**REGISTERED CHARITY NUMBER: 205154**
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
Bush & Co Limited Chartered Accountants 2 Barnfield Crescent Exeter EX1 1QT
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
**CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2020**
||**Page**|
|---|---|
|Reference and Administrative Details|1|
|Report of the Trustees|2 to 7|
|Report of the Independent Auditors|8 to 9|
|Statement of Financial Activities|10|
|Balance Sheet|11|
|Statement of Cash Flow|12|
|Notes to the Financial Statements|13 to 25|
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
|**Registered Charity Name**|RSPCA South East and West Devon Branch|
|---|---|
|**Charity Number**|205154|
|**Address**|Little Valley Animal Shelter|
||Black Hat Lane|
||Bakers Hill|
||Exeter|
||EX2 9TA|
|**President**|Vacant Position|
|**Trustees**|Mrs C B Allan (Chairman)|
||Mrs E M Mundy (Secretary)|
||Mr T Byers Treasurer)|
||Miss M Wood (Treasurer) (Resigned May 2020)|
||Mrs A Eyles|
||Mrs M Hardy|
||Miss E McPhail|
||Mrs J Williams|
||Mrs Heather Shipp (Resigned February 2021)|
|**Senior Staff**|Mr H Lowson (CEO)|
||Miss J Evans (Animal Shelter Manager)|
||Mr C Marshall (Area Retail Manager) Redundant Dec 2020|
||Mrs B Hollingsworth Aug 2020|
||Miss M Holland (Community Fundraiser – from December|
||2020)|
|**Auditors**|Bush & Co Limited|
||Statutory Auditors|
||2 Barnfield Crescent|
||Exeter|
||EX1 1QT|
|**Bankers**|Nat West Bank Plc|
||59 High Street|
||Exeter|
||EX4 3DL|
|**Investment Advisors**|Barclays Bank Plc|
||Bridgewater House|
||Finzels Reach|
||Bristol|
||BS1 6BX|
**Other Names** Little Valley Animal Shelter
1
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees present their report and financial statements for the year ended 31 December 2020.
## **STRUCTURE AND GOVERNANCE**
The Charity is constituted as an Unincorporated Association, which operates as an autonomous Branch of the National RSPCA and is subject to its Branch Rules. It is governed by a Board of Trustees, which is responsible for effective leadership and direction, and which meet monthly to make strategic decisions. Day to day management of the Branch is delegated to the Branch and Finance Manager, the Shelter Manager and the Area Retail Manager who report to the Committee.
## **Trustee Recruitment and Appointment**
A Committee of Trustees is elected at each AGM by the Branch members to govern the charity. Trustees are recruited for their experience, empathy and knowledge of the Charity and to keep the skills and composition of the Trustee body balanced. Succession planning is regularly kept under review. All Trustees give their time voluntarily and receive no benefits from the Charity, although Trustees can claim expenses properly and necessarily incurred in the performance of their duties.
## **Trustee Induction and Training**
New Trustees are given literature on the work of the Charity and the guidance from the Charity Commission on the role of a trustee. Information provided includes the latest financial statements of the Branch and its Minutes, the Branch Rules and the RSPCA’s Animal Welfare Policies. Trustees are encouraged to keep up to date with current issues relevant to their roles.
## **Trustee Responsibilities**
Trustees are legally required to prepare financial statements for each financial year, in accordance with the Charity’s governing document, the Charities Act 2011 and with Accounting and Reporting by Charities: a Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard 102 published October 2014. These financial statements must give a true and fair view of the Charity’s financial activities during the year and of its financial position at the end of the year. In preparing the financial statements the Trustees are required to:
- prepare accounts which give a true and fair view;
- select suitable accounting policies and apply them consistently;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the statements on the going concern basis unless it is inappropriate to assume that the charity will continue to operate;
- observe the methods and principles in the applicable Charities SORP.
The Trustees are also responsible for maintaining proper accounting records which disclose, with reasonable accuracy, the financial position of the Charity, which will enable them to ensure that the financial statements comply with applicable law, regulations and the trust deed. They are also responsible for safeguarding the assets of the Charity and for taking reasonable steps to prevent fraud or other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the Charity’s website.
## **OBJECTIVES AND ACTIVITIES**
The aims of the Charity are to promote kindness and to prevent cruelty to animals by all lawful means. This involves the rescue, rehabilitation and re-homing of mistreated, abandoned and unwanted animals, support for the RSPCA Inspectorate in the Branch area and promotion of the work and objects of the National Society.
2
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Trustees’ objectives for the year are shaped by these strategic aims, with a view to obtaining income for the benefit of animal welfare in the area by raising funds through the seven charity shops, fundraising and maintaining and improving the value of the Charity’s investments.
The Trustees have paid due regard to guidance by the Charity Commission in deciding what activities the Charity should undertake.
The main activities of the Charity during the year were the operation of the Little Valley Animal Shelter and the re-homing of unwanted animals. The activities also included the provision of veterinary care, micro-chipping, neutering and inoculations and the provision of financial assistance with the cost of veterinary care for the animals of eligible people on state benefits.
## **PUBLIC BENEFIT STATEMENT**
All charities in England and Wales must have charitable aims that are based on providing public benefit and comply with section 4 of the Charities Act 2011. The Trustees have regard to the Charity Commission’s guidance on public benefit. The RSPCA’s founders identified the Society’s primary aim as being to alter the moral feelings of the country and to promote humane sentiment in humans towards animals which gives moral benefit to the human community as a whole.
The following Branch activities during the year constitute clear benefit to the public:
- The Branch supports the local community and Inspectors by taking in mistreated or abandoned animals and those whose owners, through bereavement, disability, age, marriage break-up or other reasons, are unable or unwilling to keep them.
- Animals in the Branch’s care receive veterinary treatment, vaccination, neutering, microchipping and, if necessary, treatment for behavioural problems, and are assessed for rehoming.
- The Branch re-homes the animals in its care at low cost to people willing and suitable to provide a home for them.
- The Branch provides financial help to members of the public on state benefits, living in the Branch area, to assist them in paying for veterinary bills. Financial help is also given towards veterinary bills for age-related illnesses to those who adopt older animals from the Shelter.
-
- The Branch provides free animal care advice to members of the public.
## **ACHIEVEMENTS AND PERFORMANCE**
The kennel rebuild was finished after some delays because of COVID. The new meeting room has proved invaluable for enabling trustees and staff to have socially distanced meetings. Thank you to the staff , who have had to put up with a lot of disruption during the building works.
Our shops were closed for most of 2020, but, in the few weeks they did trade, were quite successful. However, without Government help with business grants and furlough payments, we would have been looking at a very large deficit.
3
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
The Shelter staff continued to work throughout the pandemic, although public access was limited to appointments and outdoor meetings only. Animal numbers remained very low during 2020, but have started to rise since restrictions have started to lift.
The Friends of Little Valley continue to support the work of the Shelter with their generous donations. Because GDPR rules have changed, Jill Brush (Membership Secretary), decided to hand over the membership to our new Community Fundraiser at the beginning of 2021. The Trustees would like to thank Jill Brush for her hard work and dedication as Membership Secretary, a task she has undertaken over the past 12 years.
The Trustees acknowledge that the Branch would be unable to operate effectively for any length of time without the commitment and energy of the many volunteers who donate their time and effort towards furthering the cause of animal welfare. The Trustees would like to extend their thanks to all of them.
2020 has been a difficult year for the Branch, but our investments have started to bounce back, our shops are now open, our new kennels are finished and none of our staff have contracted COVID. We have a new Animal Behaviourist, to help with our more challenging animals, and a Community Fundraiser, who is already proving her worth. We have also joined an employee assistance programme to provide staff with access to confidential advice on any problems they may have.
## **PRINCIPAL RISKS AND UNCERTAINTIES**
The Trustees have assessed the major risks to which the Charity is exposed and have identified four top-level risks:
-
- The long term effects on our operations of the coronavirus pandemic
- Damage to the Branch’s reputation
- The availability of finance to allow activities to continue; and
- The health, safety and welfare of volunteers and staff.
The Branch continues to take active steps to manage those risks.
4
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **FINANCIAL REVIEW**
The total incoming resources for the year amounted to £1,706,687 (2019: £1,103,549) including legacies of £1,106,939 (2019: £496,325). Expenditure in the year was £945,920 (2019: £928,781). After gains on investments of £32,477 (2019: £134,103) the branch made a surplus of £793,244 (2019: £308,871).
## **RESERVES POLICY**
Reserves are necessary to safeguard the Branch’s future. Revenues can be unpredictable and reserves are important to assist in years where our expenditure exceeds revenue. In addition, the Branch has the responsibility to ensure it has reserves to fulfil capital commitments and meet any costs relating to unexpected emergency repairs to the animal shelter.
Historically the reserves policy of the charity was to hold free reserves (total reserves less fixed assets, designated and restricted reserves) at a level of between one and a half years’ and two years’ expenditure. The rationale being that it was felt prudent to maintain free reserves at this level as the charity relies heavily on donations and legacies, both of which can fluctuate significantly from year to year. However, in view of the pandemic and the impact on our operational income streams (which would have been worse had it not been for government grants, which were in the form of furlough and retail grants) the Board have decided to temporary increase the free reserves policy to hold between two and two and a half years’ expenditure. This temporary slight increase in reserves policy levels is in line with the Charity Commission’s suggested mitigation strategies in these uncertain times and will be reviewed again at the end of each financial year. Using the previous 5 years’ average total expenditure, this is between £1.92 million and £2.40 million.
The levels of reserves are held to support the following areas:
- a) The Branch relies heavily on donations and legacies, both of which can fluctuate significantly from year to year.
- b) Should the Branch see a long term pattern of declining revenues, there would be transition period whilst a strategy to adapt to a changing environment is achieved.
- c) If the Branch is faced with closure sufficient reserves would need to meet
- i. the running costs of the animal shelter whilst animals are rehomed
- ii. the cost of staff redundancies
The total reserves at 31 December 2020 were £5,494,922, comprising £403,000 of designated funds and £4,555,922 of general funds. Of the general funds, £2,563,977 are held as tangible fixed assets and so not available to be spent. The remaining balance of £2,527,945 represents free reserves.
This is in excess of our reserves policy by £127,945. This excess will in part be used to help mitigate the financial impact of COVID-19 (mainly decreased investment income and fundraising income).
5
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2020**
## **INVESTMENT POLICY**
The Charity holds investments in order that the service level provided for animal welfare is maintained should there be a reduction in incoming resources. The Trustees have prepared an investment policy, with the objective of investing in a low to medium risk portfolio which will maximise income, whilst protecting capital. Professional advice is provided by Barclays Wealth Management, who manage the portfolio on a discretionary basis. Meetings are held with them as and when required to review the performance of the portfolio. A combination of stock market investments, together with bank fixed term deposits, meet the requirement for the generation of both income and capital growth, whilst reducing the risk of investment losses in uncertain and volatile markets.
The Trustees have adopted an ethical investment policy that takes all reasonable steps not to hold investments in companies whose activities are not consistent with RSPCA animal welfare policies. In particular, investments are avoided that carry out any testing on animals
The value of the Charity’s investments at 31 December 2020 was £1.16 million (2019: £1.39 million). The total return on all managed investments was a surplus of 4.2% (2019: 13.6%).
## **FUTURE PLANS**
We have completed a £1.4m kennel rebuild. This marks the end of a 10-year build programme which has transformed the fabric and range of our animal welfare and care facilities at Little Valley. Moving forward our plans and new strategy for the future are:
- To make best use of Little Valley itself by caring for our animals more proactively and professionally with full utilisation of our new and modern facilities.
- Review underused building and the site at Little Valley to identify opportunities to create/improve storage and also open up suitable areas of the site to the general public thereby engaging with the local community and our supporters
- Through better communication, marketing and awareness, rising to help even more animals in our community that need our unique care and support – reaching out and being truly “caring countywide” whether that be through the shelter services, mobile staff/volunteers or animal welfare; training or education events in the community.
- Sustainability - making sure that we futureproof Little Valley in terms of income, reserves, staff, trustees and governance.
- Complete merger with North Devon Branch to enable us to help animals across the whole of Devon (excluding Plymouth).
- Appoint an Animal Collection Officer to work mainly in the South Devon area. The ACO will help the Inspectorate by being able to
- Improve our communications by replacing our outmoded IT system and hardware
## **Our plan for 2021.**
- Raise sufficient funds through fundraising, retail and the shelter, to meet the running costs of Little Valley animal shelter.
- Ensure the new kennels and our other animal area buildings are fit for use and conform to all animal welfare standards – future proof. Also fence in the exercise field as recommended during our licensing visit.
- To make better use of the Little Valley site by undertaking a refurbishment programme for our existing buildings and creation of new facilities or services on site to encourage more interaction with our community – this could possibly cover the creation of a wildlife pond, training classes, education and welfare events etc
6
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH REPORT OF THE TRUSTEES**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
- Further enhance our current range of animal welfare services and broaden our reach in the community – greater presence in South Devon with creation of an Animal Collection Officer position
- Raise the profile of Little Valley within these areas and find a way to measure the same.
- Nurture, motivate and maximise the best from all our resources including our people, both staff and volunteers, together with our places – buildings, shops and any events that take place.
- Undertake a comprehensive communication campaign (particularly in North Devon) to publicise the work of Little Valley both from an animal welfare and awareness/brand perspective
- Following the finishing of the kennel block rebuild project we are now turning our attention to the main reception, the animal treatment/clinic rooms and the animal rehoming/first introductions area with a view to a redesign/rebuild
- Deliver and roll out projects that improve the way we do business in terms of efficiency and productivity - this will include the appointment of a new Finance Manager at Little Valley and further investment in ICT.
- To continue to maximise profits from the Branch shops and with the appointment of our new community fundraiser identify new income steams to reduce our reliance o .
- To research and develop strong and clear policies to provide a secure financial future for the Branch and further the objectives of the Charity.
- To maintain the high standards of animal welfare synonymous with Little Valley by ensuring ongoing up-to-date training is available to all staff. Use our Animal Behaviourist to train staff and support adopters.
- Ensure that Little Valley is all it can be for both our community, our animals, our staff and our volunteers.
## **KEY MANAGEMENT PERSONNEL**
The key management personnel are held to be all of the Trustees and the senior staff listed on the cover sheet.
The pay levels for key management personnel, who are not Trustees, are reviewed by the Trustees and benchmarked against other charities.
On behalf of the Board of Trustees
Mrs Carol B Allan (Honorary Chairman)
7
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **Opinion**
We have audited the financial statements of RSPCA South East and West Devon Branch (the “Charity”) for the year ended 31 December 2020 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the Charity’s affairs as at 31 December 2020 and of its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Use of our report**
This report is made solely to the Charity’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the Charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Conclusions relating to going concern**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
- the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
8
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report.
We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:
- sufficient accounting records have not been kept;
- the financial statements are not in agreement with the accounting records and returns; or
- we have not obtained all the information and explanations necessary for the purposes of our audit.
## **Responsibilities of the trustees**
As explained more fully in the trustees’ responsibilities statement set out on page 2, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Bush & Co Limited Statutory Auditors 2 Barnfield Crescent Exeter EX1 1QT
## Date: 15/09/2021
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006
9
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 DECEMBER 2020**
|||**Unrestricted**|**Restricted**|**Total Funds**|**Total Funds**|
|---|---|---|---|---|---|
||**Notes**|**Funds**|**Funds**|**2020**|**2019**|
|||**£**|**£**|**£**|**£**|
|**Income and endowments from:**||||||
|Donations and legacies|2|1,190,079|-|1,190,079|539,192|
|Charitable activities|3|34,639|-|34,639|32,996|
|Other trading activities|4|358,373|3,975|362,348|496,796|
|Investments|5|26,245|-|26,245|34,565|
|Other income|6|93,376|-|93,376|-|
|||_________|________|__________|__________|
|**TOTAL INCOME**||1,702,712|3,975|1,706,687|1,103,549|
|||_________|________|__________|__________|
|**Expenditure on:**||||||
|**Raising funds**||||||
|Costs of generating voluntary income|7|31,985|-|31,985|21,042|
|Fundraising trading costs||||||
|shop purchases and expenses|8|375,018|-|375,018|395,435|
|Investment management costs||11,989|-|11,989|11,818|
|**Charitable Expenditure**|9|522,953|3,975|526,928|500,486|
|||_________|________|__________|__________|
|**TOTAL EXPENDITURE**||941,945|3,975|945,920|928,781|
|||_________|________|__________|__________|
|Net gains on investments|15|32,477|-|32,477|134,103|
|||_________|________|_________|_________|
|**Net income/(expenditure)**||793,244|-|793,244|308,871|
|Transfers||-|-|-|-|
|||_________|________|_________|_________|
|**Net Movement in Funds**||793,244|-|793,244|308,871|
|**RECONCILIATION OF FUNDS**||||||
|**Total Funds brought forward**||4,701,678|-|4,701,678|4,392,807|
|||_________|_______|_________|_________|
|**TOTAL FUNDS CARRIED FORWARD**||5,494,922
__________|-
________|5,494,922
__________|4,701,678
__________|
The statement of financial activities includes all gains and losses in the year and, therefore, a statement of total recognised gains and losses has not been prepared.
All of the above amounts relate to continuing activities.
The notes form part of these financial statements
10
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **BALANCE SHEET**
## **AS AT 31 DECEMBER 2020**
|**Notes**
**£**
**FIXED ASSETS**
Tangible assets
14
Investments
15
**CURRENT ASSETS**
Stocks for resale
16
42,837
Debtors and prepayments
17
824,764
Cash at bank and in hand
947,441
__________
1,815,042
**LIABILITIES: Amounts falling**
**due within one year**
Creditors and accruals
18
39,912
__________
**NET CURRENT ASSETS**
**Total assets less current liabilities**
**THE FUNDS OF THE CHARITY:**
19
Unrestricted funds
Restricted funds
**TOTAL CHARITY FUNDS**
|**2020**
**£**
**£**
2,563,977
1,155,815
__________
3,719,792
52,298
482,493
446,968
__________
981,759
52,766
__________
1,775,130
__________
5,494,922
__________
5,494,922
-
__________
5,494,922
__________
|**2019**
**£**
2,386,527
1,386,158
__________
3,772,685
928,993
__________
4,701,678
__________
4,701,678
-
__________
4,701,678
__________|
|---|---|---|
These financial statements were approved by the Board of Trustees on ……………. and were signed on their behalf by:
Mrs C B Allan Trustee
The notes form part of these financial statements.
11
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH STATEMENT OF CASHFLOWS**
## **FOR THE YEAR ENDED 31 DECEMBER 2020**
|**Note**
**Net cash provided by (used in) operating activities**
24
**Cashflow from investing activities**
Dividends, interest and rents
Purchase of fixed assets
Purchase of investments
Sale of investments
**Net cash provided by (used in) financing activities**
**Cashflow from financing activities**
Repayment of borrowing
**Net cash provided by (used in) financing activities**
Change in cash and cash in the reporting period
Cash and cash equivalents at the beginning of the
reporting period
25
**Cash and cash equivalents at the year end**
25|**2020**
**£**
476,885
26,245
(265,477)
(352,685)
682,007
_________
90,090
-
_________
-
566,975
481,492
__________
**1,048,467**
**__________**|**2019**
**£**
182,206
34,565
(595,180)
(442,551)
430,329
_________
(572,837)
-
-
(390,631)
872,123
__________
**481,492**
**__________**|
|---|---|---|
12
## **RSPCA SOUTH EAST AND WET DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **1. ACCOUNTING POLICIES**
## **Basis of Accounting**
The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The trust constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties about the Trust’s ability to continue as a going concern. With respect to the next reporting period, the most significant areas of uncertainty that affect the carrying value of assets held by the Trust are the level of investment return and the performance of investment markets (see the investment policy and performance and risk management sections of the trustees’ annual report for more information).
## **Incoming Resources**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations, are recognised when the Trust has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Legacy gifts are recognised on a case by case basis following the granting of probate when the administrator/executor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio.
Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.
Income received as a result of generating funds is recognised when received.
Incoming resources from charitable activities are recognised on the accruals basis and are included net of any VAT that has been charged.
13
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020**
## **Resources Expended**
Resources expended are recognised in the period they are incurred and include VAT unless it is recoverable. Expenditure is either allocated on a direct or usage basis.
Expenditure that is directly attributable to raising funds is included in the costs of generating funds. This includes holding fundraising events, running charity shops and purchasing retail goods.
Expenditure attributable to meeting charitable objectives, including the support costs of the animal shelter, is included in charitable activities.
Costs associated with the general running of the charity which are not attributable to meeting charitable objects are classified as support costs.
## **Allocation of Support Costs**
Support costs have been allocated to each activity undertaken by the charity on the basis of an estimate of amount of the costs generated by each activity.
## **Tangible Fixed Assets**
Fixed assets are recorded at cost, assets costing less than £500 are not capitalised. When an asset is received by way of donation it is recorded at its market value on the date of donation.
## **Depreciation**
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value over their expected useful lives on the following basis:
|Freehold land|- not depreciated|
|---|---|
|Buildings|- straight line over 50 years|
|Plant and machinery|- 15% on cost|
|Fixtures and fittings|- 15% on cost|
|Motor vehicles|- 25% on cost|
|Computers|- 25% on cost|
## **Stocks**
Donated stock is valued at the expected proceeds less the expected cost of sales in accordance with the SORP (FRS 102).
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items.
## **Debtors**
Grants receivable and other debtors are included at the settlement amount due. Prepayments are valued at the amount prepaid.
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of opening of the deposit.
## **Creditors and provisions**
Creditors and provisions are recognised where the charity has a present obligation arising from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are recognised at their settlement amount.
14
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020**
## **Financial instruments**
The charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund Accounting**
General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds comprise funds that have been set aside by the trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes, expenditure that meets these criteria is charged to the fund.
## **Leasing and Hire Purchase Commitments**
Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.
## **Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
The Trust does not acquire put options, derivatives or other complex financial instruments.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
## **2. DONATIONS & LEGACIES**
|General donations
Collecting boxes
Legacies|**2020**
**£**
82,026
1,114
1,106,939
_________
1,190,079
_________|**2019**
**£**
40,126
2,741
496,325
________
539,192
________|
|---|---|---|
There was £nil (2019: £2,000) restricted donations & legacies received in the year.
15
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **3. CHARITABLE ACTIVITIES**
|Adoptions
Boarding
Vet reimbursement
Membership fees|**2020**
**£**
29,088
3,869
667
1,015
________
34,639
________|**2019**
**£**
26,520
4,832
604
1,040
________
32,996
________|
|---|---|---|
There was £nil (2019: £nil) restricted income from charitable activities in the year.
## **4. OTHER TRADING ACTIVITIES**
|Friends of Little Valley Animal Shelter
Shop income (Note 23)
Reception income (Note 23)
Online income (Note 23)
Flag days
RSPCA House to House
Other events
Other income
Shops COVID grants (Note 23)|**2020**
**£**
11,284
174,785
-
8,104
-
50,387
11,131
655
106,002
________
362,348
________|**2019**
**£**
9,622
393,194
4,671
16,920
834
54,008
17,351
196
-
________
496,796
________|
|---|---|---|
There was £3,975 (2019: £4,116) restricted income from trading activities in the year.
## **5. INVESTMENT INCOME**
|**5.**
**INVESTMENT INCOME**|||
|---|---|---|
|Dividends and interest from portfolio
Bank interest
There was £nil (2019: £nil) restricted income from investments in
**6.**
**OTHER INCOME**
Covid Job Retention Scheme Grant|**2020**
**£**
25,649
596
_______
26,245
_______
the year.
**2020**
**£**
93,376
_______|**2019**
**£**
33,405
1,160
_______
34,565
_______|
|||**2019**
**£**
-
_______|
16
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **7. COSTS OF GENERATING VOLUNTARY INCOME**
|Events expenditure
Legacy fee
Support costs|**2020**
**£**
-
18,262
13,723
______
31,985
______|**2019**
**£**
450
11,633
8,959
______
21,042
______|
|---|---|---|
There was £nil (2019: £nil) restricted expenditure from costs of generating voluntary income in the year.
## **8. FUNDRAISING COSTS Shop Purchases and Expenses**
|Shop purchases
Shop consumables
Staff salaries
Rent
Rates
Light and heat
Telephone and internet
Insurance
Repairs and renewals
Cleaning and waste disposal
Premises expenses
Motor and travelling
Staff welfare
Sundries
Legal & professional
Postage, stationary & computer costs
**Depreciation**
Shop equipment
Shop building
Motor vehicles
Shop card machine and gift aid tills
Support costs|**2020**
**£**
19,329
412
187,761
45,287
9,205
6,134
1,838
1,700
3,050
4,417
2,735
4,230
207
1,263
2,789
2,559
776
11,518
4,221
10,692
54,895
_______
375,018
_______|**2019**
**£**
7,388
1,065
196,394
68,975
17,289
9,177
1,599
2,156
2,830
5,722
1,810
4,140
613
4,716
4,224
4,365
1,441
11,517
4,221
9,959
35,834
_______
395,435
_______|
|---|---|---|
There was £nil (2019: £nil) restricted expenditure from fundraising costs in the year.
17
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **9. ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Protection and rehoming of animals**
|Animal welfare
Staff salaries
Staff welfare & training
Rates
Light & heat
Telephone and internet
Insurance
Repairs and renewals
Premises expenses
Cleaning and waste disposal
Motor and travelling
Postage, stationery & computer costs
Bank Charges
Sundries
Legal & professional
**Depreciation**
Buildings
Plant
Computer equipment
Support costs|**2020**
**£**
64,370
248,297
232
7,859
23,046
3,583
4,002
3,889
2,755
14,877
2,374
5,053
298
3,068
3,297
65,243
6,068
-
68,618
________
526,929
________|**2019**
**£**
62,320
250,685
1,981
7,409
21,009
3,742
2,901
7,107
10,603
18,170
2,333
4,686
370
3,410
3,191
51,828
3,693
253
44,795
________
500,486
________|
|---|---|---|
There was £3,975 (2019: £4,116) of restricted expenditure used in charitable activities.
## **10. ALLOCATION OF SUPPORT COSTS**
|**Costs of**
**Generating**
**Voluntary**
**Income**
**Fundraising**
**Costs**
**Charitable**
**Expenditure**
**£**
**£**
**£**
Staff salaries
11,246
44,984
56,230
Accountancy
1,082
4,328
5,409
Postage, stationery
& computer costs
603
2,414
3,017
Legal and
Professional
498
1,991
2,488
Bank charges
271
1,085
1,356
Motor expenses
23
93
118
_______
_______
_______
13,723
54,895
68,618
_______
_______
_______|**2020**
**£**
112,460
10,819
6,033
4,977
2,712
234
_______
137,235
_______|**2019**
**£**
65,582
13,128
4,656
1,191
2,734
2,297
_______
89,588
_______|
|---|---|---|
18
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2020**
## **11. AUDITOR’S REMUNERATION**
The auditor’s remuneration consisted of an audit fee of £5,700 (2019: £5,500) and an additional fee for accounting services of £3,100 (2019: £3,000).
## **12. TRUSTEES' EXPENSES AND REMUNERATION**
## **Trustees’ Remuneration**
During the year ended 31 December 2020, Miss M Wood, a trustee, received fees totalling £2,100 (2019: £3,900), in respect of accounting services provided to the charity.
No trustee received remuneration during the year ended 31 December 2020.
## **Trustees' Expenses**
No trustees' expenses were reimbursed for the year ended 31 December 2020 nor for the year ended 31 December 2019.
## **13. STAFF COSTS**
|Wages and salaries
Social security costs|**2020**
**£**
522,456
26,062
________
548,518
________|**2019**
**£**
486,760
25,901
________
512,661
________|
|---|---|---|
The average number of employees during the year was as follows:
|Fundraising and shop
Charitable activities
Support staff|**2020**
**£**
11
18
4
_______
33
_______|**2019**
**£**
11
18
4
_______
33
_______|
|---|---|---|
No employee received emoluments of more than £60,000 during the year.
The aggregate emoluments of key management personnel for the year totalled £131,265 (2019: £88,892)
19
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **14. TANGIBLE FIXED ASSETS**
|
**COST**
At 1 Jan 2020
Additions
Reclassification
Disposals
**At 31 Dec 2020**
**DEPRECIATION**
At 1 Jan 2020
Charge for year
Disposals
At 31 Dec 2020
**NET BOOK VALUE**
**At 31 Dec 2020**
At 31 Dec 2020
|**Freehold**
**Property &**
**Buildings**
**Assets**
**Under**
**Construction**
**Fixtures &**
**Fittings**
**Plant &**
**Machinery**
**Computer**
**£**
**£**
**£**
**£**
**£**
2,832,618
209,684
37,449
79,913
5,938
1,863
245,192
369
16,800
1,253
454,876
(454,876)
-
-
-
-
-
-
-
-
__________
_________
________
________
________
3,289,357
-
37,818
96,713
7,191
__________
_________
________
________
________
673,278
-
34,637
73,914
5,689
76,761
-
776
6,068
201
-
-
-
-
-
_________
________
________
________
________
750,039
-
35,413
79,982
5,890
_________
________
________
________
________
2,539,318
-
2,405
16,731
1,301
__________
________
________
________
________
2,159,340
209,684
2,812
5,999
249
__________
________
________
________
________|**Motor**
**Vehicles**
**£**
33,446
-
-
-
________
33,446
________
25,003
4,221
-
________
29,224
________
4,222
________
8,443
________
|**Total**
**£**
3,199,048
265,477
-
-
__________
3,464,525
__________
812,521
88,027
-
__________
900,548
__________
2,563,977
__________
2,386,527
__________|
|---|---|---|---|
||
|||
||
|||
20
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **15. FIXED ASSET INVESTMENT**
||**Investments**|
|---|---|
||**£**|
|Market value at 1 January 2020|1,351,634|
|Additions|352,685|
|Disposals|(682,007)|
|Revaluation|32,477|
||_________|
||1,054,789|
|Cash holdings|101,026|
||__________|
|At 31 December 2020|1,155,815|
||__________|
There were no investment assets outside the UK.
The market value of investments is broken down between listed investments of £1,054,789 (2019: £1,351,634) and cash within the portfolio of £101,026 (2019: £34,525)
|**16.**
**STOCKS**
Stock
**17.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
VAT recoverable
Tax refunds
Prepayments
Other debtors
**18.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
PAYE and social security
Accruals|_
|**2020**
**£**
42,837
**_______**
**2020**
**£**
3,507
2,985
3,806
11,581
802,885
_______
824,764
_______
**2020**
**£**
21,064
10,216
8,632
________
39,912
________|**2019**
**£**
52,298
**_______**
**2019**
**£**
1,273
30,316
3,649
17,113
430,142
________
482,493
________
**2019**
**£**
23,890
8,389
20,487
________
52,766
________|
|---|---|---|---|
|||||
21
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **19. COMMITMENTS UNDER OPERATING LEASES**
At 31 December 2020 the branch had commitments under non-cancellable operating leases as follows:
|leases as follows:|||
|---|---|---|
||**Land and Buildings**||
||**2020**|**2019**|
||**£**|**£**|
|Amounts due in less than one year|49,080|69,980|
|Amounts due between two and five years|103,200|135,900|
|Amounts due in more than five years|-|13,000|
The total of operating lease expenditure recognised in the statement of financial activities during the year was £45,287.
## **20. MOVEMENT IN FUNDS**
|**2020**
**Unrestricted funds**
General funds
**Designated funds**
Kennels
IT equipment
Total
unrestricted funds
**Restricted funds**
Safe
Haven Scheme
Total
restricted funds
Total funds
|**Brought**
**forward**
**£**
4,594,049
107,629
-
__________
4,701,678
__________
-
_________
-
_________
4,701,678
_________|**Income**
**Expenditure**
**£**
**£**
1,702,712
(941,945)
-
-
-
-
__________
_________
1,702,712
(941,945)
__________
_________
3,975
(3,975)
_______
________
3,975
(3,975)
_________
________
1,706,687
(945,920)
__________
________|**Gains/**
**Losses**
**Transfers**
**£**
**£**
32,477
(295,371)
-
(107,629)
-
403,000
_______
________
32,477
-
_______
________
-
-
_______
________
-
-
_______
________
32,477
-
_______
________
|**Carried**
**Forward**
**£**
5,494,922
-
403,000
_________
5,494,922
__________
-
_________
-
_________
5,494,922
_________|
|---|---|---|---|---|
## **Designated Funds**
In previous years trustees designated £463,157 (brought forward 2019) of funds to be used towards the kennel facility project. This was spent on the project during 2019 and was therefore been transferred back into general reserves. During last year, the charity committed to extending the project to include a fifth kennel block, and the trustees designated further funds of £107,629 to cover the remaining cost of the project. The kennels were completed and brought into use this year, and the designated funds were transferred back into general funds to cover this.
22
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2019**
## **20. MOVEMENT IN FUNDS (CONTINUED)**
As noted in the Future Plans section of the Trustees’ Report, there are plans to invest in various aspects of the charity over the next year. The following amounts have been designated in order to fund these activities:
- New shelter van - £23,000;
- Animal Collection Officer (ACO) van - £30,000;
- ACO training and equipment - £20,000;
- Reception redesign/rebuild - £200,000;
- ICT upgrade - £50,000;
- Brand/welfare promotion - £50,000; and
- New fence - £30,000.
## **Restricted Funds**
During the year £3,975 (2019: £4,116) was received under the Safe Haven Scheme. This is restricted to use for supporting the running costs of the kennels. All the income was spent on kennel running costs during the year (2019: all spent on running costs).
|**2019**
**Unrestricted funds**
General funds
Designated funds
Total
unrestricted funds
**Restricted funds**
Safe
Haven Scheme
Kennel Construction
Total
restricted funds
Total funds
|**Brought**
**forward**
**£**
3,929,650
463,157
__________
4,392,807
__________
-
-
_________
-
_________
4,392,807
_________|**Income**
**Expenditure**
**£**
**£**
1,097,433
(924,665)
-
-
__________
_________
1,097,433
(924,665)
__________
_________
4,116
(4,116)
2,000
-
_______
________
6,116
(4,116)
_________
________
1,103,549
(928,781)
__________
________|**Gains/**
**Losses**
**Transfers**
**£**
**£**
134,103
357,528
-
(355,528)
_______
________
134,103
2,000
_______
________
-
-
-
(2,000)
_______
________
-
(2,000)
_______
________
134,103
-
_______
________
|**Carried**
**Forward**
**£**
4,594,049
107,629
_________
4,701,678
__________
-
-
_________
-
_________
4,701,678
_________|
|---|---|---|---|---|
## **21. ANALYSIS OF NET ASSETS BETWEEN FUNDS**
|**Unrestricted Funds**
**Undesignated**
**Funds**
**Designated**
**Funds**
**Restricted**
**Funds**
**£**
**£**
**£**
Fixed assets
2,563,977
-
-
Investments
1,155,815
-
-
Current assets
1,412,042
403,000
-
Current liabilities
(39,912)
-
-
__________
________
________
5,091,922
403,000
-
__________
________
________
|**2020**
**Total Funds**
**£**
2,563,977
1,155,815
1,815,042
(39,912)
__________
5,494,922
__________
|**2019**
**Total Funds**
**£**
2,386,527
1,386,158
981,759
(44,766)
__________
4,701,678
__________|
|---|---|---|
23
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **22. RELATED PARTY TRANSACTIONS**
During the year, the Branch received all of its legacies and some of its donations which were processed by the Head Office of the Royal Society for the Prevention to Cruelty to Animals. This included £50,387 (2019: £54,008) received from house to house collections.
The charity purchased animal food, drugs and sundries costing £40,081 (2019: £38,946) from the Head Office.
The charity received monies from the Head Office for boarding, veterinary fees and drugs rebate of £4,526 (2019: £5,361).
## **23.**
## **SURPLUS/(DEFICIT) ON SHOP ACTIVITY**
|Income from activities of generating funds (Note 4)
Shops COVID grants (Note 4)
Shop staff CJRS income
Shop purchases and expenses (Note 7)
Surplus/(deficit) on shop activity|**2020**
**£**
182,889
106,002
59,911
(375,018)
________
(26,215)
________|**2019**
**£**
414,785
-
-
(395,435)
________
19,350
________|
|---|---|---|
The shops have made a deficit in the period as a result of being closed for parts of the year due to lockdown restrictions.
## **24. RECONCILIATTION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net income for the reporting period (as per the statement**
**of financial activities**
**Adjustments for:**
Depreciation and amortisation
Dividends, interest and rents
Gains on investments
Loss on sale of fixed assets
(Increase)/decrease in debtors
(Increase)/decrease in creditors
(Increase)/decrease in stock
**Net cash provided by (used in) operating activities**|**2020**
**£**
793,244
88,027
(26,245)
(32,477)
-
(342,271)
(12,854)
9,461
_________
476,885
_________|**2019**
**£**
308,871
72,953
(34,565)
(134,103)
2,701
49,476
(81,605)
(1,522)
_________
182,206
_________|
|---|---|---|
24
## **RSPCA SOUTH EAST AND WEST DEVON BRANCH**
## **NOTES TO THE FINANCIAL STATEMENTS**
## **YEAR ENDED 31 DECEMBER 2020**
## **25. CASH AND CASH EQUIVALENTS IN STATEMENT OF CASHFLOWS**
|Cash at bank and in hand
Cash held in investment portfolio|**2020**
**£**
947,441
101,026
_________
1,048,467
_________|**2019**
**£**
446,968
34,524
________
481,492
________|
|---|---|---|
## **26. CAPITAL COMMITMENTS**
Amounts contracted for but not provided for in the financial statements amounted to £nil (2019: £107,269). This related to the construction of the new kennels as detailed in note 19.
25