## ANNUAL REPORT and UNAUDITED ACCOUNTS 2021/22 Worthing Animal Clinic Anthony House 30/32 Newland Road Worthing, BN11 1JR Telephone: 01903 202248 Fax: 01903 537759 e-mail: info@worthinganimal.co.uk website: www.worthinganimal.co.uk ## **Worthing Animal Clinic Annual Report 2021/22 Contents** - **1 Contents** - **2 Reference and Administrative Information** - **3 Chairman’s Report** - **4 – 6 Trustees’ Report** - **7 – 8 Veterinary Surgeon’s Report** - **9 Treasurer’s Report** - **10 Trustees’ Responsibilities for the Accounts 11 Independent Examiner’s Report** - **12 Statement of Financial Activities** - **13 Balance Sheet** - **14 – 19 Notes to the Accounts** Annual Report and Unaudited Accounts 2021/22 Page 1 **Worthing Animal Clinic Annual Report 2021/22 Reference and Administrative Information** STATUS Worthing Animal Clinic is an unincorporated charitable association, Registered Charity Number 211467 CLINIC AND PRINCIPLE OFFICE Anthony House, 30-32 Newland Road, Worthing, West Sussex, BN11 1JR Tel 01903 202248 Fax 01903 537759 Email: info@worthinganimal.co.uk Website: www.worthinganimal.co.uk PATRON – Hon Alderman Nick John TRUSTEES – CHAIRMAN & TREASURER NEWSLETTER EDITOR Geoff Parrish Karol Jeffery STAFF – VETERINARY SURGEON LOCUM VETERINARY NURSE David Thomas Noleen Costello ADMINISTRATION RECEPTION Pam Stringer Sue Blunden BANKERS CAF Bank Limited, 25 Kings Hill Avenue, West Malling, ME19 4JQ INDEPENDENT EXAMINER Renate L. Cloake, Chartered Certified Accountant, 70 South Street, Lancing, BN15 8AJ INVESTMENT MANAGERS CCLA Investment Management Ltd Cazenove Capital Management Annual Report and Unaudited Accounts 2021/22 Page 2 ## **Worthing Animal Clinic Annual Report 2021/22 Chairman’s Report** When I wrote last year’s report I reflected on how COVID 19 had impacted on the charity, the clinic and the world in general. Whilst we appear, as I write now, to be returning to a more settled scenario from a pandemic perspective it would be a false hope to say that our situation is back to normal. Although our clients have returned they are certainly in lesser numbers and for what reason we do not know. Impending fears of inflationary pressures will not help either the demand or our ability to contain costs so 2022 may bring unwanted pressures on resources. We can only wait and see. As in 2020, our 2021 AGM was not open to our members to attend but, subject to there being no government restrictions at the time, we will hold the 2022 AGM at the clinic on 31 May. In spite of the relaxation in the regulations we continued to hold our regular Trustee meetings via Zoom albeit that we have reverted to bi-monthly and have found that this does prove to make the process easier all round for attendees (provided the Chairman’s computer doesn’t crash too often). It is the current intention to continue this practice. I cannot believe that last year I had reason to comment on the protracted delays we had encountered in respect of two substantial legacies both being dealt with by the same solicitor. Here I am again 12 months later still waiting for one of those estates to be sorted out. In the meantime, in spite of successfully dealing directly with the executor of the estate (who is as frustrated with the inactivity as we are), no payment whatsoever has been made to the beneficiaries. As, technically, beneficiaries are not clients of the solicitors involved there is nothing we can do other than reflect on appalling professional standards and wait. The deceased, who was one of our clients as well as a member of the charity, actually died in 2018 and probate was granted in 2019. I commented last year that “the Clinic’s rapid response to the (COVID 19) situation meant that all the staff still did what they could for our clients whilst keeping themselves as safe as possible “and that “the Charity has continued to operate in accordance with the objects of the charity as laid down in our constitution and can expect to do so at least for the coming year.” I feel that it is worth repeating those words as we are, once again, incredibly proud of the efforts made by all our staff (and locums) over the period of the pandemic and many thanks are due to all at the clinic. Geoff Parrish Date Chairman Annual Report and Unaudited Accounts 2021/22 Page 3 ## **Worthing Animal Clinic Annual Report 2021/22 Trustees’ Report** ## CLINIC OBJECTIVES The principal objective of the Clinic is to offer subsidised veterinary treatment and care to the pets of those in receipt of means-tested benefits (Housing Benefit/local Housing Allowance, Council Tax Reduction, or Pension Credit) and also to those in receipt of a State Pension only. The rules of the Charity also allow for the provision of subsidised veterinary care to other animal charities within the prescribed post code areas. ## ORGANISATION The Trustees currently meet at two-monthly intervals via Zoom to consider the activities of the Clinic and to monitor the financial progress made during the time since the previous meeting. Members of staff and the book-keeper are also invited to attend these meetings. The daily administration and professional activities of the Clinic are under the control of the Veterinary Surgeon. ## POLICY The policies of the Clinic are driven by its objectives. The facilities of the Clinic are available to all those who fall within the stated criteria. Furthermore, from time to time, the Veterinary Surgeon will use his/her discretion in providing free treatment to animals in exceptional cases. ## STATUS AND ADMINISTRATION Worthing Animal Clinic is an unincorporated charitable association, Registered Charity number 211467. It is governed by the Rules of the Clinic, last amended in October 2007 and, being registered with the Charities Commission, is required to comply with the Charities Act 2011. Its principal address is Anthony House, 30/32 Newland Road, Worthing, West Sussex, BN11 1JR. The Trustees comprise a committee of up to eight members of the charity, elected annually. The committee appoints a Chairman and such other officers as it deems necessary. ## FINANCIAL RESULTS The accounts comply with current statutory requirements and with the requirements of the Clinic’s governing rules. Annual Report and Unaudited Accounts 2021/22 Page 4 ## PUBLIC BENEFIT The Trustees have considered the Charity Commission’s guidance on public benefit and are satisfied that they are meeting the requirements. Specifically, the aim of the charity is to relieve suffering and distress of animals by the provision of a subsidised veterinary service to the pets of those of limited means in the Worthing, Lancing and Littlehampton area which is not covered by any other subsidised veterinary service. In addition there are further funds available to provide assistance beyond the normal subsidy. ## REVIEW OF THE CLINIC’S YEAR In the year ending December 2020 the income of the Clinic amounted to £179,584 (2020 = £138,935) being the combined total of professional fees, fund-raising and investment income. Outgoings amounted to £181,761 (2020 = £171,007), resulting in a net deficit for the year of £2,177. At the Clinic during the course of the year 1468 animals attended consultations and 205 were operated on. The corresponding figures for 2020 were 1395 consultations and 204 operations. Trustees serving on the board during the year were as follows: Geoff Parrish Karol Jeffery In the light of their low numbers and lack of volunteers, the Trustees have again not organised or attended any fundraising functions during the year although we are grateful that a number of our members took it upon themselves to raise funds in our name at functions and by other means. ## RECRUITMENT OF TRUSTEES Recruitment of Trustees should be an on-going process as the Charity has never had what could be termed a full complement of active Trustees. Currently the Trustees are not actively seeking potential new members as there had been little apparent interest shown for some time. If suitable candidates do appear they will be requested to submit a CV and be interviewed. Initially they would be offered a co-opted position on the Trustee board with a view to standing for election as a full Trustee at the next AGM. Training is offered in respect of the work of the Clinic and the duties and responsibilities of Trustees. In light of the very small number of current Trustees, however, any new recruit is expected to be already proficient in the area of their intended contribution to the Board. Annual Report and Unaudited Accounts 2021/22 Page 5 ## RESERVES POLICY A concise and realistic Reserves Policy has been devised and the principles therein are endorsed by the Trustees. Following the annual review of the Reserves Policy in May 2021 it was decided to return our expected reserves ratio to a range of 2 to 3 times the total annual operating expenditure. During the year we have maintained the reserves within this range. The next review is at the June 2022 trustee meeting and the current level of reserves will be looked at and amended if thought necessary at that time. ## INVESTMENT POLICY A concise and conservative Investment Policy has been devised and the principles therein are endorsed by the Trustees. Environmental, social, and governance issues are integrated into the overall investment policies of each of our investment fund managers. The Investment Policy was reviewed at the May 2021 Trustee meeting but no changes were felt necessary. The next review will be held at the June 2022 trustee meeting. ## EXPENSES POLICY A straightforward Expenses Policy has been devised and the principles therein are endorsed by the Trustees. The policy follows the guidance of the Charities Commission with regard to trustee expenses and payments. The Expenses Policy was reviewed at the December 2021 Trustee meeting but no changes were felt necessary. ## RISK MANAGEMENT The Trustees continue to keep the Clinic’s activities under review and maintain a full range of insurances to mitigate exposure to loss. ## SERIOUS INCIDENTS The Trustees have satisfied themselves that the charity did not experience any serious incidents or other matters that should have been brought to the attention of the Charity Commission during the course of the year. ## OBJECTIVES FOR 2021 The principal objective for the coming year is to ensure a continuation of the Clinic’s work for the foreseeable future. Geoff Parrish Date Chairman Annual Report and Unaudited Accounts 2021/22 Page 6 ## **Worthing Animal Clinic Annual Report 2021/22 Veterinary Surgeon’s Report** At the Worthing Animal Clinic we are gradually returning to normality after 2 years of Covid restrictions. Clients are now able to enter the consulting room area with their animals, without masks, although many choose to continue wearing them. As far as possible we try to limit risks to staff and clients in what is of necessity a very enclosed space. The most noteworthy case we have seen in the last 6 months affected ‘Poppy’ a 9 year old terrier. Poppy has suffered from epilepsy for many years and is on permanent treatment for that condition. In January she began to suffer from an increased frequency of seizures and also concurrently became unwell with frequent attempts to urinate and blood in her urine. A course of antibiotics for a suspected urine infection failed to resolve her symptoms, and a subsequent X- ray revealed the dramatic finding of a bladder literally packed full of stones. Poppy underwent immediate surgery to open her bladder and remove the stones. This is a painstaking process as leaving behind even the smallest stone could be a focus for the whole process to start again. We actually use a sterile teaspoon to scoop out the stones from the bladder – crude but effective! Poppy made an immediate and uneventful recovery and a change of diet will hopefully prevent the problem recurring. For so many stones to be present it is likely that this problem had been developing for months or years. Unfortunately, it is a feature of our patients that they are unable to communicate their problems and some are very stoical and able to hide their symptoms until the effects become obvious. One legacy of the ‘pandemic’ and lockdown periods is something that most people are aware of because of extensive media coverage around the huge increase in pet ownership, particularly the acquisition of puppies and kittens. In itself this is all well and good, but this is a trend which presents many potential problems for the future. Impulse buying of an animal for company is likely to turn sour for many people when lives return to ‘normal’ and the financial burdens become all too real. Animal charities will need to be prepared for issues of abandonment. A huge increase in demand for pets has also driven vast inflation in the prices that breeders charge. We’ve all heard of puppies changing hands for many thousands of pounds. No surprise, therefore, that some unscrupulous breeding will have taken place in order to cash in on this bonanza, and no surprise that there has been a huge influx of animals from abroad, many with uncertain origins to put it mildly (puppy farms!). Breeding from animals with inheritable diseases or temperament problems could well lead to a future population of companion animals with poor health and behavioural problems. It is perhaps a little known fact that the offspring of a nervous or aggressive bitch will likely also be nervous or aggressive, especially if poorly socialized in their first few weeks of life. The usual sound advice to ‘meet the parents’ in their own Annual Report and Unaudited Accounts 2021/22 Page 7 home environment when choosing a pup or kitten has been widely flouted during the past two years, with many purchases made on a ‘click and collect’ basis. In our clinic we are already encountering some of the results of this folly. We are spaying an increasing number of 2 year-old cats who have already given birth to a couple of litters of kittens. I have also been presented with more nervous, anxious and poorly socialized dogs than ever before, a few so nervous or aggressive that they are virtually un-handleable. Whether we will also begin to see an increased frequency of genetic disease in years to come remains to be seen, but it is easy to predict ongoing challenges for the veterinary profession. David Thomas BVetMed MRCVS Veterinary Surgeon Date Annual Report and Unaudited Accounts 2021/22 Page 8 ## **Worthing Animal Clinic Annual Report 2021/22 Treasurer’s Report** This year’s accounts should be a little easier to put into context as the pandemic had similar effects on both 2020 and 2021 numbers but we will always have to take into account the impact that erratic legacy income has on the accounts. I will not dwell again on a Worthing solicitor’s appalling delay in finalising legacy payments to us other than to record that, not only did we need to realise assets whilst waiting for payment of one legacy, but we are also still waiting for the other legacy to be paid with a possible resultant need to release yet more assets. This year’s total income figure stands at £179,584 or £133,945 excluding legacies. In 2020 it was £138,935 with no legacy income. Similarly, total expenditure was £181,761 compared with £171,007 in 2020. Overall this year’s overall deficit was thus just £2,177 thanks to legacy income compared with the £32,072 deficit that we had last year. We had budgeted for a likely surplus of about £11,000 assuming that both significant legacies would have been received. The rise in stock market prices, in spite of the pandemic, did however cushion the total asset valuation and total charity funds had risen from £510,036 at the end of 2020 to £558,734 at the end of 2021. Even without the Charity carrying out any specific fund-raising activities subscriptions and donations continue at a reasonable level although we were not fortunate enough to get any more significant grants this year. Last year we had received £10,000 from the IVO Trust which has been used, in part, to supplement certain designated funds which will now run out of funds again during 2022. Online funding methods (Easyfundraising, AmazonSmile, Virgin Money Giving and Paypal Giving) continue to produce regular receipts of funds, although Virgin Money Giving has now ceased to operate. Expenditure this year was, in many categories, similar to last year but two items do stand out. Firstly the apparent increase in ‘rates and water’. This reflects the large repayment we received in 2021 as a result of the re-assessment of the whole of the premises for business rates rather than treating the upper rooms as domestic property. The other large increase was in the ‘emergency cover’ category and this reflects a significant problem in receiving and agreeing invoices with our supplier. Even when invoices were agreed there were still problems in ensuring that direct debits were properly set up and collected. It has been a recurrent theme during 2021 that suppliers seem to have problems nowadays in setting up and correctly collecting direct debits. We have ceased to use direct debit for HMRC, for example, as standing orders seem to be the only safe method of making payments. Although we still hope to receive the outstanding legacy in 2022 plus one other promised small one we are anticipating a significant shortfall in income during the year and have budgeted for a deficit for the year of about £40,000. Although this figure represents only about 7% of our total assets the continuing reduction in number of clients both for consultations and operations does mean that the Clinic’s viability long term is not assured. Date Geoff Parrish Treasurer Annual Report and Unaudited Accounts 2021/22 Page 9 **Worthing Animal Clinic Trustees’ Responsibilities in Relation to the Accounts** Charity law requires the Trustees to prepare financial statements for each financial year that give a true and fair view of the charity’s financial position at the end of the financial year and of its financial activities during the year. In doing so the Trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - 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 financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The Trustees are responsible for: - keeping proper accounting records which disclose with reasonable accuracy the financial position of the charity at any time and which enable them to ensure that the financial statements comply with the Charities Act 2011 and the applicable Charities (Accounts and Reports) Regulations; - safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Annual Report and Unaudited Accounts 2021/22 Page 10 lttdependent Examinerf5 Report to the Tn￿lee5 of Worthln8 Cllnlc forthe year ended 31 December 2021 I rel￿ on the accounts of Worthing Animal Clxnic tor the year ended 31 Decell￿r 2021, which are set out on pages 12 to 19. Thjs report is made solely to the chatitys trustees, as a body, in accordance with provision 145 of the Qwi"ties Act 2011. My M'ork has been undertaken so that I might state to the chan.tys trustees those nutters I am required to state to them in an mdependent eknimine1 556.(Q3 2.131 510.036 507,755 2.281 Annual Report and Ur￿ud1ted Accounts 2021122 Page 12 Worthing Animal Clinic Balance Sheel as at 31 December 2021 2021 LTnrestricted Endowment Funds Fund 2020 Unrestricted Endowrynent Funds Fund Notes Total Totsl Tan￿ble 47,533 4?i,626 S)3,li9 47,533 4)3.495 501.028 50JJ3 422,470 472,973 2,131 2,131 424,f?I 475,254 12SI 1281 Stctk Debtors & Prepaynients Jnvestnients Cash at Bank & in Hand 14,119 14119 2.465 12.107 2,705 11,949 21,938 48.699 12,107 2,705 11,949 21,938 48,699 io 8b 41,696 63,944 41.696 63,944 UABtLrtIE5.. Amounts faljin due within one Crethtors & Acc￿￿5 li ear 8J69 8J69 13.917 13,917 55,575 55.575 34,782 31.782 TOTAL NET ASSETS S56.(￿3 2.131 510,036 507.755 2.281 12&13 45,985 510,618 s￿,603 45.985 510.618 5i6.603 43.9)) 463,760 i07,f>5 43.W5 463,760 507,7)5 General funds 2.131 2.131 2.281 2.281 5i8,731 5i6.(i)3 2,131 iIO,036 507.7)5 2.281 Approved by the Conw)ittee and signed on their l*k)alf ty. Trustee 6th Date Annual Report and Ur￿ud1ted Accounts 2021122 Page 13 Worthins Animal Clinic Notes to the Accounls for the year ended 31 December 2021 l. AccouNrtNG FOLICIE5 The accountjng ￿￿"cle$ used in the preparation of the accounts are as folloms: a) Basis of Preparats"(m and Assessment of Going Concern The accounts are prepared under the lustorical cost convents"¢xL Hryth ltell￿ Thyogrused at cost or transacts.on value uDJess othernw stated in the relevant notels) to these accounts. The fIna￿￿ statements have prepared in accordance with the Statement of Recommeth Practs"ce'. Account￿% and Reportin% by Chan"ts"es preparin% their accounts in accordance the ReF￿Ttsng Standard applicable in the and Republic of Irelat (FRS 102) issued in CktoLEr 2019 and the FInanci￿ Reporting Standard apptscable ITh the United and Republic of Ireland (FIS 1021 and the Chanties Act 2011. The trustees consider that there are no Mater￿ urKertaJnties atxjut the Trusys ab￿lty to continue as a going concerrL b) Incou Donats"ons. inV￿tment i￿o￿e and sjmllar incoming resources are mduded in the year in which they are receivable. which 15 when the cknity ￿OnieS entitled to the resource. it is probable that the chan.ty MTill receive the re50Lwce. and the arno￿t can be measLwed ryth rea￿)nable certainty. Legaeies receivable are included in the accounts when tly satisfy the follomtyrtg eriteria: Entitlement - actual receipt or legally enforceable right to receipt - Tea50nable certainty of rec￿pt c) Expenses All expenditure is included on an accruals basis and is recognised when there is a legal or constructive obIiRatsoL The majority of costs are directly attributed to one of the fU￿tIonaL categories ot resources expended in the Statement of Fir￿ne1￿ Artivities I￿)FA). IVheLE costs are shared or cannot be directly attributed in this way they have I￿n all(￿ted on a basis consistent with the use of the resources. Expenses on Rai%nR Funds represent expenditure incutted in fund rats1￿ and publioty. d) Funds Accountin2 Unrestricted Funds ir£lude t(sth general and designated funds on the following basis.. c￿￿ra1 Funds comprise those funds that the Tr￿teeS are free to use in accordance with the charity's oLT'ects: Si8nated Funds are those earnwked by the Trltstees for Particu￿ purp￿, as detailed at note 13. Annual Report and Ur￿ud1ted Accounts 2021122 Page 14 Worthins Animal Clinic Notes to the Accounls for the year ended 31 December 2021 I. ACCOUWfING IULICIES contjnued d) Funds Acc(wntin% (C(￿t￿uEd) The endowment fund compn5es the Ravenscroft Fund, the inc[￿ne of whth is avallable for the endowme￿ M'ho5e underlyin% inve5t1t￿t is valued at £2.131 (2020.. Q.281). e) DepreciAtion of TangLble Fixed Assets The freehold PrO￿rty is stated at its acquisition value plus the cost of improvements. No depreciation is provided because the Trustees consider this to k itJDnatenaL as the proFerty's residual value at the end of its useful life is expected to exceed its carrying value. even taking into account infiatio Depreaats"on is provided on other fixed assets in order to write down their cost to thar estunated residual value over their estinuted economAc h"ves, at the following rate: Fixtures & EquApment . 15°A Fer annurn on a straight Ixne ba CoJTLPUter Equlpll￿t . 33.3°A per annum on a straight line ba fj Fixed A55et tnvestJnents Investa￿Trts are a forni of basic finan￿ instrument and are intts.ally reCO￿lsed at their tran5artion value and sutsequentiy nieasured at their fair value as at the balance sheet date usin% the clo5in% quoted uwket price. The statell￿t of activities includes the net gains and 105ses arisin% on The clwity does not acquire put options. deLivatives or other complex financ￿ iftstnrnts. The main fonn of financial risk faced by the chaLity ￿ that of volatility in equity nwkets and invesbnent markets dlle to wider economic condibons. the athtude of investors to investment iisL g) st(￿ks Purchased stctks are valued at cost. h) Value Added T Tradm% inconie and ajl exFenth"ture is shown net of VAT. of the Tn￿tee5 lor any per%>n c(uuwted with them) rt*eived any ren￿￿ation during the wod. NoThe of them have ￿￿en reimbursed for exws. 2021 2020 sted Investments Bank etc. [kpo￿ts 15,823 15,894 Annual Report and Ur￿ud1ted Accounts 2021122 Page 15 Worthing Animal Clinic Noles lo ihe Accounts for the year ended 31 December 2021 Funds 2021 2020 Salaries & NIC (Note 5) Publicity EXE￿1$eS 914 530 562 1,352 Cjwitable Ex 2021 2020 Dru￿, Laboratory Tests & Consu￿bIeS Emer%ew Cover Salaries, NIC & Lc£um Fees (Note 5) Rates & Water Light & Heat IDStsrar￿e (Note 6) PostaRe. Statlonery & Advertisjn TelephoThe Trainin% Travel & Accommodats"on Repairs & Rerwals: Equipment Property B(KTrk.keeping Legal and Professional 31,024 9,694 115,707 1,481 1,569 1,285 720 4.471 114.448 16921 1.816 1221 595 330 330 6.219 120 6.155 175 924 2.127 123 229 2,970 519 179.585 2.123 i(ff) 294 3,028 1,172 168.6 Cleaning & Lawthy Sundry Expen￿5 tkweciation. EquiPU￿￿t Bad Debt Provision Totsi Costs Less Surgery Takings 113,844 iCP3.142 Net SUb￿"dISed Costs of AnIM￿ Treatnient 65,741 59.i14 2021 2020 Independent Examiner's Fee Sundry Lxpenses 412 907 824 Annual Report and Ur￿ud1ted Accounts 2021122 Page 16 Worthing Animal Clinic Noles lo Ihe Accounts for Ihe year ended 31 December 2021 5. STAFF CI%TS 2021 2020 Wages & sa￿les 76.843 3.078 i16 36.060 77.931 3.191 516 Penslon Costs 33. Average nurn1￿r ot employees (excludmg I(￿n￿l No employee received remuneration of more than £60,C((J. 'Ihe chan.ty corsiders its key management personnel to comprise the trustees. No key ￿￿￿gernent FErSonT￿L received any employment LEnefits. Insurance includes indemnity cover of £￿.c(M} at a cost of £5S) {2020: £250.(M)) at £530). 7. TLNGtBLE FIXED ASSErs Freehold Fixtures Com Totsj Cost At 1.1.21 Addltions D￿Posal5 At 31.12.21 125.719 41.615 71,ni 12J93 At 1.1.21 Charged for the year Disposals At 31.12.21 15.216 2.970 iu.th 1.215 1.755 Net Ikjok Values: AtJl.12.21 4/.)JJ 41.bl) ).4(AS )iu At 1.1.21 x>,J¢JJ 41.61 1,/2b 'Ihe L2wi"ty LoMmi￿on acts as cust(xlian trustee ol the treehold proFety. Fixed tnterest co lotal Invests]Mits ￿'und$ kunds a) Fixed Assets.. Market Value at 1.1.21 Additions Llisposals Change in Market Value Market Value at Ji.12.21 424.751 2.281 301.553 120.917 (2V.1￿) 50.87) 12U.(K)U) 40.657 {130) 10,368 trJAstoncaL Lost At Ji.12.21 2/b.14J i/O.Y4 Y).IbU At i.l.21 21>LO2 2.141 Ib/.)24 yJ,ItAJ Annual Report and Ur￿ud1ted Accounts 2021122 Page 17 Worthing Animal Clinic Noles lo ihe Accounts for the year ended 31 December 2021 continued At 31 DeL￿ber 2021]isted investments included no sec￿lty compLising 5% or tnore of the portfolio's valuati All investments are carried at thar fair value. The investments and hmds compnse, and i￿Orne arising relates to. COIF Fixed Interest Fund, COIF Chan"ties Investment Fund. COIF Chan"ts"es ProFty Fun SLTL Cazenove Chan"ty Equity tncome Fund, and 5ufL Cazenove Charity Multi.Asset Fund. GainslLosses on investments assets as shomm on the face of the Ststement of Fin￿￿￿k1 Adivilies reLites to realised gain ot £587 and unrealised gains ot £iO.288. considered in the financial revAew and investment policy and perforMar￿e sects.ons of the Truste b) Current Assets: These CO￿Pr￿ COIF depoAts. 9. ST(£K 2021 2020 Drngs, IXsp)sables & Food 14.119 11107 10. DEBT0￿ & PREPAYMENrs 2021 2020 Trade Debiors 140 2,705 11. CREDrroRS & ACCRUALS 2021 2020 Trade Creditors Sundry Creditors & Accrua Taxes & S(K￿l 5ecunty Costs 2.559 2.476 1.917 8,369 3.538 13.917 Totsl Funds Fund balarn￿ at 31 Decem￿ 2021 are represented ty. TanRible Fixed Assets 47,533 Investment Assets 453.495 Current Assets 63,944 Current Liab￿"tIeS 18.3691 5?6,603 47533 414W8 56,566 (8.3691 510.618 38.￿7 7.378 4i.98i Annual Report and Ur￿ud1ted Accounts 2021122 Page 18 Worthins Animal Clinic Notes to the Accounls for the year ended 31 December 2021 Resources InvestJnent Fund At 1.1.21 Resources ￿EX ded ￿￿Gain Transfers At31.12.21 ss General Funds 463.760 178591 (181,761 46.229 3.79) 510.618 De￿gnated Funds Van P4rrzeel E￿"e Pom'ell 183 6.292 1.924 1.596 43,9)5 (1.6241 6.292 (1.0351 1.140 (3.79)) Blo(MJ Test￿% Fund 4).985 Totsi Unrestricted Funds 7,755 179.isl 1181,7611 il,025 is6.(￿)3 The Van Peperzeel fund h'as estabh5hed follomw the receipt of a £iO.(KKI le2acy frorn the estate of the deceased in 2(IM. The fund 15 used to Fro￿de a sub5idi5ed vaccination and tree microchiwg Schell￿. The Elsie Pffllyell fund is used to provide an additional subsidy for specific treatments beyond ommers, means at the di*Tetion of the vet￿1r￿ surgeon and Mtas established toll0m￿g receipt ot a generous leRaCy from the estste ot the deceased in 2(JM. The Dog Neut￿ltig Fund Mfas estab]ished in 21Th on the initiative of a forn￿ chaimw Guy Freeland. to encouraRe doR oM4￿[S to neuter their pets. This year a totsl of a.03) has I￿] used to subsidtse the cost of dog neutering. The Blood Testi￿ Fund was established in 2011 from a Le￿CY received from the estate of Dorothy M wi￿. The fund is used to fitwice the lease of a blood tesbng machine for the dinic. This year a total of £1.140 was S￿1t to subsidise this Cost Annual Report and Ur￿ud1ted Accounts 2021122 Page 19 Annual Report and Unaudited Accounts 2021/22 Page 20