Charity registration number.. 205154 RSPCA DEVON BRANCH ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 RSPCA DEVON BRANCH LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs CAllan (Chairman) Mrs E Mundy (Secretary) Mrs J Williams Mrs M Hardy Ms J Prince IResigne(l Apr 2024} Miss E Mcphail Mrs A Eyles (Retired Jan 20241 Mrs S Cochrane Mrs H Hudson (Appointed Apr 20241 Senlor staff Mr H Lowson ICEOI Miss J Blake (Animal Shelter Manager) Mrj Coles {Retail Development Managerl Ms R Manning IFinance Manager) Charlty number 205154 Principal address Little Valley Animal Centre Black Hat Lane Bakers Hill Exeter Devon EX2 9TA Audltor Streets Audit LLP 2 Bamfield Crescent Exeter EXI IQT Bankers Nat West Bank PLC 59 High Street Exeter Devon EX4 3DL The Co-operdtive Bank 34 The Kingsway Swansea SAI 5LG RSPCA DEVON BRANCH CONTENTS Page Trustees, report Independent auditor's report Statement olfinancial position io Balance sheet li ststement of cashflows 12 Notes to the financial statements 13-28 RSPCA DEVON BRANCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statement5 for the year ended 31 December 2024. The financlal statements have been prepared In accordance with the accounting policies set out in note I to the financi315tatements and comply with the charity'5 governing document, the Charities Art 2011 arbd "Accounting and Reporting by Charities= Ststementof Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportingstsndard appIl￿ble In the UK and Republic of Ireland IFRS 1021 (effective l January 20191. Structure> governance and management The Charity is constituted as an Unincorporated A550ciation, which operates as an autonomous Branch of the National RSPCA and1$ subject to ts Branch Rules. It is governed by a Board of Trustees, which is responslble for effective leadership and dirertion. and which meet monthly to wnake strategic decisions. Day to dav management of the Branth is delegated to the Branch and Finance Manager. the Shelter Manager and the Area Retail Manager who report to the Committee. The trustees who Served during the year and up to the date of si8nature of the financial Statements were: Mrs C Allan {Charimanl Mrs E Mundy (Secretary) Mrs J Williams Mrs M Hardy Ms J PrSnce Iretired April 20241 Miss E McPhail Mrs S Cochrane Mrs A Eyles (retired January 20241 Mrs H Hudson (Appointed April 20241 Trustee recruitment and appolntment A Committee of Trustees is eletted at each AGM by the Branch Membe￿ to govern the charity. Trustees are recruited for their experience, empathy and knowledge of the Charity and to keep the skills and compDSltion of the Trustee body balarbced. Succession planrbing is regularly kept under review. All Trustees give their time voluntarily and receive no benefits frorn the Charity, although Trustees tan claim expenses properly and necessarlly incurred In the perfonnance of their duties. Trustee inductlon and tralnlng New TrLJStees are given literature on the work of the Charity and the guidance from the Charity Commission on the role of a trustee. Infomatlon 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 responsibilkies Trustees are legally requi￿￿ to prepare financial ststements for each financial year, in accordance with the Charitvs governing document, the Chariiles Act 2011 and wtth Accounting and Reporting by Charities: a Statement of Recommended Practice applicable to charities preparin8 their accounts in accordance wlth Financial Reporting Standard 102 published October 2014. These financial statements must g￿e a true and fair view of the Charity's financial activities during the year and of its financial posttion at the end of the year. In preparing the financial statements the Trustees are required to: RSPCA DEVON BRANCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 prepare accounts which gr¥e a true and fair view- selert suitsble accounting policies and apply them consistentlv- make Judgements and estimate5 that are reasonable and prudent; state whether applicable accounting standards have been followed. subject to any materlal departures disclosed and explained in the financial statements; prepare the rtatements on the going concern basis unless ￿ is Inappropriate to assum?that the charlty 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 p051tion of the Charttyi which will enable them to ensure that the financial Statements comply wlth applicable law, regulations and the trust deed. They are also responsible for safeguardlng the assets of the Charity and for taking re350nable steps to prevent fraud or other irregularlties. The Tmstees are responslble for the maintenance and integrity of the corporate and financial information ir)cluded on the Chariivs website. Oblectlves and actl¥ltles The alms of the Charity are to promote kindness and to prevent cruelty to animals by all lawful means. This Involves the rescue, rehabllltstion and re-homing of miSt￿ated, abandoned and unwanteé animals, support for the RSPCA Inspectorate in the Branch area and promotion of the work and objerts of the National Society. The Trtjstees, objectives for the year are shaped by these strategic aims. with a view to obtaining income for the benefrt of anSmal welfare in the area by raising funds through the six charfty shops, fundralslng and maintaining and improving the value of the Charitvs investments. The trustee5 have paid due regard to guidance issued by the Charity CoMmiss￿n in deciding what actThritles the charity should undertake. The main attivities of the Charity during the year were the operation of the Little Valley Animal Shelter and the re-hom5nB of unwanted animals. The activtties a150 included the provision of veterinary care, micro- ¢hippin& neutering and inoculations and the provision of financial assistan￿ with the cost of veterinary care for the animals of eligible people on state benefits. Publlc benefit statement All charities in England and Wales must have charitable aims that are based on providing public beneflt and omply with section 4 of the Charities Act 2011. The Trustees have regard to the Charity Commi55ion's guidan￿ on publlc benefit. The RSPCA'S founders identified the SocIet￿5 primary aim as being to alter the moral feelings of the country and to promote humane sentiment in humans towards animals which glves 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 communty and Ir15pectors 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. RSPCA DEVON BRANCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Animals in the Branch's care receiveveterinarytreatrnent, vaccination, neuterin& micriFchippSng and. If necessary, treatment for behavioural problems. and are assessed for re-homing. The Branch r&homes the animals in its care at low cost to people willing and suitable to provide 8 homeforthem. The Branch provides financial help to members of the public on stste benefff(s, living in the Branch area, to assist them in paying for veterinary bills. Financial help is also glven towards veterinary bills forage- related illnesses to those who adopt older animals from the Shelter. The Branch provides free animal care advice to members of the public. Achlevemerrts and performance In 2024, we at last had our solar panels installed. which are helping enomiouslywith our electricrty bills at the Shelter. The warren (for rabbits and guinea pigs) and re￿ptIOn upgrade were delayed slightly, but plans are now being prepared to go out to tender forthe works. This summer will see the start of the building works, so there will be a lot of disruption atthe Shelter, but it will be well worth the trouble. as our rabbits will now have purpc)5e built accommodation. Our ancient waste disposal system. the Klargester, will be replace(l at the same time with a much more modem 5VStem. We moved from our old. very small Shop in Brixham, to new, larger premises in the mair) street. So far, the shop is performing extremely well. We found premises in Tiverton and have recently slgned the lease and started fitting it out, Wtth a view to opening some time in March. All our shops have had some challenging times, but staff and volunteers have all worked very hard and I would like to thank them all. We will be sad to lose our Area Retail Manager. John Coles, who will be taking well dese￿e￿ retirement at the end of March. I would like to thank him for tran5Fomiingthe way ourshop5 operate, making them much more businesslike, without losing their unique chararters. His replacement Is Marcus Harrison, who will start with us in April. Our new Finance Manager, Rachael Manning, started with us in September after our Finance Assistant, Anna stentiford, left us to return to a legal practice. Rachael comes very well Qualified and ha5 already implemented a numberof more efficient ways of W0￿1ng. Our Shelter Manager, EMI￿ Mayer. sadly left us to return to her family in the South East. We appreclate the changes she made to the Shelter and wish her well. She has been succeeded byJo Blake, who, alonB with her rescue greyhound, Sergio, has settled in well. Mrs Fiona Gofton started with us in April. 2024. as Office. Faciltties and HR Manager and has been very good at organising procedures, managlng maintenance and serviang meetings. She is also going through and updating all our policies. George Hill, our Di￿ts1 Communication Mènager. continues to update our website and social media communications. He has done an excellentjob in designing shop signage for our new shops. He and Fiona also dld a good job of organising and running our Open Day and Christmas Fair. Thank you to both of them. We have appointed a new Corporate Fundraiser, Hayley Hukku, who will be starting in March. She will be working to diversify our income streams. making us less reliant on legacies. RSPCA DEVON BRANCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Our 0￿reaCh project to provlde a mobile vet service has been shelved forthe time bein& a5 our Deputyshelter and Outreach Manager had to Step up in the interlm perlod between Shelter Mènagers. We will be looklng at other ways of supporting the communrly. We have had two new trustees joining us, Sarah Cothrane and Helaine Hudson. Sarah also volunteers Dn Reception and Helaine helps with our online Shop. We have two poteniial new trustee5 who fnlght be joining us soon, but still would like another trustee with some finance or animal welfore experien￿. Last, but not least, I would like lo thank our CEO. Hugh Lowson, who has always been willirh8 to step In and help with any tzsl from walking dogs. staying onsite to provide overnight cover, covering shop ti115 during absences and l¢)oking at drains and our trustees forall theirsupport and dedication. Prtncipal r1$￿ and uncertainUes- Thè health, safety and welfare of our 5tsff and volunteers Damage to the branch'5 reputation The availability of finance to allow activities to continue The Branch continues to take actlve steps to manage these risks. Financial revlew The total incoming resour￿5 fc)r the year amounted to £1,771,669 12023.. £2.119.6021 including legacSes of £868,098 12023.. £1,267,605}. Expenditure in the year was £1,598,303 12023.. £1,435,2LHI. After gains on Investments of £155,95012023.. £136.5061 the branch made 8 surplus of £329,315 (2023.. £136,506). Reserves policy Reserves are necessary to safeguard the Brdnch's future. Revenues can be unpredictable and reserves are important to assist in years where our ex￿ndit￿re exceeds revenue. In addition, the Branch has the responsibilityto ensure it has reserves to fulfil capttal commitments and meet anyc05ts relatlngto unexperted emergency repaiis to the animal sheltÈr. It is the policy of the Bronch to hold free reserves Itotal reseNes less fixed assets, designated an(1 restritted reservesl at a level of between one and a half years. and two Year￿ expenditu￿. Using the current yearf5 total expenditure, this is between £1.7 million and £2.2 million. The levels of reserves are held to support the following areas- al The Branch relies heav0￿ on donations and legacies. both of which can fluctuate signlficantly from year to year. bl Should the Brdnch see a long teryn pattern of declining revenues, there would be a transition period whllst a strategy to adapt to a changing environment is achieved. cl If the Branch is faceil with closure suth"clent reserves would need to meet the running costs of the animal sheker whilst animals are rehomed the cost of staff redundancies RSPCA DEVON BRANCH TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The total reserves at 31 December 2024 were £7,368,91212023= £7,039,597) comprising £1,861,5QK)12023.. £1,723,001 of designated funds and £4.480.94812023: £4,356.6821 of general funds. of the general funds, £2,722,273 are held as tangible assets and so not available to be spent. The remaining balance of £1,758,675 represents free reseNes. Investment policy The Charity holds investments in order thatthe service level provided for animal welfare is maintained 5hauld 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 provlded by Barclays Wealth Management and Tiansact, who manage the portfolios on a discretionary basis. Meetings are held wth them as and when required to review the performance of the portfolio. A combination tsf stock market investments, together wrth bank fixed term deposits, meet the requirement for the generation of both income and capltal growth. whilst reducing the risk of investrnent 10s5es in uncertain and volatile markets. The Trustee5 have adopted an ethical investment policy thattakes 311 reasonable steps notto hold investments in companies whose aclivities are not consistent with RSPCA animal welfare policies. In particular, investments are avoided that carry out any testing on animals The value of the Charitls investments at 31 December 2024 was £2.39 rnilllon12023: £2.19 milllon}. The total return on all managed investments was a surplus of 2.43% (2023= 1.01%). Plans for future periods To raise sufficient funds through fundraisin& retail and the shelter to meet the running costs of both Little Valley animal shelter and our animal welfare community service5. To ensure that our profile conlinues to improve throughout the Devon area and that both Little Valley and our community services are well known and respected. To make better use of the Little Valley site by ￿buIlding our rabbit accommodation and our reception building. The new reception area will provide a more spacious area to interact wrth our supporters and members ol the publlc. We will also be remodelling and improving the animal treatmènt rooms and surgery aiea. To create a Serenity Garden Ihopefully using extemal funding). which will create a quiet space for stsff and visitors, a wildlrfe pond and a memorial area. To further research the provision of an outreach senrice wtth a custom fitted van and trained staff, which will provide members of the public in more remote area5 With advice and assistance. To encourage all staff and volunteers to attend any relevant trainlng courses to increase thelr potential. To continue to maxlmise profits from our physlcal shops and online shop and to increase the number of shop5 in our area. Key management personnel The key management personnel are held to be all of theTrustees and the senior staff listed on the cover sheet. RSPCA DEVON BRANCH TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The pay levels for key management personnel, who are not Trustees. are reviewed by the Trustees and benchmarked against other charities. The trustees, report was approved by the Board ofTrustees. Mrs C Allan Ichalrnianl Trustee Date.. RSPCA DEVON BRANCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSfEES OF RSPCA DEVON BRANCH Opinlon We have audited the financial statements of RSPCA Devon Brdnch {the 'charlVI for the year ended 31 December 2024 which comprise the statement of financial actlvlties, the balan￿ sheet, the statement of cash flows and notes to the financial statemènts. including SIgn￿cant accounting policies. The financial reporting framework that has been applied in their preparat￿n Is applicable law and United Kingdom Accounting Standards, including Financlal Reporting Stsndard 102 The Financial ReportifFg Standard applicable In the UK ond Republic of Irelt7nd (United Kingdom General￿ Accepted Accounting Practice). In our opinion, the financial statements.. give a true and fairview of the stste of the charl￿S affairs as at 31 December 2024 and of Its incoming resources and application of reSoUr￿s, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Prattiee,. and have been prepared in accordance with the requirements of the Charlties Act 2011. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilitiesfor the audit of thefinancial stotefflents section of our report. We are independent of the charity In accordance with the ethical requirements that are relevant to our audit of the finantial statements in the UK, including the FRC'S Ethical Standard. and we have fuFfilled our other ethical responsibilities in accordanee with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relating to going concern In auditing the financial statements, we have conduded that the trustees. use of the going con￿rn basls of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any materlal untertaintles relating to events or conditions that, individually or collectively. may cast significant doubt on the chariws ability to continue as a going concern for a period of at lea5ttwelve months from when the financial statements are authorlsed for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. Other Infom)atlon The other information comprises the infom13tion included in the annual report other than the financial statements and our auditor's report thereon. Thetrustees are responsible forthe other information contained within the annual report. Our opinion on the financial statements doe5 not cover the other information and we do not exprèss any form of assurance cor)duslon thereon. Our reswnsibility is to read the other information and, in doing so, consider whether the other infomiation 15 materially inconsistent with the financial stateinents or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we Identify stjch material inconsistencies or apparent material misstatements, 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 perfomied. we conclude that there is a materlal mi5Statement of this other information, we are required to report that faLt. RSPCA DEVON BRANCH INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF RSPCA DEVON BRANCH We have nothing to report in thi5 regard. Matters on which we are requlred to rep(vt by exceptlon We have nothing to report in ￿spect of the following matters in relation to which the Charities (Accounts arbd Reportsl Regulations 2008 require us to report to you rf. 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 flnancial statements are not in agreement wtth the accountir)g records,. or we have not received all the infomiation and explanations we require for our audit. Responsibllities of trustees As explained more fully in the statement of tru#ees' respon5ibilitie5, the trustee5 are responsible for the preparation of the financial statement5 and for beSng sadsfied that they gwe a tnje and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial 5tatementS that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charrvs ability to contlnue as a going concern. disclosin& a5 applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to cease operations, or have no realistic alternative blrt to do $0. Audltor's responSi￿litieS for the audit of the finamial Statements We have been appointed as auditor under Section 144 of the Charities Act 2011 and report in accordan￿ with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assvran¢e al)out whetherthefinancial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue arb auditor's report that includes our opinion. Reasonable assurance is a hiEh level of assurance but is not a guarantee that an audit conducted in accordance wlth ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material rf, Individually or in the aggregate, they COLÈld reasonably be expected to influence the economic decisions of users taken on the ba515 of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud. is detailed below. A further de5¢riPtion of our responsibilities is available on the Financial Rewrting Council's website at: https'./lwww.frc.org.uk/auditor5responsibilities. This description fom)s part of our auditor's report. Other matters Your attention Is drawn to the fact that the charity has prepared financial statements in accordance with 'Accounting and Reporting by Charities.. Statement of Recommended Piactice applicable to charities preparing their accounts in accordan￿ with the Financial Reporting Standard applicable in the UK and Republic of I￿land IFRS 1021" las amended) in preference to the Attounting and Rerx)rting by Charities,. Statement of Recommended Practice issued on l April 2￿]5 which is referred to in the extant regulalions but has now been wlthdrawn. RSPCA DEVON BRANCH INDEPENDEKf AUDITOWS REPORT TO THE TRUSTEES OF RSPCA DEVON BRANCH This has been done In order for the financial statements to provitle a true and fair view in accordance with current Generally Accepted Accounting Practice. Use of our report This report is made solely to the charivs trustees, as a bo(ty. in accordance with part 4 of the Charities IAccounts and Reports) Regulations 20D8. Our audit work has been undertaken so thai we mlght 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 pem)itted by law, we do not accept or assume reswnsibility to anyone other than the tharity ar)d the chariW5 trustee5 as a body, for our audit worL for this report, or forthe opinions we have formed. Streets Bush Llmlted 2610612025 Chartered Accountants Statutory Auditor 2 Barnfield Crescent Exeter EXI IQT RSPCA DEVON BRANCH STATEMENT OF FINANCIAL AcnvmES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestrlded funds 2024 RestrKted Total Unrestrlrte fund5 fund5 2024 2023 Restrl¢ted funds 21123 Total funds 2023 2024 Inujme and endowment5 from.. Donation5 and legacies Chariiable activities Other tradin8 activitie5 Investments 990,403 66.178 589,572 91.282 298 .701 66.178 592,418 122,371 1,350,259 47,593 640,507 49,315 2,636 1,352,895 47,593 645,335 73,779 2.846 4,828 24,464 Total Income 1,737,435 34.233 1.771.668 2.087,674 31.928 2,119,602 Ex endknre on: Charitable activities: Shop purchases and consumables Protettion and rehoming of animals Costs of generating voluntary income Totsl tharitable expendkure 448,201 448.201 475,(M5 475.045 7 1,078,033 2W6 I.080￿79 867.372 4,828 872,200 47.978 47.978 6B,299 68.299 I,S74,212 2,846 1577,C158 1,410,716 4.828 1,415,544 Investment management costs 11.624 9.621 21,245 10,723 8,937 19,660 Total expendlture 1.585.836 12.467 1.598,303 1.421,439 13.765 1,435.204 Net gain on Investment5 111,167 44.783 155,950 89, 47,100 136,506 Net movement funds 262,766 66.549 329.315 755,641 65,263 820.904 Fund balances at I January 2024 6,079.682 959,915 7.039.597 5,324,041 894,652 6,218.693 Fund balance5 at31 December 2024 6,342,448 1.026,464 7,368,912 6,079,682 959,915 7,039,597 io RSPCA DEVON BRANCH BALANCE SHE AS AT 31 DECEMBER 2024 2024 2023 Notes FSxed assets Tangible assels Intan8lble assets Investments 2.714,695 7.578 2,392. 5.114.967 2,486,318 2,673 2,185,926 4,674,917 13 14 Current assets 5tock5 Debtors Cash at bank and in hand 15 16 122,715 137.OTI 2.0￿,335 2350,127 93.981 82,247 2,269,172 2.445.4L¥J Credltots: amounts fallSn8 due wlthin one year 17 196,1821 162.4701 2,253,946 2,382,930 Provlshjns lor liabllltles Provisions 118,2501 Nèt assets 7.368,912 7,039.597 Income Funds Restritted funds Unrestricted funds Destgriated funds General unrestrl¢ied funds 1.026,464 959,915 1,861,51Kl 4,480.948 1,723,000 4,356,682 6,342,448 6,079,682 7.368.912 7,039.597 The flnancial statements were approved by the trustees on ....-.-.....-.-..-................ Mrs C Allan Ichairmanl Tyustee li RSPCA DEVON BRANCH STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2023 Notes Cash flow5 from opprating artl¥lVes Cash generated from operations 644,428 In¥e5t5ng artlvtties Purchase of t8ngible r￿ed assets Proceeds frorn sale of tangible fixed assets Purchase of investments Proceeds from disposal of investments Dividends, interest and rents Net Cash used In Trn¥e5tlng atthihles 1318,4801 196,5211 14,840 1612.5511 584,809 73.779 1236,9501 186,132 122.371 1246,9271 135,6441 Net Cash used In financlng actlti¥te5 Net INcreaselldecTeasel Sn cash and cash equivalents 1178.8371 f￿,784 Cash and ta5h eqU￿alents at beginning of year 2.269,172 1,660,388 Cash and cash equ1¥a￿ntS at end of year 2,269 172 12 RSPCA DEVON BRANCH NOTES TO THE FINANaALSTATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting pollcies Charlty informatSon RSPCA Devon Branch Is a trust that constttutes a public beneftt entSty a5 deflne(I by FRS 102. 1.1 Accounting conventlon The f inanclal statements have been prepared in accordance wtth the tharity'5 tgoverning documer)tl, the Charities Act 2011. FRS 102 Yhe Financial Reporting Slandard applicable in the UK and Republic of Irelan¢Y I'FRS 102.1 and the Charttie5 SORP"Atwunting and Reporting by Charities: Statement of Recommended Prartice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective I January 20191. The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and RepDrtsl Regulations 2008 only to the extent required to prowde a true and fair view. Thi5 departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the versbon of the Statement of Recommended practi￿ which Is referred to inthe Regulat￿￿$ but which has slnce been withdrawn. The financial statements are prepared in sterlin& which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have ken prepared under the historical cost convention. The principal Eccounting FK)licie5 adopted are set out below. 1.2 Goln8 concern At the time of approving the financial statements, the trustees have a reasonable expettation that the eharity has a(lequate resources to continue in Ope￿tIOnal existence for the foreseeable future. The trurtees continue to ailopt the goingcor)cern bast50f accounting in preparingthe financial Statements. 1.3 Charitable funds Unrestrirted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives. Restricted funds are subjectto specific conditions bydonors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 13 RSPCA DEVON BRANCH NOTES TO THE FINANaALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng polkle5 Icontlnued) 1.4 Income All income is recognised once the charity has entrtlement to the income, it is probable that the income will be receNed and the amount of income recelvable can be measured reliably. Cash donations are recognised on receipt. Other donations are recognSsed Oft￿ the charrty has been notified of the donation. unless perfomiance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Md or deeds of covenant is recognised when the claim is ￿￿1ved. Legacies are recognised on receipt or otherwise if the charity has been notified of an Impendlng distribution, the amount is known. and receipt is expected. Grants, includlng grants for the purpose of fixed assets are reco8nlsed In full in the statement of financial aCtI￿tieS in the year in which they are recewable. Income resources from the charitable aCtI￿tieS are recc£nised on the accruals basis and are included net of any VAT that has been charged. Dividends are recognlsed once the dividend has been declared and notificatlon in full Sn the statement of financial attivities in the year in which they are recervable. 1.5 Expendilure 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 basls. Expenditure thatls dirertly attdbutable to raising funds is included in the costs of generating fund5. This indudes holding fundraising events, running charty shops and purchasing retail goods. Expenditure 3ttributable to meeting charitable Dbjectives. including the support costs Df the animal shetter, is included in charitable actI￿t￿. Costs associated with the general running of the diartty which are not attributable to meeting charitable objects are classrfied 35 SUPPOrt costs. Support costs have been allocated to each actNity undertaken by the £harity on the basis of an estimate of amount of the costs generated by each activity. 14 RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuedl 1.6 Flxed assels Tangible fixed assets are init1a1￿ measured at cost and subsequently measured at tost or valuation, net of depreciation and any impairment losses. Intangible a55ets are initially measured at cost and subsequentty measured net of amortlsation. Depreciation 15 recognised so as to write off the cost or valuation of assets less their residual values over their useful lives tsn the following bases.. Buildings Solar Panels Website Plant and equipment Fixture5 and fittin8S Compulers Motor Vehicles 2% on c05t 99 Years on straight line 10 Years on straight line 15% on cost 15% on c05t 25% on cost 25% on cost Freehold land is not depreciated. The gain or1055 arising on the di5P05al of an a55et is determined as the difference between the sale proceed5 and the carrying value of the asset, and is recognised in the statement of financial activitie5. 1.7 Fixed a55et investments Fixed asset investments a￿ initially MeaSu￿d attransaction prlce excluding transaction costs, and are subsequentty measured at fair value at each reporting date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 1.8 Impalrment of ftxed assets At each reporting end date, the charity reviews the carrying amounts of its tangible assets to detemiine whether there 15 arty indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment10ss lrfanyl. 1.9 Stocks Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises dirett materials and, where applicable. direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for dlstrlbution at no or nominal consideration are measured the lower of repla￿ment cost and cost. Donated stock is valued at the expected proceeds less the expected cost of sales in accordance with the 50RP IFR51021. 15 RSPCA DEVON BRANCH NOTES TO THE FINANCIAL STATEME1￿s FOR THE YEAR ENDED 31 DECEMBER 2024 Accountin8 policles {¢ontlnued 1.10 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with bank5, Other short-term liquid investments with original maturStles of three months or less, and bank overdrafts. 1.11 Financial instruments The charty has elected to apply the provisions of Section Il'Basic Financial Instruments, and Section 12'0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instrumerits are recognised in the charl￿$ balance sheet when the charity becom￿ party to the contractual provisions of the instrument. Financial assets and liabilities are offseL with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the rec¢Jgnised amounts and there Is an intentio tD settle on a net basis or to realise the asset and settle the liability simultaneousty. Basic financial assets Basic financial assets. which Include debtors and cash and bank balances, ore initialty measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constituies a financing transaction. where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Bas1¢ finan¢lal Ilabilities Basic financial liabilitie5, including creditors and bank loans are initially recognised at transaction prlce uNless the arrangement Ca￿Str£UteS a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial Ilabilitles classified as payable within one year are not amortised. Trade creditors are Obligations to pay for goods or Se￿iceS that have been acquired in the ordinary course of operations from suppller5. Amounts payable are classified as current liabiltties If payment is due within one yearor less. If not. they are presented as noTh