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|OFFICERSANDADVISORS|3|
|---|---|
|TRUSTEE'SREPORTFORTHEYEARENDED31JULY2025|4|
|STATEMENTOFTRUSTEE'SRESPONSIBILITIESINRESPECTOFTHETRUSTEE'SANNUALREPORTANDTHEFINANCIAL||
|STATEMENTS|10|
|INDEPENDENTAUDITOR'SREPORTTOTHETRUSTEEOFROYALVETERINARYCOLLEGEANIMALCARETRUST|11|
|STATEMENTOFFINANCIALACTIVITIESFORTHEYEARENDED31JULY2025|15|
|BALANCESHEETAT31JULY2025|16|
|NOTESTOTHEFINANCIALSTATEMENTSFORTHEYEARENDED31JULY2025|17|





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|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|





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18 December 2025 



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|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|





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||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|






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|.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|



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|Staffcosts|2025|2024|
|---|---|---|
||£'000|£'000|
|Salaries|157|163|
|Socialsecuritycosts|17|15|
|Pensioncosts|24|30|
|USSpensiondeficitrecoveryprovision|-|(89)|
|TOTALSTAFFCOSTS|198|119|





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|. INVESTMENTS|||
|---|---|---|
||2025|2024|
||£'000|£'000|
|InvestmentsheldwithInvestmentManager|4,561|4,315|
|TOTALINVESTMENTS|4,561|4,315|



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|5. DEBTORS|||
|---|---|---|
||2025|2024|
||£'000|£'000|
|Amountsduefromparentundertaking|1,541|1,368|
|Otherdebtorsandaccruedincome|204|224|
|TOTALDEBTORS|1,745|1,592|
|Otherdebtorsincludeaccruedlegacyincomeof£204k(2024:£224k).|||



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|.CREDITORSDUEWITHINONEYEAR|||
|---|---|---|
||2025|2024|
||£'000|£'000|
|Amountsduetoparentundertaking|664|130|
|Accruals|15|20|
|TOTALCREDITORS|679|150|



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||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|



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|.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|



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||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|





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||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|