British Veterlnary
Assoclatlon
ANIMAL
WELFARE
FOUNDATION
Unaudlted annual roport and
flnanclal 8tatemonl8
31 Decembar 2022
Ch￿tY R*a*trakn 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 adVar￿8m8nI 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 edUcat￿n 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. Proff￿11ng 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 De￿mber 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$ear¢h Fund rns•*r¢h gr•nts
The AWF Re88arch Fund Ss u88d to support rese8rch in Species olher than those covered by
tha Norman Hayward Fund. In 2022 5UPPQrt Gontlnued for seven QfvJolng projects. At year end,
four projects from th8 fund w8re closed. Funding was awarded to four new mojor projects as
part of the charity's 2022 research call. amounting lo £101,322.
Educatlon
AWF deliv8r8d three anlmal welfare talk5 to velertnary 51udenls al UK veterinary SCh￿IS in
2022. AWF also held a discussion session for veterinary nurses al BVNA Congress Iltled
Extreme Confom)alion'. let's glve oxygen to nurses, vlews..
External Events And Exhlbltlons
AWF and Vellife hgld a joint fundraiser Bl the BVA Gala Dlnner al London Vel Show In
November and ralsed £1.465 In total.
Dl$¢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 train￿n9
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 we￿are 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 off￿ar 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 wh￿h 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 off￿er 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 ASs￿latIon 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 staten￿nt
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 a￿oUntS 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 preV￿J9 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 SU￿trust 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
reqU1￿MentS. 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 an￿unt, 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 De￿rnber 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 GOvern￿Ge
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 0￿6mber
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$1m¢nts
Govèrnment and fixed interest St￿kS
Equity sha￿$
.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 H4￿waYd 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 be￿veen 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 we￿are 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