Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
**Registered number: 07164745 Charity number: 1138672**
## **BEVA LIMITED**
**(A Company Limited by Guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 DECEMBER 2025**
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
|**CONTENTS**||
|---|---|
||Page|
|**Reference and Administrative Details of the Charity, its Trustees and Advisers**|1|
|**Trustees' Report**|2 - 12|
|**Trustees' Responsibilities Statement**|13|
|**Independent Auditors' Report**|14 - 18|
|**Consolidated Statement of Financial Activities**|19|
|**Consolidated Balance Sheet**|20|
|**Company Balance Sheet**|21|
|**Consolidated Statement of Cash Flows**|22|
|**Notes to the Financial Statements**|23 - 45|
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2025**
|**Trustees**|Prof James Lionel Norman Wood|
|---|---|
||Mr Roly Alan Owers|
||Mr Bruce Bladon|
||Ms Imogen Burrows|
||Mr Philip Cramp|
||Ms Katherine Hardy|
||Mr Ian Beamish (appointed 12 September 2025)|
||Dr James Crabtree (appointed 12 September 2025)|
|**Company registered**
**number**
07164745
**Charity registered**
**number**
1138672
**Registered office**
Mulberry House
31 Market Street
Fordham
CB7 5LQ
**Chief executive officer**
Mr D R Mountford
**Independent auditors**
PEM Audit Limited
Registered Auditors
Salisbury House
Station Road
Cambridge
CB1 2LA
**Solicitors**
Mills & Reeve LLP
Botanic House
100 Hills Rd
Cambridge
CB2 1PH||
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Impact in Numbers**
- 4,044 BEVA members worldwide (2024: 3,916)
- 43 face-to-face BEVA CPD courses delivered
- 973 veterinary surgeons and nurses attended BEVA in-person CPD
- 6,093 on-demand learning sessions accessed online
- 1,487 delegates attended live online BEVA CPD events
- 2,422 BEVA Congress delegate days from 1,069 delegates
- 46 countries represented at BEVA Congress
- 104 companies exhibiting at BEVA Congress across 905m² exhibition space
These figures illustrate the scale of BEVA’s educational activity, its international reach, and the continuing engagement of the equine veterinary profession with the Association’s programmes and services.
## **Introduction**
The Trustees present their report and the audited financial statements of the British Equine Veterinary Association Ltd (BEVA) for the year ended 31 December 2025.
The report fulfils the role of both a Trustees’ report and a Directors’ report under company law. The Trustees confirm that the financial statements comply with the requirements of the Companies Act 2006, the charitable company’s governing document and the Charities Statement of Recommended Practice (SORP) (FRS 102).
As both the Company and the Group qualify as small under section 38 of the Companies Act 2006, the Strategic Report required of medium and large companies has not been prepared.
BEVA’s charitable purpose is to advance veterinary and allied sciences for the welfare of the horse through education, research dissemination, professional guidance and support for the equine veterinary profession.
## **Membership of BEVA**
Full veterinary and nurse members of BEVA are individuals working in equine veterinary practice or equine veterinary nursing who are registered with the Royal College of Veterinary Surgeons (RCVS), equivalent international registers, or working in a recognised nursing capacity. BEVA also offers membership categories for veterinary students, retired professionals, international affiliates and individuals from low- and middle-income countries. Complimentary membership is also offered to veterinary surgeons seeking refugee registration with the RCVS.
The Association is run by its members for the profession and relies heavily on the time and expertise contributed by volunteers through committees, working groups and teaching roles.
## **Membership Overview**
At the end of 2025 BEVA’s membership stood at 4,044 members, representing a 3% increase compared with 3,916 members in 2024. This steady growth reflects BEVA’s continued relevance to equine veterinary professionals in the UK and internationally.
## **Membership Trends**
## **Affiliate Membership**
Affiliate membership increased by 7%, rising from 235 members in 2024 to 252 members in 2025, reflecting continued international engagement with BEVA.
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Nurse Membership**
Nurse membership increased by 17%, demonstrating growing engagement from the equine veterinary nursing community and the value of CPD opportunities tailored specifically for nurses.
## **Concessionary Membership**
Concessionary membership declined slightly from 499 members in 2024 to 476 members in 2025. Most of this reduction occurred among members in the early years following graduation. The Trustees recognise the importance of supporting early-career professionals and continue to explore ways of improving engagement and retention within this group.
## **Membership Strategy**
Changes agreed by members at the 2024 Annual General Meeting were implemented during 2025. These changes provided equine veterinary nurses with the opportunity to serve as full members of Council and granted them full voting rights as BEVA members, reflecting the increasingly important role of veterinary nurses within equine practice and within the Association. Two nurse members now sit on BEVA Council.
In an evolving veterinary landscape BEVA continues to focus on retaining and expanding its membership through:
- strengthened relationships with veterinary schools and students;
- expanded professional development opportunities;
- flexible membership options and payment structures; and
- targeted engagement with early-career veterinarians and nurses.
## **Activities and Principal Achievements**
2025 marked BEVA’s 64th year of operation. The Association continued to pursue its core objective of promoting high standards of equine health and welfare through education, professional support and the dissemination of veterinary knowledge.
Key achievements during the year, detailed below, included:
- delivery of an extensive programme of practical continuing professional development (CPD);
- a successful BEVA Congress with increased delegate attendance and strong international representation;
- continued global engagement though BEVA’s journals and digital learning platforms; and
- sustained welfare activity delivered through the BEVA Trust.
Despite wider economic pressures affecting the veterinary sector, BEVA remains financially stable and well positioned to continue delivering its charitable objectives.
## **Committee Activity**
Much of BEVA’s professional work is delivered through specialist committees whose members volunteer their time and expertise. These committees advise the Trustees, develop professional guidance, and help deliver many of the Association’s initiatives.
## **Health & Medicines Committee**
The committee continued its work on antimicrobial stewardship and parasite control, including supporting initiatives addressing antimicrobial resistance and anthelmintic resistance. It also contributed to work relating to equine vaccine availability and interpretation of the Veterinary Medicines Regulations Cascade.
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Ethics & Welfare Committee**
The committee progressed work on remote chemical restraint guidance and continued to support industry initiatives on equine obesity and responsible horse management. Work also began on examining the welfare implications and practical challenges associated with box rest in horses.
## **Careers Committee**
The Careers Committee continued its work supporting students and early-career equine veterinary professionals. This included work on EMS access, support programmes for new graduates, career coaching initiatives and projects aimed at promoting the range of career pathways available within the equine veterinary profession.
## **Clinical Practice Committee**
The committee continued to develop practical guidance for practitioners including work on mortality insurance guidance, euthanasia guidelines and emergency limb stabilisation resources. It also supported initiatives aimed at improving practitioner resources such as the pre-purchase examination toolkit.
## **Equestrian Sport Committee**
The committee maintained close engagement with sporting bodies including the British Horseracing Authority, British Equestrian and the Fédération Équestre Internationale. Its role is to ensure that veterinary surgeons working within equestrian sport are well represented and that veterinary perspectives are reflected in sporting policy and regulation.
## **Nurse Committee**
The Nurse Committee continued to strengthen engagement with BEVA’s veterinary nurse members. Activities included development of nurse-focused CPD, collaboration with the BVNA, and work on resources such as the radiography hub. The committee also continued to promote the expanding role of equine veterinary nurses within clinical practice.
In addition to these standing committees, a number of working groups continue to support specific projects and areas of work including infectious disease, sustainability, equality, diversity and inclusivity, and social licence to operate.
## **Communication and Information**
BEVA provides veterinary professionals with news, guidance and clinical resources to support high standards of equine veterinary care.
Communication with members and the wider industry takes place through a range of channels including:
- the BEVA website;
- fortnightly e-news communications with open rates exceeding industry standards;
- social media platforms;
- podcasts and digital learning platforms; and
- printed member communications.
These platforms allow BEVA to disseminate professional guidance, highlight educational opportunities and communicate developments affecting equine health and welfare.
BEVApod podcasts were downloaded 8,700 times in 2025. The EVE podcast saw 8,837 downloads and the EVJ
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
podcasts were downloaded 16,963 times (year on year comparisons are not available under the current system).
BEVA removed itself from the platform X (formerly Twitter) but saw increased reach of 20% in both Instagram and LinkedIn plus 5% growth on Facebook.
The BEVA website continues to act as the central hub for educational resources, clinical guidance and member services and averaged 4,500 active users per month throughout the year; a small fall on 2024. The site will be rebuilt during 2026.
## **Education and Continuing Professional Development**
Education remains central to BEVA’s charitable activities and is one of the principal ways in which the Association supports equine veterinary professionals.
## **Face-to-Face CPD**
BEVA successfully delivered 43 face-to-face CPD courses in 2025 (2024: 46), maintaining a strong presence in practical veterinary education.
A total of 973 (2024: 1,256) veterinarians and veterinary nurses attended these courses during the year, demonstrating continued demand for high-quality practical education.
## **Online CPD**
BEVA’s online learning offerings continued to expand during 2025 and remain an important component of the Association’s educational provision.
## **Key engagement metrics included:**
- Average unique Q4 monthly logins: 690 (2024: 693)
- Countries accessing online CPD: 46 (2024: not recorded)
- Live online event attendees: 1,388 (2024: 2,803)
BEVA’s live online offerings — including Clinical Catch-Ups, which provide informal discussion-based CPD, and Transatlantic Equine Clinics, which focus on specific clinical challenges - continue to attract strong engagement from equine veterinary professionals worldwide.
## **BEVA Congress**
BEVA Congress remains one of the most significant equine veterinary conferences internationally.
## **Delegate Attendance**
Unique delegates (including speakers): 2025 – 1,069 2024 – 1,043
Total delegate days: 2025 – 2,422 2024 – 2,396
Delegate days remain the most meaningful measure of engagement with the event and showed a small but encouraging increase during the year.
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **International Reach and Exhibition**
Delegates from 46 countries attended Congress in 2025, reinforcing the event’s international reputation.
The commercial exhibition also remained strong with 104 exhibitor stands sold, occupying 905 square metres of exhibition space (2024: 105 stands occupying 898 square metres).
The event continues to provide an important opportunity for professional learning, networking and collaboration within the global equine veterinary community. This level of engagement, alongside strong commercial support, contributed to the £41k surplus reported for Congress.
## **BEVA Journals**
Through its publishing subsidiary, Equine Veterinary Journal Ltd (trading as “BEVA Journals”), BEVA produces two internationally respected journals:
Equine Veterinary Journal (EVJ): a leading peer-reviewed scientific journal publishing original research in equine veterinary science; and
Equine Veterinary Education (EVE): a journal focused on practical clinical education for equine practitioners.
The journals are published in partnership with Wiley and are available both in print and online formats.
## Publications and Article Performance:
- EVJ published 143 original research articles in 2025, of which 102 were Open Access (an increase from 76 in 2024).
- EVJ also published one supplement: BEVA Congress Clinical Research Abstracts
- EVE published 133 original articles in 2025, with 56 Open Access (the same as in 2024).
## Expansion of Online Collections:
The Online Collections Library was further expanded in 2025, introducing four new EVJ Virtual Issues. Additionally, one new EVJ Special Collection was released, bringing the total number of curated collections to 22.
## Readership and Impact:
Both journals continue to attract strong international readership and play an important role in the dissemination of veterinary knowledge and research findings.
EVJ recorded 969,700 article views online (as at Nov 2025), up from 879,497 in 2024. EVE recorded 545,500 article views online (as at Nov 2025), up from 504,180 in 2024.
## **BEVA Trust**
The BEVA Trust provides opportunities for veterinary professionals to volunteer their expertise in projects aimed at improving equine welfare both within the UK and internationally.
The Trust works with a range of partner organisations to deliver welfare initiatives including veterinary treatment programmes, castration and passporting clinics and veterinary education projects.
In 2025, 107 BEVA Trust volunteers participated in projects (2024; 117 volunteers). 92 volunteers took part in UK based projects (2024: 101) and 15 in overseas projects (2024: 16).
The Trustees are grateful for the continued commitment of volunteers whose expertise and time enable these programmes to take place.
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Future Developments**
BEVA will continue to prioritise the delivery of high-quality education, practical support for members and effective representation of the equine veterinary profession in 2026.
A key administrative focus for the year will be the implementation of a new customer relationship management (CRM) system. This is a significant investment for the Association and is intended to improve the overall member experience, enable more tailored communication and provide better insight into how members engage with BEVA’s services.
The Association will also launch a four-year business strategy focused on strengthening and growing a thriving equine veterinary community by attracting new members, improving retention, and increasing engagement. It will support more sustainable and fulfilling careers through advocacy, wellbeing initiatives, and stronger professional connections. The strategy will also seek to inspire a more diverse future workforce while continuing to promote clinical excellence through education and CPD. Through an enhanced voice and strategic partnerships, the Association will work to influence the future of equine veterinary care for the benefit of horses and those who care for them.
BEVA will also maintain its active role across the equine sector, working with government, regulators and industry bodies on issues, including the proposed new Veterinary Services Act, affecting equine health, welfare and veterinary practice. Alongside this, the Association will support the BEVA Trust in strengthening its funding base to ensure the long-term sustainability of its welfare work.
## **Financial Review**
Income is derived from 8 primary sources: membership subscriptions, delegate income from courses, delegate income from congress, commercial sponsorship, donations, investment income and gift aid from the commercial subsidiaries EVJ Ltd and BEVA Enterprises Ltd.
The financial statements show that the BEVA Group delivered a stronger result than anticipated during 2025. The Group (excluding the BEVA Trust) initially budgeted for a break-even year but finished the year with a £221k surplus. This positive outcome reflects solid performance across several of the Association’s core activities, particularly Congress, CPD and publishing.
A more detailed operational view, excluding investment gains and losses, shows a £143k surplus, compared with a budgeted deficit of £48k.
## **Subsidiary Performance:**
## **EVJ Ltd**
- 2025 Operating Profit: £456k (2024: £435k)
- Profits were fully distributed to the parent charity, BEVA Ltd, as a charitable donation, eliminating any corporation tax liability for the year.
## **BEVA Enterprises Ltd**
- 2025 Operating Profit: £74k (2024: £6k)
- No distribution was made to BEVA Ltd as brought-forward tax losses were utilised.
## **BEVA Trust**
- 2025 Deficit: £14k (2024: £56k)
- A fundraising strategy has been developed to support financial recovery over the next 24 months.
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **BEVA Ltd (Parent Charity)**
2025 Deficit (before gift aid from EVJ Ltd): £295k (2024: £269k)
Group-Wide Financial Summary
- Total Surplus: £221k
- Total Turnover: £2,702k
## **Reserves**
BEVA Ltd’s reserves policy is designed to ensure financial stability and sustainability while supporting the longterm objectives of the charity.
## The policy aims to:
Safeguard against short- and medium-term financial risks, allowing the charity to continue operations in the face of fluctuations in income or expenditure.
Fulfil obligations to beneficiaries, ensuring the delivery of essential equine veterinary services and support. Balance financial security with the pursuit of charitable goals, including strategic investments for future sustainability.
Provide transparency and accountability in the management and utilisation of reserves.
The level of reserves required is determined by evaluating core operational costs, income stability, and risk factors associated with funding streams.
The charity has adopted a policy that aims to maintain free reserves equivalent to 12 months of forecasted operational costs (total costs minus direct costs). This ensures that in the event of financial uncertainties, BEVA Ltd can minimise disruption to its core activities and manage any unforeseen expenditures effectively.
For the financial year 2026, the forecast operational costs and, consequently, the reserves policy target, stands at approximately £954,000.
The Group ended the 2025 financial year with total reserves of £2,174,368 (2024: £1,952,877).
Of these reserves:
- £115,395 were restricted funds (2024: £136,251).
- £2,058,973 were unrestricted funds (2024: £1,816,626).
Within the unrestricted funds, £701,936 were designated funds (2024: £713,444), leaving £1,357,037 as unrestricted general funds (2024: £1,103,182).
As of 31 December 2025, the consolidated charity balance sheet shows the level of free reserves held to be £1,012,691 (calculated as total funds of £2,174,368, less restricted funds of £115,395, less tangible and intangible fixed assets and designated funds of £1,046,282).
The Trustees consider the level of free reserves held to be in line with their target threshold.
## **Risk Management**
The Trustees review the principal risks facing the Association on a regular basis. A risk register is maintained and updated to ensure emerging risks are identified and managed appropriately
.
Key risks considered include changes in the structure of veterinary practice ownership, pressures affecting
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
veterinary workforce sustainability and developments within the academic publishing environment.
Appropriate mitigation strategies are in place and the Trustees remain confident that BEVA is well positioned to respond to these challenges.
## **Investments**
Any investment decisions undertaken by the Trustees must safeguard the assets of the Association and therefore are in accordance with the guidelines laid down by the Charity Commission. The asset allocation for each portfolio is reviewed periodically, in conjunction with the fund manager, by the Chief Executive, Honorary Treasurer and other Officers, and rebalanced if appropriate.
BEVA's investment objective is to produce a balanced potential for capital and income growth over the long term.
The strategy is to provide a diversified portfolio comprising predominantly domestic and international equities, as well as some fixed interest. Exposure to specialist areas (for example, smaller companies and emerging markets) will be low and achieved via collective funds. To improve diversification and reduce volatility, an exposure in alternative investment strategies (such as commercial property, private equity, hedge funds, structured products and other specialist areas) will usually be included.
The strategy is deemed suitable for an investor with an investment time horizon of a minimum of 7 years, a moderate income requirement and an attitude to risk which can withstand some fluctuation in capital value and/or income. Currency exposure may have an adverse impact on UK and overseas investment returns and currencies will not be hedged. The dealing frequency of some investments may be limited.
There are no specific investment restrictions at this stage. However, should the Association be made aware that animal health and/or welfare is compromised by the companies with whom investments are made, those companies will be excluded from the portfolio.
The portfolio is managed on a discretionary basis and provides reports incorporating a valuation with a measurement of overall investment return, which considers the change in value, income received and all capital and income cash movements. An overall performance benchmark, in this case the WMA Pl Balanced Index, is included.
The Investment Strategy for the BEVA Trust (as distinct from the Association), which is currently focused on income generation.
## **Stakeholder Engagement**
BEVA recognises that the success of the Association depends on strong engagement with its stakeholders. These include members, volunteers, partner organisations, regulators and the wider equine industry.
## **Members**
Members remain at the centre of BEVA’s work. Engagement with members takes place through a wide range of mechanisms including the annual Congress, continuing professional development courses, digital learning platforms, publications, podcasts and regular communications. Members also contribute directly to the governance and delivery of BEVA’s work through committees, working groups and volunteer teaching roles.
## **Volunteers**
Volunteer contributions are fundamental to BEVA’s success. Veterinary surgeons, veterinary nurses and other professionals give significant amounts of time to support BEVA activities, including delivering CPD teaching, contributing to policy development and participating in BEVA Trust welfare initiatives.
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Industry Bodies**
BEVA maintains close relationships with a wide range of organisations across the veterinary and equine sectors, including regulators, professional associations, equestrian governing bodies and welfare organisations. These relationships ensure that the views and expertise of equine veterinary professionals are represented in policy discussions and industry initiatives.
## **Volunteer Contribution**
Volunteers play a central role in the delivery of BEVA’s charitable activities.
## **BEVA Trust Volunteers**
107 veterinary professionals volunteered their time and expertise through the BEVA Trust to support welfare projects in the UK and internationally during 2025. These activities include veterinary treatment clinics, castration programmes, education initiatives and collaboration with partner organisations working to improve equine welfare.
## **Association Volunteers**
BEVA’s governance and professional activities are supported by a network of committees and working groups. These committees are made up primarily of volunteer members who contribute their professional expertise to areas including education, clinical guidance, policy development, careers support and welfare initiatives.
The Trustees are grateful for the significant contribution made by the 247 volunteers who served on BEVA Council, committees and working groups, spoke at BEVA Congress, or coached on a BEVA scheme during 2025. Without these generous individuals most of BEVA’s activities would not be possible.
## **Public Benefit**
The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the Charity Commission’s guidance on public benefit.
BEVA delivers public benefit through education, professional guidance, research dissemination and welfare initiatives that contribute to improved equine health and welfare.
## **Constitution and Governing Document**
The British Equine Veterinary Association (BEVA) was formed, as an unincorporated association, in November 1961. The Association initially comprised "horse vets" wanting to spread knowledge, share experiences and develop greater cohesion amongst their branch of the veterinary profession. BEVA has grown and flourished during the subsequent six decades. It became a charity in 2010.
The organisation is a charitable company limited by guarantee. The company was established under a Memorandum and Articles of Association, as amended by special resolution passed on 22 September 2010, and again on 13 September 2024, which established the objects. powers, and governance of the Charitable Company. In the event of the company being wound up members are required to contribute an amount not exceeding £10.
## **Recruitment and appointment of Directors/Trustees**
The Directors of the Company, collectively known as the Board of Management (BoM) are also the Charity Trustees for the purposes of Charity Law. Under the requirements of the Memorandum and Articles of
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
Association, Directors are elected or re-elected by the Members at the Annual General Meeting (AGM).
Following an amendment passed at the 2016 AGM, Directors are elected to be either Presidential Directors or Non-Presidential Directors. The former are elected to serve for a period of four years only (as Junior Vice President, President Elect, President and, finally, Immediate Past President), the latter are elected to serve for a period of three years after which they become eligible for re-election.
The Directors/Trustees aim to ensure that the BoM contains an appropriate mix of expertise and experience to direct the charitable aims and oversee the administrative activities of the organisation. This is achieved by encouraging apposite individuals to stand for election and, if required, by appointing additional Directors to meet deficiencies.
## **Policies Adopted for the Induction and Training of Trustees**
Most Trustees, having been elected from the membership, are already familiar with the practical work of the charity. Nonetheless each new Trustee and Council member is expected to undertake an online induction course, and/or face to face briefing which covers the Groups' structure, function, practice and Trustee's responsibilities.
New Trustees and Council members may also attend one or more induction meetings, led by the Chief Executive, to familiarise themselves with the way in which the Charity operates and will be expected to attend external training on the role and responsibilities of charity trustees where appropriate.
## **Organisational Structure and Decision Making**
The Charity's Council comprises the members of the BoM and twelve non-Directors who are elected by the membership for a three-year term of office. Council meets regularly to advise on the Charity's strategic direction and policy although the ultimate responsibility for these matters is vested in the BoM. The BoM normally has 8 members and meets four times each year.
A scheme of delegation is in place and day to day responsibility for the provision of the Charity's services rest with the Chief Executive and the administrative team. The Chief Executive is responsible for ensuring the charity delivers the services specified to the prescribed standards and the efficient management of the administrative office and staff in line with good practice.
The Charity is supported by specialist Committees, populated by a combination of Council members and coopted experts, who provide guidance and recommendations to the BoM.
Occasionally ad hoc subcommittees (or working groups) with a closely defined set of objectives and a timetable are established in order to manage specific projects
## **Key management personnel**
The Trustees consider the key management personnel (KMP) of the charity to be the Trustees, the Chief Executive Officer, the Financial Manager and the Commercial Manager. KMP remuneration is set by the Trustees. Industry salary, and salary increase, benchmarks are irregularly reviewed.
All Trustees give their time voluntarily for up to eight days per annum away from home/work. The President is entitled to claim an honorarium in respect of days worked. Directors are compensated for loss of income for further days away from home/work. Trustees are required to disclose all relevant interests, register them in accordance with the Association's policy, and highlight them during discussions where a conflict of interest arises.
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025**
## **Fundraising practices**
Less than 1% of the income is derived from donations to BEVA Trust. The sources of this income were existing Standing Orders, set up by BEVA members in previous periods, practice client evenings, speaker fees donated and voluntary additions to membership, CPD or Congress payments.
The Trustees have historically taken the view that the charity's fundraising approach has been passive and its overall fundraising activities to date have been negligible; therefore there has been no reason to subscribe to set fundraising standards nor establish processes to protect vulnerable people and other members of the public from behaviour which is unreasonably persistent, places undue pressure on a person to give money or other property, or is an unreasonable intrusion on a person's privacy.
The new fundraising approach is targeted at Trusts and corporates and therefore also does not necessitate fundraising standards or processes to protect vulnerable people.
No one fundraised on the Association's behalf during 2025, and the charity did not receive any complaints regarding its fundraising activities.
## **Conclusion**
2025 was a productive year for BEVA. Membership continued to grow, educational programmes remained well supported and the Association maintained its position as a leading voice within the equine veterinary profession.
The Trustees believe the Association remains in a strong position to continue supporting equine veterinary professionals and advancing the welfare of horses.
## **Imogen Burrows**
President (and Trustee)
Date: 14 May 2026
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Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2025**
The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the 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 financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles of the Charities SORP (FRS 102);
- make judgements and accounting estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on its behalf by:
**Imogen Burrows** President (and Trustee) Date: 14 May 2026
Page 13
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVA LIMITED**
## **OPINION**
We have audited the financial statements of BEVA Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 December 2025 and of the Group's incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **BASIS FOR OPINION**
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **CONCLUSIONS RELATING TO GOING CONCERN**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability 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 Trustees with respect to going concern are described in the relevant sections of this report.
Page 14
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVA LIMITED (CONTINUED)**
## **OTHER INFORMATION**
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility 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 determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' Report and the Strategic Report have been prepared in accordance with applicable legal requirements.
## **MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent charitable company 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 information and explanations we require for our audit.
Page 15
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVA LIMITED (CONTINUED)**
## **RESPONSIBILITIES OF TRUSTEES**
As explained more fully in the Trustees' Responsibilities Statement, 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 internal 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 statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.
## **AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
- we identified the laws and regulations applicable to the Group through discussions with trustees and other management, and from our commercial knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, Charities Act 2011 and taxation legislation;
- in addition, we considered provisions of other laws and regulations which do not have a direct effect on the financial statements but compliance with which might be fundamental to the company's ability to operate or to avoid material penalties;
- we made enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- we considered the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;
- laws and regulations identified were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
Page 16
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVA LIMITED (CONTINUED)**
As a result of the above risk assessment procedures we identified the greatest risk of material misstatement on the financial statements arising from irregularities and fraud to be within the potential for management to override controls together with the risk of fraudulent revenue recognition. In response to these identified risks, we designed procedures which included, but were not limited to:
- performed analytical procedures to identify any unusual or unexpected relationships;
- performed audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business;
- we evaluated the assumptions and judgements used by management within significant accounting estimates and assessed whether these indicated evidence of management bias;
- we used Audit Data Analytics to review the client data for unusual trends/anomalies;
- performed substantive testing for a sample of transactions to supporting documentation and receipts to ensure that all income was appropriately recognised in the correct period and any restrictions appropriately recognised.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- we agreed the financial statement disclosures to underlying supporting documentation;
- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence;
- we read the minutes of meetings of those charged with governance.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non compliance. Auditing standards also limit the audit procedures required to identify non compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
Page 17
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BEVA LIMITED (CONTINUED)**
## **USE OF OUR REPORT**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **Michael Hewett (Senior Statutory Auditor)**
for and on behalf of **PEM Audit Limited**
Registered Auditors Salisbury House Station Road Cambridge CB1 2LA
Date: 15 May 2026
Page 18
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2025**
|**Note**
**INCOME FROM:**
Donations and legacies
3
Charitable activities
4
Other trading activities
Investments
6
**TOTAL INCOME**
**EXPENDITURE ON:**
Raising funds
7
Charitable activities
8
**TOTAL EXPENDITURE**
**NET INCOME/(EXPENDITURE)**
**BEFORE NET GAINS ON**
**INVESTMENTS**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
Transfers between funds
18
**NET MOVEMENT IN FUNDS**
**RECONCILIATION OF FUNDS:**
Total funds brought forward
Net movement in funds
**TOTAL FUNDS CARRIED FORWARD**|**Unrestricted**
**funds**
**2025**
**£**
**-**
**1,439,078**
**1,209,973**
**26,041**
**2,675,092**
**1,044,874**
**1,472,322**
**2,517,196**
**157,896**
**64,240**
**222,136**
**20,211**
**242,347**
**1,816,626**
**242,347**
**2,058,973**|**Restricted**
**funds**
**2025**
**£**
**19,103**
**240**
**-**
**7,208**
**26,551**
**3,186**
**38,490**
**41,676**
**(15,125)**
**14,480**
**(645)**
**(20,211)**
**(20,856)**
**136,251**
**(20,856)**
**115,395**|**Total**
**funds**
**2025**
**£**
**19,103**
**1,439,318**
**1,209,973**
**33,249**
**2,701,643**
**1,048,060**
**1,510,812**
**2,558,872**
**142,771**
**78,720**
**221,491**
**-**
**221,491**
**1,952,877**
**221,491**
**2,174,368**|Total
funds
2024
£
5,780
1,327,630
1,159,235
41,763|
|---|---|---|---|---|
|||||2,534,408|
|||||1,042,532
1,390,037|
|||||2,432,569|
|||||101,839
59,160|
|||||160,999
-|
|||||160,999|
|||||1,791,878
160,999|
|||||1,952,877|
The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 23 to 45 form part of these financial statements.
Page 19
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 07164745**
## **CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2025**
|**Note**
**FIXED ASSETS**
Intangible assets
12
Tangible assets
13
Investments
14
**CURRENT ASSETS**
Stocks
15
Debtors
16
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
17
**NET CURRENT ASSETS**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
18
Unrestricted funds
18
**TOTAL FUNDS**|**2025**
**£**
**25,990**
**431,237**
**715,965**
**1,173,192**
**(788,178)**|**2025**
**£**
**205,836**
**329,434**
**1,254,084**
**1,789,354**
**385,014**
**2,174,368**
**115,395**
**2,058,973**
**2,174,368**|2024
£
1,062
418,694
689,894
1,109,650
(658,378)|2024
£
9,239
333,269
1,159,097|
|---|---|---|---|---|
|||||1,501,605
451,272|
||||||
|||||1,952,877|
|||||136,251
1,816,626|
||||||
|||||1,952,877|
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Imogen Burrows**
## President (and Trustee)
## Date: 14 May 2026
The notes on pages 23 to 45 form part of these financial statements.
Page 20
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee) REGISTERED NUMBER: 07164745**
## **COMPANY BALANCE SHEET AS AT 31 DECEMBER 2025**
|**Note**
**FIXED ASSETS**
Intangible assets
12
Tangible assets
13
Investments
14
**CURRENT ASSETS**
Stocks
15
Debtors
16
Cash at bank and in hand
**CURRENT LIABILITIES**
Creditors: amounts falling due within one
year
17
**NET CURRENT ASSETS/(LIABILITIES)**
**TOTAL NET ASSETS**
**CHARITY FUNDS**
Restricted funds
18
Unrestricted funds
18
**TOTAL FUNDS**|**-**
**722,651**
**183,794**
**906,445**
**(582,441)**|**2025**
**£**
**3,404**
**324,840**
**1,029,029**
**1,357,273**
**324,004**
**1,681,277**
**-**
**1,681,277**
**1,681,277**|215
623,284
171,813
795,312
(550,576)|2024
£
9,239
320,483
945,345|
|---|---|---|---|---|
|||||1,275,067
244,736|
||||||
|||||1,519,803|
|||||6,932
1,512,871|
||||||
|||||1,519,803|
The Company's net movement in funds for the year was £161,474 (2024 - £211,057).
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
## **Imogen Burrows**
President (and Trustee)
## Date: 14 May 2026
The notes on pages 23 to 45 form part of these financial statements.
Page 21
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025**
|**Note**
**CASH FLOWS FROM OPERATING ACTIVITIES**
Net cash used in operating activities
20
**CASH FLOWS FROM INVESTING ACTIVITIES**
Dividends, interests and rents from investments
Purchase of intangible assets
Purchase of tangible fixed assets
Purchase of investments and movements in cash
Proceeds from sale of investments
**NET CASH PROVIDED BY/(USED IN) INVESTING ACTIVITIES**
**CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR**
Cash and cash equivalents at the beginning of the year
**CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR**|**2025**
**£**
**(35,413)**
**33,249**
**(202,432)**
**(12,666)**
**(1,572,900)**
**1,816,233**
**61,484**
**26,071**
**689,894**
**715,965**|2024
£
232,630
41,763
-
(8,258)
(538,783)
(101,171)
**(606,449)**
**(373,819)**
1,063,713
689,894|
|---|---|---|
The notes on pages 23 to 45 form part of these financial statements
Page 22
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
**(A Company Limited by Guarantee)**
## **BEVA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **1. ACCOUNTING POLICIES**
## **1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS**
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
BEVA Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
The Statement of Financial Activities (SOFA) and Balance Sheet consolidate the financial statements of the company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.
No separate SOFA has been presented for the company alone as permitted by section 408 of the Companies Act 2006.
## **1.2 COMPANY STATUS**
The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
## **1.3 GOING CONCERN**
The Trustees have prepared forecasts for 2026 and considered the trading period beyond this. The Trustees have stress-tested the forecasts, chiefly reflecting different levels of income which may occur should there be unexpected negative variations in income or increases in costs.
Upon their review, the Trustees believe the group will have sufficient resources to meet its liabilities as they fall due for the foreseeable future and therefore continue to adopt the going concern basis in preparing the financial statements.
## **1.4 FUND ACCOUNTING**
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 23
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
**(A Company Limited by Guarantee)**
## **BEVA LIMITED**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.5 INCOME**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
## **1.6 EXPENDITURE**
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent. All other support costs are allocated based on income arising from the activity.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Support costs are those costs incurred directly in support of expenditure on the objects of the company and include project management carried out at Headquarters.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds.
Charitable activities and Governance costs are costs incurred on the operations, including support costs and costs relating to the governance of the company apportioned to charitable activities based on the split of income.
## **1.7 GOVERNMENT GRANTS**
Government grants are credited to the Consolidated Statement of Financial Activities as the related expenditure is incurred.
## **1.8 INVESTMENTS**
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment.
Investments in subsidiaries are valued at cost less provision for impairment.
## **1.9 GAINS AND LOSSES**
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between fair value at the year end and their carrying value. Realised and unrealised gains and losses are combined in the Statement of Financial Activities.
Page 24
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.10 INTANGIBLE ASSETS AND AMORTISATION**
Intangible assets costing £NIL or more are capitalised and recognised when future economic benefits are probable, and the cost or value of the asset can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line basis over its expected useful life.
Amortisation is provided on the following basis:
Website development
- 33 % straight line
## **1.11 TANGIBLE FIXED ASSETS AND DEPRECIATION**
Tangible fixed assets costing £250 or more are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assets and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold land - Land is not depreciated - Freehold property 2% straight line - Improvements to property 10% straight line infrastructure Other fixed assets - 20% - 33% straight line
## **1.12 STOCKS**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **1.13 DEBTORS**
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 25
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **1. ACCOUNTING POLICIES (CONTINUED)**
## **1.14 CASH AT BANK AND IN HAND**
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
## **1.15 LIABILITIES AND PROVISIONS**
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.
## **1.16 FINANCIAL INSTRUMENTS**
The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
## **1.17 PENSIONS**
The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.
## **2. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT**
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. No estimates or assumptions are considered to have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Page 26
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **3. INCOME FROM DONATIONS**
|Donations
TOTAL 2024|**Restricted**
**funds**
**2025**
**£**
19,103
5,780|**Total**
**funds**
**2025**
**£**
**19,103**
5,780|Total
funds
2024
£
5,780|
|---|---|---|---|
|||||
## **4. INCOME FROM CHARITABLE ACTIVITIES**
|**Unrestricted**
**funds**
**2025**
**£**
Membership
672,936
Congress
354,340
CPD
411,010
Other
792
1,439,078
TOTAL 2024
1,327,630|**Restricted**
**funds**
**2025**
**£**
240
-
-
-
240
-|**Total**
**funds**
**2025**
**£**
**673,176**
**354,340**
**411,010**
**792**
**1,439,318**
1,327,630|Total
funds
2024
£
646,682
282,205
379,704
19,039|
|---|---|---|---|
||||1,327,630|
|||||
Page 27
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **5. TRADING ACTIVITIES**
|**Unrestricted**
**funds**
**2025**
**£**
**INCOME NET OF GROUP TRANSACTIONS**
BEVA Enterprises Limited
409,183
Equine Veterinary Journal Limited
769,732
1,178,915
**EXPENDITURE NET OF GROUP TRANSACTIONS**
BEVA Enterprises Limited
458,437
Equine Veterinary Journal Limited
320,894
(779,331)
**NET INCOME FROM TRADING ACTIVITIES**
399,584|**Total**
**funds**
**2025**
**£**
**409,183**
**769,732**
**1,178,915**
**458,437**
**320,894**
**(779,331)**
**399,584**|Total
funds
2024
£
401,378
757,857|
|---|---|---|
|||1,159,235|
|||658,585
381,335|
|||(1,039,920)|
|||119,315|
In 2024 all income and expenditure from trading activities was unrestricted.
## **6. INVESTMENT INCOME**
|**Unrestricted**
**funds**
**2025**
**£**
Investment income
13,716
Interest receivable - BEVA Limited & Trust
4,248
Interest receivable - Equine Veterinary Journal
Ltd
8,077
26,041
TOTAL 2024
35,570|**Restricted**
**funds**
**2025**
**£**
7,014
194
-
7,208
6,193|**Total**
**funds**
**2025**
**£**
**20,730**
**4,442**
**8,077**
**33,249**
41,763|Total
funds
2024
£
25,061
5,216
11,486|
|---|---|---|---|
||||41,763|
|||||
Page 28
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **7. EXPENDITURE ON RAISING FUNDS**
|Investment management fees
TOTAL 2024|**Restricted**
**funds**
**2025**
**£**
3,186
2,612|**Total**
**funds**
**2025**
**£**
**3,186**
2,612|Total
funds
2024
£
2,612|
|---|---|---|---|
|||||
The remainder of expenditure on raising funds related to fundraising trading activity, in 2025 and 2024.
## **8. ANALYSIS OF CHARITABLE EXPENDITURE BY ACTIVITIES**
|Membership
Congress
CPD
Safer Horse Rescues
Other
BEVA Trust
TOTAL 2024|**Activities**
**undertaken**
**directly**
**2025**
**£**
21,305
181,052
434,100
2,519
-
-
638,976
496,751|**Grant**
**funding of**
**activities**
**2025**
**£**
-
-
-
-
-
-
-
21,097|**Support**
**costs**
**2025**
**£**
741,860
42,880
49,736
-
5,522
31,838
871,836
872,189|**Total**
**funds**
**2025**
**£**
**763,165**
**223,932**
**483,836**
**2,519**
**5,522**
**31,838**
**1,510,812**
1,390,037|Total
funds
2024
£
806,931
201,319
329,653
842
29,968
21,324|
|---|---|---|---|---|---|
||||||1,390,037|
|||||||
In 2025 £38,490 of charitable expenditure was attributable to restricted funds (2024 - £68,997) .
Page 29
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
**BEVA LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **8. ANALYSIS OF CHARITABLE EXPENDITURE BY ACTIVITIES (CONTINUED)**
## **ANALYSIS OF SUPPORT COSTS**
|**Membership**
**2025**
**£**
Staff costs
611,793
Depreciation
6,450
Administration expenses
70,834
Audit and related services
-
Accountancy costs
4,970
Trustees travel reimbursed
14,974
Trustees expenses reimbursed
13,397
Council meeting costs
19,442
Legal expenses
-
741,860
Staff costs
Depreciation
Administration expenses
Audit and related services
Accountancy costs
Trustees travel reimbursed
Trustees expenses reimbursed
Council meeting costs
Legal expenses|**Congress**
**2025**
**£**
-
3,363
36,926
-
2,591
-
-
-
-
42,880
**BEVA Trust**
**2025**
**£**
17,172
273
12,593
-
1,800
-
-
-
-
31,838|**CPD**
**2025**
**£**
-
3,900
42,831
-
3,005
-
-
-
-
49,736
**Total**
**funds**
**2025**
**£**
**628,965**
**14,419**
**167,939**
**-**
**12,700**
**14,974**
**13,397**
**19,442**
**-**
**871,836**|**Other**
**2025**
**£**
-
433
4,755
-
334
-
-
-
-|
|---|---|---|---|
|||||
||||5,522|
||||Total
funds
2024
£
589,737
16,765
164,076
35,596
13,741
15,731
13,614
17,793
5,136|
||||872,189|
Included in support costs are governance costs totalling £60,213 (2024 - £97,987).
Page 30
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **9. ANALYSIS OF GRANTS**
|Low & middle income countries memberships
TOTAL 2024|**Grants to**
**Individuals**
**2025**
**£**
-
21,097|**Total**
**funds**
**2025**
**£**
**-**
21,097|Total
funds
2024
£
21,097|
|---|---|---|---|
|||||
## **10. AUDITORS' REMUNERATION**
Fees payable to the Group's auditor in respect of the audit of the financial statements totalled £17,950 in 2025 (2024: £15,670).
Fees payable to the Group's auditor in respect of other services in 2025 totalled £8,350 (2024: £11,000).
## **11. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|**Group**
**2025**
**£**
**619,450**
**66,388**
**58,635**
**744,473**|Group
2024
£
615,362
55,735
36,571
707,668|**Company**
**2025**
**£**
**561,406**
**60,292**
**54,083**
**675,781**|Company
2024
£
544,904
48,657
31,360|
|---|---|---|---|---|
|||||624,921|
The average number of persons employed by the Company during the year was as follows:
|BEVA Limited
EVJ Limited|**Group**
**2025**
**No.**
**15**
**1**
**16**|Group
2024
No.
15
2|
|---|---|---|
||||
|||17|
Page 31
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **11. STAFF COSTS (CONTINUED)**
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
|||**Group**|Group|
|---|---|---|---|
|||**2025**|2024|
|||**No.**|No.|
|In the band £100,001|- £110,000|**1**|1|
The key management personnel of the charity comprise the Trustees, the Chief Executive Officer, the Financial Manager and Commercial Manager. The total employment benefits including employer's national insurance and pension contributions of key management personnel were £234,137 (2024 - £223,965).
As permitted under the company's Articles of Association, the trustees may claim for full or half days leave from their normal place of work on BEVA business over and above the 8 voluntary days. The President may claim up to a maximum of £54,519 (2024: £52,931) in any one presidential year.
In the period a total of £53,394 (2024 - £25,125) was incurred for the 2 (2024 - 2) Presidents who served during the period.
During the year, 2 Trustees were paid £2,651 (2024 - £Nil) in respect of time spent away from their normal place of work on BEVA business in excess of 8 voluntary days.
During the year, 6 (2024 - 7) Trustees received reimbursement of expenses of £11,857 (2024 - £9,445) in respect of reimbursement of travel, accommodation and subsistence costs. A total of £2,146 was owed to 4 Trustees at the year-end (2024 - £4,344 was owed to 4 Trustees at the year end).
No Trustees received any remuneration or benefits in kind from the charity (2024 - £Nil), other than the two Presidents in the year. See details of their remuneration in Note 25 - Related Parties.
Page 32
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
|**12.**
**INTANGIBLE ASSETS**
**GROUP**
**COST**
At 1 January 2025
Additions
At 31 December 2025
**AMORTISATION**
At 1 January 2025
Charge for the year
At 31 December 2025
**NET BOOK VALUE**
At 31 December 2025
At 31 December 2024|**Website**
**development**
**£**
**17,510**
**202,432**|
|---|---|
||**219,942**|
||**8,271**
**5,835**|
||**14,106**|
|||
||**205,836**|
||9,239|
Page 33
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **13. TANGIBLE FIXED ASSETS**
## **GROUP**
|**COST OR VALUATION**
At 1 January 2025
Additions
At 31 December 2025
**DEPRECIATION**
At 1 January 2025
Charge for the year
At 31 December 2025
**NET BOOK VALUE**
At 31 December 2025
At 31 December 2024|**Land and**
**buildings**
**£**
**445,518**
**-**
**445,518**
**139,242**
**4,340**
**143,582**
**301,936**
306,276|**Other fixed**
**assets**
**£**
**309,994**
**12,666**
**322,660**
**283,001**
**12,161**
**295,162**
**27,498**
26,993|**Total**
**£**
**755,512**
**12,666**|
|---|---|---|---|
||||**768,178**|
||||**422,243**
**16,501**|
||||**438,744**|
|||||
||||**329,434**|
||||333,269|
Included in land and buildings is freehold land at a cost of £50,000 (2024 - £50,000) which is not depreciated.
Page 34
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **13. TANGIBLE FIXED ASSETS (CONTINUED)**
## **COMPANY**
|**COST OR VALUATION**
At 1 January 2025
Additions
At 31 December 2025
**DEPRECIATION**
At 1 January 2025
Charge for the year
At 31 December 2025
**NET BOOK VALUE**
At 31 December 2025
At 31 December 2024|**Land and**
**buildings**
**£**
**396,093**
**-**
**396,093**
**89,817**
**4,340**
**94,157**
**301,936**
306,276|**Other fixed**
**assets**
**£**
**29,835**
**12,666**
**42,501**
**15,628**
**3,969**
**19,597**
**22,904**
14,207|**Total**
**£**
**425,928**
**12,666**|
|---|---|---|---|
||||**438,594**|
||||**105,445**
**8,309**|
||||**113,754**|
|||||
||||**324,840**|
||||320,483|
Included in land and buildings is freehold land at a cost of £50,000 (2024 - £50,000) which is not depreciated.
Page 35
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **14. FIXED ASSET INVESTMENTS**
|**GROUP**
**COST OR VALUATION**
At 1 January 2025
Additions
Disposals
Revaluations
Cash movements
AT 31 DECEMBER 2025|**Listed**
**investments**
**£**
**1,156,471**
**1,540,057**
**(1,499,325)**
**58,358**
**-**
**1,255,561**|**Cash on**
**deposit**
**£**
**2,626**
**-**
**-**
**-**
**(4,103)**
**(1,477)**|**Total**
**£**
**1,159,097**
**1,540,057**
**(1,499,325)**
**58,358**
**(4,103)**
**1,254,084**|
|---|---|---|---|
## **VALUATION**
All investments are carried at their fair value. Investment in equities and fixed interest securities are all traded in quoted public markets, primarily the London Stock Exchange. Holdings in common investment funds, unit trusts and open-ended investment companies are at the bid price. Asset sales and purchases are recognised at the date of trade at cost (that is their transaction value).
The significance of financial instruments to the ongoing financial sustainability of the Charity is considered in the financial review and investment policy and performance sections of the Trustees' Annual Report.
The objectives of the funds held by BEVA Ltd are to provide long term growth by investing in a portfolio of other authorised funds, worldwide equities, fixed interest stocks, cash and money market instruments.
The investment managers will take a fundamental and value driven approach to the portfolio allocation, dependant on the relevant attractions of the world equity, fixed interest and currency markets. The fund will take an aggressive view of the stock market weightings in the portfolio, when compared to a neutral world market capitalisation.
The fund has little exposure to credit or cash flow risk. There are no borrowings or unlisted securities of a material nature and so there is little exposure to liquidity risk. The main risks it faces from its financial instruments are market price, foreign currency and interest rate risk. The policies are reviewed for managing these risks in order to follow and achieve the investment objective.
Page 36
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **14. FIXED ASSET INVESTMENTS (CONTINUED)**
|**COMPANY**
**COST OR VALUATION**
At 1 January 2025
Additions
Disposals
Revaluations
AT 31 DECEMBER 2025|**Investments**
**in**
**subsidiary**
**companies**
**£**
**103**
**-**
**-**
**-**
**103**|**Listed**
**investments**
**£**
**945,242**
**1,240,206**
**(1,206,302)**
**49,780**
**1,028,926**|**Total**
**£**
**945,345**
**1,240,206**
**(1,206,302)**
**49,780**
**1,029,029**|
|---|---|---|---|
## **PRINCIPAL SUBSIDIARIES**
The following were subsidiary undertakings of the Company:
|**Names**|**Company**|**Registered office**|
|---|---|---|
||**number**|**or principal place**|
|||**of business**|
|BEVA Enterprises Limited|03542292|Mulberry House,|
|||31 Market Street,|
|||Fordham, Ely,|
|||Cambs, CB7 5LQ|
|Equine Veterinary Journal Limited 01872095||Mulberry House,|
|||31 Market Street,|
|||Fordham, Ely,|
|||Cambs, CB7 5LQ|
## **Principal activity**
The organisation of exhibitions and social events relating to the activities of BEVA Limited.
The production of the official journal of BEVA Limited.
Page 37
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **14. FIXED ASSET INVESTMENTS (CONTINUED)**
The financial results of the subsidiaries for the year were:
|**Names**|**Income**|**Expenditure**|**Profit/(Loss)**|**Net assets**|
|---|---|---|---|---|
||**£**|**£**|**for the year**|**£**|
||||**£**||
|BEVA Enterprises Limited|**589,030**|**(515,089)**|**73,941**|**178,975**|
|Equine Veterinary Journal Limited|**853,116**|**(403,633)**|**456,250**|**198,721**|
## **A SUMMARY OF RESULTS - BRITISH EQUINE VETERINARY ASSOCIATION TRUST**
A summary of results for British Equine Veterinary Association Trust ("BEVA Trust") is shown in note 18. BEVA Trust is included as a restricted fund within BEVA Limited as its charitable objects are narrower than for BEVA Limited.
## **15. STOCKS**
||**Group**|Group|**Company**|Company|
|---|---|---|---|---|
||**2025**|2024|**2025**|2024|
||**£**|£|**£**|£|
|Finished goods and goods for resale|**25,990**|1,062|**-**|215|
## **16. DEBTORS**
|Trade debtors
Amounts owed by group undertakings
Amounts owed by participating interests
Other debtors
Prepayments and accrued income|**Group**
**2025**
**£**
**99,235**
**-**
**-**
**189,007**
**142,995**
**431,237**|Group
2024
£
97,679
-
-
182,411
138,604
418,694|**Company**
**2025**
**£**
**-**
**496,003**
**157,780**
**35,066**
**33,802**
**722,651**|Company
2024
£
-
441,861
114,700
28,109
38,614|
|---|---|---|---|---|
||||||
|||||623,284|
Page 38
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Trade creditors
Amounts owed to group undertakings
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 January
Resources deferred during the year
Amounts released from previous periods|**Group**
**2025**
**£**
**154,296**
**-**
**17,591**
**38,768**
**577,523**
**788,178**
**Group**
**2025**
**£**
**372,756**
**386,540**
**(372,756)**
**386,540**|Group
2024
£
120,787
1,464
16,297
19,768
500,062
658,378
Group
2024
£
480,381
372,756
(480,381)
372,756|**Company**
**2025**
**£**
**37,519**
**-**
**16,305**
**38,768**
**489,849**
**582,441**
**Company**
**2025**
**£**
**369,754**
**385,041**
**(369,754)**
**385,041**|Company
2024
£
60,187
15,856
14,360
19,768
440,405
550,576
Company
2024
£
418,536
369,754
(418,536)
369,754|
|---|---|---|---|---|
Deferred income represents memberships, sponsorship and advertising fees.
Page 39
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **18. STATEMENT OF FUNDS**
## **STATEMENT OF FUNDS - CURRENT YEAR**
|**UNRESTRICTED**
**FUNDS**
**DESIGNATED**
**FUNDS**
Property fund
Technology fund
**GENERAL FUNDS**
BEVA Limited
BEVA Enterprises
Limited
Equine Veterinary
Journal Limited
**UNRESTRICTED**
**FUNDS TOTAL**
**RESTRICTED**
**FUNDS**
BEVA Trust
Safer Horse Rescue
BCET Educational
Project
**TOTAL OF FUNDS**|**Balance at 1**
**January**
**2025**
**£**
**313,444**
**400,000**
**713,444**
**799,427**
**105,034**
**198,721**
**1,103,182**
**1,816,626**
**129,319**
**(898)**
**7,830**
**136,251**
**1,952,877**|**Income**
**£**
**-**
**-**
**-**
**1,226,179**
**589,030**
**859,883**
**2,675,092**
**2,675,092**
**19,233**
**2,519**
**4,799**
**26,551**
**2,701,643**|**Expenditure**
**£**
**-**
**-**
**-**
**(1,598,474)**
**(515,089)**
**(403,633)**
**(2,517,196)**
**(2,517,196)**
**(39,157)**
**(2,519)**
**-**
**(41,676)**
**(2,558,872)**|**Transfers**
**in/(out)**
**£**
**(11,508)**
**-**
**(11,508)**
**456,911**
**-**
**(425,192)**
**31,719**
**20,211**
**(8,480)**
**898**
**(12,629)**
**(20,211)**
**-**|**Gains/**
**(Losses)**
**£**
**-**
**-**
**-**
**64,240**
**-**
**-**
**64,240**
**64,240**
**14,480**
**-**
**-**
**14,480**
**78,720**|**Balance at**
**31**
**December**
**2025**
**£**
**301,936**
**400,000**|
|---|---|---|---|---|---|---|
|||||||**701,936**|
|||||||**948,283**
**178,975**
**229,779**
**1,357,037**
**2,058,973**
**115,395**
**-**
**-**|
|||||||**115,395**|
|||||||**2,174,368**|
Page 40
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **18. STATEMENT OF FUNDS (CONTINUED)**
## **STATEMENT OF FUNDS - PRIOR YEAR**
|**UNRESTRICTED**
**FUNDS**
**DESIGNATED FUNDS**
Property fund
Technology fund
**GENERAL FUNDS**
BEVA Limited
BEVA Enterprises
Limited
Equine Veterinary
Journal Limited
**UNRESTRICTED**
**FUNDS TOTAL**
**RESTRICTED FUNDS**
BEVA Trust
Safer Horse Rescue
BCET Educational
Project
**TOTAL OF FUNDS**|**UNRESTRICTED**
**FUNDS**
**DESIGNATED FUNDS**
Property fund
Technology fund
**GENERAL FUNDS**
BEVA Limited
BEVA Enterprises
Limited
Equine Veterinary
Journal Limited
**UNRESTRICTED**
**FUNDS TOTAL**
**RESTRICTED FUNDS**
BEVA Trust
Safer Horse Rescue
BCET Educational
Project
**TOTAL OF FUNDS**||Balance at
1 January
2024
£
313,444
100,000
413,444
889,918
98,953
198,721
1,187,592
1,601,036
185,458
(56)
5,440
190,842
1,791,878|Balance at
1 January
2024
£
313,444
100,000
413,444
889,918
98,953
198,721
1,187,592
1,601,036
185,458
(56)
5,440
190,842
1,791,878||Income
£
-
-
-
1,159,928
538,897
823,610
2,522,435
2,522,435
9,583
-
2,390
11,973
2,534,408|Income
£
-
-
-
1,159,928
538,897
823,610
2,522,435
2,522,435
9,583
-
2,390
11,973
2,534,408|Expenditure
£
Transfers
in/(out)
£
-
-
-
300,000
-
300,000
(1,442,116)
143,450
(532,816)
-
(388,640)
(434,970)
(2,363,572)
(291,520)
(2,363,572)
8,480
(68,155)
(8,480)
(842)
-
-
-
(68,997)
(8,480)
(2,432,569)
-|Expenditure
£
Transfers
in/(out)
£
-
-
-
300,000
-
300,000
(1,442,116)
143,450
(532,816)
-
(388,640)
(434,970)
(2,363,572)
(291,520)
(2,363,572)
8,480
(68,155)
(8,480)
(842)
-
-
-
(68,997)
(8,480)
(2,432,569)
-|Gains/
(Losses)
£
Balance at
31 December
2024
£
-
313,444
-
400,000
-
713,444
48,247
799,427
-
105,034
-
198,721
48,247
1,103,182
48,247
1,816,626
10,913
129,319
-
(898)
-
7,830
10,913
136,251
59,160
1,952,877|
|---|---|---|---|---|---|---|---|---|---|---|
||||||||||||
||||413,444|||-|||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
||||||||||||
Page 41
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED (A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **18. STATEMENT OF FUNDS (CONTINUED)**
The designated property fund represents sums expended on the charity's freehold property less accumulated depreciation. The transfer represents the additions less depreciation to freehold property in the year.
The designated technology fund respresents sums set aside for further investment in technology. During 2024, a further £300,000 was transferred into this fund from unrestricted general funds, to cover future planned costs in respect of BEVA's central IT system, bringing the total value of the fund to £400,000 at 31 December 2024. This designation remains in place at 31 December 2025 with £202,432 spent to date and represented by intangible fixed asset additions within BEVA Enterprises Limited during the year.
Other restricted funds comprises the Safer Horse Rescues (Emergency Services Protocol (ERF)) fund. ERF is to fund widespread training of vets and members of the Fire and Rescue Services and provide compensation for unrecoverable losses associated with equine rescue. A transfer from unrestricted funds has been processed to clear the historical deficit.
BEVA Trust represents the income, expenditure, gains and losses of BEVA Trust of which BEVA Limited is the sole corporate trustee.
The charity only funds are as above, excluding BEVA Enterprises Limited, Equine Veterinary Journal Limited and BEVA Trust funds.
## **19. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT YEAR**
|**Unrestricted**
**funds**
**2025**
**£**
Tangible fixed assets
329,434
Intangible fixed assets
205,836
Fixed asset investments
1,028,926
Current assets
1,123,375
Creditors due within one year
(628,598)
**TOTAL**
2,058,973|**Restricted**
**funds**
**2025**
**£**
-
-
225,158
49,817
(159,580)
115,395|**Total**
**funds**
**2025**
**£**
**329,434**
**205,836**
**1,254,084**
**1,173,192**
**(788,178)**
**2,174,368**|
|---|---|---|
Page 42
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **19. ANALYSIS OF NET ASSETS BETWEEN FUNDS (CONTINUED)**
## **ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR YEAR**
|Unrestricted
funds
2024
£
Tangible fixed assets
332,996
Intangible fixed assets
9,239
Fixed asset investments
945,242
Current assets
1,070,429
Creditors due within one year
(541,280)
**TOTAL**
1,816,626
**20.**
**RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW**
**ACTIVITIES**
Net income for the year (as per Statement of Financial Activities)
**ADJUSTMENTS FOR:**
Depreciation/amortisation charges
Gains on investments
Dividends, interests and rents from investments
(Increase)/decrease in stocks
Decrease/ (increase) in debtors
Increase/(Decrease) in creditors
**NET CASH PROVIDED BY/(USED IN) OPERATING ACTIVITIES**|Restricted
funds
2024
Total
funds
2024
£
£
273
333,269
-
9,239
213,855
1,159,097
39,221
1,109,650
(117,098)
(658,378)
136,251
1,952,877
**FROM OPERATING**
**Group**
Group
**2025**
2024
**£**
£
**221,491**
160,999
**22,336**
26,875
**(78,720)**
(59,160)
**(33,249)**
(41,763)
**(24,928)**
1,947
**(12,543)**
(31,261)
**(129,800)**
174,993
**(35,413)**
232,630|
|---|---|
Page 43
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **ANALYSIS OF CASH AND CASH EQUIVALENTS**
||**Group**|Group|
|---|---|---|
||**2025**|2024|
||**£**|£|
|Cash in hand|**715,965**|689,894|
## **21. ANALYSIS OF CHANGES IN NET DEBT**
||**At 1**||**At 31**|
|---|---|---|---|
||**January**||**December**|
||**2025**|**Cash flows**|**2025**|
||**£**|**£**|**£**|
|Cash at bank and in hand|**689,894**|**26,071**|**715,965**|
## **22. PENSION COMMITMENTS**
The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £58,635 (2024 - £36,571). No contributions were outstanding at the balance sheet date (2024 - £nil).
## **23. OPERATING LEASE COMMITMENTS**
At 31 December 2025 the Group and the Company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
|Not later than 1 year
Later than 1 year and not later than 5 years|**Group**
**2025**
**£**
**13,626**
**10,949**
**24,575**|Group
2024
£
14,108
9,215|
|---|---|---|
||||
|||23,323|
Page 44
Docusign Envelope ID: FAEAE8F8-1AA2-8C0B-82B8-24AC68A01573
## **BEVA LIMITED**
## **(A Company Limited by Guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025**
## **24. RELATED PARTY TRANSACTIONS**
## **Management fees**
- During 2025, the charity charged management fees totalling £56,650 (2024 - £54,960) to BEVA Enterprises Limited, and £15,415 (2024 - £16,402) to Equine Veterinary Journal Limited. Fees cover staff time, rent and sundry office expenses.
- BEVA Enterprises Limited charged management and other fees to Equine Veterinary Journal Limited of £64,814 (2024 - £73,023) and management fees to the charity of £107,663 (2024 - £99,276). Fees cover staff time, rent and sundry office expenses.
- The charity charged management fees of £8,480 (2024 - £8,480) to British Equine Veterinary Association Trust. Fees cover staff time, rent and sundry office expenses.
## **Donations**
- During 2025, the charity received donations from Equine Veterinary Journal Limited of £425,192 (2024 - £434,970).
## **Expenses**
- During 2025, BEVA Limited recognised expenditure of £nil payable to World Horse Welfare, being reimbursement of costs of travel and meal expenses (2024 - £11,257). Of these, £nil were included in creditors at the year-end (2024 - £11,397).
- During 2025, BEVA Limited recognised expenditure of £nil (2024 - £10,547) payable to Hampleton Equine Clinic, an organisation whose Chief Executive is also a Trustee of BEVA Limited. Of this, £nil (2024 - £6,089) was included in creditors at the year-end.
## **Presidential fees**
- During the year I Burrows, a trustee of BEVA Limited, invoiced the charity £7,750 (2024 - £nil) for presidential services. An accrual of £27,137 was included at the year-end (2024 - £nil accrual included). - During the year B Bladon, a trustee of BEVA Limited, invoiced the charity £24,025 (2024 - £9,920) for presidential services. £nil accrual was included at the year-end (2024 - £5,518).
## **Other inter-group transactions**
- Equine Veterinary Journal Limited received subscriptions and other income of £52,326 (2024 - £73,023) from the charity during the year.
- BEVA Enterprises Limited received Congress income of £222,275 (2024: £208,755) from the charity during the year.
- The directors of BEVA Enterprises Limited did not receive any reimbursements for expenses incurred during the current or prior year.
- The directors of BEVA Equine Veterinary Journal Limited did not receive any reimbursements for expenses incurred during the current or prior year.
## **Inter-group balances**
At 31 December 2025 inter-group balances were as follows:
- BEVA Ltd was owed £157,780 by BEVA Trust (2024 - £114,700).
- BEVA Ltd was owed £2,286 by Equine Veterinary Journal Ltd (2024 - the charity was owed £6,891 by Equine Veterinary Journal Ltd).
- BEVA Enterprises Ltd owed £59,735 to BEVA Ltd (2024 - £14,392).
Page 45