British Veterlnary Assoclatlon ANIMAL WELFARE FOUNDATION Unaudlted annual roport and flnanclal 8tatemonl8 31 Decembar 2022 ChtY Ratrakn Nuft*w 1192203
Contonts RoPOrt• Annual report of the tru8t88S Legal arKI adminlstrative detall8 Independent examiner's report 12 Flnoncljl 8tat•ments Slaternenl of financlal aGtivltles 13 8alance sheet 14 PrlnGlpal aGGounllng pollcles 15 Nole8 to the financlal 818lement8 18 British Veterinary Association Animal Welfare FouTrJation
Annual roport of the trusteos Year to 310ecember 2022 The British Velertnary Association Animal W&lfare Foundation (otherwise known as'AWF" and the 'Foundation'l is a registered charity. number 1192203, first constituted ty Deed of Trust dated May 1983 and later converted to a CIO, re9islered with the Charity Commission on 6 November 2020. ObJectlv6s and slgnlflcant actlvltl8s dellveréd for the publlG bonoflt AWF aimg to improve the weware of anlmals through velerlnary 3clence. educallon and debate. AWF'S charitable objects as slated in its Con8tilution are- The adVar8m8nI of education In v81erinary science. medicine, 8ur98ry and animal walfare. Research and support In animal welfare or any olh8T fièld of veterinary 8nd8avour and tho diss8minalion of the useful results ol such research. The relief of suffering in anlmals and the prote¢lh)n of such anlmals. Any other lawful charitable purpose in connection with velerinary sciance or animals and th8ir welfar8. The AWF objects fall withln iwo charitable purposes identified withln the Charill88 Act 2011 namely the advancement of edUcatn and the advancement of animal welfare. Th8 Trustees confirm that Ih8y have had du8 reg8rd lo the Charity Cornmi53lon's guidance on publlc benefit when reviewing and selling the aims, objectives and in planning the Foundation's activities. AWF c8rrte$ out Ils oblecls through a number of a¢llvlll8s which have a poslllv6 Impact on l)olh the imm8diale beneficiaries and the wider public includlng.. Fundlng research projects Ih8t fill knowledge gaps And have a praclical and posltlve Impact on raising standards in animal welfare. Stimulating debate. Proff11ng and developing welfare edLtcalion and enhanclng welfare related leaching in the UK veterinary and veterinary nursing schools. AVVF works with students lo improve their knowledge of anlmal welfare I8SLtes. PronK*ting the mission, remit and achievements of the Foundalion lo the v8lerinary and animal welfare professions aThJ the general publiG. AWF produGe5 eviderKe-based pel are advice for the ggn8ral public, lo encourag8 responsible pel ownership and high animal welfare standards. Influencing and conlribLrting lo and supporting leadership in the development of anlmal welfare policy. AWF strives lo achieve financlal Stability and growth to enable 11 to effectively pursue ils objectives. British Veterinary Association Animal Welfare Foundation 3
Annual report of thè trustées Year to 31 Dember 2022 AGhlevom•nts and performance Nomian Hayward Fund rns•ar¢h grants Th8 Norman Hayward Fund is a restricted fund which supports research into the disease and weNare of horses. cattle and sh8ep. In 2022, support wa5 given lo two ongoing research projects, which were closed al year end. AWF awarded one new grant of £4,736 to a student project li118d 'Recognilion of pain in cafvas and decisions 8round Irealmenl among farmers in the UK". AWF Re$ear¢h Fund rns•*r¢h gr•nts The AWF Re88arch Fund Ss u88d to support rese8rch in Species olher than those covered by tha Norman Hayward Fund. In 2022 5UPPQrt Gontlnued for seven QfvJolng projects. At year end, four projects from th8 fund w8re closed. Funding was awarded to four new mojor projects as part of the charity's 2022 research call. amounting lo £101,322. Educatlon AWF deliv8r8d three anlmal welfare talk5 to velertnary 51udenls al UK veterinary SChIS in 2022. AWF also held a discussion session for veterinary nurses al BVNA Congress Iltled Extreme Confom)alion'. let's glve oxygen to nurses, vlews.. External Events And Exhlbltlons AWF and Vellife hgld a joint fundraiser Bl the BVA Gala Dlnner al London Vel Show In November and ralsed £1.465 In total. Dl$¢us$lon Forum AWF'S annual Discussion Forum 8UPPOrts ils mission to u8e dlscu88ion and debate lo raise awareness and understandlng of animal welfare. In 2022 AWF delivered the Forum a5 a hybrid event, which was extremely well received and attracted 224 delegal831137 attended in person arKi 87 were vlrtual}. Llnks Prolect A collaborative projacl betWg8n AWF and the Links Group has produced a range of trainn9 resources lo help veterinary professionals understand the link between domestlc abuse and non-accidenlal injury lo animals. There are sllll funds remaining from 8 grant given lo AWF by the Margaret Giffen Charitable Tru51 for the purpose of sUPPOrting this project. In 2021 the Trust approved a new proposal by the Linkg Group lo use the remaining funds lo promote the training and dlslrlbule the training resources. In 2022 rn08l of the remaining funds were pul towards marketing activity and printing and postage of the materials. Puppy Contract The Puppy Contract was developed by AWF and the RSPCA and is designed lo give buyers the best chance of buying a healthy puppy and give breed9rs a way of demonslraling that Iheir puppies have been bred responsibly. In 2021 Ihe RSPCA relinquished 115 ownership of the Puppy Contract and il is now fully owned by AWF. In 2022 AWF granted permission to the Environment and Animal Society of Taiwan IEASTI lo use the Puppy Contract lo raise awareness of and promote good practice in puppy purchasing in Tawan. British Veterinary Association Animal Welfare Foundation 4
Annual report of the trusteos Year lo 31 December 2022 Achlevements and perforniance (continued) Govemance The Charity Commission approved AWF'S appliGalion lo become a Charitable Incorporated Organisalion ICIOI in November 2020. In 2021 AWF finalised and signed a transfer agreemnt and the changeover lo British Veterinary Association Animal weare Foundation CIO (company number CE023250. ch8rity numb8r 11922031 officially took place on 1 January 2022. AWF operate(J 8$ th6 CIO from this date onwards. During 2022 AWF applied to the Land Registry lo transfer land held under the Norman Hayward Fund lo tha new CIO. The transfer w8$ approved in March 2023. In 2022 AWF conducted a Tru5188 audit, which led lo the recruilm8nt of seven new Iruslees lo fill gaps18ft by those who had and were due lo slep down. strategy Under ils current strategy AWF 18 working on a Ihree-year Ih8me Breeding for beller weware.. This resulted In a focussed research call in 2022 for prolecl8 on the toplc of 'etIng demand wh1181 protecting anim81 welfare,. St4fflng Having worked wllh 8 fvndraising consultancy from 2020 10 2021, 11 was agreed that AWF required a full-lime Markellng Communlcallons Officer. Thi8 Person will be 188ked wllh r8i81ng the charity's profile, developing ils case for support, and preparlng the charity lo actively fundraise. After adver115ing for this post in July, 8 suitable candidate was found In December. L•nd A newlond agent (Green & Col was appolnled to be th8 charlty's tru8ted partner In a project lo Increase Ihg value of the charity's land in Broughton, Northamptonshire. The agent's job Is to rind a dev8lopm8nVpromollon partner, negoliale the heads of terms and manage Ihe relationship until completion. All work Is lo be undertaken at the agent and d8vèlopmentlpromolion partner's own risk. 11 is hoped that this will enable AWF to lake advantage of upcoming dev8lopmenl opportunlties lo $e¢ufe planning permission on parl of the land, thu¥ rn¥ximising Its value for the benefil of the charity and therefore its aims. Durfng 2022 the laTrJ agent worked closely wrth AWF to understand rt8 objectives and tender for partners to lake on the land in two sep8r8le parcels. In January 2023, AWF ch03e two Separate promoters. Having agreed heads of tern, AWF'8 land agent is now working with dedicated solicitor lo finallse the promotion agreements. Futuro plans Govemance Close down the old gnlity once the transfer of Norman Mayward Fund land to the new CIO is complete. As in 2022, all charitable activity will be conducted under the CIO. Review how AWF'S investments are managed and lender lo find the most 8ppropriate fund manager for the charity's inveslmenls. Draw down funds from AWF investments lo support cashflow during the year. British Veterinary Association Anifflal Welfare Foundation 5
Annual report of tho tNstees Year to 31 December 2022 Future plans Iconlinuedl Strategy Devise a new Ihree-y&ar slratagy, as AWF'S Currènt Ihree-year strategy runs until December 2023. Review the AWFIBVA MOU and create an action plan lo assist the delivery of this. Marketlng and fundralslng The Marketing Communlcalions offar will foGu5 on understandlng AWF'S al and achi8v8m8nls as a foundation for improvlng promotion of the charity. During 2023. there wlll be a focus on celebrating the charity's 401h anniversary as a hook for marketing and fundra151ng. The new Officer will also b8 invofved in helping plan and organise a workshop with the Trustees lo clarify the charity's USP, elevator pitch, impact stories and fundralslng asks. Land AWF will work wlth the new land agent to finalise promotion agr88m•nl8 Wlth 118 chosen development partners. Research grants Commission new research prole¢l8 based on the current them8, 'breoding for boll8r welfare, and run the annual 81udenl gr8nls round. Debat8 and Educatlon Revamp the student talk offering wilh new talks whh reflect the current Tru8lee8' expertlS8. Seek opportunities to offer mcfe AWF discugslon and debate sessbng at veterinary congresses, e.g 8VNA, BCVA. BSAVA. Dls¢u$$lon Forum The Discussion Forum and evening receptlon wlll ba an in.person event at a new venue. The alm Is lo secure $ponw8hip and come Close lo breaklfig even. Al80 In 2023, AWF will explore all8rnatiYe, ch8aper venues for the 2024 Di8CLtssion Forum. Llnks Pmlect Monilor progres5 and pay invoiG8S as the projecl reaches ils final stage. Close the project off with a final report from the Links Group lo summarlsa Ils achievemants and impact. Puppy Contract Consider how lo take the project forward, including finding partners lo ryovide both expertl$e and fin8ncial support to in¢rea$e engagement with this producl. British Veterinary Association Animal Welfare Foundation 6
Annual report of the trustees Year to 31 December 2022 AWF Trustoe$ aro all veterinary and anlmal wolfare professlonals. The followlng were Trustees durlng 2022: C Allen MA VelMB CertSAM MRCVS lappoint8d 23 November 2022) C Burn Msc DPhil D Carson BVSC (Syd) MRCVS J Clemenls RVN Msc lappoinle(123 November 20221 S Corr BVMS CertSAS DipECVS FHEA PhD MRCVS18ppolnled 23 November 2022) M Dobbs BVM&S CertCHP DipL8w MRCVS (Treasurer and a Norman Hayward Trustee) K Ellls BVMS CortCHP PhD OipECBHM FHEA F Fell 8VSG MRCVS Islepped down on 23 November 20221 N Gladden 8VM&S Dip. EC8HM PhD MRCVS {appolnted 23 November 20221 K Heyrman BVMS MRCVS lappolnted 23 November 20221 R Hooker 8VMS PoslGrad OMS {appoinled 23 November 2022) J Kupfer BVSC LLM MRCVS {Ch8irman and 8 Norman Hayward Trustee) M Morl8y 8VSG MRCVS IBVA OffiGer ex.officio Trustee) R Pizzl BVSC Msc PhD DZooM8d DipECZM MANZCVS FRES FRGS FRSB FRCVS R Schofleld 8Sc {Honsl RVN Islepped down on 23 Novembar 20221 J Shotlon Bsc 8VSc Msc MRCVS IBVA Offur ex-offIc Trusleel G R888 8VSc (Honsl PhD MRCVS (appointed 23 November 2022} Admlnlstratlve staff E Singh - AWF Manager S Tatbak In88 Johnslonl- AWF Administrator lo 30 June 2022. Grants and Events Officer from 1 July 2022 to 2 June 2023. A Naylon- Grants and Events Officer from 1 August 2023. M Dominguez- AWF Marketing Communicatsons offer from 13 February 2023. Addre¥s The AWF office Is at the British Veterinary Asso¢latlon, 7 Mansfleld Slreel, London W1G 9NQ. Agènts and •dvlsors Examiner". Buzzacoll LLP, 130 Wood Stre81, London EC2V 60L Bankers.. Coulls & Co.. 440 Strand. London WC2R OQS and CAF Bank. 25 Kings Hlll Avenue, Klngs Hill. West Malling. Kent. ME19 4JQ Investm8nl Advisors.. UBS Wealth Management, 1 Finsbury Avenue, London, EC2M 2AN British Veterinary Association Animal Weifare Foundation 7
Annual report of the trustees Year to 31 December 2022 Agents and advlsors fconbnu8d) Solicitors: Reynold8 Porter Chambertaln, Tower 8rldge House. St Kalharfne's W8y, London E1W 1AA and Wil¥ons Solicitors LLP, 4 Lincoln's Inn Fields. London WC2A 3AA and Wilsons Solicitors LLP, 4 Lincoln's Inn Fields. London WC2A 3A4 Land Agent.. Sh8rwill Orake Forbes. Sovereign Court, 230 Upper Flfth Slreel, Central Millon Keynes, Bu¢klngham8hlre. MK9 2HR and Green & Co, 33 Market Place, Wanlage, Oxfordshlre, OX12 8AL Structure. govemanca and management The 8rilish Veterinary Association Animal Welfare Foundation lotherwi5e krK)wn as AWF or 'Ihe Animal Welfar8 Foundation l is a registered charity, number 1192203, first conslituled by Deed of Tru81 dated May 1983 and then as 8 CIO by Constitution dated 15 Seplamber 2020. The changeover lo British Velerinary Associallon Anlmal Welfare Foundation CIO (company numb8r CE023250, charity nurnber 11922031 look place on 1 January 2022, when th8 n81 Bssels were transferred from the old enllly lo the CIO by a tr8n8far agraamanl. The Trustees are veterinary and anlmal welfare profe88lona18. In accordanc8 with Ihe Found81ion's Constitution two ol the three 8VA Officers serve as ex officio Iruslees during Ihoir lerffl of office. Trustees are selected by the AWF Board and appointed for three years, after which they may pul themselves forward for re-appoinlmenl. Racruilmenl lakes plac8 wh8n r8quir6d and v8¢ancies are advertistsd. Soleclion is based on candidates. experience and with a view lo ensurlng that the skllls and composllK)n of the Tru81ee Board refflects AWF'8 needs. Truste88 slgn a declaration of eliglbility statement on appolnlmenl, commilling lo glve their Ilme 8nd expertise lo the Foundallon. A tru3168 induction pack includ85 minutes of recent meetings and annual reports., ltte AWF ConstllutSon', the current strategy, the NCVO'S Good Trustee Guidg, an online induction and a truslee job description. Training n98ds ar& addressed when identified. Trustees are r8quir8d to declare all r618vanl inler951s in writing lo the AWF Manager and lo withdraw from decisions where a conflict of inleTesl arises. Trustees give their lime freely and no Iruslee remuneration was paid during the year. Details of tru51ee expense5 are disclosed in Note 2 to the accounts. Trusle8s' meetings are held three limes a year and used lo agree the Foundallon's strategy. oblecllves and policies and to approve major expenditure and governance decisions. AWF sub committees meet as required, usually several limes a year lo support decisions made in full trustee meellngs. Day lo day management ofthe Foundation is delegated to the AWF Manager, who is support8d by a Grants and Events Officer, a part time Mark81ing Officer and BVA staff as required. British Velerinary Association Animal Welfare Foundation 8
Annual report of the trustees Y8ar to 31 December 2022 structur•, govornanco and managomont (continued) K•y managementpersonnel The charity's staff are jointly ernployed by BVA and AWF. Salaries are sel as and when a post Is advertlsed and VIeWed annually by BVA as part of a formal appraisal process. The total salary cost is agreed by the AWF Board al their November meeting. Rlsk m•nag8m•nt Al the end of 2021. Truste85 C0115idered how the Covid-19 pandemic might affect the chadty's work during 2022. They identified the potential for some risks lo charitable aelivilles such as live events and the carrying out of research. Thasa risks were mitigated by pulling contingency plans in p18C8 to allow sludenl talks lo be held virtually and by providing a virtual option for 8ttendance 81 the charity's annual Discussion Forum. The charity'5 gr8nt funding process continued lo reqltlre fundlng 8ppli¢anls lo include a robust contingency plan for Covid-19 in Ihelr appllcallons. The Trusle6s have assess8d and IdenllfSed the major rl8k8 lo whl¢h AWF 1$ exposed and a salisfi8d that adequate systems are in place lo manage any adverse effects of such exposure. The key conlrols used by AWF are contained in a risk management document which is revlewed annually and includes-. 08lailed annual budget Monilorlng and reporting of actual rosults against budget forecast Se8king pro1855lohal adviGe for si9nrfiGanl issues e.g. the land owned by the Norman Hayward Fund and governance Annual review of the Foundatlon's slralag¢ plan and operational objectives Flnanclal rovlew Total funds d8cre8sed during the year by £394,559 12021.. t87,0751. The funds are split belwoen the unrestricted funds and the restricted funds. Unrestrtcted Funds The lolal value of the unreslrict8d funds decr8as8d durlng the year by £308,712 10 £961,545 12021.. decreased by £148.633 10 £1,270.2571. The income was £79.501. representing a 21 Yo decrease on 2021. This Is due lo a drop In dividends and legacies, although helped by a rise in the value of donations receivad throughout the year. The expenditure for the year was £272,835 representing a 14% decrease on 2021 expenditure. This was largely 8 result of a drop in the amount of grants paid throughout the year, although this was partly offset by an increase in costs for the Discussion Forum as il was held in person. British V8t8rinary Association Animal Welfare Foundation 9
Annual report of the trustees Year to 31 December 2022 FlnanGlal revlew (continued} The amount of unreslricled funds currently held is being us8d lo cover the charity's expenditura. The charity is aiming lo build up fundraising income to 8 level which will equal annual expenditure. Once this is achieved 8 discussion will be held lo decide on thè appropriate course of acllon for the 8mounl of r8serve8 held. Invostments Ther8 wer8 not losses from the investment portfolio of £115.37912021.' gains of £69,782). Total Income generated from the Portfollo and cash r8s8rv8s was £15,58312021'. £28,573). UBS Wealth Management's investment oblecllv8 18 to obtain a r8asonable long-lerm total return, with specific emphasis on growth. The performance of the portfolio is revlewed against an appropriate benchmark and peer group. AWF hav8 an elhlcal reslriclion that Ih8r8 should b8 no direct Investinenl in companies where their turnover is more than 25Y• In non-medical 8nlmal lesllng or non-51un slaughter which has been factored into the illvestmenl approach. Reserves The Iruslees revlewed Ihe18val of re5erve8 and decided that free reserves Should equate to SIX months, lo one year's expenditure. Conseqtsenlly, spending has been Inorea$ed and mo focus has been pul on fundralslng. AWF19 investSng In lundralslng aclivi118s lo incr88se income, to match currenl expenditure. R•#trl¢tod funds R8slricted r8serve8 decreased durlng the year by £85.84712021. increased by £61,558). The incom8 was £14,91212021'. £24.975). A decrease on 2021 due to a dUctIon in inve8lment Income. Expenditure for the year was £60,221 {2021.. £15.6541- The increase in expenditure was as result of hostlng the Discussion Forum, a higher amount of grants awarded compared to 2021 and an Increase in investment manager fees. Investments There were nel los¥es from the investment portfolio of £40.538 (2021.. gains of £52.2361 from the separately managed portfolio. As wlth the unrestricted funds, the portfolio was managed during the year by UBS Wealth M8nagem8nl. stst8ment of Irustoes. responslbllltle8 The Iruslees are responsib18 for preparing the Iru$lees' report and accounts In accordance with applicablè law and United Kirvjdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable lo charities In England and Wales requires the Iruslees lo prepare accoun18 for eaGh financial year which give a true and fair view of the slate of affairs of the charlty and of the income and expenditure of the charity for that period. In preparing th8se accounts, the trustees are required to.. select suitable accounting policies and then appty them consislenlty., British Veterinary Association Animal Welfare Foundation 10
Annual report of the trustees Year to 31 December 2022 Stat•m•nt of trust••5' rgsponslbllltles Iconlinued) observa th? rnethods and prinGip18s in AGGounting and Rgporting by Charities.. Statement of Recommended PractlC8 applicab18 to charitie5 preparing their accoun15 in accordance with the Financial Raporting Standard applicable lo the United Kingdom and Rapublic of Ireland IFRS 1021. make judgements and estimatès that are raasonable and prudent,. slate whether applicable United Kingdom Accounting Standards have been followed, subject lo any malerlal departures disclosed and explained in the accounts,. and prepare the a¢counls on th8 going concern basis unless il is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for kaeping proper accounting re¢ords that disclose Wlth reasonab18 accuracy al any lime the financial position of the charity and enable them lo ensure that the accounts comply with the Charities Act 2011. applicable Charity (Accounts and Reports) Regu181ions and the provisions of the ¢harty's Oeed of Trust. They are al80 responsible for safeguarding the assets of the charity and hence for taking r8asonabl8 slep8 for the prevonlion and detects'on of fraud and other irregularllles. The trustees are responsible for the mainlanan¢e and inlegrlly of the charlty and financial information included on th8 charity's website. Legislation in Ihe United Klngdom governing the preparation and dissemination of a¢¢ounls may differ from legislation in other jurisdictions. Slgned on behalf of the eson c) ?/20IF Chalmian Bntish Veterinary Asso¢ialion Animal Welfare Foundation 11
Indopendent examlnerfs report 31 December 2022 Independent examin&r'8 r•port to th• trust••s of British Vetorinary ASslatIon Anlmal Welfare Foundatlon I'the Charlty,) I report lo the Charity Trustees on my examination of the accounts of the Charlty for the year ended 310ec8mber 2022. R•sponslbllltle$ and bo$1$ of report As the Trustees of the Charity you are responsible for the preparation of the accounts In accordance with the requirements of the Charllles Act 20111'lhe Act'l. You are satisfied that your charily is not required by ¢harily law lo be audited and have chosen instead to have an independent examination. I report in r8specl of my examination of Ihe Charity's a¢counls Carried out under $8¢tion 145 01 the 2011 Act and In ¢8rying out my examlnalion I have follow8d all the applicable Oireclions glven by the Charity Commission under section 145151{bl of the Act. Independent ex•mlner's statennt I confirm thal18m quallfied to undert8ke the examlnalion because l am a member of the Institute of Ch•rter80 Accounlanl8 in England and Wales, whlch 18 one ol the11818d bodies. I have completed my examSnalbn. I confirm that no material mallers have come to my allenllon in connection wilh my examinallon glvlng me G8use to belleve that In any material respect.. accounting records were not kept In respect of the Charrty a8 required by Sectson 130 of the Act., or The aoUntS do not accord wlth those records,. or the a¢¢ounts do not comply with the applicabl& r8quirèments concernlng the form and con18ril of accounts S81 out In the Charities (Accounts and Reports) Regulations 2008 other than any requlrement that the accounts give a 'true and fair view, which is not a maller considered as part of an independent examination. I have no concerns and have come across no other mallers In ¢onn8cllon wllh the examination to which allenlion should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Edward Finch FCA Buzzacott LLP Chartered Accountsnls 130 Wood Street London EC2V 6DL 15 September 2023 British Veterinary Association Animal Welfare Foundalion 12
Statement of financlal actlvltlos Year to 31 December 2022 2022 total Unr8slrict8d Restricted funds fund8 funds 2021 lotsl funds Unrn*trlct•d Ro•trlct•d funds lund$ Not8S Income from: Don8llons 8nd16g&ies . Legacies Donations Olhor trading activille8 . Fundraising Inve6tmnts Othar Total Incom• 1,477 61.287 44.155 27.049 44.155 27,049 81,207 619 28.573 619 49.962 3,586 125.371 15,BSJ 10,766 4,147 14.912 26,619 4,147 94,414 21.389 3,586 24,97S 79.501 1[.398 Exp•ndlturn . Ralsing lund6 Ch8rilabl8 8elivilles . Research FKojects . Deb81& and educallon . Promots'on and awaren888 2P,859 14,272 44,131 20,998 6,489 27,487 133.218 aO,069 7,849 28.204 141.087 108273 222,544 47,734 13,5841 B,800 218,960 58,534 29,089 272,835 9,896 80.221 39,583 333.056 27,535 318,811 3.968 15,654 31,$03 334,485 Total •xpfjndltufv Net galn811098e8I on Investment property Nèt Iloss•sl on Inve8lrngnt8 Net 11088681 on Invèstmant Assats 115.379 4 69,782 52,238 40,538 155,917 122,019 115,379 40.538 155,917 69.782 52,236 122,019 N#1 Ine¢)m• l•xpendlturo1 and mov•mgnt In fund• 1308.7121 185.8471 1394.5591 1148.6331 61,558 187,0751 R•¢onclllatlon of fund• Funds brought lorwafd 1 J8nu8ry 2022 Funds brought loTh¥ard 31 Decernbor 2022 1370257 1.135,577 2.405.834 1.418,890 1,074,019 2,492.909 961.545 1.049,730 2,011.275 1.270,257 1,135,577 2.405.834 All of the activities derived from conllnulng operatlons during tha above financial periods. On 1 January 2022, the assets and liabilities were Iran5ferr8d from the pred8Ce8sor charity Ichafily registration number.. 2871181 as a going concern lo 8ri11sh Veterinary A5sc¢ialion Animal Welfare Foundation CIO Icompany number CE023250, charity number 11922031. The accounting policies and not85 on pages 15 10 23 form part of these fin8nGial slaternents. British Vetertnary Association Animal Welfare Foundation 13
Balance Sheet 31 December 2022 2022 2022 2021 2021 Notès Flx•d aJ¥?t Investment prop&ty Invesltnents TOO,IJOO 1.452,219 700.000 1,574,174 2,274,174 Curront a•••ts D8blors C8sh al bank 4,139 20S,335 209,494 15.414 469.196 484.610 Ll•bllltl•• Creditors.. amounts falli due within one ye8f N•t curr•nt ••ut• 350.439 1352,9491 {140,9451 131,660 2,405,834 Crndltor•'. amoun18 falling du8 after more thon y88r Totsl n•t aM•t• 2.011,27S 2,405,834 Th• fundi vf tho ¢harlty'. Restricted funds Vnr8strict8d funds 1,049,730 961,545 2,011,275 1.135,577 1.270,257 2.405,834 The flnancial Stslements were approved and aulhorfsed for issue by the Trusla89 and signad on their beha5f Trustee T( ILrf)ff-. Dale: The accounting policles and notes on pages 1510 23 form part of these financial stalemenls. British Veterinary Associalion Animal Welfar8 Foundation 14
Prlnclpal accounting policies 31 December 2022 The principal accounting polici8S 8dopled, judgements and key sources of estimation uncertainty In the preparation of the accounts are18id oul below. Basls of pr•paratlon Thgse accounts have been prepared for th8 year to 31 December 2022. with comparative information provided with respect lo the year ended 31 December 2021 taken from the former unincorpor8t8d ch8rily's prior year accounls. The accounts have been prepared under the hlslorical cosl Gonv&nllon with items reGognised al cost or transaction value unless olherwlse stated in the relevant accounting policies below or th8 no16s lo Ihe¥e accounts. Th6 8ccounls have been prepared in accordance with Accounting and Reportlng by Caafilios.. Statement of Recommended Pracllce applicable lo charities preparlng their accounts In accordan wllh the Flnancial Reporting Standard applicable in the United Kingdom and Republlc of Ireland {FRS 102} {Charlllas SORP FRS 1021 Issued on 16 July 2014, the Financial Reporting Standard applicable In the UK and Republlc of Ireland {FRS 1021 and the Charllles Act 2011. The charlty ¢onstilut08 a public benefit entity as defined by FRS 102. The a¢eounts are we88nled in slertlng and are rounded to th8 near8s1 pound. CrltSc81 accountlng estlmat•s and ar8a• of Judg•m•nt Preparallon of the a¢¢ounls requires the trustees and management lo make Slgnlficanl judgements and eslimales. The items in the accounts where the86 judgements and estimates have been rnade include.. • the valuation of the Charity's inve51rnenl properties which Is reassessed by the Iruslees al each balance Sheet dale based on the preVJ9 professlonal valuation and an assessment of the property values in the loGal area., • the allocallon of overheads and governance costs between ¢harllable expenditure categories., 8slimales In respect lo accrued expenditure., and • the 855umplions adopted by the trustees in determining the value of any designations required from the charity's gener81 unreslricled funds. A88e88ment of golng con¢¢rn The trustees have assessed whether the use of the going concem assumption is appropriate in preparing these accounts. The trustees have considered any potential Ghallenges when making their going concern assessment and have made this assessm8nl in respect to a period of one year from the date of approval of these accounts. British Vetgrtnary Association Animal Welfare Foundation 15
Prlnclpal accountlng pollclès 31 December 2022 Asse55rnent of golng concgm {continuedl The Iruslees of the charity have concluded that there are no material uncertainties rdated to events or conditions that may cast signrficant doubl on the ability of the charity lo continue as a going concem. The trustees are of the opinion that the charity will have sufficiènt resources lo meet its liabilitie5 as they fall due. The most significant areas of judgement that affect items in the accounts are detailed above. Wrth regard lo the next accounting period, the year ending 31 Docember 2023 the most significant areas that affect th& carrying value of the assets h81d by the charity are the level of investment return and the performance of the investment markets. While Ih8re has been a reduction In the valu8 of inv8slmenl8 In 2022, the first part of 2023 has seen their value increase. Sub tru¥t fund The late Mrs Hayward made a residual legacy to the Foundation in memory of her late husband Mr Norman Hayward of Broughton. The fund ha¥ been sel up as a separately con8tlluled trust known a5 the Animal Welfare Foundallon - Norman Hayward Fund and Is pnmarily for the welfare of sheep, callle and horses under the gener81 objects of the Foundallon. The Irusl h88 a sep8rale Sel of trustees that also serve a3 Iru¥lee¥ lo the Foundallon, these are indlcaled on page 7. For thi5 reason, the Iruslees of the Foundation believe il correct lo account for this sub-Iru9t fund as a reslricled fund of the Foundation, Now that the Anlmal Welfare Foundation has been ¥et up a5 a CIO il is Intended to close down the SUtrust alongside the old, unincorporated Animal Welfare Foundation in 2023, The Nomian Hayward Fund wlll sll as 8 De$lgnaled Fund in the new CIO, with all assets and liabilities sitting wlth the n8w CIO. Income r•cognltlon Oonalions are accounted for when they are recelved. Le9aGle¥ are Included wllhln the aGcoun15 once the Foundatlon can dernonslrale enlillemenl, and the amounts are known wllh reasonable certainty. In the case of asse18 recelved. they 8re accounted for when full legal Iltle has passed to the Found8110n. Inve81ffl8nl incom8: investment income is accounted for on an accruals basis. Other trading Income.. Fundralsing,. These 80urces of Income rolale to publicallons Sncorne and other activities used lo generate inGome for the Gharity. These forms of income are accounted for on an accruals basis. Expendlture recognltlon C05t of raising funds relates lo those c051s incurred in promoting the Gharily and maintaining the investment base and subsequent income. Support costs are allocated to charitable activities on Ihe basis of staff time. Associated staff costs are allocated on the basis of lime spent. Governance costs relate lo compliance wrth con3tilulional and ststulory reqU1MentS. All expenditure is accounted for on an accruals basis. British Veterinary Association Animal Welfare Foundation 16
Prlnclpal accounting pollclog 31 December 2022 Subsldlary und•rtaklng The Foundation had a wholly owned, but dormant subsKJiary, BVA.'AWF Trading Limited until March 2022, when f( was officially dissolved. Fixid ¥•8•ts Fixed asset investments are slated al fair valuè. Fair valu8 of listed investments is taken to be the rniddle market price ruling al the balance sheet dale. Realised and unrealised gains and losses are reflected in the Statement of Financi81 Aclivrtles. Investment proporty Freehold land is included In the accounts 01 valu¥tlon. The freehold land held by the Trust 1$ classified ats investment property, on the basis that. following a review by the Trustees. they conslder that il is held prlmarity for ils investment polenlial. The freehold land is included in the account8 at an open market valuation of £700,000 12021.. £700,000) and 18 not depreGialed. The last valuation was carried out by Sherwlll Drake Forbes, Chartered Surveyor8, 88 al the 2019 year end. Debtors D6blors are recognised al their 58111emenl anunt, less any provision for non-recoverabilily. Prepayments are valued al the amounl prepaid, They have been discounted lo the present value of the future cash recelpl where such di$counling is material. Cash at bank and In hand Cash at bank and in hand rèprgsents such accoun18 and instruments that are 8vailable on demand or have a maturity of less Ihan three months from the date of acqulsllion, Deposits for mor8 than Ihr8e months but less than on8 year have been disclosed as short.lerm deposits. Cash placed on deposit for more than one year 1$ dl$¢losed as a fixed asset investment. Crgdltors and provl•lon8 Credilors and provisions are recognlsed when Ihere is an obligation al the balanc8 sh881 date as a result of a past event, il is probable that a transf8r of economic benefll will be required in selllemenl, and the amount of the 5elllement can b& 8stimal8d reliably. Creditors and provisions are recognised al the amount the charity anlicipales il will pay to sellle the debt. They have been discounted lo the present value of the future cash payment where such dlscounllng Is materlal. Fund accountlng General fun¢Js are available for use at the discretion of the Trustees In furtherance of the general objective of the Foundation. Reslrioted funds are funds subject lo specific conditions imposed by donors. The purpose and use of the restricted funds is 58t out in the notes lo the aGcounls. British Veterinary Association Animal Welfare Foundation 17
Notes to the financial statements 31 Dernber 2022 1 Income Investment Incomo 2022 Tot81 2021 Total Dividends Inlewl on c8sh daposits 2021 Total funds 25,700 910 26,619 49.034 927 49,962 2 Expfrndltur• Slaff Granis costs payable Direcl Supporl C4Jsts costs 2022 Total Raising lund8 19,215 21.379 3,536 44,131 Charitable activibes R8$earch project8 Debat8 and education Promotion 2022 Total exp•ndltur• 38,431 38.431 32.026 128.103 95,564 7,072 141,067 7,072 108,273 5,894 39.585 23,574 333,056 62,770 1,666 85,815 95,564 Sl8ff co$1$ Grgnts poyable Olred Support ¢osls 2021 Tolal R814n9 fvnds 14,769 1,340 5,358 27,467 Ch8fltgble g¢tlvllle$ . Research proieGIS . Debatg gnd edu¢fjllon . Promotion 2021 Total 8xp&nditu 44,306 16T,378 28,852 21,482 107,409 167,3T8 T,276 218,960 14,156 56,534 8,930 31,503 35,720 334,465 15,526 1,092 23,958 AlloG•tlon of support Gosts General Governance expenses cosls 2022 Tol•l Raising lunds 2.354 3,53fj Charilable activities . Rasearch projects D&bale and educath)n . Promotion 4.708 4.708 3.923 2,365 2.365 1,971 7,072 7,072 5,894 2022 total expendftur• 15,692 7,8B2 23,574 British Veterinary Association Animal Welfare Foundation 18
Notes to the financlal statements 31 December 2022 2 Expendlture (continued) Gon•r81 GOvernGe gxpons88 2021 Tol Rwsry funds 2,200 3.158 5.358 Charilablg 8ctivitlg8 . R&searchproieGIs . Debate 8nd edu¢8llon . Promotion 4,399 4,399 3,666 2,871 9, 757 5,?64 T.2T6 14, 156 8,930 2021 total expenditur8 14,665 21,056 35,120 Analysls of dlr•¢t Costs Total 2022 To[ 2021 Raising fund8 Advgt11slng and lundf8i8ing . Comm1s8Ion on grazing f888 and asgoclal8d18g01 f888 Legacy agent and ossociatgd legAI fee8 . Invtsslmonl m8naoel8 1 3.148 4,180 3,308 14.•26 21,379 204 2,957 7,340 Debate and educalbn . Discussion forum Educalional leaflels and po8ters Wolfore dgy8 al vel S¢)018 Llnks Project . Dog bleeding lowmlpuppy o)nlTacl 33,651 8,230 13 26,573 1,048 62,770 6,623 660 15.526 Promouon and awarone86 . Events . BVAIAWF woixile St9 . Promotk)n 700 980 1,668 472 620 1,092 Totsl dlrect frxpendlturn 85.815 23.958 staff costs An average of three 12021 three) FTE staff were seconded by the 8riti8h Veterinary Association lo help with the Foundation's work. A charge is made by the British Veterinary Association for the58 staff costs, which arnoun18d lo £128.103 {2021 £107.4091. None of these were paid more than £60,000 in the year in respect of Iheir work for the charity. The trustees did not receive any remuner8tion during the year12021 £nill. Expenses relating to travel and subsistence of £1,08312021 £247} were paid by the Foundation. These were paid to 3 trustees12021 21. British Veterinary Association Animal Welfar8 Foundation 19
Notes to the financial 8talem8nts 31 December 2022 Expendlture Icontinuedl The aggregate remuneration pald lo key management personnel was £nil12021- £nil). Grnnts payabl• 2022 2021 R•conclllotlon ol grants payabl• Commrtffjents al 1 January 2022 Grants approved in th& yèar Grants payablo lor the year,18S8 nol ulilks 224.938 117,415 106,358 212,729 10,4951 145.351 95,564 62,608 237,892 167,378 59,8571 224,936 Gr8nt8 paid during the y&8r Commitments al 31 December 2022 5 research grants were approved in the year. The lolal of new grants was £106,058. 3 Invo•tm8nt property 2022 2021 Value at 1 Jonua and 31 06mber 700,000 700,000 Sherwill Drake Forbes valued Ihe18nd owned by th8 Norrnan Hayward Fund at £700.000, as 8131.12.2019. The Truste88 are assured thi818 still a mat8rlal true reflection of lair value. 4 Investments 2022 2021 Market valu8 011 January 2022 Additions Disposals at OP9ning market V81ue Ilncluding alISed b¥sgs of £34,887.. 2021- realis8d gains of £38,941 Nel unrealised investment gains I IIOs8esl Markfrt valu• at 31 D¢¢•mb•r 2022 1,574.174 1.737,330 1,473.075 434,484 11.738,2551 1416,4631 121,030 83,078 1,452,219 1,574,174 Hl•torl¢ co•t at 31 Docombgr 2022 1,548.183 1,456,411 Investments comprise the following.. 2022 Market valu• 2021 Mathel Value Colt Cost Listed inv9$1m¢nts Govèrnment and fixed interest StkS Equity sha$ .UK . Overseas 384,893 399,511 486,658 494,348 1,067,326 1,148.652 702,369 385.147 1,574.174 617.517 344,546 1,456.411 1,452,219 1,548,613 British Velerinary As50Giation Animal Welfare Foundation 20
Notes to tho financlal statements 31 December 2022 4 Investm8nt# Iconlinuedl Investments representing 5% or more of tha total portfolio are a$ follows: 2022 2021 Gr8an Social and $ustsin8ble lund SGD Engagement Equitie5 MSCI ACWI socially responsiblo Engagernenl equily Equalily UCITS Glob818qulty XP Global equity ESG Global oquity esg hegded VANGUARD FUNDS PLC FTSE 100 UCITSS 75,946 131,310 182.028 81,801 73.019 105,258 148,615 146,402 92.206 5 Dobtor• 2022 2021 In¢om& tax r8covernble Prepayments and ocorued Inco Other debltsrs 2,326 13,088 4.052 87 4.139 15,414 8 Cr•dltor¥ 2022 2021 Arnount• hllln du• wlthln ono Other cr8dilors AccNals Gr8nl8 payablg 53,489 39.058 257,892 3JO.439 54.379 T3.635 224.936 352,949 7 Ro8trlct8d funds Balance at 1 January 2022 B•lanc• t31 D•¢ornbgr 2022 G8lns on Incom8 Exp8nditur& invo$1rngnts AWVF- Norrnan Hayward fund 1,135.578 1,135,578 14.912 14.912 160,2211 160,2211 140,5381 {40.5381 1,049,730 1,049.730 British Velerinary A$50Giation Animal Welfare Foundation 21
Notes to the Ilnancial statemont8 310ecember 2022 7 Restrfcted funds (conlinuedl Anlmal Welfare Foundatlon- Nomian H4waYd Fund The Anim81 Welfare Foundation - Norman Hayward Fund is a separately consliluted trust fun(J which wa5 established In 1995 with the express purpose of providing funding for the general purpose and objects of the Foundation. but prlmarily lar the welfare of sheep. callle and horses. As slated in the principal accounllng poli¢ies, the Iru51ees of the Foundation consider this a restricted fund. Although the trust was sel Ltp in 1995 the Ex&¢ulors of the Eslale forwarded distributions lo the Foundation amounting lo £407,768 beveen 1989 and 1995 whlch have been expended on projects in accordance with the donor's request. During 1996 the balance of the resKIu8ry legacy was transferred over lo the Iru$l which principally consislgd of freehold land al probate valuation. Tha m8jorlty of the land's value was realised during 2006. Howev8r, an option sold on some of this land was not taken up by the purchaser and the land reverted lo the Norman Haybvard Fund durlng 2010. The suryeyor valued all the land owned by the Norman Hayward Fund at the 2019 year end at £700,000. 8èlance 811 J8nu8ry 2021 Bal8nco 8t31 December 2021 Gains on Income Exp&nditurn Inveslrnents AWF- Nomwn H8yw8rd fund 1,074,020 1.074,020 24,975 24,g75 15,654 15,564 52,236 52,236 1,135,5T8 1, 135,5T8 8 Analy81• of net a8iet8 b•twe•n fund8 Inveslmenl pmpety Investments Nel current assets Lon9-tam Total 2022 Restricled funds . AWF- Norman Hayward fund Unrestricted fund$ Ggneral fund8 700.(0 377,577 127,847) 1,049,730 1,074,642 1,452,219 113.098 1140.944 901.543 700,000 Inve$lmenl propéty Investment Net Gurrent Long-lem 8ssets liabNliti8$ Total 2021 Restricted lunds . AWF- Norman Hayward fund Unmstricled funds General lunds Dosignalad fund$ TOO.CQO 673.455 (237,8T6) 1, 135,5T7 9c, 719 369,538 1,2TO,257 700,000 1,574, 174 f31,660 2.405,834 British Veterinary AssoGiation Animal W81far8 Foundation 22
Notes to the finan¢ial $tatoments 31 December 2022 9 R•latod party transactlons Included in expendlture 1$ 8 charge of £128,103 12021 £107,409) made by British Veterinary Associ81ion {Company Registration Number 2064561. a known related paty, In respect of staff costs. A further management charge of £14,400 {2021 £12.7201 made by British Vet8rinary Asso¢lalion is also includ8d in AWF'S expenditure. A lolal of £48.923 was du& from the charity to BVA as at 31 December 202212021- £53.8001. 10 Tran8f•r of aGtlvltles. assets and Ilabllltles The Iruslees of the charily, who war& also the trugtees of 8rilish Veterinary Association Animal weare Foundatlon. a ¢harily registered with the Charity Commission Icharlty reglstralion number.. 2871181 (the predec6ssor charilyl. With 8ffe¢l from mldnighl on 31 D8cember 2021. the acllville8. ass8tS 8nd liabllilles of the predecessor charity wer& transferred lo the CIO. Th8 net &8s6ts al that da18 compri88d'. Flx•d A$80ts Investment property Investments 700.DOO 1,574.174 2 274 174 Currnnt Assots Debtors Cash al bank 15,414 469.196 484 610 Llabllltl•s Creditors.. amount8 falling due wllhin one year 352,949 2 405 834 British Veterinary Association Animal Welfare Foundation 23