meetings

Regional Committees held three meetings in 2024 to review and evaluate their work and consider future plans for regional CPD. The Association is grateful to the 114 members who form these committees and develop and deliver CPD to members locally.

These efforts reflect BSAVA’s commitment to providing high-quality, accessible, and innovative CPD to support the professional growth and development of veterinary professionals.

Regional CPD in 2024

~134 hours

total Regional CPD hours offered

~2,342 total delegates attended

(predominantly members)

BSAVA members benefit from free and subsidised local CPD, so review your regional CPD programme and make the most of this great member benefit at: bsava.com/education/ cpd/regional-cpd.

Build your local support network

Regional CPD not only provides local, in-person CPD in various formats but also an opportunity to build your local support network and learn from your peers.

Volunteer and benefit

This new approach promises greater flexibility, interactivity, and clinical relevance, setting a new standard for veterinary CPD.

Regional committees as well as others areas of the Association are always looking for new volunteers, so if you would like to get involved please contact us on volunteers@bsava.com or visit the BSAVA website where upto-date information on available opportunities can be found.

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BSAVA PetSavers

50th Anniversary Celebrations

In 2024, PetSavers celebrated a significant milestone – 50 years of funding clinical research in diseases affecting companion animals. The Chair’s Challenge, a celebratory sponsored walk across the Malvern Hills initiated by our management committee Chair, Rosie Godfrey, involved BSAVA staff, volunteers, and PetSavers supporters raising £3,200. Coinciding with the inperson autumn meetings of the BSAVA working committees, we also held a presentation and quiz to celebrate our history and look to the future.

Fundraising Initiatives

Our new Fundraising Manager, Allie Selby, joined us in May 2024, followed by our new Fundraising Coordinator, Lucy Rathbone, in September. This team expansion has enabled us to access new income sources such as corporate support, trusts, and grants. Notable contributions included £500 from the Renishaw Charities Committee and £3,200 from the Mrs DM FranceHayhurst Foundation. We also participated in the Big Give Christmas Challenge, securing a pledge of £2,500 from SAMSoc and champion support from The Reed Foundation, raising a total of £5,800.

We received four legacy payments in 2024, totalling £25,374, and

continued promoting legacy giving by partnering with a local company to offer a free will writing service to our supporters. Additionally, we received a major donation of £2,400 from The Debs Foundation for our research fellowship at the University of Cambridge. Another major donation of around £17,000 was returned to the original donor who chose not to align their support with our funded project. Other donations included £1,178 from BSAVA authorship and speaker fees, £1,333 from royalties, and around £1,000 from in-memory giving. The donation facility at the BSAVA Store checkout generated around £220 in just five weeks.

Presence at BSAVA Congress 2024

PetSavers had a larger presence at BSAVA Congress 2024, running

Awards and Grants

Matt James won the 2024 PetSavers Annual Research Award, sponsored by Hill’s Pet Nutrition, for his paper on the initial management of canine generalised epileptic seizures in primary-care veterinary practices in the UK. Shauna Creamer won the PetSavers Clinical Abstract award for her presentation on the antimicrobial properties of canine skin microflora.

We provided partial funding of £80,000 for a PhD studentship at the Royal Veterinary College (RVC), a Master’s Degree by Research grant of £39,411 to a team at the University of Cambridge, and two Clinical Research Project grants (£19,321 to the University of Edinburgh and £5,574.68 to the RVC). Four undergraduate student grants, totalling £5,750, were also funded at the Universities of Liverpool, Nottingham, and Edinburgh. The overall grant expenditure in 2024 was £150,057.

a whole-day module on evidencebased veterinary medicine aimed at advanced veterinary practitioners. We also had a stand in the Exhibition Hall where delegates participated in the pedal power fundraiser, raising around £400, picked up copies of the Ageing Canine Toolkit, and entered a survey prize draw to gauge interest in research training among GP vets. The pedal power competition was sponsored by Elanco for £200, and raffles held by BSAVA affiliate groups raised around £600.

At Congress, we hosted presentations of research abstracts from four PetSavers-funded undergraduate student projects, preceded by talks from PetSavers alumni Professor Clare Rusbridge and Dr. Karen Humm, and followed by an alumni reception sponsored by Summit Veterinary Pharmaceuticals for £1,500.

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Review of Financial Position

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 enables the Association to invest in and deliver new services.

The Association operating deficit for the year (before investment gains and losses) was £1.64m, which is greater than originally forecast due to the reduced revenue from all income streams. The deficit includes £683,668 of ongoing investment in the strategic planning process and development activities, approved by the trustees in 2023 and provided for by Designated Funds (see page 36). However, the BSAVA investment portfolio provided a significant positive contribution to our financial performance, with gains in value of £918,982.

Reserves

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.

The Reserves policy states that the Association aims to achieve a level of free reserves that mitigate against identifiable risks and may be summarised as follows:

The balance held as unrestricted funds at 31st December 2024 was £12,033,659 (2023: £12,748,786) of which £7,109,096 (2023: £3,393,510) is regarded as free reserves, after allowing for funds tied up in tangible fixed assets and designated funds. The budgeted expenditure for 2025

----- Start of picture text -----
|||| |---|---|---| |AT 31ST|AT 31ST| |DECEMBER|DECEMBER| |2024|2023| |£|£| |RESTRICTED FUNDS| |PetSavers|399,296|409,610| |UNRESTRICTED FUNDS| |Designated funds|3,106,119|7,455,548| |Funds already invested in fixed assets|1,818,444|1,909,728| |5,323,859|9,774,887| |Working capital|7,109,096|3,383,510| |Total funds as detailed on the| |12,432,955|13,158,396| |Balance Sheet|

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

of the reserves represented by its investment.

is £7,836,532 and at 31st December 2024, free reserves exceed this by approx. 14%.

In order to meet the objectives and risk profile of the BSAVA, the trustees select an appropriate investment risk level annually based on the advice from the investment managers and their guidance on investment risk.

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 (see Table).

Strategy

More detailed description of the Restricted Funds and Unrestricted Funds can be found in the Notes to the Financial Statements on pages 37 and 38.

The BSAVA’s strategic investment policy involves a broadly diversified spread of assets, including UK and overseas equities, government and non-government bonds and pooled funds to cover more specialist areas of investment.

Summary of investment policy

Specific asset allocation is a function that has been delegated by the trustees to the investment manager. The investment manager will take into consideration the trustees’ ethical stance, BSAVA’s need for liquidity and the risk strategy as identified above.

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 trustees, and rebalanced if appropriate.

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.

Objective

The investments are held as a longterm reserve against any future shortfall.

The BSAVA’s investment objective is to maintain and enhance the real value

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Restrictions

The investments will be suitable for a charity. The BSAVA will not invest in companies where more than 10% of a company’s revenue is derived from the production/sale of tobacco, armaments, or pornography. We will also exclude companies that carry out animal testing unless it is for medical or regulatory purposes.

As trustees, we have considered the future sustainability of our investment portfolio and believe it is important that we invest responsibly to achieve our charity’s goals. As stewards of our investments, we instruct our investment managers to take account of a wide range of environmental, social and governance factors when assessing and selecting investments for our portfolio.

Reporting

The investment manager reports in writing on a quarterly basis confirming the portfolio performance and that of the benchmark. The investment managers attend a BSAVA Board meeting annually, or more often if BSAVA Board requests, to provide an update on the investments.

The activities and performance of the investment manager are monitored by the BSAVA Head of Finance & Shared Services and BSAVA Trustees.

The benchmark for the current main BSAVA fund portfolio is a composite benchmark reflecting RBC Brewin Dolphin Risk Category 7 and for the PetSavers fund, RBC Brewin Dolphin Risk Category 6.

Income

Income from investments will be transferred to capital for reinvestment. The budget for 2024 was set at £210,900 (2023: £217,289) and the actual received was £238,794 (2023: £226,221).

The distribution of the investments managed by RBC Brewin Dolphin at 31st December 2024 was as shown in the Table.

Structure, Governance and Management

There have been no changes in the Association’s governance or management structures in this period. Work has been ongoing to ensure the contribution of Council is optimised in the new structure.

AT 31ST AT 31ST
DECEMBER DECEMBER
2024 2023
% %
UK equities 21% 21%
Overseas equities 59% 55%
Fixed interest 5% 5%
Property, hedge funds & other 15% 19%
100% 100%

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 receives a salary as a staff member. Honoraria are paid to the Editors of both JSAP and Companion. Trustees’ indemnity insurance is maintained for BSAVA.

Full details of each group’s membership and remit can be found in the Association Rule Book on the BSAVA website.

The Working Committees are made up of volunteers and BSAVA staff. The volunteers bring veterinary expertise, knowledge of life in practice, understanding of members’ needs as well as specific areas of expertise and are invaluable to the work of these groups.

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 Strategic Plan and the recent financial performance of the charity. During the induction period trustees meet key employees and other trustees. Trustees will undertake all or elements of the Volunteer Development Programme, depending on their skill set, to facilitate the successful completion of their role. Trustees complete a declaration 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

Occasionally, ad hoc subcommittees (or working groups) with a closely defined set of objectives and a timetable are established in order to manage specific projects, which arise from time to time.

Working Groups during the year were as follows:

Trustees (other than the President, Non-Executive Director and the Chief Executive Officer (CEO)) receive no payment for their services but are reimbursed for travel and certain other

----- Start of picture text -----
Board of Trustees
Advisory and Management Committee Council
CommitteeCongress ManagementCommitteePetSavers PublicationsCommittee CommitteeEducation CommitteeScientific RegionalForum Audit and RiskCommittee DevelopmentCommitteeVolunteer
PetSavers
AwardingGrant(sub Committees12 Regional
committee)
Green = Standing CommitteesOrange = Working CommitteesWorking Group reporting lines may vary according to project needs EditorialBoardJSAP CompanionEditorialBoard groups to focus onWorking Groups –specific projectstask and finish
----- End of picture text -----

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13

requirement to declare any conflicts immediately during meetings and to ensure that any new conflicts are reported for inclusion on the register.

Recruitment and selection of trustees and Working Committee Chairs is through a process of application by interested parties, which is managed by the Volunteer Development Committee (VDC). Posts are open to all members of the Association and applications are reviewed by VDC, who make their recommendations to Board, who in turn report on their final decision to Council. VDC is a Standing Committee of Council.

Overall, there are 242 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 2024 there were 10,260 members (10,771 in December 2023) of which 2,630 (3,746 in December 2023) 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 who are registered with the RCVS, both vets and Registered Veterinary Nurses or meet the requirements of registration.

Full details of membership are available on our website and detailed in the Association’s Rule Book.

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. Through a scheme of delegation, 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 recognise the risk associated with our ability as an Association to retain and grow membership in a changing veterinary

profession. The Membership and Marketing team are utilising the insights and outputs delivered through the recent Membership Development project to support membership retention and acquisition strategies.

The changes in the veterinary profession

and increasing workforce challenges also put pressure on our volunteers and their capacity to contribute to our work. The Volunteer Development Committee is focused on responding to these pressures and finding new ways for members to be involved in BSAVA without putting undue pressure on people’s personal time.

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. At the end of 2022 trustees agreed to engage a third party to support in reviewing and developing future strategy. This ongoing project is wide ranging and includes external stakeholders to ensure we consider the role BSAVA has to play in a changing landscape.

Going concern

The trustees have reviewed the financial position and forecasts of BSAVA taking into account the levels of investment, reserves and cash, and the systems of financial control and risk management.

The 2025 budget process reports a projected operational deficit, a reflection of the competitive challenges that we face and the significant strategic changes that are planned for the Association during 2025 and beyond. The Association continues its Programme of Change to make significant changes to its operations and renew its offering to the profession to suit the changing market. 2025 then, continues the investment in our vision for change, reimagining the Association and re-energising our revenue base and our offering to our membership and the wider profession. The level of General Funds (or free reserves) of the Association, while exceeding the calculations as set out in the Reserves Policy, supports the strategic investment required.

This review has given confidence to the trustees that the Association is well placed to manage operational

and financial risks successfully. Accordingly, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future, being a period of at least 12 months from the approval of the financial statements.

Therefore, the trustees continue to support the going concern basis of accounting in preparing the annual accounts.

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, as it is for all staff. The remuneration is also benchmarked every 3 years 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.

The President receives an honorarium in accordance with the Articles of Association, to compensate for loss of income as a result of time spent away from normal work on association business. This is set at £68,932 (2023: £68,890) and reflects the reasonable value of the work carried out or earnings lost, whichever is the lower amount. Details of trustee expenses and related party transactions are disclosed in notes 7 and 9 to the Financial Statements.

Trustees are required to disclose all relevant interests and register them in accordance with the Association’s policy and highlight them during discussions where a conflict of interest arises.

Management and staffing

The CEO and the leadership 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.

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The leadership team during 2024 consisted of:

A Conroy Head of Policy & Communication S Fitzpatrick Head of Partnerships & Events B Frost Head of Membership & Marketing C Haile Volunteers Manager E Hayes IT Manager I Mellor Head of Publishing A Stranack Chief Executive Officer C Vinten Head of Education A Welsh Head of Finance

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 charity’s objects are ‘The promotion for the public benefit of high standards of education and practice in the veterinary care and treatment of small animals and the dissemination of related information to both veterinary practitioners and the public’. Full membership is open to qualified veterinary surgeons and veterinary nurses that are ‘registered with or meet the requirements of the RCVS’.

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 aim to be accessible to all who would benefit; for example, training courses and conferences where our charges are kept low thanks to sponsorship from our corporate supporters.

The Association carries out these objects by:

Fundraising policy

The Association’s Fundraising Policy is reviewed and approved by the trustees annually. BSAVA PetSavers is the brand name for the majority of the fundraising activities for the Association. Supporters of BSAVA 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.

To help guarantee the availability of continuing funds to fund the work of BSAVA 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. BSAVA PetSavers does not pressure supporters to make gifts and respects decisions to stop giving.

The regulatory landscape for fundraising is evolving and we ensure that we monitor and adapt to any updates in regulation.

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 fundraising practices and an annual report is provided to our Audit and Risk Committee. At 31st December 2024 no complaints have been received.

Grant awarding policy

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

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.

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Funding sources

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 including the online Library, and it is essential for future growth to continue to look for other income sources to develop within the Association.

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

Safeguarding policy

The BSAVA has committed to treat all adults with respect, regardless of whether they are a member, employee, or volunteer. We will safeguard adults by ensuring that our activities are delivered in a way which keeps everyone safe. We are committed to creating and maintaining a safe and positive environment and an open, listening culture where people feel able to share concerns without fear of retribution.

The Association’s Safeguarding policy provides a framework to protect vulnerable adults and provides staff and volunteers with the principles of the Association’s approach to safeguarding. The policy applies to all staff, trustees, volunteers, agency staff and anyone working on behalf of BSAVA. Its aim is to ensure everyone involved in BSAVA is aware of:

There are two identified safeguarding leads at BSAVA, the CEO and the Volunteers Manager. Both individuals undertake training to ensure they are appropriately supported in fulfilling these roles.

Statement of trustees’ responsibilities

The trustees (who are also directors of the British Small Animal Veterinary Association for the purposes of

company law) are responsible for preparing the Trustees’ Annual Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of the affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, for that period.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company, as well as ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are also responsible for ensuring that the assets are properly applied in accordance with charity law.

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the parent charitable company’s website. Legislation in

the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Each trustee has taken the steps that they ought to have taken as a trustee in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information. The trustees confirm that there is no relevant information that they know of and which they know the auditor is unaware of.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

ON BEHALF OF THE BOARD OF TRUSTEES : Julian Hoad BVetMed BSc(Hons) MRCVS President, 2024–2025 15 May 2025

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Trustees and Advisers

Trustees at 31st December 2024

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APPOINTED
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C Gorman
Senior Vice President
18th May 2022
J Hoad
President
18th May 2022
D Godfrey
Vice President
15th June 2023
J Hughes
Honorary Treasurer
18th May 2022
P Graham
Officer Without Portfolio
18th May 2022
S Spill
Non-Executive Director
18th May 2022
A Stranack
Chief Executive Officer
18th May 2022
S Little
Junior Vice President
20th June 2024
A Gow
Honorary Secretary
20th June 2024

Resigned Trustees

DATE RESIGNED
A Speakman
Senior Vice President
20th June 2024
K Arnold
Honorary Secretary
20th June 2024

Company Information

Registered Office

Woodrow House, 1 Telford Way, Waterwells Business Park, Quedgeley, Gloucester, GL2 2AB

Company Secretary A Gow commenced 20th June 2024

Registered charity number 1024811 (England and Wales) 052192 (Scotland)

Company registration number 02837793

Country of registration England

Country of incorporation United Kingdom

Advisers

Auditor

WR Partners, Belmont House, Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG

Bankers

Barclays Bank PLC, 128 High Street, Cheltenham, Gloucestershire, GL50 1EL

Solicitors

Investment Advisers

RBC Brewin Dolphin Limited, 4th Floor, The Paragon, Counterslip, Bristol, BS1 6BX

VAT registration number 189 3530 32

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Independent Auditor’s Report

To the members and trustees of British Small Animal Veterinary Association

Opinion

We have audited the financial statements of BSAVA (the ‘Charitable Company’) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors’ 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 United Kingdom, including the Financial Reporting Council’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have

performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charitable Company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual report other than the financial statements and our Auditors’ 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 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.

Opinion on other matters prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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’ Report.

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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 Auditors’ 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.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 and Charities Accounts (Scotland) Regulations 2006 requires us to report to you if, in our opinion:

› we have not received all the information and explanations we Irregularities, including fraud, are require for our audit. instances of non compliance with laws and regulations. We design procedures Responsibilities in line with our responsibilities, outlined above, to detect material misstatements of trustees in respect of irregularities, including As explained more fully in the Trustees’ fraud. The extent to which our responsibilities statement, the Trustees procedures are capable of detecting (who are also the directors of the irregularities, including fraud is detailed below:

As explained more fully in the Trustees’ responsibilities statement, 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 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.

Auditors’ responsibilities for the audit of the financial statements

We have been appointed as auditor under the Companies Act and section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acts and relevant regulations made or having effect thereunder.

Because of the inherent limitations of an audit there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-

compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our Auditors’ report.

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, and to the Charitable Company’s trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the Charitable Company’s Members and Trustees those matters we are required to state to them in an Auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charitable Company, the Charitable Company’s members as a body and the Charitable Company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Andrew Malpass (Audit Partner) 23 May 2025

for and on behalf of WR Partners, Chartered Accountants and Statutory Auditors, Belmont House, Shrewsbury Business Park, Shrewsbury, Shropshire, SY2 6LG

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Financial Statements

Accounting Policies

For the year ended 31st December 2024

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.

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 2019, FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

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

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 that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income

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.

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.

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.

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.

Donations of gifts, services and facilities

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.

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.

Interest receivable

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.

Fund accounting

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.

Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular purposes.

Expenditure and irrecoverable VAT

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

BSAVA Annual Report and Financial Statements 2024

20

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 other operating costs for the activity category.

Operating leases

Rental charges are charged on a straight-line basis over the term of the lease.

Tangible fixed assets

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.

The refurbished and extended Woodrow House has been valued in the asset register via the Value in Use method, which is the cost of the main contractor plus the project management fees. This represents the value of the building to the association for our provision of member services and high quality continuing professional development.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Freehold land
Nil
Freehold buildings
4% of cost
Plant equipment
20% of cost
Fixtures and fittings
25% of cost
Office equipment (inc. IT equipment)
33% of cost

recognise at fair value. Such investments are subject to annual review and any impairment is charged to the SOFA. Investment valuations are not enhanced to more than original cost.

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 obsolete, slow moving and defective stocks.

Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash at bank and in hand

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.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

With the exception of investments, the charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

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.

Investments

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 and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. 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.

Social investments (mixed motive investments) are carried at fair value or impaired cost where it is not practicable to

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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Statement of Financial Activities for the year ended 31st December 2024

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NOTE 2024 2024 2024 2023 2023 2023
UNRESTRICTED RESTRICTED TOTAL UNRESTRICTED RESTRICTED TOTAL
£ £ £ £ £ £
INCOME FROM:
Donations & Legacies 1 - 28,388 28,388 383 51,843 52,226
Charitable Activities
Membership Subs & Services 2 1,378,059 - 1,378,059 1,310,968 - 1,310,968
Products & Services 2 4,295,768 5,543 4,301,311 4,022,384 4,130 4,026,514
Investments 3 189,793 49,001 238,794 187,763 38,458 226,221
Total Income 5,863,620 82,932 5,946,552 5,521,245 94,431 5,615,676
EXPENDITURE ON:
Raising Funds
Raising Funds 4 39,620 8,394 48,014 40,464 7,982 48,446
Charitable Activities
Membership Subs & Services 4 2,311,875 - 2,311,875 1,435,024 - 1,435,024
Products & Services 4 5,013,886 217,202 5,231,088 4,760,750 238,838 4,999,588
Total Expenditure 7,365,381 225,596 7,590,977 6,236,238 246,820 6,483,058
Net income / (expenditure) 5 (1,501,759) (142,664) (1,644,423) (714,993) (152,389) (867,382)
before net gains / (losses)on
investments
Net gains/ (losses) on 786,632 132,350 918,982 986,513 162,579 1,149,092
Investments
Transfer - - - 747,784 (747,784) -
Net movement in funds in (715,127) (10,314) (725,441) 1,019,304 (737,594) 281,710
the year
Funds at the beginning of 12,748,786 409,610 13,158,396 11,729,482 1,147,204 12,876,686
the year
Funds at the end of the Year 12,033,659 399,296 12,432,955 12,748,786 409,610 13,158,396
----- End of picture text -----

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.

BSAVA Annual Report and Financial Statements 2024

22

Balance Sheet As at 31st December 2024

Company No. 02837793

Fixed Assets
Tangible assets
Investments
Current Assets
Stocks
Debtors
Cash at Bank & in Hand
Creditors: Amount Falling due within one year		 NOTE
11
12/13
14
15
16		 2024
£
1,818,444
11,855,077
13,673,521
210,255
817,329
601,175
1,628,759
(2,869,325)		 2023
£
1,909,728
11,872,926
13,782,654
281,081
1,035,893
1,324,667
2,641,642
(3,265,900)
Net Current Assets / (Liabilities)
Net Assets
The Funds of the Charity
Restricted income funds
Unrestricted income funds
Total Charity Funds		 21
Designated
22
General funds		 (1,240,566)
12,432,955
399,296
3,106,119
8,927,540
12,432,955		 (624,258)
13,158,396
409,610
7,455,548
5,293,238
13,158,396

Approved by the trustees on 15 May 2025 and signed on their behalf by

Jim Hughes BVM&S MRCVS Honorary Treasurer

BSAVA Annual Report and Financial Statements 2024

23

Statement of Cash Flows for the year ended 31st December 2024

----- Start of picture text -----
NOTE 2024 2024 2023 2023
£ £ £ £
Cash Flows from Operating Activities 19 (1,877,204) 100,905
Net cash provided by/ (Used in) Operating activities
Cash Flows from Investing Activities
Dividends and interest from investments 238,794 226,221
Purchase of fixed assets (21,913) (14,742)
Proceeds from sale of investments 3,341,966 2,971,052
Purchase of investments (2,405,135) (2,919,168)
1,153,712 263,363
Net Cash provided by/ (Used in) Investing Activities (723,492) 364,268
Change in cash & Cash Equivalents in the year (723,492) 364,268
The Funds of the Charity
Cash and cash equivalents at the beginning of the year 1,324,667 965,193
-
Change in cash & cash equivalents due to exchange rate (4,794)
movements
Cash and cash equivalents at the end of the year 20 601,175 1,324,667
----- End of picture text -----

BSAVA Annual Report and Financial Statements 2024

24

Notes to the Financial Statements

1. Income from donations and legacies

----- Start of picture text -----
2024 2024 2024 2023 2023 2023
UNRESTRICTED RESTRICTED TOTAL UNRESTRICTED RESTRICTED TOTAL
£ £ £ £ £ £
Donations - 4,138 4,138 383 23,210 23,593
- -
Legacies 24,250 24,250 28,633 28,633
- 28,388 28,388 383 51,843 52,226
----- End of picture text -----

2. Income from charitable activities

----- Start of picture text -----
2024 2024 2024 2023 2023 2023
UNRESTRICTED RESTRICTED TOTAL UNRESTRICTED RESTRICTED TOTAL
£ £ £ £ £ £
- -
Members’ Subscriptions 1,240,286 1,240,286 1,177,834 1,177,834
JSAP 137,773 - 137,773 133,134 - 133,134
- -
Membership 1,378,059 1,378,059 1,310,968 1,310,968
Subscriptions &
Services
Publications 968,438 - 968,438 1,002,956 - 1,002,956
- -
Continuing Education 1,842,935 1,842,935 1,596,930 1,596,930
- -
Congress 1,415,660 1,415,660 1,354,757 1,354,757
PetSavers - 5,543 5,543 - 4,130 4,130
Other 68,735 - 68,735 67,488 - 67,488
Products & Services 4,295,768 5,543 4,301,311 4,022,131 4,130 4,026,261
Total income from
5,673,827 5,543 5,679,370 5,333,099 4,130 5,337,229
charitable activities
----- End of picture text -----

3 Investment income

----- Start of picture text -----
2024 2023
£ £
Income from listed fixed asset investments–unrestricted 189,793 187,763
Income from listed fixed asset investments–restricted 49,001 38,458
238,794 226,221
----- End of picture text -----

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25

Notes to the Financial Statements

4 Analysis of expenditure

----- Start of picture text -----
RAISING MEMBERSHIP PRODUCTS GOVERNANCE SUPPORT 2024 2023
FUNDS SUBSCRIPTIONS & SERVICES COSTS COSTS TOTAL TOTAL
£ & SERVICES £ £ £ £ £
£
Staff Costs (Note 7) - 553,015 854,038 125,144 576,673 2,108,870 1,958,641
Cost of Sales - 366,872 (829) - - 366,043 318,541
Travel & Accommodation - 9,587 160,688 34,261 16,746 221,282 584,678
Administration - 32,713 1,687,336 12,171 1,092,459 2,824,679 1,903,000
Repairs - - - - 17,857 17,857 25,857
Professional Fees - 192,800 398,455 6,613 924,632 1,522,500 1,257,311
Rent, Rates & Insurance - - 17,256 - 46,644 63,900 48,412
Depreciation - - - - 113,197 113,197 93,756
Awards & Grants - - 123,796 - 11,553 135,349 176,165
Investment Management 48,014 - - - - 48,014 48,446
Fees
Finance Charges - 37,317 - - 131,969 169,286 68,251
48,014 1,192,304 3,240,740 178,189 2,931,730 7,590,977 6,483,058
Support costs - 1,055,423 1,876,307 - (2,931,730) - -
Governance costs - 64,148 114,041 (178,189) - - -
Total expenditure 2024 48,014 2,311,875 5,231,088 - - 7,590,977 6,483,058
Total expenditure 2023 48,446 1,435,024 4,999,588 - - - 6,483,058
----- End of picture text -----

BSAVA Annual Report and Financial Statements 2024

26

Notes to the Financial Statements

Please be aware that the Analysis of Expenditure detailed below is for the year ending 31[st] December 2023 and is provided for comparative purposes.

4. Analysis of Expenditure (prior year)

----- Start of picture text -----
RAISING MEMBERSHIP PRODUCTS GOVERNANCE SUPPORT 2023 2022
FUNDS SUBSCRIPTIONS AND COSTS COSTS TOTAL TOTAL
£ & SERVICES SERVICES £ £ £ £
£ £
Staff Costs (Note 7) - 459,319 1,042,692 103,657 352,973 1,958,641 1,669,795
Cost of Sales - 162,255 156,286 - - 318,541 224,369
Travel & Accommodation - 10,145 509,084 43,988 21,461 584,678 573,492
Administration - 360,321 1,256,132 1,335 285,212 1,903,000 1,861,049
Repairs - - 8,435 - 17,422 25,857 16,540
Professional Fees - 50,100 940,701 961 265,549 1,257,311 1,089,533
Rent, Rates & Insurance - 8,532 19,515 - 20,365 48,412 63,907
Depreciation - 3,139 5,780 556 84,281 93,756 129,186
Awards & Grants - 15,609 160,060 496 - 176,165 242,165
Investment Management 48,446 - - - - 48,446 48,164
Fees
Finance Charges - 65,599 887 - 1,765 68,251 128,306
48,446 1,135,019 4,099,572 150,993 1,049,028 6,483,058 6,046,506
Support costs - 262,257 786,771 - (1,049,028) - -
Governance costs - 37,748 113,245 (150,993) - - -
Total expenditure 2023 48,446 1,435,024 4,999,588 - - 6,483,058 6,046,506
Total expenditure 2022 48,164 1,203,478 4,794,864 - - - 6,046,506
----- End of picture text -----

BSAVA Annual Report and Financial Statements 2024

27

Notes to the Financial Statements

5 Net income/ (expenditure) for the year

This is stated after charging/ crediting 2024 2023
£ £
Depreciation 113,197 93,756
Auditors remuneration
Audit 19,688 20,750
Operating lease rentals
Property - 318,201
(Gains)/ Losses on foreign exchange 1,741 4,794

6 Analysis of grants / awards

2024 GRANTS TO GRANTS TO
INSTITUTIONS INDIVIDUALS
£ £
Research projects
PetSavers 150,057 -
150,057 -
Total grants / awards 150,057

For comparative purposes, the Analysis of Grants/ Awards for the year ended 31st December 2023.

2023 GRANTS TO GRANTS TO
INSTITUTIONS INDIVIDUALS
£ £
Research projects
PetSavers 149,221 -
BSAVA awards - 1,703
Industry donations 10,000 -
159,221 1,703
Total grants / awards 160,924

BSAVA Annual Report and Financial Statements 2024

28

Notes to the Financial Statements

Recipients of institutional grants and awards for the year ended 31st December 2024

----- Start of picture text -----
TOTAL TOTAL
£ £
Research – PetSavers
University of Liverpool 4,050
University of Cambridge 39,411
University of Edinburgh 19,821
Royal Veterinary College 85,575
Total 150,057
----- End of picture text -----

Recipients of institutional grants and awards for the year ended 31st December 2023

----- Start of picture text -----
TOTAL TOTAL
£ £
Research – PetSavers
University of Liverpool 4,700
University of Cambridge 98,441
University of Glasgow 2,600
University of Edinburgh 33,540
Royal Veterinary College 9,940
149,221
BSAVA Awards
Congress Scientific Awards 1,703 1,703
Industry Donations
Veterinary Specialists 10,000
10,000
Total 160,924
----- End of picture text -----

BSAVA Annual Report and Financial Statements 2024

29

Notes to the Financial Statements

7 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel

----- Start of picture text -----
2024 2023
£ £
Salaries and wages 1,696,735 1,658,761
Social security costs 164,281 154,208
Employer’s contribution to defined contribution pension schemes 129,225 117,886
Other forms of employee benefits 29,414 27,786
2,019,655 1,958,641
----- End of picture text -----

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

2024
2023
£60,000–£69,999 3
3
£70,000–£79,999 -
-
£80,000–£89,999 1
1

The total employee benefits including employer’s pension contributions and employer’s National Insurance of the key management personnel were £654,639 (2023: £623,612).

----- Start of picture text -----
2024 2023
£ £
Trustees’ remuneration 99,134 90,439
Trustees’ expenses 19,988 21,514
-
Trustees’ other payments 1,528
119,122 113,481
----- End of picture text -----

A total of eleven trustees served during the year to 31[st] December 2024. All trustees 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 represents the payments or accrued payments made on behalf of the President’s Honorarium, for which permission had been granted by the Charity Commission. CEO Amanda Stranack received £105,268 employment benefit including pension and national insurance (2023 £95,906). Amanda Stranack did not receive any remuneration for her role as a trustee and only as part of her employment contract. Non-Executive Director Mr Steve Spill received £21,559 total employment benefits (2023 £20,594).

BSAVA Annual Report and Financial Statements 2024

30

Notes to the Financial Statements

8 Staff numbers

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

----- Start of picture text -----
2024 2023
Products and services 31 27
Membership subscriptions & services 5 10
Support 11 7
Governance 1 2
48 46
----- End of picture text -----

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.

----- Start of picture text -----
11 Tangible fixed assets
FREEHOLD FIXTURES, OFFICE TOTAL
PROPERTY FITTINGS & PLANT EQUIPMENT £
£ £ £
Cost
As at 1st January 2024 2,346,730 312,671 413,714 3,073,115
Additions 0 6,934 14,979 21,913
Disposals 0 0 0 0
For the year ended 31st December 2024 2,346,730 319,605 428,693 3,095,028
Depreciation
As at 1st January 2024 463,895 312,052 387,440 1,163,387
Charge for Year 94,255 2,188 16,754 113,197
Disposals 0 0 0 0
For the year ended 31st December 2024 558,150 314,240 404,194 1,276,584
Net Book Value
For the year ended 31st December 2024 1,788,580 5,365 24,499 1,818,444
As at 31st December 2023 1,882,836 3,842 23,050 1,909,728
----- End of picture text -----

Land with a value of £200,000 (2023: £200,000) is included within the freehold property and is not depreciated.

BSAVA Annual Report and Financial Statements 2024

31

Notes to the Financial Statements

12 Listed investments

----- Start of picture text -----
2024 2023
£ £
Fair value at the start of the year 11,906,795 11,268,570
Additions at cost 2,405,135 2,769,168
Disposal proceeds (3,341,966) (2,971,052)
Net gains and (losses) on investments 735,113 656,240
Cash held by investment managers for investment purposes 57,364 183,869
Fair value as at 31st December 11,762,441 11,906,795
The fair value of the investments is analysed as follows:
Listed on United Kingdom Stock Exchange 2,435,002 2,410,438
Listed on non-United Kingdom Stock Exchanges 6,924,582 6,488,917
United Kingdom Gilts and Fixed Interest 584,477 632,304
Hedge Funds and Other 1,518,526 1,930,034
Property Funds 242,490 261,233
Cash held by investment managers for investment purposes 57,364 183,869
11,762,441 11,906,795
----- End of picture text -----

13 Financial asset measured at fair value through profit and loss

----- Start of picture text -----
2024 2023
£ £
Listed Investments 11,705,077 11,722,926
11,705,077 11,722,926
Other Investments 2024 2023
£ £
Value of Investments at 1st January 150,000 150,000
Net Expenditure (incl Management Fees) 150,000 150,000
Value of Other Investments at 31st December 150,000 150,000
Other Investment comprise:
Vet2Vet Ltd 150,000 150,000
Total Investment Value 11,855,077 11,872,926
----- End of picture text -----

BSAVA Annual Report and Financial Statements 2024

32

Notes to the Financial Statements

14 Stock

----- Start of picture text -----
2024 2023
£ £
Work In progress 71,093 80,689
Finished goods 168,409 211,748
Provision for slow moving stock (29,247) (11,356)
210,255 281,081
----- End of picture text -----

15 Debtors

----- Start of picture text -----
2024 2023
£ £
Trade debtors 323,230 534,512
Other debtors 40 -
Prepayments 494,059 501,381
817,329 1,035,893
----- End of picture text -----

16 Creditors – Amounts Falling Due Within 1 Year

----- Start of picture text -----
2024 2023
£ £
Trade creditors (171,869) 199,840
Taxation & social security (119,825) 183,723
Grants Payable (161,084) 172,950
Other creditors (12,703) 26,477
Accruals (264,130) 276,142
Deferred income (2,139,714) 2,406,768
(2,869,325) 3,265,900
----- End of picture text -----

BSAVA Annual Report and Financial Statements 2024

33

Notes to the Financial Statements

17 Deferred income

Deferred income comprises membership dues, event fees, continuing professional development registrations and library subscriptions.

----- Start of picture text -----
2024 2023
£ £
Balance at beginning of year 2,406,769 1,102,589
Net movement in the year (267,055) 1,304,180
Balance at year end 2,139,714 2,406,769
2024 2023
£ £
Membership Services 459,552 727,679
Congress 394,472 339,944
Post Graduate Certificate 1,104,464 1,139,582
BSAVA Library Access 181,226 199,564
2,139,714 2,406,769
----- End of picture text -----

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 £128,526 (2023: £118,737). At the end of 2024 the balance to be transferred to the pension provider was £20,516 (2023: £16,984).

19 Reconciliation of net income / (expenditure) to net cash flows from operating activities

----- Start of picture text -----
2024 2023
£ £
Net income for the reporting period
(725,441) 281,710
(as per the statement of financial activities)
Depreciation Charges 113,197 93,756
(Gains) / Losses on Investments (918,982) (1,149,092)
Non-cash adjustment relating to PY valuations (1,741) 36,532
(Gains) / Losses on currency 1,741 4,794
Dividends & interest from investments (238,794) (226,221)
(Increase) / Decrease in stocks 70,827 (25,125)
(Increase) / Decrease in debtors 218,564 (378,988)
Increase / (Decrease) in creditors (396,575) 1,463,539
Net cash (used in) operating activities (1,877,204) 100,905
----- End of picture text -----

BSAVA Annual Report and Financial Statements 2024

34

Notes to the Financial Statements

20 Analysis of cash and cash equivalents

----- Start of picture text -----
AT 1ST CASH FLOWS OTHER AT 31ST
JANUARY 2024 £ CHANGES DECEMBER 2024
£ £ £
Cash at bank in hand 1,140,798 (596,987) 543,811
Cash held by investors 183,869 (126,505) 57,364
-
Total cash & cash equivalents 1,324,667 (723,492) 601,175
----- End of picture text -----

21 Movement in funds

The detail below is for the year ended 31st December 2024.

----- Start of picture text -----
AS AT 1ST INCOME & GAINS EXPENDITURE & TRANSFERS AS AT 31ST
JANUARY 2024 £ LOSSES £ DECEMBER 2024
£ £ £
Restricted fund:
PetSavers 409,610 82,932 (93,246) - 399,296
Unrestricted funds:
-
Designated funds – 7,455,548 (1,008,080) (3,341,349) 3,106,119
see note 22
General fund 5,293,238 5,863,622 (5,570,669) 3,341,349 8,927,540
Total Unrestricted 12,748,786 5,863,620 (6,578,747) - 12,033,659
funds
Total funds 13,158,396 5,946,554 (6,671,995) - 12,432,955
----- End of picture text -----

Please be aware that the movement in funds detailed below is for the year ending 31st December 2023 and is provided for comparative purposes.

----- Start of picture text -----
AS AT 1ST INCOME & GAINS EXPENDITURE & TRANSFERS AS AT 31ST
JANUARY 2023 £ LOSSES £ DECEMBER 2023
£ £ £
Restricted fund:
PetSavers 1,147,204 94,431 (84,241) (747,784) 409,610
Unrestricted funds:
-
Designated funds – see 4,176,324 (364,285) 3,643,508 7,455,548
note 22
General fund 7,553,158 5,521,245 (4,885,440) (2,895,724) 5,293,238
Total Unrestricted 11,729,482 5,521,245 (5,249,725) 747,784 12,748,786
funds
Total funds 12,876,686 5,615,676 (5,333,966) - 13,158,396
----- End of picture text -----

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 PetSavers’ income (as detailed on pages 28 to 29) is used to fund PetSavers’ grants. For the year to 31st December 2025, the expected spend on awards will be in the region of £154,000.

BSAVA Annual Report and Financial Statements 2024

35

Notes to the Financial Statements

22 Designated funds

The funds of the Association include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

----- Start of picture text -----
AS AT 1ST NEW (UTILISED) AS AT 31ST
JANUARY 2024 DESIGNATION/ £ DECEMBER 2024
£ (RECLASSIFICATION) £
£
Fixed Asset Replacement 934,640 (412,727) (21,913) 500,000
Property Maintenance 300,000 8,908 (8,908) 300,000
Events Development 132,750 202,410 (85,160) 250,000
Property Expansion 500,000 0 0 500,000
New Activities Fund 3,902,530 (2,718,862) (683,668) 500,000
Digitisation Project 844,844 (328,078) (16,766) 500,000
- -
Vet GDP Project 93,000 (93,000)
PetSavers 747,784 - (191,665) 556,119
7,455,548 (3,341,349) (1,008,080) 3,106,119
----- End of picture text -----

Fixed asset replacement:

This reserve represents the depreciation of fixed assets, as detailed in note 11. It is also for the future decarbonisation project for Woodrow House. Depreciation is a measure of wear and tear and therefore this reserve makes allowance for the Association to replace worn out assets. Funds have been utilised from this reserve as assets have been disposed.

Property maintenance:

The property, Woodrow House, requires continual maintenance and upgrading in order to satisfy the requirements of the Association, and to maintain the building.

New activities fund:

This fund has been established for the Association to investigate new opportunities to improve the offering to our members, the profession as a whole and subsequently benefit the general public.

Digitization project:

This fund is for the Association to enhance and improve the current digital platforms and membership offering.

PetSavers:

Grants and Awards and administration activity

Events development:

Development and promotion of activities outside of usual event budget

Property expansion/investment:

Provision for future refurbishment will be required to continually meeting the needs of our members and the profession. The fund will increase as the reserves allow it, so as to provide the appropriate level of funding required for a second complete refurbishment.

BSAVA Annual Report and Financial Statements 2024

36

Notes to the Financial Statements

23 Restricted funds

----- Start of picture text -----
AS AT 1ST INCOME & GAINS EXPENDITURE & TRANSFERS AS AT 31ST
JANUARY 2024 £ LOSSES £ DECEMBER 2024
£ £ £
Andrew & Wendy Mooney 17,150 (17,150) - - 0
Teresa Heath 87,560 - (14,146) - 73,414
The Debs Foundation 220 2,400 (650) - 1,970
Small Animal Medicine 4,970 - (4,970) - 0
Society
Veterinary Cardiovascular 5,000 - (5,000) - 0
Society
Historic Restricted 294,710 - 29,202 - 323,912
PetSavers Funds
-
409,610 (14,750) 4,436 399,296
Prior year AS AT 1ST INCOME & GAINS EXPENDITURE & TRANSFERS AS AT 31ST
JANUARY 2023 £ LOSSES £ DECEMBER 2023
£ £ £
- - -
Andrew & Wendy Mooney 17,150 17,150
Teresa Heath 87,560 - - - 87,560
The Debs Foundation - 2,600 (2,380) - 220
Small Animal Medicine - 4,970 - - 4,970
Society
- - -
Veterinary Cardiovascular 5,000 5,000
Society
Historic Restricted 1,042,494 - - (747,784) 294,710
PetSavers Funds
1,147,204 12,570 (2,380) (747,784) 409,610
----- End of picture text -----

Andrew & Wendy Mooney:

Research into diseases to which Border Terriers are susceptible - Cancelled.

Teresa Heath:

Research in disease areas that can affect Bull Terriers, including heart disease, skin disease and neurological disease.

The Debs Foundation:

Identification of small non-coding RNAs in canine cranial cruciate ligament disease as diagnostic markers and therapeutic targets.

Small Animal Medicine Society:

Towards sustainable parasite control in companion animals: tools for surveillance of dewormer resistance in intestinal roundworms.

Veterinary Cardiovascular Society:

An intelligent stethoscope for detecting hypertrophic cardiomyopathy in cats.

Historic Restricted PetSavers Funds

Historical funds classified as restricted (prior to 2023) then reclassified as Designated following advice by previous auditors at the request of Trustees.

BSAVA Annual Report and Financial Statements 2024

37

Notes to the Financial Statements

24 Analysis of net assets between funds

The detail below is for the year ended 31st December 2024.

----- Start of picture text -----
GENERAL DESIGNATED RESTRICTED TOTAL FUNDS
UNRESTRICTED FUNDS FUND £
£ £ £
- -
Tangible fixed assets 1,818,444 1,818,444
Investments 8,748,958 3,106,119 - 11,855,077
-
Net current assets / Liabilities (1,639,862) 399,296 (1,240,566)
Net assets at end of year 8,927,540 3,106,119 399,296 12,432,955
----- End of picture text -----

Please be aware that the Analysis of Net Assets between funds detailed below is for the year ending 31st December 2023 and is provided for comparative purposes.

----- Start of picture text -----
GENERAL DESIGNATED RESTRICTED FUND TOTAL FUNDS
UNRESTRICTED FUNDS £ £
£ £
- -
Tangible fixed assets 1,909,728 1,909,728
Investments 4,417,378 7,455,548 - 11,872,926
Net current assets / Liabilities (1,033,868) 409,610 (624,258)
Net assets at end of year 5,293,238 7,455,548 409,610 13,158,396
----- End of picture text -----

25 Post balance sheet event

We have reviewed the charity’s investment performance during 2024 and since the end of the financial year. Following strong performance in our investment portfolio in 2024, since the end of the 2024 financial year and until February 2025 we have again seen material gains in our investments in line with global markets, but those gains were lost in March and April 2025 following the downturn in markets following the imposition of tariffs by the USA.

26 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.

BSAVA Annual Report and Financial Statements 2024

38