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← RSPCA Assured Limited

2024-12-31-accounts

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Company Registration No. 02723670 Registered Charity in England & Wales No. 1059879 Registered Charity in Scotland No. $C038199

RSPCA Assured Limited

Trustees’ Report and Accounts

31 December 2024

RSPCA ASSURED LIMITED

REPORT AND ACCOUNTS 2024

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|||||||| |---|---|---|---|---|---|---| |CONTENTS|Page| |Officers|and|Professional|Advisors|Zz| |Executlve|Director|and|Trustees’|Report|;|3-9| |Trustees!|Statement|of Responsibilitles|10| |Independent|Auditor's|Report|11-15| |Statement|of|Financial|Activities|16| |Balance|Sheet|17| |Cash flow|Statement|18| |Notes to the Accounts|19|- 27|

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RSPCA ASSURED LIMITED

Company Registration No. 02723670 Registered Charity in England & Wales No. 1059879 Registered Charity in Scotland No. $€038199

OFFICERS AND PROFESSIONAL ADVISERS

TRUSTEES .

Mr B Smith (Chairman) Mr R Olivieri Mitr 0 Main Mir G Chohan Mr D Thiem Ms A Wycherley , Mr D Beardmore [elected to the Board 20 lune 2024)

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Mr D Nerth (elected to the Board 20 June 2024}

CHIEF EXECUTIVE/ EXECUTIVE DIRECTOR

Mr C Sherwood (interim from 11 July 2023 to ? February 2024) Mr T Baker (appointed 7 February 2024)

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REGISTERED OFFICE

4"" Floor Parkside Chart Way Horsham West Sussex RH12 1G¥

BANKERS

National Westminster Bank plc , 4? Carfax Horsham , West Sussex . RH12 15)

INDEPENDENT AUDITORS

RSM UK Audit LLP 25 Farringdon Street London EC4A 4AB

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RSPCA ASSURED LIMITED

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EXECUTIVE DIRECTOR AND TRUSTEES’ REPORT

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The Executive Director and Trustees of RSPCA Assured Limited (farmerly. Freedom Food Limited) present their annual report and the audited financial statements for the year ended 31 December 2024,

OBJECTS OF THE COMPANY

RSPCA Assured Limited is a subsidiary charitable company of the Royal Society for the Prevention of Cruelty te Animals (RSPCA). The primary object of RSPCA Assured Limited is to prevent cruelty to animals by the promotion of humane farming, transportation, marketing and slaughter of farmed animais, in particular but without prejudice to the generality of the foregoing, by implementing a set of rearing and handling standards developed by the RSPCA, For the benefit of the public to otherwise prevent, suppress or alleviate cruelty to animals, whether within the UK or elsewhere and to educate the public in matters pertaining to animal welfare in general and the prevention of cruelty and suffering among animals,

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ABOUT THE ORGANISATION

RSPCA Assured Limited (RSPCA Assured’) was incorporated as a private company limited by shares (registered company number 02723670) in 1992, and began trading in 1994. The RSPCA is the sole member and beneficial owner of RSPCA Assured. RSPCA Assured is governed by a Memorandum and Artictes of Association, dated 18 October 27023, the contents of which have been approved by the Trustees of the RSPCA,

The company is also a charity registered with the Charity Commission in England and Wales (registered number 1059879) since December 1996, and the Office of the Scottish Charity Regulator in Scotland {registered number $€038199) since May 2007. RSPCA Assured has charitable tax status with HMRC.

THE EXECUTIVE DIRECTOR AND TRUSTEES AND THEIR INTERESTS

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The RSPCA Assured Board of Trustees has the legal responsibility for the effective use of the charity's resources in accordance with the overall objects of the organisation, and for providing effective leadership and direction.

The Articles of Association of RSPCA Assured Limited requires a minimum of three trustees of the Board with oo maximum. The RSPCA may appoint one trustee, who shall act as Chair for such term of up to three years as the RSPCA sees fit.

If the RSPCA does not exercise its power to appoint a trustee, it may appoint an existing trustee as Chair.

The trustees have been appointed to the Board of Trustees because of theit particular experience and are non-executive directors. There are currently eight trustees with additional vacancies for suitable candidates. The Board of Trustees meet a minimum of four times a year.

Two new trustees were appointed in 2024 and joined the board of trustees at the June board meeting and there are still two vacancies for Trustees to be appointed in 2025. This process is being handled

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RSPCA ASSURED LIMITED

by an external agency with the key focus areas being veterinary and animal health expertise and also digital and technology transformation, oo 0

During the recruitment and appointment process, each prospective Trustee is provided with information about the charitable company’s constitution, policies, and activities. Training is provided to every new trustee when they join including sessions on governance and farm visits to experience the work assessors carry out day to day.

Oversightof the Trustees’ Annual Report and Accounts, budgeting and financial performance, financial strategy and reporting, external audit and risk management Iles with the Finance Audit and Risk Committee {FARCOM). The FARCOM had been appointed in 2023 to deliver the charity's strategic charitable aims, effectively and sustainably.

The Board of Trustees appoints the Chief Executive/ Executive Director who leads the Leadership Team. In early 2024 Chris Sherwood (Chief Executive of the RSPCA} acted as Chief Executive of RSPCA Assured on an interim basts with Toby Baker taking on the responsibilities as the Executive Director on a permanent basis fram 7th February 2024.

At the beginning of 2024, the Executive Leadership Team included the Chief Executive of RSPCA acting as interim Executive Director), with the newly appointed Executive Director taxing over from February 2024, the interim Chief Operations Officer and the Interim Chief Marketing Officer. The Seniar Leadership Team included the Head of Certification, Head of Corporate Partnerships, Head of Strategic Delivery, Head of Marketing and Communications and Head of Farming Engagement.

Following a strategic review of the strategy and organisational structure key changes were made to the makeup of the Jeadership within RSPCA Assured.

The organisation has been structured into four key teams - Certification and Assurance, Commercial, Marketing and Impact & Insights. The leaders of each of these teams sit on the newly created Senior Leadership Team which came inte existence at the end of 2024. -

The members of the Senior Leadership tearm now include the Assistant Director of Certification & Assurance, The Chief Commercial Officer, The Chief Marketing Officer, The Head of Impact & Insights and in addition a HR Business Partner,

The role of the Senior Leadership Team is to deliver the strategy and guide the implamentation of the RSPCA Assured transformation program. In addition, a wider Senior Leadership Group has been created which consists of the Heads of departments along with the regional assessment managers, This team is responsible for the day to day execution of the strategic plans, as well as the day to day management, operations.and finances of the charity.

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The policy for remuneratian of all staff, including the Leadership Team is decided by Joint national agreement with Unite, the trade union which covers both RSPCA and RSPCA Assured. The policy is a bespoke job evaluation scheme to assess each role. The Remuneration Committee of RSPCA decides the salary of the new Executive Director of RSPCA Assured.

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RSPCA ASSURED LIMITED

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RESULTS AND ACTIVITIES

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The results for 2024 show a deficit of £0.1m (2023: deficit of E0,3m}. :

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Income from charitable activities is made up oflicence fees £4.9m (2023 £4,3m) and membership fees £1.4m (2023 £1.3m), Total expenditure in 2024 was £6.4m (2023 £6.0m}.

The company has a strong balance sheet, with cash balance as at 31 December 2024 being £1.7rmn {2023: £2.6m) and a large balance in net current assets of £3.0m (2023: £3.0rm).

Highlights from 2024 include the successful development of a new species growth strategy and commercial framework.

This work establishes a clear framework for RSPCA Assured’s growth through to 2030, outlining the areas where focused effort will ensure that more farmed animals have higher welfare.

In addition, the team developed the new organisational resource alignment strategy - which will increase the employee headcount providing the capacity and capabilities required to deliver our Strategic priorities.

The investment and transformation plan were endorsed by the Board at the September hoard meeting. ,

It is algo worth noting the significant allegations that have been made towards the RSPCA and RSPCA Assured from animal rights activists,

The initial allegations were first made in June 2024 and were taken very seriously, as an organisation dedicated to improving the llves of farmed animals the allegation of systemic failing of the scheme is of paramount importance and concern. Animal rights activists visited 45 farms of which 37 of them were RSPCA Assured Farms.

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In response to the allegations RSPCA Assured visited all thirty-seven farms which were part of the RSPCA Assured scheme.

The internal investigation into allegations that was subsequently carried out did not indicate widespread failings with the RSPCA Assured assurance scheme. However, RSPCA Assured did identity five farms had five or more non-conformances. 12 farms received sanctions, 3 of which had ‘their membership withdrawn.

In addition ta this internal investigation RSPCA commissioned an independent review into the RSPCA Assured scheme - conducted by Crowe LLP an independent accounting and consulting firm.

Crowe LiP visited and assessed 200 farms within the scheme, five times the number that the activists visited and all visits were unannounced.

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Based on the review by Crowe LLP and the work undertaken, the RSPCA Assured Scheme was found to be operating effectively to provide assurance that animal welfare standards are being met across members,

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RSPCA ASSURED LIMITED

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Therefore, the recommendation was provided that the organisation can remain confidentinthe value — af the scheme in improving the lives of the animals within the farms of the members. -

There was no evidence found from the report of wider systemic anlma! welfare Issues across the farms in the scheme.

The unannounced programme of farm visits was consistent with the results of RSPCA Assured standard planned assessment visits, and compliances were not significantly different between those undertaken by RSPCA Assured assessors and those undertaken by Crowe LLP, the third-party contractor,

RESERVES

The Charity held only unrestricted funds at the end of 2024,

The charity maintains free reserves that represent sufficient funds ta cover any unforeseen circumstances that cannot reasonably be foretold. The Board reviewed the reserves policy during the year and free reserves will continue to be held for the following reasons: maintenance of working capital, protection against income fluctuations and protection of operations against unplanned adverse events, .

In llght of this, RSPCA Assured set a target level of free reserves between £800k and £1,000k.

Whilst 2024 free reserves position exceeds the policy's upper target range RSPCA Assured is expecting to draw down on reserves in 2025 and 2026, Reserves remain at an acceptable level; balancing both long term sustainability to ensure that the charity can support future beneficiaries, and a high level of impact on animal welfare for farmed animals in the short term.

A letter of support has also been activated fram the charity parent RSPCA to provide comfort during a period of transformation.

PUBLIC BENEFIT

In considering public benefit the Board of Trustees have had regard te the guidance issued by the Charity Commission. It is nat enough that RSPCA Assured’s work benefits animals. Richard Martin, one of the RSPCA's nineteenth century founders, identified the Society's prime aim as being to alter the moral feelings of the country. He recognised that taking care of animals is an essential part of any civilisation. This still resonates today. Preventing cruelty to animals promotes humane sentiments in humankind towards animals which involves moral benefit to the human community as a whole. Whilst this public benefit is clear, it is difficult to quantify and must be balanced against any detriment.

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The Results and Activities sectlon of this report demanstrates the achievements and performance of RSPCA Assured and the benefit provided to the public. All of the charitable activities of RSPCA Assured focus on promoting kindness and preventing or suppressing cruelty to farmed animals and are undertaken to further these charitable purposes for the public benefit.

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RSPCA ASSURED LIMITED

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RSPCA SUPPORT

ASPCA Assured Limited is not dependent on the services of volunteers in accomplishing its work, although many ®SPCA branch volunteers support the promotionofthe scheme ata locallevel. RSPCA. is a provider of a number of business services for RSPCA Assured, including human resources, payrall, IT, finance, facilities and fleet. RSPCA Assured and RSPCA staff also wark closely in managing the most effective implementation of their shared goal for farmed animals.

PRINCIPAL RISKS AND UNCERTAINTIES

The Board of Trustees of RSPCA Assured reviews the operations and potential for any risk that may impact the ability of RSPCA Assured Limited ta meet its objectives. These risks are reviewed annually.

The principal risk throughout 2024 was posed by the animal rights activists campaign that was targeted at the RSPCA to try te force them to drop the assurance scheme. - ‘The campaign resulted in some VIP celebritles stopping to work with RSPCA - namely Brlan May and lately Chris Packham.

The RSPCA remains committed to the RSPCA Assured operation and plan as it represents the anly way to make an impact for farmed animals In the UK as without the work that RSPCA Assured does - there is little to no protection for farmed animals.

There has been ne impact on income as a result of the situation, licence fee income has increased within 2024, The charitable company remains ina good financial position having maintained a high level of reserves and cash. Steps are belng taken on an ongoing basis te minimise the impact on the charitable company's activities and the wider impact on animal welfare. ae , ,

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PLANS FOR THE FUTURE

We will grow the ofganisation by adding new roles (+36% increase) and by implementing the new Species growth strategy and commercial framework,

2025 will alse see the launch of our refreshed brand. Elevating RSPCA Assured by re-energising its proposition, connecting it with the overarching RSPCA strategy and purpose as well as building trust and awareness with our core customers.

This will result in the RSPCA Assured business continuing to ensure higher farmed animal welfare — through a robust assurance scheme and a trusted supply chain and delivering against our vision to improve the welfare of farmed animals in the UE,

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RSPCA ASSURED LIMITED

SOING CONCERN

The Board of Trustees reviewed the financial plans of ASPCA Assured in December 2024, the --— assessment considered the ecanomic context, regulatory environment, governance & management, financial performance and financial suppart/ funding.

With regards to the year ending 31 December 2025, the Board of Trustees is satisfied that the level of projected income will be met even in the context of the challenging economic environment with continued inflationary pressures. It is expected that expenditure will remain within budget, Budgeted expenditure includes expenditure designed to deliver the ongoing transformation ta ensure the charitable company can achieve the new strategy which will increase income, generate cost savings in the jong run, and continue to strengthen the financial sustainability of RSPCA Assured. Therefore, no cuts to essential services are expected.

The Leadership Team will continue to review the ongoing forecasts and projections on a regular basis to ensure that RSPCA Assured remains financially viable amidst the challenging econamic environment,

The financial statements indicate a strong balance sheet, with a high level of reserves and cash at the end of 2024, As at 31 December 2024, there were unrestricted funds of £3.0m and a cash balance on this date of £1.7m. The budgeted transformation investment in the long-term strategy will drive cash reductions throughout the year, with projected financial support from RSPCA starting towards the end of 2025.

The Board of Trustees is confident in RSPCA Assured’s future as a going concern for 12 months from the expected sign off date, until June 2026, citing impiemented: measures, a positive Internal environment, a clear growth plan, strong 2024 financial performance, the support of the parent charity, and despite current external uncertainties.

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FUNDRAISING

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. Although RSPCA Assured Limited does not undertake widespread fundraising from the general public, the legislation defines fundraising as "soliciting or otherwise procuring money or other property for charitable purposes". Such amounts receivable is presented in the accounts as "Donations".

AUDITORS

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RSPCA ASSURED LIMITED

RSM UK Audit LLP remained as external auditers of the RSPCA and its subsidiary entities, including . RSPCA Assured, for the financial year ended 31st December 2024. The auditor, RSM UK Audit LLP,is.-2. deemed to be reappointed under section 487(2}) of the Companies Act 2006. moon ae

The report has been prepared in accordance with special provisions of 419{2] of the Companies Act 2006 relating to small companies,

In accordance with company law, as the Trustees of RSPCA Assured Limited, we certify that:

The report has been prepared In accordance with the provisions applicable to companies entitled to the smal! companies’ exemption. -

Approved by the Board of Trustees of RSPCA Assured Limited and slzned on behalf of the Board 18 June 2025,

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Mr DB. Smith

Chairman

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RSPCA ASSUREG LIMITED

TRUSTEES’ STATEMENT OF RESPONSIBILITIES

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The Trustees (who are also the Directors for the purpose of company law] areresponsible for 2 2-0), preparing the Chief Executive and Trustees’ 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 in accordance with United Kingdom Generally Accepted Accounting Practice {United Kingdom Accounting Standards and applicable law}, Under company Jaw the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affalrs of the Charitable Company and of the incoming resources and application of resources, including the income and expenditure, of the Charitable Company for that period.

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

The Trustees 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 and enable them to ensure that the financial statements comply with the Companies Act 2006 and the Charities and Trustee Investment (Scotland) Act 2005 and Regulations 6 and § of the Charities Accounts (Scotland) Regulations 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 responsible for the maintenance and integrity of the corporate and financial information included in the charitable company’s website. Legislation in the United Kingdom. ” governing the preparation and dissemination of financial statements may differ from legistation in other jurisdictions. The maintenance and integrity of the charity's website is the responsibility of the Trustees’. The Trustees’ responsibility also extends te the ongolng integrity of the financial = - statements contained therein.

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INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES AND MEMBERS OF RSPCA ASSURED LIMITED

Opinion

We have audited the financial statements of RSPCA Assured Limited (the ‘charitable campany’} for the year ended 31 December 2024 which comprise the Statement of Financial Activities {Incorporating income and expenditure account), the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, Including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice}.

In our opinion the financial statements:

Basis for opinion

We have been appointed auditor under section 44(1)}(c} of the Charities and Trustee Investment (Scotland) Act 2005 and under the Companies Act 2006 and report to you in accordance with regulations made under thase Acts.

We conducted our audit in accordance with International Standards an Auditing (UK) (ISAs (UK})} and applicable law. Our responsibilities under these standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report, We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating te 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 fora period of at least twelve months from when the financial statements are authorised for issue.

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RSPCA ASSURED LIMITED

Our responsibilities and the responsibilities of the trustees with respect te gaing concern are described in the relevant sectians of this report. a ”

Other information

The other information comprises the information included in the Trustees Report and Accounts ather than the financial staternents and our auditor's report thereon. The trustees are responsible for the other information contained within the Trustees Report and Accounts. Our opinion on the financial statements does not cover the other information and, except ta the extent otherwise explicitly stated in Our report, we do not express any form of assurance conclusion thereon.

Our responsibility is te read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or cur 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 Bives rise to a Material misstatement in the financial statements themselves. |f, based on the work we have perfarmed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing te report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

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Matters on which we are required to report by exception

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in the light of the knowledge and understanding of the charitable company and its enviranment obtained in the course of the audit, we have not identified material misstatements In the directors’ report, included within the trustees’ annual report,

We have nothing to report In respect of the following matters where the Campanies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, it our opinion:

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the directors’ report, included within the Trustees Report and Accounts,and from the requirements to prepare a strategic report. Sort ,

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out on page 10, the trustees {who are also the directors of the charitable company far the purposes of company law} are responsible for the preparation of the financial statements and for heing 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 errar.

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 cancern basis of accounting unless the trustees elther intend to liquidate the charitable campany or to cease operations, ar have no realistic alternative but te do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinian. Reasonable assurance Is a high level of assurance, Sut is not a guarantee that an audit conducted in accordance with ISAs (UK) willalways detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the ageregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities are instances of non-compliance with laws and regulations. The objectives of our audit are to obtain sufficient appropriate audit evidence regarding compliance with laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements, to perform audit procedures to help identify instances af non-compliance with other laws and regulations that may have a material effect on the financial statements, and to respond appropriately to identified or suspected non-compliance with laws and regulations identified during the audit.

In relation to fraud, the objectives of aur audit are to tdentify and assess the risk of material misstatement of the financial statements due to fraud, to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud through designing and implementing appropriate responses and to respond appropriately to fraud or suspected fraud identified during the audit.

However, it [s the primary responsibility of managernent, with the oversight of those charged with governance, to ensure that the entity's cperations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

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in identifying and assessing risks of material misstatement in respect of Irregularities, including fraud, the audit engagement team: . Co,

As a result of these procedures, we consider the most significant laws and regulations that have direct impact on the financial statements are FRS 102, Charities SORP (FRS 102), Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts {Scotland) Regulations 2006 {as amended}, and the charitable company’s governing document and Charities Act 2011. We performed audit procedures to detect non-compliances which may have a material impact on the financial statements which included reviewing the financial statements including the Trustees’ Report and remaining alert to new or unusual transactions which may not be in accordance with the governing documents,

The audit engagement team identified the risk of management override of controls and the completeness of income as the areas where the financial statements were most susceptible to material misstatement due to fraud. Audit procedures performed included but were not limited to testing manual journal entedes and other adjustments, evaluating the business rationale in relation ta significant, unusual transactions and transactions entered into outside the normal course of business, challenging judgments and estimates, reviewing transactions processed in the post balance sheet period, reviewing customer lists year on year and investigating returned or rejected returns from farmers. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at http://www-.frc.org.uk/auditorsresponsibilities,, This description forms part of our auditor's repart.

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7 July 2025

RSPCA ASSURED LIMITED

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |STATEMENT|OF|FINANCIAL|ACTIVITIES|.|:|_|.| |{Incorporating|Income|and|expenditure account)|Fn|Cot,| |Year|ended|31|Gecember|2024| |Note|7024|2023| |E|E| |income from:| |Ponatlons|2|-|90| |Charitable|activities|2|6,276,046|5,691,427| |Investments|.|Z|20,173|12,482| |Total|income|6,296,224|5,663,999| |Expenditure|on:|Ao,| |Charitable|activities|.|3.|6,406,874|BOF 7,180| |Net|movement|in|funds|(110,650)|{313,181}| |Reconciliation|of funds:| |Funds|brought|forward|at|1|January|2024|,|3,437,177|3,450,358| |Funds carried|farmyard|at|31|December|2024|*|3,026,527|3,137,177|

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All amaunts disclosed above relate to unrestricted funds.

The notes on pages 19 to 27 form part of these financial statements.

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18 June 2025

RSPCA ASSURED LIMITED

CASH FLOW STATEMENT oot, ae
Year ended 31 December 70274 .
Note 2074 2023
E F
Cash flows from operating activities:
Net cash provided by operaling activities A (916,198) 79,134
Cash flows from investing activities: .
Bank Interest recelyved 20,178 12,482
Purchase of intangible flxed assets [4,160] (38,926)
Net cash used in investingactivities 16,013 (26,444)
Change in cashand cash equivalents inthe reportingperiod . j200,180) 52,690
Cash and cash equivalents at the beginning of the reporting 2,624,115 2,571,425
period
Cash and cash equivalents at the end ofthe reporting period 1,723,535 2,624,115
Notesto the consolidated cash flow statement :
A) Reconciliation of net income ta net cash flowfrom operating activities
Net fexpend lure} for the reporting period (110,650)
Depreciation and amortisation charges 65,830 56,658
Lass on disposal oftangible fixed asset - 230
Bank interest receivable (20,178) (12,487)
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(Increase)/Decrease in debtors _ (523,718) 174,506
(Decrease Increase in creditors (377,532) * 173,408
Net cash prowided by operating activities (916,193) “749,134
Analysisofchange in netfunds
Atl January Cash Flows At 31 December
7024 024
Cash and cash equivalents: £ £ £
Cash in hand 2,624,115 (HOD,180} 1,723,935
Tatal 2,624,115 ($00,180) 1,723,935

Analysis of change in net funds

The notes on pages 19 te 27 form part of these financial statements.

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RSPCA ASSURED LIMITER

NOTES TO THE ACCOUNTS

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Year ended 37 December 2024

  1. ACCOUNTING POLICIES

The accounting policies adopted are described below.

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General information

RSPCA Assured Limited (“the Company") is a private company IlmHed by shares, and |: registered and incorporated in England. The address of the Company's registered office and principal place of business is Parkside, Chart Way, Horsham, RH1? 1G7.

Fa24(b) The Company's principal activities are the Royal Society for. the prevention of Crueity to Animals ("RSPCA") farmed animal welfare assurance scheme and ethical food label. Every year a dedicated team of assessors Inspect hatcherles, farms, hauliers and abattoirs. Adl farms on the RSPCA Assured’s scheme rnust comply with the RSPCA’s stringent higher welfare standards.

The nature of the Company's operations ls to prevent cruelty to animals by the promotion of humane farming, transportation, slaughter, and marketing of farmed animals, in parllcular without prejudice to generality of the foregoing, by implementing a set of rearing and handling standards approved and amended from time ta time by the RSPCA.

The financial statements have been prepared in accordance with Accounting and Reporting by Charitles: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financlal Reporting Standard applicable In the UK and Republic of freland (FRS102} (Charitles SORP (FRS102}}, the Financial Reporting Standard apalicable in the UK and Republic of Ireland (FRS102), the Charltles Act 2011, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006, and the Companies Act 2006,

The accounting statements are prepared under the historical cost convention. Monetary figures are presented in £ Sterling, which is also a functional currency of the company, rounded to the nearest pound.

The finanelal statements are consdlidated in the Inanclal statements of the RSPCA, The consolidated financial — statements of the RSPCA are available from its registered office Parkside, Chart Way, Horsham, RG1? 16Y.

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Golng concern

The Board of Trustees are required to assess the reasonableness of the application of the assumpthon that the Charitable Company willbe able to continue as a going concern for a period of at least 12 months fram the date that the financial statements are signed. ,

Despite the challenges of the current economic and political climate, with rising casts, the threat of stagnation, and the canflicts overseas, the Trustees do mat consider there to be a material uncertainty around the ability of RSPCA Assured to continue as a golne concern for the foreseeable future.

The Charlly conthued with a streng financial performance In 2024 the deficit of £0.1m being due to strategic project invesiment. The Charity has a strong balance sheet with a healthy cash balance and a high level of unrestricted reserves. Unrestricted reserves totalled £3.0m as at 34 December 2034, representing circa four months expenditure. The Charity held a cash balance of £1.7m at the balance sheet date and the cash flow forecasts Indicale thal the Charity is likely to utilise its cash throughout 2025 and into 2026 to support the organisation's development plans and growth strategy,

The Trustees consider that the Letter of Support betveen RSPCA Assured and the RSPCA, the level of angeing support from charitable activitles, combined with the free reserves, secure RSPCA Assured Limited for the foreseeable future; and that whist there Is unavoldable uncertainty associated with the current economic

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4. ACCOUNTING POLICIES (continued oo,

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climale, the Trustees do not consider there to be material uncertainty. On thisbasis,the Charlty lsconsidered. 2.0 to he a eping concern, ,

Tangible and intangible fined assets ; ;

Fixed assets are capitalised at cost. Provision is made for depreciation and amortisation on a straight-line basis over the useful economic life of each asset. Assets less than £1,000 are expensed In the year. The useful economic fives have been estimated as follows:

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Office and computer equipment

3 years

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Software and Licences 3 years

These estimations are based on the useful econamic tife based on prudent assumption on time of purchase.

Income .

Membership Income received by RSPCA Assured is recognised at the beginning of the membership perlod, in - full. This is In [Ine with FRS102 Income recognition criteria which allows for judgement in terms of recognising income of this nature. Given the specific terms of the membership to the RSPCA Assured scheme, management have deemed it most appropriate te recognise the income this way rather than spreading over the perlod of membership. Licenee fees are recopnised in arrears based on produce sold in the previaus manth/quarter.

Income fram denations is recognised when there is entitlement, any performance conditions have been met, receipt is probable, and measurement reliable. ,

Expenditure

Included In the expenditure relating to Charitable activities are the direct costs of the Assessors and the suppart costs of the Admintstration and Marketing departments.

Governance costs consist of the auditor's remuneration and the Trustees’ expenses. During the year na costs were Incurred in raising funds. co

Operating Leases

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Rental costs under operating leases are included in total expenditure in aqnual instalments aver the period af the leases.

Funds

RSPCA Assured Limited holds unrestricted reserves, within the prior year restricted reserves were also held in relation the Eat Well, Eat Less project which were expended fully within expended within 2023. As at 31 Becember 2024, the balance of restricted reserves was nil (2023: £nil}, ,

Unrestricted reserves are held te fund strategic initiative over the five-year planning review and as an ‘adversity’ ora continuity reserve to protect operations against unplanned adverse events such as foot and mouth disease and avian flu, As at 31 December 7024, the balance of unrestricted reserves was £2.9m (2023 £3,1m1.

Pensicn costs

‘Pension costs in respect of employees farm part of the payroll costs and are recharged by RSPCA who operate the payroll an behalf of RSPCA Assured Limited, in the month to which they reiate (see note 4},

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RSPCA ASSURED LIMITED

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NOTES TG THE ACCOUNTS fcontinued)

1. ACCOUNTING POLICIES (continued) .. Soe

Critical accounting judgements and key sources of estimation uncertainty

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In the application of the charity's accounting policies, trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources, The estimates and underlying assumptions are based on historical experience and other factors that are cansidered to be relevant. Actual results may differ from these estimates.

The key areas of accounting judgement and estimation far the Charity include:

Fixed assets

The charge in respect of periodic depreciation and amortisation is derived after determining an estimate ofan asset's expected useful life, The useful economic life of an asset is determined af the time the asset is acquired or brought into use and reviewed annually for appropriateness. The lives are based on historical experlence together wilh anticipation of future events,

Taxation

The company is a charity wlihin the mean|ig of Para 1 Schedule 6 Finance.Act 2010, Accordingly, RSPCA Assured Limited is exempt from taxation in respect of income or capital alms, Lo the extent that such income or gains are applied exclusively to charitable purposes, Neo tax charge arase In the pepled.

Financial Instruments

The charitable company only has financial assets and financial liabilities of a kind that quallly as basle finanelal instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at amortised cost using the effective Interest method, .

2 INCOME

income from:
Donations 2024 2023
£ £
General - a0
- 20
Income from charitable activities 2024 223
£ E
Membership scheme 1,416,771 1,334,209
Licance fees . 4,659,275 4,317,118
6,276,046 5,651,427

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RSPCA ASSURED LIMITED

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NOTES TO THE ACCOUNTS fcontinued)

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|||||||||| |---|---|---|---|---|---|---|---|---| |2.|INCOME|(continued)|;| |Investments|2024|2023| |£|£| |Interest received|-|20,178|2st«dL:D;«AD| |income|detailed|above|is|wholly|unrestricted|(2023:|whally|unrestricted),| |3.|EXPENDITURE| |Charitable|activities| |2024|2024|2024| |Direct|Support|Total| |£|£|£| |Farm|animal|welfare|7,047,150|4,326,758|6,373,908| |Governance|casts|-|32,966|32,966| |Charitable|Activities|2023|2025|2023| |Direct|Support|Total| |£|£|£| |Farm|aninial|welfare|1,996,478|3,007,622|5,404,100| |Governance|costs|-|mot|26,340|26,340| |Eat|Less|Eat|Better|“|...|46,746|46,740|

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The 2024 and prior year expenditure detailed above is wholly unrestricted, apart fram in 2023 £46,740 which Was restricted. :

included in expenditure are fees payable In respect of:

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |,|£|E| |Auditor's|remuneration|24,800|23,310| |Hire|of moter vehicles|Under|operating|leases|24,761|232,522|

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RSPCA ASSURED LIMITED

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HOTES TGTHE ACCOUNTS (continued) HOTES TGTHE ACCOUNTS (continued) a
4.
INFORMATION REGARDING EMPLOYEES AND DIRECTORS —		 - . re
2074 2023
No, No,
Average number of persons erployed
Assessments, marketing, and publicity 42 37
Support, management, and administration ZZ Zt
64 BB
2024 2023
£ E
Staffcosts during the year : .
Wages and salaries 2,578,815 2,196,240
Social security casts 756,463 212 648
Pension costs 274,853 229,917
2024: 2023
E £
Number ofpersonswith earnings totalling:
£420,000 - £129,995 . A "
£110,000-£119,999 , , 1 1
£90,000-£99,999 . 3 -
E70,000-£79,999 1 2
£60,000-£69,999 1 Z

Contributian to the pension scheme for these six highest paid employees amounted to £50;866 (2023: Contribution for these five highest paid employees amounted to £35,364),

In 2024, RSPCA Assured made termination payments of £51,400 (2023: £62,520). The termination payments related to settlement agreements. The accounting policy is to recognise termination payments on communieation of intention to pay and when quantifiable. Such payments are accounted for as staff costs. The payments were funded from Unrestricled funds.

RSPCA Assured considers its key management persannel ta camprise of Trustees and the Senior Leadership Team. The total employment benefits including employer pension cantributions to key management personnel were £380,444 (2023: £130,701}, at the end of 2024 adjusted the seniar structure and therefore includes further members of the team not included in the 2023 comparative. The Trustees all give their time and expertise without any form of remuneration or other benefit In cash or kind, In the current year travel expenses amounting to £852 were reimbursed to three trustees (2023; £191 te ane trustee).

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RSPC4 ASSURED LIMITED

NOTES TC THE ACCOUNTS fcontinued)

ee Le Tr,

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TANGIBLE FIXED ASSETS		 ; -
Office and
computer Total
equipment f
£
Cast
At l January 2024 17,504 17,504
Disposals - -
At 31 December 2024 a 17,904 17,904.
Depreciation
At 1 January 2024 14,4535 14,453
Chargefor the year ; 3,451 3,451
Fliminated in respect of disposals . -
At 31 December 2024 17,504 oo 17,304 )
Net BookValue
At 31 December 2024 - Oe
At 31 December2023 3,451 3,451
6.
INTANGIBLE FIXEDASSETS		 Software
and licences Total
£ £
Cost
At 1January2024 . 164,360 164,360
Additians . 4,160 4,166
At 21 December 2024 168,520 163,520
Depreciation
At 1 January 2024 60,923 60,923
Charge forthe year 62,429 62,429
At 31December 2024 123,352 123,352
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Net Book Yalue
At 31 December 2024 45,168 45,162
At 31 December 2023 .
-		 .103,437 103,437

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ASPCA ASSURED LIMITED

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NOTES TO THE ACCGUNTS fcontinued) a
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DEBTORS		 Looe
2024 222
£ E
Trade debtors — 372,475 47,163
Other debtors 37,926 39,323
Prepayments and accrued income 1,653,474 1,463,674
- 2,068,878 1,545,160

Included within the Trade debtors is a bad debt provision of £1,664 (2023: £2,514),

& CREDITORS; AMOUNTS FALLING DUE WITHIN ONE YEAR

2024 2073
;
£		 £
Trade creditors 146,623 279,159
Other taxes and social security 134,043 149,222
Accruals and deferred income 276,756 252,890
Amountsawed tatheRSPCA 245,914 A417 781
Other creditors 4.148 39,934
811,454 1,138,986

9. DEFERRED INCOME

Deferred income comprises membership scheme intame receipts received prigrta the year-end thatrelateste. o. the future reporting period. The deferred income is released to the Statement of Financial Activities in the folowing year. .

2024 2023
Membership scheme income £ E
At 1January 139,545 122,489
Amounts deferred in the year 145,124 134,545
Amounts released to income in the year (139,545) {122,489}
At34December 145,124 135,545

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RSPCA ASSURED LIMITED

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MOTES TO FHE ACCOUNTS (continued)

10. OPERATING LEASE COMMITMENTS

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mee eo, yt

The Company has total commitments at the year-end under operating leases expiring’as follows: ~~ : “0

Motor Motor Matar ;
vehicles vehicles
z074 20275
E E
Less than one year 24,979 23,463
Two to five years - 806
74,575 29 269
11. CALLED UP SHARE CAPITAL
2024 2023
E £
Authorised:
100 Ordinary Shares of£1 each 160 1h}
Called up, allotted and fully paid:
2 Ordinary Sharesof£1each .- 2. 2

12. ULTIMATE PARENT ENTITY AND CONTROLLING ENTITY

The company's ultimate parent entity and contralllng entity ls the Royal Soclety for the Prevention of Cruelty to Animals (RSPCA), a registered charity in Great Britain {registered charity na.219099), due te the RSPCA holding 100% of the share capital in RSPCA Assured Limited. The primary abjective of the RSPCA is the prevention of cruelty to animals, at the core of which ig the inspectorate who provide a wide range of rescue services for the mast abused and vulnerable animals. These rescue services include the Inspectocrate's preventatlye and educational work, enforcing the law, rehabilitation, rehoming, and wildlife rescue. The range of inspectorate work and Ils related support services are the core activity and are unique ta the RSPCA.

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Copies of consolidated accounts are available fram The RSPCA, 4!" Floor Parkside, Chart Way, Horsham, West Sussex, RHI? 167,

There are ne intermediate parent companies.

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RSPCA ASSURED LIMITED

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NOTES TO THE ACCOUNTS (continued)

13, RELATED PARTY TRANSACTIONS

7 eT —— we ee ee oe oe

RSPCA charges its supsidiaries a quarterly management re-chargeTee forsubsidiary usage of shared overhead ~~ costs to ensure that all intragroup transactions take place on an arm's lenglh basis. Management fees are charged to RSPCA Assured Limited by the parent charity, RSPCA, in the year ended 31 December 2024 these amounted ta £455,414 (2023: £403,086). RSPCA alsa operate the payroll on behalf of RSPCA Assured Limited, with associated costs recharged directiy by the parent company £401,269 (2023: £2,002,623), The lower value in 2024 relates RSPCA Assured from October 2022 paying staff salaries and taxes directly, the remaining payrell related costs continued to be recharged. All staff are directly employed by RSPCA Assured Limited. In the year no donations were received from the parent company (27022: £nll) At the year-end, RSPCA Assured Limited owed £249,914 to the RSPCA (2023; £417,781)

14. RESTRICTED FUND MOVEMENTS

2024 2023
RSPCA Project Eat Less Eat Better £ E
At 1January - 46,740
Expenditure - (46,740)
At31December . -
15. NETASSETS BY FUND Fixed Current Current Total
assets assets —S_ Habilitles
2024: .
Unrestricted fund 45,168. 3,625,139 (813,139) 2,657,168
45,168 3,625,139 {815,139) 2,857 168
2023:
Unrestricted fund 106,888 4,164,275 = (1,138,986) 3,137,177
106,888 4,169,275 = (1,138,986) 3,137,177

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