North West London and RSPCA._---- South Hertfordshlre Branch CIO RSPCA North West London and South Hertfordshire Branch CIO Trustees, report and Financial Statements for the year ended 31 De￿mber 2025 King of the castle RSPCA North West London and South Hertfordshire Branch CIO Trustees, report and financial ¥otsments for the year ended 31 December 2025 Contents Page Reference and administrative detai15 of the chorlty, its Trustees and advisors Tru5tees' report 4.13 Independent Auditors rewrt on the financial Statements 14-16 Statement of financial activities 17 Balance sheet 18 State¥nent of cash flow5 19 Note5 to the finantlal stotements 20-39 RSPCA North West London and South Hertfordshire Branch CIO forthÈyear ended 31 December2025 Trustee5 Mr5 J Gardner, Chair Mrs C Holton, Treasurer Mr R Tyers. Secretary M5 L Berns. Trustee Mrj Winter, Trustee Ms V Toofanny, Trustee Mr R Sharma. Trustee Ico-opted 15 De￿mber 20251 Ms R trAddio lco-opted 16 March 20261 Miss 5 Carter, Trustee (resigned 24June 20251 Charlty registered number 1209372 Principal offite 114 Field End Road Eastcote Middlesex IRL Branth General Manager Karen Cruickshanks (resigned 18 November 20251 Chief Executive Officer Deborah Holden lappointed 2 March 20261 IndependÈnt Auditors Xeinadin Audit Limited Suite 13 5 Hercules Way LeavÈsden Park Watford WD25 7GS B•nker5 Barclays Bank plc Leicester LE87 2BB RSPCA North West London and South Hertfordshire Branch CIO Tntstees, repDrt{continuedl torthe ye3r ended 31 De¢entrr2025 Objectives and Artlvities RSPCA North West London and South Hertfordshire Branch is a Charitable Incorporatèd Or8anisation (CIO) and a separately registered Branch of the Royal Socipty forthe Prevention of Crueky to Animals (the Society). The charity carries out it5 dlrect animal welfare work in the North West Landon and South Hertfordshire area. The objectives of the Branch afe to promote the work and objècts of the Society: Promote kindness. Prevent or 5uppres5 CTuelty to animals by all lawful means, in accordance with the policies of the Society. PTovide animal welfare supkM)rt to our Sranch COEnmunity. Support the RSPCA InspectDrate. The Branch's animal welfare work, a￿hOUgh local in nature, beneflts society at large, and aims to help people in need with the Cafe of their animals. All our charstable activities focus on promotlng kindThess and preventing or 5uppre5sin8 cruety to anima15 and are underraken to further these purwses for the public benefit. In settin8 objectives and planning for adivities, the Trustees have given due consideraiion to genera guidance published by the Charity Commission relatin8 to publlc benefit, including the guidance 'Public benefrt.. running a charity IP521'. We support our local RSPCA InspettoTS by taklng in, free of char8e, mlstreated or abandoned animal5, and pets whose owners suffer ill health orfinanclal drfFicuhies or pa55 away. We take in, free of charge. lost animals and take steps to reunite them with owners. This work benefit5 our local community (including local authorities) by prevèntin8 animals strayin8 and posing a risk to themselvès and to people throu6h road traffic accidents. We provide subsidised veterinary treatment for animals belonglng to people on a low Income within our defined bran¢h area. This includes treatments for sick and injured anlmais and microchippin8 for do85, cats and rabbits. We provide a subsidised nevtering scheme foi cats and rabbits. We do this through a voucher scheme and by holdin8 events in the community. This work benefrts those on means tested beneflts by givin8 them finaTrcial help to oblain ore for companion anima15 in need of veterinary treatment. It promotes responsible pet gwnership, helps to control these populations, and prevents the distress caused to Lx)th animals and owners if anlmals stray. This work 15 key to 'the p￿ventIOn or suppression ol cruelty part of the RSPC4 objectives and promotes humarte sentimerbts towards anirna15 thus providing a moral beneflt to humanklnd. We rehome animals in need, at low cost, to people willin8 and able to have a companion animal. Whilst we re¢ognise that companior¢ animals provide measurable benefits to people'5 physical and mental health, we consider the provislon of pets as secor4dary to the main charitable alm of thi5 serv￿e, which is to reduce animal Suffering. Our policy of charging a reasonable adoption fee for anlmals airns to highli8ht the ongoing personal and financial commitment of pet ownership. It would not be in the best interests of anlmals, and therefore would fall oulside our objects, to rehome to those who could not afford them. RSPCA North West London and South Hertfordshire Branch CIO Tn*ee< ￿FUrt {ccA)tinued) fijrthe yearended 31 Decen*er2025 Objectives and AttNities (continued) We providevolLrnteerlng opportunities forthose who wÉsh to support ourwork This benefits local people and companies by providing the opportunity to do work that is compassionate and rewarding. The charity recewes support from many individuals who volunteer their time and services. The trustees are extremety grateful forthss help. wr(hout this kindness and generosity, the charitywould be unable to continue. Atthe end of 2025 the Branch had 241 Voluntee￿ workingwithin its shops. assistingwith animal welfare, engaging in fundraising activities and helping with the admlnistration of the branch. Retail 119 Ap51ey cattery 36 Joel st￿et eattery 39 Events Fostere Offitè Total 37 241 All volunteers receive thorough training and induction appropriate to their role. RSPCA North West London and South Hertfordshlre Branch CIO Tnstrd rewrt (continued) fortheyear ended 31 D￿rnber2025 Achievements and perforrnanee On I" january 2025 we had 78 animals in the care of the Branch. During the year we took in 235 new animals-. 216 cats 10 rabbits 9 small animals Once again, many of these animals were in very poor condition. Sadty 6 died in our care and IS had to be put to sleep on veterinary advice. The really good news: 180 anima15 successfully found new homes RSPCA North West London and South Hertfordshire Branch CIO Tntsteeg reFXJrt Icontinuedl lortr*year ended 311)e￿Mber2(y15 Achievements and performance (contlnuedl The breakdown of the assistance given to member5 of the public on low incornes. re￿ OF benefrts or the stste Pension in past two years is: 2025 82 212 99 95 2024 68 260 Treatment (voucher} Treatment Ivia Hillingdon ¢linlcl Neuterin Microchippin 82 490 Ourvouther Scheme enables people receiving help to attend a vet that is local to them. We have maintained our excellent relationshipswith Btythwood Vets andjoel Streetvets. They have both been enom)ously helpful in looking after the animals in tsur care, particularly ¢onstdÈring the ongoing shortage of veterinary surgeon5 in our area. We have a150 established a relationship with Barton Lodge Vets Hemel Hemp5te¥d who help with the cats at ourAp51ey cattery. Both our catteries have been very busy, maintaining full capacity throughoutthe year. We do not have dedicated accommodation for small animals but we are fortunate in having a dedicated group of fosterers who currentlytake tare of our rabbits, guinea pigs and other small anirnal& Marby of our cat5 are also placed with fosterer5 before rehomin& especialty those needing rehabilitation. nursing mums and those with long term, managÈabJÈ health problems. Animal support in the cornmunity Our Animal Welfare team held 5 events in the community durfng the year. These events a￿ organised in areas where we have idèntified the greatest need. We offer5ubsidi%ed microthippin& a pet food bank and help and advice to the people and their pets attending the Èvents. We place great emphasis on co-operatin@with othEr 4nimal weWare organisatiOn5. Cats Protertion and the Animal Welfare Trust and our local vets are regularty involved in our wmmunity events. Bran¢h cat and rabbit neuterir4 stherne Our community evEnts have provide(S a g￿at opportunity to reach OLrt to low-incomè members of the communty ond enable them tg nevter their pets. The branch offers cat and rabbit Theutering for £10 to households with incomes of les5 £25,0￿ per annum and for £50 with Income be￿een £25.OC(¢ and £30,(X)O. We hope that this will not On￿ benefrt the anima15' welFare but help to avoid some ofthe problems created by vncontrolled breedin& RSPCA North West London and South Hertfordshire Branch CIO Trustee< repjrt Icontinuedl forthe yearended 31 December2025 Achlevements and performance Iconlinued) Apsley Cattery Our Apsley cattery received its first residents in January 2025. It h35 one unit of twelve Pedigree Pens arranged in two lines of Six pens. Each pen has a heated, walk in 51eepin8 area and a large climbing tower. In addition, there is a larger isolation pen Separated from the main block where we can keep any infections contained. This pen could also be used for a fam41y of cats. The cattery pens were funded by a 8raTht of £SOk frorn the ASPCA Branch Development Fund. In February 2025 a van was purchased for use at the Apsley cattery. We would like to thank the lean Salnsbury Trust for their contribution toward5 this vaTr as we received a grant of £5k for this purpose in 2024. The cattery was quickly filled and the dernand for spaces is far greater than our capacity. The cost-of- INing crisis and ri5irng vet costs are also impacting the numbeTS of people willing to adopt. The reorganisation of the provision Df service frorn the RSPCA Inspectorate has led to the branch picklng p marny more cases directly. We are grateful that grants from the RSPCA Care Contribution Fund of £38k are helping to cover the costs of cases that the Inspectorate would have dealt wf(h in the past. RSPCA North West London and South Hertfordshire Branch CIO TTh￿ee￿ report Icontinuedl forthe year ended 31 December2025 Achievements and perfr•rmance (continued) Organlsational changes On June 1" 2025 an Animal Operations Manager was appointed to be responsible forthe expanded animal welfare workfor￿, activitie5 and facilities. This ha5 created greater resilience ift the manageme team and freed up time for the new CEO to Con￿ntrate more on strategic developments. In December 2025 the lease wa5 signed on a new office on the sarne site as the Joel Street cattery. The Animal Welfare team Moved into the office in January 2026 which saves time on travelling as well as providing space for extra staff and all the equipment. In November 2025 we said goodbye to Karen Cruickshanks who had managed the branch for the past five years. Ka￿￿ saw the branch through incredibly challenging times, including Covid, the renegotiation of most of our shop leases and the setting up of Apsley Cattery from scratch. Whatever needed doing Karen was there to do it. whether it was cleaning out the cattery, covering a shop or answering a query when she was on holiday. We are immensety grateful for everything She achieved and wish her all the very best in the future. In December 2025 we appointed Debbie Holden as our new CEO. She took up her post in March 2026 and has already become a dynamic leader of the team. Sophie Carter resigned as a trnstee during the year but continues to support the Branch at fundraising events. Shop rebranding During 2025 all our shops were rebranded wtth OLtr new CIO name and the latest RSPCA logos. The RSPCA National organisation provided a grafit of £15k to cover the costs. I RSPCAt3 NWLONDON & SOUTH HERTS RSPCA North West London and South Hertfordshire Branch CIO Trustees, report Itontlnued) Iiytheyearended 31 De￿mber 2025 Achie¥ements and performance Iconlinued) Fundrai$in¥ a¢ti¥ltles and Income generatlon Our Tombola team worked enthusiastically on their community fund raising events during 2025 and iai5ed a total of £3.475. Volunteers also took part In the Christma5 Charity Gsft Wrapping event at the Harlequin 5hoppin8 centre tn Watford, which raised £2,072. The Branch receives donat￿nS through our shops (both 8oods and cashl and via Jvst8iving and CAF Donate. We coTrtinue to sell selected donated goods on eBay aTrd Facebook Marketplacewith the aim of achieving higher sales ￿VenUe for these item5 than selling them in our shops. The Branch is a member of the Charity Retail Association and complie5 Wlth the Codè of Fundraising Practice. The charity doe5 not consider that any of its fundraisin8 activities constltute unreasonable Intrusion on a pèrson's privacy, unreasonably persistent approaches or undue pressure to give. The Branch does not work with ary commercial participators or Professional fundraisers, and we do noi fundraise by telephone. Wg have corporate supporters such as Pets at Home Foundation. The Branch 15 Pets at Home South Ruislip's Charity of the Year, and we receThie regular donatlon5 of food and littef frorn Pets at Home. We partlclpated in collections for Pets at Home Santa Paws appeal and received £985 as a share of the proceeds. The trustees would Ilke to thank Pets at Home Foundation and the South Ilulslip store fortheir continued support. During the yeai we had no re9ue5t5 from the Fundraising Preference SeNice to remove donors. when requests are receivèd to remove donor5, and it is deterrnhned that the Branch hold5 data on th¢ individuals, rÈcDrds are removed fvom our contattt lists and frorn our database in line with legi51atlon on data management and Code of Fundraising Practice. Flnan¢ial Revlew a. Going concern After making appropriate enquiries, the tNstees have ? reasonable expeaation that the charity has adequate resources to continue in operational existence for the foreseeable future. Forthis reason, they contÈnue to adopt the going concern ba5ig in preparitvd the financial statements. Further details re8ardin8 the adoption of the going concern basis can be found in the Accounting Policies. The Trustees have pro.actively mana8ed the charivs expendlture and made cost ￿￿￿ctIons where possible. b. Reserves p¢lley Reserves as at 31 De￿mber 2025 were £1.284,589. This was fepresented by general funds of £631,382, adoption centre fund of E563,663, financial a5515tance special cases fund of £7,753, tangible flxed asset funds of £77,121 and restricted funds of £4,670. This 15 a decrease of £l,1)07 in the Branch reserve5 at the start of 2025. In eafly 2011 thè tnjstees of the Branch reviewed thè reserles pollcy and decided that as the Branch derives most of its surplus funds from ongoinE charity retailing activity the reserves should be at least sufficient to cover six months of ongoing animal welfare actlvity. In 2026 these costs are bud8ete¢J at £296.123 forthe full year lexcludingiheApsley cattery as this is funded bythe desl8nated adoption centre fund). The reserves available at the end of 2025 a5 general funds would represent lust over 25 month5 of animal welfare expenditure and the trustees conslder the current lèvel of reserve5 to be satisfactory. io RSPCA North West London and South Hertfordshire Branch CIO Trustee< report Icontinued) Financial revlew {contlnued) b. Reserves polity t¢ontiAued) The Branch ha5 a development plan which incorporates its reserves policy and ￿ agreed by all the trustees. The development plan is ￿vieWed on an annual basis by the trustees. The Branch Income and expenditure budgets are set annually. are agreed by the trustees. and performa1)￿ against both income and expenditure budgets are reviewed monthly by the trustees. Investment pollty The Trustees considerthat investing surplus cash reserves in deposit accounts provides an adequate return on investment without exposing the Chanty to the risks as50Ciated with investing in equities or bond5. Long term forecasts indicate that the cash reserve5 will deplete overthe next 5 years so tt 15 important to maintaln liquidity. At the erhd of 2025 most of the cash reseNes were invested in various fixed terni deposit accounts held with the CAF Charity Deposit PlatForm (Flagstone). Investing cash in this plattomi allows Èasy access to banks paying higher interest rates and it also maximises protettion under the Financial Servi￿5 Compensation Scheme IFSCSI. Cash was also deposited in instant access accounts with Borclays and Charity Bank and notio account5 Wlth United Trust Bank and Redwood BanL Plans for Future Periods We plan to refurbish thejoel Street cattery with pert5 that meet the latest RSPCA standards. The Joel Street cattery lease has been renewed forten year5 from January 2026. Structure. governance and management Constitution The charity is governed in accordance with the CIO model constltutlon. Methods of appointment or elertion of Tru5tee5 The management of the charity is the responsibility of the Trustees who a￿ elected and co-opted under the ternis of the CIO model constftution. The first tNstees of the Branch on registration of the ao rnay stand for reelection at the 3rd AGM of the CIO. They rnay setwe for two subsequènt 3 yèar terms befrjre retiringfrom the committee. At any one time there rnust not be less than five or morE than twelve elerted trustees. Up to three trustees may be co-opted to the cornmittee during the year. The tru5tee5 are e￿cted at an AGM of the charty by the members of the charity. The branch aims to maintain a committee of between 7 and 11 trustees. The existingtrustees have a broad range of experience in buStn￿S and animal welfare. The trustees have decided thatthe role ofchairshould be fora maximum terrn of 3 year5 before stepping down unless there are exceptional circumstance5. The HonoTary olficer5 (Chair, Branch Secretary ènd Treasurer} are elected by the tfustees. li RSPCA North West London and South Hertfordshlre Branch CIO Trustee¢ reportleon￿fiUed) forthe ￿ ended 31 D￿rnber2025 Structure, governance and management (continued) Organlsational structure and declslon-makin8 polldes The Branch tTia5tees meet mOThth￿ to revlew animaSwelfare activity, financial performance again5tannual budget5, fundraising activ￿¥, and to disCUS5 non ro￿lne mattels arising. Most monthly meetings are conducted virtually but the intenilon is to hold face to face meetings on a three mtsnthly basis when P055ible. The day-to-day responslbility for Branch activities is delegated to the Chief Exocvtlve Offictr. who keeps the trustees inforrned of any significant issues that arise between the scheduled monthfy trustee rneetlngs. Policies adopted for the indu¢tion and trainini of Trustees When joinin8 the committee Aèw trusrees can access the RSPCA Intranet "Thè Link" which holds inforrnatlLin outllning the role of a truste2 Wlth the Branch as well as the responslbllities and obligatKins that the Tole of a trustee entails in addition to Charity Commission Guidance on thè role of a trustee. New tru5tee5 ￿￿1Ve all introdurtion to the Branch, its history, the Cur￿nt activtties and planned activities fDr the future from the Branch Chair and secretary. Thèy will be a55igned a mentor directed towards further support and trainir¢8 courses offered by the RSPCA. Trustees arè invited to attend course5 which interest them or which they feel wlll benefit them their role a5 a 8ranch tTU5tee. They may also a£￿55 copiès of 8ranch reports and mlnutes from thè preceding 3 months, the annual accounts and report5 for the previous year, and the current Branth Development Plan. Flnan¢ial rfsk management The trustees have assessed the major rlsks to which the charity is exposed. We have a comprehensive Risk Register relating to the specific operatlonal areas ol the charity, its investments and its finan￿S. Named trustees are responsible fortheirspecific areaof the register. checkingthat appropriate mltigation 15 in place. rnonit¢ring the implementation of mitigating 5trate8ies and keepin8 the re#Sster up to date. The trusiees believe that by monitoring rÈseNe levels, by ensuring that controls exist ovèr key financial systems. and by examining the operational and business risks fated by the charity, they have established effective system5 to rnitigate those risks. These system5 include: Risk Action l. Financial al Annual independent accounts audit or independent examlnation bl Dual authorisation of online payment5 cl Monthty review of financial records 2. Hea￿h and Safety al Documented policies at each site bl Annual Snsurance maintalned cl Ongoing staff training 3. Loss of Tru5tee5 al Ongoingvolunteer programlne bl Branch Development Plan 4. Funds DefsCIt al Annual budgets set, reviewed monthly bl Diversified sources of income cl Ongoin8 fundraising artivities 12 RSPCA North West London and South Hertfordshire Branch CIO TnstegWl¢ontlnued} ststement of Trustees. responsibilities The Trustees are ￿pOnSIble for preparing the Trustee5' report ard the financial statèments in accordance wtth applicable law and United Kingdom Accounting Standards (Ullited Kingdom Generally Accepted Accounting Prarticel. The faw applicable to charsties in England & Wales ￿qUireS the Trustees to prepare financial Statements for each financial year which gwe a true and fair view of the state of affairs of the charty and of its incoming re5rJurces and application of ￿SourCes, Fncludins it5 income and expenditure. for that period. In preparing these financial statements, the Trustees are required to.. Select suitable accounting polscies and then applythern consistentky. Ob5eTve the methods and principles of the Charitie5 SORP IFRS 1021. Make judgments and accounting estimates that are rÈ3sonable and prudent. State whetherapplicable UK Accounting Stsndards IFRS 1021 have been followed, subjectto any rnaterÈal departures disclosed and explained tn the financial statements. Prepare the financial statements on the 80in8 concem basis unle5$ it is inappropriate to presume that the charitywill contintse in business. The Trustees arè rèsponsible for keeping adequate accounting records that arè sufficient to show and explain the charity's transactions and discltssè with reasonable accuraLy * anytime the financial posrtion of the charty and enable thern to en5urethatthefinancial statements complywiththecharitiesAct 2011, the Charity (Aecounts and Report51 RegulatlOn5 2(￿8 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the charity and hence for takin8 reasonable steps for the prevèntion and detection of fraud and other irreEularTrtie5. Approved ￿ orderof the members of the board of Trustees and signed Dn their behalf by: Mrs J Gardner, Chair RSPCA North West London and South Hertfordshire Branch CIO AUDITOR'S REPORT ON FINANCIALSTATEMEPtrs INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF RSPCA NORTH WEST LONDON & SOUTH HERTFORDSHIRE C Opinion We have audited the financial statements of RSPCA North West London & South Flertfordshire CIO Ith& 'chariVI for the year ended 31 December 2025 which comprise the statement of financial attivitiès. thè balance sheet. thè statement of cash flows and ncttes to the financial statements, including a summary of significant accounting policies. The fin3ncial reportin8 framework that has been applied in their prep3ration is applicable law and United Kingdom Accounting Standards, including Financial Reporting standard 102 The Fif)oncioI Reporting Standord opplicoble in the UK Jnd Republic of I￿land (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial staternents.. ve a true and frdir view of the state of the charity's affairs as at 31 De￿mber 2025 and of irtcoming res¢ur¢es and application gf resources forthe yearthen ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounttng Prartice; and have bèen prepared in accordance with the reqU1￿ments of the Charities Act 2011. Basis for opinion We condurted our audit in acwrdance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responslbilities for the audit of the financial statements section of our réport. We are independent of thè charity in accordance with the ethical requirements that are relevant to our audit of the financial ststements in the UK, including the FRC'S Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficlent and appropriate tts provide a basis for our opinion. Conclusions relatingto going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is 3ppropriate. Based on the work we have performed, we have not Identified any material uncertaintiés relating tg events or conditions that, indivtdually or collèctively. may cast signific3nt doubt on the charibfs ability to continué as a going con£ern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responstbilitie5 of ttrte trustees Wlth respert to going con￿rn are described In the relevant sections of this reptsrt. Other information The other information comprises the information included in the annual report otherthan thefinancial statements and our auditorfs report thereon. The truste¢s are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and. except to th? extent otherwise explicitly stated in our report, we do not expres5 any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so, consider whether the other information is materially inconsistènt W5th the financial statements or our knckwledge obtained in the course of the audit or otherwlse appears to be materlally mlsstated. If we identify such material inconsistencies or apparent material mlsstatements. we are required to determine whether this gives rise io a material misstatement in thè financial statemÈnt5 themselves. If, based on the work we have performed, we cgnclude that there is a material misststement of this other irtform*ic*n. we are required to report that fact. 14 RSPCA North West London and South Hertfordshire Branch CIO Auditorfs Report on Financial statements (Continued) Other infonnation Icont5nuedl We have nothing to report in thi5 regard. Matters an which we are required to report by e￿ptIon We have nothing to report in respert of the following rnattErs in relation to which the Charities (Account5 and RÈportsl Regulations 2008 require us to ￿portt0 you if, in our opinion: the infomiatton gwen in the trustees, report Is Énconsistent in any material respect with the financial statements- or 5uffi¢ient atcovnting Tewrds have not been kept- or the flnancial Statements are not in agreement with the accountlng records and retums- or we have not received èll the informatioft and explanations we require for our audit. Responsibilities oltruste As explained more fully in the tru5tees' responsibilrties set out on page 13. the trustees are responsible forthe preparation of the financial statements and for betng satisfied that they give a true and fair view. and forsuch internal control as the trustees determine is ne￿ssaryt0 enablethe preparation of finandal statÈments that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the trustee5 a￿ responsible for assessing the charitvs abillty to continue as a going concern, disclosin& as applicable, matter5 ￿lated to going con￿r￿ and using the going concern basis of accounting unless the trustees either intepd to liquldate the charity or to cease opeTation5, or have no realistic alternative but to do so. Auditofs respon51bilities for thE audit of the financial statements We have been appointed as auditor under section 144 of the Charitie5 Act 2011 and repert in accordance with the Att and relevant regulations made or having effettthereunder. Our objectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free frorn material misstatement. whether due to fraud or error, and to issue an auditorfs report that includes our opinion. ReaSOE13ble a55urance is a high level of assurance. but is not a guarartee that an audit corhduLted in accordance with ISAS IUKI will always detÈct a material misstatement when it exists. Misstatements can arise from fraud or error and are considered rnaterial rf. individuèlly or in the aggregate. they could reasonab￿ be expected to influence the economic decisions of users taken on the bas￿ of these financlal stateTnents. The extent to whlch our Procedu￿ are capable of detecting irregularities, including fraud is detailed below: Discussions with and enquiries of managementand those charged with govemancewere held with aview to identifyingthose laws and regulationsthat could beexpècted tts have a material impact on the financial statements. Duringthe engagement team briefin& theoutcomes of these discussions and enquiries were shared with ttse team, as well as consideration as to where and how fraud may occur in the entty. The following laws and regulations were identified as being of Significan￿ to the entlty: _ Those laws and regulations considered to have a dirert effect on the financial statements ineludè UK financÈal rèporting standards. Tax and Pensions begislation. - Those law5 and ￿￿UlatiorIS for which non-compliance may be fundamental to the operatlng aspects of the business and therefore may have a material effea on the financial Statements include health and safety legislation, Charities SORP. GDPR. the Fundraising Regulatorand the Veterinary Sur8eon5 Act. 15 RSPCA North West London and South Hertfordshire Branch CIO Auditorfs Report on Financial Staternents Icontinuedl Auditorf5 responsibilitie5 for the audlt of the flnancial statements Icontinuedl Audit procedures undertaken in response to the potential risks relating to Irregularitles Iwhich include fraud and noncompliance with laws and regulations) comprised ofr. inquiries of management and those charged with Bovernance as to whether the entity complies with Such laws and regulations,. enquiries with the same concerning any attual cr potential litigation or claims; inspection of relevant legal Corresponden￿,. review of board minutes; testing the appropriateness of journal entries,. and the performance of analytical review to identrfy unexpected movements in account balances whlch may be indicative of fraud. No in5tan¢es of material non-compliance were identrfied. However, the likelshood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irre8ularitles, the effectiveness of the entity's cont¥o15, and the nature, timing and extent of the audit procedures performed. Irregularitie5 thal result froTn fraud might be inherentty more difficult to detect than irre8ulaTiiies that result from error. As explained above, thère Is an unavoidable risk that material mlsstatements may not be detected, even though the audlt has been planned and performed in accordance with ISA5 IUKI. A further description of our responslbilities is located on the Flnancial Reporting Councirs webslte at: htt www.frc.or auditorsres onsibilities. This des¢rlption forms part of our auditorfs report. Use of Dur report Thi5 report Is made solely to the charitVs trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we mighi state to the charl￿S trustees those matters we are required to state to them in an audltorf5 report aThd for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to nyone other than the charity and the charity's trustees as a body, for our audit work, for thi5 report. or forthe opinions we have formed. Kieron Pearce FCCA Isenior Statutory Auditor) For and on behalf of Xelnadin Audit Limlted, Statutory Auditor Chartered A¢￿UntantS Suite 13 5 Hercules Way Leave5den Park Watford WD25 7GS 2s/ag/a Xeinadin Audr( Limited Is eligible for appointment as auditor of the charity by virtue of Its eligibility for appolntment as auditor of a company under 5e¢tion 1212 of the Companies Act 2(M)6. 16 RSPCA North West London and South Hertfordshire Branch CIO ststement of Financial A¢tivitie5 for the Year Ended 31 December 2025 Unrestricted funds 2025 Restrirted fund5 2025 Total funds 2025 Totsl funds 2024 Income from: Donations and legaoes Charitable artivitie5 202,095 21,130 699,807 38,916 3,662 50,000 252,095 21.130 699A07 38,916 3,662 308,933 23,300 687.093 40,310 14 Other trading acttvities Investments Other Income Total incom• 965.610 50.IXIO 1,015,610 1,059.650 Expenditure on: Raising funds Charitable acttvities 742.443 219,174 742,443 274.174 673.880 204,094 io 55,OL)) Total expenditure 961,617 L016,617 877.974 Net Incomellexperbditure} 3,993 15,0001 I1￿07) 181.676 NÈt movement In funds 3.991 {5.0(Kl} 11.0071 181,676 Reci¥nciliation of lunds: Total funds brought fonvard Net movement in funds 1.275,926 3,993 9,670 15.CQOI 1285596 {IM17} 1.103.920 181,676 Totsl funds carrted forward 1279.919 4.670 1284,589 1,285,596 The statemènt of financlal activit5es include5 311 gains and losses reco8nised in the year. The notes on pages 20 to 37 form part of these finartcial statements 17 RSPCA North West London and South Hertfordshire Branch CIO Balance Sheet as at 31 DeEèmber 2025 2025 2024 Nots Fimed assets Tangible assets 17 77,121 78,553 77,121 78.553 Current assets Stocks 18 4,794 118.077 1,139.247 4,478 258,918 986,169 Debtors Cash at bank and in hand 19 24 1.262,118 1,249.565 Credltors- amounts falling due within one year 20 154,6501 142,5221 Net current assets 1,207,468 1,207,043 Total assets le55 ￿rrent Ilabilitles 1,284.589 1,285,596 Totsl net assets 1.284,589 1,285,596 Charlty funds Restrlcted fuTSds UNrestricted funds 21 4,670 1.279.919 9,670 1,275.926 21 1,284.589 1,285,596 The f5nancial statements V4ere approved and author￿ed for issue by the trustees and signed on their behalf by- Mrs C Holton, Treasurer Date.. 22.06t oa6 The notes on pa8es 20 to 37 form part of these financial ststements 18 RSPCA North West London and South Hertfordshire Branch CIO ststement of Cash Flow for the Year Ended 31 December 2025 2025 ZOZ4 Note Cash flows from operating activities Net cash used in operating activities 23 135.274 139,47SI Cosh ftows from investing actlvities Dtvidends and interest from investments Pro￿ed5 from the sale of tangible fued assets Disposal of listed investment Purchase of tangSble ￿ed assets 38,916 8.500 40310 S65 (29,612) 166,2621 Net cash wed In Invertln8 activitles 17,804 125,3871 Change in cash and cash ewivjlents sn the year 153.073 164.862) Cash and cash equNalents at the beginning of the year 986,169 1,051.031 Cash and cash equNalents atthe end of the year 24 i.ia9,247 986,169 The notes on pages 20 tts 37 fomi part of these tin8n¢ial statemeNts RSPCA North West London and South Hertfordshire Branch CIO Notss to the Financial Ststements For the Year Ended 31 Decernber 2025 l. General information RSPCA North West London and South Hertfordshire 8raTrch CIO is a Charitable Incorpordted Association and a separately reglstered Branch of the Royal Society for the Prevention of Cruelty to Anlma¢s Ithe Society). The charity 15 8ovemed in accordance with Its constittstion. 2. Ac£ounting policie5 2.1 Basis of preparation of fhnancial statements The finat)cial statements have been prepared in accordan￿ with the Charf(ies SORP IFRS 1021 Accountin8 and Reporting by Charities.. Statement of Retommended practi￿ appllcable to charities preparing theSr account5 ITh accordance with the Financial Reportlng Standard applicable in the UK and Aepubllc of Ireland IFRS 1021 leffectwe I january 20191, the Finantial fteportlng standard applicable in the UK and Republic of Ireland IFRS 1021 and the Charities Act 2011. RSPCA North West London and South Hertfordshiie Branch CIO meet5 the definition of a public benefit entity under FRS 102. Asset5 and liabilities are initially recognised at historl¢al cost or tran5artion value unless otherwise stated in tbe ￿levant accounting polÉcv. The financial statèments are presented in sterlsng which is the functlonal currency of the charity and rounded to the nearest £1. 2.2TrHnsfer t? a Charitable Incorporated Organi5atlov ICIOI On 31" December 2024, RSPCA Middlesex North West & South Hertfordshire Branch Icharity number 2083311 changed legal forni to become ASPCA North West London & South Hertfordshire Branch CIO (charity number 12093721. In line w¢th the guidance detailed in para8raph 27.14 of the charity SORP, th change ha5 been accounted for under the merger accounting method. These financial statements contain the financial results, assets, liabilltle5 and funds of the CIO as if this legal form was Trn existencethrou8hout the prevlous accounting pÈriod. There have been no changes to accountin¥ policie5 or Classification of assets or liabllitles as a ￿sUIt of thi5 ch3n8e. 2.3 Goin8 con¢ern The Trustees assess whether the going concern basis is appropriate and whether there are any material uncertainties related to events or conditions that may ¢ast $18nificant doubt on the ability of the charlty to continue as a goin8 concern. Having reviewed the rev15ed future projerted ¢ash flows, the Trustees have a reasonable expectation that the charity has adequate resources to continue r(s activitie5 for the foreseeable future. The Trustees have considered the level of reserves held and the èxpected level of income and expertditure for a period of twelve months from finali54tion of these flnancial staternents. T￿refOre the Trustees continue to adtspt the going concern basis in preparlng the financsal ststements as outllned in the Statement of Trustees, responsibilities. 2.4 Inctsmè All income Is recognised ()nce thè Charity has entitlemenl to the incvme, it is probable that the income will be received and the amount of incomè receivable can be measured reliably. For legacies, èntitlement 15 taken as the earlier of the date on whlch either. the charity 15 aware that piobate has been granted, the estate has been finalised and notrfitatlon has been made by the executorlsl to the Trustthat a distribution will be made, orwhen a distribution 15 ￿ceIVedfrorn the estate. Receipt of a le8acy, in whole or In part, is only ¢onsldered probable when the arnount can lje measured reliably and the charity has been notified of the exectrtols Sntention to make a distribution. 20 RSPCA North West London and South Hertfordshire Branch CIO Notes to the Financial Statements For the Year Ended 31 December 2025 2. Accounting policies Icontinuedl L4 In¢ome {continuedl Where legacies have been notified to the charity. or the charity is aware of the granting of probate, and the crittria ftsr in￿rne recognition have not been met, then the legacy is treate(l as a ￿￿tingent asset and dFsclosed if material. Income from charitable attrvitie5 includes income earned from adoption fees. Adoption fee income recoEnised upon collection of the animal by thÈ nèw owner. Donated services or fa¢ilitje5 Hre reco8ni5ed when the charity ha5 control over the item, any conditions associated with the don*ed item have beer met. the receipt cf economit benefit frorn the use of the charity of the rtem is probable and that economic benÈfit can be measured reliably. In accordance with the Charities SORP IFRS 1021, the general volunteer time 15 not r￿QgnIsed and refer to the TTustee5' report for more information about their contribution. Donated professional servi￿5 and donated facilities are recognised on receipt and on the basi5 of the value of the gift tts the charity which is the amount the charity would have been willing to pay to obtain Se￿iCe5 or facilrtiÈs of equivalent econornic benefit on the open market. a cOr￿pondIng amount is then reco8nised in expenditure in the period of receipt. Income from tradin8 artivities includes Income eamed from fvndraising events and trading artivIt￿$ 1¢ raise funds forthe charity. Income is received in exchange for sypplyinÈ 8ood5 and service5 in orderto raise fund5 and is recognssed when entitlement ha5 occurred. Income from other tradlng actNrf(les arises mainly from the Sale of donated goods. It is impracricable to fair value the stock items due to the volume of low value items, therefore the sale of donated goods is rwt ￿COgniSell in the financial ststements until they are sold in line with SORP IFRS 1021. 2.5 Expenditure Expendlture is recogn5sed once there is a legal or constructive obligation to transfÈr èconomic benefrt to a third party, frt is probable that a transfer of economic benefits will be required in Settlement and the amount of the obllgation can be measured relsably. Expenditure is classified by adivity. The co5t5 of each activity are made up of the total of direct wsts and sha￿d ￿ts. including sUPPOrt Costs involved in undertaking each actnfity. Dlrect Costs attributable to a single acttvity are allocated directty to that artivity. Shared costs which contribute to more than one activty and support Costs which are not attributable to a single activlty are apportioned between those actNitie5 on a basts consistent with the use of resources. Central staff tosts are allocated on the basls of time spenL and depreciation charges allocated on the portion of the assevs use. Support Costs are those costs incurred dirertty in support of expenditure on the objects of the charty. Costs of generating funds are costs incurred attracting voluntary income. and those incurred in trading activities that raisè funds. Charitable acttvities and Govemanre costs are costs irbcurred on the charity's rperations, including 5UPPOrt costs and costs relating to the governance of the charity apportioned to tharltable actlvttles. All expenditure 15 induslve of irrecoverable VAT. 21 RSPCA North West London and South Hertfordshlre Branch CIO Notes to the Financlal Statements For the Year Ended 31 December 2025 2. Accounting pollcles Icontlnuedl 2.6 Interest receivable Interest on funds held on deposit Is included when receivable and the amount can be measured reliabty by the Charity. this is nornially upon notitlcation of the interest paid or payable by the instttutiDn with whom the fuThds are deposlted. 2.7 Tangible fixed a55ets and depreclation Tangible fixed assets are initially reco8nised at cost. After recognition, under the cost rnodel, tangible fixed asset5 are measurèd at cost less accumulated depreciation and any accumulated impairmtnt losses. All costs Incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. Depreciation is charge(l $0 as to allocate the Eost ot tangible fixed assets less their resldual value over their estimated useful lives, usin8 ihe straiEht-line method. Depreciation is provided on the fDllowing bases.. Long-term leasehold property- Over remainin8 lease period Motor vehicles- 20% per annum offi￿ equipment- 2¢)% per annuTn 2.8 In¥estment5 Fixed asset investments are a forrn of financial in5trurnent and are inilially recognised at their transattion cost and subsequently rneasured at fair value at the Balance Sheèt date. unle5$ the value cannot be measured reliably in which case it Is measured at cost less irnpasrment. Investment gains and 105ses, whèther reali5ed or unrealised, are combined and presented as 'Galn511L055esl on Investments, in the Statement of Financial Artivitles. 2.9 Flnanclol instruments The chartiy has elected to apply the provisions of Section Il'Baslc FinancSal Instruments. and Sectlon 12 'Other Financial Instruments 155ues' of FRS 102 to all of its financial instruments. Flnanclal instTurnellts are recognised in the charity's balance sheet when the charity becom￿ party to the contractual provisions of the instrument. Flnancial assels and liabilitie5 are oftset, with the net amounts presented in the finantial statements, when there is a le8ally enforceabte ri8hi to set off the recognised amounts and there is an intention to Settle on a net basis or to fealise the asset and settle the liability 5imultaneou5ty. Ba51¢ financlal a55ets Basic financial ossets. which include debtors and cash and bank balances, are initially measured at transaction price including transaction colls and are subsequently carried at amortlsed cost Using the effective interest method unless the aTran8ernent Constit￿te5 a financlng transaction, where the transaction 15 measured at the presentvalue of thefuture receipt5 discounted at a market rate of interest. Financlal assets classified as receivable within one year are not amort15ed. 22 RSPCA North West London and South Hertfordshire Branch CIO Notes to the Financial Statements For the Year Ended 31 December 2025 2. Arcountln8 pollcles Icohtinuedl 2.9 Finan¢ial Én5twuments {continuedl Basic financial liabilities Basic financial liabilities. including credriors and bank loans are inttÉally ￿COgnised at t￿nsaCtIon price unle55 the arrangement constitutes a financing transaction, where the debt instrument 15 measured at Ihe present value of the future payments discounted at a market nte of interest. Financial liabilities classified as payable within one year are not amortsed. Trade creditorsare obligations to payfor goods orservices that have been acquired in the ordlnarycourse of operatton5 from suppliers. Arnuunts payable are dassified ascurrent liabilities if payment Is due within one year or less. If not, they are presented as non-current liabllities. 2.10 Stocks Stocks are valued at the lower of cost and net reali%èble value. Cost is calojlated using the first-in. first- outformula. Donated stocks are not recognised in thefinan¢ial statements untilthey are sold as described in the income recognithjn pollcy above. 2.11 Debtors Trade and other debtors are recognKsed at the setdement amount after any trade discount offered. Prepayments are valued at the amount p￿paid net of any trade discounts due. 2.12 Cash at bank and in hand Cash at bank and in hand includes cash and short-term hEh￿ liquid investments wrfth a short maturty of l year or less from the date of acqutsltlon or opening of the deposit or similar account. 2.13 Liabilities and provislons Liabilities are reco8nised when there is an obligation atthe Balance Sheet date as a result of a past event, it is probable that a transfer of economic bÈnefft will be required in settlement, and the amount of the settlement Can be estimated reliab￿. Liabilities are recognised at the amount that the Charty anticipates it will pay to settle the debt or the amount it has re￿Ived as advanced payments forthe goods or servicès It must provide. Provistons are measured atthe best estimate of the amounts required to settle the obligation. Wherethe effect of the time value of money is material, the provision is based on the present value of those amounts. di%wunted at the pre-tax d￿Count rate that refiects the risks specrfic to the liability. The unwinding of the discount is recognised in the Statement gf Financial ActÉvities as a finance cost. 2.14 Oper*ing leases Rentsls paid under operatlng lease5 are tharged to the Statement of Financial Activittes on a straight-line basls ovÈr the leaseterrn. 2.15 Pensions The charity opErate5 a defined contribution pension schewrte and the pension ch3rge represents the amount5 payable by the charlty to the fund in respect of the year. RSPCA North West London and South Hertfordshire Branch CIO Notes to the Financlal Statements For the Year Ended 31 t)e¢ember 2025 2. Accountin8 policies Icontlnuedl 2.16 Fund accountlng General funds are unrestricted fund5 which are available for use at the dist￿tIOn of the Tnjstees In furtherance of the general objectives of the charity and which have not been designated for other purposes. The tangible fixed assets fund, a de51gnated fund, comprlses the net book value of the charity's tangible r￿ed assets, the existence of which isfundamenial to the chartty being able to perform Its chaff(able work and thereby achieve charitable oblettives. The value represented by such assets should not be regarded, therefore. as immediately realisable. The adoption centre fund, a designated fund, £ompri5e5 the profit on the sak of thè charity's freehold premises and fun¢Js from legacies rèceived which have been fÉn8fenced for the purpose of fundlng the running costs of the adoption centre which opened in January 2025. Restricted fundsarèfunds which areto be used in accordance with 5Pètrfic restrictions imposed bydonor5 or which have been raised by the charity for particular purpose5. The costs of raisinE and adrninisterlng such funds are rharged against the speclfic fund. The aim and use of each reStr￿ted fund 15 Set out in the notes t¢ the financial statements. 3. Critical accounlln8 estirnates and areas of lud8ement Estimate5 and judgements are continualty evaluated and are based on historical exPerIen￿ and other factors, ir5cludin@ expectations of future events that are believed to be rèasonable under the ¢ircumstance5. Critical accounting estlmates and a55umptions: Depreciation: Depreciation 15 an estimate made by management in order to allocare the c05t of tangible fixed assets overtheir estimated useful lives. Allocation of costs.. Governance and support costs are allocated between rai5in8 funds and charitable activitles uslng allocations as Èstlmated by management. The charity makes estimates and assumptions concernin8 the future. The resultin8 accounting estimate5 and assumptions will, by definition, seldom equal the relaied actual reSu￿S. The estlmates and assumptions that have a signif5cant risk of causing a material adjustmentto the carrying amounts of assets and liabilities withln the next flnanclal year are discussed above. RSPCA North West London and South Hertfordshire Branch CIO Notes to the Financial statements for the Year Ended 31 Deomber 2025 Income froJD donations and le6acies Unrestrirted funds 2025 Restrirted funds 2025 Total fvnds 2025 Dtsnations 21,307 21,307 Legacies Grants 105,874 74,947 50,000 155074 74,947 Similar incoming resources 202,128 50,000 252,128 Unrestrirted fvnds 2024 Re5trirted funds 2024 Total nd5 2024 Oonations 20.650 164,722 59340 59.221 20.650 164,722 64,340 59.221 Legacies Grants 5,C#JO Similar incoming resources 303,933 5,(X)O 308.933 Intome frgrn charitable actiylties Unrestrirted funds 2025 Total fur￿$ 2025 Anlmal welfare 21.130 21,130 Unrestricted funds 2024 Total funds 2024 Animal welfare 23,300 23,300 25 RSPCA North West London and South Hertfordshire Branch CIO Notes to the Financial Ststements for the Year Ended 31 December 2025 6. Trading activhtles In£ome from non