Charity re8istratiM number 2Q5154 RSPCA DEVON BRANCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
RSPCA DEVON BRANCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs C Allan (Chairmanl Mrs E Mundv Isecretaryl Mrs J Williams Mrs M Hardy Ms J Prince Miss E McPhail Mrs A Eyles IRetired Jan 20241 Mrs S Cochrane (appointed October 2023) Senlor staff Mr H Lowson ICEOI M E Mayer IAnimal Shelter Manager) Mr J Coles (Retail Development Manager) Ms S Tolly (Finance Manager) Chartty number 205154 Prlnclpal address Little Valley Animal Shelter Black Hat Lane Bakers Hill E)(eter Devon EX2 9TA Audltor 8ush & Co Limited 2 Barnfield Crescent Exeter EXI IQT Bankers Nat West Bank PLC 59 High Street Exeter Devon EX4 3DL The Co-operative Bank 34 The Kingsway Swansea SAI 5LG
RSPCA DEVON BRANCH LEGAL AND ADMINISTRATIVE INFORMAMON Investments advisors Barclays Bank PIC Bridgewater House Finzels Reach Bristol Avon 8516BX Milsted Langdon Financial Services Winchester House Deane Gate Avenue Taunton TAI 2UH
RSPCA DEVON BRANCH CONTENTS Page Trustees, report Independent auditor's report Statement of financial position io Balance sheet li Statement of cash flow5 12 Notes to the financial statements 13-32
RSPCA DEVON BRANCH TRUSTEES, REPORT FOR ThE YEAR ENDED 31 DECEM8ER 2023 The trustees present their annual report and financial statements for the year ended 31 December 2023. The financial statement5 have been prepared in accordance with the accountin8 policies set out in note I to the financial statements and comply with the charitv's Bovernin8 document. the Charities Act 2011 and 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" leffectNe l January 20191. Structure. governance and management The Charity is constituted as On Unincorporated Assoclation. whlch operates as an autonomous Branch of the National RSPCA and is subject to its Branch Rules. It 1$ 8overned by a 8oard of Trustees, which is responsible for effective leadership and direction. aftd which fneet monthly to make strate8ic decisions. Day to dav management of the Branch 15 delegated to the 8ranch and Finance Mana8er. the Shelter Mana8er and the Area Retail Manager who report to the Committee. The trustees who served during the year and up to the date af signature of the financial statements were.. Mrs C Allan IChaTimanl Mrs E Mundy (Secretary Mrsl William5 Mrs M Hardv Ms J Prince Miss E McPhail Mrs A Eyles (retired January 20241 Mrs S Cochrane (appointed October 20231 Trustee recrultment and appolntment A Committee of Trustees is elected at each AGM by the Branch members to govern the charity. Trustees are recruited for their eyperience, empathy and knowled8e 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 the*r time volvntarily and receive no benefits from the Charity, although frustees can claim expenses properly and necessarily incurred in the performance of their dutles. Trustee induction and trainini New Trustees are given literature on the work of the Charity and the guidance from the Charlty Commission on the role of a trustee. Information provided includes the latest financial stotements of the Branch and its Minutes. the Branch Rules and the RSPCA'5 Animal Welfare Policies. Trustee5 are encouraBed to keèp up to date with current issues relevant to their roles.
RSPCA DEVON BRANCH TRU5TEES' REPORT ICOIMNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Trustee responslbllltles Trustees are legally required to prepare financial statements for each financial year. in accordance with the Charity's governing document, the Charities Art 2011 and with Accountin8 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 statement5 must Bive a true and fair view of the Charitvs financial activities during the year and of its financial position at the end of the year. In preparin8 the fTrnan¢ial statements the Trustees are required to: prepare accounts which give a true and fair ViV,. select suitèble accouniing policies and apply them consistently; make judgements and estimates that are reasonable and prudent.. state whether applicable 3ccountin8 5tand)rds havè been followed. subject to any rnaterial departures disclosed and explained in the financial statements- prepare the statements on the going concern basi5 unless it is inappropriate to assume that the charlty will continue to operate.. observe the methods and principles in the applicable Charitie5 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 51atements comply with applicable law. regulations and the trust deed. They are also responsible for safe8uardin8 the assets of the Charity and for lakin8 reasonable steps to prevent fraud or other irreBularities. The Trustee5 are responsible for the maintenance and integrity of the corporate and financial informatlon Included on the Charity s website. ObSÈctivts and actl¥ltles The aims of the Charity are to promote kindness and to prevent cruelty to anlmals by all lawful means. This Involves the rescLre. 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 object5 of the National Society. The Trustees. objectives for the year are shaped by these strate8it aims. with a view to obtaining income for the benefit of anlmal welfare In the area by raising funds through the six charity shops, fvndraising and maintainin8 and improving the value of the Charitrfs investments. The tfustees have paid due re8ard to guidance issued by the Charity Commission in deciding what artivitles the charity should undertake. The main activrties of the Chority durin8 the year were the operation of the Little Valley Animal Shelter and the re-homin8 of unwanted animals. The activf(ies also included the provision of veterinary care. micro- chippin8, neutering and inoculations and the provision of financial assistance wrth the cost of veterinary care for the animals of eligible people on state benefits.
RSPCA DEVON BRANCH TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Public benefit statement All charities in England and Wales must have charitable aims that are based on providing public benefit and comply with sertion 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 arttvities during the year constitute clear benefit to the public.. The Branch supportsthe local community and Inspectors by taking in mistreated or abandoned animals and those whose owners. through bereavement. disability. age. marriage break-up or other reason5, are unable or unwilling to keep them. Animals in the Branch's care receive veterinary treatment, vaccination, neutering. micro-chipping and. if necessary, treatment for behavioural problems. and are assessed for re-homing_ The Branch re-homes the animals in its care at low c05t to people willing and suitable to Pfovide a home forthem. The Branch proviiles financial help to members of the public on state benefits, living in the Branch area. to as515t 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 perforniance 2023 has seen the start of some of our long-term projects. after some delays with bat and ecological survey5 which can only be carried out at certain times of the year. RSPCA Head Office consent has now been obtained. Planning applications have now been submitted for the new rabbit and guinea pig accommodation. solar panel installation and reception area upgrède. We hope to be able to Start work this summer. Our Retail Development Manager has been investigating sttes for a new shop in Tiverton and for replacement shop in Brixham (which have outgrown their present premises). Hopefully. they will all be up and running by the end of 2024. The shops have done very well this year. and I WOLtld like to give my thanks to the Retail Staff nd all the shop volunteers for their hard work and dedication. staff changes during the year- Our Shelter Manager started in February 2023 and has already made a number of posf(ive changes at the shelter. Our Oeputy Manager is now working two days a week doin8 Outreach work in North Devon. In January 2024, 3 full time Animal Behaviorist was appointed. which will help our neediest animals betome more likely to find forever homes. We have appointed additional Anbmal Care Assistants. which means they can give more time to the animals in our care.
RSPCA DEVON BRANCH TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 A Community Fundraiser started with us in April 2023 but unfortunately left before the end of their probation, to take a role where they could work fvom home. In January 2024 we appointed a Corporate and Community Fundraiser. The new websfce was designed by our Digital Communication and Fundraiser Manager, in collaboration with a specialist company. This will make the site more accessible. the new website went live in March 2024. Principal T15ks 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 effecls 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 volunteer5 and staff. The Branch continues to take active Steps to manage those risks. Financial review The total incomin8 resources for the year amounted to £2,119.60212022.' £1.081.4471 including legacies of £1.267,606 12022.. £363,4161. Expenditure in the year was f 1.435.204 12022.. £1,116,409). After 8ain5 on investments 01 £136.506 12022- losses of £214,033) the branch made a surplus of £820.90412022.. deficit £248.9651. ReseNes pollri 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 en5vre it ha5 reseestofvIfll capital commitments and meet any cost5 re13ting to unexpected emergency repairs to the animal shelter. It is the policy of the Branch to hold free reserves (total reserves less fixed as5et5, designated and restrirted reserves) at a level of between one and a half years. and two years, expenditure. Usin8 the current year's total expenditLsre, this is between £1.7 million and £2.2 million. The levels of reserves are held to support the following areas= al The Branch reliès heavily on donations and legacies. both of which can flurtuate significantly from year to yeai. bl Should the Branch see a long term pattern of declinin8 revenues. there woijld be a transition period whilst a strategy to adapt to a changing environment is achieved. cl If the Branch is faced with closure sufficient TeseTves would need to meet the running COSt5 of the animal shelter whilst anima15 are rehomed the cost of staff redundancies
RSPCA DEVON BRANCH TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 The total reseNes at 31 Decefflber 2023 were £7,039,597 comprising £1,723,OCIJ12022.' £6.218,6931 of designated fund5 and £4,356,68212022.' £4,166,041) of general funds. Of the general funds. E2.488,991 are held as tan8ible assets and so not available to be spent. The remainin8 balance of £1.867,691 represents free reserves. Investment poliry The Charity holds investments in order that the service level provided for animal welfare is maintained should there be a reductton in tncoming resources. The Trustees have prepared an investment policy, with the objective of investirig in a low to medium risk portfolio which will maximise income. whilst proterting capital. Professional advice 15 provided by Barclays Weahh Management. who manage the portfolio on a discretionary basis. Meetings are held with them a5 and when required to review the performance of the portfolio. A combination of stock market investments, together with bank fixed term depostt5. meet the requirement for the generation of both income and capital growth, whilst redycing thè risk of investment losse5 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 con5iStent with RSPCA animal welfare policies. In particular. investment5 are avoided that carry out any testing on animals The value of the Charity's investment5 at 31 Oecember 2023 wa5 £2_19 million12022'. £2.02 million). The total return on all managed investments was a surplus of l.01%12022: 1.92%). Plans for future perlods To raise sufficient funds through fundraising, retail and the shelter to meet the running costs of both Little Vallev arbimal shelter and our animal welfare community services. To ensure that our profile continues to improve throughout the Devon area and that both Little Valley and our community service5 are well known and respected. To make better use of the Little Valley site by rebuilding our rabbit accommodation and our reception building. The new reception area will provide a more spacious area to inter8tt wrth our supporters and membpr5 of the public. We will also be remodelling and improvin8 the anrmal trèatment rooms and surgery area. To create a Serenity Garden (hopefully usin8 external fvndingl, which will create a quiet space for staff and VlSltors, a wildlife pond and a memorial area. To further research the provision of an outreach seThice with a custom fitted van and trained staff. which will provide members of the public in more remote areas with advice and assistance. To encuura8e all staff and volunteers to attend any relevant training course5 to increase their potential. To continue to maximi5e profits from our physical shops and online shop and to increase the number of shops in ourarea.
RSPCA DEVON BRANCH TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 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 leve15 for key management personnel, who are not Trustees. are reviewed by the Trustees and benchmarked a8a¢nst other charitie5. The trustees, report was approved by the Board of Trustees. Mrs C Allan Icharimanl Trustee Date..
RSPCA DEVON BRANCH INDEPENDEFIT AUDITOR'S REPORT TO THE TRUSTEES OF RSPCA L*VON BRAKH Oplnlon We have audited the financial statements of RSPCA Devon Branch (the 'charity'l for the year ended 31 December 2023 which comprise the statement of financial activitie5, the balance sheet, the statement of cash flows and notes to the financial statements. including significant accoLbnting policie5. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reportlll8 Standard 102 The Finonciol Reporting Stondord opplicoble in the UK ortd Republtc of Irelond (United Kin8(Jom Generalty Accepted Accountin8 Practice). In our opinion, the financial statements.. gwe a true and fair view of the state of the charity's affairs as at 31 December 2023 ond ol its incomlnB resources and application of resources. for the year then ended- have been properly prepared in accordance with United Kin8dom Generally Accepted Accountin8 Praclice,. and have been prepared in accordance with the requiTement5 of the Charities Act 2011. Bas1$ for oplnlon We conducted our audit in accordance wSth International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor s responsibilities for the oudit of thefinonciol 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 Stantlard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evldence we have obtained Is sufficlent and appropriate to provide a basls for our oplnion. Concluslons relatlng to lolni concem In auditing the financial statements, we have concluded that ihe trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditlOn5 that, Individual or collectively, may cast SiBnificant doubt on the charity's ability to continue as a golng concern for a period of at least twefve months Irom when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tnjstees with respect to going concern are described In the relevant sections of this report. Other Intormatlon The other information comprises the information included in the annual report other than the financial statements and our auditor'5 report thereon. The trvstee5 are responsible for the other information contained within the annual report. Our opirtion on the financial statements does not coverthe other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other irbformation is materially inconsistent with the financial statements or knowledge obtained in the course of the audit, or otherwise appearsto be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclkjde that there is a material misstatement of this other information, we are required to report that fact. INDEPENDE1 AUDITOR'S REPORT
RSPCA DEVON BRANCH TO THE TRUSTEES OF RSPCA DEVON BKANLII We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothin8 to report in respect of the following matters in relation to which the Charities (Account5 and Reports) Regulations 2008 require us to report to you if. in our opinion.. the information given in the financial statements is inconsistent in any material respect with the trustees, report.. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records- or we have not received all the information and explanations we require for our audit. Responsibilities ol trustees As explained more fully in the statement of trustee5' responsibilities, 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 the trustees 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 charit$ abilrty to continue as a going concern. disc1051ng. a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to ase operations. or have no realistic alternative but to do so. Audltor's respon5ibililie5 for the audit of the financial staternents We have been appointed as auditor under sertion 144 of the Charities Act 2011 and report in accordance with the Act and relevant re8ulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material mtSStatement, 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 thèt an audit eonducted in accordance with 15A5 IUKI will alway5 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 asonablY be expected to influence the economic decision5 of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. A further description of our responsibilities is available on the Fiftancial Reporting Council'5 website at- https-.Ilwww.frC.org.uk/auditorsresponsi.IItIeS. This description form5 Part of our avditor's report. Other matters Your attention is drawn to the fact that the chartty has prepared financial statements in accordance with "Accounting and Reporting by Charities: Statement of Recommended Pfartice applicable to charities preparing their accounts irs accordance with the Financial Reporting Standard applicable in the UK ènd Republi£ of Ireland IFRS 1021" las amended) in preference to the Accounting and Reporting by Charities= Statement of Recommended Practice issued on l April 2W5 which is referred to in the extant regulations but has now been withdrawn.
RSPCA DEVON BRANCH INDEPENDEN[ AUDITOR'S REPORT TO THE TRUSfEES OF RSPCA DEVON BPA14CH This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charsty's trustees. as a body. in accordance with part 4 of the Charities IAccoLtnts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matteys we are reqLsired to state lo 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 and the charity's trLtstee5 as a body, for our audit work. for this report. or for the opinion5 we have formed. Bush & Co Limited tsL Lc. Chartered Accountants Statutory Auditor 2 Barnfield Crescent Exeter EXI IQT Bush & Co Limited is eligible for appointment as auditor of the charity by virtue of (t5 eligibility for appointment a5 auditor of a company under sertion 1212 of the Companies Act 2006.
RSPCA DEVON BRANCH STATEMENT OF FINANCIAL ACllES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Re5trirted funds 2023 Unrestrfjrted fvnds 2012 Restrlrted funds 2022 Totsl fvnds 2022 Total funds Income and endowments from- Donations and legacies Charitable activities Other tradin8 activities Investments Total Income 1,350,259 47,593 2.636 1.352.895 47,593 434,354 45.133 434.354 45.133 640.507 49.315 2,087.674 4.828 24.464 31.928 645,33S 73,?79 2.119.602 552.871 24.662 1.057,020 3,723 20.734 24,457 556,594 45,396 1,081,477 dl Charitable activities.. Shop purchases and consumables Protection and rehomin8 of animals Cost of generatin8 voluntary income Total charftable empendllure 475,045 47S.045 422.063 422,063 867.372 4.828 872.200 624.903 3.723 628.626 68,299 68.299 44.953 44.953 1.410,716 4,828 1.415,544 1,091.919 3.723 1,095,642 Investment management costs Totsl expenditure 10,723 1,421.439 .937 13.76S 19.660 1.435,204 10,814 1.102,733 9.953 13.676 20,767 1,116,409 Net gain on investmenrs 89.406 47.1) 136.506 1104.2631 1109,7701 1214.0331 Net movements In funds 755,641 65.263 820.904 1149.9761 198.9891 1248.9651 Fund balances at i January 2023 5.324.041 894,652 6,218,693 5,474,017 993,641 6,467,658 Fund balances at 31 December 2023 6.079,682 959.915 7.039.597 5.324,041 894,652 6.218,693 The statement of financial artiwlies includes all gain5 and losses Tecognised in the year. All income and expenditure derive from ontinuing artivities. io-
RSPCA DEVON BRANCH BAL4NCE SHEEr ASAT 31 DECEMBER 2023 2023 2022 Notes Flxed asset5 Tangible assets Intangible assets Investments 12 13 14 2,486,318 2,673 2,185,926 4,674,917 2,471,375 2,02 1,677 4,493,052 Current assets Stocks DebioTS Cash at bank and in hand 15 16 93.981 82.247 2,269,172 2,445,400 40,675 84.849 1.660,388 1,785,912 Credltors.. amounts fallln8 due wSthln one year Net current assets 17 162,4701 160.2711 2,382,930 1,725,641 Provlslons lor Ilabllltles Provisions 18 118,2501 Net assets 7,039.597 6,218,693 Income Funds Restricted funds nre tricted f Designated funds General unrestricted funds 19 959,915 894,652 20 1.723.LMXJ 4,356,682 1.158,OC 4.166.041 6,079,682 5,324.041 7.039.597 6,218,693 The financial statements were approved by the trustees on .......... Mrs C A19an Ichairmanl Trustee li
RSPCA DEVON BRANCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash Ilows from operating artivities Cash generated Irom operation5 25 644,428 577.409 Investlng actlvltles Purchase of tan8ible fixed assets Proceeds from sale of tangible fixed a55ets Purchase of investments Proceeds from disposal of investments Dividends. interest and fents Net cash used In Inve5tlng actlvltles 196.5211 14,840 1612,5511 584.809 73.779 123,7231 1367,7151 324.128 45,396 135,6441 121,9141 Net cash used In 15n4ncln8 artlv5tles Net increaselldecrease) In cash and Cash equlvalents 608,784 555,495 Cash and cash equivalents at beginnin8 of year 1,660,388 1,104,893 Cash and cash equlvalents al end of year 2.269,172 1,660,388 12-
RSPCA DEVON BRANCH NOTES TOTHE FINANCIAL STATEMENT5 FOR ThE YEAR ENDED 31 DECEMBER 1023 Accounting policies Charity Informatlon RSPCA Devon Branch is a trust that constrtutes a public benefii entity as defined by FRS 102. 1.1 Accountlng conventlon The financial 5tatement5 have been prepared in a¢¢ordJnce with the charity'5 Igovernin8 documentl, the Charities Act 2011. FRS 102 Yhe Financial Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP 'AccoLsnting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Irelantl IFRS 1021" leffectlve I January 20191. The charity is a Public 8enefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulation5 2008 only to the extent required to pfovide a true and fair view. This departure has Involved following the Statement of Recommended Practice for charrties applyin8 FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which ha5 since been wlthdrawn. The financial statements are prepared in sterlin& which is the functional currency of the charlty. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical c05t convention. The principal accountin8 policies adopted are set out below. 1.2 Golng cijncern At the time of approvinB the flnancial statements. the trustees have a reasonable expectation that the charity ha5 adequate resourte5 to continue in operational existence for the foreseeable future. The trustees continue to adopt the going concern basis of accounting in preparin8 the financial 5tatementS. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectNes. Restricted funds are SLtrbject to specific conditions by donors as to how ihey may be used. The purpose5 and uses of the restricted funds are set out in the notes to the financial statements. 13-
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies {continuedl 1.4 Income All income is reco8nised once the charity has entitlement to the income. tl is probable that the income will be received and the amount of Income receivable can be measured reliably. Cash donations are recognised on receipt. Other donations are Teco8nised once the charity has been notified of the donation, unless perfomiance conditions requife deferral of the amount. Income tax recoverable in felation to donations received under Gift Aid or deeds of covenant is recognised when the claim is received. Legacles are reco8nlsed on ceIpt or otherwise rf the charity has been notrfied of an impendin8 distribution. the amourtt is known, and receipt is expected. Grants, includSng grants for the purpose of fixed assets are reco8nlsed in fvll in the statement of financial activities in the year in which they are receivable. Income resources from the charitable activities are recognised on the accruals basis and are included net of any VAT that has been chai8ed. Dividends are reco8nised once ihe dividend has been declared and notification in full in the statement of financial activrties in the year in which they are receivable. 1.5 Expendlture 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 raisin8 fijnds is included in the costs of 8eneratlnB funds. Thls includes holding fundraising events. runnin8 charity shops and purchasing retail goods. Expenditure attributable to meeting charitable objertives. including the sUPPOrt costs of the animal shelter, is included in charitable activities. Costs associated with the general running of the chèrtty which are not attributable to meetin8 charitable objects are classified as 5UPPOrt costs. Support costs have been allocated to each activity undertaken by the charity on the basis of an estimate of amount of the costs geneioted by each activity. -14-
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS IcoiifiNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 1.6 Fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Intangible assets are initially measured at cost and subsequently measured net of amortt5ation. Depreciation is recognised so as to write off the cost or valuation of assets le5S their residual values over their useful lives on the following base5= Buildings Solar Panels Website Plant and equipment Fixtures and fittin85 Computers Motor Vehicles 2% on cost 99 Years on straight line 10 Years on straight line 15% on cost 15% on cost 25% on cost 25% on cost Freehold land is not depreciated. The gain or loss arisin8 on the disposal of an asset Is determined a5 the difference between the sale proceeds and the carrying value of the asset. and is recognised in the Statement of financial activities. 1.7 Fixed asset investments Fixed asset investments are initially measured at transattion price extluding transartion costs. and are subsequently measured at fair value at each reporting date. Change5 in fair value are recognised in net in£c*me/lexpenditurel for the year. TranSalon costs are expensed as incurred. 1.8 Impairment of flxed assets At each reporting end date. the charity reviews the carryrng amounts of tts tangible assets to deterniine whether there 15 any indication that those assets have suffered an impaim)ent loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif anvl. 1.9 Sto¢ks Stock5 are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises tlirert materrals and. where applrcable, dirert labourcosts and those overhead5 that have been incurred in bringin8 the stocks to their present location and condition. Items held for distribution at no oi nominal consideration are measured the lower of replacement cost and cost. Donated stock is valued at the expected proceed5 less the expetted cost of sales in accordance with the SORP IFRS1021. 15.
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS IcopifiNUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountln8 pollcles Icontlnuedl 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks. other short-term liquid investment5 Wlth original maturities of three months or less, and bank overdrafts. 1.11 Flnanclal instruments The charity has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Section 12 'Other Financial Instrumentslssues, of FRS 102 lo all of its financial Instruments. Finantlal instruments are recognised in the charity's balance sheet when the charity become5 party to the contractual provisions of the in5trurnent. Financial assets and liabilities are offset, WTih the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there 15 an intention to settle on a net basis or to realise the asset and settle the lTrability simultaneouslv. Baslc flnancl41 assets Basic financial assets. which include debtors and cash and bank balances. are initially measured at transaction price inclvdin8 transactbon costs and are subsequently carried at amortised cost usin8 the effective Interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discoLbnted al a market rate ol interest. Financial assets classified a5 Teceivable within one year are not amortised. Baslc flnanclal Ilabllltles Basic financial liabilities, includin8 treditors and bank loans are initialfy recognised at transactlon price unless the arrangement con5titute5 a financin8 transaclion. where the debt instrument is mea5ureiJ at the present value of the future payments discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amort15ed. Trade credltor5 are obllgatlons to pay for goods or services that have been acquired in the ordinary covrse of operations from suppliers. Amounts payable are classified as current liabilities if payment 15 due within one year or less. If not, they are Presented as non-current liabilities. Trade creditors are reco8ni5ed initially at transartion price and subsequentty measured at amortised cost using the effective interest method. Derecognltion of flnancial Ilabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are dlscharged or cancelled. 1.12 Taxatlon The charity is exempt from tax on its charitable activities. 1.13 Retlrement benefits Payments to defined contribution retirement benefft schemes are ¢har8ed as an expense as they fall due. l6-
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 Critical a¢tountin8 estimates and judgernents In the application of the charity's accounting policies. the trustees are iequired to make judgements, e5timate5 and assumptions about the carrying amount of assets and liabilitles that are not readily apparent from other sources. The estimates and associated assumption5 are based on historical experience and other factors that are conside to be relevant. Actual result5 may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period. or in the period of the revision future period5 where the Tevision affects both current nd future periods. Donations and legacles Unrestricted funds Z023 Restricted funds 2022 General Donations Collecting boxes Legacies 83,439 1.851 1.267.605 1,352,895 69,377 1.561 363,416 434.354 There wa5 £2,63612022'.£nill in restricted donations and legacies in the year. Charitable activities Unrestrlcted funds 2023 Restricted funds 2022 Adoptions Boarding Vet reimbursements Membership fees 35,018 12,091 199 286 47,593 34.313 8,596 1,842 382 45.133 17
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RSPCA DÉVON BKINCH NOTESTOTHE FINANCIALSTATEMENTSICONTrNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 6 Investments Unrestrfrted fvnds 2023 Restrlrted fvnds 2023 Total 2023 Total 2022 Dividends and interest from portfolio Interest receivable 49,315 24,464 73.779 42,300 3,096 45,396 49.315 24.464 73.779 19-
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RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS IcoKfiNUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Support costs Total 2023 Total 2022 Staff costs Depreciation Accountancy Postage, stationery and computer costs Professional Bank charges Repairs and renewals Motor expenses Waste disposal Sundyies Premises expenses Profit on disposal of motor vehicles 161,443 9,9D8 9,059 3,411 82S 1,847 71 435 121,054 5,931 11.838 8,833 14,771 3,105 1.680 174 5,772 1.858 114,8401 5.051 1,794 179,794 174,231 Auditor's remuneratlon Fees payable to the ¢harity'S auditor and assoclates.. 2023 2022 Audit of the chariws annual accounts Non-audit services 7,000 6,000 2,400 7.0 8,400 10 Trustees None of the trustees lor any persons connected wrth them) received any remuneration or benefits from the charity during the year12022'. none}. 22-
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2022 11 Employees The average monthty number of employees durin8 the year was: Total 2023 Total 2022 Fundraising and shop Charitèble activities Support Staff Is 19 13 13 Total 41 34 Employment costs 2023 2022 Wages and salarfes Social security costs Other pension costs 781.337 58,440 20,430 601,778 39,225 14,087 860,207 655,090 The aggregate emoluments of key management personnel for the year totaled £154.33212022'. £151,4981. The number of employees whose annual remuneration was more than £60.000 is as follows: 2023 Number 2022 Number £60,001- £75,000 Contributi¢ns t¢talinB £2,64012022.' £2,201> were made to deffined contributic*n pension schemes on tehall of employees whose emoluments exceed £60.COJ. 23-
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 14 Investments Llsted Investments Cost or Valuatlon At l January 2023 Additions Disposals Gain on Investments 2,021,677 612,552 1584.8091 136.506 At 31 December 2023 2.185,926 Carryln8 amount At 31 December 2023 2,185.926 At 31 December 2022 2.021,677 15 Stocks 2023 2022 Stocks 93,981 40,675 93.981 40,675 16 Debtors 2023 2022 Trade debtors Other debtors Prepayments and accrued income 4,224 62,919 15.104 2.294 66,185 16,370 82.247 84.849 17 Credltors: arnounts lallin8 due wlthln one year Z023 2022 Other taxation and social secvrity Trade creditors Accruals and deferred income 21,477 30,352 10,641 15,239 32,486 12,546 62,470 60,271 -26-
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS IcopifiNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 18 Provisions for liabilities 2023 2022 Lease dilapidations 18,250 18,250 .27.
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RSPC4 DEVON BRANCH NOTESTOTHE HNANaALSTATEMEPITSICOIfflNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 20 Designated funds The Income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes- Balance at 31 8alance at l January 2022 Balan¢e at l January 2023 Oecember Transfers Transfers 2023 Committed Organisational 409.5Q) 365.OCX) 63.500 320,0 473,CQO 685,LKIO 145.000 420.000 618,000 1,105.000 403.C(M) 383.sc 1,158.0 565.000 1.723,OCIJ A5 noted Tn the Future Plan5 Section of the Trustee5' Report, there are plan5 to invest in various aspects of ihe charity over the next year. The following amounts have been desfj8n3ted in order to fund these artivities.. Commltted Funds Onsite Coffee Shop, Receptton. Office, Clinic Rebuild & Kennel Store 8ud8et- £550.000, plus IO% continenry12022." E400,CX)01.' 8ehaviouristlPuppy Classes- £35.00012022.. £35.0001', Vet Servite5/Pop-Up Clinic- £16,OC¥J12022.. £16.OQIJI,' Educational- £15,00012022-. £15.0).. and Pel Groomin8- £2.(l2022.. £2.C(01 Organls•tlonal Funds Brandin8- £l0,012022.. £10,CKIOI: Outreach Vehicle- £80,C¥JO12022.. £80.OCK)I.' Outreach Vehicle Runnin8 Costs - £60,00012022.. £60.0001.' SeTenity Garden - £I80.0(l20% funflin8 from Littlevalley. rest will be external lunding 12022.. £150.(MX)I,' ICT Equipment- £IO.CtsJ12022.. £10.¢xJoI. siaffAccommodation- £lOO,o12022." £80,CIJOI Brixham Shop Purchase- £IIO.00012022.. £120,CKQI Rèbbitary Rebuild- £350,OQ)12022.. £150,000> Anirnal Community Officer Van - £25.OOJ12022.- £25.CQOI Solar Panels £180.{12022..£nlI> -29-
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RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS IcoiifiNUEDI FOR THE YEAR ENDED 31 DECEMBER 2023 22 Operating lease c¢xnmltments At the reporting end date the charity had outstanding cornmitments for fvture minimum lease payments under non-cancellable operatin8 leases, which fall due a5 follows.. 2023 2022 Within one year Between two and five years 28,050 48,483 29,450 65.950 76,533 95.400 Amounts recognised in the statement of financial actNities as an expense during the period in respect of operatin8 lease arrangements was £76,53312022: £95.41. 23 Related party transactions During the year, the Branch received all of tts 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 E69.282 12022.. £69.6541 received from house to house collections. The charity purchased animal food, dru85 and 5undries costinB £39.60312022'. £33.7521 from the Head Office. The charity received monie5 from the Head Office for boardin& veterinary fees and drugs rebate of £12,29012022.' £8,351). 24 Surpluslldeficitl on shop activity 2023 2022 Income from actwities of 8ener3ting funds Shop purchases and expense5 534,958 1475.0071 472,191 1422,0631 50.128 31-
RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 25 Cash generated from operations 2023 2022 Surplus/lDeficitl for the year 820,904 1248,9671 Adjustments for.. Dividends. interest and rents IGainllLosse5 on Investment5 Depreciation and amortisation Profrt on sale of fixed asset Introduction of provision Movement5 in working capital- Ilncreasel/Decrease in stocks Ilncreasel/Decrease in debtors Increase/lDecreasel in credttors 173.7791 1136.5071 78.905 114.8401 18.250 145,3961 214,033 67.597 153,3061 2,602 2,199 12,8631 596,271 13,2661 Cash 8eneTated from operations 644.428 577,409 -32-