Charity registration number: 1091638
British Veterinary Orthopaedic Association
Annual Report and Financial Statements for the Year Ended 31 December 2021
British Veterinary Orthopaedic Association
Contents (continued)
| Reference and Administrative Details | 1 |
|---|---|
| Annual Report of the Officers | 2 to 3 |
| Statement of Officers' Responsibilities | 4 |
| Independent Examiner's Report | 5 |
| Statement of Financial Activities | 6 |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 to 12 |
| Detailed SOFA summary | 13 |
| Detailed SOFA breakdown | 14 |
British Veterinary Orthopaedic Association
Reference and Administrative Details
Chairmen
Mrs Sarah Girling BVMS DipECVS MRCVS, Senior Vice Chairman Mr Mark Bush MA VetMB CertSAS DSAS(Orth) MRCVS, Chairman Mr Andy Moores BVSc DSAS(Orth) DipECVS FRCVS, Vice Chairman
Officers
Mr Ben Walton BVSc DSAS(Orth) MRCVS, Education Chair Mr Mark Morton BVSc DSAS(Orth) MRCVS, Education Chair Mr Gareth Harries BVMS CertSAS MRCVS RCVS, Treasurer Mr Rob Quinn BVMS(Hons) CertAVP Dip. ECVS MRCVS, Scientific Secretary Mrs Heather Eastham BVMS PGCertSAS MRCVS, Member at Large
Secretary
Mr Alex Belch BVMS CertSAS MRCVS RCVS, Secretary
Principal Office
43 Cambridge Road Wimpole Royston Hertfordshire SG8 5QD
Independent Examiner
Mr C P Lydon FCA FCCA Independent Examiner Farrar Smith Chartered Accountants Unit 11 Fusion Court Garforth Leeds LS25 2GH
Charity Registration Number
1091638
Page 1
British Veterinary Orthopaedic Association
Annual Report of the Officers
The officers present the annual report together with the financial statements of the charity for the year ended 31 December 2021.
Objectives and activities
Objects and aims
The purposes of the Association are the promotion of education and research into the study of animals with orthopaedic disorders or who are otherwise in need of care and protection in particular promoting the study and research in the science of veterinary orthopaedics and disseminating the results of such research and other information to persons concerned with the welfare of animals with orthopaedic disorders. The officers confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the associations aims and objectives, in planning future activities, and setting the grant making policy for the year.
Public benefit
The Association furthers its charitable purposes for the public benefit through its grant-making policy which aims at:
• funding research and teaching related to the trea tment and nursing of animals with orthopaedic disorders and related conditions. The research is both pure research and, under the heading of innovation, applied research with the objective of correcting or improving the lives of animals and their carers;
• providing grants to projects that seek to provide i nnovations in care as a form of applied research.
By focussing on these areas, we achieve our strategic priorities of maintaining a viable grant programme and continue to fund research.
The Association carries out this programme through partnerships with institutions, in particular, the Association has concentrated on developing the existing partnership with the University of Liverpool.
The officers confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Research Grants
The BVOA supports clinical research with the provision of grants to members to fund or provide assistance with projects that will advance the subject of veterinary orthopaedics.
A sum of up to £10,000 is available to fund clinical veterinary orthopaedic research. These projects must be completed within 2 years of acceptance. The principal investigator must be a member of the BVOA and then ackn owledge the BVOA’s support in any subsequent publications or presentations.
The research is both pure research and, under the heading of innovation, applied research with the objective of correcting or improving the lives of animals and their carers;
The research group is expected to provide a report and their results to a BVOA meeting during the Clinical Abstracts sessions of the BVOA meetings.
All applications will be subject, in the first instance, to blinded triplicate peer review under the direction of the Scientific Secretary of the BVOA. Recommendations will then be made to the BVOA Executive Committee who will reach a decision and inform applicants.
The research grants will advance the knowledge in the field of veterinary orthopaedics and this knowledge should then improve the treatment of our patients and benefit both them and their owners.
Page 2
British Veterinary Orthopaedic Association
Annual Report of the Officers (continued)
The officers confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.
Structure, governance and management
Arrangements for setting key management personnel remuneration
The Officers comprise the key management personnel of the charity and are in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All officers give their time freely and no officer remuneration was paid in the year. Details of officer expenses and related party transactions are disclosed in note 6 to the accounts.
Officers are required to disclose all relevant interests and register them with the Chairman and in accordance with the Association's policy withdraw from decisions where a conflict of interest arises.
Organisational structure
The Executive will meet in person 3-4 times annually in addition to more frequent online meetings, and regular communication via email.
Members of the BVOA Executive are invited to apply for election to the committee to become Trustees, each of who takes their position for a set term.
The Committee are supported by an administrator to oversee the day to day management of the Association and to coordinate and organise the meetings for our members.
BVOA Activities
The organisation arranges two meetings per annum providing members with the latest developments and reviews of evidence presented by experts drawn from the UK, EU and the USA.
The Spring meeting is a single day meeting associated with the timing of the British Small Animal Veterinary Association annual congress. This meeting also provides the platform for a number of clinical abstracts that may be judged by the assembly audience for an award aimed to encourage young members of the profession to pursue research. The autumn meeting provides a further 2 days of presentations and lectures.
Alongside this meeting, the BVOA provide low cost introductory courses for less experienced surgeons to introduce them to techniques involved in the repair of fractured bones.
Additional activities include the provision of a website discussion board to allow members to seek advice, and debate arising issues which may attract contributions from all levels of surgeon. Access to an international journal, Veterinary Comparative Orthopaedics and Traumatology is coordinated for members.
The BVOA also supports two online portals to allow monitoring of two surgical procedures, hip replacement, and cruciate surgery with the aim of driving improvement and to assist surgeons with information on the recovery, progress and outcome of their cases. The Canine Cruciate Registry was launched in Summer 2021 and very well received by surgeons and pet owners.
The activities of the BVOA support the educational needs of the veterinary orthopaedic surgeons across the UK and in so doing, their abilities may then benefit their patients and in turn the pet owning public.
In 2022, its Manchester meeting to hear from UK & EU Veterinary Specialists was attended to capacity.
Page 3
British Veterinary Orthopaedic Association
Annual Report of the Officers (continued)
Financial Reserve Policy.
The funds held and managed by the BVOA include a reserve held to cover twelve months of average operating costs.
The calculation of average monthly operating costs includes all recurring, predictable expenses such as administrator’s remuneration and benefits, occupancy, office, travel, program, and on-going professional services. Depreciation, in-kind, and other non-cash expenses are not included in the calculation. The calculation of average monthly expenses also excludes some expenses.
The amount of the Operating Reserve Fund target minimum will be calculated each year after approval of the
annual budget, reported to the Committee, and included in the regular financial report
Major risks and management of those risks
Risk management
The Officers actively review the major risks which the charity faces on a regular basis and believe that the controls in place and financial resources are adequate.
The annual report was approved by the officers of the charity on 30 September 2022 and signed on its behalf by:
......................................... Mr Gareth Harries BVMS CertSAS MRCVS RCVS Treasurer
Page 3
British Veterinary Orthopaedic Association
Statement of Officers' Responsibilities
The officers are responsible for preparing the officers' report and the financial statements in accordance with the United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) and applicable law and regulations.
The law applicable to charities requires the officers to prepare financial statements 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 resources of the charity for that period. In preparing these financial statements, the officers are required to:
-
select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The officers are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charities (Accounts and Reports) Regulations 2008, and the provisions of the constitution. The officers are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The officers are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the officers of the charity on 30 September 2022 and signed on its behalf by:
......................................... Mr Gareth Harries BVMS CertSAS MRCVS RCVS Treasurer
Page 4
British Veterinary Orthopaedic Association
Independent Examiner's Report to the trustees of British Veterinary Orthopaedic Association
I report to the officers on my examination of the accounts of British Veterinary Orthopaedic Association for the year ended 31 December 2021.
Responsibilities and basis of report
As the charity officers of British Veterinary Orthopaedic Association you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ( ‘ the Act ’ ).
I report in respect of my examination of the British Veterinary Orthopaedic Association's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner ’ s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of British Veterinary Orthopaedic Association as required by section 130 of the Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘ true and fair view' which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
...................................... Mr C P Lydon FCA FCCA Independent Examiner Institute of Chartered Accountants in England & Wales
Farrar Smith Chartered Accountants Unit 11 Fusion Court Garforth Leeds LS25 2GH
30 September 2022
Page 5
British Veterinary Orthopaedic Association
Statement of Financial Activities for the Year Ended 31 December 2021
| Unrestricted Restricted Total |
|
|---|---|
| funds funds 2021 |
|
| Note | £ £ £ |
| Income and Endowments from: | |
| Donations and legacies | 26,255 29,126 55,381 |
| Charitable activities | 74,030 - 74,030 |
| Investment income 2 |
18 - 18 |
| Total income | |
| 100,303 29,126 129,429 |
|
| Expenditure on: | |
| Charitable activities | (59,638) (29,126) (88,764) |
| Total expenditure | |
| (59,638) (29,126) (88,764) |
|
| Net income | |
| 40,665 - 40,665 |
|
| Net movement in funds | |
| 40,665 - 40,665 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 191,655 - 191,655 |
|
| Total funds carried forward 11 |
|
| 232,320 - 232,320 |
All of the charity's activities derive from continuing operations during the above two periods.
The notes on pages 8 to 12 form an integral part of these financial statements. Page 6
British Veterinary Orthopaedic Association
(Registration number: 1091638) Balance Sheet as at 31 December 2021
| 2021 2020 |
|
|---|---|
| Note | £ £ |
| Current assets | |
| Debtors 8 |
8,195 3,965 |
| Cash at bank and in hand 9 |
243,666 206,408 |
| 251,861 210,373 |
|
| Creditors: Amounts falling due within oneyear 10 |
|
| (19,540) (18,717) |
|
| Netassets | |
| 232,321 191,656 |
|
| Funds of the charity: | |
| Unrestricted income funds | |
| Unrestricted funds | 232,321 191,656 |
| Total funds 11 |
|
| 232,321 191,656 |
The financial statements on pages 6 to 12 were approved by the officers, and authorised for issue on 30 September 2022 and signed on their behalf by:
......................................... Mr Gareth Harries BVMS CertSAS MRCVS RCVS Treasurer
The notes on pages 8 to 12 form an integral part of these financial statements. Page 7
British Veterinary Orthopaedic Association
Notes to the Financial Statements for the Year Ended 31 December 2021
1 Accounting policies
Statement of compliance
The financial statements have been prepared in accordance with the second edition of the Charities Statement of Recommended Practice issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Basis of preparation
British Veterinary Orthopaedic Association meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.
Going concern
The officers consider that there are no material uncertainties about the charity's ability to continue as a going concern.
Income and endowments
Voluntary income including donations, gifts, legacies and grants that provide core funding or are of a general nature is recognised when the Charity has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
Sponsorship is recognised when communicated in writing with notification of both the amount and the settlement date.
Investment income
Interest on funds held on deposit is included upon notification of the interest paid or payable by the bank.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities.
Charitable activities
The expenditure of charitable activities includes grants made, governance costs and support costs as shown in note 4.
Grant expenditure
Grants payable are payments made to third parties in the furtherance of the charitable objects of the charity. In the case of an unconditional grant offer this is accrued once the recipient has been notified of the grant award. The notification gives the recipient a reasonable expectation that they will receive the one year or multi-year grant. Grants awards that are subject to the recipient fulfilling performance conditions are only accrued when the recipient has been notified of the grant and any remaining unfulfilled conditions attaching to that grant are outside of the control of the charity.
Page 8
British Veterinary Orthopaedic Association
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
Grant provisions
Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.
A provision for a multi-year grant is recognised at its present value where settlement is due over more than one year from the date of the award, there are no unfulfilled performance conditions under the control of the charity that would permit the charity to avoid making the future payment(s), settlement is probable, and the effect of discounting is material. The discount rate used is the rate offered on government bonds (Gilts) for a commensurate or similar time period offered in the year in which the grant award is made.
Governance costs
Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related to independent examination and legal fees together with an apportionment of overhead and support costs relating to trustee Board and sub Committee meetings.
Taxation
The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.
Cash and cash equivalents
Cash and cash equivalents comprise, cash on hand, call deposits and other short term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Fund structure
Unrestricted funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects. Unrestricted income is generated by subscriptions and fees in attending the educational conferences, as conference costs are substantially greater than the sponsorship income received by the charity any surplus generated from the conference is classed as unrestricted funds for the charity's use, provided the surplus does not amount to equal or greater than the sponsorship income generated.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the sponsor. The charity holds educational conferences twice yearly in spring and autumn, the sponsorship income is restricted to the costs of these conferences.
Page 9
British Veterinary Orthopaedic Association
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
2 Investment income
| 2 Investment income |
|||
|---|---|---|---|
| Unrestricted | |||
| funds | Total | ||
| General | funds | ||
| £ | £ | ||
| Interest receivable and similar income; | |||
| Interest receivable on bank deposits | 18 | 18 | |
| Total for 2021 | 18 | 18 | |
| Total for 2020 | 122 | 122 |
3 Expenditure on charitable activities
| 3 Expenditure on charitable activities |
3 Expenditure on charitable activities |
|---|---|
| Unrestricted | |
| funds Restricted Total Total |
|
| General funds 2021 2020 |
|
| Note £ £ £ £ |
|
| Educational courses & events 30,121 29,126 59.247 8.289 |
|
| 30,121 29,126 59,247 8,289 |
|
| Activity undertaken Grant funding of |
|
| directly activity 2021 |
|
| £ £ £ |
|
| Course venue expenses - Autumn | 49,179 - 49,179 |
| Course speaker expenses - Autumn | 5,460 - 5,460 |
| Grantspaid out | - 4,608 4,608 |
| 54,639 4,608 59,247 |
£30,121 (2020 £4,789) of the above expenditure was attributable to unrestricted funds and £29,126 (2020 £3,500) to restricted funds.
In addition to the expenditure analysed above, there are also governance costs of £29,517 (2020 31,265) which relate directly to charitable activities. See note 4 for further details.
Page 10
British Veterinary Orthopaedic Association
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
4 Analysis of Governance Costs
| 4 Analysis of Governance Costs | |||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Printing, postage and stationery | 3,361 | 2,431 | |
| Journal costs | 15,031 | 17,865 | |
| Admin & consultancy | 4,775 | 6,348 |
|
| Officer expenses | 1,765 | 1,908 |
|
| Independent examiners fee | 1,860 | 1,800 |
|
| Bank charges | 2,725 | 913 |
|
| 29,517 | 31,265 | ||
5 Analysis of grants
| 5 Analysis of grants | |
|---|---|
| Grants to institutions Grants to individuals |
|
| 2021 2020 2021 2020 |
|
| £ £ £ £ |
|
| Analysis | |
| University of Liverpool | 1,700 4,000 - - |
| Rachel Jermyn–Hip Registry Support | - - 1,960 613 |
| Cardiff University | 948 - - - |
| 2,648 4,000 1,960 613 |
Grants totalling £4,608 have been awarded during the year to 31 December 2021. (2020: £4,613)
6 Officers remuneration and expenses
During the year the charity made the following transactions with officers:
Expenses paid to the officers in the year totalled £1,765 (2020 £1,908). These expenses were made up of reimbursements for officers attendance at meetings, as well as seminar and conference costs and related travel expenses.
No officers, nor any persons connected with them, have received any remuneration from the charity during the year.
Page 11
British Veterinary Orthopaedic Association
Notes to the Financial Statements for the Year Ended 31 December 2021 (continued)
7 Taxation
The charity is a registered charity and is therefore exempt from taxation.
8 Debtors
| 8 | Debtors | ||
|---|---|---|---|
| 2021 | 2020 | ||
| £ | £ | ||
| Trade debtors | 6,790 | 500 | |
| Prepayments | 1,405 | 3,465 | |
| 8,195 | 3,965 | ||
| 9 | Cash and cash equivalents | ||
| 2021 | 2020 | ||
| £ | £ | ||
| Cash at bank | 93,663 | 106,302 | |
| Short-term deposits | 150,003 | 100,106 | |
| 243,666 | 206,408 |
10 Creditors: amounts falling due within one year
| 10 Creditors: amounts falling due within one year |
||
|---|---|---|
| 2021 | 2020 | |
| £ | £ | |
| Prepaid subscriptions | 17,355 | 16,600 |
| Accruals | 2,185 | 2,117 |
| 19,540 | 18,717 |
11 Funds
| Balance at 31 | |
|---|---|
| Balance at 1 Incoming Resources December |
|
| January 2021 resources expended 2021 |
|
| £ £ £ £ |
|
| Unrestricted | |
| General | |
| 191,655 100,303 (59,638) 232,302 |
|
| Restricted | |
| - 29,126 (29,126) - |
|
| Total funds | |
| 191,655 129,429 (88,764) 232,320 |
Page 12
British Veterinary Orthopaedic Association
Detailed Statement of Financial Activities for the Year Ended 31 December 2021
| Total Total |
|
|---|---|
| 2021 2020 |
|
| £ £ |
|
| Income and Endowments from: | |
| Donations and legacies (analysed below) | 55,381 31,225 |
| Charitable activities (analysed below) | 74,030 10,502 |
| Investment income (analysed below) | 18 122 |
| Total income | |
| 129,429 41,849 |
|
| Expenditure on: | |
| Charitable activities (analysed below) | (88,764) (39,554) |
| Total expenditure | |
| (88,764) (39,554) |
|
| Net income | |
| 40,665 2,295 |
|
| Net movement in funds | |
| 40,665 2,295 |
|
| Reconciliation of funds | |
| Total funds brought forward | |
| 191,656 189,361 |
|
| Total funds carried forward | |
| 232,321 191,656 |
This page does not form part of the statutory financial statements. Page 13
British Veterinary Orthopaedic Association
Detailed Statement of Financial Activities for the Year Ended 31 December 2021 (continued)
| Total Total |
|
|---|---|
| 2021 2020 |
|
| £ £ |
|
| Donations and legacies | |
| Membership subscriptions | 26,255 27,725 |
| Sponsorship | 29,126 3,500 |
| 55,381 31,225 |
|
| Charitable activities | |
| Activities to further the charity's objects | 74,030 10,502 |
| 74,030 10,502 |
|
| Investment income | |
| Interest on cash deposits | 18 122 |
| 18 122 |
|
| Charitable activities | |
| Course venue expenses - Spring | - 2,239 |
| Course venue expenses - Autumn | 23,666 600 |
| Course venue expenses - Autumn | 25,513 - |
| Course speaker expenses - Spring | - 620 |
| Course speaker expenses - Autumn | 5,460 41 |
| Course speaker expenses - Autumn | - 176 |
| Grants payable - institutions | 2,648 4,000 |
| Grants payable - individuals | 1,960 613 |
| Printing, postage and stationery | 3,361 2,431 |
| Journal costs | 15,031 17,865 |
| Admin & consultancy | 4,775 6,348 |
| Officer expenses | 1,765 1,908 |
| Independent examiner's fee | 1,860 1,800 |
| Bank charges | 2,725 913 |
| 88,764 39,554 |
This page does not form part of the statutory financial statements. Page 14