British Veterfnary Assoclatlon ANIMAL WELFARE FOUNDATION Unaudltod annual r•port and rinanclal Statements 31 December 2024 CWty Rvdlthtlon Numt4r 11V2203
Contents R•port• Annual report of the thJ8tees Legal and administrative deta518 Independent ex8mlner'8 report 12 Flnanclal 8tat•m•nl• ststement of financlal actlvltle8 13 Bolance 8he8t 14 Princlpal a¢¢ountlng pollcle815 Nole8 to the flnanclal 8talements 19 British Veterinary Association Animal Welfare Foundation
Annual r•port of th¢ trustoes Y••r to 31 December 2024 The British Ve18rinary Association Animal Welfare Foundation lolherwise known as"AWF' and the 'FOunda1n.) is a registered charity, number 1192203, first consliluled by Deed of Tru31 dated May 1983 and later converted to a CIO, registered with the Charity Commission on 6 November 2020. ObJectlv•s and slgnllkant actlvltles dellver¢d lor the publ1¢ l)en¢fft AWF aim810 improve the welfare of animals through velerlnary sclence, educatlon and debatè. AWF'S charitable objects as Staled in its Conslilulion are. The advancement of educallon in ve18rinary science. mediclne, 8urgery and anlmal welfare. Re8•arch and suppcrft In animal welfare or any other fleld of velerfnary 8nd8avour and the dlssemlnallon of the u8efiJl re8ull8 of such re$ear¢h. + The rellef of Sufferlng In anlm818 and the protection of such anlmal8. Any other lawful charltable purpose In connecllon with vet8rlnary 5clenoe or anlm818 and their welfare. Such other chantable purposes as the trustees may from tlme to tlme decide. The AWF objects fall withln two charitable purpo888 Identrfled within the Char11188 Act 2011 namely the advancement of educallon and the advancement of anlmal welfare. The Tru8t888 conffirm Ihgt they have had due regard to the Charity Commission's guidance on public benefit when reviewing and setting the aims, objective8 and in planning the Foundation's actlvtties. AWF ¢affles out Its obJe¢ts through a number of activilieg thich have a positive Impact on both the immediate beneficiarie8 and the wlder publlc Including: Fundlng re9earch projects that hll knoledge gaps and have a practbal arKI poslllve impact on raislng standards in animal welfare. Sllmulaling debate, promollng and developlng welfare education and enhanclrKJ welfare related leachlng in the UK veterlnary and veterinary nursing schools. AWF works with studen15 10 improve their knovlodge of animal welfare issues. Promoting the mission, remit and achwement5 of the Foundation to the veterlnary and animal welfare professions 8nd the general public. AWF produce5 evidence-based pel Ca advice for the general public, lo encouragg responsible pet ownership and high animal weare standards. Influencing and contributing lo and 8UPPOrting leadership in the development of anlmal welfare policy. AWF strives to achiev8 financial stability and growth lo enable it lo effe¢tlvely wrsue its objectlves. British Veterinary Association Animal Welfare Foundation 3
Annual roport of th• truste•8 Year to 31 December 2024 A¢hlwomontA and porformanc• Research fundlng The new 2024-2026 charity strategy priorilises the Chari$ financial 8UStainability, and AWF paused the funding of major searCh to free up resources to focus on this. The AWF Student Grant Sch8m& continued lo run this year. NornJ•n H•yward Fund rnse•rch grants The Norman Hayward Fund is 8 restrl¢ted fund whlch sUppS research into tho weKare of horses, cattle and sheep. Support contlnuad for the projecl'Breeding anlmals for reslllenl feel.. on-farm deci8ion-making and the role of culling In sheep18meness management and breeding 8trategie6" vthich waB awarded in 2023 under the throtryear theme 'breeding for beller weKare'. AWF awardeé £1,926 to a new student project Iltled 'lnvestigatlon Into the palhologlcal findings in horse3 submilled for post mortem examinallon with a hlslory of suspacled 8laryallon'. The 81udenl researcher for the proje¢t'Confidence and capability lo identify and Ireal stre88 In ho¥se8.' A self-refl1iOn by veterinary professionals., funded in 2023. pre8enl8d their findings al the 2024 Discussion Forum. AWF R•s•arch Fund rnswrch gr•nt• The AWF Research Fund 1$ used lo support resoarch in specles other than those covered by the Nomian Hayward Fund. In 2024 8UPPOrt continued for seven ongoing major projects funded under the 'breedlng for beller welfarg, theme. which amounted to £199,430. Al year end, three of these projects were completed ané closed. AWF awarded £7,255 10 3 new Sludenl projec15'. Are alpaca$ becomSng braChycephal7'; "Exploring the Relationshlp between Habitat Btodiver8ily and Oonkey Welfare" and "Inve3ligaling the cross-species emotional conlaglon.. Educatlon and deb•t• In 2024 AWF continued its 81udonl talk strategy of hosting regular webinars in addition lo responding lo reque5t3 from students, as a way of reaching a wider audlence. In 2024 AWF d8lwered 14 free animal welfare talks to 332 live attendees. with the webinar rocordings rocoiving 407 views. Whilo the maprity of attende06 wore 8lud8nl$ al UK veterinary s¢hools, a proportion were international Sludents and employees at charities and vel ServeS. Topics included puppy farming. boredom in animals, farm welfare. equine obesity and wlldlme. AWF also held the following animal welfare sessions at veterinary events.. 'Does running a successful practice jeopar(lise our commrtmenl to animal webfare and conlexlualised care?" at BVA Live British Veterinary Association Animal W8lfar8 Foundation 4
Annual report of the tru8tees Year to 31 December 2024 "Tackling dairy cow lameness.. steps towards better weKare' al the British Cattle Veterinary Association {BCVAI Congress A se¥sion on confinement 8yslems al the London Vet Show External Events and Exhlblelons AWF had a sm811 sland area al London Vet Show In November, attracting 75 rthv newsletter sub$¢rlbers. Vlsltors look part In an Inlera¢tlve anlmal weware qulz, which gave inslghts into welfare knovledge resulting from AWF'S work. Dlscusslon Forum AWF'S annual Discusslon Forum supports ils misslon to raise awar6ne8$ and understsnding of animal welfare through discussion and debate. The 2024 DiscusSn Forum was held at new venue, the Cavendish Conference Centre in London. and gecured enough income through sponsorship and ticket sales to rai86 a profil of £8,590. AWF Is grateful lo the 2024 Sponsors Pel8 al Home, Hlll'8 Pet Nutrlllon, Vel Partners and World Hor88 Welfare. 198 attendees attended and took part In discusslon and debate wllh 8es81on5 on anlrnal welfare. elhi¢$ and rights., euthanasia.. anlmal behaviour and the $entien¢e and welfare of insects. Three prevlou81y selected delegates gave short 'lightning talks, on a toplc of thelr cholce. Two AWF funded researchers also presented Ihebr proj8cl8, en8unng that the welfare outcomes and knowledge was shared wllh key $18keholders. The evenl attracted a large amount of press coverage, with a total of 18 artides In the vel pre88. Govornanco For Ihe serx*nd year runnlng, AWF continued lo draw down fund6 from its inveslmenls to 8UPPQrt cashflow duriry the year. Strat•gy A new Ihree-year strategy was agreed in March. The new vlsion is 'Anim818 enjoy a good lrfe thanks lo veterinary and allied professionals having the tools, knowledge and understanding lo posltively ImpoGI onlm81 welfare.. The n8w mlssion Is 'Placlng anlmal welfare al the foT8front of veterinary knowledge via research, educallon and debate.. Fundralslng Staff worked with tha Trustees to develop a fundraising action plan wlh financial projections. which highlighted the finanaal challenges facing the charty. A £15,000 legacy wa8 received from th8 late Brian Gale. Notable donations of £4,377 and £800 were gratefully receivod from the Anna Rosa Forster Charltable Trust and the South Square Trust respectively. AWF was chosen as the SPVS 2024 Congress charity. The 8vent raised £1,897 for AWF. At its Discussion Forum in May, AWF raised £100 from donations towards the event's printed brochure. AWF and Vetlife held a joint fundraiser at the BVA Gala Dinner al London Vet Show In November and raised a total of £1,350. British Veterinary Association Animal Welfare Foundation 5
Annual roport of th• tru8te•8 Yoar to 31 December 2024 Achlovemonts and porfomanG• (¢ontinuadl Land During 2022 AWF'S land agent, Green and Co, tendered for partners lo promote the AWF land for planning permission. In January 2023, AWF chose two promoters lo take on the larKI in Iwo separate par¢els. Al work is undertaken at the agent and promotion partners, own risk. In 2024 payment of £70,OLYJ was recelved from ong of the promter8, in line wllh their womotlon agreement. Futur• plan• Gov•rn4n¢• and Strategy Tho Trustees recogni¥e that continuing to draw funds from investments to 8UPPOrt the funnlng of AWF is not 8u8lainable. In 2024, the Trustees reviewed the ¢harlty's finances 8nd fvndrai8ing potenllal and conduded thal In order to Safeguard AWF'S future and continue supporting it8 charltable alm8, expendlture musl be dra8ticalSy reducad. For thls reason and after much conslderatlon, the Tru8te88 have taken the very dlfficull dec18ion lo make all AWF slaff role8 redundant in 2025 following whbh the Tru8lee8 will devise a new 81ralegy to improve Ihe flnan¢ial 8rtualion and address the balance between spend on charitable 8cliviti&s and 8pend on th8 operational costs that 8UPPOrt Ih8se. Followlng this In th8 Interlm wlll b8 run by tho TrusleeB, wlth assistance Irom staff al the British Veterinary Asso¢lalion. AWF pays BVA for time from certaln BVA staff lo supporl wilh HR, Flnance and overall governance. Land AWF'8 land agent will conllnue lo manage th8 relalion8hlp wlth AWF'S tsvo promotion partner8. grants AWF will fund student granlg in 2025 using the £12,000 Bènefact Group grant. D•bat• and Educarfon AWF wlll alm lo h1 discussion se88ion8 al major veterlnary Cong$Se8, through Its collaborations wllh 8VA, RCVA And FSVNA British Veterinary Association Animal Welfare Foundation 6
Annual rèport of the trustees Y•ar to 31 December 2024 AWF Trust•e8 are all v811n•ry and anlmal wolfar• prof•••lonal•. Th• following w•r• Trusteea durlng 2024: C Alen MA VelMB CertSAM MRCVS C Bum Msc DPhll D Car30n BVSC {Syd) MRCVS J Clements RVN Msc S Corr BVMS CertSAS DlpECVS FHEA PhD MRCVS- rellred 3 Dacember 2024 K Ellls BVMS CertCHP PhD DlpEC8HM FHEA- retired 27 March 2024 N Gladden BVM&S Dlp. EGBHM PhD MRCVS K Heyrman BVMS MRCVS R Hooker BVMS PosiGrad DMS - appolnled TreaBurer 22 November 2023 J Kupfer BVSC LLM MRCVS (Chairman) M Morloy BVSC MRCVS {BVA Officer ex-officio Trustee)- rellred 30 September 2024 E Mulllneaux BVM&S, DVM&S, CertSHP, FRCVS (BVA Officer and eX-off10 Tru81ee) J Shotton Bsc BVSC MSC MRCVS G Re88 BVSC (Hon8) PhD MRCVS R Wllliam8 MVB MBA Cmgr FCMI MCIPD MRCVS (BVA Officer ex¢10 Tru8leel- appnted 22 November 2024 Admlnl8tr•tlve st•ff E Singh- AWF Manager- redundancy on 14 May 2025 A Nayton - Grants and Events Officer- redundancy on 11 April 2025 M Dominguez- AWF Marketing Communications Officer- redundanry on 11 Aprll 2025 Addrnss The AWF offlce18 at the Britl8h Veterlnary Assoclatlon, 7 Mansfield Street, London W1 G 9NQ. Ag•nts and •dvisors Independent Examlner.. Edward Flnch ACA for Buzzacott Audlt LLP. 130 Wood Street. London EC2V 6DL Bankers.. Coutls & Co., 440 Strand, London WC2R OQS and CAF Bank, 25 King8 Hlll Avenue, Kings Hlll. West Malllng. Kent. ME19 4JQ British Veterinary Association Animal Welfare Foundation 7
Annual report of tho trusleos Yoar to 31 D8c8mb8r 2024 Agents ond •dvl$ors (conlinuod) Investmenl Advisors.. UBS Wealth Managemenl, 1 Flnsbury Avenue, London, EC2M 2AN Soli¢itors= Reynolds Porter Chamberlain, Tower Bridge House, St Kalharfne's Way. London E1W 1A4 and INi180ns Solicitors LLP, 4 Llncoln's Inn Field8. London WC2A 3AA Land Agent.. Sherwill Drak8 Forbes. SoveTelgn Court, 230 Upper Frfth Sireel, Central Milton Keynes, 8ucklngham$hire, MK9 2HR and Green & Co, 33 Market Place, Wanlage, Oxffxdshire, OX12 8AL Structurn, governance and managom•nl The Brillsh Veterinary Agsociatlon Animal Weware FoundatSon (otherwi88 known as AWF or "the AnSmal W8Kar8 Foundatlon.) Is a regi8tered charSly. number 1192203, first constituted by Deed of Trust dated May 1983 and then as a CIO by Constitution dated 15 September 2020. Tha Trustees are veterinary and animal welfare professionals. In accordance with the Foundation'5 Constitution two of the three BVA Officers serve as ex offlGer8 trusleo8 durlng their BVA term of office. Trustees are selected by the AWF Board and appointed for three years, after whl¢h they may pul themselves forward for re-appolnlmenl. Recrullmenl lakes place when required aThJ vacanci88 ara u8ually advertised. Selecllon 18 b88ed on ¢andldale8' experSence and with a vlew to ensurlng that the skills and composllion of the Tru8188 Board réet¥ AWF'8 need8. Trustee8 slgn a declaration of ellglbllity $tstement on appolnlment, committSng to givo Ihelr lime and expertlse lo th8 Foundatk)n. A Iruslee induction pack indudes minutes of recent meetings and annual r8POrts', the AWF Conslltullon.. the current strategy, the NCVO'S Good Trusleo Guide, an online inductlon and a tru8toe job des¢rlptlon. Training need8 are addres8ed when identsfied. TfUStee8 are required lo declare all relevant interests in wrltlng to the AWF Manager and lo wllhdraw from dpr.Sqlnnq whArA A eA)rfflir.I nf Inlp.rp.81 arises. Trustees ge Ihelr tlme freely an no Iru8tee remuneration was pald durlng the year. Details of trustee expense8 are disclosed In Nole 2 Lo Ihe accounts. DuTing 2025 il is expeGted that The Chair of Trustees will collect declaration of interest5 from all the trustees. Trustees, meetings are held three times a year and used to agree the Foundation's strategy, objectives and policies and lo approve major 8XP8nditure and governance decisions. AWF ¥ub commillees meet as required, u¥ually several limes a year to support decisions made in full trustee meetings. Day to day management of the Foundation is delegated to the AWF Manager, who 15 SUPPOrted by 8 ftjll time Grants and Events i)fficer, and Markellng Communications Officer and part lime support from selected B VA staff. During 2025 it is envisaged these responsibilities will be met by the Trustees in collaboration with 8VA staff. British Veterinary Association Animal W81fare Foundation
Annual report of the trustees Y•ar to 31 Dember 2024 Structuro, govemance and managomont (contlnued) Key man•gem•ntp•rsonno1 The charitls staff are jointly employed by BVA on behalf of AWF. Salarias are Set a$ and when post is advertised and reviewed annually by BVA as part of a formal appraisal proces8 and mel by AWF. The lot81 salary Gost i¥ agreed by the AWF Board at their November meeting. The charlty's adrnlnistrative staff are considered as key management personnel. Rlsk man•qement The Tru81ees have as6e86ed and Identlfied the malor rlsk8 to whlch AWF 18 exposed and are satisfied that adequate systems are In place lo manage any adverse effects of such exposure. The key controls Used by AWF are contained In rlsk manapmenl documen18 vthlch are revlewed annually and include8'. Detailed annual dget Monrtoring and reportlng of actual results agaln81 budget foreca51 Seeklng professlonal advice for signrficant188ueB e.g. the land owned by Ihe Norman Hayward Fund and govemance • Annual review of the Foundallon's 81ralegic plan and operallonal objèctives Flnanclal rovlow Total funds Increased durlng the year by £56.147 (2023.. Increased by £135,817). The fund8 are 8pIII befvleen the unreslrlcted funds and the restricted fund8. Unr•stricted Fund¥ The total value of the unre8trScted funds Increased durlng the year by £5,054 {2023: Increased by £41,528). The income was £83,442, represenllng a 5% Increase on 2023. This 16 due to an incr8a5e In legacy Inwme. The expenditure for the year was £176,501 repres8ntlng a 2% decrease on 2023 experllure. This was largely a result of a drop in the amount of grants paid throughout the year. Investments There were net galns from the investment portfolio of £118.112 (2023.. nel gains of £161.197}. Total in¢om8 generated from the portlolio and cagh reserves was £5,294 (2023.. £5,370). British Veterinary Association Animal Welfare Foundation 9
Annual roport of tho tni8tO•8 Year to 31 December 2024 Flnanclal R•vl•w (continued) UBS Wealth Managoment's investment objective is to obtain a reasonable long-lerm total return, with specific emphasis on growth. Thè perfomiance of the portrolio is reviewed against aft appropriate benchmark and peer group. AWF have an ethl¢al restriction that there should be no direct investment in companles where their lumover is more than 25% in non-medlcal anlmal testlng or non-slun 81aughter whlch ha8 been factored Inlo the Investment approach. Resorvos The amount of unr8Btrlclad fund8 ourrenlly held 18 belng u8ed to partly cover the charity, expendlture. The charity Is alming to build up fundraising income to a level which wlll equal annual expenditure. Once this is achieved a di$cu$$ion will be held to decide on the appropriate course of action for managing r88erves. and a new reserves policy will be developed. RestrlGt•d funds Ro¥lrlded res8rve8 Increa8ed durlng the year by £51,094 (2023.. incxe85ed by £94,289). The income was £75,436 (2023". £53,273), an increase on 2023 of 5% due lo a land agreement during the year lo promote Ihe18nd owned ty AWF. Expendllure for the year wa8 £67,301 (2023.. £82,814), a de¢r8a88 of 23%. The d8crea88 In expenditur8 was malnly due lo a reducllon In grants awarded. Investments Thero were nel galn$ from the inve8lmenl portfolio of £42,95912023.' net galn8 of £58.8301. A8 wlth the unre8tricted funds, the portfolio was managed during the year by UBS Wealth Management, L•ndr•valuation Tlie value of the land at 8roughlon in¢raas•d by £65,000 durlng the year 2023 aftw a revaluation carried out by our $uNeyor8, Sherwill Orake Forbes. Brits"sh Veterinary Association Animal Welfare Foundation 10
Annual report of tho trustso8 Year to 31 December 2024 SlJtemenl of Irustee8' respon¥lbllltles The Iruslees are responsible for preparing the trustees. report and accounts in accordance with appllcable law and Unlted Kingdom Acwnting Standards Iunlted Kingdom Generally Accepted Accounting Pr8cll¢e). The law applicable to charllles In England and Wal88 requires the tru8tee$ lo ppare a¢unIS for each flnanclal year which give a true and falr vlew of the slate of affalrs of the charity and of the income and expenditure of the charity for that period. In preparing these accounts. the Iruslees are required lo.. $olecl sultable accounllng poll¢i88 and then apply them con$islenUy; observe methods and principl88 in AruntIng and Reporting by charit.. Statement of Recommended Practic8 applicable to ch8ri1i88 pr&panng their a¢¢ounl$ In a¢¢ordance wlth the Financial Reportlng Starmjard applkable to the Unlled Klngdom and Republic of Ir8land (FRS 102),. mak8 judgemen18 and e81imales that are reasonable and prudent,. stale whether 8ppll¢able Unll•J Kingdom Accounllng St8ndard8 h8V8 b8en ftjllowed, sub*cl lo any malerl81 d8partur88 d58cIo8ed and explained in the accounts.. an¢J prepare the accounts on the golng concern b8818 unle881118 Inapproprlale to presume that the charlly will continue in OperaOn. The Iruslees are re8pon81ble for keeping proper accounllng record8 that dlsclose wllh reasonable accuracy al any time the finandal posillon of th6 charity and enable them lo ensure that the accounts comply with the Charities Act 2011, applicable Charlty {Accounl8 and Reports) Regulations and the provlsion$ of the ¢harty'$ Deed of Trust. They 8ffj also responsible for safeguarding the a83el8 of the charity and hence for taking reasonable step8 for the prevenllon and detectlon of fraud and other IrgU18rItie$. The Irugtees are responslble for the maintenance and integrity of the charlty and finandal Information included on the charity's webslte. Leglslallon In the Unlled Klngdom governing the preparation and dlssemlnation of aUnIS may drffer from legbslalion in other lurI8diction8. Slgned on behalf of Iru$te Chalmian S./4.h kuFfS British Veterinary Association Animal Welfare Foundation 11
Independont examin0$ r•port 31 December 2024 Independent oxamin•r's roport to th• tru•t••s of Brltlsh Vetsrlnary Associatlon Anlmal Welfare Foundation ('tho Charity'l I report lo the Charity Trustees on my examinatn of the accounts of the Charity for the year ended 31 December 2024. R•$pon$lbllltl•s and b•sls olr•port As the Truste88 of the Charlty you are re8pon$lble for the preparation of the accounts in accordance with Ihe requlremenls of the Charill88 Act 2011 {'Ih8 Act,). You are satl$fied Ihal your charity Is not requlred by charlty law to be audlled and have chosen instead lo have an Independent examination. I report in respe¢t of my examlnallon of the Charity's accounts carried out under 8aclion 145 of the 2011 Act and in carying out my examlnation I have followed all the applicable Directions glvon by the Charity Commission under section 145(5llbl of the Act. Ind•p•nd•nt u•mln•r's stat•m•nt I confirm that l am qualrfled lo undertake the examlnatlon b8cause l am a member of th8 Inst11? of Chartered Accountants in England and Wales. which is one of the Il¥ted bodies. I have completed my examlnallon. I conflrm that no m8terial m8118rs have come lo my allentlon In connedlon wlth my examlnallon 9lvlng me cause to belleve that In any fflat8ri81 re8pecl: accounting record8 were not kept In r88pect of the Charlty a8 required by section 130 of the Act", or Tha accoun18 do not accord with th080 record8,' or the accounts do not comply wllh the appllcable requlremenls concerning the form and conlenl of accounts sel out in the Charities (AGcounls and Reports) Regulations 2008 other than any requlrement that the accounts give a 'true and fair Vie which Is not a matter considered a8 part of an independenl examlnatlon. I have no concerns and have come acr088 no other maller8 in connectlon with the examin8tion to which attenllon should be drawn in thi8 report in order lo enable a proper under31anding of the accounts lo be reached. Edward Finch ACA Buzzacoll Audit LLP Chartered Accountants 130 Wood Street London EC2V 6DL British Veterinary Association Animal Welfare Foundation 12
Statsmont of flnanclal actlvltlos Y8ar to 31 December 2024 2024 tot•l Unrestri¢Ae(l Restrlct8d lund• fund8 funil6 2023 total funds Unrn•trkhd Ro¥trkt•d fund• fund• Note8 Incom• from.. DonaUons and l&aacle8 L&a8clgs Donations Other tradlng acllvlJo8 Fundra185ThJ Invg8tm8nt8 other Total Incom• 15,000 15.OlXI 2,982 49,801 2,982 49,801 2.549 1549 6,335 74,395 138,878 2,212 5,370 2,212 6,578 52,065 113,638 1,041 74,39J 03.442 75,430 1.208 52,065 53,273 60.365 Exp•ndltur• on: R8I81ng lund8 Charitable aCtitio8 . R¢$&8r¢h prol8cts . Debole and educalon . Promouon and awarene86 Tol•l •xp•ndltUf• 17.088 7.415 24,503 13,036 8,653 21.689 4J,253 17,040 26,915 ,293 95,281 50,247 70,746 29.851 28,775 80.098 99.521 47,794 170,501 15.931 87,301 63.725 243.802 46.005 180.034 15.335 82.614 61,340 262,648 Nel galn8 Investsnenl pnjperty N8t 9aln811088081 on Invpstrnents Net galn811088881 on Invg$tmenl a88et8 65,000 85,OCrf) 118,112 42.gS• 161,071 161.197 58,830 219,827 118.112 42.•59 161,071 181,197 123,630 284,827 N•1 In¢om• and movom•nt In fundB 5,053 51,094 50,147 41.528 94289 135,817 R•conclllatlon of fund• Fund8 browJhl lorwar 1 J8nu8ry 2024 Funds brought fowrd 31 Decernber 2024 1,003,073 1.144,019 2.147.092 961,545 1.049.730 2,011,275 1,008.126 1,195.113 2.203,239 1,003.073 1,144,019 2,147,092 Th8 accounting policies and nol88 on pages 15 10 23 fomi part of these financlal Stalements. British Veterinary Association Animal Welfare Foundation 13
Balance shoot 31 December 2024 2024 2024 2023 2023 Notss Flx•d 8880ts Inv&stm8nl prop8ty Inv88tm8nts 765,000 1,474.580 2,239.580 765.000 1,521,544 2.286.544 Currnnt Oebtor8 Ca8h at bk 23,190 117,200 5,848 163,379 169,027 Ll•bllltkn• Crnditor8: amounts falling due %blthln one year N•t ¢urr•nt Il•blllti 170,737 308.479 38.341 139,452 Grndltorn,. amounts f8111ng due after mor8 than one year TotAI n•t a•Mt• 2,203.239 2,147,092 Th• fund• of th• charlty. Re8tricled fund8 Unrè8b1cled funds 1.195.113 1,008.128 2,203,239 1.144.019 1.003,073 2,147,092 Tho financlal 8tatement8 wero approved and authorl8ed for188u• ty the Tru8tee8 and 81gned on their behalf by. Tru8180 Dale: accwntlng pollcle8 and note8 on pages 15 to 23 fomi part of Ihese financlal slatemenl8. British Veterinary Association Animal Welfare Foundation 14
Prlnclpal accounting policies 31 December 2024 The pr6n¢lpal accounting pollcles adopted, judgemen15 and key sources of 8Stlmation uncertainty in the preparation of the accounts are laid out below. Basi• of proparalion These accounts have been prepared for the year lo 31 December 2024, with comparative information provided with respect to the year ended 31 December 2023 taken from the ¢harily'¥ prfor year arxounls. The accounts have been prepared under the hlstorlc81 cost convention with items recogniged al cost or transaction value unles5 Otherwise staled in the relevant accounting policles below or the notes to thes8 account8. The account8 have been prepared In accordance with Accounllng and Reporting by Charities.. Slalement of Recommended Practice applicable lo charities prepanng Ihelr 8ccounts In accordance with the FlnancSal Reporting Standard appltable Sn the United Kingdom and Republic of Ireland IFRS 1021 {Charitie5 SORP FRS 1021 issued on 16 July 2014, the Flnancial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 and the Ch8ri1188 Act 2011. The charity ¢onstllutas a publlc benefll entity as deflned by FRS 102. The accounts are presented In 8terling and are rounded to the nearest pound. Crltl¢al accountlng utlmatm and ar•u of Judg•m•nt Preporatlon of the a¢count8 requires the trustee8 and management lo make 81gnlficanl judgements and •sllm8les. The item3 in the accounts where Ih8se ludgemenls and estlmates have bean made include.. the valuatlon of the Charfty's Investment propertles whlch Is reassessed by the trustees al each balance sh8el dale based on the previous professional valuation and an a$se$smenl of Ihe propety values in the local area., • the allocallon of overhead8 and governance cogts behveen charitable expend6tur8 C8teg)rie$', • estlmales In respect to accrued expenditure,. and • the a88umpllon8 adopted by the truslees In delermlning the value of any deslgnations required from the Chari5 general unreslricled funds. As80s8mont of golng concom The trustees have a8ses8ad whether the use of the going concern assumption is appropriate in preparing these account$. The trustees have considered any potential challenges when making their going concern assessment and have made this assessment with respect to a period of one year from the dale of apwoval of these accounts. British Veterinary Association Animal Welfare Foundation 15
Principal accountlng pollclos 31 De¢emb8r 2024 Aises•mont of goiTrg conurn {conInt) The twslees of the charity have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the tharity lo continue as a going concern. The Iruslee5 are of the opinion that the charity will have sufficient resources lo meet 118 liabilities as they fall due, thanks lo the value of the Investments. The most signrficant areas of judgement that affect items in the accoun15 are detailed above. With regard lo the next accounting period, the year ending 31 December 2025 the most significant areas that aff8cl the carrying value of the assels held by the charrty are the level of inveslmenl return and the pefftrmance of the investment markets. There has been an increase in the value of investments in 2024, however the first quarter of 2025 ha8 8een their value reduce. Sub trust fund The late Mr$ Hward made a residual legacy to the Foundatlon In memory of her late hu8band Mr Norman Hayward of Broughlon. The fund has been 561 up as a separ81ely constituted Inigt known 88 the Animal Wemare Foundatlon - Norman Hayward Fund and18 primarlly for th8 welfare of sheep. cattle and horses under the general objects of the Foundallon. The trust has a separate sel of Iruslees that also serve as Iruslees to the Foundation, these are indicaleé on page 8. For this reason, the Iru$lees of the Foundation believe il correct lo account for thi8 8ub-trust fund as a reslricled fund of the Foundallon. Now that the Animal Welfare Foundation has b88n sel up a8 a CIO 1118 proce8s of closlng down the 8ub-Iru31 alongside the old. unincorporated Animal Welfare Foundalion in 2025 The Norman Hayward Fund 13 a Deslgnated Fund, wilh all its asset8 and Ilabililles sitting within the new CIO. Incom• rKoonltlon t)onalbn8 are accounted for when they are re¢elved. Leg8cles are Included within the counts once the Foundallon can demonstrate onlill8m8nl, and the amounts are known with reagonable certainly. In the case of assets recelved, they are accounted for when full legal title has passed to the Foundation. Other income includes a premlum on entering a promotional agffjementwith a land promoter with the purpose of d8veloping Iho land. Thls agreement period 18 for 5 years which commenced 1 th Fobruary 2024. Investment Income.. investment income i¥ Iounted for on an accrLsal8 basis. Other trading income= Fundraising., These sources of income relate to land income and other activities used lo generate income for the charity. These forms of income are accounted for on an a¢¢ruals basis. British Veterinary Association Animal Welfare Foundation 16
Prlncipal accounting pollclos 31 Dacember 2024 Exp•ndltur• rocognitlon C031 of raising funds relates lo those c08ts Incurred In promoting the charity and mainlainlng th8 investment base and subsequent income. Support costs are alloc8ted lo charitablè actSvllies on the basis of staff lime, Associated staff costs are allocated on the basis of lime spent. Governance costs relate to o)mpliance with eA>nstilulional and statutory requiremen18. All expenditure Is accoun18d for on an accruals b8818. Flxed auots Fixed 8s981 investments are slated al fair value. Fair value of Ilsled investments is taken to be the middl8 market prlce rullng at the balance sheel date, Realised and unrealised galns and losses are reflected in the Statement of Flnanclal Acllvlties. Inv•stm•nt prop•rty Freehold land Is induded in the account8 at valuation. The freehold land held by the Trust 1$ Classified as investment property, on the ba81s that, followlng a revlew by the Truste88. they Gonsider that il is held primarily for ils investment potential. Thefr8ehold land18 Induded in the accounts al an open rnarket valuation of £765.000 12023.. £765,000) and is not depreciated, The la8t valuation was carried out by Sherwill Drake Fort8. Chartereil Surveyor8, a8 at Ihe 2023 year end. Doblorn Debtors are recognised al their 8elllement amount, less any provision for non-recoverabillty. Prepaymenls are valued al the amount prepald. They have been d18counted io the presenl value ol the fuluffj cash recebpl where such dlscounlSng Is malerlal. Ca•h at bank and In hand Ca8h al bank and In hand represents such account8 and instruments that are avallable on demand or have a maturity of le88 than Ihree months from the dale of acqu181tlon. Credltorn and provl•lon• Creditors and provisions are recognised when there is an obllgallon al the balance sheet dale as a result of a past event. 11 is probable that a transfer of economic benefit wlll be quired in ¥ettlement, and the amount of the settlement can be estimated reliably. Creditors arKI provisions are recognised al th& amount the Gharity anticipates it will pay to settle the debt. They have been discounted to the pre8ent value of the future Gash payment where such discounting is material. Fund accountlng Gener81 funds are available for use at the discretion of the Trustees in furtheranc8 of the general obieclNe of the Foundation. Reslrlcted funds are funds subject to gpecfflc coThJilion$ imposed by donors. The purpose and use of the restricted funds is sel out In the notes to th? a(wunts. Brits'sh Veterinary Association Animal Welfare Foundation 17
Not•s to thg financial statements 31 Dec8mb8r 2024 1 Incom• Investment Incom• 2024 T¢)ial 2023 Total Dlvld8nd8 Interest on ¢88h d8Fo8118 2024 Totsl lund• 3,B18 2,517 8,335 4,418 2,160 6,578 other10• 2024 Total 2023 Total Promotlon agreement Land r&n181 Income 2024 Total lund• 70.000 4,395 74,395 50,OOJ 2.065 52,065 2 Exp•ndlturn Staff Grents costs p8yable Dlrecl Support 2024 Total RHIHlno ftin¢lA 8,785 14,347 1,391 24,503 Charitsble actJvtti88 . Rer¢b prolg¢t8 . Debate and edOn Promotion 2024 Tot•1 •x 18441 8,348 80,293 9,739 95.281 8,348 03.725 27,826 243,802 81,354 52,S89 175,297 24,188 2,788 1844) 41,323 ndltur• staff Gr8nl$ C0818 p8y8blo Dlrnct Support C08t8 2023 To181 R&$hw Ivnds 7.702 11,790 2,197 31.680 Charftgty9 8cllvltiO . ReEearGlJ propcts . DebAle and eduGalion . Promotion 2023 Total ?xperKliturn 46,210 53.912 46,210 754,034 20,709 13, 179 ,098 15,376 99,521 13,IT9 61,340 43.931 262,648 30,233 1,951 43,974 20,709 British Veterirwry Association Animal Welfare Foundation 18
Notès to th• flnanclal statsmerts 31 December 2024 2 Expendlturo (continued) Allocatlon of 8upport cost• General Govemance xpen888 C0818 2024 Tot•1 RaIng fijndo 1,055 Charltsble athllleB . R&8e8tch project8 . D8bale and edLKation . Promolkjn 6,333 7,388 6,333 2,015 2,351 2,015 9,739 2024 tot•1 •xpondlturn 21.109 8,717 27,026 2023 Total exp8nB88 Ra181np fund8 1,849 2,197 Ch8nt4bl6 adlvltl88 . Researchprthcts . Debale and •duc8tlon 11,093 12,943 11,094 13.179 15,376 13.179 2,433 2.085 2023 tctsl oxp&ndltur8 36,979 6,952 43,931 British Veterinary Association Animal Welfare Foundation 19
Notss to tho flnanclal statements 31 December 2024 2 Exp•ndituro {¢onlinued> Analys15 of dlr8¢t costs Total 2024 Total 2023 RalBlng fund8 . AdVertIn9 8nd fundroNiV¥J . Legacy agent and ass811 legal fees . Inva8tm8nl managgrf8 f888 1,817 4.388 6,408 11,790 10,925 14,347 Debate and educ81ion . 018¢U8slon forum - Welfare days at v81 fj¢hoo18 . Llnk8 Project . Oog breedlThJ forumlpuppy contract 22,856 305 28,832 1,027 24.188 30,233 PromolSon and aw8rèno88 . BVAIAWF web811e cost8 . Promolon 90D 1,888 2,788 933 1.018 1,951 Totsl dlr•ct •xp•ndStur• 41,323 43,974 Staff costs An average of four {2023 - four) FTE staff were seconded by th8 Brltlsh Veterinary As8ocialion lo help wllh the Foundallon'3 work. A charge18 made by the Brltish Veterinary Assoclallijn for these 8laff costs, whlch amounted to £173,398 {2023 - £154,034). None of these were pald more than £80,000 in lh8 year in ffjspect of their work for the charity {2023 - none). The trust888 did not receive any remunerallon durfng the year12023 £nil). Expenses relating to travel and subslstence of £1,62912023 £3,399) were pald by th8 Foundation. Those were paid lo four trustees (2023 - 6). The aggregate remuneration paKI lo key management personnel was £nil12023- £nlll. Grants pay•ble 2024 2023 R•conclll8tlon of gr•nts payabl• Commitm8nts at 1 January 2024 Grant8 approved in Ihe year Grants p8yable for the year,1888 t ullli8ed 215,068 257,892 9,181 25,638 19.825) 4,3281 1644} 1131,424} 83,000 21.308 164.1321 215,068 Grants pald during th& year Commrtm8nls at 31 December 2024 4 research granls were approved in the year. The total of new grants was £9,181. British Veterinary Association Animal Welfare Foundation 20
Notss to tho financial statamonts 31 December 2024 3 Inv•stmgnt prop•rty 2024 2023 Valua at 1 January and 31 0&Mber 765,000 765,(M)O Sherwlll Drake Forbes valued the land owned by the Norman Hayward Fund al £765,000, a5 at 31 Dec 2023 ané the Iru81ees have as88ssed Ihl$ contlnue¥ lo form the best e51imale of the land's falr value for the year ended 31 Dec 2024. 4 Inv88tm•nts 2024 2023 Market valu8 al 1 Janu8ry Additions DIspo5818 al opgnlry rnarf(el value Ilncludlng r8all88d galrfj of £30,073 ', 2023- Tealised gains of £23,801) Net unreallsed Inv88tment galn$ /11088gBI Mafk•t v•lu• at 310•c•mb•r 1,521,544 341,909 1.452,219 244,047 1519,1711 1416,4831 130,998 196,747 1.474,580 1.521.544 Hl•todc cojt at 31 D•c•mb•r 1,139,211 1,401,870 Investments comprise the fOlln9. 2024 Marb¢•t v•lu• 2023 Mathel Value Co•t L18led Inva8tmont8 Government Bnd flxed Int8r8st 8tock8 Equity 8hara8 .UK 341,6B5 326,338 393,795 383,233 . Ovar8998 1.132,895 1,474,$80 812,875 1,139,211 1.127.749 1,521,544 1,018,637 1,401,870 Investments representing 5% or fflore of the total portfdio are as follows.. 2024 2023 Green Social and sustsinable fund SGD Engagement Equiti88 MSCI ACWI 60cially respons1& Engagam8nt Ulty MSCI ACWI Univernal low cgrt)on Global equity XP Global equlty ESG Global equty hegded 140,469 113,012 81,334 84,859 107,364 150,946 150.185 139.834 127,788 87.861 114.372 152,750 151,159 British Veterinary Association Animal Welfare Foundation 21
Notes to th• finala1 ststements 31 December 2024 5 Debtors 2024 2023 Prepayments and 8¢cN•d Incom8 Other debtors 23.1D1 5.620 28 S.648 23,1#1 8 Crodltor• 2024 2023 AThthinti fallln du• wlthln on• Othgr croditors Accrua18 Gran18 Poygble 05,293 20,444 83,000 170,737 77.040 16,371 215.088 308.479 7 Rmtrlcted fund• 8alan¢o at1 January 2024 B•l•n¢• •t31 D•c•mb•r 2024 GalnB on Income Expendltura Inve8lment8 AWF- Nurriiuii H¥yw&r fund 1.144,019 1.144,019 67,3011 67.301} 42,959 42,959 1,195,113 1195,113 Anlmal W•lfarn Foundatlon. Norn7an H•yw•rd Fund The Animal Welfare Foundation - Norman Hayward FurKI is a 8eparalely con8tituled trust fvnd whlch was e8tab118hed in 1995 wlth the express purpose of providing fundlng for the general purpose and objects of the Foundation, bul primarily for the welfare of she8p, catUe and horses. As 8laled in the principal ac¢ounling pollcies. the Iruslees of the Foundation consSder this a reslri¢led fund. Although the trust w83 sel up in 1995 the Exe¢ulorn of the Estate forwarded dislributson8 1¢ tho Foundation amounting lo £407,768 beeen 1989 and 1995 which have been expended on projects in accordance with the donor's requ881. DurirvJ 1996 the balance of the re3iduary legacy was transferred over to the Injst which principally consisted of freehold land at probate valuab'on. The majorlly of Ihe18nd'8 value was realised dunng 2006. However. an opllon sold on 80m8 of Ihis land was not taken up by the purchaser and the land reverted lo the Norman HayNard Fund durlng 2010. The surveyor valued all the land owned by the Nomian Hayward Fund al the 2023 year erKI at £7eS,000. B818nc8 atjl Gwns on D8c8mbgr Incoffle Expenditu investments 2023 January 2023 AWF- Norman Hayw8rd fund 7,049, 730 1,049.130 53.2T3 53,273 82,614) (82,614) 123,630 123,630 1.144.019 1.144.019 British Veterinary A5soGiation Animal Welfare Foundation 22
Notss to the financial statements 31 December 2024 An81• of n•1 aM•ts b•twMn fund• Inveslmgnt propety Investments Net current Long-tem a886ts Tot41 2024 R&8trfctad funds . AWF- Noman H4rd fijnd Unre81rthd fvnd$ . Goneral fundB 765,000 393,285 36,828 1.194113 1,081,295 1,474,580 173,1691 136,3411 1.008,126 2.203,239 765,000 InveBlment prop8rty Investments Net GuThenl Long.term assets li8tslilie8 Td81 202J Re8tr1cted funds . A WF- N£an Haywwd lund Unrestrlcted fund8 . Gongrol lurKI$ 766.(K 405,871 (26. 792) 1,144,019 1.116,733 1.521.544 (112,6*X+) (139,452) 1,003,073 2.147.092 765,LXIO 9 R•lat•d party tran•acllon• Included In expenditure 18 a charge of £173,396 (2023 - £154,034) made by Brlli8h Veterlnary Assoclallon (Company Regi8lr81ion Number 206456). a known related paty. In re8pecl of staff 81$. A further management charge of £18,800 (2023 - £18,000) made by British Veterlnary As8OCi8tion18 8180 Included In AWF'8 exp8ndllure. A total of £61,493 wa8 due from the charlly to BVA as at 31 D8cember 202412023 - £60,779). British Veterinary Association Animal Welfare Foundation 23