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2021-12-31-accounts

Annual Report and Accounts

31 December 2021

Vetlife is a working name of the Veterinary Benevolent Fund

Company Registration Number 153010 (England and Wales)

Charity Registration Number 224776

Report of the Board of Trustees - Year to 31 December 2021

Contents

1. Board of Trustees 3
2. History, Roles and Aims of Vetlife 5
3. Public Benefit 6
4. Charity Structure and Performance 7
5. Strategic Objectives 11
6. Delivery and Outcomes 12
7. Administrative Activities 17
8. Public Relations and Marketing 17
9. Financial Review/Treasurer’s Report 20
10. Trustees’ Responsibilities 25
Independent Auditor’s Report 26
Statement of Financial Activities 31
Balance Sheet 32
Statement of Cash Flows 33
Principal Accounting Policies 34

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Report of the Board of Trustees - Year to 31 December 2021

Board of Trustees

G Dick BVSc MRCVS President

P Horwood BVetMed DBR MRCVS Honorary Treasurer

J Chitty BVetMed CertZooMed CBiol MRSB MRCVS Honorary Secretary

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K Moore BVSc BSc(Hons) VN MRCVS

A Nelson-Pratt BVSc MRCVS

R Killen BVSc MRCVS

E McNeill BVMS CertVR MRCVS

D Chambers BVSc MSc MRCVS

J Russell BVetMed MRCVS

K Pickles BVMS PGCert(CounsSkills) MSc PhD CertEM(IntMed) DipECEIM MRCVS

N Saunders BSc BVetMed GPCert (SAS) MRCVS

P Freeman BVSc MRCVS

‘Working’ names Vetlife Vetlife Helpline Vetlife Health Support Vetlife Financial Support Company Secretary D Thorpe BSc (Econ) ACA Operations Manager J Driver LLB (Hons) Registered office 7 Mansfield Street London W1G 9NQ

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Report of the Board of Trustees - Year to 31 December 2021

Company Registration number 153010 (England and Wales) Charity Registration Number 224776 Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL Stockbroker UBS Wealth Management Limited 3 Finsbury Avenue London EC2M 2AN Solicitors Winckworth Sherwood The Old Deanery Deans Court St Paul’s London EC4V 5AA Bankers Barclays Bank plc PO Box 115 Carlisle CA3 8JS

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The Trustees of Vetlife present their report with the audited accounts of the Charity for the year ended 31 December 2021.

The accounts have been prepared in accordance with the accounting policies included with the attached accounts and comply with the Charity’s trust deed, the Companies Act 2006 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), 2[nd] edition.

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Report of the Board of Trustees - Year to 31 December 2021

1. HISTORY

The Veterinary Benevolent Fund (the Charity ), a charitable company limited by guarantee, was formed in 1978 by the amalgamation of the charitable assets of the Benevolent Fund of the National Veterinary Benevolent and Mutual Defence Society (founded in 1865) with those of the Victoria Veterinary Benevolent Fund (established in 1897).

The Veterinary Benevolent Fund later merged by special resolution of its membership with two other veterinary care organisations, the Veterinary Surgeons’ Health Support Programme and the Vet Helpline, to form the ‘new’ Veterinary Benevolent Fund in July 2005, of which the current governing documents are the Memorandum of Association (2008) and the Articles of Association (2008) of the Veterinary Benevolent Fund.

In November 2015 the Charity changed its working name to Vetlife and its support services were renamed Vetlife Health Support, Vetlife Financial Support and Vetlife Helpline.

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2. THE ROLE and AIMS

Vision: A UK veterinary community with high levels of physical and mental wellbeing.

Mission: To provide support to members of the UK veterinary community and their families who have emotional, health or financial concerns, whilst seeking ways to prevent such situations in the future.

Vetlife strives to ensure that those engaged in the veterinary community are aware of the sources of help and support should they, or a colleague, be in need of assistance. The Charity provides help where it can and also signposts individuals to additional sources of help as and when appropriate. Support needs vary according to circumstance and may involve short-term help to cope with an immediate crisis, or longer term care for those adversely affected by age, ill health or disability. Wherever possible, the Charity seeks to enable beneficiaries to return to independence and selfsufficiency.

Vetlife is a working name of the Veterinary Benevolent Fund.

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Report of the Board of Trustees - Year to 31 December 2021

3. PUBLIC BENEFIT

The Board confirms that it has had due regard to the Charity Commission’s general guidance on public benefit. During the year, the Board has discharged its responsibilities to beneficiaries of Vetlife in line with the principles in that guidance. The Board believes that the benefits and those who receive help from Vetlife are clear and identifiable and related to the aims of Vetlife. Vetlife makes every effort to ensure veterinary surgeons and their dependants who have financial difficulties, and any veterinary professionals (including veterinary nurses and students) who may need psychological and emotional support, have access to the relevant Vetlife services. Vetlife maintains contact with other related charities, the regional and specialist divisions of the British Veterinary Association (BVA), and major UK veterinary organisations, in order to provide points of contact between Vetlife and those needing help.

The veterinary community served by the various charitable activities of Vetlife provides a wide range of service to the public benefit, whether it be by the provision of veterinary care to animals or other veterinary related tasks in the UK such as those related to protection of the nation’s food supply and disease control. The principle financial support funds relate to support for registered veterinarians and their dependents, with non-financial support also available to veterinary nurses, veterinary and veterinary nursing students and ancillary support staff including practice receptionists, animal care assistants and practice managers.

The UK veterinary community is widely diverse. Available data supplied by the Royal College of Veterinary Surgeons, shows approximate UK registered figures to be:

UK Practicing Veterinary Surgeons 27,230
UK Non-practising Veterinary Surgeons 3,030
UK Registered Veterinary Nurses 18,480

Although there are restrictions placed on the classes of beneficiaries helped by Vetlife, the beneficiaries who are the dependents of veterinary surgeons may come from a wide range of occupations.

In 2021, as well as responding to 3,390 contacts to its 24/7 Helpline support and funding professional mental health support for those in need, Vetlife provided charitable financial support totalling more than £110,00 to beneficiaries through regular grants, accommodation and special charitable gifts.

The veterinary community continues to experience high levels of poor mental health and suicide, with some members finding themselves with significant financial worries. The recent years of Covid pandemic, changing demands on the profession and unprecedented staffing pressures have all contributed to the demands placed on the Charity. Nonetheless, the financial and other support provided by Vetlife has helped to keep its beneficiaries out of poverty and has often provided an opportunity for them to overcome their problems and return to work.

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Report of the Board of Trustees - Year to 31 December 2021

4. CHARITY STRUCTURE AND PERFORMANCE

Vetlife Board of Trustees

The Board of Trustees is the governing body of Vetlife with responsibility for management of the assets, charitable distribution of benefits, day-to-day administration of activities and the employment of staff and consultants. As the Charity is a charitable company the Trustees are also designated Directors of that company.

Following resolution at the Annual General Meeting on 24 November 2004, the Board is comprised of twelve Trustees, who are UK registered veterinary surgeons elected in accordance with the Articles of Association (2008) of the Charity.. A register of Trustees’ interests is held centrally and Trustees are required to declare any conflicts of interest at the beginning of every meeting of the Board.

Trustees are appointed for an initial term of three years, which can be extended for a further term or, in the case of the Officers, two further terms, with agreement of the Board. The regularity of attendance of Trustees at Board meetings is recorded throughout the year and reported annually in the Minutes of the November meeting.

Trustees received no remuneration but were reimbursed for their expenses as noted in the accounts.

For more information on current Trustees and their biographies, please visit www.vetlife.org.uk.

Changes to Board Composition

At the Annual General Meeting, held on November 10th 2021, there were three nominations for two vacancies on the Board. Following the result of a postal vote by the Charity membership, Danny Chambers and Paul Horwood were re-elected to serve as Trustees, each for an additional three year term.

The Board then elected its officers to be Graham Dick (President), John Chitty (Hon. Secretary) and Paul Horwood (Hon. Treasurer).

Trustee Induction

Despite the constraints imposed by Covid restrictions, all new Trustees took part in an induction process, including a virtual meeting with the Operations Manager, Company Secretary and President. Further induction processes included provision of all the governing documents of the Charity and a guidance manual to acquaint them both with the policies and practices of Vetlife, as well as with the expectations placed upon them by Charity law with particular reference to Charity Commission guidance. The Charity’s governing documents and the Trustees’ Manual are accessible at any time from a secure online resource (Glasscubes). All Trustees are also required to submit necessary supporting documentation to the Disclosure & Barring Service.

Safeguarding training is provided online and included in annual training sessions for all volunteers, including Trustees.

Newsletters with updates on Charity governance from the Association of Charitable Organisations and the Charity Commission are regularly circulated to Trustees.

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Report of the Board of Trustees - Year to 31 December 2021

Vetlife Trustee Communication

As a consequence of Covid-19 related movement restrictions the Trustees met in person on only one occasion at the end of the year (November), with four further meetings being undertaken by virtual means, as was the Annual General Meeting. The Vetlife Executive Committee also met regularly via teleconference on a monthly basis and as necessary in the interim, primarily to consider operational issues. Communication between Board and Executive was maintained between such meetings through email and Glasscubes (a dedicated secure web-based collaborative communication platform). Individual reviews were also conducted between the President and each Trustee by virtual means.

Executive Committee

An Executive Committee - the Honorary Secretary, Honorary Treasurer, President, Chair of Vetlife Helpline, Chair of Vetlife Health Support and Chair of Communications Committee – has delegated responsibility from the Board to make decisions on the management of the Charity between Board meetings, except for those matters set aside for the Board, and may approve expenditure up to a level of £1,000.

Vetlife Financial Support Committee

The provision of beneficial funds for “Financial Support” has historically been under the discretion and direction of the Charity Officers (President, Hon Secretary, Hon Treasurer). However, with increasing demand and the greater complexity of applications, this has transitioned more recently to a system of a Grants Award Panel (GAP) and a Grant Review Committee (GRC) to assess beneficial need of applicants and ongoing status of need respectively.

Following review of good governance practices, the Trustees determined that there was an absence of a duly delegated managerial committee charged with oversight and constructive input to the overall functional aspects of “Financial Support”. The Vetlife Financial Support Committee (VFSCom) was therefore established with the remit to provide overview of the functions of the Grant Application Panel and of the Grant Review Committee. The committee comprises a minimum of three delegated Trustees, of which one is the Hon Secretary, who acts as Chair and reports on the activities and deliberations of the committee to the Board.

With the creation of the Financial Support Committee, the structure of the Grant Application Committee (GAP) and the Grant Review Committee (GRC) has been adjusted such that the Hon Secretary remains a member of each of these committees, but that they be individually chaired each by a Trustee appointed by the Board. 


## **Vetlife Grant Awards Panel** 

As described above, following the creation of the Vetlife Financial Support committee, the Grant Awards Panel (GAP) now comprises the Hon. Secretary, one other Trustee appointed by the Board as Chair and three to four Area Representatives. It makes decisions on the level of regular grants and special gifts to be awarded to beneficiaries in line with Vetlife’s Grant Policy.  The Area Representative assigned to the beneficiary also plays an important role in the discussions and final decisions. 

Applicants for financial support from the Charity complete an application form with details of their monthly income and expenditure.  They are also asked to provide copies of recent bank statements and other supporting documents and now receive a virtual visit from Vetlife Area Representatives.  The widely used Common Financial Statement is also completed to assist the panel in determining a level of support on a par with that which other welfare organisations consider is necessary to support a reasonable standard of living. 

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**Report of the Board of Trustees -** Year to 31 December 2021 

## **Vetlife Grant Review Committee** 

Following the creation of the Vetlife Financial Support Committee (see above), this committee now comprises an appointed Trustee, who acts as Chair of the committee, the Honorary Secretary and 3 Vetlife Area Representatives. 

The committee is tasked with carrying out an annual review of the financial support that each person helped by Vetlife receives.  A Vetlife review form is completed with details of monthly income and expenditure, together with bank statements and other supporting documents.  This information is also used to make a calculation with the Common Financial Statement on-line tool when initial applications are received. 

The Charity aims to ensure that every person it assists is visited at home once a year where possible. Where home visits were not possible dye to Covid restrictions, virtual visits were made over the phone or via zoom or similar means. The report of the virtual visit, and the views of the Area Representative who has contact with each beneficiary, are relied on heavily when the committee decides on the level of ongoing support.  The committee may also request that other practical support, such as professional debt and benefits advice or access to Continuing Professional Development (CPD) be provided.

Vetlife Finance and Investment Committee

The Finance & Investment Committee is appointed by the Board. The committee is chaired by the Honorary Treasurer, and is tasked with the overall operational management of the funds of the Charity, the monitoring of income, expenditure and projected cash flow, and the allocation of its assets and invested funds. The committee regularly reviews the reserves policy of the Charity, its selection of professional investment advisors and the ethical criteria by which it chooses to see its funds investment portfolio managed. The financial status of the Trust Funds and the operational accounts of the Charity, and the decisions and recommendation of the Finance & Investment Committee, are routinely reported by the Honorary Treasurer to the Board and also made available via the secure Glasscubes internal communications platform. 


## **Vetlife Properties Management Committee** 

As a result of former legacies the Charity is the freehold owner of four semi-detached bungalow dwellings in Burton, Dorset. Two of these dwellings are held under Almshouse conditions whereas the other two are commercially let. 

A Properties Management Committee with responsibility for legal, physical, financial and occupancy oversight of properties owned by the Charity has now been established. This committee is also charged with ensuring compliance   with legal obligations of the Charity in relation to its Alms responsibilities; 

This has enabled focussed management of the Charity’s property assets with Terms of Reference for the oversight of the maintenance and commercial management of the buildings and grounds. This committee operates separately from consideration of beneficiary issues and is primarily charged with the continued security of the Charity’s assets held in these dwellings and the grounds.

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Report of the Board of Trustees - Year to 31 December 2021

Vetlife Area Representatives

Vetlife Area Representatives are the interface between the Charity and those members of the veterinary community and their dependants who may need charitable financial support. Due to COVID-19, home visits to new and existing beneficiaries remained suspended for most of the year. The Vetlife Area Representatives therefore conducted virtual visits via Zoom or by telephone.

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Association Memberships

Vetlife is a member of the following organisations:

Risk Assessment and Management

Trustees audit business risks and implement risk management strategies. The Charity has in place a formal risk management process embracing the types of risks that Vetlife faces in such key areas as strategic direction, finance, reputation, legal and statutory compliance, human resources, Safeguarding and IT. The register of such risks was regularly assessed at each meeting of the Trustees and updated or amended as necessary. The Board prioritised these risks in terms of potential impact and likelihood of occurrence and identified means of mitigating the risks where possible or introduced such new controls as it considered necessary. 


## **Covid -19 Response** 

Since the year end of 2019 and the emergence of the global Coronavirus pandemic, the demands on the services provided by the Charity and the resultant constraints on its fundraising activities have represented an additional and substantial risk to the finances of Vetlife. The Trustees continued regularly to monitor the financial status and forward commitments of the Charity including the impact of a range of mitigating factors put in place to ensure that the Charity remained financially stable and able to meet its charitable commitments during 2021 and beyond. 

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**Report of the Board of Trustees -** Year to 31 December 2021 

## **5. STRATEGIC OBJECTIVES OF THE CHARITY** 

At its Strategy Meeting of September 2017, the Board determined that a series of broad objectives needed to be met by 2022. These objectives remained the principal focus of the Board in 2021 and were: 

## **Refine the Charity remit** 

- Be clear on core activities, critically review, refine and deliver KPIs in line with strategic objectives. 

- Seek expert inputs to ensure delivery of Charity objectives. 

- Use evidence base to justify core activities and open new possibilities. 

## **Establish sustainable funding** 

- Build a sustainable funding plan. 

- Build stronger relationships with stakeholders. 

- Ensure appropriate cost structures and management of funds. 

- Create resources to communicate activities and generate engagement. 

## **Increase the reach to potential service users** 

- Plan resource allocation to deliver on the increasing service demands. 

- Operate marketing plans to widen awareness and access. 

- Regularly consider tools/products to augment the services provided. 

## **Ensure efficient use of resources** 

- Leverage office/BVA support team. 

- Utilise technical, Customer Relationship Management and IT systems to automate functions where possible. 

- Constantly improve internal and external communications. 

- Enable Board to drive fund raising and stakeholder engagement. 

- Outsource functions where necessary and cost effective. 

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**Report of the Board of Trustees -** Year to 31 December 2021 

## **6. DELIVERY and OUTCOMES** 

## **Vetlife Helpline** 

## **Background:** 

Vetlife Helpline provides confidential emotional support by phone or anonymous email. Support is provided by trained volunteers who are veterinary surgeons, veterinary nurses or others who have knowledge of the veterinary professions. It is a completely confidential, non-judgmental listening service, which gives people time and space to talk and explore their options. Callers are supported and signposted to access specialist help where appropriate. 

## **Support provided:** 

In 2021 Vetlife Helpline received 3,390 contacts by email and phone. Of these, 1,558 (46%) were by phone and 1,832 (54%) were by email. This averages over 9 contacts per day. 

Vetlife Helpline also continued to support practices following bereavement by suicide (postvention), and other potentially traumatic bereavement, providing support tailored to practice need. 

Vetlife Helpline collects data about the themes of contacts it receives by email and phone. Each contact can have more than one theme. Health related concerns featured prominently in Helpline contacts in 2021. Mental health concerns were described in 56% of contacts, and stress in 38% of contacts. Physical health concerns were discussed in 24% of contacts, and Covid related concerns in 11%. Suicidal thoughts and behaviour were discussed in 8% of contacts, and self-harm in 4% of contacts. Harmful substance use, including alcohol was discussed in 2% of contacts. 

Work related concerns are very common in Helpline contacts. These are grouped into different types of concern, including job demands, concerns about support at work, working conditions, job satisfaction, work life balance, bullying, complaints and professional conduct or disciplinary investigations. Of these, job demands were discussed in 27% of contacts, concerns about support at work were mentioned in 16% of contacts, working conditions in 14%, job satisfaction in 12%, and work life balance in 11%. Bullying was discussed in 4% of contacts, complaints in 3% and professional conduct or disciplinary investigations in 2% of contacts. 

As well as health and work related concerns, family and relationship issues were discussed in 23% of contacts, financial concerns in 5% of contacts, and violence and abuse in 2% of contacts. 

## **Volunteer recruitment and training:** 

At the end of 2021, 94 volunteers were helping to provide the Vetlife Helpline service. 

Ongoing training for all volunteers was provided online in 2021 with training on safeguarding children and adults at risk, and skills for supporting callers with mental health needs. There was also additional training to support the introduction of extended support services. Initial training was held twice in 2021, training 27 potential new volunteers. 

## **Volunteer support and supervision:** 

Volunteers supporting callers on Vetlife Helpline receive individual professional supervision. There were also four optional group supervision and reflective practice sessions in 2021, and six group sessions for new volunteers from two training cohorts. 

## **Outreach:** 

The Helpline service continues to reach out to the veterinary professions. During 2021 this involved talks delivered remotely at veterinary schools and conferences, and remote presence at local and national veterinary meetings. 

## **Working in partnership:** 

Vetlife Helpline delivers a helpline response service to the Republic of Ireland veterinary community under agreement with the Irish Veterinary Benevolent Fund. The Vetlife Helpline Manager is also a member of the RCVS Mind Matters Initiative Task Force, and was on the judging panel for the Sarah Brown Mental Health Research Grant. 

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**Report of the Board of Trustees -** Year to 31 December 2021 

## **Progress on 2021 activities:** 

- Support for volunteer induction extended 

- Volunteer numbers increased to 90+ 

- Operations guidance for volunteers extended 

- Support for Irish Veterinary Benevolent Fund service developed 

- New safeguarding monitoring system launched 

- Call reporting extended to include thematics 

## **Activities planned for 2022:** 

- Development of topic resources 

- Increase volunteer numbers to 100+ then maintain 

- Continue to develop and extend operations guidance for volunteers 

- In person ongoing training event for all volunteers

Vetlife Health Support

Background:

Vetlife Health Support provides professional mental health support to veterinary surgeons and veterinary nurses.

Support Provided:

The Health Support service continued to be delivered by the psychological health consultancy March on Stress, which adopted responsibility for the service in April 2017. March on Stress provides mental health assessments and support using a multi-disciplinary team of mental health professionals. March on Stress also provides supervision to Vetlife Helpline volunteers.

In 2021, demand remained high, with 187 individuals referred into the service. Depression and anxiety continue to be the most common diagnoses. Additional clinical resource was put in place for the first six months of 2021, due to an upsurge in demand and to ensure the service could continue to meet its KPIs in terms of the time to first contact and the offering of assessments. An external audit was completed in September 2021, which provided assurance regarding the safety and quality of the service provided by March on Stress. This will be repeated in 2022. 


## **Vetlife Financial Support** 

## **Background:** 

Vetlife Financial Support provides financial and other assistance to veterinary surgeons and their dependants, in the form of regular monthly grants or one-time special gifts. Vetlife may also fund professional advice on issues such as debt and state benefits, and offer emergency accommodation in property owned by the Charity in Dorset. 

This support can mean not having their home repossessed or that they are enabled to deal with their physical or mental health problems and return to work successfully. In some cases it can help provide shelter and support, and assist escaping an abusive relationship. For the more elderly or those unable to return to work, the support provides them with an improved quality of life. 

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**Report of the Board of Trustees -** Year to 31 December 2021 

Vetlife does not use charitable funds to replace available state assistance, but aims to provide a fourth line of support, with grants and special gifts from the Charity only available after an applicant has used their personal savings, applied for all state benefits and requested family support. Assistance is provided to direct applicants to these sources of help. 

## **Administration:** 

Beneficiary eligibility and levels of financial support to be provided were regularly decided by the Grant Awards Panel and the financial situation of all grant recipients was reviewed at least once during the year by the Grant Review Committee. A Casework Officer works full time within Financial Support, acting as the first point of contact for both beneficiaries and Area Representatives. 

The Financial Support application is completed in conjunction with the Common Financial Statement to calculate the appropriate level of support. Cases are discussed via secure online platform, Glasscubes, in accordance with GDPR guidelines. 

During 2021 the application process was reviewed and measures put in place to streamline support. This included appointing an Area Representative immediately upon enquiry, to those who qualified for support. This enabled assistance to be provided from the outset, in completing the application form and gaining a greater understanding of the applicants’ circumstances. 

The Vetlife Operations Manager was also provided with the power to grant a small amount of emergency funding to those applicants in the greatest need, while the Grant Awards Panel considered ongoing support. 

Area Representative feedback forms were sent out at the end of 2021 to gain insight into their volunteering experience. We received positive feedback as well as useful suggestions. 

Some of the recommendations included offering more training opportunities throughout the year. Feedback also included the desire for some volunteers to take on more beneficiaries. This is something which has been implemented following safeguarding recommendations and we have ceased recruitment of new Area Representatives, instead utilising those we have already trained. This has also been made possible by the imposition of virtual only visits to applicants and beneficiaries; in previous years Area Representatives were assigned to applicants based on the region in which they live. Visits are now predominantly made virtually which allows reps to take on more cases.   A monthly round-up of news or new information in the profession which is relevant to volunteers was suggested. This can include financial news to be aware of, which could impact our Beneficiaries. 

All feedback and suggestions from the survey will be reviewed and implemented where it is possible to do so. 

## **Support Provided:** 

The Fund responded with financial support to 7 new applications in 2021 (2020: 6) with a total of 24 beneficiaries supported during the course of the year. 2 referrals for specialist debt and welfare benefits advice were made to Manchester Citizens Advice Bureau. Where appropriate, referrals were also made to Vetlife Health Support and by signposting to debt management Charity StepChange. 

A total of £86,975 was paid out in the form of regular grants to beneficiaries and £9,438 was given as one-off special gifts. 

No genuine case of financial hardship was refused assistance during the year, the principal grant purpose being for assistance with living costs.  Although historically the largest grant recipient group were widows of veterinary surgeons, two thirds of beneficiaries are now veterinary surgeons. 

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**Report of the Board of Trustees -** Year to 31 December 2021 

## **Beneficiary Contact:** 

During 2020 home visits were suspended due to the pandemic and a remote visit report questionnaire form was produced to support Area Representatives during their initial contact with new applicants. During 2021, some Covid restrictions were lifted which permitted social contact. Area Representatives and Beneficiaries were given the opportunity to meet face to face providing regional guidelines were fulfilled. A home visit risk assessment form was created to ensure both Reps and Beneficiaries were safeguarded. 

## **Training:** 

Due to Covid restrictions, the annual Area Representative training was conducted virtually with a total of 19 Reps in attendance. Regular communication with Area Representatives was maintained by email and newsletter throughout the year. The number of representatives at end of 2021 was 24. 

Financial Support was also included in the annual Helpline training session, providing information to Helpline volunteers on the work of Financial Support, who may be eligible and how to refer to the service via Helpline. 

## **Return to Work:** 

Vetlife has continued to support “at risk” veterinary surgeons to enable some individuals to remain in work. This has been achieved with the additional help of Vetlife Health Support when appropriate consent was given. This can prevent potential hardship, and ensures continuity in their professional lives. Vetlife also assisted veterinary surgeons suffering illness for a period of time to return to work by arranging for re-integration into the professional environment by practice engagement, access to free CPD and financial assistance to regain RCVS registration. 

## **Activities planned for 2022:** 

The challenges faced following the pandemic will continue to impact on Vetlife Financial Support as well as other support services. The introduction of the Financial Support Committee will help ensure that the appropriate decisions are made for best future provisions of the service. We will continue to work closely with the volunteers to improve the support that we provide to the Beneficiaries as well as the volunteers. Continued liaison with Vetlife Helpline will help to ensure that contacts made can be referred to Financial Support for assistance where appropriate.

Charity Properties

The Charity continues to own four semi-detached bungalows in Dorset. During the period two of the properties were occupied by Vetlife beneficiaries under Alms Letters of Appointment. The remaining two properties were rented to private tenants under assured shorthold tenancy agreements thus providing income as return on investment. These properties are supervised by local managing agents, Harker & Bullman Ltd of Wimborne, Dorset.

Necessary maintenance works were carried out throughout the year on the four bungalows. An annual inspection visit is normally made by an appointed Trustee on behalf of the Board, and a full property valuation conducted every five years, the last valuation having been carried out in March 2017. As a result of the Coronavirus pandemic one routine inspection was possible during the financial year of 2021, and intermittent updates were received from the managing agents. 


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**Report of the Board of Trustees -** Year to 31 December 2021 

## **Fundraising** 

The Communications Committee is responsible for overseeing both the communications and the fundraising strategy for the Charity. 

## **Fundraising Statement:** 

The fundraising pages of individual fundraisers on Just Giving are promoted by Vetlife on social media and in the monthly Vetlife Newsletter. Thank you messages are posted through social media, the veterinary press and in the monthly Vetlife newsletter and members’ newsletter following receipt of donations from corporate groups or other external organisations. 

- The Charity is especially grateful for ongoing financial support from the RCVS and Veterinary Defence Society. 

- Organisations which nominated Vetlife as their Charity of the year and carried out fundraising events on its behalf have been thanked through social media and by newsletter. 

- The Charity is not a member of any fundraising association and has not employed any external organisation to fundraise on its behalf. 

- The Charity has not received any complaints regarding fundraising activity. 

- The Charity does not monitor fundraisers; however it does carry out checks on press releases and other promotional activity communicated by fundraisers. 

## **General Donations and Gifts** 

At £297k, donations and gifts were more than double that received in 2020 and was down to very generous donations from several of the large employers and VDS. Despite the continued restrictions on fundraising caused by COVID, it has been extremely pleasing to see this uplift in support from across the profession. 

**Legacies and in-memoriam donations** remain at an all time low for 2021 at £28k. 

**On-line Fundraising:** Vetlife has a presence on four online donation sites (Just Giving, Virgin Money Giving, BT Donate, Facebook). Fundraising activities continue to be affected by COVID restrictions. 

## **Gift Aid:** 

The Charity promotes donations to be made under the Gift Aid scheme to maximise their value to the Charity. 

## **Vetlife Fellowships:** 

Vetlife fellowships recognise significant contributions to the work of the Charity. No fellowships were awarded in 2021. 

## **Donor Relations Manager:** 

Following strategic analysis by the Board, the decision was taken to engage a dedicated member of staff on an 80% FTE basis for the purpose of providing enhanced relationship liaison with principle and potential donors and sponsors. Following due recruitment process the post was filled and became active in Q3 2021. 

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**Report of the Board of Trustees -** Year to 31 December 2021 

## **7. ADMINISTRATIVE ACTIVITIES** 

The constraints of Covid control had a significant impact on the ability of the permanent staff to access the Vetlife offices during the year. As a result all staff maintained the “home working” condition adopted during 2020. Despite the resulting adaptations to such a working environment, the necessary processes of the Charity were maintained throughout the year, with no reports of adverse impact on deliver of its services. 

With the exception of the Board of Trustees meeting in November, all meetings, including the AGM were convened via Microsoft Teams or Zoom as was the recruitment process of a new member of staff. 

The Charity opened the year with a total Full Time Equivalent employee base of 3.3. With the addition of a Donor Relations Manager (0.8 FTE) and the extension of working commitment of the Communications Officer from 0.6 to 0.8 FTE, the full closing staff was 4.3. 

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## **8. PUBLIC RELATIONS AND MARKETING** 

Key marketing activities undertaken in 2021 include the launch of an Instagram account, preparation for Vetlife Day launch, a new approach to Mental Health Awareness Week with a week of virtual activities, Christmas card competition, new merchandise creation  attendance at virtual events, and one in person event. Fundraising is routinely incorporated into overall communication activities. 

## **Press Activity:** 

Vetlife has featured in a variety of trade, local and national press publications and media outlets throughout the year including: 

- Vet Record - The Times - MRCVS - BVA News - Vet Times - BBC 4 Woman’s Online - www.veterinaryBBC Good Morning Hour - VN Online practice.com Scotland 

## **Events and Exhibitions:** 

Due to the ongoing pandemic, some of the scheduled events in 2021 were made virtual or postponed. Vetlife exhibited In person at London Vet Show and BVNA on a stand sponsored by supporters B.Braun and also at the annual Vet Dynamics Conference. Vetlife also attended virtual events and gave zoom talks at a variety of congresses including: ECC Virtual Congress, IVC Virtual Graduate Congress, BSAVA, Askham Bryan Veterinary Nursing Congress. 

## **Advertising and Promotion:** 

Various publications of the veterinary press and other organisations often offer free promotion of Vetlife. During 2021 Vetlife received free promotion/advertising space via the following channels: 

- Vet Record 

- - - Veterinary Times Veterinary Business Journal 

- - Vetsurgeon.com - Vetstream.com - BVA member emails - Edinburgh Vet School handbook - The Veterinary Edge 

Additional paid promotion included an advertisement in Charity Choice. 

## **Media Analysis** 

Vetlife   17 



**Report of the Board of Trustees -** Year to 31 December 2021 

Google Analytics indicate that in 2021 the Vetlife website received 60,661 sessions representing a 8.3% decrease from 2020 (2020: 66,173) with an average of 1.9 pages viewed per visit. 68.74% of users were from the UK, and 11.97% from the US, with the remaining users variously located in Australia, Ireland, Canada, Netherlands, India, China, Germany, and Philippines. 

55.51% of users access the website via mobile phone, 42.83% by computer and 1.67% via tablet. 

Acquisition routes were recorded as 61.7% through organic searches; 22.1% by entering the website address; 8.8%% by social media and 7.2% by referral from another site. Vetlife also has a presence on other websites within the veterinary community, which allows the Charity to reach a wider audience and refers people to the Vetlife website. 

The most viewed pages in 2021 were the Vetlife homepage, depression, alcoholism real stories, and how the charity can help. 

In 2021, monthly newsletter emails were sent to all those listing their approval as recipients on the Vetlife database, as well as ad-hoc emails to members. These emails communicated updates on activities and information about support from Vetlife. 

Facebook and Twitter were used extensively to raise awareness of the Charity. By the end of 2021 the Vetlife Facebook page had increased its followers by over 10% to 9354 (2020: 8484) and Twitter followers had increased by near 8% to 7,179 (2020: 6,649). 

During 2021 content associated with the Vetlife pages reached 696,270 people which was a decrease from the previous year (2020: 881,707). The most popular posts of 2021 included posts about selfcare, Mental Health awareness Week, Helpline, a charity calendar fundraiser and World Suicide Prevention Day. 

|Day.|||||
|---|---|---|---|---|
||Vetlife Website||Facebook|Twitter|
||Sessions|Page Views|Likes|Followers|
|2020|66,173|128,045|8,484|6,649|
|2021|60,661|139,873|9,354|7,179|
|Variance|- 5,512|+ 11,828|+ 870|+ 530|
|% variance|- 8.3%|+ 9%|+ 10.25%|+ 7.90%|



Vetlife is regularly mentioned on digital marketing activities of other organisations; this allows the Charity to reach a wider audience and also refers people to the Vetlife website. 

Outlets on which reference was made to Vetlife included: 

RVC social media BEVA BVLGBT+ social media Mind Matters SPVS social media VN Online BSAVA social media Vet Surgeon VDS social media Vet Partners Veterinary Voices Facebook Vets4Pets Social Media Companion Animal Vets: Stay, Go, Diversify, social media Vet Times BVNA social media BVA digital communications (student Plus many more veterinary eNews, social media) organisations 

Additional paid promotion included an advertisement in Charity Choice 2021.

Vetlife 18

Report of the Board of Trustees - Year to 31 December 2021

External Reference Group

The External Reference Group (ERG) of Vetlife is an invited group of voluntary participants convened to monitor and provide insights and feedback on the performance of the Charity. It does this by consideration of and feedback on:

ERG participation consists of invited delegates drawn from a broad range of possible stakeholders of the Charity including (amongst others):

harity including (amongst others):
Association of Veterinary Students (AVS) British Small Animal Veterinary Association
(BSAVA)
Royal College of VeterinarySurgeons(RCVS) British VeterinaryNurses Association(BVNA)
Veterinary‘Major Employers Group’(MEG) VeterinaryDefence Society (VDS)
British Equine VeterinaryAssociation(BEVA) British VeterinaryAssociation(BVA)
Association of Vets in Industry (AVI) Vetlife Helpline Volunteers

Faced with the restrictions of Covid and participant availability, no ERG meetings were held during 2021.

~~~~

Vetlife 19

Report of the Board of Trustees - Year to 31 December 2021

9. FINANCIAL REVIEW and TREASURER’S REPORT

Summary

The year ending 31[st] December 2021 has seen the full range of Covid restrictions, starting with a complete lockdown and then after a couple of false starts, a slow opening up of borders towards the end of the year. The increased demand on Vetlife’s services, experienced at the start of the pandemic, has continued throughout the year and combined with a difficult fund-raising environment, it has made for a challenging time for the Charity.

However, despite the heavy demand for its services, an increase in investment income following the more rapid rise of the stock market than anticipated, coupled with a very generous response from several donors, has helped the Charity to avoid a predicted budget shortfall of £150k, with a small surplus.

Total Funds Balance of £9.089 million up £1,018,524 (12.6%) vs. prior year:

Operational Considerations

As the impact on the financial markets from Covid lessens and the world begins to recover, the performance of the investment portfolio has been stronger than predicted.

Generous donations from RCVS and VDS have been received, along with new donations from several of the larger employer groups, which has seen income significantly increased over that of 2020.

The continued dedicated work of the Charity’s volunteers and the continued working from home by the employees kept the Charity running and balanced the fund. The trustees met only once in person during the year, and training for volunteers and staff was carried out virtually to enable cost savings wherever possible.

Salaries increased due to an increase in staff count, taking on a relationship manager in Q3, to raise the profile of the Charity with actual and potential donors and to professionalise the Charity’s links with its funding stakeholders.

Investments and Ethical Compliance

As part of its 2019 review of investment strategy, the Board of Vetlife took the view that regard must be paid to environmental, social and governance factors. It concluded that its investment advisors be instructed to:

The Board continues to consider that its cause is not served by investment in those sectors, which it deems not to be in keeping with its ethical considerations. It therefore chooses to exclude from its

Vetlife 20

Report of the Board of Trustees - Year to 31 December 2021

portfolio those manufacturing companies with revenues of 5% or greater, and distributors with revenues of 15% or greater, derived individually from any of the product sectors which may be defined by:

The Board also stresses adherence to a policy of avoidance of investment in shares based on the provision of high interest loans, sometimes known as Payday Loans.

To ensure compliance with its ethical criteria for investment, the Finance and Investment Committee, acting on behalf of the Board of Trustees, has instructed its current investment advisors, UBS AG of:

UBS AG completed the transition of funds to a portfolio structure compliant with the desired ethical structure in Q1 2020. This revision resulted in removal of the former emphasis on UK/FTSE stocks and sectors and a broader exposure to companies, industries and geographies with stronger sustainable credentials than peers.

This approach has been maintained throughout the Covid pandemic.

Vetlife Income

Invested Funds closed the year valued at £8.121 million, up 17% on the previous year as the full effects of Covid lockdown receded. The strategic move in 2019 to a more global value generating approach from the previous UK centre red dividend approach has seen a strong and rapid recovery as the world recovers from the impact of the pandemic.

Investment income (£209k) showed a strong uplift, as the stock market recovered from the pandemic.

Legacies (£28k ) more than doubled over prior year but remain low as compared to historical expectations. Thought will be given to ways and means of improving this revenue source.

General Donations (£300k) were more than double those of 2020 and aided by generous donations from several large employers and VDS. The Charity has welcomed this broad uplift in support from across the profession, despite the continued restrictions on fundraising caused by Covid.

Membership Subscriptions (£15k) remained broadly in line with prior years despite impacts of the pandemic, reflecting a high level of passive renewals.

Cash reserves (£357k) showed a reduction against 2020 (-24%) following the strategic decision of the Finance and Investment Committee to enhance future earnings potential by movement of £150k to Investment funds.

Vetlife 21

Report of the Board of Trustees - Year to 31 December 2021

Health Support & Helpline donations continued to represent an essential element of the coverage of the operative costs of the Charity with generous funding again received from the two principal supportive organisations, the Royal College of Veterinary Surgeons and the Veterinary Defence Society.

The Board again gratefully recognises the generosity of the Charity’s membership, the Veterinary Defence Society, the Royal College of Veterinary Surgeons, the Mind Matters Initiative and those associations, practices, companies and individuals who have made donations, either directly or as a result of various, sometimes arduous, fundraising activities. It also humbly appreciates the generosity of those former colleagues and others who have thought to assist its work through legacy provision. It continues to strive to utilise all its funded income to the maximum benefit of those it seeks to serve.

2021 INCOME £776,941

----- Start of picture text -----
Helpline Donations Health Support
17,054 Donations
2% 180,052
23%
General Donations Subscriptions
300,152 15,242
39% 2%
Legacies
28,525
4%
Investment Income
209,379
Bungalows 27%
26,537
GBP £'s
3%
----- End of picture text -----

Vetlife Expenditure

A small increase (£34K, +5%) in overall expenditure was recorded in comparison to 2020

Vetlife Helpline (£72k) expenditure was similar to that of 2020 with the Helpline continuing to support a very significant number of contacts. No “in person” training was carried out during the year, which contributed to cost containment. Face to face training is however an essential component of the service and as Covid restrictions lift this will require full funding once again in the future.

Vetlife Health Support (£211k) increased against 2020 due to a negotiated increase in the provider contract to provide additional resources to meet the required professional referral service for those in need.

Vetlife Financial Support (£113k) beneficial payments and costs were down 13% against prior year, with some savings due to reduced face to face training costs and a reduction in expenses of representatives due to reduced ability to visit in person.

Communications and Fundraising (£72k) costs are impacted by a significant increase in the investment funds management fee charged to the Charity on a % basis which has risen year on year as a consequence of the significant post pandemic resurgence in fund valuation. General communications costs have been constrained by the impact of the pandemic restrictions on travel and exhibitions..

Vetlife 22

Report of the Board of Trustees - Year to 31 December 2021

Administration (£256k) increased by 4.9% despite trustees’ expenses remaining low with only one face to face meeting taking place during 2021. The cost of salaries was increased due to the increase in staff count by the engagement of a Donor Relations Manager in Q3.

2021 EXPENDITURE - £724,992

----- Start of picture text -----
Comms &
Administration Fundraising
256,249 71,950
35% 10%
Financial Support
113,439
16%
Health Support Helpline
210,967 72,387
29% 10%
----- End of picture text -----

Reserves Policy

Vetlife relies heavily on investment income to cover its operational needs and the needs of its beneficiaries. The Board of Trustees has defined its Strategic Objectives for the periods 2019 – 2022 to include: -

In accordance with the above the Board determined that there shall be a reserve capital sum maintained, from which the anticipated annual total return should not fall below an amount approximating to 33% of the Fund’s total annual expenditure. Based on the 2021 annual expenditure demands such a reserve would equate to approximately £240K. During 2020 the charity ran significantly higher cash reserves and so made the decision to move £150k into the invested fund in Q1. Despite this move from cash to investments, the 2021 closing cash reserve balance of £357K continued to exceed this limit.

Subsidiary Trusts

Vetlife has one restricted fund known as the Professor Wortley-Axe Fund, which consists of two alms houses, collectively valued at £211,579. The Trustees regularly review the conditions attaching to this fund and consider the appropriateness of maintaining ownership of the properties.

The alms houses, rental properties and related land are included in the accounts at an open market value of £694,040 and are not depreciated. The last valuation was carried out in March 2017. A full valuation is undertaken every five years and will be due in 2022.

Funds previously known as the Clement Stephenson and Garnett Memorial Funds have been reduced to zero.

Vetlife 23

Report of the Board of Trustees - Year to 31 December 2021

Post Balance Sheet Events

The Board of Trustees approved its Budget for 2022 based on the assumption that the significant increases in its services during the COVID pandemic would continue for the next 1-2 years. It continues to monitor the evolving situation and regularly reviews potential impacts both on demand for Vetlife services and support, and on the generation of necessary funding and income.

At the time of preparation of this report, the Board considers that the Charity will continue to be able to fulfil its charitable purposes as a going concern.

~~~~

Vetlife 24

Report of the Board of Trustees - Year to 31 December 2021

10. STATEMENT OF TRUSTEES’ RESPONSIBILITIES

The Trustees are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Charity and of the profit or loss of the company for that period.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity’s transactions and to disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The above report has been prepared in accordance with special provisions relating to small companies within Part 15 of the Companies Act 2006.

Signed on behalf of the Board of Trustees 18 May 2022:

…………………………………………….

Graham Dick BVSc MRCVS

President

Vetlife 25

Report of the Board of Trustees - Year to 31 December 2021

Independent auditor’s report to the members of The Veterinary Benevolent Fund

Opinion

We have audited the financial statements of The Veterinary Benevolent Fund (the ‘charitable company’) for the year ended 31 December 2021 which comprise the statement of financial activities, the balance sheet, and statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised 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 information

The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report and financial statements. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Vetlife 26

Report of the Board of Trustees - Year to 31 December 2021

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Vetlife 27

Report of the Board of Trustees - Year to 31 December 2021

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

Vetlife 28

Report of the Board of Trustees - Year to 31 December 2021

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of noncompliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Vetlife 29

Report of the Board of Trustees - Year to 31 December 2021

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Edward Finch (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street

London EC2V 6DL

29 September 2022

Vetlife 30

Statement of financial activities (incorporating an income and expenditure account) Year to 31 December 2021

Notes Unrestricted
funds
£		 Restricted
funds
£		 2021
total
funds
£		 Unrestricted
funds
£
Restricted
funds
£
2020
total
funds
£
Income from
Donations and gifts
1
Legacies and in
memoriam
Investments
2
Charitable activities
Total income
Expenditure on
Raising funds
Charitable activities
. Vetlife Financial
Support
. Vetlife Helpline
. Vetlife Health Support
. Vetlife Website
Total expenditure
3
Net income /
(expenditure) before
realised gains on
investment assets
Net gains / (losses) on
investment assets
6
Net income /
(expenditure) and net
movement in funds for
the year
Balances brought
forward at 1 January
2021
Balances carried
forward at 31
December 2021		 512,500
28,525
209,379
26,537		 -
-
-
-		 512,500
28,525
209,379
26,537		 326,798
-
326,798
10,000
-
10,000
167,563
-
167,563
26,792
-
26,792
776,941 - 776,941 531,153
-
531,153
130,772
241,564
98,012
223,779
30,865		 -
-
-
-
-		 130,772
241,564
98,012
223,779
30,865		 88,998
-
88,998
264,742
-
264,742
111,515
-
111,515
201,616
-
201,616
23,659
-
23,659
724,992 - 724,992 690,530
-
690,530
51,949
966,575		 -
-		 51,949
966,575		 (159,377)
-
(159,377)
(194,534)
-
(194,534)
1,018,524
7,859,535		 -
211,579		 1,018,524
8,071,114		 (353,911)
-
(353,911)
8,213,446
211,579
8,425,025
8,878,059 211,579 9,089,638 7,859,535
211,579
8,071,114

All of the Charity’s activities derived from continuing operations during the above two financial periods. The Charity has no recognised gains and losses other than those shown above.

Vetlife 31

Balance sheet Year to 31 December 2021

Notes 2021
£		 2020
£
Fixed assets
Tangible assets
5
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within one year
8
Net current assets
Total net assets
The funds of the charity
Restricted funds
9
Unrestricted funds		 694,040
8,121,278		 694,040
6,965,438
8,815,318 7,659,478
35,121
357,278		 37,424
473,608
392,399
118,079		 511,032
99,396
274,320 411,636
9,089,638 8,071,114
211,579
8,878,059		 211,579
7,859,535
9,089,638 8,071,114

Approved by the Trustees of Veterinary Benevolent Fund, Company Registration Number 206456 (England and Wales), and signed on their behalf by:

............................... ……………………………………… Graham Dick President:

Approved by the Board of Trustees .

18 May 2022

Vetlife 32

Statement of cash flows Year to 31 December 2020

Notes
2021
£		 2020
£
Cash inflow from operating activities:
Net cash used in operating activities
A
Cash inflow from investing activities:
Dividends and interest from investments
Proceeds from the disposal of investments
Purchase of investments
Net cash provided by investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at 1 January 2021
B
Cash and cash equivalents at 31 December 2021
B
(136,444)		 (290,097)
209,379
3,427,097
(3,616,362)		 167,563
6,561,439
(6,652,452)
20,114 76,550
(116,330)

473,608		 (213,547)
687,155

357,278		 473,608

Notes to the cash flow statement for the year to 31 December 2021.

A Reconciliation of net movement in funds to net cash used in operating activities

B 2021
£		 2020
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
(Gains) / Losses on investments
Dividends and interest from investments
Decrease in debtors
Increase in creditors
Net cash used in operating activities		 1,018,524
(966,575)
(209,379)
2,303
18,683		 (353,911)
194,534
(167,563)
19,204
17,639
(136,444) (290,097)
Analysis of cash and cash equivalents 2021
£
357,278		 2020
£
Cash at bank and in hand 473,608

Vetlife 33

Principal accounting policies Year to 31 December 2021

The principal accounting policies which are adopted in the preparation of the Charity’s accounts are as follows.

Basis of accounting

The financial statements have been prepared under the historical cost convention with items initially recognised at cost or transaction value unless otherwise stated in the relevant accounting policy note. The financial statements have been prepared in accordance with:

The Charity is a public benefit entity as defined by FRS 102.

Going concern

The Directors have considered the effects of the pandemic on the Charity and its operations. After reviewing the Charity’s forecasts and projections, the Directors have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. The Charity therefore continues to adopt the going concern basis in preparing its financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

Fixed Assets/Investment Properties and Depreciation

Land and buildings are included in the accounts at valuation. The valuation is reviewed regularly to assess whether any material change required adjustment. The Trustees consider that the residual value of the buildings is not less than net book value and that any depreciation would be immaterial.

Donations and legacies

Legacies are included within the accounts once Vetlife has been notified of its legal right based on a reasonable estimate of the value. Donations are included on a receivable basis.

Investments

Investments are stated at market value. Investment income is included in the Statement of Financial Activities on a receivable basis. Realised and unrealised gains and losses on investment assets are shown separately in the Statement of Financial Activities. Realised gains are based on disposal proceeds compared with either opening market value or cost if acquired during the year.

Taxation

Vetlife is a registered Charity and, therefore, is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

Fund accounting

Unrestricted funds are those which are available for the general advancement of Vetlife’s charitable objectives. Restricted funds are those the use of which is restricted by the conditions imposed by the donors.

Vetlife 34

Principal accounting policies Year to 31 December 2021

Allocations of costs / expenditure

Expenditure on generating funds relates to those costs incurred in promoting the charity and maintaining the investment base and subsequent income. Support costs, including governance costs, are allocated to charitable activities on the basis of staff time. Associated staff costs are allocated on the basis of time spent. Governance costs relate to compliance with constitutional and statutory requirements. All expenditure is accounted for on an accruals basis.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition. Deposits for more than three months but less than one year have been disclosed as short term deposits. Cash placed on deposit for more than one year is disclosed as a fixed asset investment.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Vetlife 35

Notes to the financial statements Year to 31 December 2021

1 Donations and legacies

Donations and legacies
2021
£		 2020
£
Vetlife
Vetlife Helpline
Vetlife Health Support		 315,394
17,054
180,052		 151,114
5,460
170,224
512,500 326,798

2 Investments

Investments
2021
£		 2020
£
Dividends
Interest on cash deposits held for investment		 207,528
1,851		 166,724
839
209,379 167,563

3 Expenditure

Expenditure
Staff costs
£		 Direct
costs
£

Support
costs
£
Governance
costs
£
20,310
7,136
33,849
11,895
6,770
2,379
3,384
1,190
3,384
1,190
67,697
23,790
Support
costs
£
Governance
costs
£		 Governance
costs
£		 2021
£
Raising funds
Charitable activities
. Vetlife Financial Support
. Vetlife Helpline
. Vetlife Health Support
. Vetlife Website
Total resources expended		 49,429
82,381
16,476
8,238
8,238		 53,897
113,439
72,387
210,967
18,053



7,136
11,895
2,379
1,190
1,190		 130,772
241,564
98,012
223,779
30,865
164,762 468,743 23,790 724,992
Staff cos ts
£

Direct
costs
£		 2020
£
Raising funds
Charitable activities
. Vetlife Financial Support
. Vetlife Helpline
. Vetlife Health Support
. Vetlife Website
Total resources expended		 28,868
79,388
21,651
7,217
7,217		 40,156
130,425
74,883
189,406
11,449		 13,071
6,903
35,946
18,983
9,804
5,177
3,267
1,726
3,267
1,726		 88,998
264,742
111,515
201,616
23,659
144,341 446,319 65,355
34,515		 690,530

The distribution of expenditure includes associated resource costs. A separate breakdown to indicate full administrative and publicity costs is provided in the Treasurer’s Financial Report.

The total remuneration (including taxable benefits but excluding employer's pension contributions) of the key management personnel for the year was £10,800 (2020 - £10,800).

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Notes to the financial statements Year to 31 December 2021

3 Expenditure (continued)

Allocation of support costs

Allocation of support costs
2021 Office
facilities
and
expenses
£		 Printing
stationery
and
equipment
£		 Bank
interest
and
charges
£		 Total
£
Raising funds
Charitable activities
. Vetlife Financial Support
. Vetlife Helpline
. Vetlife Health Support
. Vetlife Website
Total support costs		 18,129
30,214
6,043
3,021
3,021		 2,115
3,525
705
352
352		 66
110
22
11
11		 20,310
33,849
6,770
3,384
3,384
60,428 7,049 220 67,697
Office
facilities
and
expenses		 Printing
stationery
and
equipment
£		 Bank
interest
and
charges
£		 Total
£
2020
£
Raising funds
Charitable activities
. Vetlife Financial Support
. Vetlife Helpline
. Vetlife Health Support
. Vetlife Website
Total support costs		 12,254
33,698
9,190
3,063
3,063		 783
2,154
588
196
196		 34
94
26
8
8		 13,071
35,946
9,804
3,267
3,267
61,268 3,917 170 65,355

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Notes to the financial statements Year to 31 December 2021

4 Analysis of direct costs

Raising funds
Advertising and awareness
Exhibitions and fundraising
Stockbroker fees
Vetlife Financial Support
Regular grants and special gifts
Bungalow expenses
Payments to charities
Area Rep expenses and training
Vetlife Helpline
Cost of email, web and phones facilities
Helpers’ expenses and training
Helpline Manager
Vetlife Health Support
Fees and expenses
Clinic fees and other treatment
Vetlife Website
Vetlife website
Governance costs		 2021
£
7,470
1,020
45,407		 2020
£
1,788
2,252
36,116
53,897 40,156
89,736
20,899
1,318
1,486		 106,119
20,301
1,426
2,579
113,439 130,425
14,878
89
57,420		 12,834
4,847
57,202
72,387 74,883
210,967
-		 189,406
-
210,967 189,406
18,053 11,449
18,053 11,449
468,743 446,319
2021 2020
Travel and subsidence
Audit fees
Legal and professional fees		 826
6,300
16,664		 4,944
7,080
22,491
23,790 34,515

The average number of employees during the year was 4 (2020: 4). Total salary cost for the year was £164,762 (2020: £144,341) which includes £14,154 Employer's National Insurance (2020: £11,908) and £6,946 pension costs (2020: £4,972). None of the Trustees receive any remuneration from the Fund, except reimbursement of expenses which totalled £826 paid to 12 Trustees in 2021 (2020: £4,944 paid to 16 Trustees).

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Notes to the financial statements Year to 31 December 2021

The alms houses, rental properties and related land are included in the accounts at an open market value of £694,040 (2020 - £694,040) and are not depreciated. The valuation was carried out in March 2017 by Peter G May, Chartered Surveyor. Trustees have taken steps to assure themselves that the value of the property included on the balance sheet is representative of fair value.

6 Fixed asset investments

Fixed asset investments
2021
£
6,965,438
3,616,362
(2,910,299)
449,677
8,121,278		 2020
£
Quoted investments
Market value at 1 January 2021
Additions
Disposals (including realised gains of £516,900: 2020 – realised losses of
£360,235)
Net unrealised investment gains
Market value at 31 December 2021		 7,068,959
6,652,452
(6,921,674)
165,701
6,965,438

Additions and disposals during the year incurred commission charges of £1,393 (2020: £3,494).

The quoted investments are basic financial instruments as defined by FRS102 and are held at fair value with gains and losses charged to the income and expenditure account. All of the Charity’s current assets and liabilities are basic financial instruments and held at amortised cost. As at 31st December 2021 the total value of the investment portfolio was £8,121,278, representing an 16.59% increase in investment portfolio value from 31[st] December 2020.

Analysis of investments

Analysis of investments
2021 2020
Market Market
value
£		 Cost
£
value
£		 Cost
£
Listed investments
UK – Equities
. Fixed interest
. Money market
. Property trusts
Overseas – Equities		 3,571,037
1,164,063
78,244
450,001
2,857,933		 3,208,530
1,164,063
78,244
336,964
2,229,202		 3,209,570
847,358
63,500
407,314
2,437,696		 3,206,423
831,194
63,500
336,964
2,125,431
8,121,278 7,017,003 6,965,438 6,563,512

Investments representing 5% or more of the total portfolio are as follows:

2021
£
450,001
483,541
476,850
414,000
-		 2020
£
Charities Property Fund
UBS ETF SICAV MSCI Emerging Markets SOC RES SHS A DIS UDS
UBS ETF SICAV BLB BARCLAYS MSCI US
UBS ETF SICAV EMU SOCIALLY
UBS ETF PLC MSCI UK SOC RES UCITS		 407,314
423,273
397,584
343,745
341,263

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Notes to the financial statements Year to 31 December 2021

7 Debtors

Debtors
2021
£		 2020
£
Taxation recoverable
Other debtors
Prepayments and accrued income		 18,359
-
16,762		 15,859
1,383
20,182
35,121 37,424

8 Creditors

Amounts falling due within one year:

2021
£
17,910
79,524
20,645
118,079		 2020
£
21,900
59,071
18,425
99,396
Grant commitments
Sundry creditors
Accruals

9 Movement in restricted funds

Movement in restricted funds
Balance
at 1
January
2021
£		 Property
revaluation
£		 Balance at
31
December
2021
£
Professor WortleyAxe Fund 211,579 - 211,579

“The Professor Wortley Axe Fund consists of two alms houses, valued at £211,579. The Trustees regularly review the conditions attaching to this fund and consider the appropriateness of maintaining ownership of the properties. See note 5 for explanation of the uncertainty that exists post year-end in relation to their value.

10 “ Analysis of net assets between funds

Tangible
fixed
assets
£		 Investments
£		 Net
current
assets
£		 Total
£
Restricted funds
Professor Wortley Axe Fund
Unrestricted funds		 211,579
482,461		 -
8,121,278		 -
274,320		 211,579
8,878,059
694,040 8,121,278 274,320 9,089,638
Tangible
fixed
assets
£		 Investments
£		 Net
current
assets
£		 Total
£
Restricted funds
Professor Wortley Axe Fund
Unrestricted funds		 211,579
482,461		 -
6,965,438		 -
411,636		 211,579
7,859,535
694,040 6,965,438 411,636 8,071,114

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Notes to the financial statements Year to 31 December 2021

11 Corona Virus Pandemic

During the financial year ended 31 December 2021, the coronavirus (Covid-19) pandemic continued to spread disruption to businesses as well as to economic activities both globally and in the UK.

The Trustees consider the implication of the pandemic on the Charity’s operations in the Trustees’ report.

12 Related party transactions

Aside from those disclosed in note 4, there were no transactions with related parties in the year which require disclosure.

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