Annual Réport,
2024/25
Company registration number: 4251503
Registered Charity in England and Wales number". 1090499

National Animal
. 7 Welfare Trust
Contents
Chair of Trustees summary
Annual Report
Financial Overview
11
Charity Information / Contacts
14
Trustees, Statement ...........................................................................-. 15
Independent auditor's report
16
Statement of f inancial activities
20
Balance sheet
21
Cash flow statement
22
Notes to the f inancial statements
23
NATIONAL ANIMAL WELFARE TRUST
ANNUAL REPORT FOR THE YEAR ENDED 31ST MARCH 2025 s+p
The Trustees of the National Animal Welfare Trust present their report and the audited financial
statements for the year ended 31 March 2025, 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 IFRS 1021.

National Animal
. 7 Welfare Trust
From the Chair
It wa5 Wlth great pleasure and a little trepidatlon that I took over
from Laura Magee as Chair last Autvmn. Laura stepped down after
almost two decades of outstanding service. thereby marking the
end of an era. l and the rest of the 'new' Board would like to
formally record our gratitude for her exceptional service and
dedication to NAWT over so many year5.
The Board are excited to be welcoming five new recruits to restore
a full complernent for next year and beyond. We are committed to
improving our all-round connectivity with the charity and for rne
personally getting out to visit all f ive centres and meet the amazing
tearns running them has been an absolute highlight of the year
(along with rneeting a few of the four legged residents of coursell
It ha5 undoubtedly been another busy and rewarding year for the
charity, continuing to rescue, rehome and help so many deserving
nimals while striving towards a more sustainable footing in order
to counter the demanding financial challenges we are all facing. At
times it has felt like we're running hard just to stand still and I
know that we are not alone in that feelingl The good news is that
going fofwards, our aspiration is to help even more animals than
before by developing new more cost-e*fective preventative
strategies. but that is for next year.
John Garratt -
Chair of Trustees NAWT
There are lots of pluse5 to celebrate for this year, from continuin9 to find homes for well over a thousand
deserving animals such as long-term resident Harley, to a successf ul trial of a new animal welfare tracking
system for dogs which will help to improve care and targeted support where necessary.
For our people we have introduced more comprehensive and consistent induction training for new starters. and
have continued our focus on management training while seeking clearer understanding of individual conceins
and general well-being. We have increased the number of active volunteers and the hours they have dedicated
rose across our Centres and shops from last year. The five shops have all performed strongly and ale now
eniphasising stronger connection5 back to the charity's purpose. We hope to extend our retail offer even further
in the year ahead.
The pressure5 are undoubtedly relentless and we know there will be more challenges to come. However. the
continued dedication and hard work of employees and volunteers alike has ensured that NA￿ remains a beacon
of light for anima15 in need and one which will continue to burn for years to come, none of which would be
Possible without our magnificent and loyal supporters to whom we femain truly grateful.
John Garratt
k13Yle4
NJAWT'S Ttustee Boaid

National Animal
. g Welfare Trust
Annual Report
WHO WE ARE
NAwf operates from five rehoming locations:
Aspley Guise in Bedfordshire
Trindledown Farm in Berkshire
Wheal Alfred 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 Abolition of Vivisection IBUAVI established BUAV
Dog Rescue. The initiative to establish BUAV Dog Rescue was to stop dogs and puppie5 being bought at markets as a
way of preventing them going to laboratories for vivisection.
In 1971 BUAV metnbers felt that the work of BUAV Animal Aid was departing from its aims. and it was agreed to
establish a separate charity. The Animal Welfare Trust (AWTI 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 centres used to be stèndalone charities, but their founders 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
community service to continue, and we f eel honoured that individuals have entrusted their life's work to us.
WHAT WE DO
We rehome cats and dogs at all our Centre5 together with a variety of other anim815 depending on the facilities
available. We support a number of Ioc81 authorities in helping with stray animals. Our Centre5 are open to the public
to encourage interaction and education. so that people have a better understanding of what it means to take cère of
an ènimal.
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 families éuring diff icult times.
OUR VISION
Every pet will thrive in a loving home.
OUR MISSION
Improving the live5 of pets by providing rehoming, educational
and practical support to animal owners in our communities.
OUR VALUES
'We never stop caring. for our animals and our people.

Natlonal Animal
. 7 Welfare Trust
You Never Stop Caring
Fighting against the odds
This year. we saw an increase in stray and abandoned animals. possibly due to the cost-
of-living crisis. Over a third of the animals who arrived in our centres were facing their
very last chance for a brighter future in a loving home. Without a rescue space. it is
likely that they wouldn't be here today. This was certainly true for Cece (pictured).
L Cece's Story. -
We received a call from a local pound
th
on 13 February, to say that Cece's
time had ran out and she was booked
to be put to sleep the next day, on
Valentine's Day.
At just 8 months old, still just a baby,
no-one had claimed her, and her
terrible fate was sealed unless a
rescue centre was willing to offer her
space.
Despite running at capacity, we very quickly made space, utilising our incredible foster
volunteers, and told the pound to cancel Cece's euthanasia appointment.
We welcoffled Cece into one of our centres on Valentine's Day with a promise that she'd
have a place at NAWT for as long as it takes to find her the home she deserves.
We didn't have to wait long. Within two weeks. Cece had captured the heart of her new
owner and now her luck has completely turned around. She is thriving in a loving home
thanks to the support we receive from donors. which allows us to keep our doors open.
Our Centre Manager said::
Cases like Cece's are heartbreaking.
She was a perfectly healthy young dog
an owner and she very nearly didn't
get a second chance. Our centre will
always help, if we can, so more dogs
get the second chance they deserve.
I'm so glad we could help Cece."

National Animal
. V Welfare Trust
2024/25 in numbers
Total number of
als.thelpe.d.
1,525
286 ACTIVE VOLUNTEERS GIVING
A TOTAL 33 445 HOURS OF
SUPPORT
(20.460 CENTRES. 12.985 SHOPS)
377 DOGS
600 CATS
Ill
,Ili
75 SMALL
ANIMALS
20 OTHER
ANIMALS
l.l&t'l.,
••
£14,187
£59.072',
HOME DIRECT 48 ANIMALS
SCHEME
REHOMED
anirn_
nts-
••
405 FERAL CATS
supported by our TNR scheme
£40.277
£162.956
for anlmals
19.788 email subscribers
6.728 Instagram followers
24.730 Facebook followers
Average length of stay for animals on site:
79 days
È 214.009
27 days
spent on vet
rocedures
96 days

National Animal
37 Welfare Trust
Other Achievements
2024/25 was the final year of our current three year Business Plan as we
work towards delivering our five key objectives:
Diversify income streams to reduce
reliance on legacies
Make NAWT an aspirational
place to work and volunteer
Grow our rehoming capacity
8 8 through virtual networks
Ensure our organisational
infrastructure supports efficient
ways of working
Develop a preventative action
programme
s well as helping 1.525 anlmals. sorne o.f
our Key achievernents this year were:
Home Direct service embedded in relinquishment journey (rehoming dogs
without a kennel stay), with 48 dogs finding new homes via this channel.
Planning permission granted to develop our oldest site at Watford in
Hertfordshire.
Leadership training workshops for all Centre Managers & Supeivisors
completed.
First anniversary for our two new shops opened in Hemel Hempstead and
Leighton Buzzard, generating almost £200k in income.
Renovation of our Hayle and Woburn Sands shops.
Launch of new framework to recruit and support Foster volunteers {72
applications received)
New animal welfare tracking system introduced to allow us to better
understand and monitor the welfare of dogs in our care.
Employee handbook and HR policies updated.
Move to a fully cloud based IT system which means less operational
disturbances.

National Animal
. Z Welfare Trust
Our People
EMPLOYEES
OUR PEOPLE: THE HEARI" OF OUR MISSION
At the core of our rehoming efforts are our team member5 whose cofflpassion and
comrnitment transform the lives of pets every day. We would not be able to achieve
what we do without the skills and dedication of our 116 full and part time employees,
who work across our five rehorning centres. head office and five charity shops.
CHALLENGES & IMPROVEMENTS
Employee recruitment & retention continues to be a challenge, impacted by the cost-
of-living crisis resulting in less opportunity for people to work vocationally, and the
sectors challenge to get competitively ahead of the governrnents living wage increases.
With the proposed introduction of better training opportunities for our existing teams.
and the svpport of our animal training and behaviour specialist, we aim to equip our
teams with the additional tools to support anirnals with behavioural challenges whilst
providing job satisfaction during their time with us.
NAwf CORNWALL
CENTRE STAFF
Caring for animals in crisis can be emotionally and physically demanding. We have
recognised the need to continue to Improve employee wellbeing and following our
wellbeing survey conducted earlier this year, will be focussing on a deliverable
wellbeing strategy.
LOOKING AHEAD
NAWT is extremely 9rateful to all our team members who continue providin9 Vltal
support to people and their pets in urgent need. Their hard work and dedication are
invaluable, and we are committed to building on our values of compassion and
excellence, because when our teams thrive, so do the animals in our care.
NAV￿ BEDFORDSHIRE
CENTRE STAFF
VOLUNTEERS
Our volunteer nurnbeis at the end of the year stand at 286 and collectively they generously donated 33.445 hours.
That's up by 46% from last year which is quite incredible. As always. the social and emotional impact the volunteers
have on our services is rnuch harder to measure than the financial impact, but the saving this year is over
£408,000 in the equivalent staff costs.
Our volunteers work tirelessly in many different roles throughout to help improve the lives of animals in our
care.- ranging f rom retail. f undraising, fostering. admin and of course direct work with animals. Without their
commitment and (ledication, it would be much harder for us to work towards our vision of all pets thriving in 8
loving home.
We are. as always, incredibly grateful for this svpport and whilst we continue to improve our volunteer journey so
we can add to our team, we remain forever gratefvl to all of our volunteer5
for their continued care and dedication.
SUPPORTER GROUP
We are extrernely lucky to have a svpporter grovp rvn solely by volunteers
based in Thurrock IEssexl. These volunteers provide support, advice and
even organise veterinary care for animals in their afeas, as well as helping to
raise much needed funds for NA￿ to continue its work.
THURROCK VOLUNTEERS

National Animal
. 7 Welfare Trust
How we fund our activities
FUNDRAISING
NA￿ has recognised its heavy dependence on legacy income and the
need to develop sustainable income streams to ensure the financial
security of the Trust in the medium and long term, a5 well as to help
build a reserve pot to help fund any development projects.
KEEP OUR
Whilst Ouf total funds may look healthy at £8.3m,. 55% of that is in
fixed assets & restricted f unds, with f urther f unds tied up in Legacies
which can take a number of years to materialise. The small percentage
of available f unds highlights the importance of continued f undfaising
to achieve Our ambitions in light of the rising costs we face.
LIGHTSL"
DOUBLE DONATION CAMPAIGN
RAISED AN INCREDIBLE £127.000
FUNDRAISING CAMPAIGNS
Following astronomical increases to our utility bills in the prior year, which made light and heat our second highest
annual cost, we focussed our Double Donations fundraising cafflpaign on raising enough money to keep the lights on
at NAwf for another year. The campaign highlighted the desperate need for iescue centre5 like ouis by telling the
story of a stray dog's journey from homelessness through to time in rescue and on to 8 loving home. It became ovr
most successful Double Donations campaign to date and raised an incredible £127,000, which will cover 10 months
of vtility bills across the whole charity.
NAWT was awarded more than £75,000 in funding from 18 Charitable Trusts and Foundations this year, which gave
vs much-needed support towards è number of things from general running costs to urgent veterinary care and a new
animal ambulance. Support from Charitable Trusts and Foundations ensures we can continuously improve the level of
care we're able to provide to homeless, unwanted and abandoned animals.
We received more than £40,000 in corporate support from donations, sponsorships and corporate volunteering days.
This included an incredible £2,000 donation from the John Lewis Distribution Centre. much-needed 5VPPOrt from a
variety of Pets at Home stores ècross the country, a charity partnefship with Service Innovation Group ond regular
corporate volunteering days from a variety of local and national businesses. We're immensely grateful to all the
businesses who support our work.
CHARITY SHOPS
2024-25 was a fantastic year for NAWT retail. with our 5 shop teams and their amazing volunteers. generating a
total income of £485k. which was 13% up against budget and 70% up against 2023-24. Our original 3 shops all
performed well and Like for Like ILFLI 5ale5 were +£30k111¥6 up. Our 2 new shop5. who celebrated their first-year
anniversaries in Harch. exceeded our expectations. generating over £185k of incorne!
We launched a new till system in September which helped us increase
our Gift Aid income to just under £10k last year, we are confident this
will increase f urther in 2025-26.
Outside of their direct f inancial contribution, all 5hop5 continued to
increase their wider value to the charity by 5vpporting central
f undraising activity e.g. double donations appeal at Chri5trna5, 85 well
as supporting at a local level e.g, promoting Centre events and selling
raffle tickets. All shops now have Centre inf ormation boards in store,
along with more charity messaging and lovely imagery of pets that
their local centre has rehomed, increasing brand awareness and
engaging customers.
LEIGHTON BUZZARD SHOP TEAM

National Animal
. 7 Welfare Trust
You Never Stop Caring
Roxy's story
Fragile, mistreated, malnourished. frightened.
hungry... Sadly, these are words that have been
used regularly over the last year to describe
some of the animals arriving at our centres.
Roxy was one such animal. A beautiful Dogue
de Bordeaux who had been left in a horrifying
ernaciated state.
Usually a mild-mannered yet enormous and powerful force of nature, we'd expect a dog of
Roxy's breed to weigh at least 45kg.
However, Roxy arrived looking painfully thin with low muscle mass, and barely reached
30kg. The sight of such a gentle giant fading away is a havnting image that stays with you
for a long time. It's something you never become immune to, no matter how many years you
work in animal rescue or how many cases of neglect you see. It never gets easier.
That being said, another thing that will never cease to amaze us is an animal's capacity to
maintain complete faith in humans, regardless of their history. Roxy was a prime example.
With her big soulful eyes. she made it abundantly clear that all she desperately wanted was a
person to love her and true to her breed traits, she bonded closely with the staff who cared
for her, showering them with slobbery love and affection regularly.
During her time at NAWT, Roxy received special dietary care to help her gradually gain
essential weight without sending her body into shock. Her energy levels increased with
proper nutrition, and she began to look like a healthy young Dogue de Bordeaux should.
Eventually she was ready to embark on a new adventure to a loving home. where she could
put her horrific past behind her. Her new owner told us:
"Roxy really is a wonderful girl,. I feel so honoured
that I'm the lucky person who gets to love and care
for her for the rest of her life, thank you so much.
This story highlights the incredible irnpact donors
and rehomers make towards improving the lives of
neglected and homeless animals.

N*ional 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 and reviewing the overall strategy of the Trust, reviewing and approving
policies, agreeing the budget and approving the annual accounts. ensuring that there are eff ective governance
arrangements. establishing delegated authorities and management frameworks, and monitoring overall
operational perforfflance.
We will be recruiting some new trustees next year in
order to manage our succession planning as two of our
existing Trustees come to the end of their terms. This
ongoing process follow5 Charity Commission guidance
on good practice, and includes..
John Garratt - Chairman
Caroline Thoffllinson
Treasurer
Melanie Chapman - Deputy Chairman
Danny Lezer
Ben Brilot
Sharmini Jvlita
Kate Brown
Lucy Parker
Jesslca Duke
A skills audit to iéentify those areas where the Trust
could benef it from additional expertise on its
governing body..
Advertising for new Trustees in relevant
publications lincluding local press and national
charity publications) and through the Association of
Dogs and Cats Homes if needed
A selection process involving Trustees. supported
by the Chief Executive,. and
The implementation of a Trustee induction day
Jaffles Moore (retired Oct 24)
Lynley Griff iths (retired Oct 24)
Laura Magee (retired Oct 24)
Secretary: Dawn Webster
(Director of Adrnlnlstration>
DELIVERING FOR THE PUBLIC BENEFIT
The Trustees have had a due regard to the Charity Commission guldance on public benefit. Our objects as
stated in the Articles of Association are that the NAWT exists to provide:
The provision of care and shelter for stray, neglected and unwanted animals of all kinds an(i the protection
of animals of all kinds f rom ill usage, cruelty and suffering and in particular. to rescue and provide care an¢J
shelter for stray. neglected and unwanted anifflals of all kinds and find suitable homes for any such
animals.
ORGANISATIONAL STRUCTURE
The key management personnel of the charity
comprise the Trustees and the Senior Marlagement
Team ISMTI. Responsibility for achieving the
strategic objectives and for the day-to-day
management of the Trust is delegated to the Chief
Executive. supported by a Senior Management
Team consisting of the Head of Centre Operations
and the Director of Administration.
A frarnework of delegated authorities is in place.
and is kept under regular review.
(L-R) Heèd of Centre Operations Darren Bell
Director of Aclrninistration Dawn Webster
Chief Executive Rob Mitchell

Natlonal Animal
. 7 Welfare Trust
Governance
RISK ASSESSMENT AND MANAGEMENT
The Trustees have considered the financial and
non-finèncial risks faced by the charitable
company and have carried out a number of
reviews of internal controls.
The key rlsks are currently Identified as..
1. Legacy Income may cease or significantly reduce
The risk register for 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 tearn leave the organisation
and the business does not have the knowledge to carry out
crltical tasks
Day to day management of Health and Safety is
good and is reviewed regularly by the H&S
Steering group.
3. An anirnal fflay cause an injury leèdlng to BrancF damage
nd / or financial liability.
RESERVES POLICY
The Trust's Reserves Policy has three objectives:
Our investment Portfolio stands at
£1.5M. and our total cash reserves
were enough for 7 months of running
Costs as at year end.
A target of 6 rnonths runnlng costs. which would be £1.913.862
held in free reserves with a minimum of three months. which
would be £956.931 to guard against fluctuations in incorne and
cash-flow requirements
We will look to ringfence £500K of
Cash reserves for potential upf ront
costs of the development of our
Hertfordshire centre in 2025 / 26.
To maintain the Trust's investrnent portfolio to a rnlnlrnvm of
£500k to help generate essential annual investment Income
towards our operating costs
To build up sufficient funds to support the capital investrnent in
the Trust's centres of £500k
This may temporarily take our
reserves below the targets set by the
board of Trustees.
STRATEGIC REPORT
This trustees, report also rneets the cornpany law
requirements for a directors, report. Further. as a medium
sized company. the Trustee5 report also covers the
requirements for our strategic report.
As required. the Trustees have reviewed the Trust as a 'going
concern, for the next 12 months, and have conclvded that
this is the case. This review looked at a number of factors
including- the legacy pipeline of notifications and anticipated
income.. the fact that senior management review income and
expenditure and cash-flow forecasts on a regvlar basis.. and
that the Trust has sufficient free reserves to cover a short-
term decrease in income.
The Trustees would like to thank our nurnerous donors. frlends and supporters as well as
ovr volunteer fundraisers who do so much to help fund our work every year.

National Anirnal
. 7 Welfare Trust
Financial Overview
SUMMARY
2024/25 NAWT statutory accounts showed a net deficit of1£1,401,039) compared to a deficit of1£30,7731 in
2023/24. The year on year increase in our def icit was primarily due to a review of our f ixed assets which resulted
in a one off depreciation write off of £1.091.002.
Excluding legacies and depreciation, our operating result was a deficit of £1.998M which was £181.969 more than
the previous year. mainly due to additional staff costs driven by the 10% increase in minimum wage levels.
It should also be noted that the bottom line def icit includes an unreali5ed loss from our investments of £75.272:
which is an accounting record of the snap shot valuation of our investments at year end.
INCOME
Income: £3.58M
Total incorne streams lex legacies) received in year
were £1.889,574 which was ahead of the previous
year by £163,248. Fundraising income overall was
down by £46k as supporters deal with the personal
irnpact of the cost of living challenge.
LeEacles
Hi9hlights'.
Double donations campaign was our most
successf ul appeal. raising over £127k
Use of our Boarding service continues to grow
(£232,973), a5 the Bedfordshire centre increased
our capacity
The two new high street shops generated an
additional £185.000 in incorne in their f irst f ull
year
Fundraising
47%
6%
Animal Servi¢Ès
Commercial
Total income linc Legacies) of £3.58m is a decrease
of 8% on the previous year.
LEGACIES
During the year. the Trust had a legacy income pipeline of
£1.69 million compared with £2.14 million in the previous
year. Legacy income accounted for 47% of our total income
which is a decrease on the previous year, but this reflects the
year on year reduction in the legacies received 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 amovnt has been received
but fflonies had not yet been paid. £2.24 million of the
accrued monies still has not been received by July 2025. The
legacy pipeline is currently sitting at circa £2.79 million

National Anirnal
. V Welfare Trust
Financial Overview
EXPENDITURE
Expenditure is well controlled by the Centre
Managers and every penny spent is thought
through.
Expenditure (ex Dep): £3.8M
Total expenditure rose from £4M in 23/24 to
£4.95M1+22%1 mainly due to additional 'one of, hit
to depreciation after a review of our fixed assets
1+£778k vs last yearl. General costs continue to
rise. in particular staff costs. which were driven by
another IO% rise in the national minimum wage.
staff costs
Animal care &
Vet costs
Fundrai51ng
io%
Highlights
Payroll,. 15 by far our largest Cost al £2.6M170% of
total expenditure exc depreciation). We have seen
an increase in staff leaving due to better pay
elsewhere as the impact of the c05t of living crisis
continves to bite. Payroll costs rose by 10% and
minimum wage levels are planned to increase by
7% again next year.
Utilities
70%
Other costs
The deficit for 2024/25 of £1,401,039 means that as
at the 31st March 2025, the Trust held total funds of
£8.322.766 {£9.723,805 as at 31 March 2024).
Light & Heat,. our fixed term contract was
renewed which allowe(4 us to find a cheaper ¢Je81
for our utilities. Although still up f rom the pre
Ukraine war level of £76k. our costs have reduced
from last year down to £125k per year.
However, the majority of those funds are held in
fixed assets and restricted funds totalling £4.6m or
55%. The cash & cash equivalents held at the end of
the year were £885.582
External vet5- Vet costs are our second largest
expenditure. A5 well 85 the diff iculty in secvring
veterinary support. Costs f or all treatments and
drugs have risen signif icantly to £214,0091+£18k
on the previous yearl, We expect to see veterinary
costs continue to rise unless ovtputs from the CMA
led vet pricing investigation are clear.

National Animal
. Z Welfare Trust
Looking Ahead
In September 2024, the Trustees met and agreed our strategy and focus for the next
three year business plan cycle. Our three key objectives are:
Specific deliverables for next year will be:
Open at least one new shop
Identify future physical estate requirements
Implement the development plan for our
Hertfordshire Centre
Apply for planning permission for a new
admin building at our Bedfordshire Centre
Implement our new animal welfare journey
across all Centres
Develop an outreach programme to help
animals out in the community
Create a strategic approach for Events
Introduce tracking to record animals 'helped'
not just rehomed
Investigate options for employee wellbeing
Embed consistent approach to induction for
all new employees
Implement new Financial software and
processes

National Animal
. V Welfare Trust
Charity Information/Contacts
INDEPENDENT
AUDITORS
NAWT HEAD OFFICE
NAWT HERTFORDSHIRE
CENTRE
National Animal Welfare Trust
Head Office
Tylers Way
Watford-By-Pass
Hertfordshire
WD25 8
Tel.. 020 8950 0177 (option 11
Moore Kingston Smith LLP
4 Victoria Square
St Albans
AL13TF
NAWT Hertfordshire
Tylers Way
Watford-By-Pass
Watford
Hertfordshire
WD25 8WT
Tel= 0208 950 0177 loption 2)
COMPANY NUMBER
4251503
NAwf BEDFORDSHIRE
CENTRE
NAIW CORNWALL
CENTRE
CHARITY NUMBER
1090499
NAWT Bedford5hire
Glebe Farm
Salford Road
Aspley Guise
Milton Keynes
Bedfordshire
MK17 8HZ
Tel.. 01908 584000
NAWT Cornwall
Wheal Alfred Kennels
Wheal Alfred Roa¢J
Hayle
Cornwall
TR27 5JT
Tel: 01736 756005
SOLICITORS
Withers LLP
16 Old Bailey
London EC4M 7EG
BANKERS
National Westminster Bank
317 Hale Lane.
Edgivare
HA8 7AX
NAWT ESSEX CENTRE
NAWT Clacton
The Street
Little Clacton
Clacton-on-sea
Essex
C016 9LG
Tel.. 01255 860062
BUSINESS ADDRESS
Tylers Way
Watford-by-pass
Watford
Hertf oidshire
WD25 8WT
NAWT BERKSHIRE
CENTRE
NAWT Berkshire
Trindledown Farm
Wantage Road
Great Shefford
Berkshire
RG17 7DQ
Tel.. 01488 638584
REGISTERED OFFICE
Tylprs Way I ',
Watford-by-pass
Wotford
Hertfordshire
WD25 8Wt
www.nawt.org.uk

National Animal Welfare Trust
Year ended 31 March 2025
Trustees, statement
Statement as to Di$¢lo$ure of Infomiatlon to Auditors
The Trustees who were in Offi￿ on the date of approval of these financial statements have confirmed.
as far as they are aware, that there is no relevant audit infonnation of which the auditors are unaware.
Each of the Trustees has confirmed that they have taken all the steps that they ought to have tsken as
Trustees in order to make themselves aware of any relevant audit information and to establish that is has
been communicated to the auditors.
Statement of Trust••s' responsibllftles
The trustees (who are also Directors of National Animal Welfare Trust for the purposes of company law)
are responsible for preparing the Trustees, report and financial statements in accordance with applicable
law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting
Practice).
Company law requires the trustees to prepare accounts for each fi'nancial year which give a true and fair
view of the state of affairs of the charty and of the incoming resou￿$ and application of resource,
including the income and expenditure, of the charrtable company for that year.
In preparing these financial statements, the trustees are required to..
Sele¢t suitable accounting policies and then apply them consistently.
Observe 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 charttable 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 snd hence for taking reasonable steps for the prevention and detection of fraud
and other irregularities.
The Trustees approved this Report and the Strategi¢ Report in their capacsty as Directors on 20 202 S
and signed on their behalf by:
John Garratt
Trustee
Caroline Thomlin
Trustee
on
Page 15

National Animal Welfare Trust
Year ended 31 March 2025
Independent audltor's report to the members of National Anlmal Welfare Trust
Oplnlon
We have audited the financial stalements of National Animal Welfare Trust ('the company'> for the year
ended 31 March 2025 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..
gtve a true and fair view of the state of the charitable company's affairs as at 31 March 2025 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 Accepled Accounting Practice.
and
have been prepared in accordance with the requirements of the Companies Act 2008.
Basis 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 the audit of the financial statements section of our report. We are independent of the
charitable company in accordance with the ethical requirements that are relevant to our audit of the financial
ststements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical
responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained
is sufficient and appropriale to provide a basi5 for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the twstees, use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events
or conditions that, individually or collectively, may cast significant doubt on the charitable company's abilty to
continue as a going concern for a period of at least twelve months from when the financial statements are
authorised for issue.
Our responsibilities and the responsibilities of the twstees with respect to going concern are described in the
relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial
statements and our auditorfs report thereon. The trustees are responsible for the other information. Our
opinion on the financial statements does not cover the other information and, except to the extent otherwise
explicitly stated in our report, we do not express any fomi of assurance conclusion thereon.
Our responsibilty is to read the other information and, in doing so. consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or
otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent
material misstatements, we are required to detennine whether there is 8 material misstatement in the
financial statements themselves. If, based on the work we have perfomied, 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 16

National Animal Welfare Trust
Year ended 31 March 2025
Independent auditorfs report to the members of National Animal Welfare Trust
Opinions on other matters prescrlbed by the Companies Act 2006
In our opinion, based on the V￿rk undertaken in the course of the audit..
the infomiation given in the Trustees, ￿port for the financial year for which the financial statements are
prepared is consistent with the financial statements,. and
. 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 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 are not made., or
we have not received all the infomiation and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees, responsibilities statement set out 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 statements and for being satisfied 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 misstatement, whether due to fraud or error.
In preparing the financial statemerrts, the trustees are responsible for assessing the charitable CoMpan￿S
ability to continue as a going concern. disclosing, as applicable, matters related to going concem and
using the going ¢on¢em basis of accounting unless the trustees either intend to liquidate the charitable
company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditorfs report that
includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS {UK) will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material rf, individually or in aggregate,
they could reasonably be expected to influence the economic decisions of users taken on the basis of
these financial statements.
Page 17

National Animal Welfare Trust
Year ended 31 March 2025
Independent auditorfs report to the members of Natlonal Animal Welfare Trust
As part of an audit in accordsnce with ISAS (UK) we exercise professional judgement and maintain
professional scepticism throughout the audit. We also..
Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, design and perform 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 resulting from fraud is higher than for one resulting from error, as fraud may
involve collusion, forgery. intentional omissions, misrepresentations, or the ove￿Ide 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 companrfs 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 audit evidence obtsined, whether a material uncertainty exists related lo events or
conditions that may cast signrficant doubt on the charitable company's abilty to continue as a going
Concern. If we conclude that a material uncertainty exists, we are required to draw attention in our
audrtor'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 the audit evidence obtained up lo the
dale of our auditor's report. However, future events or conditions may cause the charitable company to
cease to continue as a going ¢on¢ern.
Evaluate the overall presentation, structure and conlent of the financial statements, including the
disclosures, and whether the financial statements represent the underlying transactions and events in 8
manner that achieves fair presentation.
We communicate wtth those charged wtth govemance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant defi'ciencies in intemal
ontrol that we identfy during our audit.
Explanation as to what extent the audit was considered capable of detecting irregularities.
including fraud
Irregularities. including fraud, are instances of non-compliance with laws and regulations. We design
procedures in line with our responsibilities. OLrtlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent to which our procedures are capable of detecting irregularikn'es.
including fraud is detailed below.
The objectives of our audit in respect of fraud, are: to identify and assess the risks of material
misstatement of the financial statements due to fraud. to obtsin 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 responsibility for the prevention and
detection of fraud rests with both management and those charged with governance of the charitable
company.
Page 18

National Animal Welfare Trust
Yew ended 31 March 2025
Independent audltofs r•port to tho m•mber8 of Natlonal Anlmal W•lfare Trust
Our awjroach was a8 follo￿.
We obtalned an undèr8tsndlng of the legal and regulatory requirements appiic8ble lo the charflable ttjmpany
aF￿ ￿nSIdered that the rnost signlfflcant are thè Companies Ad 2008, the Charilie8 Aot 2011, the Charity
SORP. and UKfinan¢i81 reportry standards as Issued ty the Fin8n(ial Reporting Council.
We obtalned an understanding ol how thè charitable company ￿TrpIlO1 wlth these requlrgmonts by
dI8¢wS￿onS wth management and those charged with govemanca.
We 885essed the rlsk of mal8ri81 rnisststement of thè flnancial slatemenls, ineluding the ri$k of material
misstatement due t¢ fraud and how It mighl occur, by IKJkln9 di$cu88ions with management and Ihosè
charged with governance.
We tnqulred of management and those charged with wvemance as to any kn+￿¥n instance$ of no
¢omplionce or 8u$peGted non-¢ompliance wilh laws and regLdati¢)ns.
Bas￿ on Ihls undeislanding, we designed specific apprcyrlate audit procedures to Idfrnbfy instan￿9 of no
compliance with laws and regulatlons. Ttis indudad making enquiries ol management and those Gttar￿d
ith governance and obtaining addttional Corr0t￿ratIVe evidence as réqulred.
There are inherent limitalions in the audit procedures described abovo. We ar? less Ilkely lo become aware of
Instances of non-compllance wlth laws and regulaflons Ihat are not closely related to events and tran$a¢tlons
reflected in tho financial statement$, Also. the iisk of not deteGting a matgrial mlsslatement due to fraud is highfrr
Ihan the rfsk of not detedlna one msulting from gffor, as fraud may invofve d8llberate ¢oncoaiment by, for
examp16, forgwy or inlentional mlsrepresentatlons, or through colknslon.
Use of our report
Thls report is rnade solely to th¢ cttarltsble company's membeTS, a8 a body, In accordancé wtth Chapter 3 of Part
16 of the Companles Act 2006. Our audit work has be6n undertaken so that W8 might slat8 to the company's
mombers Iho8e matt8rs we are rgquirod to slate to them in an audilorfs roport and ft)r no other purpo$e. To the
fulesl extent pgrmillgd by law, we do not aceepi iy assum6 responsibility to any party other than the charitable
company and charltable company's members as a body. for our 8udlt work. for this r•port, or for the opinlons we
hav• fonngd,
Roger Og
(Senlor Ststulory Audltor)
foi and on be173lf of Moorè Klngston Srnith LLP
4 Vlctoria Square
st Abans
Hertfordshlre
AL13TF
Page 19

National Animal Welfare Trust
Statement of Financial Activities for the year ended 31 March 2025
Unrestricted Restrlcted
Funds
Funds
Total Unrestricted Restrlcted
2025
Funds
Funds
Total
2024
Note..
Income from:
Legacies
1.490,046
197,767
1,687,813
1,499,425
644,733 2,144,158
Donations
2a
673,270
64,601
737,871
751,026
37,630
788,656
Charitable aclivities
2b
555.187
555,187
535,629
2,117
537.746
Other trading aGtivilies
2c
528,722
528,722
356,508
2,403
358,911
Investment income
2d
64,590
64.590
41,013
41,013
Other
2e
3,204
3,204
Total
3,315.019
262,368
3,577.387
3,183,601
686,883 3,870,484
Expendltum on:
Raising funds
1,099,523
1,099,523
753,793
753.793
Charitable activities
3,352,008
451,823
3.803.631
2.267,482
988.309 3,255,771
Total expenditure
2f
4.451,531
451,623
4,903,154
3,021,255
988,309 4,009,564
Unrealised gainlooss) on
investments
(75,272)
(75,272)
108,307
108,307
Net incomol(expèndlture)
11,211,7841 <189,255) (1,401,039)
270,653
{301,426) (30,773)
Transfers between funds
9110
68.385
(68,385}
Net movement in funds
1.211,784
189,255
1.401,039
369,811
30.773
Reconclllation of funds:
Total funds brought forward 10
9.342,536
381,269
9.723,805
9,003.498
751.080 9.754,578
Total funds carried forward
8,130,752
192,014
8,322,766
9 342,536
381,269 9.723.805
The charitable Company's income and expenditure all relates to continuing operations.
The notes of pages 23 to 35 fomi part of Ihese financial statements.
P8ge 20

National Anlmal Welfare Trust
Balance Sheet at 31 March 2025
Company number: 04251503
31 March 2025
31 March 2024
Notes
Fixed assets:
Tangible fixed assets
Tangible assets investments
Listed
Unlisted
3.940,598
4,942,474
1.540,276
10
1,615,548
10
1.540.286
1.615,558
Total r￿ed assets
5,480,884
6,558,032
CuThent assets:
Stock
Debtors
Cash and cash equivalents
25,892
2,256,583
885.582
3.168.057
23,197
2,589.517
1,190,094
3.802.808
Liabilities:
Creditors: Amounts falling due within
one year
(326,175)
(288,542)
Net current assets
2,841,882
3,514,266
Creditors". Amounts falling due after
more than one year
7a
(348,493)
Total net assets or liabilities
8,322,766
9,723,805
The funds of the Charity:
Restricted funds
Unrestricted funds:
Fixed asset funds
other designated funds
General Funds
192,014
381,269
10
10
10
3.940,598
666,054
3,524,100
4,942,474
174,142
4,225,920
Total Charity funds
8.322,766
9,723,805
acco nts on pages 20 to 35 were approved and authorised for
and signed on their behalf
the Board of Trustees on 20 IlL4L4&k 2u2S
Joh
Garratt
Trustee
Caroline Th
Trustee
mlinson
Page 21

National Animal Welfare Trust
Statement of Cash Flows for the year ended 31 March 2025
2025
2024
Notes
Cash flows from operating actlvltles:
Net cash (OLrtfiow)linflow from
operating activities
16
90,829
1,012.172
Cash flows from investing activiti•s'.
Dividends and interest received
Purchase of tangible assets
Proceeds from sale of investments
Purchase of investments
Net ¢8sh provided byl(used in)
investing activities
64,590
(89,126)
41,013
(450,439}
{50,000)
{24,536
{459,426}
Cash flows from financlng
activities:
Cash inflows from new borrowing
Repayment of borrowings
Net cash provided by financing
activities
(370,805)
{3,619)
(370,805
(3.619
In¢reasel{decrease) In cash and
cash oquivalents in the year
1304,512
549,127
Cash and cash equivalents at the beginning of year
1.190,094
640,967
Cash and cash equivalents at the end of the year
885,582
1.190.094
Page 22

National Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2025
1. Accounting policies
1.18asis 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 (effective 1 January 2019). The company is a Public Benefit Entity
as defined by FRS 102.
The accounts 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 have been prepared on the historical cost basis with the exception of listed investments
which are included at market value, and in accordance with applicable United Kingdom accounting
standards. The principal accounting policies adopted are set out below.
1.2 Golng Concern
The Trustees are of the opinion that the organisation has adequate resources to continue to operate for the
foreseeable fLrture, 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 Incomlng resources
Donations, Subscriptions, sponsorship, fundraising and appeals, and sales of donated goods are
recognised upon receipt. Investment income, includin9 rental income is recognised on an accruals basis.
Income generated from charitabl8 activities is also recognised upon receipt.
Legacy income
Legacies are included in the statement of financial activities when the charity is entitled to the income, the
executors have estsblished 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 charty. Entitlement is taken as the earlier of
the dates on which either- the charity is aware that probate has been granted, the estate has been finalised
and notification has been made by the executor to the charty that a distribution will be made, or a
distribution is recerved from the estate. Receipt of a legacy, in vh)ole or in part, is only considered probable
when the amount can be measured reliabty and the charity has been notrfied of the executor's intention to
make a distribution. Where legacies have been notified to the charity or the charity is aware of the granting
of probate, but the criteria for income recognition have not been met, then the legacy is treated as a
contingent asset and disclosed if material. Life interest legacy income is recognised at the date of death of
the life interest provided the receipt and value criteria are met.
Volunleers and donated goods and services
In accordance with the Charities SORP (FRS102). the economic contribution of volunteers is not
recognised in the financial statements. Further details 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. benefrt. Currently no record of the value to the charty is maintained and
consequently the value of these ttems 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 facilrtate the recording
and valuing of these items.
Page 23

National Animal Welfare Trust
Notes to the flnanclal statements for the year ended 31 March 2025
1. Accounting policies (continued)
1.4 Resources expendad
Expenditure is recognised when a liability is incurred. Liabilities are recognised as resources expended as
soon as there is a legal or constructive obligation committing the charity to the expenditure. Contractual
arrangements are recognised as goods or services are supplied.
Costs of raising funds are those costs incurred in attracting voluntary income. including the costs of
ensuring that we receive our full entitlement to any legacy income.
Charitable activities include expenditure associated with its animal rescue and re-homing work and
includes both the direct costs and support costs relating to those activities.
Governance costs include those incurred in the governance of the Charity and its asset5 and are
primarily associated wrth constitLrtional and statutory requirements.
Support costs include central functions and have been allocated to activty cost categories on a basis
consistent with the use of resources, this is done on the basis of staff time attributed to each a¢tivty
cost category.
1.5 Fund structure
The Trust has a numb•r of restricted fvnds to account for situations where a donor requires that a donation must be
sp8nt on a particular purpose or where funds have been raised for a specifi¢ purpose.
All other funds are unrestricted income fvnds. The Trustees have made a number of designab'ons to better reflect tt)e
funds structure of the charity- Unrestricted funds raised by our local voluntary support groups are designated to show the
extent of their indivtdual Gontributions to our work. Legacy income dedicated (but not restricted) to a particular animal
¢entre is d•signated towards the costs incurred at those centrès.
1.6 Group flnanclal statements
The subsidiary AWT Trading Limited remains dormant and not material to the charty tharefore ￿nSo11dated accounts
have not beén prepared in accordance with paragraph 24.12 of the SORP. The investrnent in Ihe subsidiaries is shown
as a fixed asset investment.
1.7 Pension Costs
Defined contribution pension costs are charged to the Statement of Financial Activtknes in the period to which
they relate. Differences between contributions payable in the year and contributions actually paid are shown
as either prepayments or accruals in the balance sheet. The assets of the pension scheme are held
seperately from the Charty.
1.8 Fixed asset investments
Listed invesknents are stated at mid-market value. at the balan¢e sheet date. Unlisted investments are valued by the
Trustees at fair value. The Statement of Financial Activities includes the net gains and losses arising on revaluations
and disposals throughout the year.
1.9 Tangible fixed assets
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}. Depreciation is ¢al¢ulated so as to write 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 20 years
4 years
4 years
Page 24

National Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2025
1. Accounting policies (continued
Freehold land has not been depreciated as, in the opinion of the Trustees, any charge would be immaterial
since residual value exceeds cost. Annual impainnent reviews are conducted in accordance with Financial
Reporting Standard 102 paragraph 17.24.
In the year ended 31 March 2025, the estimate on useful economic lives of freehold improvements had
been revised, in order realign all of the freehold improvements useful economic lives to a maximum of 20
years (previousty some of the freehold buildings were depreciated over 30 years).
1.10 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.
1.11 Flnanclal Instruments
The Trust has elected to apply the provisions of Section 11 '8asic Financial Instruments, and Section 12
'Other Financial Instruments issues, of FRS 102 to all of f(s financial instrument.
The Trust has only financial assets and liabilities that qualify as basic financial instruments. Basic financial
instruments are initially recognised 81 transaction value and subsequently measured at their settlement
value.
1.12 Leases
Rentals payable under operating leases are Charged against income on a straight line basis over the lease
tem.
1.13 Cash and cash equlvalents
Cash and cash equivalents include cash at hand, deposits held on call wÈth banks, other short term liquid
investments with original maturities of 3 months or less and bank overdrafts.
Page 25

National Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2026
2. Crltical accounting estlmates and judgements
In the application of the charity's aGcounting policies, the Truste8S 8re required to make judgements. estimates and
assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources.
The Trustses are required to make estimates in respect of legacy income. The basis of recognition is provided within the
incoming resources accounting policy above (see policy 1.31.
In addition there is an estimate relating to the value of the Moody Bare Trust. The estimation of the debtor value is based
on the re￿nt completed transactions to ests'mate the value of each lease.
2a Income from Donations
Total
2025
Totsl
2024
Unrestricted
Dog Warden
Paddock Hire (field hire services)
Donations Individuals-Unre5tricted
Donations Trust - Unrestricted
Subs
Sponsorship -unrestricted
Sundry Income
Fundraising Appeals - Unrestricted
1,941
7,723
463,729
13,706
1,767
14,187
2,714
167.503
673.270
1,212
7.070
508,489
47,292
3,177
15,820
1,124
166,842
751,026
Restricted
Thurrock Restricted
Donations Individuals-Restricted
Fundraising Appeals-Restricted
Donations Trust-Restricted
1,933
3,135
697
35,000
37.630
61,486
64,601
Total Donations
737,871
788,656
2b Income from Charitable actlvltles
Unrestricted Restricted
Funds
Funds
Total
2025
Unrestrktgd Re8trld•d
Total
2024
Funds
Fund$
Commissions and royalties
Sales from animal related goods
Homing
66.522
302,445
186,220
555.187
66.522
302,445
186.220
555,187
62,294
249,809
223,526
535,629
2,117
64,411
249,809
223,526
537,746
2,117
2c Income from Other trading activities
Unrestricted Restricted
Funds
Funds
Total
2025
Unrestricted Restrlclod
Total
2024
Fundg
Fund•
Rent receivable
Charity shop
Sale of donated goods
20,340
16,406
491,976
528,722
20,340
16,406
491,976
528,722
22,626
235,248
98.634
356,S08
22,626
235,248
101,037
358,911
2,403
2,403
Page 26

National Animal Welfare Trust
Notes to thfr financial statsmfrnts for the year ended 31 Mar¢h 2025
2d Incomo from Investm•nts
Unrgstrlctad R•slrlclgd
Funds
Funds
Tolal
2026
UnTestrlcted R95trlctgd
Fund$
Funds
Tolal
2024
Dividends and interest recelved
64,590
64,590
64.590
64,590
41,013
41,013
41.013
41,013
20 Oth&r Incomo
Unre$trl¢ted Restrlctsd
Funds
Funds
Total
2025
Unrgstrl¢tgd Restrl¢t•d
Funds
Funds
Total
2024
other miscellaneous Income
3,204
3,204
3,204
3,204
2f Expendlturo
Support &
Dlrg¢t Staff Oth•r dlro¢t Govèrnance
¢osts
costs
Costs
Total
2025
Raoslng fvnds
Fundraising. publicity & other
Charitsble activitlp5
Anlmal rescue and re.homing
503,808
163,504
432,211
1,099,523
1,882,515
2,386,323
289,265 1,631,851
452,769 2,064.062
3,803,631
4,903,154
Support &
Dlroct staff othgr dlrnct Govornance
¢o$ts
Costs
Total
2024
Raigin9 fund3
Fundralslng, publicity & other
Charltabjè a¢Uvltlgs
Animal rescue and re-homlng
404.682
145,755
203.356
753,793
1,841,700
311,087 1,102,984
3,255,771
2,246,382
456,842 f,306,340
4,009,554
Included in CharTtable activities is restricted expenditure of £451,623 (2024.. £988,309).
Support *nd Govemance costs
Charitabl•
attiviti•s
Raislng
fund5
Tolal
2025
Charltablg
a¢tlvltlos
Raitsing
lunds
Total
2024
Staff costs
Premlses costs
Motor expenses
Office costs
IT costs
Professional fees
Bank charges
Sundry expenses
Depreciation
Govemance
172,716
273.989
19,708
98,762
53,4S2
52,634
22,098
48.013
72.993
5,250
26.311
14,240
14,022
5,887
218.729
346,982
24.958
125,073
67,692
66,656
27.985
164,668
280,727
21,530
105,834
44,893
44,924
38,668
331
312,818
88,791
1,102.984
36,183
200,851
81.885
342,412
4,731
26,261
23,255
129.089
9,820
54.513
2.873
47.797
9.872
48,540
8,633
8,964
73
312,891
46,231
135,022
203,356 1,306,340
848,810
94,981
1,635,152
244.192 1.091,002
94,981
428.910 2,064,062
Governance ¢o¥ts comprlse..
2025
2024
Staff costs
Audit
other governan￿ costs
59,869
16,050
19,062
57,544
15,947
61,531
94,981
135.022
Page 27

National Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2025
3. Staff costs
2025
2024
Administration
Social security costs - admin
Animal care
Social security costs - animal care
Shops
Social security costs - shops
Pensions
Other Staff Costs
523,058
53,475
1,622,876
115,181
213,970
13,990
51,347
71,024
485,560
48.785
1,618,401
108,066
133,919
7,983
49,986
52.079
2,664.921
2,504,779
3.a Staff numbers
2025
2024
No.
Administration
Animal care
Shops
16
85
15
16
91
15
118
122
The number of ernployees whose annual emoluments were £60,000 or more were..
2025
2024
£70,001- £80,000
£90,001- £100,000
£100,001- £110,000
Pension contributions were
£6,939
£6,714
Remuneration totalling £210,060 {2024.. £199,940) was paid to 3 key members of management {2024.' 3)
Termination payments of £23,384 were paid in the year ending 31 March 2025 (2024: £nil) and total
redundancy payments made were £5,756 (2024: £nil)
Page 28

National Animal Welfare Trust
Notes to the financial ststements for the year ended 31 March 2026
4. Tanglble r￿ed assets
Freehold land
& building
improvements
Equipment
Motor
vehicles
Total
Cost
At 1 April 2024
Additions
Disposals
7.485,245
39,846
(1,532,635)
368.797
7,000
(309,869)
142,491
7.996,533
42,280
89,126
(34,699) (1,877,203)
At 31 March 2025
5,992,456
65,928
150,072
6,208,456
Depreciation & Impairnients
At 1 April 2024
2,579,009
Charge for the year
1,047,170
Eliminated on disposal
(1,532,635)
342.783
23.038
(309,869)
132.267
3.054.059
20.794
1,091.002
{34,699) (1,877.203)
At 31 March 2025
2,093,544
55,952
118,362
2,267,858
Net book value
At 31 March 2025
3,898,912
9,976
31,710
3,940,598
At 31 March 2024
4,906.236
26,014
10,224
4,942,474
Page 29

National Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2025
S. Investments
2025
2024
Llsted
Mafket value of assets at 1 April 2024
Opening balance rounding
Unrealised net gainsl(losses)
Net Additions l{Disposals}
1,615,548
1,457,240
{75,272)
108,307
50,000
Market value of assets at 31 March 2025
1,540,276
1,615,548
Unllsted
AVVT Trading Limited
10 Ordinary £1 shares at cost
10
10
10
10
AWT Trading Limited is a dormant subsidiary undertaking
6. Debtors
2025
2024
Other tax and social security
other debtors
Prepayments & accrued income
Accrued legacy income
23,897
276,263
82,730
1,873,693
28,618
251,099
59,239
2,250,561
2,256.583
2,589,517
Other debtors include £239,771 (2024.. £220,635) relating to long term debtors.
7. Credltors: Amounts falling due within one year
2025
2024
Trad& creditors
Other creditors
Accruals
Other tsxes and social security
Loan
119,375
123,100
43,703
39,997
78,836
63,040
88,867
34,941
22,858
326,175
288,542
7a. CredIto￿. Amounts falling due after more than onè year
2025
2024
Loan
348,493
348,493
The loan was repaid in full during the course of the year.
Page 30

National Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2025
8. Net assets held by funds
Tangible
fixed
assets
Bank
and cash
Other net
Assets
Total
2025
Current
Investments
Restricted funds:
Thurrock
Cornwall
Feral Cat Plan
192,014
192.014
Unrestricted funds:
Desi
aled funds
Moody Fund
Thurrock
Building Fund
Fixed Asset Fund
96,122
69,932
500,000
96,122
69,932
500,000
3,940,598
3,940,598
General unrestricted funds..
General funds
1,540,286
693,568
1,290,246
3,524,100
1,540,286
3,940 598
885 582
1956,300
8,322 766
Net assets held by funds 2024
Tangible
fixed
assets
Bank
and cash
Other net
Assets
Total
2024
Com
aratlve
ear
Investm•nts
Restricted funds:
Thurrock
Comw811
Feral Cat Plan
231,538
231,538
51,754
97,977
51,754
97,977
Unrestricted funds:
Desi
nated funds
Moody Fund
Thutrock
Fixed Asset Fund
96.122
78.020
96,122
78,020
4,942,474
4.942,474
General unrestricted funds..
General funds
1,615,558
958,556
1,651,81
4,225,920
1,615 $58
4 942 474
1190094
1975,679
9 723 805
Page 31

National Animal Welfar8 Trust
Notes to the financial statements for the year ended 31 March 2025
9. Restricted Funds
Current
Balance
01-Apr-24
Incoming Resources
resources
expended
Balance
31-Mar-25
Transfers
Thurrock
Cornwall
Berkshire
Bedfordshire
Essex
Feral Cat Plan
Hertfordshire
231,538
51,754
24,000
127,462
63,762
33.602
7.542
(63,524)
(179,216)
{63,762}
{33.602)
(7,542)
{97,977)
(6,000)
192.014
97,977
6,000
381269
262,368
451623
192 014
Prlor Year
Balance
01-Apr-23
Incomlng Resources
resources
expended
Balance
31-Mar-24
Transfers
Thurrock
Cornwall
Berkshire
Bedfordshire
Essex
Feral Cat Plan
Hertfordshire
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
751,080
686,883
988 309
68,385
381,269
Thurrock
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 include fundraising activities to
generate funds needed localty. Resources expended related to the costs associated with running the local
animal rescue activty. A transfer has been made betweèn unrestricted to restricted funds to reflect bank
interest due to Thurrock.
Feral Cat Plan
In September 2015 the Tnjstees of the National Animal 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 Communty.
Other funds relate to specific restricted legacies that were received and applied to particular centres.
Page 32

National Animal Welfare Trust
Notes to the flnanclal statements for the year ended 31 March 2026
10. Unrestricted funds
Current
ar
Balance
01-Apr-24
Incomlng
resources
Resources
expended
Gains and
Transfers
Balance
31-Mar-25
Designated funds
Supporter Groups..
Thurrock
78,020
96,122
(8,088)
69,932
96,122
500,000
3,940,598
Moody Fund
Building fund
Fixed Asset fund
500,000
89.126
4,942,474
(1,091,002)
5,116.616
{1,099,0901
589,126
4,606,652
General funds
4,225,920
3,315,019
3,352,441)
{864,398)
3,524,100
Total funds
9 342.536
3,315,019
4,451,531
75,272
8,130,752
Com
rative
ear
Balance
01-Apr-23
Incoming
resources
Resources
expended
Gains and
Transfers
Balance
31-Mar-24
Designated funds
Supporter Groups".
Thurrock
7,797
95,655
7.149
467
(5.311)
68,385
78,020
96,122
Moody Fund
Building fund
Fixed Asset fund
4,851,085
(359,050)
450,439
4,942,474
4,954,537
7,616
(364,361
518,824
5,116,616
General funds
4.048,961
2,656,894
342,132
3,175,985 4,225,920
Total funds
9 003 498
3.183,601
3 021,255
176 692
9 342,536
Moody Fund - this represents the Trust's share of some long-term assets that were bequeathed to the charty
from the Estate of Ethne Pauline Moody, and which are currently being held in a "Bare Trust. whilst they are
realised.
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 work
of the charity.
Flxed Asset Fund - this fund represents the net book value fixed assets at 31 March 2025.
The net book value of the fixed asset fund St the 31 March 2025 is £3,940,598. This depreciation charge for
the year of £1,091,002 includes a historical adjustment of £747,323.67 as result of the change in accounting
estimate for useful economic live5 of freehold improvements as described in note 1.9. As of 31 March 2025.
all freehold improvements have a maximum useful economic life of 20 years and the historical adjustment
accounts for the depreciation that should have been recognised in prior periods.
Bulldlng Fund - this fund is for major building improvements needed at the cenlres.
Page 33

Natlonal Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2025
11. Pension costs
During the period defined contribution pension costs amounting to £51.347 (2024.. £49,986) were paid over to
the independently administered pension schemes. As at 31 March 2025 there were no outstanding
contributions {2024.' £nil).
12. Trustees, expenses and remuneration
Trustees received no remuneration (2024.. £nil). No Trustees {2024: 0 Trustee) were reimbursed for their
travelling expenses.
13. Company infomiation
The company Is limited by guarantee and has no issued share capital. The liability of the members is limited to
£1.
14. Flnancial commitments
As at 31 March 2024, the company was committed to making the following payments under non-cancellable
operating leases:
Land & Buildings
2025
2024
Oth•r
2025
2024
Within 1 year
2-5 years
Over 5 years
70.833
69,250
165,750
10,040
35,376
10,320
38,984
6,432
55,736
70,833
235,000
45,416
15. Contlngent Assets
In addition to legacy income iecognised in the SOFA. on the 30 June 2025 the Charity had been notified of 9
residuary legacies (2024= 11) with a totsl estimated value of £1.056 million (2024.- £1.096 million). These
legacies do not satisfy the criteria relating to the probability andlor reliable estimate required by our accounting
policy to recognise the income during the year. They are therefore disclosed here as a contingenl asset.
16. Related party transactlons
There were no related paty transactions in the financial year 2024r25. Lynley Griffith, Trustee of NAwf until
October 2024. acted as a Health & Safety Consultsnt in a professional capacty for NAWT during the previous
financial year 2023124, receiving £1,363, with owing nil at the 31 March 2024.
Page 34

National Animal Welfare Trust
Notes to the financial statements for the year ended 31 March 2025
17. Reconciliation of net incoming resources to net inflow from operating activities
2025
2024
Net deficit for the reporting period
(1,401,039)
(30,773)
Adjustments for..
Depreciation
Unrealised (Gains)Ilosses on investments
Dividends, interest and rents from investments
(Increase) in stock
Decreasel(Increase) in debtors
Increase in creditors
1,091,002
75,272
(64,590)
(2,695)
332,934
59,945
359,050
(108,307)
(41,013)
(2,642)
847,332
(11,475)
Net cash inflow from operating activities
90,829
1,012,172
Analysis of changes in net debt
At start of Cash
year
flows
1,190,094 {304,512)
At end of year
Cash
885,582
Page 35