Company registration number.. 03267722 Charity registralion number: 1120874 Respect for Animals Educational Trust Limited Annual Report and Financial St8tem¢nts for the Y¢aT Ended 31 Dcc¢mb¢r 2024 Atkinson Evans LirnÉted The Old Drill Hall l O Arnot Hill Road Arnold Nottingham NottinghamshTTe NCJ5 6tJ
Respect for Animals Educatlonal Trust Limited Contents Reference and Athninlstrative Detai15 Strategic Report 2to4 Trustees, Repon 5107 Independent Examiner's Report 8t09 Statement of Financial Activiti¢s io Balance Sheet Notes lo the Financi81 Stat¢m¢nts 121021
Respect for Animals Educational Trust Limited Reference and Administrative Details Secretary Ms Nicola Roberta Brook5 Charlty Registration Number 1120874 Companv Reglstr*tjOD Number 03267722 Reglstered Office 30 Station Road Carlton Nottingham Noitinghamsbire NG4 3DL Independent Examiner Atkinson Evans Limited The Old Drill Hall 10 Arnol Hill Road Arnold Notlingham Nottinghamshire NG5 6U A¢¢ounlgnts Atkinson Evans Limited The Old Drill Hall 10 Arnol Hill Road Arnold Nollingham Nottingharnshire NG5 6LJ Page I
Respect for Animals Educational Trust Llmited Strategic Report for the Year Ended 31 December 2024 The trustees, Wilo are directors for the purposes of company18w, present their stTalegic report for the year ended 31 December 2024. in compliance with $414C of the Companies Act 2006. Page 2
Respect for Animals Educational Trust Limited Strategic Report for the Year Ended 31 December 2024 Athievements and performance Respect for Animals Educaiional Trnsl (RfAET} continues its mission to end the cruel and unnecessary global fur trade. The killing of tens of millions of animals each year for their fur is uneihical, unnecessary, and indefensible. RfAET believes ihal moral progress is reflected in how nations treat their most vulnerable. and fur 'production' fails that test. Through peacefvl, evidence bascd campaigning, we remain commilt¢d io giving a voice lo the voiceless animals who suffer at ihe hands of the fur industy. Our naOW focus and coalition leadership allow RfAET to punch above ils weighi, driving legislative, consumer and coorate chang¢ across the UK and Europc and beyond. Fur Frcc UK Campaign RIAET continued io lead the campaign for a UK-wide ban on the import and sale of fur. We built new relationships ith minisiers and officia15 at DEFRA, urging publication of ihe long-ovcrdue results of its 2021 consultation into the fur trade. We supp¢)rted one of the most signcd Early Day Molions in ihe curyenl Parliament, calling for a total ban on fur imports and sales. We also attended events in Westminster to help build political momentum. Labour MP Ruth Jones tabled the Fur (Import and Sale) Bill as a Privale Members. Bill in Oclob¢r 2024, aiming lo prohibit all iTnports and sale of real fi, including mink, foxes. chinchilla. raccoon dog, and coyot¢ fur, 41nd closing long standing loopholes in UK law. The bill's sccond reading was scheduled for summer 2025. Respect for Animals worked closely wryth Ruth Jon¢s and aides in developing the content of the legislative text and the campaign plans to advance ih¢ Bill. Fur Free Europe Campaign RfAET remained al the forefront ol. lh¢ Fur Free Europe European Citizens Initiative, which gaihered over 1.5 million verified signatures and successfully pushed the issue onto the European Commission's legislative ag¢nda. Our legal opinion, published in 2021, was instrumental in pcr5uading the Coinmission Ihal an Eu-wtde ban on fur fam)ing and fur product sales is legally feasible, and remains highly relevant to the EC thinking on fur. In January 2024. RfAET presented detailed animal welfarc cvidcnLC al the fir.st EFSA stakeholder meeting on fvr farn)ing, representing the Fur Free Alliance. EFSA'S final scientific opinion, due in summer 2025. is hoped to provide the foundation for a proposal to ban fuT farniing and fur 5alcs across the European Union. Research gnd Reports In spring 2024, RfAET commissioned and co-author¢d an in-depth lentIfIC review of the welfare of mink. foxes, raccoon dogs and chinchillas on European fur farms. Devcloped with Eurogroup for Animals, Fur Free Alliance and Four Paws, the rcport was submitted to EFSA to help shape ils upcoming scientifjc opinion. Our previously published reports, including The Case Against Fur Faclory Farming and our scientific critique of fur farnied cage enrichment, continue to be widely cited. They show that even so-¢alled "high welfare" fiw fanns systematically fail lo prevent serious animal suffering. Exposing the Industry RfAET collaborated th Bclgian group CJAJA to reveal that luxury fashion conglomerate L VMH donated E300,01)O to the International Fur Federation. fjnancially supporting a global lobbying effort to prot¢¢t fanning. The exposé was reported in intemaiional media and highlighted ihe urgent need for tran.8parency and ethical accountdbility in the fashion sector. Page 3
Respect for Animals Educational Trust Limited Strategic Report for the Year Ended 31 December 2024 Retail Campaigns Through the Fur Free Retailer programme, RfAET helped secure fur free commitments from key retail¢rs and fashion brands. Our campaign supporting the Max Mara boycott played a decisive role in th¢ company's dcci5ion to go fi]r free, following an international effort that included prolcsts. a balloon over their lialian HQ. and more than 270.000 emails from ¢oncerned consumers. R£4E,T remains the UK administrator of Fur Fre¢ Retailer, the world's leading ecrtification initiative for ethical fur free faghion. With partners including H&M, New Look and Gucci, the programme continues to shift the indu.gtry away from fi. Global Partnerships and Coalitions RfAET plays a Icading role in international coalitions. We serve on tb¢ Executive Committee of th¢ Fur Free Alliance, where we are dls() thc elected Treasurer. We ¢o-¢hair the wc)rking group on EU policy, and are key members of the Trur Free Rctailer. fam)ing, fur sales, and corporate outreach worktng groups. We are proud members of Eurogroup fvT Animals, contributing to ils Fur Working Group and supporttng EU legislative action io end fur farnJin8 and marketing. Facts About Fur and Future Plans Our new website, Facis About Fur. will be launched in 2025 as a dedicated platfomi for verified statistics. trade dala and scientific analysis. De%igned as a global hub for journalists. policymakers. campaigners and consumers, it underpins our ambition lo become th¢ leading dala resource on ihe global fur industry. RfAET will continue to d¢v¢lop Facts Ai)out Fur, publish new reports and tsuppon campaigns across Europe, North America and Asia. Looking Ahead 10 2025 and Beyond RfAET Mryll continue supporting the EU campaigry especially EFSA'S report and subsequent European Commission proposalb. whilc upping pressure for a UK ban on fur imports and sales. Our data driven slralegy will bc accompanied by further scientific reports, retail monitoring. and expanded media exposure of the fur industry. This will be hosted and promoted on our ncw Facts About Fur website. We remain commiited to vur int¢rnational coalitions. espe¢ially through the Fur Free Alliance and Eurogroup for Animals. lo maintain and tmprove our efforts toward ending the global fvr trade. The strategi¢ r¢port wag approved by the trustees of the charity on 18 August 2025 and signed on its behalf by: Ms Nicola Roberta Brooks Company secretary and trnstee Page 4
Respect for Animals Educational Trust Limited Trustees, Report Th¢ trustees, who are dirtorS for the purposes of company law, present the annual report together with the finan1] statemenis of the charitable company for the year ended 31 December 2024. Objectlves and aetivities Public benefit To advan¢¢ the education of the public in the subject of the care and treatment of aDirna15 and eonsequent implicaliuns for the environment. ecology and biodiversity. The trustees confirm that they have complied wilh the requirements of section 17 of the Charities Act 2011 to have due rcgard io the public benefit guidance published by the Charity Commission for England and Wales. Trustees and offlcers The trustees and offi¢¢rs serving during the year and since the year end were as follows: Trustees.. Ms Nicola Roberta Brooks Mr Mark Glover S Creamer Secrelary-. Ms Ni¢ola Roberta Brooks Strueture, governance And management Natmre ofgoverning document The charity is controlled by its governing document, a deed of trust. and conslitules a limited company, limited by guarantee, as defined by the Companies Act 2006. Financial Instruments Objeclives andpolieie.¥ The ¢harity's activities expose it lo a number of financial risks including credit risk. ¢ash flow risk and liquidtty risk. The use of financial derivatives is governed by Ihe Charity's policies approved by Ihe board of Iruslee5, which provide WTbtt¢n principles on the use of financial derivatives to manage these risks. The charity does not use derivative financial instruments for speculative purposes. Cashflow risk The charity's activities expose it primarily to the financial risks of changes in foreign currency exchange tales and interest rates. The charity uses foreign exchange forward contracts and inlerest rate swap conlracts to hedge these exposures. Inlerest bearing assets and liabilities are held al fixed raie to ensure certatnly of cash flows. Page 5
Respect for Animals Educational Trust Limited Trustees, Report Credil risk The charity's principal financial assets are bank balances and cash, trade and other re¢eivables, and investments. The charity's credit risk is primarily artributable to its trade receivables. The amounts presented in the balanc¢ sheel are net of allowances for dc)ubiful receivables. An allowance for impairnienl is made where there is an identified loss event which, based on previous experience, is el'idence of a reduction in the recoverability of Ihe cash flows. Th¢ ¢redil risk on liquid funds and derivative financial instruments is limited because the countcrparties are banks with hi¥h credit-ratings assigned by inlernational credil-raltng agencies. The charity has no signifi¢anl concentration of credit risK with exposure spread over a large number of ¢ounterparties and cuslomcr5. Liquidity risk In ordeT to maintain liquidity lo ensure that suiTicient funds are ayailable for ongoing operations and future developments, Ihe charity uses a mixlurc of long-lem) and short-term debt financc. Further dctails regarding liquidity risk can be found in the Statement of accounting policies in Ihe financial stslements. Statement of trustees, responsibilities The truslee.q {who are also the direciors of Respect for Animals Educational Trust Limited for the purFKJSes of company lawl are r¢sponsible for preparing the INstees' report and the financial statements in accordance wilh applicable law and United Kingdnm Accounting Siandard8 (United Kingdom Generally A¢¢epled Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees mubl not approve the financial slalements unle4s Ihcy are salisfied that thcy give a true and fair view of the state of affairs of the charitable company and of thc incoming resources and appli¢ation of resources, including its income and expenditure, of the ¢haritable company for that period. In preparing these financial slaternents. the In{eeS are required to.. select Suitable a¢¢ounting policies and apply them consistently; observe the meihods and principles in the Chariiies SORP.. make judgements and estimaieb that are reasonable and prudent- state whether applicable accounting standards, comprising FRS 102 have be¢n followed. subj¢¢l to any material departures disclosed and explaincd in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees arc responsible for keeping PTop¢r accounting records that Can disclose with reasonable accuracy at any limc ihe financial position of the charitable cumpany and enable Ihcm tu ensure that the financial statement.% COTnply with the Companies Act 2006. They arc also responsible for safeguarding the as5et5 of the charitable company and hence for taking rcasonable st¢ps for the prevenlton and detectlOD of fraud and other irregularities. The tru%tee% arc responsible for Ihc maintenance and integrity of the ¢orporate and financial inforniation includ¢d on the charitable company's website. Legislation goveming the preparation and dissemination of financial ststements may differ from legislation in other jurisdi¢tions. Page 6
Respect for Animals Educational Trust Limited Trustees, Report The annual report Wos approved by the trnste¥S of the charity on 18 August 2025 and signed on ils behalf by: Ms Nicola Rob¢rta Brooks Company secretary and trustee Pag¢ 7
Respect for Animals Educational Trust Limited Independent Examiner's Report to the trustees of Respect for Animals Educational Trust Limited ('the Companv'} I report to the charity trustees on my ¢x&mination of the accounls of the Company for the year ended 31 December 2024. Responsibilities and basis of report As ihe charity's trusle¢s of the Company (and also its directors for the purposes of ¢ompany lawl you are responsible for ihe preparation of ihe accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Aci,). Having satisfied myself that the a¢counls of the Company are not required to be audited under Part 16 of the 2006 Acl and are eligible for independent examinat?on, I report in respecl of my examination of your charity's accounts as carried oui under sectiTrn 145 of the Chariiies Aci 2011 ('the 2011 A¢l'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5Kb) of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does noi cover all thc matters that an auditor considers tn giving their opinion on ihe accounts. The planning and conduct of an audit goe% beyond the limited assurance that an indepcndent examination Can provide. Consequenily l express no opinion as lo whether the accounts present a 'true and fair. view and my report is limited to those specific matters set out in the independent examin¢r's statement. Independent exgminer's statement L have completed my examination. I confirn) that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kepi in respect of Respect for Animals Educational Twst Limited as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those r¢¢ords' or 3. the ac¢ounts do not comply with the ac¢ounting requiremenis of section 396 of the 2006 Act other than any requircmcnl that the accounts give A 'true and fair vi¢w' which is not M matter considered as part of an independent examination. or 4. the accounis hai'¢ not been prepared in accordanc¢ w&th the methods and principles of th¢ Statement of Rccommended Practice for alcvuniing and reporting by charities lapplicable to charities preparing their accounts in accordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concerns and have come across no other matters in connection with the examination to whi¢h attention should be drawn in Ihis report in order lo enable a proper understanding olihe accounts to b¢ reached. Pag¢ 8
Respect for Animals Educational Trust Limited Independent Examiner's Report to the trustees of Respect for Animals Educational Trust Limited ('the Company,) Jason F.van5 FCCA Aikinson Evans Limiled The Old Drill Hall l O Arnot Hill Road Arnold Nottingham Noitinghamshire N(i5 6LJ 18 August 2025 Page 9
Respect for Animals Educational Trust Limited Statement of Financial Activities for the Year Ended 31 December 2024 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Restricted fynds Total 2U24 Note Income and Endowments Irom: Donations and le8a¢ies Investment income 217,629 3.245 217.629 3.245 Totsl income 220.874 220.874 Expenditure on: Charitsble activtties (40,117) (40,117 Total expendiiure {40.117 40,117 Net Incom¢ 180.757 180,757 Net movemeni in fijnds 180,757 180,757 Reconciliation of funds Total funds brought fonvard 83,234 1.867 85,101 Total fijnds carried fonvard 12 263,991 1,867 Restricted funds 265.858 Tolal 2023 Unrestricted fuDds Note Income and Endowments from: Donaiions and Icga¢ies Investment income 19,642 2,095 19,642 2.095 Total income 21,737 21.737 Expendlture on: Charitable a¢tivities {33,293) (33,293) Total expendilure (33,293) (33.2931 Net expenditure (11.556) {11.556) Nel movement in funds (11.556) (11.556) Rtconciliation of fund$ Tolal fimds brought foNard 94.789 1,867 96,656 Total funds carried forward 12 83.233 1.867 85.100 All of the charity's aciivities derive from continutng operations during the above two periods. The fidS breakdown for 2023 is shown in nole 12. The notes on pages 12 to 21 fomi an integral part of thes¢ financial slaiements. Page 10
Respect for Animals Educational Trust Limited (Registration number: 03267722) Balance Sheet as at 31 December 2024 2024 2023 Note Current asset$ D¢biors Cdsh at bank and in hand 370 281,847 10 86.376 282.217 86,376 Creditors: Amounts falling due within one ve*r 116,359) 1,276 Net 115set5 265,858 85.100 Funds of the chgrity: Restrlcted income funds Restricie(l fill)ds ,867 1.867 Unrestricted income funds Unrestricted ndS 263,991 83,233 Total funds 265.858 85,100 For the financial year ending 31 December 2024 the charity was entitled io exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Dire¢lors' responsibilities= The members have not required ihe charity to obtain an audit of its accounts for the year in question in accordance with 5cclion 476: and The directors acknowledge their responsibilities tor complying with the requircmenls of the Act wilh r¢$p¢¢t to accounting recordb ynd the preparation of accounts. The financial statements on pages 10 to 21 were approved by the trustees. and authorised for issue on 18 Augusl 2025 and signed on (heir behalf by: Ms Nicola Robcrta Brooks Company secretary and trustee The notes on pages 12 to 21 form an integral part of these financial statements. Page 11
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 I Charity st#tU5 The charity is limited by share capitsl, incorporated in The address of ils registered office is.. 30 Station Road Carlton Nottingham Nottinghamshire NG4 3DL These financial statements were authorised for issue by the trustees on 18 Augusr 2025. 2 Accounting pollcies Summary of slgnifican¢ accounting policies key accountlng e5tima¢es The principal accounting policies applied in the preparali(In of these financial statements are set out below. These policies have been consistenily applied to all the years presented, unless otherwise staled. Statement of compllance The fmancial Siaten)cnts have been prepar¢d in accordance ryth Accounting and Reporting by C.harities'. Sialcmenl of Recommended PracticL lappli¢able lo charities prcparing their accounts in accordance wilh the Financial Reporting Siandard applicable in ihe UK and Republic of Ireland (FRS 10211 {issued in October 2019) - (Charities SORP IFRS 102)), the Financial Reporting Standard applicabl¢ in the UK aDd Republic of Ireland (FRS 102) and the Cc)mpanies Acl 2006. Bas15 of preparatlon Respect for Animals Educational Trust Limited meets the definition of a public benefit entity undcr FRS 102. Assets and liabilities ar¢ initially rQgniSed #t bistorical coll or transaction value unless otherwry5e stat¢d in the relevant accounting policy noles. Going coD¢ern The trustees consider that there are no matcrial uncenainiies about the charity's ability lo continue as a goin8 concern nor any significant areas of uncertainty that affeci the carrying value of assets held by the charity. Income and endoTh'ment5 All incom¢ is rccognised once the charity has entitlement to the income. it is probable that the income will be received and the amount of the income receivable can be measured rcliably. Pag¢ 12
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Dtsndtions and leRiicies Donations are recognised when the ¢h&rity ha5 becTJ notified in writing of both the amounl and settlement date. In the eveni that a donation is subject to conditions that require a level of perfornwice by the charity before the charity is entitled to the funds. the incc)me 15 d¢ferrcd and not recognised until either (hose cc)ndili()ns arc fully mel. or the fuifilmenl of those condiiions is wholly within thc control of lh¢ charity and il is probable that thcsc conditions be fulfilled in ihe reporting period. Legacy gifts arc recognised on a case by case basis followryng the prant of probafe when the administratorlexecutor for ihe estate ha% ¢ommuniLai¢d in writing both the amount and settlement date. In the event thai ihc gift is in the forni of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable wilh a degTee of reasonable accuracy and the title io the assei having bccn transferrcd to ihe charity. Inveslmgni income Dividends are recognised on¢e the dividend has been declared and notification has been received of the dividend due. Expendlture All expendilurc is recOlSed once there is a legal or ¢onstTU¢tiv¢ obligation lo that expenditure, il is probable seiilcmenl is rcquircd and Ihc amounl can bc measured reliably. All costs are allocated to the applicable expenditur¢ heading that ag8regat¢ similar costs to that category. Where costs cannot be direcily aitribuied io particular headings (hey have been alloLaled on a basis con51Stent with the use of resources. with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support ¢osls are allo¢ated based on Ihe spread of sff costs. Charilable activities Charitsble expenditure comprises those costs incuThed by thc charity in thc delivery of its activities and services for its bcnefiLiarics. It includes both costs that can be allocated directly to such activities and those cosis of an indirect nature necessary lo gupporl them. Support costs Support costs includc central functions and have been allocated to activity cost categories on a basis consistent with Ihe use of resources. for example, allocating property cosis by floor areas, or per capita. stsff costs by the time spent and oiher ¢osls by their usage. Governance costs These include the costs attribuiable to the charity's compliance with constitutional and statulory requirements. including audit. strdlegi¢ managemenl and tTUStees meetings and reimbursed expenses. Page 13
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Taxation Th¢ charity is considercd to pass the tests set oul in Paragraph I Schedule 6 of the Finance Act 201 O and therefore il mcets the definition of a chariiable company for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of incomc or capitsl gains received within categories covered by Chapter 3 Part I of Ihc Corporation Tax Act 201 O or Section 256 of the Taxation of Chargeable Gains Act 1992. to the extent that such income or gains are applied exclusively to ¢harilable purposes. Trade debtors Trade debtors gre amounts due from customers for merchandise sold or services perfonned in ihe ordinary course of business. Trade debtors are recognised inttially at the transaction price. They are subsequ¢nily measured at amortised cost Using the effcclive ini¢re51 method. less provision for impairni¢nl. A provision for the impaim)enl of trade debiors is eslablished when ihcre is objectivc evidence ihat the charity will not be ablc to collect All amounts due according to the original tem)s of the receivables. Cash and cash equivalents Cash and ¢a5h equivalenis comprise cash on hand lind call dew)sils. and other short-tenn highly liquid investments that are Tcadily convertible lo a know) amount of cash and are subj¢¢t lo an insignificant risk of change in value. Borrowings Interest-bearing borrowings are initially recorded at fair value, ne,, of transaction costs. Inlerest-bearing borrowings are subsequently carried at amortised cost. with the difference between the proceeds. net of transactton costs, and the amount due on redempiion being r¢cognised as a charge to the Sthtement of Financial Activities over the period of the r¢levant bo0ng. Intcrest expense is recognised on the basis of the effective inlerest method and is included in interest payable and similar charge%. Borromryngs are Llassified as current liabiliiies unless the chariiy has an unconditional right to defer sertlement of the liability for at least t,elve months after ihe reporting dale. Page 14
Respect for Animals Educational Trust Limited Notes to the FinancRal Statements for the Year Ended 31 December 2024 Foreign exchdnge Transactions in foreign currencies aTC recorded at the rate of exchange al the dale of ihe transaction. Monetary assets and liabilities denoininated in foreign currencies al ihe balance sheei date are reported at the raies of exchange prevailing at Ihat date. Th¢ resulis of overseas operation5 are translaled at the average rates of ex¢hange during Ihe period and their balance sheets at the rates ruling at the balanc¢ sheet dale. Exchange differences arising on translation of th¢ opening net assets and I'sU11.8 of overseas operations are reported in other comprehensive income and accumulated ill equily (attributcd to non-controlling interests as appropriate). Other exchange diff¢renc¢s are recognised in Ihe Statement of Financial Actii-ities in the period in which they arise except for.. l ) exchange differences on transactions entered into to hedge certain foreign cuThency risks (see above); 2) exchange differences arising on gains or losses on non-monetsry it¢ms whi¢h are recognised in other comprehensive income: and 3) in the case of the consolidated financial staterncnts. exchangc differences on monetary itenLS receivable from or payable to a foreign operation lur which seiilemenl is neither planned nor likcly to OCLur {Iherefore fc)rniing part of the net investment in the foreign operation). which ar¢ recogniscd in oth¢r ¢ompreh¢nsive tncom¢ and reported under equity. Fund structure Unrestricted income funds are general funds thal are available for se at the trusl¢¢s discretion in fih¢rance of the objeclives of the charity. Restricted income funds are those donaied for use in a particular area or for specific purposes. the use of which is restricted to that area or purpos¢. Finncil instruments Cl4s.sifiea¢ion Financial asseis and financial liabilities are recognised when thc charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according 10 the substance of the ¢ontrd¢tual aangeMentS entered into. An equity instrument is any contract ihat eviden¢¢s a residual interest in Ihe assels of the charity after d¢ducling all of its liabilities. Page 15
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 3] December 2024 Recognilion and measuremenl All finan¢ial as%ets' and liabilities are initially measured at transaclton price (including transaction cosls), except for those financial a55et5 classified as at fair value through profil or loss. which are initially measured at fair value {which is norn1]Y ih¢ transaciion price excluding transaction costs). unless the arrangement con51itules a financing transaction. If an arrangement con5titutCs a financing transaction, the financial assei or financial liability is measured al the presenl value of the future payments dtscounted at a market rale of interest for a similar debt instniment. Financial assets and liabilities are only offset tn the statemcnl of financial position when, and only whcD ihere exists a legally enforceable right 10 Set off Ihc rccognised amounts and the charity inlcnds either to seitle on a net basi5, or to reali5e the asset and settle Ihe liability simultaneously. Financial assets are derecogni5ed when and only when a) Ihe contractual rights to the cash flows from the financial asset expire or are settled. b} the charity transfers to another parry substantially all of the risks and rewards of 0ership of the financial asset. or c) the charity, despite having retained som¢, but not all. significant risks and rewards of owThcrship. has transferred control of the asset to another party. Financ1411 liabililies are derecognised only when the obligation specified in the contract is discharged, Cancelled or expires. Page 16
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Debi inslruments D¢bi inblrumenLg which meet the following conditions are subsequently measured at amortised wsl using the cffcctive intcresl method= (al The contractual return to the holdcr is (i) a fixcd amount., (ill a positive fixed rale or a positive variable rate,. or (iiil a Combination of a positive (pr a negative fixed rate and a positive variable raie. (b) The contract may provide for repayments of the nrincip<il or the return lo the holder (but not both) to be linked to a single relevant observable index of general price inflation of the curr¢n¢y in which the debi instrnment is denominated, providcd such links are not leveraged. (c) The contract may provide for a delern)inable variation of the Teturn lo the holder during the life of the inslrument, provided that (i) the new rate salisfies condilion (a} and ihe variation is Dot contingent on futur¢ events other than ( l ) a changc ora contractual vaTiablc ratc: (2) Io PTOtecl the holdcr againsi credit dctcrioration of Ihe issuer. 13) changes in levies applied by a central bank or arising from chang¢s in relevant taxalion or law; or (ill the new rate is a market ralc of intcresl and sali5fics condition (a). Idl Thcre is no contraLIudl provibion thdt Could. by itb terms. result in the holder losing th¢ principal amount or any interest attributable to the current period or prior periods. 1¢) Coniractual provisions that perniit the issuer to prepay a debt iristnkment or perniit the holder to pul it back to the issuer before maturity are not contingent on future events. other than lo protect the holder against tbe credit deterioration of the issuer or a charkge in control of ihe issuer, or lo prolccl the holdcr or issuer againsi change% in levies applied by a central bank or arising from changes in relevant taxation or law. {fj C'ontractual provistons may pennit Ihe extension of the lerni of the debt instrument, provided that the return lo the holder and any other contracbjal provisions applicable during the extended terni Satisfy ihe conditions of paragraphs (a) to (c)- Debi instruinents that are classified as payable or receivable within one year on initial recognition and which meet thc above condition5 are measured al the undiscounled amount of the cash or other consideration expected io be paid or received. net of Impainnent. With ihc cxccplion of sornc hcdging instruments, other debt instrumenis not rnccting these conditions are measured al fair value through prof11 or loss. Commitments to make and receive loans which meet the conditions meniioned above are measured at cost {which may be nil) less impairnieni. Invesfmenls Inveblmenls in non-convertible preference bhares and non-puttable ordinary or preference shares (where shares are publicly traded or th¢ir fair value ts reliably measurable) are m¢asured at fair value through profit or loss. Where fair value Lannoi be measurcd reliably. ini'csiments dre mcasured al cobi less impaimicnt. Investments in subsidiaries and associates are measured at cost less impairn)eni. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, ¢osl is measured by refer¢n¢e to thc nominal valuc of thc shares i55ucd plu5 (air valuc of other consideration. Any premium is ignored. Page 17
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Derivqlivefinancial instruments The charity eS derivative financial instruments to reduce exposure lo foreign exchange risk and interesl rate movements. The charity does noi hold or issue derivative financial instruments for speculative purposes. Derivatives are initially recognised ai fair value al the dale a derivative contract is entered into and are subsequently remeasuied to their fair value al ¢ach reponing date. The resulting gain or loss is recognised in statement of financial activities immediately unless the dcrivative is designated and effeclive as a hedging instrument, in which event the timing of the recognition in slatement of financial activities depends on the nature of Ihe hedge relationship. Fair value PM¢4SMrement The besl evidence of fair value is a quoted pnce for an idenlical assel in an active market. When quoted prices are unavailable. the price of a reccDt tTansaction for an identical assel provides ¢vidence of fair value as long as there has not been a significanl chan8¢ in economic circumstances or a significant lapsc ol time since the Iransaction took place. If thc market is not aciive and rccent transactions of an ideniical asset on their own are not a good estimate of fair value. the fair value is estimated by using a valuation iechniquc. 3 Income from donations and legacies Unrestri¢ted funds General Total funds Donations and legacies. Ixgacies Gift aid r¢claimed Regular giving and capiial donations 200.401 457 16,771 200,401 457 16.771 Total for 2024 217,629 217.629 Total for 2023 19,642 19,642 4 Investment Income Unrestricted funds General Total funds Inlerest receivable and Similar income: Interest reccivable on bank deposiis 3,245 3,245 Total for 2024 3.245 3.245 Total for 2023 2.095 2.095 Page18
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 S Expenditure on charitable ¥ctivities Unrestri¢led funds General TotAI funds Note Allocaled support costs Govcrndncc cos15 29,973 10,144 29,973 10,144 Total for 2024 40.117 40.117 Total for 2023 33.293 33.293 Total expendlturt In addition lo the expendithre analysed above, there are also governance cosls of £10,144 {2023 £10,612) which relale directly to charitable aciivities. See note 6 for further details. i Analvsls of goi'ernanee and support ¢osts Governance cost$ Unreslricted funds Cweneral Total funds Allocatd support costs 10.144 10,144 Total for 2024 10.144 10,144 Total for 2023 10,612 10.612 Page 19
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 7 Trustees remunerilfion and expenses No trustees, nor any persons connected with them. have received any remuneration from the charity during the year. No tntee$ have received any reimbursed expenses or any other benefits from the charity during the year. 8 T4x4tion The charity is a registered charity and is therefore cxempt from taxation. 9 Debtors 2024 Other debtors 370 10 Cash Ind cash equivalents 2024 2023 Cash at bank 281.847 86.376 I I Creditors: amounts falling due within one year 2024 2023 Oiher taxation and social security Oiher creditors Accruals 585 15,000 774 561 714 16.359 1.276 12 Funds Balance at 31 December 2024 Balance at I January 2024 Intomlng resources Resourets expended Unrestricted funds General 83,234 220.874 (40.117) 263,991 Restrltted funds 1.867 1,867 Total funds 85,101 220.874 (40,117) 265,858 Page 20
Respect for Animals Educational Trust Limited Notes to the Financial Statements for the Year Ended 31 December 2024 Balallee at 31 December 2023 Balance at I January 2023 Incoming resources Resources expended Unrestricted fund5 General 94,789 21,737 133,293) 83,233 Restricted fvnds 1,867 1,867 Total funds 96,656 21,737 (33,293} 85,100 13 Analysis of net assets between funds Unrestrieted funds General Total funds 1¢ 31 December Restricted funds 2024 Cuent assels 280,350 116.359) ,867 282,217 (16.359) Current liobililies Total net assets 263.991 1,867 265,858 Unrestricted funds General Totxl fund5 Ilt 31 December 2023 Restrieted funds Current assets Currcnt liabilities 84.509 (1,276) 1,867 86,376 (1.276) Total nel assets 83.233 ,867 85,100 Pa8e21
Respect for Animals Educatlonal Trust Limited Statement of Financial Activities by fund for the Year Ended 31 December 2024 Unrestricted Funds Tot41 Total Unrestricted Unrestricted Funds Fund$ 2024 2023 Income and Endowments frorn: Donations and legacies Invcstmenl income 217.629 3,245 19.642 2.095 Total income 220.874 21.737 Expenditure on: Charitable activities (40.117) 33,293 Total expenditure {40,117} (33.293) Net incomel(expenditure} 180.757 (11,556) Net movement in funds 180.757 (11,556) Reconcili*tion of funds Total funds brought forward Total funds Carried fonvard 83,234 94.789 263,991 83.233 This page do¢s not fomi part of th¢ slalulory financial 5tatemenls. Page 22
Respeet for Animals Educational Trust Limited Statement of Financial Activities by fund for the Year Ended 31 December 2024 Restricted Funds Total Restricted Funds 2024 Total Restricted Funds 2023 Income gnd Endowmenls from: Expenditure on: Nel income/{expenditure} Reconcili¥4tion of funds Total funds bruught fonvard 1.867 1.867 Total fund5 carried forward 1,867 1,867 This page does noi form part of the statutory financial statements. Page 23
Respect for Animals Educational Trust Limited Detailed Statement of Financial Activities for the Year Ended 31 December 2024 Total 2024 Total 2023 Ineome *nd Endow'ments from: Donations and legacies Idnaly4ed below) Investment income (analysed below) Total income 217,629 3.245 19.642 2,095 220,874 21,737 Expendlture on: Charitable activities {analysed below) (40.117) 133,293) Total expenditure 140,117) (33.293) Net incomcl(exp¢nditure) 180.757 (11.556) Net movement in fimds 180,757 (11,556) Reconriliation of funds Total furbds brought fonvurd 85,101 96.656 Total funds Caled forward 265,858 85,100 This page does not fonn part of the slatulory financial stalemenls. Page 24
Respect for Animals Educational Trust Limited Detailed Statement of Financial Activities for the Year Ended 31 December. 2024 Tot*1 2024 Total 2023 DtsnatioAs and legaeies Donations 16.771 200,401 457 1,376 7.373 893 Legaci¢s and bequests Gift Aid tax reclaimed 217,629 19,fv12 Inveslmfnl income Interesi on cash deposits 3,245 2,095 3,245 2,095 Chon'table ocftviries Wages and salaries - Charitable aclivilies Staff NIC (Employers1- Charilable acliviti¢s Staff pensions - Charithble activities Travelling Trade subscriptions Reseawh Wages 4nd salaries - Support costs Staff Nli (Employers) - Support costs Staff pensions - Support C05t5 Sundry expenses Accountancy fees Bank charges {18,9.51) (1.737) (437) 12.052) 1882) (5.914) {8.122) {744) {188) (143) (60) (887 (18.810) (1,716) (185) (9391 (897) (134) (8,062) (735) 1434) (483) (826) (72) (40,117) {33,293) This page do¢s noi form part of the statutory financial statements. Page 25