## ANNUAL REPORT and UNAUDITED ACCOUNTS 2024/25 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 2024/25 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 2024/25 Page 1 ## **Worthing Animal Clinic Annual Report 2024/25 Reference and Administrative Information** STATUS Worthing Animal Clinic is an unincorporated charitable association, Registered Charity Number 211467 CLINIC AND PRINCIPAL 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 2024/25 Page 2 ## **Worthing Animal Clinic Annual Report 2024/25 Chairman’s Report** When writing my Chairman’s report each year I normally use the previous year’s report as a reminder of how we have dealt with the problems and opportunities that always seem to appear from out of the blue every year! Inflationary pressure was one topic in last year’s report that confronted us and, perhaps not unexpectedly, has continued to impact us in many ways. We have managed to contain the effect on expenses whilst seeing an increase in total fees and, fortunately, no significant fall in consultations and operations. Donations do seem to have seen a general reduction but as mentioned later in the Trustees Report, a very significant individual donation from the Sussex Pet Rescue Charitable Trust has largely helped our funds. It enabled us to make decisions about clinic purchases which otherwise might have been either delayed or dealt with in an uneconomic way. Our legacy income for the year was lower than in 2023 although we are aware of a small number of still outstanding payments due possibly this year. Solicitor’s wheels still grind exceedingly slowly so I may be making the same statement again next year! Eventually, after considerable discussion, the Legal Ombudsman’s representative persuaded me to accept their recommendation that we should accept a small payment as compensation for the delays and problems we had encountered with a firm of solicitors. Hopefully, some lessons were learnt in the process! Our new provider of computer technical assistance proved not only to be more expensive but also not as efficient as our previous source. A recommendation was made early on that our computer system should ideally be migrated to “The Cloud” as it could suffer from problems if a full recovery was ever needed and the standalone server, we used was possibly going to need replacement. However, this proved, part way through the migration, to be unworkable and was aborted! We have, eventually many months later, with help from the suppliers of our system software been able to complete the migration and upgrade the system but, in the meantime, had suffered badly from intermittent loss of computer facilities as the server did decide to malfunction more and more frequently. Once again, I can point to comments made in my report to emphasise how much the clinic’s ability to function efficiently would be impossible without the willingness of the staff to cope with all the problems thrown at them. I will therefore yet again have no hesitation in saying that we continue to be very proud of all the excellent efforts made by our staff (and the locums) over the year in fulfilling the object of the charity to relieve the suffering and distress of animals belonging to people of limited means. 10 April 2025 Date Geoff Parrish Chairman Annual Report and Unaudited Accounts 2024/25 Page 3 ## **Worthing Animal Clinic Annual Report 2024/25 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 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 Microsoft - Teams 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 bookkeeper 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 2024/25 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 2024, the income of the Clinic amounted to £244,667 (2023 = £202,763) being the combined total of professional fees, fundraising, and investment income. Outgoings amounted to £202,950 (2023 = £196,805), resulting in net income for the year of £36,717. At the Clinic, during the year, 1667 animals attended consultations and 213 were operated on. The corresponding figures for 2023 were 1670 consultations and 254 operations. Trustees serving on the board during the year were as follows: Geoff Parrish Karol Jeffery In the light of their small numbers and lack of volunteers, the Trustees have again not organised or attended any fundraising functions during the year although we are grateful that several of our members took it upon themselves to raise funds in our name at functions and by other means. We were also extremely grateful for the significant donation to the charity made by the Sussex Pet Rescue Charitable Trust ## 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. Considering the very small number of current Trustees, however, any recruit is expected to be already proficient in the area of their intended contribution to the Board. Annual Report and Unaudited Accounts 2024/25 Page 5 ## RESERVES POLICY A concise and realistic Reserves Policy has been devised, and the principles therein are endorsed by the Trustees. The Reserves Policy was reviewed at the Trustee meeting held on 13 June 2024 and no amendments were made beyond the removal of reference to the two discontinued designated funds. During the year we have maintained the reserves within the required range of between 2 and 3 times the total annual operating expenditure. The next review will be held at the June 2025 trustee meeting. ## 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 Trustee meeting held on 13 June 2023, but no changes were felt necessary beyond the updating of some of the numbers therein. The next review will be held at the June 2025 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 about trustee expenses and payments. The Expenses Policy had been reviewed at the Trustee meeting held on 8 February 2024. The only changes had been a few grammatical amendments and removing the need for an annual review of the document in future years. A review of the policy will now only be carried out if there has been an expenses claim by a trustee in the previous calendar year. ## 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 year. ## OBJECTIVES FOR 2025 The principal objective for the coming year is, once again, to ensure a continuation of the Clinic’s work for the foreseeable future. Geoff Parrish Chairman 10 April 2025 Date Annual Report and Unaudited Accounts 2024/25 Page 6 ## **Worthing Animal Clinic Annual Report 2024/25 Veterinary Surgeon’s Report** The services of the clinic continue to be much in demand, with many new clients enquiring or registering each day. This situation was exacerbated recently when the PDSA in Brighton declined to register new clients for a period of several weeks due to staff shortages. A shortage of trained veterinary staff continues to be a nationwide problem, resulting in recruitment difficulties. Although the staff of Worthing Animal Clinic has been stable for many, many years, this does impact us to some degree in that it can be difficult to track down locum cover for holidays, and on rare occasions the emergency service provider in Worthing has been unable to find staff to cover their premises. With the rise of corporate veterinary practice, inflationary pressures and other financial issues, the veterinary segment is going through a challenging time and I would suggest that it has never been more expensive to provide and care for pets. Charities like ours can take some of the burden, but even our heavily subsidized fees prove onerous for some. This being said, it amazes me daily the decisions people make when choosing or sourcing an animal. Standard advice is to see a pup or kitten with its mother, in the environment in which it was raised. This is often ignored in favour of ‘social media’ transactions, when, if there is a problem post-purchase, the so-called breeder has often mysteriously disappeared! Unfortunately, the outcome of this is that the animal’s origin and future health prospects are then completely unknown. People also seem to blindly follow trends when choosing a dog in particular, usually due to the prominence of certain breeds in current TV ads. Pugs and Chihuahuas were the favourites for a while, now it is French Bulldogs and Dachshunds. Many of these dogs are prone to breed-related and inherited health problems. These might include chronic skin disease, eye problems and respiratory problems, and in the case of Dachshunds, neurological problems caused by spinal disc disease, which requires very specialized treatment. Visits to the vet for any of these issues are likely to be frequent and expensive. I note that a current, prominent advert features a very flat-faced cat, so I hope this is not a trend for the future. Annual Report and Unaudited Accounts 2024/25 Page 7 A case in point involved ‘Winston’ a French Bulldog, who, like a lot of flat-faced breeds had very prominent folds of skin on his face, extending from the corner of both eyes down the sides of his muzzle. In Winston’s case, the folds were so deep that they were a constant source of infection and soreness and were even rubbing on his eyes. The solution to this was to completely excise both folds surgically, a sort of doggy face-lift! (see picture). This has completely solved his problem, and the owner reports he’s never been brighter. Short-nosed breeds also suffer from dental problems due to tooth crowding and teeth that erupt at odd angles. A common problem is retained deciduous teeth which means that some of the juvenile teeth do not fall out when normal at 3-6 months of age. This is due to abnormal eruption of the permanent teeth which are meant to ‘push out’ the deciduous teeth. The retained teeth tend to crowd the permanent teeth and trap food and plaque leading to dental disease. Therefore, we aim to remove the retained teeth, but this is not simply a matter of ‘pulling teeth’ as the roots can be long, curved, and fragile so will often entail a ‘surgical extraction’ where the gums are lifted from the bone to expose the tooth roots. In a recent case (see picture) where I had to extract four retained canine teeth the procedure took at least one hour. David Thomas BVetMed MRCVS Veterinary Surgeon 10 April 2025 Date Annual Report and Unaudited Accounts 2024/25 Page 8 ## **Worthing Animal Clinic Annual Report 2024/25 Treasurer’s Report** This year’s total income figure stands at £244,667 or £173,594 excluding legacies and a single large donation. In 2023 it was £202,763 or £158,815 excluding legacies. Similarly, total expenditure was £207,950 compared with £196,805 in 2023. Overall, last year’s £5,958 surplus became, for this year, an even larger surplus of £36,717. We will continue to budget without looking to legacies in the light of the uncertainty and delays involved in receiving such income. It is worth emphasising, however, that receipt of unexpected funds does enable us to make decisions about expenditure which in other years may have been delayed to the detriment of the charity. Since being made aware of the donation from the Sussex Pet Rescue Charitable Trust we were able to proceed with the purchase of a new, rather than a refurbished, x-ray machine, a purchased, rather than a rented, blood testing machine and decide with confidence on the migration and upgrading of our computer system thus avoiding the potential loss of data and system access which could have arisen from the demise of our computer server. This year, apart from the one big donation, we saw a further reduction in donations both via websites and overall. As we had seen a reduction in the previous year also this may represent an ongoing trend which will need to be addressed. Investment income has stabilised, however, partly due to not needing to release equity funds as in previous years. Similarly overall clinic fee income has increased due to increasing our charges on a regular basis but there was a slight reduction in numbers of operations although number of consultations has held up. Expenditure, in the main, followed normal patterns albeit with some impact from the continuing inflationary effects. Our year-on-year creditors and debtors changes reflected the catching up of a CP neutering fee backlog and our delaying payment for our new x-ray machine. Although we still suffer from some delayed requests for payment by suppliers the one worthy of mention this year is that from the UK Health Security agency who suddenly realised that we had not been asked for payments for 2022 and 2023 in connection with our use of the x- ray machine, so we were suddenly asked for three years payments in quick succession! This is the reason for the significant increase in the Legal and Professional costs this year. Our investment policy requires that any significant income (over £40,000) over and above the amounts required for normal cash flow should be transferred for longer term investment at the earliest possible opportunity. However, in the light of a continuing reasonable rate of interest on our deposit funds and a somewhat inflated stock market it was decided not to invest further in our equity funds even though we were holding more than £40,000 during the year. We continue, however, to review this situation at each Trustee meeting. Geoff Parrish Treasurer 10 April 2025 Date Annual Report and Unaudited Accounts 2024/25 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 2024/25 Page 10 Worthlng Animal Cllnlc Indepèttdent kxamlnerfs Report to the Trystee5 ofworthths Anth￿ athk for the yearended 31 December21I24 l ryrt on thL? a(counLs ofworthing Anill￿1 Clinic for the yeorended 31 I>￿eMbff 3)24 which are srt out on pages 12 1(? 19. Th's ib mdde 401ely lo t1￿ rkn"Ly's Irustee& as a knly. in acCOrda￿'C with proi'ision 145 of t￿. Chariti¢￿ AL1 2)1 l. My wDrkhas been undiYkn)ko.n so tlwl I micht slale lo Ilx. (".harity's iru5lix%thwmaLLe I dm r(¥4uwe(I tv ststib to thp.Ln In indiwndrnl CxaMi￿.￿ Tr.FN)rt JTKI for no Oth￿ PUTP()x.. To ￿ Eull£%t exliint pern)illcd by Liw, I dv nol (KLryt or a&4umi' regwn5ibilily Lo anyo￿ ot?￿ than the chority and rTrkniritYs tnLst¢￿ as a body, for my work for thLS rppurt. or for opini(TrTr% I ￿ve lornied. Rt4frtl￿ respoDsAbllétie8 of truste*4 dnd examioer AS dEMTibed th the ￿ati)me1)I n( TDJ5teL% Res[￿A￿ll)Illl￿, the chan't￿8 truth9 ￿ rnponsiblo tl PTeparatino JccounLg. Thckirit￿S L'UEsiderihalaD audit ig nol requirpd Evr this. y￿r {urder provision 144(1) oftl* Charl￿0 Art Ini (the aiii ktl) tind thai anthdependent exatnthauon examinLb the accounL¥ ujxler provision 14> 1)f 2)11 A(L' fnllow iho prTh-pdurpg la￿ duwn in the Cp.nptal niTWtiOTkS ￿vpn by Charily Collunr*sion under pr()Vi￿On 15215) nf khi, 3)11 ACL JThJ ¥tate w￿thCr partKiilar maiLcr5 ha￿. c¢)me its my aiicntio of Indeptndenl examlnees ftport My eMmiTWti(m w&4 ('arrieJ iiut in wfth the D*rLKtiUr￿ glven by Ctharlty comu￿*10Th. An e¥ammsiti(?n WKIUd￿ a r['v￿￿ of the accouDl￿¥ nxvrJs kvpi by tho rjwily compaThi)n of accounts pTrVnt￿ wilh ih(Ase nx"()r(Ls. li aL80 ￿￿Ude5 coThqidpration of any unusual items ur aL￿1￿sUreS in thLi and rkwk]Dg oxplandtsvn4 froni you as any 5wh mait%Th. undertakp.n do nDi prowde all P￿di￿￿"e thai would be rnyutred in an audlL and cor6equenUy DU vpullun is given as lo whether tho ar('ounts prEWIt • 'true and Lijr v￿w. and thc report knmiied tD ihiyiv mdtterg scl oui in thv stsJlemenL I￿low. Independent examltwg Stalement In cnnniytiun with my examinatiofy no maUerhw5 11)uw. to)lly allonlion: > whkh mc rpasonable cause to believe th&i in any mAt(dal resrn nyiuiremenls to koo.p accountmg in aLronlJnLe wlth provision 130 L)f ljll ACL and • LU prepare a(coun15 W￿.th luvrd wilh ￿ ￿￿unting ff£ord5 Ar¥1 coznply wilh ihc a((ountin8 rLxwtrvmenLs 0( 2011 ACL have noi or 12> to whkh, in my opinlon. •ttertiun 5houM ￿ drnwn in onaer to enable a Prot￿ under5tonding of the ac(oV￿lS lo be Trdx'hed. IIcDJte L. aoak CTrkirttyd Q,rti(ied Accountant 7U ￿)Ulh 5treg.L WLSt BN15 8AJ Annual Report and Unaudited Accounts 2024/25 Page 11 Worlhing Animal Clinic Stalemenl of Financial Aclivilies for the year ended 31 December 2024 ?024 Unre5tTicted Endowment Funds Fund 2023 unrestn.cted Endowll￿t Fund5 Fund Notes Total Totsl Donations. Sub￿np￿0nS & Fund Faisin% Legacies 53.811 21.072 74,&83 53,811 21,072 74,883 43.948 47.933 43.948 47.933 Chan"table Acts"vittes 152.194 152,194 138,194 138.194 17,59) 175gJ 16,636 16,636 Total I￿orne 244,667 244,667 202,763 201763 NSES o Raising Funds Chantable ExFenth'ture 1,541 205,817 1541 205017 592 1,438 194.803 194.803 207.950 207.950 1%.80) Net ￿QMeN{EXpffidituTe} 36.717 36.n7 5.958 5.958 GaU￿1{Lo55eS} Invesljnent Assets 12.887 12027 15.626 15.528 98 49.(4M 49,544 21. 21.487 98 Funds brou%ht lorward 1.1.24 515.040 513,078 1,%2 493.456 491.i92 Funds carried foThTard 31.12.24 13 561,614 562,622 1022 515.040 513.078 1,962 Annual Report and Unaudited Accounts 2024/25 Page 12 Worlhing Animal Clinic Balance Sheel as at 31 December 2024 2024 Unrestsicted Endowrnent Funds Fwid 2023 unrestn.cted EndOwU￿1I Funds Fund Notes Totsi Totsl Tangible s3.￿3 431.508 488.011 s3.￿3 432,486 8i,969 48.289 427,621 475,910 48.289 42i.659 4T3.948 2,022 2,022 1.962 1,962 St(Kk Debtors & Prepayments Investnients 16.167 3,LK)I 23,(K)2 .752 86.922 16,167 3,￿1 23,W2 44.f)2 86,922 14.5YJ 4,397 14,807 22.103 S5,￿6 i¥L599 4.397 I4￿7 22.103 S5,￿6 io 8b ear Crethtors & Accntsls li 10,289 10,289 16,776 16,776 76,633 76,633 39,130 39,130 562.622 1022 515,040 513.078 1,%2 Represented ty. 12&13 Designated funds General funds 38.￿0 523.712 i62.622 38,910 523,712 i62,622 39,854 473,?24 513,078 39.8SI 4T3,224 513.078 1022 022 1.962 1.%2 >62,622 2.022 515,(MO 513.078 1,962 Trustee 10 April 20?5 Date Annual Report and Unaudited Accounts 20224125 Pa8e 13 Worthing Animal Clinic Noles to the Accounts for the year ended 31 December 2024 I. ACCOUYIING POLICIFS The accounting policies used in the preparation of the aLxounts are as follows.. a) Basis of Preparatson and Assessment of Going Concern The accounts prepared under the historical cost conventiotl items reco￿)15ed at cost or transaction value unless Othen4ry* ststed in the relevant notelsl to the￿ aeeounts. The fina￿la1 statements have t*en prepared in accordance with the Statenwit of RecoMn￿ded Practice". Accountin% arLd Rew)rtin% by C]harities preparing their accounts in amdance the Reporting Standard aPpI￿able in the UK and Repubtsc of treland (FRS 102) issued in c￿t0￿r 2019 and the Reporting Standard apphcable in the United K￿￿don1 and RepublLC of Ireland (FPS 102) and the CharAtLe5 Act 2011. The tn￿teeS conslder that there are no material ￿￿erts]nt￿ aix)ut the Trusfs abth.ty to conlinue as a golng concerrL b) Income in W￿"Ch they are receivable, W.h￿h is M,hen the chan.ty becomes ents.tied to the resource, it xs probable that the clwi.ty Mrill receive the resource, and the amount can be measured with reasonable certajnty. Legacies receivable are included in the aLfOtmts when tw satssfy the following criteria.. Entitlemtht - actual receipt or legally enforceable right to the receipt - reasonable certainty of receipt Measurement . the monetAry value can be measured with sufficient rehabi]ity c) Expenses All expenditure is induded on an accruals basis and is reco￿lised when there is a legal OT conStn￿￿"ve obts%ation. The uojority of costs are d￿eC￿v attributed to one of the function catewes of re50urce5 eX￿dea in the St￿tell￿￿t of Financi￿ ActivitRe5 ISOFAI. lknre costs are shared or carnot ￿ directly attributed in this way they have iren allLxated (m a ba515 consistent with the use of the res(Trurces. Expenses on Ra￿% Funds represent exFenth"ture incLwred in fund raisin% and pubh"aty. d) Funds AccountJn% Umrestricted Funds Eoth Beneral and designated ftmds on the following basis: General Funds comprise those funds that the Trustees are free to use in aCcOrdar￿ with the charity's otyects; DesAgnated FurLds are those earmarked by the TTh￿tee5 for Particu￿ purposes, as detailed at note 13. Annual Report and Unaudited Accounts 2024/25 Page 14 Worthing Animal Clinic Noles to the Accounts for the year ended 31 December 2024 I. ACCOLTNILNG POLICIES continued d) Funds Accountin2 (continued) The endomrynent fund comprises the Ravenscroft Fund, the itKome of which is available for the repair and mainter￿nCe of the ciwity's premises. The fund consists of a Fern￿￿t end0￿rynertt M,hose underlyinR investment is valued at £2.02212023: £1.%2}. e) Depreaation of Tanglble Fixed Assets The Ireehold proFerty As stated at its acquisition value plus the cost of improvem￿ts. INO depreciation is provided i￿CauSe the Tnth consider this to be immaterial. as the proFety's residual value al the end of its useful life is expected to exceed its canying value, even taking into account infiatio Depreciation is pOVid￿ on Ott￿ fxxed a55ets In order to write dowii thexr cosl to ttLeir estitiuted residual value over their estltr￿ted economic lives, at the fjollowing rate.. Fixtures & Equipment . 20 m per annum on a straight line basis Computer Equipment . 33.3°A per annum on a straight line basis 9 Fixed Asset Investsi￿nts Investments are a forni of basic financ￿ instrlllnent and are initially r£rO￿lsed at their transaction value and subsequently measured at theAr fair value as at the balance sheet date usin% the closin quoted market price. The statejnent of activities ]￿l￿deS the net Rains and losses arisin% on The ctwity does not acquire put options. derivatives or other complex fIn￿￿la1 instrurnts. The main form of financ￿ risk faced by the charity is that of volatility in equity markets and investL]rnlt markets due to wider economxc conditions, the attitude ot Investors to investn￿t rxsk g) Stctks Purchased stc(ks are valued at cost h) Value Added Tax Tradin% income and all eXp￿]￿.t￿re is shown net of VAT. None of the Trustees {or any person connected them) received any remuneration during the Fenod. None of them have been reimbursed for exFenses. 2024 2023 L￿ted Jnvestrnents 15.617 1.973 15.856 Annual Report and Unaudited Accounts 2024/25 Page 15 Worthing Animal Clinic Noles lo the Accounts for Ihe year ended 31 December 2024 4. WENSES Raisxn Funds 2024 2023 Salaries & Ntc (Note 5) Pubhcity ExFenses 9A 587 870 Cl)aritable Ex 2024 2023 Drugs, Laboratory Tests & Consu￿bIeS Emer%ew Cover Salaries, NIC & Lc£um Fees INote 5) Rates & Water Light & Heal Insurance (Note 6) Posta2e, Stationery & Adverbsin£ Telephone Trainin£ includin£ Travel & AcComm￿￿On Repairs & Renewats: Equipment Property Bcok.keepffing Legal and Professional 43,i91 5,079 129,733 1,318 3,777 123,219 1,225 3,612 930 828 349 7.126 926 1.194 2.787 145 331 1062 Cleaning & taundry Sundry Expenses Ekpreciation. Equipment Loss on Dw5al. Equiwt Bad Debt Provision Total Costs 153 319 74 194£03 2￿.817 Less SurRery TakinRs 152.194 138.194 Net Subsidised Costs of Anjmal Treatoient 53,623 024 2023 IndeFEndent Examiner's Fee sundry Expen￿5 592 592 Anmthi Report and Unaudited Accounts 2024/25 Page 16 Worthing Animal Clinic Noles lo Ihe Accounts for the year ended 31 December 2024 5. STAFF CCISTS 2024 2024 Wa2es & SalarAes 90,567 3.731 670 35.n6 ,ioi Pen￿Oll Costs 36.517 Avera￿ nut1￿ of employees lexdudm£ Icallnsl One employee received remunerats.on ￿￿VeeTh £60,QXJJ and £70.CQ), all other employees were below £60.C((I. The chan.ty cor5iders its key manaoement personnel to compnse the trustees. No key ￿￿￿£ernent perso￿1 received any employment benefits. Insurance includes indemnity cover of £2￿.(th at a cost of £6&) (2023: £250.(K￿) at £6421. 7. TKNGIBLE FIXED ASSETS Freehold Fixtu￿$ Com Totsl Costr. At 1.1.24 120.698 7276 41.615 66.6 7.276 12J¥J Disposals At 31.12.24 127974 12 93 At 1.1.24 char￿ for the year 72,409 2,062 60,016 2,062 12J93 At 31.12.24 7l4n 62.078 12J¥J Net Book Values: At 31.12.24 At 1.1.24 The Charity COTh￿]5510n acts as CuSt￿lan trustee of the freehold proFertv. Short thttatson cotF Total Bond Fund Funds Funds al Fixed Assets: Market Value at 1.1.24 Addits"ons 427,621 1,%2 296,571 129,088 (6.(Wl 12J67 16,(KK)I 5.113 Change in Market Value Morket Value at 31.12.24 7,714 Historical Cost. At 31.1124 141 At 1.1.24 275 i9) 141 Annual Report and Unaudited Accounts 2024/25 Page 17 Worthing Animal Clinic Noles lo Ihe Accounts for Ihe year ended 31 December 2024 continued At 31 December 2024 I￿ investments ]￿luded securAty comprising )% or more of the Portfo￿"0,5 valuats" All investnwits are carried at their fair value. The investments and funds comprise. and income arising relate5 to. COIF C]wities Short Duration Bond Fund, COtF Charities Investment Fund. COIF Charitse5 prO￿rty Fund. sufL Cazenove Chhrity Equity Income Fund. and sufL Cazenove 0￿rity Multi.A55et Fund. GainslLosses on inVeStn￿nts assets as shoTr%ryi on the face of the Statematt of Fina￿la1 Activities relates to real￿ed gains of ￿.415 and unrealised gal￿ of £9,472. The signth"cance of fllia￿￿ ir6truments to the ongojng f￿anc￿l sustajnabth.ty of the chan.ty is b) Current Assets: These compnse COIF depo￿ts. 2024 2023 Dru%s, Dyosables & Fo 16.167 14.)99 10. DEBTOtS & PREPAYNIENTS 2024 2023 Trade Debtors 1.9n 2.426 4.397 11. CREDrroRS & ACCRUALS 2024 2023 Trade Creditors Swidry Creditors & Accruals TaKes & Secunty Costs 3514 209) 3,876 10,289 2.629 10.807 16,776 Total FU￿d5 Fund balan￿ at 31 Decem￿ 2024 are represented by. T3Th￿ble Fixed Assets Investment Assets Cuttent Assets Current Liabjlities s3.￿￿ 432.486 86.922 110,289) 562.622 53503 402J97 78.101 {10.289) 523.712 30.(￿9 8.821 38.910 Al￿￿al Report and Unaudited ACCOU￿ 2024/25 Page 18 Worthing Animal Clinic Notes lo ihe Accounts for Ihe year ended 31 December 2024 Resources Investment Fund At 1.1.24 Resources ￿ded Gain Transters At 31.12.24 C￿neral Funds 473.224 243.&)1 207,9iO) 11253 523.n2 Designated Funds Van peper￿] Elsie Powell 33.562 6.292 39,8i4 I.(￿7 574 {2.584) 32.618 6.292 38.910 I.(￿7 574 {2.584) Total Unttstrirted Funds 513.078 244.667 207,9iO) 11827 562,622 The Elsle Powell fund is u￿d to PrOv￿e an adth"tK)nai subsidy for S￿￿1C treatments Eryond owners. n￿an5 at the d￿rets"On of the vetennary surgeon and was estab]￿ following receipt of a gener le%acy from the estate of the d£reased in 2(NJ4. The Van PeperzEel lund was establthd following the recelpt of a £50,¢XK) legaLy from the estate of the deceased in 2(N)4. The fund has Eeen used to provide a sUbsA.d￿ed vacr1nats0￿ free mAcrct￿PP￿￿ and from 2024 has iwi WAtended to Sub￿"dISe dog neutering. Annual Report and Unaudited Accounts 2024/25 Page 19