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 'FOunda1￿n.) 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 knol￿edge 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 we￿are 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 sUpp￿S 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-refl￿1iOn 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 braChycephal￿7';
"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 Serv￿eS. 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 DiscusS￿n 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 h￿1 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 v￿811n•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-off￿10 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- app￿nted
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 r￿éet¥ 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 g￿e 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 De￿mber 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 exper￿llure.
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 p￿pare 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 Ar￿untIng 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 Opera￿On.
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 Ir￿gU18rItie$.
The Irugtees are responslble for the maintenance and integrity of the charlty and finandal
Information included on the charity's webslte. Leglslallon In the Unlled Klngdom governing the
preparation and dlssemlnation of a￿UnIS may drffer from legbslalion in other lurI8diction8.
Slgned on behalf of
Iru$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 examinat￿n 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 Inst1￿1?
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 aCti￿tio8
. 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 b￿k
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$',
• estlmales In respect to accrued expenditure,. and
• the a88umpllon8 adopted by the truslees In delermlning the value of any deslgnations
required from the Chari￿5 general unreslricled funds.
As80s8mont of golng concom
The trustees have a8ses8ad whether the use of the going concern assumption is appropriate
in preparing these account$. 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 pefft*rmance 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¥ I￿ounted 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 Fort￿8. 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
other1￿0￿•
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
. Re￿r¢b prolg¢t8
. Debate and ed￿￿On
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
RaI￿ng 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
. AdVertI￿n9 8nd fundroNiV¥J
. Legacy agent and ass￿￿81￿1 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 fOll￿n9.
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• fina￿la1 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 be￿een 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
An8￿1• of n•1 aM•ts b•twMn fund•
Inveslmgnt
propety Investments
Net current Long-tem
a886ts
Tot41
2024
R&8trfctad funds
. AWF- Noman H4￿rd
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