British Vet8rlnary Assoclatlon ANIMAL WELFARE I FOUNDATION Unaudlted annual rnport and flnanclal statements 31 December 2023 Chadty RegI8lraUon Numb•r 1192203 Contents R•port8 Annual report of the Iruslees Legal and admini$traltve det8118 Independent 8xominerf8 Teport 13 Flnanclal #tat•mant• Statement of financial activit 14 6818nc8 8h8et 15 Prlnclpal aCC￿ntIng pollcSe8 16 Nolos to the financial 8latéments British Veterinary Association Animal Welfare Foundation Annual rnport of the trusteos Yèar to 31 Dec8mber 2023 The British Veterinary Association Animal Welfar8 Foundation lolherwise kr￿wn as'AWF' and the 'Foundalion'} is a registered charity, number 1192203, first consliluled by Deed of Trust dated May 1983 and later converted to a CIO, registered with the Charity Commission on 6 November 2020. Obiectlves and slqnlflcant acelvleles dellvered for the publlc benellt AWF aims lo improve the weKare of animals through veterinary 8cience, education and deb818. AWF'S charitable objects as staled in 118 Con8titulion are.. • The advancement of educallon In veterinary 8clence, mediclne, surgery and anlmal welfare. Research and 6UPPOrt In anlmal welfar8 or any other field of volerinary endoavour and thè dissemlnation of the useful results of such research. The rellef of 8ufferlng In anlmals and the prolecllon of $u¢h animals. Any other lawful Gharilable purpose in connection ￿th velerlnary Sclence or anSma15 and their welf8re. Such other charitable purposes as the trustees may from Ilme to tlme dec￿e. The AWF objects fall within charitabl8 purposes identified wilhln the Charities Act 2011 namely the advancement of education and the advancement of animal welfare. The Trustees confirm that they have had due regard lo Ihe Charily Commission's guidance on public benefit when reviewing and setting the aims, objectives and in planning the Foundalion's aclivilies. AWF carrles out 115 objecls Ihrough a number of activities which havè 8 positive impact on both the Immediate beneficlarles and the wider public Indudlng.. Funding re3ear¢h projecls that fill kn￿edge gops and have a praclkal and positive impact on raising standards in animal welfare. Slimulaling debate, promoting and developing welfare education and enhancing welfare related leaching in the UK veterinary and veterinary nursing schools. AWF works with students lo improve their kno￿edge of anlmal welfare issues. Promoting the mission, remit and achievements of the Foundation lo the veterinary and animal welfare profession5 and the general publi¢. AWF produGes evidence-based pel care advice for the general public, lo encourag8 T85ponsible pel ownership and high animal welfare slanéards. Influencing and contributing to and supporting leadership in the development of animal wetfare policy. AWF strives lo achieve financlal stabillty and grovAh lo enatrAe it to effectively pursue ils objectives. British Veterinary Association Animal W81fare Foundation 3 Annual roport of the trustees Year to 31 De￿rnber 2023 AGhiwemgnt8 and porforman Norman Hayward Fund ms￿r¢h grants The Norman Hayward Fund is a reslricled fund which supports research into the disease and welfare of horses, callle and sheep. Support for the 51udenl project "R8cognilion of pain in calves and decisions around Irealmenl among farmers in UK" continued and was closed al year end. In Ihls final year of the three-year 'braeding for beller wdfare, theme, AWF awarded £14,908 lo a major project tilled 'Breeding animals for resillenl feel.. on-farm decislon-making and th8 role of culling In sheep18meness management and breeding slralegies.. AWF also awarded £72g for a new sludenl project tilled "Confidence and c8pabilily lo ident and treal stres5 in horses.. A self-refleclion by veterinary professionals" AWF ReJ•orch Fund res•Jrch gr•n¢s The AWF Research Fund Is used lo support research In gpecles other than those covered by the Norman Ha￿ward Fund, In 2023 5upporl continued for seven ongoing projects under th 'bre8ding for better welfare, theme, which amounted to £60,030. Al year end. one project from the fund was closed. £9.999 was awarded to 8 new major project lilled 'lncreased culling of n8onalal piglets.. investigating the impact of super-prolific breeding programme8 on human health and associations with 8nlmal care.. Educ•tlon and d•bat• AWF d8liv6red Six free animal welfare talks lo a total of 113 students al UK veterinary 8chool8 In 2023. New lopl¢s were added lo AWF'S student lalk offering, laklng the lolal number of topic5 to nin8. AWF Irialled an open webinar format, which resulted in the adoption of a n8W sludenl talk strategy lo host ￿gUlar webinars and reach a wider sludenl audienc8. AWF held a debate Session for cattle veterinarians al BCVA Congress on the lopic'calf welfare.. is il good enough?.. External Events Jnd Exhlbltlons AWF and Vetllfe held a loinl fundraiser at the BVA Gala Dlnner al London Vet Show In November and ralsed a total of £1,376. Dlscusslon Forum AWF'S annual Discussion Forum supports Ils mission lo raise awar8n8ss and understanding of animal welfare through discussion and d8bate. The 2023 Discussion Forum and evening receplign was held in per¥on. TiGkels sold out and AWF secured enough sponsorship for the event to break even for the first lirne. The programme featured sessions on AWF'S history, technology. sustainability, and human behaviour change. as well as new'lighlning talks,, where previously selected delegates gave a short talk on a topic of their Choice. A new venue was found for the 2024 event, which will reduce co81s. British Veterinary Association Animal Welfare Foundation 4 Annual report of the trustees Year to 310ecember 2023 Achievoments and performance (continued) nks Project A collaborative propcl between AWF and the Links Group has produced a range of training resources lo help veterinary professionals understand the link be￿een domests'c abuse and non-accidental injury lo animals. There are still funds remaining from a grant given lo AWF by the Margaret Glffen Charitable Trust for tho purpose of supporting this project, Puppy Contract The Puppy Contract was developed by AWF and the RSPCA and is now fully owned by AWF. It is designed lo give buyer5 the best chance of buying a healthy puppy and give breeders way of demonstralin9 that Iheir puppies have been bred responsibly. In 2023 no specrfic activity W88 undertaken. bul campaigns by organisalions and charities such as 8VA and RSPCA 8lgnpo8ted to the Puppy Contract, and11 continued lo be used by prospective buyer8. Govwnance The Charity Commlssion approved AWF'S applicallon lo become a Charllable Incorporated Organisalion ICIO} in November 2020. In 2021 AWF finalised and s+gned a transfer agreement and the ohangeover lo BrS1i$h Veterinary Assoclalion Animal Welfara Foundation CIO (company number CE023250, charity number 11922031 officially look place on 1 January 2022. AWF has operated as the CIO from th￿ dale onwards. In 2023 the Land Registry approved AWF, #pplicalion lo transfer land held under the Norman Hayward Fund lo the new CIO. However, the lille documents contained some errors, and AWF is now wasting for these lo be corrected. Once Ihls has been completed. the old charity will be dosed. AWF conducted 8 lender process for a fund man8g8r for the charity'8 inveslmenls. 11 wa8 decided lo continue with UBS, as Il offereé th8 best value for AWF 8nd had a strong track re¢ord managing AWF'S Inveslmenls. For the fir81 lime, AWF started to draw down fund8 from 118 investments to 8UPPOrt cashflow during the year. Strategy 2023 was Ihe flnal year of a three-year strategy, which faalur8d a theme 'breading fcrf better welfare This resulted in a focus5ed research call in 2023 for projects on the topic. Breeding for better weffare.. enabling human behaviour that leads lo anim81s experiencing 8 better life". A strategy committee w88 convened in 2023 to create 8 new Ihree-year glralegy, and work on this continues into 2024. AWF and BVA reviewed Ihe AWFI8VA Memorandum of Urnderslanding and deviseé an a¢lion plan to support ils delivery. British Veterinary Association Animal Welfare Foundation 5 Annual report of the trustees Year to 310e￿rnber 2023 AGhlov•m•nts and porfornian¢• l¢onllnuedl Marketing and fundrjlslng During 2023. there was a focus on celebrating the charity's 40th anniversary as a hook for marketing and fundraising. The new Marketing Communications Officer focussed on communicating AWF'S achievements. as well as marketing AWF'S activities. This resulted in an increase in uptake of sludenl talks, more studant grant appllcallons, ag well as a rise In social ffledia followers and n8W51etter subscribers. Stafflng The Grants and Ev&n18 Officer left AWF in June after 5 years in post and was rèplaced in August by Alina Naylon. Land During 2022 the land agent tendered for partners lo lake on the AWF land in two separate parcels. In January 2023. AWF chose iwo Pfomolers. Hav5ng agreed heads of lerms. AWF'S lend agent and solicitor finalis8d promotion agreements. All work 18 undertaken al the agent and promollon partners, own r18k. Futur• plans Gov•rn*n AWF will close down the old chanly once the Iran8fer of Norman Hayward Fund land lo the new CIO is Complete. In 2024 all charitable activity will be Conducled under the CIO. Strategy In 2024 AWF wlll focus on devising project plan8 10 8UPPOrt the new $lr8legy. This will be key 10 Supportlng the new strategy and future fundraising activity. Al•rk•tlng •nd lundr•lslnq Staff and Trustees wlll develop a clear. actionable fundraising strategy wilh financial projections and ri8k assessment. The new Ihree-year organisalional slralegy priorilises the improvement of AWF'5 financial sustainability, and AWF anticipates pausing the funding of major research lo free up resources lo achieve this. Marketing plans will be developed lo support the new slralegy'¥ aims. Land AWF'S land agent will continue to manage the relationship with AWF'5 iwo land promotion partners. British Veterinary Association Animal Welfare Foundation Annual report of tho trustoes Year to 31 December 2023 Futur• plans Iconlinuecll R•s•arch grants AWF will run its annual sludenl grants scheme bul is likely to put a temporary hold on a call for major projects. Inst8ad il will focus on reviewing the outcomes and impact of recent research an¢J work on ils future researGh slr81egy. There are still 8 major ongoing projects, which were awarded funding In 2022 and 2023, Debate and Educatlon AWF will seek opportunities to offer more dlscussion and debate ses8lon8 at velerlnary congresse8. e.g. BVA LSve, BVNA, BCVA, BSAVA. Dl$¢u¥$lon Forum The Discussion Forum and evenlng reception will be an in-per60n event at 8 new, larger bul more cosl-effeclive venue. The aim is lo increase delegate number8 and secure enough 5ponsor5hip to break even. Session¥ will be relevant to vel$ in practice wilh an overarching thome of animal welfare, ethics and rights. There will be research update8 on prolecls funded under AWF'S 'breeding for beller welfare, them8 and the programme will also fealure lighlnlng talk5, where delegat8¥ can pre8enl a 5hwt talk on a toplc of Ihelr cholrA. Llnks Project Once Ihe final invoice has been pald, AWF wlll close the prO1￿t off wllh a flnal report from Ihg Llnks Group lo summarise how the money wa8 spent and the outcomes and impact of the work. Puppy Contract AWF will conlinue lo manage the Puppy Contract website and consider how lo take the project foThvard. either by finding partners to provide expertise and financial support or an organisalion lo lake the Puppy Contract from AWF. British Veterinary Association Animal Welfare Foundation 7 Annual report of the trustea8 Year to 31 December 2023 AWF Trusleos are all voterinary and anlrnal wolfare professlonals. The followlng were Tru•t••8 during 2023: C Allen MA VelMB CertSAM MRCVS C Burn Msc DPhil D Cdr¥on BVSL ISy(Jl MRCVS J Clements RVN Msc S Corr BVMS CertSAS DipECVS FHEA PhD MRCVS M Dobbs BVM&S CertCHP DipLaw MRCVS (Treasurer and a Norman Hayward Trustee) - stepped down 22 November 2023 K Ellis BVMS CertCHP PhD OipECBHM FHEA- Stepped down 27 March 2024 N Gladden BVM&S Dip. ECBHM PhD MRCVS K Heyrman BVMS MRCVS R Hooker BVMS PoslGrad DMS - appolnted Treasurer 22 November 2023 J Kupfer BVSC LLM MRCVS (Chalmian and a Norman Hayward Trustee) M Morley 8VSc MRCVS (BVA Officer exvofficio Truslee) E Mulllneaux BVM&S, OVM&S, CertSHP, FRCVS Truslee 22 November 2023 8ppoinled BVA Officar and eX￿￿le10 R Plzzl BVSC MS¢ PhD Dzoomed DlpECZM MANZCVS FRES FRGS FRSB FRCVS- stepped down 22 November 2023 J Shotlon Bsc BVSC Msc MRCVS G Rees 8VSG IHonsl Pho MRCVS Admlnlstr•tlv• seaff E Singh- AWF Manager S Tatbak (nee John5tonl- AWF Grants and Events Officer- left AWF 2 June 2023. A Nayton - Grants and Events Officer- appointed 1 August 2023. M Dominguez- AWF Marketing Communications Officer- appointed 13 February 2023. Addr•ss The AWF office is al Ihe British Veterinary Association, 7 Mansfield Street. London W1 G 9NQ. Agents and advlsors Indepondenl Examiner, Edward Finch ACA for Buzzacoll LLP, 130 Wood Street, London EC2V 6DL Bankers.. Coutts & Co., 440 Strand. London WC2R OQS and CAF Bank. 25 King5 Hill Avenue, Kings Hill, West Malling, Kent, ME19 4JQ Bntish Veterinary Associalion Animal Welfare Foundation Annual rnport of the tmstees Year to 31 December 2023 Agonts andadvisors (Gontinued) Investment Advisors.. UBS Wealth Management. 1 Finstr￿ry Avenue. London, EC2M 2AN Solicitors.. Reynolds Porter Chambedain, Tower Bridge House, Sl Kalharine's Way, London E1W 1 AA and Wilsons Solicitors LLP. 4 Lincoln's Inn Fields, London WC2A 3AA Land Agent.. Sherwill Drake Forbes. Soverelgn Court. 230 Upper Fifth Streal, Central Milto Keynes. Bu¢kinghamshlre, MK9 2HR and Green & Co, 33 Market Place, Wanlage, Oxfordshire, OX12 8AL Structure* governanco and management The British Veterinary Association Animal Welfare Foundation (otherwise known as AWF or 'th6 Animal Welfare Foundalion'l 18 a registered charity, number 1192203, first constlluted by Deed of Trust d81ed May 1983 and then as a CIO by Conglllutlon dated 1 S September 2020. The Trustees are vel8rlnary and anim81 welfare professionals. In aw)rdance with tho Foundation's Constllullon two of the th￿e BVA Offic8r5 serve as ex officio Iruslee8 during thèir lorm of office. Truslees are selected by th8 AWF Board an¢J appolnled for three years. after which they may pul themselves fo￿ard lor re-appoinlmenl. Re¢ruilmenl tak65 place when required and vacancies are usually advertised. Selection is based on candidates. experience and with a view lo ensuring that the skills and composition of the Trustee Board reflects AWF'8 needs. Trusteas sign a declaration of eligibility slalernenl on appoinlrnenl, commilling lo give their lime and expertise to the Foundation. A Iruslee induction pack includes minutes of recent me81ing$ and annual reports,. the AWF Conslltulion,. th& current strategy, the NCVO's Good Trustee Guide, an onllne Inducllon and a tru81ee job de8criplion. Trainlng need8 are 8ddre888d vlhen identified. Trustee5 are required lo dedare all relevant interests in writing lo the AWF Manager and to withdraw from deci8lon8 where a conflict of interest arises. Twslees glve their Ilme freely and no Iruslee remuneration was paid during th8 year. Dètails of trustee expenses are disclosed in Note 2 to the accounts. TnJste8s' meelings are held three times a year and used to agree the Foundation's strategy, objectives and policies and lo approve major expenditure and governance decisions. AWF sub committees meet as required, usually several limes a year to support decisions made in full trustee meetings. Day lo day management of the Foundation is delegated to the AWF Manager, who is supported by a full lime Grants and Events Officer, and Marketing Communications Officer and part lime support from selected BVA staff. British Veterinary Association Animal Welfare Foundation Annual report of tho trusteos Year to 31 December 2023 Strudura, govornanco and managem•nt Iconllnued) Key managementporsonn The charity's staff are jointly employed by BVA and AWF. Salaries are set as and when a post is advertised and reviewed annually by BVA as part of a formal appraisal process. The total Salary cost Is 8greed by the AWF Board al their November meeting. Ri$k managoment The Trustees have assessed and Idenlmled the major risks to which AWF is exp08ed and are satisfied that adequate sy81ems are in place lo manage any adverse effects of such exposure. The key controls used by AWF ao contalned In rl8k management documen18 which are revlewed annually and includ88'. Detalleé annual budget Monlloring and reporting of actual results agalnsl budget foreca81 Seeking professional advice for significant Issues e.g. the land owned by the Norman Hayward Fund and governance • Annual review of the Foundallon's strategic plan and operatlonal oblecllves Flnanclal rgvlow To181 funds increased during the year by £135,81712022: decreased by £394,SS91 The funds are 3plit between the unreslrlcled funds and the restrlcled funds. Unr•strlc¢ed Funds The totsl value of the unreslricled funds increased during the year by £41,528 10 £1,003,073 12022.. decreased by £308,712 to £961,545). The income was £60.365, represenllng a 24% decrease on 2022. This Is due lo a drop in ¢Jividends, although helped by a rlse in tha value of donallons and income from the Discussion Forum received throughout the year. The expendrture for the year was £180.034 representing a 34Vo decrease on 2022 expenditure. This was largely a result of a drop in the amount of grants paid throughout the year. lower spending on the Links Project and a fall in costs for the 0i8cussion Forum. Investments There were nel gains from the inveslrnenl portfolio of £161,197 12022.. losse5 of £115,379). Total income generated from the porrfolio and cash reserves was £5,37012022'. £15,583). British Veterinary AssoGiation Animal Welfare Foundation 10 Annual roport of tho trustees Year to 31 D8cember 2023 Financial R•vi•w {continued) UBS Wealth Management's investment objective is to obtain a ffjasonable long-t8rm total return, with specbfic emphasis on growth. The performance of the portfolio 15 reviewed against an appropriate benchmark and peer group. AWF have an ethical restriction that there should be no direct investment in companies where their turnover is more than 25% In non-medical anlmal lesling or non-slun slaughter which has been factored into the investment approach. Reserves Th8 amount of unre8lrf¢led funds Cur￿n11Y held is being used to partly cover th8 charty's expenditure. The charlly 18 alming lo build up fundraising Sncome lo a level which wlll equal annual exp8ndilure. Once Ihls 58 achleved 8 di8CUS8ion will be held to deGlde on the appropriate course of action for managing reserves, and a new reserves policy wll be developed. Re8trl¢t•d funds Reslricled r8s8rve8 increased durfng the year by £94.28912022.' decreased by £85,847). The income was £53,273 {2022.' £14,913), an In¢rea$e on 2022 of 257QA due lo a land agreement durlng the year to promote the land owned by AWF. Expenditure for the year was £82,614 {2022.. £80.2211, 8n incr8a5e of 37Vo. The Increase in exp8nditvre was because of an increase in 8alary co818 attrlbuted lo the Norman Hayward Fund as well as an increase in grants awarded. Investm8nt8 There were nel gains from the Investment portfolio of £58,63012022'. losses of £40,538). As with the unreslricled funds. the portfolio wa5 Managed durfng the year by UBS Wealth Management. Land revaluatlon The value of the land al 8roughlon Increased by £65,000 during the year after a revaluation carried out by our surveyors, Sherwill Orake Forbes. British Veterinary Association Animal Welfare Foundation 11 Annual report of the trustees Year to 310ecember 2023 Statement of trust•e8' r08pon81bllltlo8 The Iruslees are responsible for preparlng the Iruslee8' report and accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountbng Praclicel. The law applicable to charities in England and Wales ffjquires Ihe Iruslees to prepare accounts for each finan¢lal year which give a Ifue and fair view of the stale of affairs of the charity and of the income and expendllure of the charity for that period. In preparing these accounts, the trustees are required lo.. select suitable accounting policles and then apply them ¢onsislenlly', observe the methods and principle$ in Accounting and Reportlng by CharitSe$'. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable lo the Uniled Klngdom and Republic of Ireland IFRS 102}'. make iuégemenls and estimates that are reason8ble and prudent; slate whether applScable United Kingdom Accounllng Standards have been followed, sublecl lo any material departures dl8c1088d and explained in the accoun15.' and prepare the aGGounls on the going concern ba8is unless 1118 In8pprotKlale to pre8ume that the charity will continue in operation. The Iruslees are responsible for keeping proper accounllng records that disclose with reasonable accuracy al any ts'me the financial position of the charity and enable them lo ensure that Ihe 8ccoiJnts comply wllh the Charities Act 2011, applicable Charity (Accounts and Report31 Regulalions and the provl$ion8 of the charlty's Deed of Tru81. They are also respongible for safeguardlng the assets of the chgrity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularltles. The Iruslees are responsible for the malnlenance and integrity of the charity and finanual Information included on the ¢harty'8 webslte. Legi8lalion in the Uniled Kingdom governlng the preparation and dlssemination of acGounts may differ from logislation In other jurlsdiclions. Signe nbe fofl e trusle8s on 3 July 2024 Chalmian Julian Kupfer Brilish Velerinary Association Animal Wèlfare Foundation 12 Indepondent oxaminefs report 31 Dec8mb8r 2023 Ind•pend•nt •xaminer'8 roPQrt to tho trustegs of Briti¥h Vgterlnary Assoclatlon Anlmal Welfare Foundation {Xh• Charity,) I report to the Charity Trustees on my examination of the accounts of the Charity for the year ended 31 December 2023. Responslbllltles and bas1$ of report As the Trustees of the Charity you are responsible for the preparation of th& accounts in accordance with the requirements of the Charities Act 20111.lhe Acl'l. You are satisfied that your Charity is not requlred by charity law lo be audited and have chosen Instead to have an independent examin81ion. I report In respect of my examination of the Charlty's accounts carried oul under section 145 of the 2011 Act and in carrying out my examlnallon I have followad all the appllcable Dlre¢tions given by the Charlly Commi$$lon under section 145(5)Ibl of the Act. Ind•pend•nt •x•mln•r's $tat•m•nt l ¢onfirm Ihal l am qualified lo undertake Ihe examination because l am a member of the Institute of Chartered Accounlanls in England and Wales, whiGh 18 one of the lisled bodw3. I have completed my examination. I confirm that no material mallers have come lo my attention in connection with my examlnallon giving me cause to believe that In any material re5pecl.' accounting records were not kept in r65pect of the Charlty as required by secllon 130 of the Act., or The accounts do not accord wilh those re¢ords,' or the accounts do not comply with the applicable requirements concerning the fom and Gonlenl of accounts s81 out in the Charities (Accounts and Reportsl Regulalion$ 2008 other than any requlrement that the accoun15 give a 'lrue and falr view, which is not a matter ¢on$idered as parl of an independent examination. I have no concerns and have come acr089 no other matter5 in oonnecllon with the examinallon lo whlch attenllon should be drawn in this report In order lo enable a proper understanding of the accounts lo be reached. 8 AugLlSt 2024 Edward Finch ACA Buzzacoll LLP Chartered Ac¢ounlan15 130 Wood Street London EC2V 6DL British Veterinary Association Animal Welfare Foundation 13 statement of flnancial activities Year to 31 December 2023 2023 totsl Unrestrided ReStr￿ted lund• lundB funds 2022 total fund5 Unrn•trlcted R••trl¢ted funds funds Notes Income from.. tt*n81ion8 and l•g8eiey . Legaci . t>on81ions l)¢her troding advlli88 Fundrai4ino Inveslmttnts Other Total Inct)m• 2,982 49.801 2,982 49,801 1,477 61.287 1,477 61.287 2,212 5,370 2,212 8,578 52.065 113,038 884 15.853 1,208 52,005 53.273 10,766 4.147 14,913 28,819 4,147 94,414 80,365 79.501 Exp•ndltur• Ob7: Raisiry fund8 Charitabl8 actwrti6s . Research Pfoje¢ts Dob81è and eduCat￿n . Promotknn antj awarene86 13,031 8.653 21,680 29.859 14.272 44,131 50,247 70,748 29,851 28,775 BO,09B 99,521 133,218 BO,C69 7,849 28,204 141,067 108,273 48,005 180,034 15,335 e2,614 81,340 282,848 29,689 272,835 9.896 80,221 39,SBS 333,056 Total 9x￿ndItUrn Not gans on lnves1ff￿nt property Nel gwns (IQB?￿> on Investrrent8 Net g8ins11058851 Investrrffjnt 8s,000 65,000 161,197 58,030 219,027 1115,3791 140,5381 155,9171 101.1•7 123,03Q 284,827 1115.3791 40,5381 1155,9171 N•t Incom• l•xp•ndlturnl •nd mov•m•nl In lund• 41,528 94.289 135.817 1308.7121 {85.8471 1394,559} R•eonelll•tlon of fund• Funds brought forw8r(1 1 January 2023 Funds brought forw8rd 31 December 2023 981.545 1,049,730 2,011.275 1,270,257 1,135,577 2,405.834 1.003,073 1,144,01• 2,147.092 961.545 1,049,730 2,011,275 The accounting policie5 and notes on pag6s 18 to 24 form part of these financial statements. British Vet8rinary Association Animal Welfare Foundation 14 Balance sheet 31 December 2023 2023 2023 2022 2022 Notes Flxod a8gets Investment property Investments 765,000 1,521,544 2.286,544 700,000 1,452.220 2.152.220 Current •s*el• Debtors Cash at bank 4.139 205,355 209,494 163,3Tg 169,027 Ll•bllltb¥• Creditorn.. amountB falling duo wSlhln one year N•t curr•nt Il•blllll•• 308,479 350.439 {139,4521 140.9451 Cr•dltor•.' 8munt8 fallSng dua after more thgn one y&8r Total n•t aB••t8 2,147.092 2,011,275 Th• fund• of th• Gharfty: Rastrlct8d fund8 Unrestn'cted fundB 1,144,010 1,003.073 2,147,092 1,049,730 981,545 2,011.275 The financlal slal8ment8 were approved and aulhorlsed for issue by the Trustees and signed on their behalf by.. Trustee Julian Kupfer Dal8: The a¢￿untIng policies and notes on pages 16 to 24 form part of the88 financial s18temenls. British Veterinary Association Animal Welfare Foundation 15 Principal accounting policies 31 Decembèr 2023 The pnncip81 accounting pollcie8 8dopted. jud98m8nts and key source5 of estimation uncertainty in the preparation of the accounts are laid out below. 8￿59 of proparatlon These accounts have been prepared for the year lo 31 December 2023, with comparative information providod with respect lo the year ended 31 Decamber 2022 taken from the charity's prior year accounts. The acGoun15 have been prapared under the hislorical cost convention with items r8cognised al cost or transaction value unless othèrwise slated in the relevant accounting poI￿leS below or the notes lo these accounts. The accounts hav& b68n prepar8d in accordance with Accounllng and Reporting by Charities.. Slalemenl of Recommended Practice applicable lo charllle3 preparing their aGcounl¥ accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland {FRS 1021 Icharllies SORP FRS 102) Issued on 16 July 2014, the Financial Reporting Standard appllcabl8 In the UK and Republic of Ireland IFRS 102) und 1118 Cliarlli¥¥ Ats'l 2011. The charlty constSlules a public ben8fil 8nlity as defined by FRS 102. The accounts are pre86nled in 81erting and are rounded to the nearest pound. Crltlul a¢￿untIng •8tlmat•8 and areu of Judgement Preparation of the accounts requires the Iru8tees and management to maka 8ignrficanl judgements and eslimales. The items In the accounts where these judgements and e8tlmates have been made indude: • the valuation of the chafily's inv8slm8nl properties which is reassessed by the Iruslees at ea¢h balance sheet date based on the previous professional valuation and an assessment of the property values in the local area,. • the alloGallon of overheads and governance costs between charitable expenditure categories., estimate8 in respect lo accrued expenérture,. and * th8 assumptions adopted by the tnjstees In determlning the value of any deslgnations required from the charity's general unreslricled funds. Assossm•nt of goln9 concern The Iruslees have assessed whether the use of the going concern assumption is approprlale in preparing these accounts. The Iruslees have considered any potential challenges when making their going Goncern a55essmenl and have made this assessment with respecl to a period of one year from the dale of approval of Ihese accounts. British Veterinary Association Animal Welfare Foundats'on 16 Principal accountlng pollcles 31 December 2023 Assfrssmont of golng concorn Iconlinuedl The trustee5 of the charity have concluded that there are no malerial uncertainties related lo events or conditions Ihal may cast signrficanl doubl on the ability of the Gharity to Gonlinue as a going concern. The trustees are of the opinion that the charity will have sufficient resources lo meet its liabilities as they fall due. thanks lo th& value of the inveslmenls. The most significant areas of judgement that 8ffecl Items in the a¢¢ounls are detailed above. With regard to the next accounting period, the year ending 31 December 2024 the most signlficant areas that affect the carrying value of the 8ssels held by the charity are the leval of inveslmenl return and the performance of the investment markets. There has been an increase in the value of investments in 2023, the first parl of 2024 has seen their value increase further. Sub trnit fund The late Mrs Hayward made a residual legacy lo the Foundation in memory of her late husband Mr Norman Hayward of Broughlon. The fund has been set up as 8 8ep8ralely consliluled tru51 known a¥ the Animal Welfare Foundation - Norman Hayward Funé and is primarily for the welfare of sheep, callle and horses under the gener81 objects of th8 Foundation. The trust has a separate sel of Iruslees that also seNe as Iruslees lo the Foundation, these a￿ Indicated on page 8. For this reason, the Iruslees of the Foundation believe il correct lo account for Ihls 8ub-Iw81 fund as a resth'cled fund of Ihe Foundation. Now Ihal Ihe Animal Welfare Foun¢Jation has been sel up as a CIO il is Intended lo close down the $ub-Irusl alongside the olé, unlncorporaled Anlmal Welfare Foundalion in 2024. The Norman Hayward Fund will sit a9 9 Designated Fund in the new CIO, with all ass81s and liabilitie5 silting with the new CIO. Incom• r•¢ognitloD Donations are accountad for when they are recelved. Legacieg are included within the accounts once th6 Foundation can demonslrala enlillemenl, and the amounts are known with reasonable certainly. In Ihe case of assels received, they are ac¢ounled for when full legal lille has passed lo the Foundation. Investment income.. investment income is accounted for on an ac¢ruals ba$ls. Other trading income.. Fundralsing.. These sources of income relate to land income and other activities used lo general8 income for the charity. These forms of income are accounted for on an accruals basis. Expondituro r•cognitlon Cost of raising funds relates lo those costs incurred in promoting the Gharity and maintaining the investment base and subsequent income. Support costs are allocated lo charitable activities on the basis of staff lime. Associated staff costs are allocated on the basis of lime spent. Governance costs relate to compliance with conslilulional and statutory requirements. All expenditure Is accounted for oll an accruals basis. British V818rinary Associalion Animal W8lfare Foundation 17 Principal accounling policies 31 December 2023 Sub81dlary undortaklng The Foundation had a wholly owned, bul dormant subsidiary, BVA.'AWF Trading Limited until March 2022, when it was officially dissolved. Flxed 888Ot8 Fixed a55et inve5tmen15 are ¥laled al falr value. Fair value of listed investments is taken to be the middle market price ruling al the balance 5h8el dale. Realised and unrealised gains and losses are refletled in the Statemènt of Financi81 Activities. Invostmont proporty Freehold land is included in the accounts al valuation. The freehold land held by the Trust 13 classified a5 inveslm8nl property, on Ihe basis that, following a review by Ihe Trustees. they consider that il is held primarilyfor 115 investment potential. The freehold land Is included In the accounts at an open market valuallon of £765,000 12022.. £700.0001 and is not depreciated. The last valuallon was carrled out by Sheryyill Drake Forbes. Chartere Surveyors, as al the 2023 year end. D•btorn Debtors are recognised al their selllemenl amount, less any provl$lon for non-recoverability- Prepayments are valued al tha amount prepaid. They have b@8n discounted to Ihe present value of the future cash receipt where such di$¢ounling Is malerlal. Ca8h at bank and In hand Cash at bank and In h8nd repre88nls such accounts and instruments that are available on demand or have a malurily of less than three months from the date of acqui8ilion. Deposits for more than three months bul less than one year have been disclosed as 5hort-term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset inveslmenl. Crodltor• and provlslons Creditors and provisDn$ are re¢ognised when the￿ Is an obligation at the balance sheet dale 45 a result of a past event, il is probable that a transfer of economic benefit will be required in selllement, and the amount of the selllemenl be eslimaled reliably. Credit and provisions are recognised at the amount the charity anlicipales il will pay lo settle the debt. They have been dis¢ounte(i lo the present value of the fulure ca8h payment where such discounting is materlal. Fund accountlng General funds are available for use al the discretion of the Trustees in furtherance of the general objective of the Foundation. Reslricled funds are funds subject lo sp8crfic conditions imposed by donors. The purpose and use of the reslrlcled funds is set out in the notes lo the accounts. British Veterinary Association Animal Welfare Foundation 18 Notes to the financial statements 31 December 2023 1 Income Investment Income 2023 Total 2022 Total Dlvldend8 Interest on ca8h dèp08it8 2023 Total fund• 4,418 2,160 6,578 25,709 910 20.619 Other Income 2023 Total 2022 Totsl Promollon agreern8nl Land rgnlgl in¢omg 2023 Total fund• 30,000 2,005 52,065 4.147 4,147 2 Ex￿ndIt￿ra Staff GrnntB C08ts payable Olrect Support C0818 2023 Total Ra181ng fund8 7,702 11,790 2,197 21,e09 Ch8rllablg aCti￿tio8 . ReBearch prolect8 Debate and education . Promotlon 2023 Total •xp?ndltur• 46,210 53,912 46,210 154,034 20.709 13,179 80,098 15,376 99,521 13.179 11,340 43.931 212,848 30233 1,951 43,974 20.709 Sl8ff costs Granls payable DK8ct Support costs costs 2022 Tolal R8isin9 funds 19,215 21.379 3.636 44, 131 Charitable activitie8 . Rosearch projects . Debats and education . Promtiort 2022 Total gxp&ndltur8 38,431 38.431 32,026 128, 103 95,564 7,072 141,067 7,072 708,273 5.894 39,585 23,574 333,056 82,T70 1,666 85,815 95,564 British Veterinary Associalion Animal W8lfar8 Foundation 19 Notas to tho financial statomonts 31 December 2023 2 Exp•nditur• Iconlinuedl AlloGatlon of support ¢ofjts General Gov8manc8 e¥pen8e8 cost8 2023 Total RaisSng fundB 1.849 348 2.197 Charitable 8thvltie8 . RÈ8earch pr0￿cts . Debate arKI educauon . Promo￿On 11,093 12,943 11,094 2,086 2,433 2,085 13,179 15,376 13,17• 2023 total •xp•nOlture 36,979 8,952 43,931 Goner81 Govomance eXP8n88$ costs 2022 Tol81 RaI￿n9 lurtds 2,354 1, 182 3,538 Charllablo a¢￿VI￿O¥ . Rosggrch projects . Deb818 8nd educawon . Promolion 4,708 4,707 3,923 2,364 2,365 7,971 7.072 7,072 5,894 2022 101818xwndltum 15,692 7,882 23,5T4 Analysls of dlr•ct costs Total 2023 Total 2022 Rai8ing lund . Adve￿"SIng and fundraising Legacy agent and a880cialed legal fe88 Inv89tm8nt mBnagerfs fees 996 4,388 0,406 11.790 3,145 3,308 14,926 21.379 Debate and 8du¢alion . Dfj8CU88ion forum . Welfare d8ys al vel uchods Links Projucl . Dog breeding forurnlpuppy contract 28,032 007 33.058 1,493 26,573 1.048 62,770 30.233 Promotion and awareness . BVAIAWF website Costs . Promotion 933 1,018 1.951 960 1,666 T<>tsl dirnct •xp•nditur• 43,974 85,815 British Veterinary Association Animal Welfare Foundation 20 Note8 to the flnanclal statsmonts 31 D8C8mber 2023 2 Expénditur• (conlinuedl Staff costs An average of four 12022 three) FTE Staff were $e¢onded by the Bri118h Veterinary Association lo h81p with the Foundation's work. A charge is made by the British Veterinary Association for these staff costs, ￿lch amounted lo £1 54.034 (2022 - £128,103). None of these were pald more than £60,000 in thé year in r8specl of their work for the charlty. Tha trustees did not recelve any remuneration durlng the year {2022 £nil). Expenses relating lo trav81 and subsistence of £3,39912022 £1.0831 were paid by the FoundatS0n. These were paid lo 6 trusle8512022 - 31. The aggffjgale remuneration paid to key management personnel was £nll12022 - £nlll. Gr•nts payabl• 2023 2022 R•conclll¥tJon of gr•nt• ￿Y￿bI• Commitments al 1 January 2023 Grants appmve