Registered number: 04185603 Charity number: 1086903 ANIMALS ASIA FOUNDATION (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 ishop Fleming
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI CONTENTS Page Reference and Administrative Detsil$ of the Companyy its Trustees and Advisers Trustees. Report Independent Auditors. Report on the Financial Ststements statement of Financial Activities 9-12 13 Balance Sheet 14 statement of Cash Flows 15 Notes to the Financial Ststements 16-33
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2021 Trustees B Chiao (Resigned g March 20211 J Robinson J S Warham (Resigned 9 March 20211 N Field (Appointed 9 March 20211 A Collier (Appointed 9 March 20211 Company registered number 04185603 Charity registered number 1086903 Registered office OffiTr 17 Mary Seacole Road The Milllields PrnOUth PL1 3JY Company secretary L Simpson Page 1
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 The Trustees present IheiT annual report together with the audited financial statements of the company for the 1 January 2021 to 31 December 2021. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confiim that the Annual Report and financial statements of the charrtable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice ISORPI applieable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102) (effective 1 January 20191. Since the company qualifies as small under section 382 of the Companies Act 2006, the Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Objectives and activities a. Policies and objectives The objects of the company are to promote animal welfare for the benefit of the public by activities including.. Providing and assisting in the provision of relief of suffering to animals in need of care and protection, And preventing cruelty to animals in Asia and elsewhere,. and educating the public in matters concerning animal welfare. In setting objectives and planning for activities, the Trustees have given due consideration lo general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit.. running a charity IPB2}'. b. Strategies for achieving objectives The objects of the company are lo promote animal welfare for the benefit of the public by activities including.. Funding 3 main programs which are., Ending Bear Bile Farming, Cat and Dog Welfare and Captive Animal Welfare which are delivered and managed by ourgelves in Asia, in particular, in China and Vietnam,. - Actniities undertaken to achieve objectives Through our work we are providing support for many people both in the UK and elsewhere who have a deep respect for animals and wildlife. Our education activities with young people and aduhs in the UK and those we help fund in China and Vietnam are beneficial to those directly involved and their wider communities. We are also very fortunate to have a growing active supporter base which is instrumental in raising awareness of our work. d. Volunteers Page 2
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 The Charrty benefits greatly from the involvement and enthusiastic support of ils many volunteers. Our volunteer support network continued to grow through 2021 and we now have over 250 people regularly volunteering across the country, including our shop in Weslon-super-mare and our Plymouth office. In accordance with FRS 102 and the Charities SORP IFRS 1021, the economic contribution of general volunteers is not recognised in the accounts. e. Related party relationships Animals Asia works very closely with other animal charities in Asia. Donations from the UK charity are donated to Animals Asia Hong Kong who carry out the charitable activities. Achievements and perfomiance Review of activities Animals Asia works to improve the lives of animals in Asia. From rescuing bears from the bile trade to lobbying against the cal and dog meat industry and fighting for the welfare of animals in captivity, the work we carry out on behalf of supporters never endg. Here's what we achieved in 2021.. Ending bear bile farming We brought home to sanctuary 118 bears 17 in Vietnam and 101 from a former bile fami in Nanning, China. We'd been caring for the Nanning bears for seven years and had been negotiating almost as long for permission to bring them home to our Chengdu sanctuary. Finally in April and May 2021, we were able to transport the bears lo their forever home. All of our surviving Nanning farm bears can now feel the grass under their paws After frustrating delays caused by the pandemic, construction of our second and last - bear sanctuary in Vietnam is going ahead full steam. We've begun preparations for building our new sanctuary al Bach Ma National Park, which will be home to the country's very last bile bears. They will have large outdoor adventure playgrounds with trees to climb, pools lo swim in, and swings and hammocks for playtime and snoozing. The rescue of these remaining bile bears around 300 signifies the end of bear bile farming in Vietnam. Every one of our rescued bears is now participating in their own health care. With the help of treats like condensed milk, all will voluntarily walk into a cage for a visual check-up. And some have learned other ways to help our vets like holding their arm in 8 lube while their blood pressure is taken, standing on two legs while their abdomen is examined, and presenting their claws for clipping. Our Cooperative Care program not only saves lime, il also means that for simple procedures the bears don't need an8esthesi8, lessening any health risk. Two of our Vietnamese veterinary interns have passed their training to become Junior Veterinarians. They will be based at our soon-to-be-built second sanctuary at Bach Ma. The sanctuary will be staffed entirely by Vietnamese locals. Every day, our rescued bears receive three nutritious meals tailored to their individual needs and tastes. Overall, our bear care teams delivered 312,312 meals in 2021. The bears chomped through over 435 tonnes of nutritious food - vegetables, fruit and dry dog kibble. Page 3
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 We provided 2,000 hessian sacks to the rescued bears at our sanctuaries in China and Vietnam. These were an essential part of the bears, enrichment program, which sees them given ever- changing toys, treats and browse to keep them occupied and to stave off boredom. Cat and Dog Welfare Millions of dogs were spared from slaughter after their removal from China's official live slocklist took effect. The move came after many years of lobbying by Animals Asia. Our animal-assisted therapy program, Dr Dog, turned 30. It was 1991 when our founder, Jill Robinson's golden retriever Max put his big, gentle paws onto the bed of a delighted paraplegic boy and Dr Dog was born. This pioneering therapy program the very first animal-assisted therapy program in Asia- soon grew lo include Professor Paws where the dogs visit schools and universities. Now our gentle dogs visit hospitals, orphanages, and care homes in four mainland Chinese cities as well as Hong Kong. In 2021, over 10,000 people had visits from our therapy dogs and their volunteer guardians. 92 animal welfare groups in China are supported by Animals Asia materials or with advice. financially, with promotional Animals Asia helped over 2,600 cats and dogs in struggling Chinese shelters. Support included food, vaccines, beds and, in two cases, a complete rebuild of the shelter. Our trap, neuter, return ITNRI projects in China gave 559 stray cats better lives. We work with local animal welfare organisations and the community to ensure the ongoing success of the projects. Captive Animal Welfare Elephant riding has been banned in a Vietnamese province after a ground-breaking agreement. In 2021, we signed a Memorandum of Understanding with Dak Lak Province in Vietnam lo end elephant riding there. Most elephant-riding camps are located in the province, so this is an elephant-sized win for our pachyderm friends. This historic agreement also bans abusive practi5 during elephant festivals and commits to developing progiams like our pioneering ethical elephant tourism project in Yok Don National Park, where visitors, from a respectful distance, observe the elephants roaming naturally in the forests. We rescued three more Asian elephants from lives of drudgery - carrying tourists and heavy loads to spend the rest of their lives roaming the forest and bathing in rivers in Yok Don National Park. This brings to 11 the total number of elephants under our care in Vietnam. Wild animals, from primates lo exotic birds and reptiles at rescue centres in Vietnam received 145 acres of enclosure space specially designed lo their needs. We delivered talks and exhibitions promoting "Animal Emotions and Cognition, to thousands of primary, secondary and university students in China. Our partners, FLIGHT, rescued and released 45,000 trafficked songbirds back into Indonesia's jungles. Songbirds are vital lo the pollination of the country's rainforests, so releasing the birds protects the homes of all the forests, inhabitants. 25 Chinese zoos implemented 54 welfare improvement programs following attendance at our workshops in 2021. Page 4
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 Raising awareness Working with schools in bile farming areas, we're growing over 24,000 herbal alternatives to bear bile in 13 gardens around Vietnam. These gardens bring the news that nobody will suffer for a lack of bear bile lo a wider audience. Local children plant them and lend them as they learn why their country's ieonic moon bear species needs to be protected. We held 23 public events throughout China to promote our work. These included plays, concerts, art competitions and exhibitions. Children in three poverty-stricken villages in China now have their own school libraries, with the opening of our third "Moon Bear Library" in Sichuan province. Our education events, seminars and online events directly Teached tens of thousands of people in China students, teachers and members of the public. Vve reached hundreds of thousands more through media coverage and social media channels. We worked with global media to tell more than 150 million people about our work to end bear bile farming and promote animal welfare. Outlets included Agence France Presse, the BBC, the Washington Post, the New York Times, The Guardian, South China Post, People, Yahoo Newsl The Daily Mail and The Express. Future Plans Due lo the continuing COVID-19 pandemic in Vietnam, approval and construction of our new sanctuary in Boch Ma National Park was delayed. We are hopeful lo re1ve full approval to proceed in 2022. Over 300 bears remain on farms around the country and Animals Asia, in our role as the Vietnam Government's official partner in ending bear bile farming, will work closely with authorities to see every last bear released. The rescue of the final Vietnamese bile bears is expected to lake several years, but the construction of the new sanctuary will mark the beginning of a new better life for these animals and the end of the cruel practice of bear bile farming in Vielnam. It will be a historic landmark for Animals Asia as we see one of our founding goals realised. We will continue to work closely with over 200 local organisations in China to ensure new regulations against dog consumption are monitored and enford, and we will support the ongoing work lo care for animals on the street and in shelters. Our outreach work will also see us continue to give advi to local govemmenl animal control aLJthorilies. We plan to expand our work in Vietnam to work to end the elephant riding industry and introduce ethical tourism options. We expect to rescue several more elephants lo join those already living a supervised free-roaming life in the forests of southern Vietnam. Financial review Fundraising activities and income generation Animals Asia UK income grew over 30Yo in 2021 from £3.04m to £3.97m despite the continuing impact of the COVID-19 pandemic, thanks to continued strong performance from our individual giving programme and digital channels. Income from legacies increased by 970. Expenditure grew significantly. Page 5
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 We will continue to build on these successes, with a focus on fundraising to construct and staff our third bear sanctuary, which is part of our joint project with the Vietnamese government to end bear bile farming in that country. Investment policy and performance Under the Memorandum and Articles of Association Animals Asia has the power lo make any investment which the Trustees see fil. As funds are only retained for short periods before being remitted to Hong Kong head office these funds are simply held on deposit with the company's bankers. Going concern After making appropllate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in PTeparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies. Reserves policy We closed the year 2021 wrth a balance of £219,948 in general funds providing around 2.5 months reserves. Our aim at Animals Asia UK is lo strike the fine balance between demonstrating a prudent level of security which will sustain the charity in the event of difficult circumstances, whilst also ensuring we do not hold on lo funds unnecessarily. Our goal is lo increase our reserves lo cover 3 to 6 months of expenditure oveT the coming years to achieve this aim. Principal funding Animals Asia UK generates around one third of its income from individual regular and one off gifts supported by our global marketing team. We also receive income from our fundraising volunteers and major donors, and also legacy gifts which are vital to sustaining our program work but are impossible lo plan around meaning we can't rely on, or plan against, this income. Structure, governance and management a. Constitution Animals Asia Foundation is registered as a charitable company limited by guarantee and was set up by a Memorandum ofAssociation. b. Methods of appointment or eledion of Trustees Trustees are recruited based on their skills, experience, empathy and understanding of the charity and how these satisfy the needs of the charrty. The management of the company is the responsibilrty of the Trustees who are elected and co-opted under the terms of the Articles of Association. Page 6
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI TRUSTEES REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2021 c. Oryanisational structure and decision-making policies The Board of Trustees govern our business and as al 1 st January 2021 there were three Trustees. The Boaid determined its Tole at its conception in 2001 and continues to periodically review its position. Vve see our function as ensuring good governance ofthe company and to this end we focus on matters of policy and strategy, the approval of plans, monitoring of progress and financial controls. The day to day operational responsibility is delegated to the Director. d. Policies adopted for the induction and training of Trustees All Trustees are fully inducted by the charity on its aims and objectives and the role they have in developing the charity. The Trustees have all received the Charities Commission guidance on the Roles and Responsibilities of charity Trustees. e. Pay policy for key management personnel Animals Asia employees are offered fair pay in accordance with their skills, experience and contribution lo the development of the organisation. In keeping with the wider charity sector, our pay structure is lower than public or private sector market rates for similar roles. We offer faiT pay to attract and relain fundraisers that offer the best return on investment and our salaries are in the middle quartiles for charitable pay. f. Risk management The Trustees actively and regularly review any major risks that the company faces. It is believed that maintaining the current levels combined with an annual review of the controls over key financial systems should provide sufficient resources- in the event of adverse condrtions. The Ttustees have also examined other potential operational and business risks faced by the company and confirm that they have established systems lo mitigate any significant risks. The Trustees, Report, incorporating a strategic report, was approved by order of the Board of Trustees, as the company directors, on 28.10.2022 and signed on ils behalf by.. Jill Robinson MBE, Dr med vet hc, Hon LLD Founder, CEO & Trustee Page 7
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI ICONTINUEDI STATEMENT OF TRUSTEES. RESPONSIBILITIES The Trustees (who are also the directors of the company for the purposes of company lawl are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally ACpted Accounting Practice). Company law requires the Trustees to prepare financial statements for each financial . 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 stale of affairs of the company and of ils incoming resources and application of resources, including ils income and expenditure, for that period. In preparing these financial stalemenls, the Trustees are required to.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021., make judgments and accounting estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures disclosed and explained in the financial stslemenls., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufFicienl to show and explain the company's transactions and disdose with reasonable accuracy at any time the financial position of the company and enable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other Irregularities. Page 8
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANIMALS ASIA FOUNDATION Opinion We have audited the financial statements of Animals Asia Foundation (the 'charilable company'l for the year ended 31 December 2021 which comprise the Statement of Financial Activities Ilncorporating Income and Expenditure Account), the Balance Sheet, the Statement of Cash Flows and the related notes, including a summary of significant accounting Fiolicies. 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 Practi1. In our opinion the financial statements.. give a true and fair view of the stale of the charitable company's affairs as al 31 December 2021 and of ils incoming resources and application of resources, induding its income and expenditure for the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. 8asls for oplnlon We conducted our audit in accordan with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stsndards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitsble company in accordance with the ethical requirements that are relevant lo 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 lo provide a basis for our opinion. Concluslons relatlng to golng 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 charitsble company's ability to continue as a going concern for a period of al least twelve months from when the financial stslemenls are authorised for issue. Our responsibilities and the responsibilities of the Trustees with respect to going conrn are described in the relevant sections of this report. Other Informatlon The other infomialion 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 lo the extent otherwise explicitly ststed in our report, we do not eXpsS any form of assursnce conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we a reqUId 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. Page 9
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANIMALS ASIA FOUNDATION ICONTINUEDI Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Report for the financial year for which the financial statements are prepared Is consistent with the financial statements. the Trustees, Report has been prepared in accordance with 8pplie8ble legal reqU1MentS. 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 misstslemenls in the Trustees. Report. We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us., or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of Trustees, remuneration specified by law a not made," or we have not received all the information and explanations we require for our audit", or the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies. exemptions in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responslbllltles of trustees As explained more fully in the Trustees, Responsibilities Statement, the Trustees Iwho are also the directors of the charitable company for the purposes of company lawl 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 neSSary lo enable the preparation of financial statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial slatemenls, the Trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, mallers 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 operati'ons, or have no realistic alternative but lo do so. Page 10
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANIMALS ASIA FOUNDATION ICONTINUEDI Auditors. 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 misslatemenl. whether due to fraud or error. and lo 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 IUKI 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 lo influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, oullined above, lo delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of delecling irregularities, including fraud is detailed below.. In assessing the risk of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures induded the following.. The nature of the sector, control environment and the Charity's perfomiance., Results of our enquiries of management and the Trustees, about their own identification and assessment of the risks of irregularities., Any mallers we identified having obtained and reviewed the Charity's documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance., Detecting and responding lo the risks of fraud and whether they have knowledge of 8ny actU81, suspeeted or alleged fraud", The internal controls established lo mitigate risks of fraud or non-compliance with laws and regulations., The matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these pr0dUreS, we considered the opportunities and inntiveS that may exist within the organisalion for fraud, which included incorrect recognition of revenue, management override of controls using manual journal entries, pUhaSe ledger, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual joumal entries. We identified and obtained an understanding of the laws and regulations that are of significance to the Charity by discussions with Trustees and by updating our understanding of the sector in which the Charity operated in. Laws and regulations that are of direct significance lo the Charity and of which non compliance could result in material misstatement are the Charities Act, Companie5 Act, Charities SORP and tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial stslements but compliance with which may be fundamental lo the Charity's ability to operate or to avoid a material penalty. These included occupational health and safety regulations, data protection regulations, and employment legislation. Our procedures lo respond to risks identified included the following.. Reviewing the financial statement disclosures and testing to supporting documentstion to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements., Reviewing the financial statement disclosures and testing to supporting documentation lo assess the recognition of revenue, in line with longer lemi Contract accounting methodologies., Enquiring of Trustees and management concerning actual and potential litigation and claims,. Performing procedures lo confirm material compliance with the requirements of the above regulations", Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud., Reading minutes of the Annual General Meeting. Page11
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF ANIMALS ASIA FOUNDATION ICONTINUEDI We also communicated relevant identified laws and regulations and potential fraud risks lo all engagement team members and remained alert to any indications of fraud or nonOmplian with laws and regulations throughout the audit. Our audit procedures were designed lo respond to risks of material misstalemenl in the financial statements, recognising that the risk of not delecling a material misstatement due lo fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed nonmplIance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website al.. www.frc.or .uklauditorsres onsibilities. 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. Our audit work has been undertaken so that we might slate to the charitable ompany's members those matters we are required lo stale lo them in an Auditors, Report and for no other purpose. To the fLJllest extent permitted by law, we do not accept or assLJme responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this reFX)rt, or for the opinions we have formed. Mark Munro FCA {Senior Statutory Auditor) for and on behalf of Blshop Fleming LLP Chartered Accountants Stslutory Auditors 2nd Floor Stratus House Emperor Way Exeter Business Park Exeter EX1 3QS Dale.. 31 October 2022 Page 12
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF FINANCIAL ACTIVITIES {INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2021 Restricted Unrestricted funds fund$ 2021 2021 Total fund$ 2021 Total funds 2020 Note Income from: Donations and legacies Other trading activities Other income 411,748 3,547,327 4,566 7.589 3,959,075 4,566 7,589 2,987,025 24,534 31,572 Total Income 411,748 3,559,482 3,971,230 3,043,131 Expenditure on- Raising funds Charitable activities.. Payments lo Hong Kong Public aWanesS and education Other charitable activities other expenditure 1,118,749 1,118,749 520,830 411,748 1,980,418 302,123 8,292 2.783 2.392,166 302,123 8,292 2.783 2,132,399 104,505 9,870 5,227 Total expenditure 411,748 3,412,365 3,824,113 2,772,831 Net movement in funds 147,117 147,117 270,300 Reconciliation of funds: Totsl funds brought forward Nel movement in funds 582,084 147,117 582,084 147,117 311,784 270,300 Total funds carrigd forward 729,201 729,201 582,084 The Statement of Financial Activities includes all gains and losses recognised in the year. The notes on pages 16 to 33 form part of these financial statements. Page 13
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI REGISTERED NUMBER..04185603 BALANCE SHEET AS AT 31 DECEMBER 2021 2021 2020 Note Fixed assots Tangible assets 14 12,943 4,239 12,943 4,239 Current assets Stocks Debtors Cash al bank and in hand 15 16 2,017 583,056 273.797 1,248 221,811 446,147 858.870 669,206 Creditors.. amounts falling due within one year 17 1142,612) 191,3611 Net current assets 716.258 577,845 Total net assets 729,201 582,084 Charity funds Reslricled funds Unrestricted funds 19 19 729,201 582,084 Total funds 729,201 582,084 The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements. The financial slalemenls have been prepared in accordan with the provisions applicable lo entities subject to the small companies regime. The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by.. J Robinson Dale.. 28.10.2022 The notes on pages 16 to 33 form part of these financial statements. Page 14
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2021 2021 2020 Cash flows from operating activities Nel cash lused inl I generated from operating activities 1172,350} 262,361 Cash flows from investing activitios Purchase of tangible fixed assets 19991 Net cash provided byllused inl investing activities 19991 Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 1172.350} 446,147 261.362 184,785 Cash and cash equivalents at the end ofthe year 273,797 446,147 The notes on pages 16 to 33 form part of these financial statements Page 15
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 General infomiation Animals Asia FoLJndation is a company limited by guarantee and is a consitiluted under a memorandum and articles of association dated 5 April 2001. The company is also a registered charity. The principal office is 17 Mary Seacole Road, The Millfields, Plymouth, PL1 3JY. Accounting policies 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial statements have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reporting by Charities". Slalement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Animals Asia Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at fair value unless otherwise staled in the relevant accounting policy. 2.2 GOING CONCERN The financial stslemenls have been prepared on a going concern basis. The Trustees have assessed this basis with reference lo the unstable economic enironment in the UK and have deemed the preparation of the financial statements on a going concern basis lo be reasonable due lo the charity's sufficient cash reserves which can be used to fund activities for the foreseeable future. 2.3 INCOME All income is recognised once the company has entitlement lo the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. The recnitIon of income from legacies is dependent on establishing entitlement, the probability of reIpt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the company has suffi'cient evidence that a gift has been left to them Ilhrough knowledge of the existence of a valid will and the death of the benefaclorl and the executor is satisfied that the propety in question will not be required to satisfy claims in the estate. Receipt of a legacy musl be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount lo be distributed lo the company, can be reliably measured. Other income is recognised in the period in which il is receivable and to the extent the goods have been provided or on completion of the servi. 2.4 EXPENDITURE Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by aclivily. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that aclivily. Shared costs which contribute to more than one activity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Expenditure on raising funds includes all expenditure incurred by the company to raise funds for ils charitable purposes and includes costs of all fundraising activities events and non-charitable trading. Page 16
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.4 EXPENDITURE {CONTINUEDI Expenditure on charitable activities is incurred on direclly undertaking the activities which further the company's objectives, as well as any associated SUPFX)rt costs. All expenditure is inclusive of irrecoverable VAT. 2.5 FOREIGN CURRENCIES Monetary assets and liabilities denominated in foreign currencies are translated into sterling at rates of exchange ruling at the reporting date. Transactions in foreign currencies are translated into slerfing al the rale ruling on the dale of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activities. 2.6 TANGIBLE FIXED ASSETS AND DEPRECIATION Tangible fixed assets costing £500 or more are capilalised and recognised when future economic benefits are probable and the cost or value of the asset can be measLJred reliably. Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured al cost less accumulated depreciation and any accumulated impairment losses. All costs incLJrred lo bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, Depreciation is provided on the following basis.. Fixtures and fillings Office equipment 25,/0 Slraighl line 25,/0 Slraighl line 2.7 STOCKS Stocks are valued al the lower of cost and net realisable valLJe after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. 2.8 FINANCIAL INSTRUMENTS The company 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 al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.9 DEBTORS Trade and other debtors are recognised al the settlement amount after any trade discount offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Page 17
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Accounting policies Icontinuedl 2.10 CASH AT BANK AND IN HAND Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 2.11 LIABILITIES AND PROVISIONS Liabilities are recognised when there is an obligation at the Balan Sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised al the amount that the company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. Provisions are measured at the best estimate of the amounts required lo settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of Financial Activities as a finance cost. 2.12 OPERATING LEASES Rentals paid Ljnder operating lea*s are charged to the Statement of Financial Activities on a straight line basis over the lease term. 2.13 PENSIONS The company operates a defined contribution pension scheme and the pension charge represents the amoLJnts payable by the company to the fund in respect of the year. 2.14 FUND ACCOUNTING General funds are unreslricled funds which are available for use at the dIretIon of the Trustees in furtherance of the general objectives of the company and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set OLJt in the notes lo the financial statements. Restricted funds are funds which are to be used in accordance with specific reslriclions imposed by donors or which have been raised by the company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes lo the financial statements. Page 18
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGMENT Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable Ljnder the ircumslances. Critical accounting estimates and assumptions.. The company makes estimates and assLJmplions conMIng the future. The resulting accounting estimates and assumptions will. by definition, seldom eqLJal the related actual results. The eslimales and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. Legacies Legacy income is recognised Ljnder the criteria of Entillemenl, Probability and Measurement. It is accrued for once all of this criteria has been met. Income from donations and legacies Restricted Unrestricted funds funds 2021 2021 Total funds 2021 Total funds 2020 Donations Legacies Gift aid 411,748 2,777,834 407,159 362,334 3,189,582 407.159 362.334 2,492,798 206,566 287,661 411,748 3,547,327 3,959,075 2,987,025 TOTAL 2020 303,842 2,683,183 2,987,025 Income from trading activities Income from non charitable trading activities Unre$tri¢ted funds 2021 Total funds 2021 Total funds 2020 Trading income 4,566 4.566 24,534 TOTAL 2020 24,534 24,534 Page 19
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Other incoming resources Unrestricted funds 2021 Total funds 2021 Total funds 2020 Unrealised foreign exchange gainl Ilossl Compensation reiVed Covid-19 grants 1,014 6,575 1.014 6,575 11,0091 1,444 31,137 TOTAL 2021 7,589 7,589 31,572 TOTAL 2020 31,572 31,572 Expenditure on raising funds COSTS OF RAISING VOLUNTARY INCOME Unrestricted funds 2021 Total funds 2021 Total fvjnds 2020 Fundrasing and promotions Estsblishmenl expenses Legal and professional fees 370,905 75,852 10,701 370.905 75,852 10,701 185,025 34,318 14,323 p iii Bank and handling charges Sundry expenses Travelling Printing postage and stationery Wages and salaries National Insuran 42,063 6,739 347 46,352 462,173 80,323 18,590 4,657 42.063 6.739 347 46,352 462.173 80.323 18,590 4,657 37,047 3,038 1,536 48,055 162,840 25,111 6,130 4,015 Pension costs Depreciation TOTAL 2021 1,118,702 1,118.702 521,438 TOTAL 2020 521,438 521,438 Page 20
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Expenditure on raising funds Icontinuedl OTHER TRADING EXPENSES Unrestricted funds 2021 Total funds 2021 Total funds 2020 Expenditure on fvndraising 47 47 16081 TOTAL 2020 16081 16081 Analysis of expenditure on charitable activities Summary by fund type Restricted Unrestricted funds funds 2021 2021 Total 2021 Total 2020 Charitsble activities 411,748 2,290,833 2,702,581 2,246,774 TOTAL 2020 303,842 1,942,932 2,246,774 Summary by expenditure type Stsff costs Other costs 2021 2021 Total 2021 Total 2020 Charitable activities 302,123 2,400,458 2.702.581 2,246,774 TOTAL 2020 104,505 2,142,269 2,246,774 Page 21
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 Other expenditure Unrestricted funds 2021 Total funds 2021 Total funds 2020 Realised exchange losses 2,783 2.783 5,227 TOTAL 2020 5,227 5,227 10. Analysis of charitable expenditure by activities Activities undertaken directly 2021 Support costs 2021 Total funds 2021 Totsl funds 2020 Direct costs 2,694,289 8,292 2,702,581 2,246,774 TOTAL 2020 2,236,904 9,870 2,246,774 Analysis of direct costs Total funds 2021 Total funds 2020 Activities 2021 Public awareness and education Programme payments to Hong Kong 302,123 2,392,166 302.123 2,392.166 104,505 2,132,399 2,694,289 2,694,289 2,236,91)4 TOTAL 2020 2,236,904 2,236,904 Page 22
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 10. Anatysis of charitsble expenditure by activities Icontinuedl Analysis of support costs Total funds 2021 Total funds 2020 Activities 2021 Governance costs 8,292 8.292 9,870 TOTAL 2020 9,870 9,870 11. Auditors. remuneration 2021 2020 Fees payable lo the Company's auditor for the audit of the company's annual accounts 8,292 7,460 12. Staff costs 2021 2020 Wages and salaries Social security costs Operats'ng costs of defined benefit pension schemes 764.296 80.323 18,590 267,345 25,111 6,130 863,209 298,586 The average number of persons employed by the company during the year was as follows.. 2021 No. 2020 No. 27 Page 23
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 12. Stsff costs (continuedl The number of employees whose employee benefits (excluding employer pension costs) exTreded £60,000 was.. 2021 No. 2020 No. In the band £60,001- £70,000 In January 2019, the UK office merged with the European offices lo improve efficiences, splitting the UK resources across both markets. This included splitting the employment time of the Director, the Head of Supporter Care and the Supporter ca team in Plymouth. All costs sil within the UK market. Remuneration and benefits received by key management personnel lotslled £74,07012020.' 71,8131. 13. Trustees. remuneratlon and expenses During the year, no Trustees reiVed any remuneration or other benefils12020 - £NILI. During the year ended 31 December 2021, no Trustee expenses have been incurred12020 - £NILI. Page 24
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 14. Tangible fixed assets Fixtures and fittings Office equipment Total COST OR VALUATION At 1 January 2021 Additions 4.513 21.258 13,375 25,771 13,375 At 31 December 2021 4,513 34,633 39,146 DEPRECIATION At 1 January 2021 Charge for the year 4.499 14 17.033 4.657 21.532 4,671 At 31 December 2021 4,513 21,690 26,203 NET BOOK VALUE 12,943 12,943 At 31 December 2021 At 31 December 2020 14 4,225 4,239 15. Stocks 2021 2020 Finished goods and goods for resale 2,017 1,248 16. Debtors 2021 2020 DUE WITHIN ONE YEAR Trade debtors 39.164 721 86,950 Amounts owed by Hong Kong and other Animal Asias, Other debtors 1,695 541.476 1,695 133,166 Prepayments and accrued income 583.056 221,811 Page 25
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 17. Creditors: Amounts falling due within one year 2021 2020 Amounts owed to Animal Asia Germany and Italy Other creditors Accruals and deferred income 15,066 77,314 50.232 17,745 26,744 46,872 142.612 91,361 18. Financial instruments 2021 2020 FINANCIAL ASSETS Financial assets measured at fair value through income and expenditure 273,797 446,147 Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents. Page 26
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Ststement of funds ststement offund¥ - current year Balance at 31 December 2021 Balance at 1 January 2021 Transfers inlout Income Expenditure UNRESTRICTED FUNDS DESIGNATED FUNDS Designated Funds 487,929 21.324 509,253 GENERAL FUNDS General Funds 94.155 3.559.482 13.412.365) {21.324} 219.948 TOTAL UNRESTRICTED FUNDS 582,084 3,559,482 I3,412,3651 729,201 RESTRICTED FUNDS End Bear Bile Farming Cal and Dog Welfare Captive Animal Welfare 316,104 72,768 22,876 {316.1041 72,7681 22,8761 411,748 {411,7481 TOTAL OF FUNDS 582,084 3,971,230 13,824,113) 729,201 Page 27
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Ststement of funds Icontinuedl DESIGNATED FUNDS These fvnds have been designated by the trustees towards future programme payments to Hong Kong. RESTRICTED FUNDS End Bear Bile Farming - Animals Asia works to end the barbaric bear bile trade, which sees over 10,000 bears, mainly moon bears bul also sun bears and brown bears. kept on bile farms in China. and around 300 bears in Vietnam. In 2017, the Vietnamese Government signed an agreement with Animals Asia lo bring bear bile farming to an end by 2022. Cat and Dog Welfare - Animals Asia works lo end the trade in dogs and cats for food in China. We support over 150 local organisations across China, financially and through skill sharing, to improve the welfare of companion anima15 and promote humane population management. Captive Animal Welfare Animals Asia campaigns for an end lo abusive animal practices in zoos and safari parks in China, and works closely with governing authorities to improve animal management and increase awareness of the welfare needs of captive animals. A transfer had been made from designated general funds to general funds lo help with the day to day running costs of the Charity. Page 28
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 19. Ststement of funds Icontinuedl ststement of funds - prior year Balance at 31 DeTrmber 2021 Balance at 1 January 2020 Transfers inlout Income Expenditure DESIGNATED FUNDS Designated Funds 233,691 254,238 487,929 GENERAL FUNDS General Funds 78,093 2,739,289 12,468,989) 1254,2381 94,155 TOTAL UNRESTRICTED FUNDS 311,784 2,739,289 12,468,989) 582,084 End Bear Bile Farming Cal and Dog Welfare Captive Animal Welfare 289,864 12,978 1,000 1289,8641 112,9781 11,0001 303,842 1303,8421 TOTAL OF FUNDS 311,784 3,043,131 12,772,831) 582,084 Page 29
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 20. Summary offunds Summary offund¥ - current year Balance at 31 December 2021 Balance at 1 January 2021 Transfers inlout Income Expenditure Designated funds General funds Reslricled funds 487,929 94,155 21.324 121,324) 509,253 219,948 3,559,482 13,412,365) 411,748 {411,7481 582,084 3,971.230 13,824.1131 729,201 Summary offunds - prior year Ba18nce at 31 December 2021 Ba18nce at 1 January 2020 Transfers inlout Income Expenditure Designated funds General funds 233,691 78,093 254,238 1254,2381 487,929 94,155 2,739,289 12,468,989) 303,842 1303,8421 Reslricled funds 311,784 3,043,131 12,772,831) 582,084 21. Analysls of net assets between funds Anatysls of net assets between funds - current year Unrestrlcted funds 2021 Total funds 2021 Tangible fixed assets Current assets Creditors due within one year 12,943 858,870 1142,6121 12,943 858,870 {142.6121 TOTAL 729,201 729,201 Page 30
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 21. Analysis of net assets between funds l¢ontinuedl Analysis of net assets between funds - prior year Unreslricled funds 2020 Total funds 2020 Tangible fixed assets Current assets Creditors due within one year 4,239 669,206 191,3611 4,239 669,206 191,3611 TOTAL 582,084 582,084 22. Reconciliation of net movement in funds to net cash flow from operating activities 2021 2020 Nel income for the year las per Statement of Financial Aeliviliesl 147,117 270,300 ADJUSTMENTS FOR: Depreciation charges Ilncreasel in stocks Ilncreasel in debtors Increase in creditors 4,672 {769} 1361,245} 51.251 5,131 17221 148,7631 36,415 NET CASH (USED INIIPROVIDED BY OPERATING ACTIVITIES 1158,974} 262,361 23. Anatysis of cash and cash equivalents 2021 2020 Cash in hand 273.797 446,147 TOTAL CASH AND CASH EQUIVALENTS 273,797 446,147 Page 31
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 24. Anatysis ofchanges in net debt At1 January 2021 Cash flows At31 December 2021 Cash at bank and in hand 446,147 1172,350) 273,797 446,147 1172,350} 273,797 25. Penslon commltments The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group lo the fund and amounted to £18,590 12020.. £6,130). Contributions lotalling £nil12020'. £nill were payable lo the fund at the balance sheet date. 26. Operatlng lease commltments At 31 December 2021 the company had commitments lo make future minimum lease payments under non-cancellable operating leases as follows.. 2021 2020 Not later than 1 year Later than 1 year and not later than 5 years 4.584 4.553 4,584 6,504 9,137 11,088 27. Rolated party transactions During the year the charity made donations of £2,392, 166 12020.. £2,132,3991 to Animals Asia Hong Kong, en entity with which the charity works closely. Al the year end, no balances were owed by Animals Asia Hong Kong to Animals Asia UK. Page 32
ANIMALS ASIA FOUNDATION IA COMPANY LIMITED BY GUARANTEEI NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021 28. Legacies Held in Trust The Charity is beneficiary to multiple legacies for which they are entitled to a residuary of the balance held in trLJSt. At the balance sheet date. the amoLJnl receivable cannot be reliably measured, and therefore no income has been recognised in the Statement of Financial Activities for the year. There are contingent assets of £117.896. The Charity is also a joint beneficiary with 12 other charities of the estate of the late P Woods. Currently there is a life lennant who receives the income from the estate. Al the 3 May 2018 the estate was valued at £718,895, subject to a reconcillialion of the income paid to the life lenanl for the year ended 5 April 2018. The Charity is also joint beneficiary to the estate of the late M McNeil. Currently there is a life tennanl who receives the income from the estate. As of the 1 May 2019 the Charity's share of the residual interest was valued at £35,000. Page 33