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2022-12-31-accounts

Annual Report and Accounts

31 December 2022

Vetlife was formerly a working name of the Veterinary Benevolent Fund

Company Registration Number 153010 (England and Wales)

Charity Registration Number 224776

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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 19
10. Trustees’ Responsibilities 24
Independent Auditor’s Report 25
Statement of Financial Activities 30
Balance Sheet 31
Statement of Cash Flows 32
Principal Accounting Policies 34

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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 (until Sept 2022)

R Killen BVSc MRCVS (until Sept 2022)

E McNeill BVMS CertVR MRCVS (until Sept 2022)

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

A Nelson-Pratt BVSc MRCVS

R Lowe FdSc Dip AVN (Small Animal), Dip HE CVN, RVN (from Sept 2022)

J Glass BVetMed MSc MRCVS (from Sept 2022)

J Oakden FdSc RVN (from Nov 2022)

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‘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
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 2022.

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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1. HISTORY

Vetlife (the Charity ), was formed as the Veterinary Benevolent Fund, a charitable company limited by guarantee, 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.

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.

Following extensive review and revision during 2021, the Articles of Association and the Memorandum of Association of the charity were combined into new Articles of Association (2022) and adopted by the membership at an Extraordinary General Meeting held on 18[th] May 2022. As well as updating its governance documents to current standards, principal amendments in the new Articles were:

References in this report to the mission of the Charity and its eligible beneficiaries relate to the status as pertains under the Articles of Association (2022) unless otherwise stated.

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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 self-sufficiency.

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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 professionals and their dependants who have financial difficulties, or who may need psychological and emotional support, have access to the relevant Vetlife services and additionally that veterinary students may access such psychological and emotional 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 veterinary professionals and their dependents, with non-financial support also available to 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 2022, as well as responding to 3,503 contacts to its 24/7 Helpline support and funding further professional mental health support for those in need, Vetlife provided charitable financial support totalling just under £125K 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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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 Extraordinary General Meeting on 18[th] May 2022, the Board comprises twelve Trustees, who are UK registered veterinary professionals elected in accordance with the Articles of Association (2022) 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 September 7th 2022, there were two nominations for three vacancies on the Board. Robyn Lowe (RVN) and James Glass (MRCVS) were elected to serve as Trustees. There being no nomination for the remaining vacancy, the Board then agreed to co-opt Jo Oakden (RVN) to the Board.

The Board then re-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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Vetlife Trustee Communication

The Trustees met in person on only two occasions during the year (November), with two 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 comprised of the President the Honorary Secretary (Chair of Vetlife Financial Support) , Honorary Treasurer, the Chair of Vetlife Helpline and of Vetlife Health Support and Chair of Communications Committee – had 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. After the September AGM, following the completion of the terms of office of the trustee collectively responsible as Chair of Vetlife Helpline and Vetlife Health Support, and of the Chair of Communications Committee, the Executive Committee was restructured to be formed by the President, the Honorary Secretary (Chair of Vetlife Financial Support) , the Honorary Treasurer, the Chair of Vetlife Helpline and the now separate Chair of Vetlife Health Support.

Vetlife Financial Support Committee

The provision of beneficial funds for “Financial Support” is managed by a system of a Grants Award Panel (GAP) and a Grant Review Committee (GRC) with delegated authority to assess beneficial need of applicants and ongoing status of need respectively.

The Vetlife Financial Support Committee (VFS Com) provides 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.

The substantially increased number applications for financial support also resulted in a greater workload on the dedicated support staff, without whose contribution the necessary documented details to enable timely recommendations for the granting of beneficial support could not have been made.

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Vetlife Grant Awards Panel

The Grant Awards Panel (GAP) 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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Vetlife Grant Review Committee

This committee 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.

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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.

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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 to derive income for the charity.

A Properties Management Committee has responsibility for legal, physical, financial and occupancy oversight of properties owned by the Charity. 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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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 were suspended for most of 2021. During 2022 these important contacts were reestablished. Where an in-person visit was not possible Vetlife Area Representatives conducted virtual visits by telephone.

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Association Memberships

Vetlife is a member of the following organisations:

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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.

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Response following Covid -19

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 during 2022, 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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5. STRATEGIC OBJECTIVES OF THE CHARITY

The intervening Covid years have resulted in various elements of the Charity’s 5 year strategy being interrupted or delayed. At its Strategy Meeting of September 2017, the Board had determined that a series of broad objectives needed to be met by 2022. With the 2 years of Covid uncertainty, and the consequent impacts on the veterinary sector some of this strategic outline has proved difficult to maintain. However, these objectives remained the principal focus of the Board in 2022 and were:

Refine the Charity remit

Establish sustainable funding

Increase the reach to potential service users

Ensure efficient use of resources

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6. DELIVERY and OUTCOMES

Vetlife Helpline

Background:

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

Support provided:

In 2022 Vetlife Helpline received 3,503 contacts. Of these, 1,566 (45%) were by phone and 1,937 (55%) were by email, averaging between 9-10 contacts per day.

Vetlife Helpline also continued to support practices following bereavement by suicide (postvention) and other potentially traumatic bereavement in 2022, providing support tailored to practice need. To accompany this Vetlife published it’s postvention guidance for workplaces affected by suicide. This guidance is free to access on the Vetlife website. `

Vetlife Helpline collects data about the themes of contacts it receives by email and phone. Each contact can have more than one theme.

In 2022, health concerns featured in many Vetlife Helpline contacts with 51% of contacts involving discussion of mental health needs, 32% of contacts talking about stress, and 23% about physical health concerns. Suicidal thoughts and behaviour were discussed in 5% of contacts, and self-harm in 2% of contacts. COVID related concerns were discussed in 3%. Harmful substance use, including alcohol was discussed in 2% of contacts.

Work related concerns feature in many Vetlife Helpline contacts. In Vetlife Helpline call theme recording these work-related concerns are grouped into different types of concern, including job satisfaction, job demands, concerns about support at work, work-life balance, and working conditions. Themes of bullying, the caller having received a complaint, and professional conduct or disciplinary investigations are also included.

During 2022, job satisfaction was discussed in 17% of contacts, and job demands in 16%. Concerns about support at work featured in 15% of contacts and working conditions in 10%. Work-life balance was discussed in 8% of contacts. 5% of Vetlife Helpline callers in 2022 talked about having received a complaint, and 3% about professional conduct or disciplinary investigations. Bullying was discussed in 4% of contacts.

Other themes of calls in 2022 included family and relationship issues which were discussed in 23% of contacts. Financial concerns were discussed in 9% of contacts, and violence and abuse in 2% of contacts.

Volunteer recruitment and training:

At the end of 2022, 107 volunteers were helping to provide the Vetlife Helpline service.

Ongoing training for all volunteers was provided both online and in person in 2022 with training on support for veterinary professionals at different career stages, safeguarding children and adults at risk, safety planning and support for callers who may be suicidal, support for people experiencing the menopause, 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 2022, training 23 potential new volunteers. Initial training courses for Vetlife Helpline are six sessions long and also include practice calls and skills coaching.

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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 2022.

Outreach:

The Vetlife Helpline service is part of the veterinary community and a key part of the peer support approach is to reach out to the veterinary professions. During 2022 this involved talks delivered online and in person at veterinary schools and conferences, and online and in person presence at local and national veterinary meetings.

Working in partnership:

Vetlife is the agreed external provider of telephone and email helpline support to the Irish veterinary community on behalf of the Irish Veterinary Benevolent Fund (IVBF). This support is delivered via Vetlife Helpline.

The Vetlife Helpline Manager is a member of the RCVS Mind Matters Initiative Task Force, and was on the judging panel for the Sarah Brown Mental Health Research Grant.

Progress on 2022 activities:

Activities planned for 2023:

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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 2022, demand remained high, with 216 individuals referred into the service. Generalised anxiety disorder and depression continue to be the most common diagnoses. However, VHS staff are noticing an increase in complexity of co-morbid conditions and consideration has been given as to how to capture this data for future reporting. Additional clinical resource was put in place for the last quarter of 2022, 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. The next external audit of the service is scheduled for 2024.

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Vetlife Financial Support

Background:

Vetlife Financial Support provides financial and other assistance to veterinary surgeons and their dependants. The revised Articles of Association of the Charity, approved in May 2022, enabled Registered Veterinary Nurses (RVNs) and their dependents to be eligible to apply for financial support in the form of regular monthly grants or onetime special gifts. Vetlife Financial Support also funds professional advice on issues such as debt and state benefits and can offer emergency accommodation in property owned by the Charity in Dorset.

This support can mean a beneficiary may not have their home repossessed or they may be supported with a return to work. For elderly beneficiaries, or those unable to return to work, Vetlife Financial Support can provide an improved quality of life.

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 they are eligible for and requested support from their family. 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. To manage the influx of applications received, a second Grant Awards Panel was created, and a part time Casework Administrator was appointed to support the additional workload. The Casework Officer continues to work 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.

Each year the Grant Review Committee perform an annual review of beneficiary’s grants. Due to the cost of living and the rise in energy prices, an interim review was carried out in May 2022 to ensure that beneficiaries were receiving the appropriate level of financial support.

Support Provided:

The Charity responded to applications to Financial Support from 47 new applications in 2022 (2021: 14); Vetlife Financial Support received a total of 16 applications from RVNs during the year .

A total of 40 beneficiaries were supported financially during the course of the year. 4 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/or signposted to debt management Charity StepChange.

A total of £97,526 was paid out in the form of regular grants to beneficiaries and 28,545.23 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.

Beneficiary Contact:

During 2022, home visits were carried out by volunteer Area Representatives. Such visits are encouraged to assess an applicant’s home environment. The in-person interaction helps Area Representatives (Area Reps) to create an overall picture of their circumstances. Home visits have been shown to increase applicant’s well-being and has provided the ability to offer tailored support and guidance. Where a home visit was not possible, a virtual visit was arranged.

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Training:

A meeting was held in May for the Area Representatives which covered general Vetlife updates. The Vetlife President, Graham Dick, was also in attendance to explain and discuss changes to the Articles of Association and the enablement of RVNs to apply for Financial Support.

Additional support was provided to the Area Representatives in the form of drop-in sessions, where Area Reps were able to virtually ‘pop in’ and have a chat with the Casework officer to discuss any concerns or ask any questions regarding cases; an Area Rep online support workspace was established providing peer support, and mandatory supervision with March on Stress was initiated. Volunteers were also made aware that adhoc sessions can be booked with March on Stress as required.

Activities planned for 2023:

Additional Area Representatives will be recruited during 2023 to provide further coverage to all regions of the UK, ensuring that adequate support is available to enable home visits, which are a crucial part of the decision making process. The introduction of the Casework Administrator and second Grant Awards Panel will help to manage workload.

Vetlife will continue to work closely with its volunteers and other grant providers to improve the service provided to Beneficiaries as well as to its volunteers. A review of the Vetlife Grant Award Policy will be undertaken to ensure that appropriate levels of support are being provided wherever they may be needed.

A second Grant Awards Panel will be established to deal with the increase in applications.

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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 rental 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 but was delayed due to Covid restrictions. The most recent, for the purposes of this report, was conducted in March 2023, the last previous valuation having been conducted in March 2017. (See Audited Accounts)

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Fundraising

The Communications Committee is responsible for overseeing both the communications and the fundraising strategies 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. Messages of gratitude on behalf of the Charity 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.

General Donations and Gifts (see also Financial Review & Treasurer’s Report)

At £444,362 general donations and gifts were nearly 50% greater than those in 2021 helped by a notably generous donation from IVC Evidensia as well as by other large employers and by VDS. This uplift in support from across the profession following the restrictions experienced during the Covid period has been very welcome.

Legacies and in-memoriam donations reached a disappointing low at £10.7k.

On-line Fundraising: Vetlife maintains a presence on four online donation sites (Just Giving, Virgin Money Giving, BT Donate, Facebook).

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 2022.

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7. ADMINISTRATIVE ACTIVITIES

Following the variations in work routine adopted in the face of Covid restrictions Charity staff moved progressively to a hybrid working arrangement so as to embrace both the advantages of “home working” and the synergies of a collegiate office environment. The resulting adaptations are welcomed by the staff and have not resulted in any reports of adverse impact on delivery of services.

Two meetings of the Board of Trustees, including the AGM, were convened via Microsoft Teams or Zoom, whilst two were held in person, to include an EGM. This had positive impact on expense reclamation as compared to previous years of full face-to-face participation for all meetings.

At commencement of the year the Full Time Equivalent (FTE) 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

Amongst the key marketing activities undertaken in 2022 were the launch of the Vetlife Day campaign, including promotion of the sponsored climb of the O2 Arena. The 30-year anniversary of Vetlife Helpline was highlighted and the new resources: ‘Veterinary Professionals and Loneliness’ during Mental Health Awareness Week, and ‘Suicide Postvention Guidance for Veterinary Workplaces’ were also launched. Vetlife channels were also used to highlight fundraiser efforts, promote the update of the charity’s Articles of Association, host a Christmas card competition, and encourage sales of merchandise.

Press Activity:

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

Events and Exhibitions:

Vetlife thanks all those organisations by whom it was invited to attend and to and give talks throughout the UK in 2022:

Advertising and Promotion:

Various publications of the veterinary press and other organisations offer free promotion to Vetlife. During 2022 Vetlife received free promotion/advertising space via the following channels:

- Vet Record - The Veterinary Edge
- Veterinary Times - Veterinary Nurse Times
- Vetsurgeon.com - BVA member emails

Additional paid promotion included an advertisement in Charity Choice.

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Media Analysis

Google Analytics indicate that in 2022 the Vetlife website received 62,531 sessions representing a 2.9% increase from 2021 (60,661) with an average of 2.1 pages viewed per visit. 70.4% of users were from the UK, 10.5% from the US, with the remaining users variously located in Ireland, Australia, India, Canada, Philippines, China and New Zealand.

55.35% of users access the website via mobile, 42.96% by computer and 1.69% via tablet.

Acquisition routes were recorded as 44.6% through organic searches; 41.3% by entering the website address; 7.7% by social media and 6.2% 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 users to the Vetlife website. The most viewed pages in 2022 were the Vetlife homepage, how we can help, depression, alcoholism real stories, and the Vetlife shop.

In 2022, monthly newsletter emails were sent to all those who had provided consent as recipients via the Vetlife website. Email newsletters to Vetlife members were also sent throughout the year. These emails communicated updates on activities and information on charity services.

2022 average Vetlife email engagement rates:

ent rates:
2022 avg. Newsletter
subscribers		 Members
Open rate 37% 49%
Click rate 4.30% 4.80%

Facebook, Twitter, Instagram and LinkedIn were used extensively to raise awareness of the charity.

By the end of 2022, the Vetlife Facebook page had 10,094 likes, the Twitter page had 7,644 followers, Instagram had 1,120 followers, and LinkedIn had 740. The total reach for Vetlife content in 2022 on Facebook was 174,485, and on Twitter was 157,242.

Vetlife Website Vetlife Website Facebook Twitter
Sessions Page Views Likes Followers
2021 60,661 139,873 9,354 7,179
2022 62,531 136,876 10,094 7,644
Variance +1,870 - 2,997 +740 + 465
% variance + 2.9% -2.1% +7.9% + 6.4%

Vetlife is regularly mentioned on digital marketing activities of other organisations. This allows the charity to reach a wider audience and also refers users 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 eNews, social media) Plus many more veterinary organisations

Plus many more veterinary organisations

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Annual Re ort 2022 p

9. FINANCIAL REVIEW and TREASURER’S REPORT

Summary

The year ending 31[st] December 2022 has seen a continuation of the heavy demand for the Charity’s services that began prior to COVID and expenditure to support and provide these services continues to grow, including additional staff costs to ensure the rapid, timely running of Helpline and Financial Support services. These activities have continued to be supported by a very generous response from a number of donors, which has seen an impressive increase in income of 18% vs 2021.

About 25% of the Charity’s income derives from investment income generated by invested funds. The financial markets have been very volatile during the year, and investment income was impacted (-11% vs Budget).

Overall, as the country recovered from the tumultuous 2020 and 2021 years, a significant deficit for 2022 (- £70k) was anticipated and duly budgeted. But as a result of impressive fundraising by the charity, this deficit was only -£12k, despite the very significant uplift in expenditure needed to provide for demand in services.

Despite a 27% increase in expenditure (£200,000) vs previous year, the Charity finished the year with only a small operational deficit (£12,000 or 1.3% of revenue).

Total Funds Balance £8.624 million, down £465,000 (5%) vs prior year :

Operational Considerations

The financial markets continued to be volatile with highs and lows but ending the year at very close to where they started 2022. As such, investment income has been slightly below expected for the year.

Generous donations from RCVS and VDS have been received along with donations from several of the larger employer groups, which has seen income received significantly increase by 18% vs 2021.

Salaries have increased due to increased staff costs to support the increase in demand both for Financial Support and via Helpline. This required increased funding to ensure response in a timely manner, despite increasing requests for assistance.

Investments and Ethical Compliance

As part of its 2019 review of investment strategy, the Board of Trustees 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 portfolio those

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Annual Re ort 2022 p

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.

~~~~

Vetlife Income

Invested Funds closed the year valued at £7.9 million, down 2.7% on the previous year. The stock markets around the world continued to be volatile, with the war in Ukraine, inflation as the world moved out of the pandemic. The strategic move in 2019 to a more global diversified, value generating approach from the previous UK centred dividend approach has seen the fund better able to weather this volatility. By having good working capital, the charity has not needed to realise these losses, and remains invested for the long term.

Investment income (£223,397) showed a better performance than 2021 (£209,379), but slightly below expected budget due to world volatility. (-£26k vs budget)

Legacies (£10k ) Legacies remain historically low, and are an area of fundraising that will be looked at in 2023.

General Donations (£444,362) were up again on a strong 2021, with a 50% increase aided by generous donations from several large employers and VDS. The Charity has welcomed this broad uplift in support from across the profession.

Membership Subscriptions (£14k) remained broadly in line with prior years despite impacts of the pandemic, reflecting a high level of passive renewals.

Cash reserves (£435k) with a strong cash reserves the Charity has not needed to use its investments and so has been isolated from any forcible need to trade on the volatile performance of the financial markets.

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Annual Re ort 2022 p

Health Support & Helpline donations (£170,000) 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.

----- Start of picture text -----
2022 INCOME £914,534
----- End of picture text -----

----- Start of picture text -----
Helpline Donations, Health Support
32,044, Donations, 170,000, Subscriptions, 13,865,
3% 19% 2%
Legacies, 10,715,
1%
Investment Income,
223,397,
General Donations, 24%
444,362,
49%
Bungalows, 20,151,
GBP £'s 2%
----- End of picture text -----

Vetlife Expenditure

A significant increase was required in order to keep up with the demand for the charities services (£202K, +28%) vs 2021

Vetlife Helpline (£106k) expenditure was up 47% (but still under budget) due to the need to increase contracted support headcount and hours in order deliver the increases in numbers of approaches and calls. Training courses, that were delayed during the pandemic, were run throughout 2022, and were in line with expected expenditure.

Vetlife Health Support (£211k) was unchanged from 2021 due to the negotiated contract in place with the supplier.

Vetlife Financial Support (£183k) showed a very significant increase vs 2021 (£113k, +62%), but this was anticipated and the budget was increased to £205k. The budget was increased significantly to anticipate the ongoing needs following the pandemic, the cost of living crisis, inflation and the increase in potential beneficiaries following the change in the articles to include registered veterinary nurses.

Communications and Fundraising (£105k) costs have increased due to support to fundraising with the website and a return to physical attendance at events.

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Annual Re ort 2022 p

Administration (£320k) costs have risen in comparison to prior year with the return to some face-to-face meetings. The Trustees now operate a hybrid model that keeps expenses low (£4,861). Salaries have increased with an increase in staff headcount, with the engagement of the engagement of a Donor Relations Manager in 2021, and increased hours to enable the timely management of the increased calls and enquiries. Legal fees were up vs 2021 due to the changes in the Charity to expand the potential beneficiaries to include Registered Veterinary Nurses.

2022 EXPENDITURE - £927,037

----- Start of picture text -----
Comms & Fundraising
Administration
104,911
320,558 11%
35%
Financial Support
183,566
20%
Health Support
211,306
23%
Helpline
106,696
11%
GBP £'s
----- 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 2021 – 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 2022 annual expenditure demands such a reserve would equate to approximately £305K. During 2022 the closing cash reserve balance of £434K 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 £256,263. 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 £854,500 and are not depreciated. The last valuation was carried out in March 2023. A full valuation is undertaken every five years but was delayed due to Covid restrictions. It will be due again 2028.

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

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Annual Re ort 2022 p

Post Balance Sheet Events

The Board of Trustees approved its Budget for 2023 based on the assumption that the significant increases in its services following the COVID pandemic would continue again for the next year. 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.

~~~~

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Annual Re ort 2022 p

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 17 May 2023:

…………………………………………….

Graham Dick BVSc MRCVS

President

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Statement of financial activities (incorporating an income and expenditure account) Year to 31 December 2022

Independent auditor’s report to the members of Vetlife (formerly The Veterinary Benevolent Fund)

Opinion

We have audited the financial statements of Vetlife (the ‘charitable company’) for the year ended 31 December 2022 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.

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Statement of financial activities (incorporating an income and expenditure account) Year to 31 December 2022

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:

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Statement of financial activities (incorporating an income and expenditure account) Year to 31 December 2022

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:

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

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Statement of financial activities (incorporating an income and expenditure account) Year to 31 December 2022

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 non-compliance. 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.

28/40

Statement of financial activities (incorporating an income and expenditure account) Year to 31 December 2022

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

29/40

Statement of financial activities (incorporating an income and expenditure account) Year to 31 December 2022

Notes
Unrestricted
funds
£		 Restricted
funds
£		 2022
total
funds
£		 Unrestricted
funds
£		 Restricted
funds
£		 2021
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
tangible and investment
assets
Net gains on tangible
assets
Net (losses) / gains on
investment assets
6
Net income /
(expenditure) and net
movement in funds for
the year
Balances brought
forward at 1 January
2022
Balances carried
forward at 31
December 2022
660,271
10,715

223,397
20,151		 -
-
-
-		 660,271
10,715
223,397
20,151		 512,500
28,525
209,379
26,537		 -
-
-
-		 512,500
28,525
209,379
26,537
914,534 - 914,534 776,941 - 776,941
160,648
343,846
138,751
227,333
56,459		 -
-
-
-
-		 160,648
343,846
138,751
227,333
56,459		 130,772
241,564
98,012
223,779
30,865		 -
-
-
-
-		 130,772
241,564
98,012
223,779
30,865

927,037		 - 927,037 724,992 - 724,992
(12,503)
116,039

(727,288)		 -
44,421
-		 (12,503)
160,460
(727,288)		 51,949
-
966,575		 -
-
-		 51,949
-
966,575
(623,752)
8,878,059		 44,421
211,579		 (579,331)
9,089,638		 1,018,524
7,859,535		 -
211,579		 1,018,524
8,071,114
8,254,307 256,000 8,510,307 8,878,059 211,579 9,089,638

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.

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Balance sheet Year to 31 December 2022

Notes 2022
£		 2021
£
Fixed assets
Tangible assets
5
Investments
6
Current assets
Debtors
7
Cash at bank and in hand
Creditors: amounts falling due within one year8
Net current assets
Total net assets
The funds of the charity
Restricted funds
9
Unrestricted funds		 854,500
7,390,864		 694,040
8,121,278
8,245,364 8,815,318
42,090
393,646		 35,121
357,278
435,736
170,793		 392,399
118,079
264,943 274,320
8,510,307 9,089,638
256,000
8,254,307		 211,579
8,878,059
8,510,307 9,089,638

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

............................... ……………………………………… President:

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Statement of cash flows Year to 31 December 2022

Notes
2022
£		 2021
£
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 2022
B
Cash and cash equivalents at 31 December 2022
B
(190,155)		 (136,444)
223,397
2,138,089
(2,134,963)		 209,379
3,427,097
(3,616,362)
226,523 20,114
36,368

357,278		 (116,330)
473,608

393,646		 357,278

Notes to the cash flow statement for the year to 31 December 2022.

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

2022
£		 2021
£
Net movement in funds (as per the statement of financial activities)
Adjustments for:
Losses / (Gains) on investments
(Gains) on tangible assets
Dividends and interest from investments
(Increase) / Decrease in debtors
Increase in creditors
Net cash used in operating activities		 (579,331)
727,288
(160,460)
(223,397)
(6,969)
52,714		 1,018,524
(966,575)
-
(209,379)
2,303
18,683
(190,155) (136,444)

B Analysis of cash and cash equivalents

2022
£
393,646		 2021
£
Cash at bank and in hand 357,278

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Principal accounting policies Year to 31 December 2022

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.

The full impact following the recent emergence of the global Coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the Charity’s activities, beneficiaries, funders, suppliers and the wider economy. Estimates used in the accounts, particularly with respect to the value of the Charity’s property are subject to a greater degree of uncertainty and volatility.

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.

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Principal accounting policies Year to 31 December 2022

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.

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.

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Notes to the financial statements Year to 31 December 2022

1 Donations and legacies

Donations and legacies
2022
£		 2021
£
Vetlife
Vetlife Helpline
Vetlife Health Support		 458,227
32,044
170,000		 315,394
17,054
180,052
660,271 512,500

2 Investments

Investments Investments
2022
£		 2021
£
207,528
1,851
209,379
2022
£
Dividends
Interest on cash deposits held for investment		 223,077
320
223,397
Expenditure Staff costs
£		 Direct
costs
£
Raising funds
Charitable activities
. Vetlife Financial Support
. Vetlife Helpline
. Vetlife Health Support
. Vetlife Website
Total resources expended		 63,828
106,381
21,276
10,638
10,638		 64,480
183,566
106,696
211,306
40,431		 21,882
36,469
7,293
3,646
3,647		 10,458
17,430
3,486
1,743
1,743		 160,648
343,846
138,751
227,333
56,459
212,761 606,479 72,937 34,860 927,037
Staff costs
£		 Direct
costs
£		 Support
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		 20,310
33,849
6,770
3,384
3,384		 7,136
11,895
2,379
1,190
1,190		 130,772
241,564
98,012
223,779
30,865
164,762 468,743 67,697 23,790 724,992

3 Expenditure

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 £11,250 (2021: £10,800).

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Notes to the financial statements Year to 31 December 2022

3 Expenditure (continued)

Allocation of support costs

Allocation of support costs
2022 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		 19,585
32,642
6,528
3,264
3,264		 2,247
3,745
749
374
375		 50
82
16
8
8		 21,882
36,469
7,293
3,646
3,647
65,283 7,490 164 72,937
Office
facilities
and
expenses		 Printing
stationery
and
equipment
£		 Bank
interest
and
charges
£		 Total
£
2021
£
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

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Notes to the financial statements Year to 31 December 2022

Analysis of direct costs
2022
£		 2021
£
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 & running costs
Vetlife Health Support
Fees and expenses
Clinic fees and other treatment
Vetlife Website
Vetlife website
Governance costs		 14,760
4,000
45,720		 7,470
1,020
45,407
64,480 53,897
143,257
37,058
1,345
1,906		 89,736
20,899
1,318
1,486
183,566 113,439
13,760
24,565
68,371		 14,878
89
57,420
106,696 72,387
211,306
-		 210,967
-
211,306 210,967
40,431 18,053
40,431 18,053
606,479 468,743
2022
£		 2021
£
Travel and subsidence
Audit fees
Legal and professional fees		 4,861
6,600
23,399		 826
6,300
16,664
34,860 23,790

The average number of employees during the year was 4 (2021: 4). Total salary cost for the year was £212,761 (2021: £164,762) which includes £19,042 Employer's National Insurance (2021: £14,154) and £11,429 pension costs (2021: £6,946). None of the Trustees receive any remuneration from the Fund, except reimbursement of expenses which totalled £4,861 paid to 12 Trustees in 2022 (2021: £826 paid to 12 Trustees).

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Notes to the financial statements Year to 31 December 2022

The alms houses, rental properties and related land are included in the accounts at an open market value of £854.500 (2021: £694,040) and are not depreciated. The valuation was carried out in March 2023 by Peter G May, Chartered Surveyor. A full valuation is undertaken every five years.

6 Fixed asset investments

Fixed asset investments
2022
£		 2021
£
Quoted investments
Market value at 1 January 2022
Additions
Disposals (including realised losses of £262,004: 2021: realised gains of
£516,900)
Net unrealised investment losses
Market value at 31 December 2022		 8,121,278
2,134,963
(2,400,092)
(465,284)		 6,965,438
3,616,362
(2,910,299)
449,677
7,390,864 8,121,278

Additions and disposals during the year incurred commission charges of £988 (2021: £1,393).

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 31[st] December 2022 the total value of the investment portfolio was £7,390,864, representing a 10% decrease in investment portfolio value from 31[st] December 2021.

Analysis of investments
2022 2021
Market Market
value
£		 Cost
£		 value
£		 Cost
£
Listed investments
UK – Equities
. Fixed interest
. Money market
. Property trusts
Overseas – Equities		 3,354,466
1,264,736
78,244
387,926
2,305,492		 3,187,483
1,500,714
78,244
315,303
2,120,345		 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
7,390,864 7,202,089 8,121,278 7,017,003

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

2022
£		 2021
£
Charities Property Fund
UBS ETF SICAV BLB BARCLAYS MSCI US
UBS ETF SICAV EMU SOCIALLY		 387,926
452,211
390,754		 450,001
476,850
414,000
1,230,892 1,340,851

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Notes to the financial statements Year to 31 December 2022

7 Debtors

Debtors
2022
£		 2021
£
Taxation recoverable
Other debtors
Prepayments and accrued income		 18,359
554
23,177		 18,359
-
16,762
42,090 35,121

8 Creditors

Amounts falling due within one year:

2022
£
34,180
115,087
21,526
170,793		 2021
£
17,910
79,524
20,645
118,079
Grant commitments
Sundry creditors
Accruals

9 Movement in restricted funds

Balance
at 1
January
2022
£		 Property
revaluation
£		 Balance at
31
December
2022
£
256,000
Professor WortleyAxe Fund 211,579 44,421

The Professor Wortley Axe Fund consists of two alms houses, valued at £256,000. The Trustees regularly review the conditions attaching to this fund and consider the appropriateness of maintaining ownership of the properties.

10 “ Analysis of net assets between funds

Tangible
fixed
assets
£		 Investments
£		 Net
current
assets
£		 Total
£
Restricted funds
Professor Wortley Axe Fund
Unrestricted funds		 256,000
598,500		 -
7,390,864		 -
264,943		 256,000
8,254,307
854,500 7,390,864 264,943 8,510,307
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

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Notes to the financial statements Year to 31 December 2022

11 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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