mal t-r Stop Annual Report Company registration number.. 4251503 Registered Charity in England ancF Wales number: 1090499 Natlonal Anlmal . V Welfare Trust Contents Chair of Trustees surnmary Annual Report Financial Overview 12 Charity Information / Contacts 16 Trustees. Statement .-............................................ .. ..........................., 17 Independent auditor'5 report 18 Statement of f inancial activities 22 Balance sheet 23 Cash flow statement 24 Notes to the financial statements 25 NATIONAL ANIMAL WELFARE TRUST ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2024 The Trustees of the National Animal Welfare Trust present their report and the audited financial statem,ents for the year ended 31 March 2023, which have been prepared in accordance with the current statutory requirements and with the charity's governing document. This report and accounts follow the reporting requirements set out in the Charities SORP (FRS 102). Natlonal Animal , 7 Weltare Trust From the Chair The year has. as was predicted. been challenging for the organisation with the cost-of-living crisis. employment pressures and increases in operational costs. Factors that have affected the sector and society as a whole. In our focus for the Charity to achieve greater sustainability. we have undertaken several initiatives throughout the year to create a more stable position, and longer-term efficiencie5. for the organisation. This ha5 included much needed physical improvements to our centres and diversification of our incorne streams. l am delighted to report on OLJr biggest achievement in the year, being the rebuilding of our Bedfordshire centre. The centre reopened in September providing much needed new kennelling, cattery. boarding facilities. outside paddocks and operational spaces for staff and volunteers. The new facilities mean we can provide a much better environment for the anirnals in our care, help more animals than before. and operate much more eff iciently in terms of running costs an(J an irnproved environment to work in and visit. Laura Magee - Chair of Trustees NAWT Our Watford centre. our Charity origin. has long been in dire need of refurbishment, havlng been extended over a number of decades and adapted and repaired ès and when funds were available. During the year. we have been in discussion with developers to see how we can work together to generate funds to rebuild the facilities. NAWT have taken initial steps and submitted outline plans for a new centre, with income to be created by selling part of the site area. We have also agreed that the centre will be able to operate up to the availability of the new facilities to avoid any closures and minimise operational disruption. An exciting time f or the Charity and opportunity to develop improved, eff icient new facilities. We are reviewing all our centres with view to making them tnore sustainable. both financially and in our impact on the climate- issues that are an ongoing challenge. All ovr centres are now diversifying and expanding income streams. Centre facilities have been developed to provide boarding. day care and for hire exercise paddocks. The Charity a150 Started to develop a retail strategy to maximise the potential of our existing shops. improve their links to the centres and look at how we can increase our retail opportunities to svpport our activities. Operationally, we continue to see a rise in animals with more complex behavioural and veterinary needs and are investing additional resource and training for staff and volunteers. All our staff, volunteers and sUPPOrters have made immeasurable contribution throughout the year, and we are indebted to them for their contribution, without which we would be unable to help the number of animals we do to find their forever homes. Laura Magee National Animal .7 welfa￿ Trust Annual Report WHO WE ARE NAWT operates from five rehoming locations.. Aspley Guise in Bedfordshire Trindledown Farm in Berkshire Wheal Alf red near Hayle in Cornwall Little Clacton in Essex Watford in Hertfordshire OUR HISTORY Our roots can be traced back to 1958, when the British Union for the Abolttion of Vivisection IBUAVI established BUAV Dog Rescue. The initiative to establish BUAV Dog Rescue was to stop dogs and puppies being bought at markets as way of preventing them going to laboratorie5 for vivisection. In 1971 BUAV members felt that the work of BUAV Animal Aid was departing from its aims, and it was agreed to establish è separate charity. The Anim81 Welfare Trust IAWTI was founded in 1971 as an independent charity and the word national was added in 1996 as part of our 25th Anniversary celebrations to reflect our wider area of influence. The majority of NAWT'S centre5 used to be standalone charities, but their fovnders or Trustees felt that they could give their charity a better future being part of NAWT. We are very proud of this approach as it enables an important comrnunity service to continue. ènd we feel honovred that individuals have entrusted their life's work to U5. WHAT WE DO We rehorne cats and dogs at all our Centres together with a variety of other animals depending on the facilities available. We support a number of local authorities in helping with stf ay animals. Our Centres are open to the public to encourage interaction and education. so that people have 8 better understanding of what it means to take care of an animal. We are developing our range of preventative activities, where we can work with our communities to offer educational and practical support to help pets to stay with their loving f amilies during difficult times. OUR VISION Every pet will thrive in a loving home. 00 OUR MISSION Improving the lives of pets by providing rehoming. educational and practical support to animal owners in our commvnities. •• OUR VALUES 'We never stop caring, for our animals and our people. Natlonal Anlmal Welfare Trust We Never Stop Caring CARING FOR THEIR MENTAL HEALTH During a stay in rescue, our animal's mental wellbeing is just as important as their physical health. A kennel or cattery environrnent can be very stressful for pets used to living in a home environment, which is why NAwf became the first rescue oTganisation in the UK to introduce the Open Paw programme. The Open Paw programrne provides our animals With the enrichment, training and social skills they will need to reduce kennel and cattery stress. to improve their chances of finding a new home. and to enable them to svccessfully settle into their new life. On top of this, it also provides practical hands on training for staff and volunteers and for prospective and existing pet owners. all of which fits perfectly with NAWT'S mission to irnprove the lives of pets. Traditionally, rescue organisations tended to view the animals cared for as if they are unlucky 'inmates' and so focus their efforts on making their stay as comfortable as possible. However. an animal arriving at NA￿. becornes the lucky 'student' at NAWT'S 'university of life skills.. learning new skills and behaviours which will set them up for their future life. 61 Open Paw NAWT is reco9nisecl as the UK expert on Open Paw. 11 Whilst our training programmes are successf ul with the Majority of dogs with problem behaviours; we are seeing in increase in animals with complex behavioural and medical issues. Our responsibility towards safe rehoming and the overall welfare of the animals in our care meant that we were sadly required to put to sleep 17 dogs for behavioural reasons, and 6 dogs and 11 cats for health reasons in 2023/24. National Animal You Never Stop Caring Fighting against the odds For another year, we've seen a large number of pregnant animals arrive at our centres, particularly cats. Often very young thefflselves, the challenge is to keep both rnum and her babies healthy and alive so we can find them all their forever family. Sadly. things don't alway5 work out the way we want them to. despite the team's best efforts. April's Story Time was running out for April and her two kittens when they were brought to the Cornwall Centre in the summer. The 10-month-old rnum was in a bad way. She had mastitis. was underweight and struggling to feed her babies, who were already weak. The team rallied to help the stricken trio but sadly the two youngsters were unable to survive. The pair were believed to be the last babies in a litter of seven. In the days that followed, April's strength started to return, and she was soon back to being a playful kitten herself. We were also able to spay her to ensure she would never have to live through such an ordeal again. She was taken horne by Tom. but it wasn't long before she suffered another misfortune. arriving home with a pulled tail injury. After having her damaged tail removed, April recovered at hoffle and refused to let the latest drama set her back. Tom said: "The vet describes April as sassy, and I'd say that's true. She's very independent, preferring to lie on my desk as I work over joining me for a cosy cuddle. She's very active - always keen to go out and explore. National Anlmal . 7 Welfare Trnst 2023/24 in numbers WE REHOMED: 265 ACTIVE VOLUNTEERS GIVING OVER 22.819 HOURS OF SUPPORT 453 DOGS 610 CATS 126 SMALL ANIMALS 46 OTHER ANIMALS 1.1 t"1. •• •• HOME DIRECT •* 65 ANIMALS SCHEME REHOMED £15.820 £61.389 anlmal s onsorshlp ralsed.at event5 £45.008 r,aised by Corporatè. partnerships 500 FERAL CATS supported by our TNR scheme 18.400 ernail subscribers 5.800 Instagram followers 24.000 Facebook followers Average length of stay for animals on site: 62 days .£23215G 29 days spent on vet rocedures 65 days National Animal . 7 Wellare Trust Other Achievements 2023/24 was the second year of our three year Business Plan as we work towards delivering our f ive key objectives: Diversify ir]come streams to reduce reliance on legacies Make an aspirational place to work and volunteer Grow our rehoffling capacity 8 8 through virtual networks Ensure our organisational infrastructure supports efficient ways of working Develop a preventative action programme -)J As ,well as helping 1.800 animals. our Key achlevernents thfs year were: Continued growth of Home Direct programme (rehoming dogs without a kennel stay}, with 65 dogs finding new homes via this channel. Phase 1 of Bedfordshire development project completed and Centre re- opened in September with new facilities and increased capacity. Planning application submitted to develop our oldest site at Watford in Hertf ordshire. Leadership training programme for all Supervisors completed. Two new shops opened in Hemel Hempstead and Leighton Buzzard, supporting our Centres in Watford and Aspley Guise Renovation of our Watford shop. Launch of new framework to recruit and support Foster volunteers. Rollout of new Mentor role to support staff & volunteer training. Employee handbook and policies updated. 30% increase in active volunteers. Natlonal Animal . 7 Welfare Trust Our People EMPLOYEES The dedication and compassion of our team members help to transform the lives of pets every day an(1 are integral in our vision that every pet will thrive in a lovin9 home. We would not be able to achieve what we do without the skills and commitment of our 62 full time and 60 part time employees, who work acfOSS our five rehorning centres and three charity shops. Employee turnover continues to be a challenge. mainly driven by the impact of the cost of living crisis and an increase in the complexity of the animals we are seeing coming into our care. Work is underway on a cohesive induction and training prograrnffle for our employees, alongside the recruitment of an animal training and behaviour specialist. This new central role will support and mentor the centre teams with providing positive reinforcernent training and behaviour support. NAWT Berkshire Centre Staff We continue to work collaboratively with our team members through the employee Survey and forum meetings: the forum members being instrumental in deciding our employee priorities for the year including the introductiors of additional holidays to recognise long service. NAWT is extremely grateful to all our team members who continue providing vital support to people and their pets in urgent need. Their hard work and (Jedication ha5 been invaluable as always. e¥1 VOLUNTEERS NAWT Bedfordshire Centre Staff The end of the year saw our numbers grow to 263 active supporters who volunteer their time to help the Trust. These volunteers generously donated over 23,000 hours to support our operations throughovt our centres and shops. Whilst the financial saving is estirnated to be over £230,000, the impact volunteers have on helping to socialise ovr cats, walk our dogs. increase our sales and work behind the scenes in admin roles is much harder to measure, but we do know without this valuable source of support, it would be very difficult to look after the animals in our care. We continue to improve our offer to ensure our volunteers enjoy a rewarding experience. NAWT are very fortunate to have such support and are incredibly grateful to all our our amazin9 volunteers for their continued care and commitment. SUPPORTER GROUPS We are extremely lucky to have supporter groups run solely by volunteers based in Thurrock IEssexl and Tameside (Greater Manchesteil. These volunteers provide support, advice and even organise veterinary care for anifflals in their areas. as well 85 helping to raise much needed fvnds for NA￿ to continue its work. Thurrock Volunteers Natlonal Anlmal . 7 Welfare Trust How we fund our activities FUNDRAISING NAWT has recognised its heavy dependence on legacy incorne and the need to develop sustainable income streams to ensure the financial security of the Trust in the medium and long term. as well as to help build a reserve pot to help fund any development projects. Whilst our total funds rnay look healthy at £9.7m: 57% of that is in fixed a$5ets & restricted funds. with a further 27% tied up in Legacies which can take a number of years to materialise. The small percentage of available funds highlights the importance of continued fundraising to achieve our ambitions in light of the rising Costs we face. FUNDRAISING CAMPAIGNS NAI￿ BEDFORDSHIRE CENTRE REOPENING Our largest ever fundraising campalgn. to redevelop the centre in Bedfordshire. came to a crescendo in September when we finally got to invite you all to visit the brand-new facilities. We enjoyed a wonderful celebration with everyone who visited, grateful for the support that allowed us to replace several dilapidated farm buildings and vastly improve the experience for the animals in our care. The purp05e-built catteries and kennels have created a calmer, quieter environment helping to reduce stress. and they will ensure we can continue our work for homeless animals in the Bedfordshire area for many years to come. None of it would have been possible without the generous support of the wonderful NAW[ community. NA￿ weie awarded more than £80.000 in funding from 14 Charitable Trusts and Foundations this year. which gave us much-needed support towards a number of things from general running costs to specific animal care equipment to the completion of our Bedfordshire redevelopment. Support from Charitable Trusts and Foundations ensures we can continuovsly improve the level of care we're able to provide to homeless. unwanted and abandoned animals. We were lucky to receive generou5 corporate 5UPPOrt in donations. sponsorships and corporate volunteering days. This included an incredible £10,000 donation from the Tesco Golden Grant scheme. much-needed support from a variety of Pets at Home stores across the country, a charity partnership with Closer Pets and regular corporate volunteerin9 days from the team at Vodafone. We're immensely grateful to all the businesses who support our work. CHARITY SHOPS We were excited to open 2 new charity shops in March 2024. The new shops opened very successfully,. generating additional sales which took our total shop income. including our eBay Shop, to £286k in 2023-24, IO% increase on 2022-23. Our online gift shop perforrned well. with sales increasing 19% year on year. The number of shoppers adding a donation to their basket increased by 12% year on year due to improvements in user experience. with the addition of NAWT gifting cards generating another £1.5k of donations. The Trust now has five retail outlets.. located in Watford, Hemel, Leighton Buzzard, Woburn Sands and Hayle. These outlets sell rnainly donated goods to provide additional funding for the work of the centres. They also assist in building links with the local communities. increasing awareness of who we are and promoting the work of their local centre. LEIGHTON BUZZARD SHOP TEAM National AnAmal . ? Welfare Trust You Never Stop Caring Peter's story At only 2 years old, Peter had already endured a tough life when he arrived with us in July. We work closely with anifflal pounds to offer rehoming space to unclaimed strays. Peter was 1 of 4 dogs who came frorn the pound that day. He was diagnosed a5 suffering with PTSD. he would zone out for short periods before coming back to us. which left our onsite vet extremely concerned for him. The first few days with Peter were diff icult because he was in a lot of pain, so much so that the teaffl couldn't really even touch him. We knew he had burns on his skin but it was hard to tell the extent of his injuries because his fur had mostly all grown back. A closer examination. under sedation, showed that Peter's injuries were likely caused by boiling water and were at different stages of healing. He had been scolded repeatedly. at least 4-5 tirnes. Poor Peter didn't just suffer a single unfortunate accident, it looked like a pattern of abuse leaving burns all over his body. His vet treatments continued for 6 weeks. Team leader. Jess, described the first few weeks with Peter: "It was so difficult f or the f irst few days as we couldn't even really touch him because of how sore he was. We had to take thing5 very slowly, it took a long time to show him he was safe, and he needed a lot of extra support, getting him in the crate and carrying him because we couldn't walk him or hold him.. With time. Peter did eventually start to relax, but we realised his recovery would benef it from closer attention in a home environment, so we sourced a loving foster home for him. Whilst helping Peter to heal, his foster family fell head over heels for his charms and realised they couldn't say goodbye. They offered him a permanent place in their hearts and home, which meant Peter's days of upheaval and uncertainty came to an end. He is safe now with a dedicated family willing to help him work through his trauma with patience and kindness. Thi5 Story highlights the unimaginable impact donors, foster carers and rehomers make towards improving the lives of frightened homeless animals. Natlonal Animal . 7 Welfare Trust Governance OVERSIGHT The Charity Is governed by its Board of Trustees as listed below and meets regularly throughout the year. The Trustees are responsible for agreeing anij reviewing the overall strategy of the Trust, reviewing and approving policies. agreeing the budget and approving the annual accounts. ensuring that there are effective governance arrangements, establishing delegated authorities and management frameworks, and monitoring overall operational performance. We will be recruiting some new trvstees next year in order to manage our succession planning as three of our existing Trustees come to the end of their terms. This ongoing process follows Charity Commission guidance on good practice, and includes: Laura Magee- Chairman Caroline Thomllnson Treasurer Melanle Chapman - Deputy Chalfman James Moore Lynley Griff iths John Garratt Danny Lezer Ben Brllot Sharmlnl Jullta DI Brown (retlred November 23) Debble Matthews {resigned August 231 A skills audit to identif y those areas where the Trust could benef it f rom additional expertise on its ooverning body,. Advertising fof new Trustees in relevant publications (including local press and national charity publicationsl and through the Association of Dogs and Cats Homes,. A selection process involving Trustees, supported by the Chief Executive,. and The implementation of a Trustee induction plan Secretary: Dawn Webster (Dlrector of Admlnlstration) DELIVERING FOR THE PUBLIC BENEFIT The Trustees have had a due regard to the Charity Comfflission guldance on public beneflt. Our objects as stated in the Articles of Assoclatlon are that the NAV￿ exists to provlde.. the provision of care and shelter for stray, neglected and vnwanted animals of all kinds and the protection of animals of all kinds from ill usage, cruelty and suffering and in particular. to rescue and provide care and shelter for stray, neglected and unwanted animals of all kin(Is ènd find suitable homes for any such nimals. ORGANISATIONAL STRUCTURE The key management personnel of the charity comprise the Trustees and the Senior Management Team ISMTI. Responsibility for achieving the strategic objectives and for the day-to-day management of the Trust is delegated to the Chief Executive, supporteij by a Senior Management Team consisting of the Director of Operations and the Director of Administration. Tr¥ NSIT CHAR PETS A f ramework of delegated authorities is in place. and is kept under regular review. Chief Executive Rob Mitchell Director of Acimlnistration Dawn Webster Director of Operations Andrew Gillon Natlonal Animal Welfare Trust Governance RISK ASSESSMENT AND MANAGEMENT The Trustees have considered the financial and non-f inancial risks faced by the charitable company and have carried out a number of reviews of internal controls. The key risks are currently Identified a$: 1. Legacy income may cease or significantly reduce The risk register f or the Charity is reviewed quarterly by the Board and kept under regular review by the Senior Management Team. 2. Key roles in the Head Office team leave the organlsatlon and the bvsiness does not have the knowledge to carry out crltlcal tasks Day to day management of Health and Safety is good. 3. An anlmal may cause an injury leadln9 to Brand damage and / or fln8nclal liability. RESERVES POLICY The Trust's Reserves Policy has three objectives: A tar9et of 6 months runnln9 Costs. which would be £1,825.656 held in free reserves with a minirnurn of three months. whlch would be £912.828 to gvard against fluctuations in income and cash-flow requirements Our investment Portfolio stands at £1.6M. and our total reserves were sitting at 9 months of running costs at year end. This 15 higher than our target, but is skewed by the earlier than experted receipt of a large legacy. Thi5 funding will be held back to cover the shortfall in Legacy income next year. To bulld vp the Trvst"s Investment portfolio to a minlmum of £500k to help generate essentlal annual investment income towards our operating costs We will look to ringfence some of this money for the development of our Hertfordshire centre in 2024 / 25 should planning permission be obtained. To bulld up sufficient funds to support the capltal Inve$tment in the Trust's centres of £500k STRATEGIC REPORT This tfUStees' report also meets the company18w requirements for a directors, report. Further, as a medium sized company. the Trustees report also covers the requirements for our strategic report. | :trk'l YI ,' A5 required. the Trustees have reviewed the Trust as a 'going oncern, for the next 12 months, and have concluded that this is the c8se. This review looked at a number of factors including.. the legacy pipeline of notifications and anticipated income.- the fact that senior rnanagement review income and expenditvre and cash-flow forecasts on a regular basis- and that the Trust has sufficient free reserves to cover a short- term decrease in income. The Trustees would like to thank our numerous donors, frlend5 and supporters as well as our volunteer lundraisers who do so much to help fund our work every year. Natlonal Animal . 7 Weltare Trust Financial Overview SUMMARY 2023/24 NA￿ statutory accounts showed a deficit of1£30.7731 compared to a surplus of £1.785,978 in 2022/23. The year on year decrease was driven by a reduction in the Legacy Income pipeline to £2.1M as we received sorne of the larger legacies called out in last years accounts. Excluding le9acies and depreciation, our operating result was a deficit of £1.9M which was £278,935 more than the previous year due to additional staff costs, driven by the 10% increase in minimum wage levels. Our strategic ambition is to reduce this operating deficit to allow more legacy income to be directed to projects / investments. It should a150 be noted thèt the bottom line deficit includes an unrealised gain from our investments of £108.307: which is an accounting record of the snap shot valuation of our inve5trnentS at year end. INCOME Total income streams {ex legacies) received in year were £1.726,326, which was slightly down on the previous year1-£136,7261. Without the grants available for a large capital project IBedfordshire in 2V231, overall donations were down year on year. Income: £3.9M Highlights: -Individual donation5 increased by £34k to £491k for the year Shop income of £361k was boosted by the introduction of two new high street shops Boardin9 income raised to £186k as the new Bedfordshire centre increased our capacity -Income from corpofate days and events increased by £27k 13% Legacies Fundraising Animal Services 13% 55% Commercial Total income linc Legacies) of £3.9rn is a decrease of 30% on the previovs year. LEGACIES During the year, the Trust had a legacy income pipeline of £2.14 million compared with £3.6 million in the previous year. Legacy income accounted for 55% of our total income which is a decrease on the previous year, but thi5 reflects the signif icant reduction in the legacy pipeline rather than a large increase in other income Streams. Legacy income is made up of the actual legacy income received during the financial year and an amount accrued for estates where notification of the amount has been received but monies hod not yet been paid. £1.5 million of the accrued monies still has not been received by Avgust 2024 The legacy pipeline is currently sitting at circa £1.97 Million National Animal . 7 Welfare Trust Financial Overview EXPENDITURE Expenditure is well controlled by the Centre Managers and every penny spent is thought through. Expenditure: £4M Total expenditure rose from £3.6M in 22/23 to £4M (+11%1 mainly due to the continuing increase in the rate for minimum wage and a general increase in all other costs across the board. Stsff costs • Animal care & Vet eosts • Fundraising 61%" Highlights Payroll.. is by far our largest cost at £2.5m Ithough was underspent vs our forecast due the time taken to recruit in a diff icult employment market. We have seen an increase in staff leaving due to better pay elsewhere as the impact of the cost of living crisis continues to bite. Payroll costs rose by 10% and minifflum wage levels are planned to increase by 10% again next year. ¢ Utilitie5 Other costs Light & Heat: our fixed term contract was renewed which allowed us to find a cheaper deal for our utilities. Although still up from the pre Ukraine war level of £76k. our cost5 have reduce from last year down to £176k per year. The deficit for 2023/24 of £30.773 means that as at the 31st March 2024, the Trust held total funds of £9.723.805 (£9,754,578 as at 31 March 2023). However. the majority of those fund5 are held in fixed assets and restricted funds totalling £5.5m or 57%. The cash & cash equivalents held at the end of the year were £1.190.094. External vets: Vet costs are now our second largest expenditure. As well as the diff iculty in securing veterinary support. costs for all treatments and drugs have risen signif icantly to £232,1561+£43k on the previous yearl. We expect to see veterinary costs continue to rise until ovtputs from the CMA led vet pricing investigation are clear. National Animal . Z Wellare Trust Looking Ahead As we move into the final year of our current three year business plan, we continue to work towards delivering our five key objectives. Specific deliverables for next year will be: Growth of Home Direct and Short term fostering network Launch of employees mental wellbeing survey Phase two for Bedfordshire Centre planned Launch of new employee training & development programme Recruitment of Animal Training & Behaviour manager to support employees Development of Hertfordshire Centre (subject to planning permission) Opening of two further high street shops Launch of new animal sponsorship functionality Decommission of server and move to Cloud for infrastructure operations Ip Corporate relationships to support commercial sales. Develop new three year business plan with Trustees Sign off on preventative actions strategy Development of new 3 year strategy Natlonal Animal . 7 Welfare Trust Thank You NAWT would like to give thanks to the following organisations who have supported with grants and (Jonations in the past year: Petplan Charitable Trust, Wixèmtree Trust. The Michael and Shirley Hunt Chartiable Trust. Gallimore Trust, Animal Affairs. Animal Friends Insurance, Diana Mary Symon Charitable Trust, Joan Ainslie Charitable Trust, John and Lorna Trust. Miss Edith Mary Sage Charitable Trust. Richer Sounds Foundation. Russell anfJ Mary Foreman 1980 Charitable Trust, The Late Miss Doris Evelyn Clarke Charitable Trust. The Walker 597 Trust. Gale Family Charity Trust ir 11 Natlonal Anlmal . 7 Welfare Trust Charity Information/Contacts INDEPENDENT AUDITORS NAwf HEAD OFFICE NAWT HERTFORDSHIRE CENTRE National Animal Welfare Trust Head Office Tylers Way Watford-By-Pass Hertfoidshire WD25 8WT Tel: 020 8950 0177 loption 11 Moore Kingston Smith LLP 4 Victori8 Square 5t Albans AL13TF NAWT Hertfordshire Tylers Way Watford-By-Pass Watford Hertfordshire WD25 8 Tel- 0208 950 0177 loption 21 COMPANY NUMBER 4251503 NAWT BEDFORDSHIRE CENTRE NAWT CORNWALL CENTRE CHARITY NUMBER 1090499 NAwf Bedfordshire Glebe Farm Salford Road Aspley Guise Milton Keynes Bedfordshire MK17 8HZ Tel: 01908 584000 NAWT Cornwall Wheal Alfred Kennels Wheal Alfred Road Hayle Cornwall TR27 5JT Tel.. 01736 756005 SOLICITORS Wither5 LLP 16 Old Bailey London EC4M 7EG BANKERS National Westminster Bank 80 Shenley Road Borehamwood Hertford5hire WD6 1DZ NAWT ESSEX CENTRE NA￿ Clacton The Street Little Clacton Clacton-on-sea Essex CO16 9LG Tel.. 01255 860062 BUSINESS ADDRESS Tylers Way Watford-by-pass Watford HertfoFdshire WD25 8WT NAWT BERKSHIRE CENTRE NA￿ Berkshire Trindledown Farm Wantage Road Great Shefford Berkshire RG17 7DQ Tel.. 01488 638584 REGISTERED OFFICE Tylers Way Watford-by-pass Watford Hertfardshire W025 8WT www.nawt.org.uk National Animal Welfare Trust Year ended 31 March 2024 Trustees, statement Statement as to Disclosure of Infonnatlon to Auditors The Trustees who were in office on the date of approval of these financial statements have confimied, as far as they are aware. that there is no relevant audit infomiation of which the auditors are unaware. Each of the Trustees has confirmed that they have tsken all the steps that they ought to have taken as Trustees in order to make themsefves aware of any relevant audit information and to establish Ihat is has been communicated to the auditors. ststement of Trustees. responsibilities The trustees (who ar8 also Directors of National Animal Welfare Trust for the purposes of company law) are responsible for preparing the Trustees, report and financial ststements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practi￿). Company law requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resource, including the income and expenditure, of the charitable Company for that year. In preparing these financial statements, the trustees are required to.. Select suitable accounting policies and then apply them consistently. ObseD/e the methods and principles in the Charities SORP. Make judgements and estimates that are reasonable and prudent. State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the accounts- and Prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees approved thi$ Report and the Strategic Report in their capacity as Directors on the 21st August 2024 and signed on their beha￿ by.. Jame5Voorp ￿jgI7. 2U24l7..176￿*J1 John Garratt Trustee James Moore Twstee Page 17 National Animal Welfare Trust Year ended 31 March 2024 Independent audltor's report to the members of National Animal Welfare Trust Opinion We have audited th8 financial statements of National Animal welfa￿ Trust (Ihe company,) for the year ended 31 March 2024 which comprise the Statement of Financial Activities. the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary 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= give a true and fair view of the stale of the charitable companls affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practic8" and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing (UK) {ISAs{UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's Responsibilities for Ihe 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 th6se requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relatlng to golng concgrn In auditing the financial statements, we have concluded that the trustees, use of the going concem 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 collectivety, may cast significant doubt on the charitable CoMpan￿S ability to conlinue as a going concern for a period of at least tsvelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the trustees with respect to going concem are described in the relevant sections of this report. Other infomiation The other information comprises the information included in the annual report, Other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other infomiation and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other infomation 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 audrt or othetwise appears to be materially misststed. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine whether there is 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 infomation, we are required to report that fact. We have nothing to report in this regard. Page 18 National Animal Welfare Trust Year ended 31 March 2024 Independent auditorfs report to the members of Natlonal Animal Welfare Trust Oplnlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: the infomation given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements., an•J . the trustees, annual report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees, annual report. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if. in our opinion.. adequate accounting records have not been kept, or returns adequate for our audii have not been received from branches not visited by us,. or . the financial statements are not in agreement wÈth the accounting records and returns,. or ' certain disclosures of trustees, remuneration specified by law are not made,. or ' we have not received all the infomiation and explanations we require for our audit. Responsibilities of trustses As explained more fully in the trustees, responsibilities statement set OLrt on page 17, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial stalements and for being sat15fied that they give a true and fair view, and for such intemal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misststement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's abilty to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend lo liquidate the charitable company or to cease operations, or have no realistic altemattve but to do so. Audltorfs responsibilities for the audit of the flnancial 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 opinion. Reasonable assurance is a high level of assuran￿, but is not a guarantee that an audit conducted in accordance wilh ISAS (UK) will atrways detect a material misststement when it exists. Misslatements can arise from fraud or error and are considered material if, individualty or in aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of these financial statements. Page 19 National Animal Welfare Trust Year ended 31 March 2024 Independent audltor's report to the members of National Anlmal Welfare Trust As part of an audit in accordance with ISAS (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also- IdentFfy and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perfomi audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resutting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the charitable company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and, based on the audrt evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on thg audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the charitable company to cease to continue as 8 going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures. and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentstion. We communicate with those charged with govemance regarding. among other matters, the planned scope and timing of the audr( and significant audrt findings, including any significant deficiencies in intemal control that we identify during our audil. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud lffegularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detsiled below. The objectives of our audii in respect of fraud. are; to identify and assess the risks 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 to those assessed risks., and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibilty for the prevention and detection of fraud rests with both management and those charged with govemance of the charitable company. Page 20 National Animal Welfare Trust Year ended 31 March 2024 Independent audltorf• Mport to tho mamber8 ol Natlonal Animal Welfare Trust Our approach was as follDWS: We obtained an understanding of the regal and regulatory requi￿rnentS appllcable to the charitable compary and considered that the most significant are the Companles Act 2006, the Charilies Act 2011, the Charity SORP, and UK financial reportlng standards as issued by the Financial Reportng Council. We obtsined an understanding of how the charltable company ct)mpth'es with these requirements by dISa￿s1OnS with management and those charged w￿1h govemanGe. We assessed the risk of rnaterial misstatement of the finanrAal st8tement5, indudlng the risk of materlal mlsstatement due to fraud and how it might occur, by hokling discussions wlth management and those charged with goNEmance. We Inquired of management and those charged with govemance as to any knowm Instances of non- compliance or suspected non-compliance w6th laws and regulations. Based on this understanding, we designed spec￿￿ appropriate audit procedures to idantlfy Instances of non- compliance with law5 and regulations. This Induded maklng enqui￿e$ of management and those charged with govemance and obtaining addttional corroboratbve evidence as required. There ar8 inherent Ilmitatlons In the audll procadwes described above. We are less Ilkely to bxome aware of instances of non-compliance with laws and regulations that are ncrt closely related to events and Iransactlons relleded in the financial statements. Also, the risk of not detedng 8 ma*erial misstatement due to fraud is higher than the tisk of not detectr'ng one resulting from e￿or. a5 fraud may kniojve dellberate concealment by. for example, forgery or intentional misrepresentations. or through collusion. Use of our report 16 ofthe Companies Act 2006. Our audit work has been Undertak￿ ￿ that W8 might 818le to the cornpan￿5 members those matters we are required to stale to them in an auditor's report and for no other purpose. To the fullest exlent pemiitted by law, we do not ar£ept or assume responsibility to any party other than the charkable company and charitable companys members as a body, for our audil WDrk, for this report, or for Ihe opinton5 we have fomi Slfvi8 V. ello (Senior statu￿ Auditor) for and an behalf of Moore Kingston &nilh LLP Date 4 Victoria Square St Albans Hertrordshire AL13TF Page 21 National Animal Welfare Trust ststement of Flnancial Activltles for tho year ended 31 March 2024 Unrestrlctsd Restri￿ed Funds Funds Total Unre8trlcted Rèstrleted 2024 Funds Funds Tolal 2023 Note,. Income from: Legacies 1,499,425 644,733 2,144.158 3,234,264 399.135 3,833,399 Donations 2a 751,028 37,630 788,656 947,598 3.695 951,293 Charitsble activities 2b 535,629 2,117 537,746 491,316 1,389 492,705 Other trading activities 358,508 2.403 358,911 352,151 2.694 354,845 Investment income 2d 41.013 41,013 54,710 54,710 (Xher 2e 9.499 Total 3 183 601 686 883 5 089 $38 406.913 5 496 Expendlturo on: Raising funds 753,793 753.793 732.710 732.710 Charitable activities 2,267,462 988,309 3,255,771 2,421,616 478,511 2,900,127 Total expènditure 2f 3 021,255 988 309 478 511 3.632 837 Unrealised gainl(Ios5) on investments 108,307 108.307 {77,636} (77,636) Net Incomel(expenditurel 270,653 {301,426) {30.773) 1,857,576 (71,598} 1,785,978 Transfers between funds 9110 68,385 (68,385) Net movement In funds 369811 Reconcilialion of funds.. Total funds brought forward 10 9.003.498 751.080 9,754.578 7,145,922 822,678 7.968,600 Total funds ¢arrled forviard 9 342 536 381269 9 723,805 9 003 498 751080 9 754 578 The charitable Company's income and expenditure all relates to continuing operations. The notes of pages 25 to 37 foTm part of these financial statements. Page 22 National Animal Welfare Trust Balance Sheet at 31 March 2024 Company number: 04261603 31 March 2024 31 March 2023 Notes Fixed assets: Tangible fixed assets Tangible assets investments Listed Unlisted 4,942,474 4,851,085 1,615,548 10 1,457.240 10 1,615,558 1,457,250 Total fixed assets 6,558,032 6,308.335 Current assets: Stock Debtors Cash and cash equivalents 23,197 2,589.517 1.190.094 3.802.808 20,555 3,436,849 640.967 4.098,371 Liabilitie5: Creditors: Amounts falling due within one year 288,542 277,128) Net current assets 3.514,266 3,821,243 Creditors: Amounts falling due after m 7a than one year (348,493) (375,000) Total net assets or liabilities 9,723,805 9,754,578 The funds of the Charity: Restricted funds Unrestricted funds: Fixed asset funds Other designated funds General Funds 381,269 751,080 10 10 10 4,942,474 174,142 4,225.920 4,851,085 103,452 4,048,961 Total Charlty funds 9,723,805 9,754,578 The accounts on pages 22 to 37 were approved and authorised for issue by the Board of Trustees on the 21 st August 2024 and signed on their behalf by- John Garratt Trustee James Moore Truslee Jtshn 24 JS..QI 6KIT411 Page 23 National Animal Welfare Trust Statement of Cash Flows for the year ended 31 March 2024 2024 2023 Notes Cash flows from operating activities: Net cash {outflow)/infiow from operating activities 16 1,012,172 (72,068) Cash flows from investing activltles.. Dividends and interest received Purchase of tangible assets Proceeds from sale of investments Purchase of investments Net cash provided byl{used in) investing activittes 41,013 (450,439) 54.710 {1,481,335) 600,000 (50,000) 459,426 826,625 Cash flows from financing actlvlties: Cash inflows from new borrowing Repayment of borrowings Net cash provided by financing activities 375.000 {3,619) 3,619 375,000 Increasel(deerease) In cash and cash equlvalents in the year 549,127 {523,693) Cash and cash equrvalents at the beginning of year 640,967 1,164,660 Cash and cash equivaknts at the end of the year 1.190,094 640,967 Page 24 National Animal Walfare Trust Notes to the financial statements for the year ended 31 March 2024 1. Accounting policies 1.1 Basis of preparation These accounts have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102"). 'Accounting and Reporting by Charities the Statement of Recommended Practice for Charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice {eff￿t1ve 1 January 2019). The company is a Public Benefrt Entity as defined by FRS 102. The a¢counts are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The accounts h8ve been prepared on the historical cost basis with the exception of listed investments which are included at market value, and in a￿OrdanCe with applicable United Kingdom accounting standards. The principal accounting policies adopted are set OLrt below. 12 Going Concem The Trustees are of the opinion that the organisation has adequate resources to continue to operate for the foreseeable future, being not less than one year from the date of approval of these financial statements. For this reason, the Trustees believe it is appropriate to prepare the financial statements on a going concem basis. 1.3 Incoming resources Donations, subscriptions, sponsorship, fundraising and appeals, and sales of donated goods are recognised upon receipt. Investment income, including rental income is recognised on an accruals basis. Income generated from charitable acttvitres is also recognised upon receipt. Legacy income Legacies are included in the statement of financial activities when the charity is entttled to the income, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity. Entttlement is taken as the earlier of the dates on which either.. the charty is aware that probate has been granted, the estate has been finalised and notification has been made by the executor to the charity that a distribution will be made, or a distribLrtion is received from the estate. Receipt of a Segacy. in whole or in part, is only considered probable when the amount can be measured reliably and the charty has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charty or the charity is aware of the granting of probate, but the crrteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material. Lrfe interest legacy income is recognised at the date of death of the life interest provided the receipt and value criteria are met. Volunteers and donated goods and services In accordance with the Charities SORP IFRS102). the economic contribution of volunteers is not recognised in the financial statements. Further detsils of the contribution made by volunteers can be found in the Trustees, annual report. The Trust benefits significantly from donated goods to support our animal care work, in particular donations of food and toys for the animals, benefit. Currently no record of the value to the charity is maintained and consequently the value of these items is not yet included in these statements. The Trustees have identified this as an area for attention and management are currently developing a system to facilitate Ihe recording and valuing of these items. Page 25 National Animal Welfare Trust Notes to the flnancial statements for the year ended 31 March 2024 1. Accountlng policies (¢ontlnued) 1A Resources expended Expenditure is recognised ￿en a liability is incurred. Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation commith'ng the charity to the expenditure. Contractual arrangements are recognised as goods or servi￿$ are supplied. Costs of raising funds are Ih05e costs inCu￿ed in attracting voluntary income. including the costs of ensuring that we receive OUT full entitlement to any legacy income. Charttable activities include expenditure associated with its animal rescue and rethoming V￿rk and includes both the direct costs and support costs relating to those activities. Govemance costs include those incurred in the governance of the charity and ils assets and are primarily associated wth Gonstitutional and statutory requirements. Support costs include central functions and have been allocated to activity cost calegories on a basis consistent with the use of resources- this is done on the basis of staff time attributed to each activity cost category. 1.5 Fund structure The Trust has a nurnber of restrictgd funds to account for situations where a donor requi￿5 that a donation must be spent on a particular purpose or where funds h8ve been raised for a specific purpose. All other funds are unrestricted income fvnds. The Trustees have made a number of designations to better refiect the funds slructure of the charity. Unreslricte¢J funds raised by our local voluntary support groups are designated lo show the extent of their individual contributions lo our work. Lega¢y in¢omo dedicated (but not reslrictedl lo a particular animal centre is designated towards the costs incurred at those centres. 1.6 Group financial stat8ments The subsidiary Awf Trading Limited remains dom)ant and not material to the charity therefore consolidated aecounts have not been prepared in accordance with paragraph 24.12 of the SORP. Tho inveskn8nt in Ihg subsidiaries is shown as a fixed asset investment 1.7 Branches & Supporter Groups The financial ￿tUrnS from branches, which have in some cases been examined independently. are incorporated into the accounts of the main charity. Our Thurrock branch carries out a significant amount of animal welfa￿. 1.8 Penslon costs Defined contribution pension costs are charged to the Statement of Financial Activities in the period to ￿[Ch they relate. Differences be￿een contributions payable in the year and contributions actually paid are shown as either prepayments or accruals in the balance sheet. 1.9 Fixed asset investments Listed invesknents are staled at mid-market value. at fhe balan￿ Shegt dale. Unlisted investments are valued by the TrLFStees at fair value. The Statement ol Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. 1.10 Tangible fixed assots Tangible fixed assets, other than freehold land are stated at cost less depreciation (IT equipment over £1,500 and all other equipment item over £3,000 only are capitalised). Depreciatign is calculated so as to rite off the cost, less estimated residual value. of each asset over its estimated useful life, on a straight line basis. as follows.. Freehold improvements Equipment Motor vehicles 4 to 30 years 4 years 4years Page 26 National Anlmal Welfare Trust Notes to the financial statements for the year ended 31 March 2024 1. Accounting pollcles (continued) Freehold land has not been depreciated as. in the opinion of the Trustees, any charge would be immaterial since residual valLJe exceeds cost. Annual impairment reviews are conducted in accordan￿ with Financial Reporting Standard 102 paragraph 17.24. 1.11 Stock Stock is included at the lower of cost and net realisable value. Net realisable value is based on estimated selling price less additional costs expected to be incurred to completion and disposal. Provisions are made for obsolete and Slow moving items. 1.12 Financial instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instruments issues, of FRS 102 to all of its financial instrument. The Trust has only financial assets and liabiltties that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al their settlement value. 1.13 Leases Rentals payable under operating leases are charged against income on a straight line basis over the lease term. 1.14 Cash and cash equlvalents Cash and cash equivalents include cash at hand, deposits held on call with banks, other short tem liquid investments with original maturities of 3 months or less and bank overdraft5. Page 27 National Animal Welfare Trust Notes to the financial statements for the year ended 31 March 2024 2. Crltlcal accounting estimates and Judgements In the application of the charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparenl The Trustees are required to make estimates in respect of bgacy income. The basis of recognition is provided within the incoming resources accounting policy above (see policy 1.3). In addition there is an estimate relating to the value of the Moody Bare Trust. The estimation of debtor value is based on the recent completed transactions to estimate the value of each lease. 2a Income from Donations Total 2024 Total 2023 Unrestricted Dog Training Dog Warden Agility Paddock Hire (field hire services) Donations Individuals-unrestricted Donations Trust- Unrestricted Subs Entrance Sponsorship -unrestricted Sundry Income Fundraising Appeals - Unrestricted 217 2,781 1,813 7,879 422,744 196,675 2,021 10,986 19,011 66,982 216,489 947.598 1.212 7,070 508.489 47,292 3,177 15,820 1,124 166,842 751,026 Restricted Thurrock Restricted Donations Individuals-Restri¢ted Fundraising Appeals-Restrtcted Donations TNst-Restricted 1,933 3,215 45 435 697 35,000 37,630 3.695 Total Donatlons 788,656 951,293 2b Income from Charitable actlvltles Unrestricted Restrlcted Funds Funds Total 2024 Unrestrictediestrictsi Funds Funds Total 2023 Commissions and royalties Sales from animal related gooc Homing 62,294 249,809 223,526 535,629 2,117 64.411 249,809 223,526 537.746 63,111 222,839 205,366 491.316 1,389 1,389 64,500 222,839 205,366 492,705 2,117 2¢ Income from Other tradlng actlvlties Unrestrfcted Restricted Funds Funds Total 2024 Unrestrictedlestrlctei Funds Funds Total 2023 Rent receivable Charity shop & Café receipts Sale of donated goods 22,626 235,248 98,634 356,508 22.826 235,248 101,037 3S8.911 18,009 249,950 84,192 2,694 352,151 2,694 18,009 249,950 86,886 354,845 2,403 2,403 Page 28 National Animal Welfare Trust Notes to the financial statements for the year •ndod 31 March 2024 2d In¢om* from Invutments Unr•strkt•d Restrfrtsd Funds Fund¥ Total 2024 Unr•$tri¢ted ReBtrl¢t•d Fund• Funds Total 2024 Dlwdends and interest received 41.013 41,013 41,013 41.013 54.710 54,710 54.710 54.710 20 Oth•r Income Unrestrkl•d R•$trkt•d Fun Fund• Total 2024 Unrn¥tri¢ted Restrlct•d Funds FuDd$ Total 2023 Profit on dispos81 of fixed assets 9.499 9,499 9.499 9,499 2f Expendltyr• Support & Dlr•ct staff Oth•r dir•ct Governan¢• ¢o$ts co$ts costs Total 2024 Rai$ifiq funds Fundraising, publlclty & olher Charltablo aetlvlil•s Anlmal ￿sCUe ar￿ rethoming 404.682 145,755 203,356 753,793 1,B41.700 2,246,382 311,087 1.102.984 456,842 1,306,340 3.255.771 4,009,564 Support & Direct staff Othgr dlr•¢t Gov•rnanc• ¢o•ts Costs Total 2023 Ralslng fund• Fundf4ising, publicity & olher Charhablo actlvttl•$ Animal r8scu& and re-horning 349.865 198,262 184,783 732,710 1,703,800 268,811 927,516 2.900.127 2.053.465 467,073 1.112,299 3,632,837 In¢luded in Charitable a¢bvilies Is ieslrictsd expendiiure ot£988,30912023- £478,511). Support •nd Governanee co$tg Charltablg actlvttl Ralslng funds Total 2024 Ch•rttabl• •¢¢Nstl•¥ R*l$lng funds Totsl 2023 Staff CA)sts Pr¢mises costs Motor expenses offi￿ costs Advsrti$ing and publicity IT costs Professlonal fees Bank ¢hafges Sundry expenses Depre¢lalion Govemance 164,668 280,727 21,S30 105,834 36,183 61.885 4,731 23,255 2110,851 342.412 26,261 129.089 191.889 273.392 25,542 94.447 10,429 44.088 42,775 22.422 140 123,162 99,230 927516 39.381 231,270 59,719 333,111 5,242 30.784 19.383 113,830 2,140 12,569 9,048 53.136 8,779 51,554 4,602 27,024 16 158 33.643 156,805 2,831 102,061 184,784 1.112,300 44,693 44.924 38,666 331 312.818 88,791 1,102,984 9,820 2,873 9,872 8.633 73 312,891 46,231 135,022 203,356 1,306.340 54,513 47,797 48,540 Govomancg costs comprtsg: 2024 2023 Staff costs Audlt Olher governanc8 costs 57.544 15,947 61,531 64.229 16,626 21,206 135.022 102.061 Page 29 National Animal Welfare Trust Notes to the financial statements for the year ended 31 March 2024 3. Staff costs 2024 2023 Administration Social security costs - admin Animal care Social security costs - animal care Shops Social security costs - shops Pensions other Staff Costs 485,560 48.785 1,618,401 108,1)66 133,919 7,983 49,986 52,079 507.062 54,738 1.490,619 95,553 83.713 4,993 49,360 62,926 2,504,779 2,348,964 3.a Staff numbers 2024 2023 Administration Animal care Shops 16 91 15 14 88 122 109 The number of employees whose annual emoluments were £60,000 or more were: 2024 2023 £70,001- £80.000 £90,001- £100,000 £100,001- £110,000 Pension contributions were £6.714 £11,053 Remuneration totalling £199,940 (2023: £227,578) was paid to 3 key members of management {2023: 3) Page 30 National Animal Welfare Trust Notes to the financial statements for the year ended 31 March 2024 4. Tangible fixed assets Freehold land & building under Improvemonts constructlon Equipment Motor vehicles Total Cost At 1 April 2023 Additions Transfer 5.820,383 10,000 1,654.862 1.214,423 440.439 {1,654,862) 368,797 142,491 7.546.094 450,439 At 31 March 2024 7,485,245 368,797 142,491 7,996.533 Depreclatlon & Impalmients At 1 April 2023 2,251,615 Charge for the year 218,641 Adjustment to charge 108,753 321,351 21,432 122,043 10,224 2,695,009 250,297 108.753 At 31 March 2024 2.579,009 342.783 132,267 3.054.059 Net book valu• At 31 March 2024 4,906.236 26,014 10,224 4,942,474 At 31 March 2023 3,568,768 1,214,423 47,446 20,448 4,851,085 Page 31 National Animal Welfare Trust Notes to the flnanclal statements for the year ended 31 March 2024 5. Investments 2024 2023 Llstsd Market value of assets at 1 April 2023 Opening balance rounding Unrealised net gsinsl{losses) Net Additions l{Disposals) 1,457,240 2.134,876 108.307 50,000 (77,636) (600,000 Market value of assets at 31 March 2024 1,615.548 1,457,240 Unlisted AWT Trading Limited 10 Ordinary £1 shares at cost 10 10 10 10 6. Debtors 2024 2023 Other tax and social security Other debtors Prepayments & accrued income Accrued legacy income 28,618 251,099 59,239 2,250,561 102,421 228,230 28,827 3.077.371 2,589,517 3,436,849 Other debtors include £220,635 relating to long term debtors. 7. Creditors: Amounts falllng due wlthln one year 2024 2023 Trade credrtors Other creditors Accruals Other taxes and social security Loan 78,836 63,040 88,867 34,941 22,858 132.947 48.485 60,373 35,323 288,542 277,128 7a. Creditors: Amounts falllng due after more than one year 2024 2023 Loan 348,493 348,493 375,000 375,000 The loan is repayable over the tem of 12 years and bears interest of 6.250h. The loan is secured over specific propety. Page 32 National Animal Welfare Trust Notes to the financial ststements for the year ended 31 March 2024 8. Net assets held by funds Tangible fixed assets Bank and cash Other net Assets Totsl 2024 Current Investments Restricted funds: Thurrock Cornwall Clacton Feral Cat Plan 231.538 231.538 51.754 51,754 97,977 97,977 Unrestrlcted fund5: Desi nated funds Moody Fund Thurrock Fixed Asset Fund 96,122 78,020 96,122 78,020 4.942.474 4.942,474 General unrestricted funds.. Geneffdl funds 1,615,558 958,556 1,651,e06 4.225,920 1615 558 4 942 474 1190094 1975 679 9 723 805 Net assets held by funds 2023 Tangible fixed assets Bank and cash Other net Assets Totsl 2023 Com arative ear Investments Restrlcted funds: Thurrock CornvRII Cladon Feral Cat Plan 347.430 347,430 110,845 74,828 217,977 110,845 74,828 217,977 Unrestricted funds: Desi nated funds Moody Fund Thurrock Fixed Asset Fund 95,655 7.797 95,655 7.797 4,851,085 4,851,085 General unrestricted funds: General funds 1,457,250 293,537 2,298,174 4,048,961 1457 250 4 851085 640 967 2 805 276 9 754 578 Page 33 National Animal Welfare Trust Notes to the financial statements for the year ended 31 March 2024 9. Restricted Funds Current Balance 01Apr-23 Incoming Resources resources expendod Balanc6 31411ar-24 Transfers Thurrock Cornwall Trindledown HULA Clacton Feral Cat Plan Watford 347,430 110,845 7,650 517,432 113,565 48,236 (55,157) (576,523) {113,565) <48,236) (74,828} (120.000) (68,385) 231,538 51,754 74,828 217.977 97,977 751080 988 309 686 883 381269 Prlor Year Balance 01Apr-22 Incomlng R•$ource8 resources expended Balance 31-Mar-23 Transfern Thurrock Cornwall Trindledown HULA Claclon Feral Cat Plan Watford 384.855 7,734 268,257 189 5,065 85,623 45 40,000 {45,159) (157,412) (189} (34,323) (89,621) (111,807) (40,0001 347,430 110,845 29,258 78.826 329,739 74,828 217,977 822 678 478511 751080 Thurn>ck The balance represents legacy income received In the past specifically to fund the work of the Thurrock branch less expenditure Incurred at Thurrock in the year. Incoming resources Included fundraising activities to generate funds needed locally. Resources expended related to the costs associated with running the local animal rescue activity. A transfer has been made be￿en from unrestricted to restricted funds to reflect bank interest due to Thurrock. Feral Cat Plan In September 2015 the Trustees of the National Anim81 Welfare Trust agreed to take over the work of Feral Cat Plan to allow continued care of feral cats In the Hertfordshire and Essex area, whilst also supporting people in the local community. Other funds relate lo specific restricted legacies that were received and applied to particular centres. Page 34 National Animal Welfare Trust Notes to the financial statements for the year ended 31 March 2024 10. Unrestrlcted funds Current Balance 01Apr-23 Incoming resources Resources expended Gains and Transfers Balance 31-Mar-24 Designated funds Branches and Supporter Groups: Thurrock 7,797 95,655 7.149 467 (5,311) 68.385 78,020 96,122 Moody Fund Clacton Building fund Fixed Asset fund 4,851,085 (359,050) 450,439 4,942,474 4,954,537 364,361 518,824 5.116.616 General funds 4 048,961 3.175,985 4,225,920 2,656,894 342,132 Total funds 9 003 498 3 183 601 3 021255 176 692 Com arative ear Balance 01Apr-22 Incoming resources Resources expended Gains and Transfers Balance 314qar-23 Designated funds Branches and Supporter Groups.. Thurrock 5,222 95,655 7,734 (5,159} 7,797 95,655 Moody Fund Clacton Building fund Fixed Asset fund 600,000 3.526,555 (600,000) {203,129) 1.527,659 4.851.085 4 227,432 808 288 7.734 1,527,659 4,954.537 General funds 2,918,490 2 346.038 5081,804 4048,961 1,605,295 Total funds 7 145 922 5 089 538 3 154 326 9 003 498 Moody Fund - this represents the Trust's share of some long-tem assets that were bequeathed to the charity from the Estate of Ethne Pauline Moody, and which are currently being held in a 'Bare Trust. whilst they are realised and disposed of. Branches and Supporter Groups - the incoming resources arose as a result of local fundraising activities by our voluntary supporter groups and the resources expended related to sums spent on the animal welfare and rescue worf< of the charty. Fixed Asset Fund - this fund represents the net book value fixed assets at 31 March 2024. Buildlng Fund - this fund for major building improvements needed al the centres. Clacton - this fund represent the investment In Clacton Animal Aid. Page 35 National Animal Welfare Trust Notes to the flnanclal statements for the year ended 31 March 2024 11. Penslon costs During the period defined contributlon pension costs amounting to £49,986 (2023: £49,360) vMre paid over to independentty administered pension schemes. As at 31 March 2024 there were no outstanding contributions (2023- £niO. 12. Trustees, expenses and remuneration Trustees received no remuneration (2023: £nil). No Trustees (2023: 0 Trustee) were reimbupJed for their travelling expenses. 13. Company Inforn)atlon The company Is limited by guarantee and has no issued share capital. The liabilty of the members is limtted to £1. 14. Financial commitments As at 31 March 2024. the company was committed lo making the follthving payments under non