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2025-07-31-accounts
| 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 |