| OFFICERSANDADVISORS | 3 |
|---|---|
| TRUSTEE'SREPORTFORTHEYEARENDED31JULY2025 | 4 |
| STATEMENTOFTRUSTEE'SRESPONSIBILITIESINRESPECTOFTHETRUSTEE'SANNUALREPORTANDTHEFINANCIAL | |
| STATEMENTS | 10 |
| INDEPENDENTAUDITOR'SREPORTTOTHETRUSTEEOFROYALVETERINARYCOLLEGEANIMALCARETRUST | 11 |
| STATEMENTOFFINANCIALACTIVITIESFORTHEYEARENDED31JULY2025 | 15 |
| BALANCESHEETAT31JULY2025 | 16 |
| NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31JULY2025 | 17 |
| Trustee | TheRoyalVeterinaryCollege |
|---|---|
| SecretarytotheTrust | NadjaHale—HeadofFundraising |
| PrincipalAddress | TheRoyalVeterinaryCollege |
| HawksheadLane | |
| NorthMymms | |
| Hatfield | |
| HertfordshireAL97TA | |
| Banker | RoyalBankofScotland |
| 1HardmanBoulevardManchester | |
| Manchester | |
| M33AQ | |
| Solicitor | MillsandReeveLLP |
| BotanicHouse | |
| 100HillsRoad | |
| CambridgeCB21PH | |
| (DX122891Cambridge4) | |
| Auditor | RSMUKAuditLLP |
| 25FarringdonStreet | |
| London | |
| EC4A4AB | |
| Website | www.rvc.ac.uk/act |
18 December 2025
| STATEMENTOFFINA | NCIALACTIVITIES | FORTHEYEA | RENDED31JU | LY2025 | |
|---|---|---|---|---|---|
| Unrestricted | Restricted | Endowment | 2025 | 2024 | |
| Funds | Funds | Funds | Total | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Incomeandendowmentsfrom: | |||||
| Donations | 136 | 559 | 695 | 602 | |
| Legacies | 215 | 162 | 377 | 183 | |
| Donatedservicesandfacilities | 105 | 105 | 97 | ||
| Othertradingactivities | 9 | 9 | 12 | ||
| Investments | 60 | 95 | 155 | 178 | |
| TotalIncome | 525 | 816 | 1,341 | 1,072 | |
| Expenditureon: | |||||
| Raisingvoluntaryincome | (296) | (1) | (297) | (194) | |
| Charitableactivities | (4) | (876) | (2) | (882) | (713) |
| Investmentmanagementcosts | (1) | (26) | (27) | (21) | |
| Donatedservicesandfacilities | (105) | - | (105) | (97) | |
| TotalExpenditure | (406) | (903) | (2) | (1,311) | (1,025) |
| Netgainsoninvestments | 3 | 171 | 1 | 175 | 292 |
| Netincomefortheyear | 122 | 84 | (1) | 205 | 339 |
| Transfersbetweenfunds | 85 | (85) | - | ||
| Netmovementinfundsforthe | 207 | (1) | (1) | 205 | 339 |
| year | |||||
| Reconciliationoffunds: | |||||
| Totalfundsbroughtforward | 2,207 | 3,849 | 17 | 6,073 | 5,734 |
| Totalfundscarriedforward | 2,414 | 3,848 | 16 | 6,278 | 6,073 |
| Note | Unrestricted | Restricted | Endowment | 2025 | 2024 | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | Total | ||
| £'000 | £'000 | £'000 | £'000 | £'000 | ||
| FixedAssets | ||||||
| Investments | 4 | 697 | 3,848 | 16 | 4,561 | 4,315 |
| CurrentAssets | ||||||
| Debtors | 5 | 1,745 | 1,745 | 1,592 | ||
| Cashandcashequivalents | 651 | 651 | 316 | |||
| CurrentLiabilities | ||||||
| Creditors:Amountsdueinless | 6 | (679) | - | (679) | (150) | |
| thanoneyear | ||||||
| NetCurrentAssets | 1,717 | 1,717 | 1,758 | |||
| Totalassetslesscurrentliabilities | 2,414 | 3,848 | 16 | 6,278 | 6,073 | |
| Provisionforpensionliabilities | 11 | - | - | |||
| TotalNetAssets | 2,414 | 3,848 | 16 | 6,278 | 6,073 | |
| Thefundsofthecharity: | ||||||
| Endowmentfunds | 8 | - | - | 16 | 16 | 17 |
| Restrictedincomefunds | 8 | - | 3,848 | - | 3,933 | 3,849 |
| Unrestrictedfunds | 9 | 2,414 | - | - | 2,329 | 2,207 |
| TotalCharityFunds | 2,414 | 3,848 | 16 | 6,278 | 6,073 |
| .EXPENDITURE | ||||
|---|---|---|---|---|
| Direct | Allocated | Total | Total | |
| costs | staffcosts | 2025 | 2024 | |
| £'000 | £'000 | £'000 | £'000 | |
| Costofgeneratingvoluntaryincome | 97 | 116 | 213 | 140 |
| Investmentmanagementcosts | 27 | - | 27 | 21 |
| Donatedservicesandfacilities | 105 | 105 | 97 | |
| Supportforeducationandresearch | 345 | 32 | 377 | 459 |
| Supportforveterinaryclinics | 532 | 13 | 545 | 275 |
| Charitableactivities—publicityandnewsletters | 7 | 37 | 44 | 33 |
| TOTALEXPENDITURE | 1,113 | 198 | 1,311 | 1,025 |
| Staffcosts | 2025 | 2024 |
|---|---|---|
| £'000 | £'000 | |
| Salaries | 157 | 163 |
| Socialsecuritycosts | 17 | 15 |
| Pensioncosts | 24 | 30 |
| USSpensiondeficitrecoveryprovision | - | (89) |
| TOTALSTAFFCOSTS | 198 | 119 |
| . INVESTMENTS | ||
|---|---|---|
| 2025 | 2024 | |
| £'000 | £'000 | |
| InvestmentsheldwithInvestmentManager | 4,561 | 4,315 |
| TOTALINVESTMENTS | 4,561 | 4,315 |
| 5. DEBTORS | ||
|---|---|---|
| 2025 | 2024 | |
| £'000 | £'000 | |
| Amountsduefromparentundertaking | 1,541 | 1,368 |
| Otherdebtorsandaccruedincome | 204 | 224 |
| TOTALDEBTORS | 1,745 | 1,592 |
| Otherdebtorsincludeaccruedlegacyincomeof£204k(2024:£224k). |
| .CREDITORSDUEWITHINONEYEAR | ||
|---|---|---|
| 2025 | 2024 | |
| £'000 | £'000 | |
| Amountsduetoparentundertaking | 664 | 130 |
| Accruals | 15 | 20 |
| TOTALCREDITORS | 679 | 150 |
| Opening | Income | Netgainon | Expenditure | Transf | Closing | |
|---|---|---|---|---|---|---|
| Balance | during | investment | duringyear | ers | Balance | |
| £'000 | year | £'000 | £'000 | £'000 | £'000 | |
| £'000 | ||||||
| Hospitals | 1,837 | 452 | 69 | (535) | - | 1,823 |
| Scholarshipand | ||||||
| HardshipFunds | 124 | 3 | 2 | (23) | - | 106 |
| SupportforEducation | ||||||
| andResearch | 1,905 | 362 | 100 | (347) | (85) | 1,935 |
| TOTAL | 3,866 | 817 | 171 | (905) | (85) | 3,864 |
| .ANALYSISOFNETASSETSBETWEENFUNDS | ||
|---|---|---|
| 2025 | 2024 | |
| £'000 | £'000 | |
| Endowmentandrestrictedfunds | ||
| ScholarshipsandFellowships | 2,126 | 2,029 |
| Equipmentandotherrestrictedfunds | 1,823 | 1,837 |
| 3,949 | 3,866 | |
| UnrestrictedFunds | 2,329 | 2,207 |
| TOTALFUNDS | 6,278 | 6,073 |
| Unrestricted | Restricted | Endowment | 2024 | 2023 | |
|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | Total | |
| £'000 | £'000 | £'000 | £'000 | £'000 | |
| Incomeandendowmentsfrom: | |||||
| Donations | 121 | 481 | - | 602 | 603 |
| Legacies | 183 | - | 183 | 722 | |
| Donatedservicesandfacilities | 97 | - | 97 | 93 | |
| Othertradingactivities | 12 | - | - | 12 | 7 |
| Investments | 67 | 110 | 1 | 178 | 150 |
| TotalIncome | 480 | 591 | 1 | 1,072 | 1,575 |
| Expenditureon: | |||||
| Raisingvoluntaryincome | (193) | (1) | (194) | (276) | |
| Charitableactivities | (33) | (679) | (1) | (713) | (547) |
| Investmentmanagementcosts | (1) | (20) | (21) | (16) | |
| Donatedservicesandfacilities | (97) | - | (97) | (93) | |
| TotalExpenditure | (324) | (700) | (1) | (1,025) | (932) |
| Netgains/(losses)oninvestments | 7 | 284 | 1 | 292 | (17) |
| Netincomefortheyear | 163 | 175 | 1 | 339 | 626 |
| Transfersbetweenfunds | (497) | 497 | |||
| Netmovementinfundsforthe | (334) | 672 | 1 | 339 | 626 |
| year | |||||
| Reconciliationoffunds: | |||||
| Totalfundsbroughtforward | 2,541 | 3,177 | 16 | 5,734 | 5,108 |
| Totalfundscarriedforward | 2,207 | 3,849 | 17 | 6,073 | 5,734 |
| Note | Unrestricted | Restricted | Endowment | 2024 | 2023 | |
|---|---|---|---|---|---|---|
| Funds | Funds | Funds | Total | Total | ||
| £'000 | £'000 | £'000 | £'000 | £'000 | ||
| FixedAssets | ||||||
| Investments | 4 | 305 | 3,849 | 17 | 4,315 | 3,899 |
| CurrentAssets | ||||||
| Debtors | 5 | 1,592 | 1,592 | 1,956 | ||
| Cashandcashequivalents | 460 | 316 | 73 | |||
| CurrentLiabilities | ||||||
| Creditors:Amountsdueinless | 6 | (150) | - | (150) | (107) | |
| thanoneyear | ||||||
| NetCurrentAssets | 1,902 | 1,758 | 1,922 | |||
| Totalassetslesscurrentliabilities | 2,207 | 3,849 | 17 | 6,073 | 5,821 | |
| Provisionforpensionliabilities | 11 | (87) | ||||
| TotalNetAssets | 2,207 | 3,849 | 17 | 6,073 | 5,734 | |
| Thefundsofthecharity: | ||||||
| Endowmentfunds | 8 | 17 | 17 | 16 | ||
| Restrictedincomefunds | 8 | 3,849 | 3,849 | 3,177 | ||
| Unrestrictedfunds | 9 | 2,207 | 2,207 | 2,541 | ||
| TotalCharityFunds | 2,207 | 3,849 | 17 | 6,073 | 5,734 |