COMPANY REGISTRATION NUMBER: N1000258 CHARITY REGISTRATION NUMBER: 102755 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Financial Statements 31 March 2024 Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Financial Statements Year ended 31 March 2024 Page Trustees, annual report (incorporating the director's report) Independent auditor's report to the members 18 Statement of financial activities (including income and expenditure account) 24 Statement of financial position 25 Statement of cash flows 26 Notes to the financial statements 27 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) Year ended 31 March 2024 The trustees. who are also the directors for the purposes of company law, present their report and the finarscial statements of the charity for the year ended 31 March 2024. Reference and administrative detaTIs Registered charity name The Ulster Society for Prevention of Cruelty to Animals Charity registration number 102755 Company registration number N1000258 Principal office and registered Units 5&6 office Carnbane Industrial Estate Newry BT35 6QH The trustees J Wilson (Hon. Secretary) J Farrell (Chairl P Kearney (Hon. Treasurer) G Mccoubrey E Mccrory D Thompson G O'Hare K Anthony M McGinn R Mcmurray {Resigned 18 August 20241 {Resigned 1 December 2023) (Resigned 18 August 20241 (Appointed 1 December 20231 (Appointed 25 January 2024} (Appointed 25 August 2024) Auditor Finegan Gibson Ltd Chartered accountant5 & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN Bankers Danske Bank Portadown Finance Centre 45-48 High Street Portadown BT62 1 LB Ulsler Bank 86 Hill Street Newry BT34 1 YB Solicitors Edwards and Co Solicitors 28 Hill Street Belfast BT12LA The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (contlnued) Year ended 31 March 2024 Structure, governance and management Legal Status The USPCA is a Company Limited by Guarantee, not having a share capital and satisfies the criteria set out in Section 60 of the Companies Act 2006 whereby it is exempted from the use of the word "Limited" as part of the company name. Goveming Document The charity is governed by ils Memorandum and Articles of Association dated 21st November 2017. It is a membership organisation, and each member agrees to Contribute £1 in the event of the charity winding up. Charitable Status The USPCA is a registered charity with the Charity Commission for Northern Ireland, registration number NIC 102755. It is also recognised as a charity for taxation purposes by HMRC, registralion number XN 45066. Appointment of Trustees The Board consists of up to nine Trustees, the Chairperson, Hon. Treasurer, Hon. Secretary and up to six others. When recruiting to fill vacancies, the Board will consider the skills mix and diversity of the current Board. The recruitment process will involve a wide trawl in order thal a range of candidates can be considered for the vacancy. The pool of candidates may be a combination of applicants resulting from public advertising and nominations resulting from consultations with Board members or appropriate professional bodies. Once a suitably qualified nominee has agreed to join the Board. the Board will consider a resolution to co-opt the new member as a Trustee. Appointment is up to the next AGM at which the Trustee will retire but be eligible for re-election. Al each AGM, Trustees who have served four consecutive years or more must retire and are eligible for re-election for a further four years. A Trustee shall not serve in excess of a continuous period of eight years. The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (Gontinued) Year ended 31 March 2024 Structure> governance and management (continued) Arrangements for setting pay and remuneration of Key Management Personnel Salary levels are set having regard lo pay levels in other charities of similar size. The USPCA undertakes a cost-of-living salary review annually WTth affordability being the principal requirement to be met prior to any award. Salaries are bench marked every three years, subject to the cost of such an exercise not being prohibitive. Trustee Induction and Training Each new Trustee receives induction training through which they are made aware of their legal obligations under charity and company law, the content of the Memorandum and Articles of Associalion, the governance structure and protocols as laid out in the charity's Governance Handbook, the committee and decision-making processes, the operational plan and recent financial performance of the charity. Relationships with Related Parties All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees, expenses and related paty transactions are disclosed in notes 16 and 28 to the accounts. The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Structure, governance and management (continued) Organisation structure and how charity makes deoisions The Board of Trustees, which can have up to 9 members, has ultimate legal and financial responsibility for the affairs of the USPCA. During the year lo 31 st March 2024 the Board met on four occasions. Attendance was as follows.. John Farrell John Wilson Paul Kearney Gavin Mccoubrey Elaine Mccrory Garrett O'Hare David Thompson Lyons Kerry Anthony Mairead McGinn Chair 4 out of 4 Hon Secretary 3 out of 3 (retired December 2023) Hon Treasurer 4 out of 4 2 out of 3 (resigned December 20231 4outof4 3outof4 3oulof4 3outof4 1 out of 2 (appointed October 2023) The Audit & Risk Committee is tasked with moniloring the integrity of the financial statements. reviewing the systems of intemal financial control and reviewing Ihe management of the risk register. The committee met on four occasions during the year. Attendance at meetings was as follows.. Paul Kearney Elaine Mccrory John Wilson Kerry Anthony Chair 5 out of 5 4outof5 3outof4 2 out of 3 (appointed October 2023) The HR and Remuneration Committee is tasked with recommending the USPCA'S general remuneration policy and structure (including pension arrangements) for approval by the Board,. recommending Ihe remuneration of the Chief Executive having reviewed his performance appraisal, for approval by the Board.. approving annually the remuneration of all other staff, including any general cost of living increase., keeping Ihe level and structure of remuneration under review through regular sector benchmarking.. keeping the charity's HR policies under review, ensuring they are up to dale and comply with slatutory obligations. The cornmittee met on one occasion during the year. Attendance at meeting was as follows.. John Farrell Paul Kearney Elaine Mccrory Chair 1 outof1 1 outof 1 1 outof1 A Chief Executive is appointed by the Trustees to manage the day-to-day operations of the charity and has responsibility for operational matters including finance, employment and direct charitable activities within clear thresholds of delegated authority approved by the Trustees. The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) {continued) Year ended 31 March 2024 Structure, governan¢e and management (continued) Management Nora Smith, CEO is responsible to the Board of Trustees for delivery of the Charity's operational objectives. Siobhan McHaiffe. Director of Operations and Development is responsible for the oversight of the daily operational activities, income generation through fundraising and the development of services across Nl. Tara Kerr, Senior Veterinary Surgeon. is responsible for the clinical leadership of the veterinary team. Niall Martin, Head Nurse, is responsible for Ihe operational delivery of veterinary services. Deirdre McArdle, Animal Care and Wildlife Manager is responsible for companion animal rehoming and wildlife rescues. lan Lyle, Head of Special Investigations Unit. is responsible for directing our investigations into organised animal cruelty. Rachel McGreevy, Charity Store Manager. is responsible for the operation of our charity stores. Anthony Fearon, Administration Manager, responsible for financial administration and premises management. Emma Neill. Customer Services and Retail Manager is responsible for the day-to-day management of the pet supplies and grooming social enterprises and customer Se￿ICe. Risk Management The trustees have a risk management strategy that comprises.. an annual review of the principal risks and uncertairities that the charity faces; the establishment of policies, systems and procedures to mitigate those risks identified in the annual review., and the implementation of procedures designed to minimise or manage any potential impact on the charity should those risks materialise. The Board has delegated oversight responsibility for risk management to its Audit & Risk Comrniltee. The Audit and Risk Committee reports on its work at each Board meeting. The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) fcontinued) Year ended 31 March 2024 Objectives and activities The objects of the charity as outlined in its Memorandum and Articles of Association are.. 1. The advancement of animal welfare. All of the work of the USPCA falls under this object. which is an approved purpose as listed in the Charities Act (Northern Ireland) 2008. 2. To obtain justice for animals and to endeavour by every legitimate means lo put an end to cruelty to animals and to encourage kindness and humanity in their treatment. In fLJrtherance of this object. the USPCA: Provides the secretariat to the All Party Group on Animal Welfare at the Northern Ireland Assembly. Is an active member of Ihe DAERA Animal Health and Welfare Stakeholder Forum and contributes to policy consultations. Is an active member of Eurogroup for Animals. a Brussels based organisation whose remit is to promote animal health and welfare standards throughout the EU. Is an active member of the Dog Control Coalition, led by the RSPCA, it's membership consist of a number of key animal welfare charities across the United Kingdom. Is Chair of the Northern Ireland Companion Animal Welfare Group (NI WAG). A partnership of nine animal welfare charities providing services across Nl. Proactively investigates and makes public many criminal acts including puppy trafficking organised dog fighting, badger baiting, carted deer hunts and cock fighting. 3. To relieve the suffering of animals in need of Gare and attention and. in particular, to provide and maintain facilities for the reception. care and treatment of such animals. In furtherance of this object, the USPCA.. Operates a Veterinary Clinic in Newry. The clinic relieves the pain of suffering animals and provides other veterinary services for companion animals. Treats and relieves the pain of suffering of pet companions that come into our care. Treats and relieves the pain of suffering wildlife. Suffering wildlife in other parts of Nl are treated by local vets courtesy of a USPCA voucher scheme. 4. To promote humane behaviour towards animals by providing appropriate care, protection, treatment and security for animals which are in need of care and attention by reason of sickness, injury, maltreatment, poor circumstances or ill usage and to educate the public in matters pertaining to animal welfare in general and the prevention of cruelty and suffering among animals. In furtherance of this object, the USPCA.. Treats domestic companion animals in need of veterinary care at its veterinary clinic. Provides temporary accommodation for Gompanion animals whose owners become incapacitated through ill health or other personal circumstances and houses the animals until long term arrangements for their future are in place. Treats suffering wildlife prior to re-introduction to their natural environment. In partnership with Ihe Tru5sell Trust and other independent foodbanks across Nl. provides food parcels for Ihe many Companion animals belonging to individuals and families in need of support. The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (Gontinued) Year ended 31 March 2024 5. To advance education for the public in animal husbandry, care for animals and responsibility for animals and the consequences of not doing so. In furtherance of this object. the USPCA.. Provides animal welfare talks to schools and community groups. Provides advice to the beneficiaries of the veterinary services on health regimes and caring for their companion pets. Is an active member of the Pet Education Partnership IPEP)IA collaboration between eighl of the leading animal welfare charities in the UK.. Blue Cross, Cats Protection, Dogs Trust, PDSA, RSPCA, SSPCA, USPCA and Woodgreen. The USPCA services benefit those on low incomes in Northern Ireland by ensuring continued companionship from their pets, through the provision of veterinary services and pet food parcels. Pet poverty continues to rise as households struggle in a cost-of-living crisis. School children and community groups benefit Ihrough the education talks which deepen their understanding of pet care, encourage kindness to animals and promotes compassion. This supports our preventative work on educating and raising awareness on responsible pet care. The public at large is also a beneficiary through the spaying and neutering service which helps control the spread of feral animals and through the care of suffering wildlife which are useful to humanity. Any potential harms are outwei9hed by the service benefits and alleviated through a formal process of risk assessments alongside robust health and safety policies and procedures. There are no private benefits to any individuals connected with the organisation other than the payment of salaries lo staff or fees to third-party seTvice providers which is a necessary requirement in order to provide our services and therefore incidental to the carrying out of the purposes. In shaping our objectives for the year and pSanning our activities. the Trustees have had regard to the Charity Commission's guidance on public benefit under section 4{b) of the Charities Act (Northem Ireland) 2008. Achievements and performance The USPCA is unique among animal welfare organisations and charities given our wide remit, including the vital work of the Special Investigations Unit ISIU) which is focused on disrupting organised animal cruelty crimes. The rehoming and wildlife service to animals across Nl, has provided a lifeline of support. We never pul a healthy animal to sleep. A policy we are extremely proud of. The year under review is the first year of our new strategic plan. Over the past year the Board and staff team worked hard lo build upon the strong foundations focused on defining and embedding our services. establishing relationships with key stakeholders, and strengthening organisational govemance. This strong base places the charity in a solid position to grow and develop services and reach across Nl. The USPCA'S leadership role is in the advancement of animal welfare and the relief of suffering in animals. We exist to champion animal welfare across Nl. The Board and Senior Leadership Team are focused on fulfilling our mission and vision, whilst staying Irue to our values. The wider staff and volunteer team commitment and passion have enabled us to de5iver a wide range of services to fulfil our charily objectives. The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continuèd) Year ended 31 March 2024 Achievements and performance (continued) Enhanced the public understanding, knowledge and appreciation of the work of the USPCA through the proactive placement of opinion pieces and commenting on animal welfare issues in Ihe media. Throughout the year we were featured in 286 regional media articles. Veterinary Sen•ices The USPCA veterinary clinic is dedicated to the relief of suffering in animals and is located in our cenlre on Ihe outskirts of Newry. It is open six days a week, with the team providing a full range of veterinary services to both companion animals and injured wildlife that enter our care. The USPCA supports pet owners who find it diff1culI to afford essential veterinary treatment by providing discounts through our Charitable Discount Scheme for those in receipi of benefits. This scheme not only ensures the welfare of the animal but also supports continued companionship for the owner. The Veterinary practice has faced considerable worf(force issues. and access to Veterinary Surgeons has limited the capacity of the services we provide. Thankfully with the appointment of new Veterinary Surgeons in-year it has provided more stability and consistency to this key service. Wildlife Rescues The USPCA is a team of dedicated slaff and volunteers who come to Ihe aid to care for sick. injured and orphaned animals. Over the past 12 months. we have responded to over 1000 wildlife rescues. Our specialist team with the support of 30 trained volunteers works across Northern Ireland. Our wildlife volunteers focus on the rescue, collection, and transport of injured wildlife. Over the course of the year, we came to the rescue of 976 wild animals. An essential part of our wildlife service is the partnership we have with veterinary practices across Nl. Vet practices who offer an initial assessment or relief of suffering for the wildlife that needs immediate care or relief. This support is vital especially as it ensures timely Ireatment and reduces the stiess caused by traveling long distances to our Veterinary practice in N l. In return, we can offer a voucher scheme to the Vet practice. which helps with the cost of any initial treatment needed. Over the year we issued 602 vet vouchers to practices across Nl. Social Rehoming Our centre was at capacity for most of the year. The number of animals surrendered. plus a slow down in the number of inquiries for rehoming meant we were not in a position to rehome as many animals as planned. Sadly, some pet owners may face a change in their circumstances. such as a death in the family, moving to residential care, or no longer being able to care for Iheir pet. Through our companion animal rehoming service, we aim to give owners facing difficult decisions or circumstances. the peace of mind that we will find their much-loved pet a compassionate and loving new home. We have also experienced a considerable increase in the number of stray dogs coming into our Centre, some of which had severe animal welfare issues. We continued to retain our membership of the Association of Dogs and Cats Home standards accreditation. The USPCA also supports Women's Aid by providing emergency shelter for companion animals belonging to domestic abuse victims. By providing temporary crisis inteNention for the animal, coupled with Women's Aid expertise in addressing the level of risk in a safe, secure, and confidential environment. we hope to hasten the recovery process for the victim. her children, and their pet. Through this service we hope to relieve the pressures faced by women during an already incredibly challenging time The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance (continued) Special Investigations Unit (Slu) The illegal puppy trade, animal fighting. badger bailing, and other horrific acts on animals are among Ihe serious animal welfare crimes happening across Northern Ireland every day. The USPCA'S Special Investigations Unit carries out investigations into 'organised animal Gruelty, serious welfare abuses that often take place well away from public view. The Charity defines organised animal cruelty as-. "Where th& USPCA has an honest belief that one or more persons are engaged in any joint activity with another and animal cruelty or a severe adverse effect on animal welfare has occurred, is likely or is expected. The animal cruelty or severe adverse effect on animal welfare may be an intended or unintended outcome of the joint activity." Continuing the charity's investment into Special Investigations. this year saw the development of our online reporting function for organised animal cruelty. allowing members of the public to submit anonymous and detailed reports regarding the likes of puppy farming, animal fighting and badger baiting. A key part of the SIU work is collaboration and partnership. These include membership to Pet Trade Taskforce a 40-strong group of charities, public sector bodies. and private businesses from across the UK committed to tackling the illegal puppy trade. 2. The Partnership for Action against Wildlife Crime {PAW) Nl is a body comprising representatives from government agencies and non-government-organisations involved in wildlife-crime detection and wildlife-law enforcement in the UK. 3. Partnership for Action against Wildlife Crime (PAW} Paw Ireland is a multi agency group set up to reduce wildlife crime across the island of Ireland. 4. Welsh GAIN (Govemment Agency Intelligence Network) Chaired by South Wales Police, statutory agencies and partners work together lo share information to tackle organised animal cruelty crimes. 5. AIM Animal Intelligence Managers Chaired by the League Against Cruel Sports, il brings together a wide range of NGOS to share information and encourage more Gollaboralion to stop and disrupt animal cruelty crimes. 6. NCWU Badger Priority Delivery Group comprises various police forces and NGO'S. The group is part of the Nalional Wildlife Crime Unit's priority groupings for tackling badger persecution. 7. Working alongside the Northern Ireland Badger Group, the USPCA also operates Operation Brockwatch. an initiative which aims to protect vulnerable badgers and Iheir setts from callous riminal gangs who relentlessly target them through the cruel blood sport of badger baiting. This rural partnership engages with the PSNI and landowners across the region to deter badger baiters from committing this barbaric act of cruelty on the prolected species. Cameras are set up at setts and monitored 24.7. The number of setts under the protection of Operation BrockwatGh Gontinues to grow with over 30 setts guarded under this rural crime initiative. The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (rontinued) Year ended 31 March 2024 Achievements and performance (Continued) Animal Welfare Advocacy Despite animals playing such an essential role in our society and natural environment, there are sadly individuals who are willing lo inflicl unthinkable suffering on them. Within an advanced society, protections are put in place lo ensure abuse does not take place it is imperative that these protections are kept under review and are regularly updated to keep pace with economic and societal changes. Unfortunately, Northern Ireland has a substantial legislative deficit when reviewing the protections offered to animals under law. In some instances, such as the introduction of a ban on hunting wild mammals with dogs, Northern Ireland is over 20 years behind when compared to neighbouring countries such as England, Scotland or Wales. As part of our campaign to ban hunting with dogs in Nl, we launched a partnership with the League Against Cruel Sports. jointly lobbying and advocating for the introduction of legislation to ban this cruel and outdated activity. There are a number of key campaigning priorities which we have campaigned on over the course of the year also including.. 1. An overhaul of dog breeding laws and practices including the introduction of a Ban on 3rd party sale of puppies under six months old. 2. Greater controls on selling puppies on-line to tackle illegal and Cruel puppy dealers. 3. Improve the effectiveness of AniTnal Welfare Enforcement. 4. A change to the timeframes of any animal 'seized' to protect their welfare 5. The introduction of a Register of Banned Animal Welfare Offenders to reduce reoffending by Ihose banned from keeping animals. 6. Compulsory microchipping of pet cats, to enhance traceability and reunite lost or stolen animals with their owners. 7. Updating Animal Welfare Licencing Regulations to ensure appropriate welfare standards at animal shelters, grooming parlours, doggy day care and mobile animal exhibits. 8. Badgers & bovine Ib. Providing an informed and balanced view to avoid the indiscriminate ulling of this protected species. 9. Banning hunting with dogs. to end the cruelty inflicted on defenseless wildlife. The USPCA provides the secretariat for the All Paty Group on Animal Welfare at the Northern Ireland Assembly and we were pleased to see progress in several key policy areas through Ihe work of the APG. The USPCA is an active member of the DAERA Animal Health and Welfare Stakeholder Forum. We have also continued our work with the Northem Ireland Companion Animal Welfare Group to provide a collective voice on key companion animal welfare issues. The charity remains an active member of Eurogroup for animals based in Brussels. Eurogroup for Animals is a pan-European animal advocacy organisation which focuses on improving the wellbeing of animals by achieving better legislation, standards, enforcement, and societal attitudes. Key areas of focus have included the transportation, housing and slaughler of farm livestock. the testing of cosmetics on animals. the travesty of fur farming and the abuses endemic in the international trade in companion animals. 10 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Achievements and performance (continued) Companion Animal Food Parcels. Dependency on foodbanks is a growing trend here in Northern Ireland, especially due to the f1nanGial uncertainties in the wake of Covid and the cost of living crisis. Working with over 50 foodbanks operated by the Trussell Trust throu9hout the region, we supply pet food parcels to pet owners in need parcels made up of pet food which has been kindly donated to the USPCA by manufacturers, local businesses, and members of the public. We delivered over 7000 pet food parcels to foodbanks across Nl. With this vital support we're able to help pets remain happy. healthy. and homed, despite financial adversity and ensure continued companionship for their owners. Schools and Community Outreach Education Programme Education talks in schools across Nl as well as to a wide range of community organisations remained a key focus over the Gourse of the year. We engaged with 84 schools and community organisations over the course of the year. Each engagement provided an opportunily lo provide advice, guidance and inspire future generations as well as promoting responsible pet ownership and an appreciation of our native wildlife. Outputsllmpact Over the course of the year under review the USPCA made a positive impact in the Community Ihrough delivery of the following output targets. Progress against Key Performance Indicators- 2023124 Voterinary Servlces Target 2024 4554 575 300 500 Actual Mar 24,. 5958 800 476 651 Previous Year 6974 503 441 574 Consultations undertaken Surgerles undertaken Neutering and Spaying Cllents on discount scheme Wildlife'Roscu85 2024 1000 600 Mar 24. Year 602 852 1057 427 Veterinary vouchers issued Rescues 11 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 2024 600 Mar 24 Year 355 298 Animals rehomed Companlon Anlmal Food Parcels Actual Mar 24 7879 50 Prevlous Year 5846 50 2024 6500 50 Food parcels issued Food banks served Companion Animal Grooming Targ8t 2024 1600 Actual Provlous Mar 24. ,:, Year 1680 490/0 Animals Groomed Re-bookings made 1672 500 School and Community Pr•8•ntations. Actual :, IPrnvlous' Mar 24 Year 94 37 2024 50 Presentations delivered Membershlp Prevlou Mar 24 Year 75 74 2024 1000 New Members re¢rulted Speclal Inv•stigation$ Unlt Targot . 2024 Major Investigation completed 2 and passed to enforcement agencies. Organised received. Organised crime reports passed 150 to enforcement agencies. Actual Prevlous Mar 24 Year crime reports 300 764 356 261 Anlmal Welfare AdvoGaGy Actual Prevlous Mar 24 Year 2024 Changes in legislation. Opinion Pieces Placed in Media Regional Media articles 10 269 212 212 12 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (Gontinued) Year ended 31 March 2024 Financial review The Charity had a surplus of income over expenditure in the year to 31 March 2024 of £425,779(2023, £617,170). Income Overall income increased slightly in the year to £ 2,220,549 Donations and legacy funding accounted for £1,379,879. Legacy income decreased slightly by £12,827. The overall amount received was £1,244.717. Legacies remain vital to the Charity's delivery of its animal welfare services. however. the level of such gifts is susceptible to large fluctuations each year. Income from charitable activities accounted for £ 382,747, an increase of £66.635 from the previous year. This related largely to veterinary services and also dormanl account funding which was awarded in-year. Trading Income has increased by circa £81,118. The principal contributors to this increase are the Pet Supplies Shop and the Charity Stores in Banbridge, Lurgan and the opening of a third charity shop in Lisburn in November 2023. Income generated from fundraising events. pet supplies and grooming also contributed to Ihe overall total. Investment Income has increased by £17.594. Donations increased in the year by circa £17,446 to £127,162. Expenditure Expenditure in the year increased by £478,039 to £1,903,964, in line with our development and growth plans. The opening of a third charity store, as well as investment in the tradeable services accounted for some of Ihe increase. Considerable investment into all aspects of charitable services as well as govemance costs accounted for £390,572. An additional investment of £44,758 to the wildlife services has aided the number of rescues and our reach across Nl. A £56,311 increase in animal care was provided to help to increase the welfare care of animals at our Centre and also lo increase the number of animals we are able to rehome. A £21,224 increase to extend and grow the Special Investigations Unit was also awarded. Expenditure on charitable service5 grew reflects the charity's commitment in the current year to extend and grow its charitable services. The investmenl in additional staff accounts for the biggest share of the increase in expenditure representing a £225.909 in¢rease compared with the previous year. Net Gains/Losses on Investments There was a net gain on investment valuations at the year end of £109,194 compared to a loss of £63.914 in the previous year. 13 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Financial review (contlnued) Financial Position The Charity's financial position remains healthy with total funds of £3,626,701 of which £1,071,995 is committed in fixed assets. A further £275,563 rests in investment properties generating annual income of circa £37,198. Cash ratio is strong at 4=1 with cash at bank of £616,263 covering current liabilities of £139,653 Long term debt of £332,490 (bank loan) is adequately covered by funds of £2,046,141 invested in low to moderate risk mixed share portfolio. Investment powers and policy The Charity's Articles of Association convey on the Trustees the power to invest funds. The investment policy is a Reserved Matter for the Board. The presenl investment policy is to maximise the long-term total return of the Charity's investment funds subject to the risks normally associated with a cautious approach to portfolio management. The fund manager has been selected on the basis of competency and value for money, and the appointment is subject to regular review. At the year end the Charity held investments in low to moderate risk equities to the value of £2,046,141 The Charity holds investment property al Divernagh Road, Bessbrook valued at £229.31 and has a 500/0 share in a house in Belfast (previous legacy received) valued at £46,250: the rental income from these properties contributes towards the costs of our charitable actives. Reserves policy and going concern Each year the Trustees review the value of the reserves retained in the form of investments, cash and cash equivalents not held for restricted or designated purposes. The Trustees consider the Charity's exposure to major risks in terms of their likely impact on its income sources and planned expenditure in the short to medium term, as well as assessing the best way to mitigate such risks. This will include analysis of short-term setbacks., regular short-term flucluations,. growth plans within the Charity and risks identified within the corporate risk register. The major risk to be managed with regard to income is the significant fluctuations in legacy income on a year to year basis. The present level of free reserves is £2,279,143 of which £830,895 has been designated for the development of the Charily's services across Northern Ireland. The balance of £1.448.248 is viewed by the Trustees as sufficient to offset any short to medium term reduction in legacy income and to ensure that the going concern assumption is appropriate. 14 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees, Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Plans for future periods As the Society for the Prevention of Cruelty to Animals in Northern Ireland, the charity has an importanl leadership role in the advancement of animal welfare and the relief of suffering in animals. In furtherance of its leadership role, the charity's Trustees have set out a ten year vision for the charity to the year 2030. USPCA 2030 Strategic Vision With a large, active membership, the USPCA will be recognised as the authoritative voice on animal welfare in Northern Ireland and be valued as a partner by other animal welfare organisations. Operating from regional centres, the charity's services will be accessible across Northern Ireland. An innovative and successful social enterprise, the USPCA will have financial security to achieve its stated aims. In pursuit of this strategic vision, the Trustees have identif1ed a number of key priorities.. The importance of growing the membership base, not only to have a strong pool ol supporters, but also to create a slrong voice for the advancement of animal welfare. To invest in campaigning on animal welfare issues. To invest in the Special Investigation Unit to disrupt the mosl serious offenders involved in crimes such as dog fighting. badger baiting and puppy trafficking. The volatility in the charity's income stream arising from its dependency on legacy income lo deliver services. dictates that a more robust financial model is required to create financial security for the charity. Underpinning all of the above is the requirement lo strengthen the USPCA'S communications both online and offline, getting the charity's key messages to its target audiences. making the public aware of its concerns and ils successes, garnering public and financial support. commitment to service excellence underpinned by continued investment in skills development. A single location in Newry greally reduces the USPCA'S visibility and the public's access to its services, it is therefore essential to open an addilional location subject to financial sustainability. Growing the pool of volunteers to enhance current services including shelter animal enrichment programmes, shelter animal fostering. wildlife rescues and pet food parcel distribution therefore investment in volunteer recruitment and development should be considered. 15 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 The Trustees have set out the following strategic objeclives.. l. To take a leadership role in the advancement of animal welfare in Northern Ireland. 11. To enhance and extend the reach of the charity's seTvices across Northem Ireland. 111. To strengthen the charity's financial structure through developing a social enterprise business model. IV. To be a valued partner of statutory and volunlary organisations. V. To enhance the public understanding, knowledge and appreciation of the work of the USPCA. Vl. To maintain a robust governance and operational stnjcture to deliver the Charity's objectives effectively. As part of the strategy to grow and develop over the course of the year the charity will continue to The Charity has sufficient funds to deal with any short-tenn drop in income, and its dedicated team of trustees, staff and volunteers will ensure seNices are maintained during any potential challenges presented. Financial instruments The I￿0 long term loans from Danske Bank are for a total of £300,000 each. The term of each loan is 15 years with one loan on a floaling interest rate structure, and the other on a fixed rate of 4.10/0 per annum. Payments are made quarterly as per the Structured Term Loan Repayments Schedule. Both of these loans are secured against "Units 5 & 6, Carnbane East Industrial Estate, Cloughanrmaer, Newry, County Down" 16 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Trustees. Annual Report (Incorporating the Director's Report) (continued) Year ended 31 March 2024 Trustees. responsibTlities statement The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the financial slatements in accordance with applicable law and United Kingdom Accounting Slandards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and then apply them consistently.. obseNe the methods and principles in the applicable Charities SORP- make judgments and accounting eslimates that are reasonable and prudenl., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient lo show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of Ihe 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. Auditor Each of the persons who is a trustee at the date of approval of this report confirms that.. so far as each trustee is aware, there is no relevant audit infomation of which the charity's auditor is unaware; and each trustee has taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information. The auditor is deemed to have been re-appointed in accordance wilh Section 487 of the Companies Act 2006. Small company provisions This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption. The trustees, annual report was approved on 19 September 2024 and signed on behalf of the board of Irustees by. J Farrell (Chairl Trustee P Kearney (H Trustee n. Treasurer) 17 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Independent Auditor's Report to the Members of The Ulster Society for Prevention of Cruelty to Animals Year ended 31 March 2024 Opinion We have audited Ihe financial statements of The Ulster Society for Prevention of Cruelty to Animals {the 'charity'} for the year ended 31 March 2024 which comprise the statement of financial activities {including income and expenditure account), statement of financial position, statement of cash flows and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 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.. give a true and fair view of the state of the charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., have been prepared in accordance with the requirements of the Companies Act 2006. 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 auditols responsibilities for the audil of the financial statements section of our report. We are independent of the charity 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 the provisions available for small entities, in the circumstances set out below. 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. In common with many other organisations of its size. the USPCA uses its auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. 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 statemenls is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions Ihat, individually or collectively, may cast significant doubt on the charity'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 conGem are described in the relevant sections of this report. 18 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Independent Auditor's Report to the Members of The Ulster Society for Prevention of Cruelty to Animals (continued) Year ended 31 March 2024 Other information The other information comprises the information included in the annual report. other than Ihe financial statements and our auditor's report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other informalion and, except lo the extent othe￿iSe explicitly stated in our report, we do nol express any form of assurance conclusion thereon. In connection with our audit of the financial statements, 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 audit or otheNise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether there is a material misstatement in Ihe financial statements or a material misstatement of the other information. 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.. the information given in the trustees. report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the trustees, report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exceptlon In the light of the knowledge and understanding of the charity and its environment oblained in the course of the audit. we have not identified malerial misstatements in the trustees, report. We have nothing to report in respect of the following matters in relation to which the Companies Acl 2006 requires us to report to you if, in our opinion.. adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visiled by us- or the financial statements are not in agreement with the accounting records and returns., or certain disclosures of trustees, remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit., or the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies, exemptions in preparing the directors, report and from the requirement to prepare a strategic report. 19 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Independent Auditor's Report to the Members of The Ulster Society for Prevention of Cruelty to Animals (continued) Year ended 31 March 2024 Responsibilities of trustees As explained more fully in the trustees. responsibilities statement, the trustees (who are also the directors for Ihe purposes of company law) are responsible for the preparation of the financial statements and for being salisf1ed that they give a true and fair view, and for such internal control as the truslees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due lo fraud or error. Our responsibility is lo audit and express an an opinion on the financial statements in accordance with applicable law and International Standards on Auditing {UK}. Those standards require us to comply with the Financial Reporting Council's {FRC'sl Ethical Standard for Auditors,, in the circumstances set out in note 27 to the financial statemenls. In preparing the financial statements, the trustees are responsible for assessing the Charity's ability to continue as a going concern, disclosing, as applicable, matters related to going Goncern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but lo do so. 20 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Independent Auditor's Report to the Members of The Ulster Society for Prevention of Cruelty to Animals (continuéd) Year ended 31 March 2024 Auditor's responsibilities for the audit o* 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 wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations. we considered the following.. the nature of the industry and sector. control environment and business performance including the design of the remuneration policies, key drivers for directors. remuneration, bonus levels and performance targets. results of our enquiries of management about their own identification and assessment of the risks of irregularities., any matters we identified having obtained and reviewed documentation of their policies and procedures relating to.. identifying, evaluating and complying with laws and regulations and whether management were aware of any instances of non-compliance., detecting and responding to the risks of fraud and whether management have knowledge of any actual, suspected or alleged fraud; the internal controls established lo mitigate risk5 of fraud or non-compliance with laws and regulations. the matters discussed among the audit engagement team including significant component audit teams and relevant internal specialists, including tax and valuations specialists regarding how and where fraud might occur in Ihe financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exisl within the organisation for fraud and identified the greatest potential for fraud. In common with all audits under ISAS {UK}, we are also required to perform specific procedures to respond to the risk of management override. We also obtained an understanding of the legal and regulatory frameworks in operation. focusing on provisions of those laws and regulations that had a direct effect on the delermination of material amounts and disclosures in Ihe financial statements. The key saws and regulations we considered in this context included ongoing compliance with the UK Companies Act and tax legislation. In addition. we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental for their ability to operate or to avoid a material penalty. 21 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Independent Auditor's Report to the Members of The Ulster Society for Prevention of Cruelty to Animals (continuéd) Year ended 31 March 2024 As part of an audit in accordance with ISAS (UK}, we exercise professional judgment and maintain professional scepticism throughout the audil. We also-. Identify and assess the risks of malerial misstatement of the financial slatements, whether due to fraud or error. design and perform audit procedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions. misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees, use of the going concern basis of accounting and. based on the audit evidence obtained, whether a material uncertainty exists related to events or Conditions that may cast significant doubt on the charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate. to modify our opinion. Our conclusions are based on the audit evidence oblained up to the date of our auditor's report. However, future events or conditions may cause the charity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 22 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Independent Auditor's Report to the Members of The Ulster Society for Prevention of Cruelty to Animals (continued) Year ended 31 March 2024 We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the charity'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 th81 we might state to the charity's members those matters we are required to slate to them in an auditor's report and for na other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body. for our audit work. for this report. or for the opinions we have formed. Paul Dolan FCA {Senior Slalutory Auditor) For and on behalf of Finegan Gibson Ltd Chartered accountants & statutory auditor Causeway Tower 9 James Street South Belfast BT2 8DN 19 September 2024 23 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Statement of Financial Activities (including income and expenditure account) Year ended 31 March 2024 2024 Reslricted funds Total funds 2023 Unrestricted funds Total funds Note Income and endowments Donations and legacies Charitable activities Other trading income activities Investment income Other income 1,379.879 339,152 382,394 73,064 2,465 1.379,879 382,747 382,394 73,064 2,465 1,373,702 316,112 301,276 55,470 60,449 43,595 Total Tncome 2,176,954 43,595 2,220,549 2,107,009 Expenditure Expenditure on raising funds-. Costs of other trading activities Investment Gosts Expenditure on charitable activities Total expenditure 10 356,655 4,594 1,499,120 356,655 4,594 1,542,715 261,029 12,753 1,152,143 12 43,595 1,860,369 43,595 1,903,964 1.425.925 Net gainsl(losses} on investments 14 109,194 109,194 (63,914) Net income and net movement in funds 425,779 425.779 617,170 Reconciliation of funds Total funds brought forward Total funds carried fonvard 3,200,922 3.200.922 2,583,752 3.626.701 3.626,701 3.200,922 The stateTnent of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The notes on pages 27 to 39 form part of these financial statements. 24 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Giiarantee Statement of Financial Position 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets Investments 18 1.071,995 19 2,321.704 3.393.699 933,090 1.586,381 2.519,471 Current assets Stocks Debtors Cash at bank and in hand 20 21 50,551 41,331 613,263 50,796 46,085 1.106,387 705,145 1,203,268 Creditors: amounts falling due within one year Net current assets 22 139,653 155,192 565,492 1.048,076 Total assets less current liabilities 3,959,191 3,567,547 Creditors: amounts falling due after more than one year Net assets 23 332.490 366.625 3.626,701 3.200,922 Funds of the charity Unreslricled funds 3,626,701 3,200,922 Total charity funds 25 3,626,7Q1 3,200,922 These financial statements have been prepared in accordance with the provisions applicable lo companies subject lo the small companies. regime. These financial statements were approved by the board of trustees and aulhorised for issue on 19 Seolemper 024 nd are sioned on behalf of the board by.. J Farrell (Chairl Trustee P Kearney (Hon. Treasurer) Trustee The notes on pages 27 to 39 forrn part of these financial statements. 25 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2024 2024 2023 Cash flows from operating activitTes Net income 425.779 617,170 Adjustments for." Depreciation of tangible fixed assets Net gainslllosses) on investments Dividends, interesl and rents from investments Other interest receivable and similar income Interest payable and similar charges Gains on disposal of programme related investments Accrued {incomel/expenses 115,851 {109.194) 159,393} {13,6711 30,034 98,551 63,914 154.365} {1.1051 24,299 (60.0001 21,859 {9,612) Changes in.. Stocks Trade and other debtors Trade and other creditors 245 4,754 (5,861 } 378.932 18,170) 21,120 9,911 Cash generated from operations 733,184 Interest paid Interest received (30,034) 13,671 (24,299) 1,105 Net cash from operating activities 362,569 709.990 Cash flows from investing activities Dividends. interest and rents from investments Purchase of tangible assets Proceeds from sale of social investments Purchases of other investments Proceeds from sale of other investments 59,393 (254,756) 54.365 (50.6331 60.000 20.037 58.286 1884,632) 258,503 Net cash (used in)Ifrom investing activities {821,492} 142,055 Cash flows from financing a¢tTVities Proceeds from borrowings Repayments of borrowings Net cash used in financing activities {34,201) (35,174) (35.174) {34,2011 Net (decrease)lincrease in cash and cash equlvalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year (493,124) 1,106,387 816.871 289.516 613.263 1.106.387 The notes on pages 27 to 39 form part of these flnanclal statements. 26 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2024 General information The charity is a public benefit entity and a private company limited by guarantee, registered in Northern Ireland and a registered charity in Northern Ireland. The address of the registered office is Unit 6, Carnbane Industrial Estate, Newry, BT35 6QH. Statement of compliance The financial statements have been prepared in accordance with 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 UK and Republic of Ireland (FRS 102) {effective 1 January 2015) (Charities SORP IFRS 102)). the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. USPCA meets the definition of a public benefit entity under FRS 102 Accounting policies Basis of preparation The financial stalements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through incorne or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. Going concern There are no material uncertainties about the charity's ability to continue. Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of fulure events that are believed to be reasonable under the circumstances. Fund accounting Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designaled funds are unrestricted funds earmarked by the trustees for particular future project or commitment. RestriGted funds are subjected to restrictions on their expenditure declared by the donor or through Ihe lerms of an appeal, and fall into one of two sub-classes.. restricted income funds or endowment funds. 27 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 Accounting policies (eontlnued) Incoming resources All incoming resources are included in the statement of financial activities when entitlement has passed to the charity.. it is probable that the economic benefits associated with the transaction will flow to the charity and the amount Gan be reliably measured. The following specific policies are applied to particular categories of income.. income from donations or grants is recognised when there is evidence of entitlernent to the gift, receipt is probable and its amount can be measured reliably. legacy income is recognised when receipt is probable and entitlement is established. income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from Ihe cost lo the donor or the estimated resale value. Donated facilities and services are recognised in Ihe accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is 8 contractual requiremenl for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricled. Resources expended Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates.. expenditure on raising funds includes the costs of all fundraising activities. events, non-charitable trading activities, and the sale of donated goods. expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that fL¢rther its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the govemance of the charity apportioned to charitable activities. other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned be￿een the activities they contribute to on a reasonable. justifiable and consistent basis. Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated deprecialion and subsequent accumulated impairment losses. 28 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Accounting policies (Gontinued) Tangible assets (Gontinued) An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. DepreGiatTon Deprecialion is calculated so as to write off the cost or valuation of an asset. less its residual value, over the useful economic life of that asset as follows.. Freehold propety Premises Adaptations Plant and machinery Fixtures. filtings and equipment Computer equipment 2 % straight line 7 % straight line 100/0 Straight line 10 % slraight line 20 % straight line Investments Unlisled equity investments are initially recorded at cost, and subsequently measured al fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment. Listed investments are measured at fair value wth changes in fair value being recognised in income or expenditure. Investment property Inveslment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in income or expenditure. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property. it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis. Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. 29 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements fcontinued) Year ended 31 March 2024 Accounting policies {¢ontlnued) Impairment of fixed assets (Gontinued) For the purposes of impairTnent testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The Gash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assels. For impairment lesting of goodwill, the goodwill acquired in a business combination is, from the acquisition dale, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. StoGks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, Gosts of conversion and other costs incurred in bringing the stock to its present location and condition. Defined contribution plans Contributions to defined conlribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises. Limited by guarantee Each of the members of the company has guaranleed to conlribute to the assets of the company in the event of the same being wound up to the extent of £1. Donations and legacies Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Donations Donations Gift aid 123.934 3,228 123,934 3,228 109,716 109.716 Legacies Legacies 1,244,717 1,244,717 1,257,544 1,257,544 Subscriptions Subscriptions 8.000 8,000 6,442 6,442 1,379,879 1,379,879 1,373,702 1,373,702 30 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Charitable activities Unrestricted Funds Restricted Total Funds Funds 2024 Velerinary services Contract Income Contract Income - Newry and Moume Council Department for Communilies Domant Accounts 332,100 332.100 7,052 7,052 23,595 20,000 23.595 20.000 339.152 43,595 382,747 Unrestricted Funds Restricted Total Funds Funds 2023 Veterinary services Contract Income Contract Income - Newry and Mourne Council Department for Communities Dormant Accounts 271.202 3,770 271,202 3,770 41.140 41,140 274,972 41,140 316,112 Other trading income activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Fundraising events Pet supplies shop sales Grooming Charity stores 39,836 54,392 39,560 248,606 39,836 54,392 39,560 248,606 8.873 51.200 42.634 198.569 8,873 51.200 42.634 198.569 382,394 382.394 301,276 301,276 31 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 Investment income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Income from investment properties Income from listed investments Bank interest and dividends 37,198 22,195 13,671 37,198 22,195 13,671 37,043 17.322 1,105 37,043 17,322 1,105 73,064 73,064 55,470 55.470 Other income Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gain on disposal of programme related investments Other income 60,000 449 60,000 449 2.465 2,465 2,465 2,465 60,449 60.449 10. Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Shop costs Grooming Fundraising events Charity Store Banbridge Charity Store Lurgan Charity Store - Lisburn 66,572 49,671 20,115 98,768 84,432 37,097 66.572 49.671 20.115 98,768 84.432 37.097 56,270 43,945 1,269 81,742 77,803 56,270 43,945 1,269 81,742 77,803 356,655 356,655 261.029 261,02g 11. Investment costs Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Premises expenses - Bessbrook Stockbroker Fees 8.253 4.500 8,253 4,500 4.594 4.594 4,594 4.594 12.753 12,753 32 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements fcontlnued) Year ended 31 March 2024 12. Expenditure on charitable activitles by actTvity type Activities undertaken directly Support costs Total funds 2024 Total fund 2023 Prevention of cruelty and relief of suffering Veterinary Wildlife Rescue Animal Care Special Investigations Animal Welfare Advocacy Govemance costs 587,262 331,378 98,415 176,051 116,926 27,409 123,706 710,968 331,378 98,415 176.051 116,926 27,409 81,568 506,683 281,733 53,657 119,740 95,702 35,244 59,384 81.568 1.337,441 205,274 1,542,715 1,152.143 13. Analysis of support costs Prevention of cruelty and relief of suffering Total 2024 Total 2023 Slaff costs Premises General office Governance costs 31,824 33,082 58,800 81,568 31,824 33.082 58,800 81,568 32,103 50.268 49,870 205,274 205,274 132,241 14. Net gainsl(losses) on investments Unrestricted Total Funds Unrestricted Total Funds Funds 2024 Funds 2023 Gainsl(losses) on listed investments 109.194 109,194 (63,914) (63.914) 15. Net income Net income is stated after chargingl{crediting)'. 2024 2023 Depreciation of tangible fixed assets Fees payable for the audit of the financial statements 115,851 7,905 98,551 7.911 33 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (Gontinued) Year ended 31 March 2024 16. Staff costs The total staff costs and employee benefits for the reporting period are analysed as follows-. 2024 2023 Wage5 and salaries Social security costs Employer contributions to pension plans Olher employee benefits 800,498 61.406 27,721 2,308 599.781 44,574 19,390 2,279 891,933 666,024 The average head count of employees during the year was 41 (2023.. 34)- The average number of full-time equivalent employees during the year is analysed as follows.. 2024 2023 Number of staff 41 34 The number of employees whose remuneration for the year fell within the following bands, were.. 2024 2023 £70,000 to £79.999 Key Management Personnel Key managemenl personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid lo key management personnel for services provided lo the charity was £163.429 (2023.'£121,9731. 17. Trustee remuneration and expenses The charity trustees were not paid or received any other benefits from employment with the Charity in the year12023'.£nil). They were reimbursed travel expenses during the year totalling £Nil (2023.. £241. 34 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (Continued) Year ended 31 March 2024 18. Tangible fixed assets Long Freehold leasehold Plant and Fixtures and property property machinery fittings Equipment Total Cost At 1 Apr 2023 Additions 766,913 596,573 169.105 62,372 21.100 439,397 46,917 66,911 1,932,166 17,634 254,756 At 31 Mar 2024 766,913 765,678 83,472 486,314 84.545 2.188.922 Depreciation At 1 Apr 2023 Charge for the year 92,028 433.479 61,335 359,262 52,972 999,076 15,338 53.597 5,837 29,920 11,159 115,851 At 31 Mar 2024 107.366 487,076 67,172 389,182 64,131 1.114.927 Carrying amount At 31 Mar 2024 659,547 278,602 16.300 97,132 20.414 1,071.995 At 31 Mar 2023 674,885 163,094 1,037 80,135 13.939 933,090 19. Investments Listed Investment investments properties Total Cost or valuation At 1 April 2023 Additions Disposals Fair value movements Other movements 1.310.818 884,632 {274,163) 109.194 15,660 275,563 1.586,381 884,632 {274,163} 109,194 15,660 At 31 March 2024 2,046,141 275.563 2.321,704 Impairment At 1 April 2023 and 31 March 2024 Carrying amount At 31 March 2024 2,046.141 275,563 2.321,704 At 31 March 2023 1,310,818 275,563 1,586,381 All investments shown above are held at valuation. Investment properties The investment properties at Divernagh Road, Bessbrook and Oldpark Road, Belfast are held at fair value. The fair value of these properties are reviewed annually by trustees. 35 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 19. Investments (continued) Financial assets held at fair value The listed investments are valued by Davy Private Clients UK, Belfast and held at market value. 20. Stocks 2024 2023 Raw materials and consumables 50,551 50,796 21. Debtors 2024 2023 Trade debtors Prepayments and accrued income Other debtors 8,657 28.498 4.176 2,523 41,362 2.200 41.331 46.085 22. Creditors: amounts falling due within one year 2024 2023 Bank loans and overdrafts Trade creditors Accruals and deferred income Social security and other taxes Net wages Pension 50,249 36.713 26,443 18,336 50,315 53,165 36,055 8,354 929 6,374 7.912 139,653 155.192 23. Creditors: amounts falling due after more than one year 2024 2023 Bank loans and overdrafts 332,490 366,625 Included within creditors.. amounts falling due after more than one year is an amount of £168.846 12023.. £212,694) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date. 36 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 24. Pensions and other post retirement benefits Defined contribution plans The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £27.721 (2023.. £19,390). 25. Analysis of charitable funds Unrestricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers General funds Development Fund 2,200,922 2,176,954 (1,691,264) 10g,1 g4 2,795,806 1,000.000 (169,1051 3,200.922 2,176.954 11.860.369) 830,895 109,194 3.626,701 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers General funds Development Fund 1,994,496 2,065,869 (1.384,7851 (410,744) {63,914) 2,200.922 589,256 410.744 1,000,000 2,583.752 2.065.869 11,384,785) (63,914) 3,200,922 The Trustees have set aside £1 million to a designated fund for the development of the Charity's services across Northern Ireland. of which spend of £169,105 was allocated in the 23124 year with £229.849 to date, to expand the Special Investigations Unit. enhance our work in animal welfare advocacy and improve our kennelling facilities. 37 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (continued) Year ended 31 March 2024 25. Analysis of charitable funds (continued) Restricted funds At 1 Apr 2023 Gains and At losses 31 Mar 2024 Income Expenditure Transfers DFC -Jobstart Dormant Accounts Fund 23,595 (23,595) 20,000 (20,000) 143,595) 43,595 At 1 Apr 2022 Gains and At losses 31 Mar 2023 Income Expenditure Transfers DFC -Jobstart Donnant Accounts Fund 41,140 141,140) 41.140 {41,140) 26. Analysis of net assets between funds Unrestricted Total Funds Funds 2024 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 1,071,995 1,071,995 2,321,704 2,321,704 705,145 705.145 {139,653) (139,653) (332.490) (332,490) 3,626,701 3,626.701 Unrestricted Total Funds Funds 2023 Tangible fixed assets Investments Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 933.090 933,090 1.586.381 1.586,381 1.203,268 1,203.268 (155.1921 1155.192) (366.6251 1366.625) 3,200,922 3,200.922 38 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Financial Statements (contlnued) Year ended 31 March 2024 27. Ethical standards In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax aulhorities and assist with the preparation of the financial statements. 28. Taxation The Company is a registered charity, and as such is entitled to tax exemptions on income and profits in furtherance of Ihe charity's primary objectives. 29. Financial instruments The carrying amount for each category of financial instrument is as follows= 2024 2023 Financial liabilities measured at amortised cost Loan payable falling due within 1 year Loan payable falling due in more than 1 year but less than 5 years Loan payable falling due after 5 years 50.249 183.644 168,846 50,315 153,931 212,694 382,739 416,940 The I￿0 long term loans from Danske Bank are for a total of £300.000 each. The term of each loan is 15 years with one loan on a floating interest rate structure. and the other on a fixed rate of 4.1 % per annum. Payments are made quarterly as per the Structured Term Loan Repayments Schedule. Both of these loans are secured against "Units 5 & 6, Carnbane East Industrial Estate, Newry, County Down" 30. Contingencies A contingent liability exists to repay grants and Trust monies received should certain conditions not be fulfilled by the charity. In the opinion of the Trustees. the terms of the Letters of Offers have been, or will be, complied with and no liability is expected. 31. Analysis of changes in net debt At At 1 Apr 2023 Cash flows 31 MaT 2024 Cash at bank and in hand Debt due wilhin one year Debt due after one year 1,106,387 150,315) {366,625) 689.447 {493.124) 66 34.135 613.263 {50,249) (332,4901 230,524 (458,923) 32. Related parties There were no related party transactions in the year. 39 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Management Information Year ended 31 March 2024 The following pages do not form part of the financial statements. 40 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Income and endowments Donations and legacies Donations Gift aid Legacies Subscriptions 123,934 3,228 1.244,717 8,000 109,716 1,257.544 6.442 1,379,879 1,373,702 Charitable activities Veterinary seNices Contract Income Contract Income - Newry and Mourne Council Department for Communities Dormant Accounts 332,100 271,202 3,770 7,052 23,595 20,000 41,140 382.747 316.112 Other trading income aGtivities Fundraising events Pet supplies shop sales Grooming Charity stores 39.836 54.392 39,560 248,606 8.873 51.200 42,634 198,569 382,394 301,276 Investment income Income from investment properties Income from listed investments Bank interest and dividends 37.1g8 22.195 13,671 37,043 17,322 1,105 73,064 55,470 Other income Gain on disposal of programme related investments Other income 60,000 449 2,465 2.465 60,449 Total income 2,220,549 2.107,009 41 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities Year ended 31 March 2024 2024 2023 Costs of other trading activities Shop costs Wages and salaries Pension costs Light & heat Marketing and advertising Telephone Shop expenditure Veterinary Care - Wildlife Rescue 20,607 294 1,819 836 127 42,796 93 18,704 309 1.377 485 35.395 66,572 56,270 GroomTng Wages and salaries Pension costs Light & heat Consumables Purchases 44,236 438 884 1,654 2,459 38,165 455 669 4,656 49.671 43,945 Fundraising events Fundraising events 20,115 1,269 Charity Store - Banbridge Wages & salarie5 Pension costs Rent Rates & water Light & heat Repairs & maintenance Motor vehicle expenses Telephone Other costs 40,168 735 24,080 31,596 506 22,092 78 7,722 20 3,328 448 5,289 7,679 2,604 1,248 7,026 Carried forward 83,540 71.079 42 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (Gontinued) Year ended 31 March 2024 2024 2023 Brought forward 83,540 71,079 Depreciation Stationery costs So￿are Costs Purchases 9.326 1,234 2,071 2,597 9,328 1,335 98,768 81,742 Charity Store - Lurgan Salaries- Gross Salaries- Pension Rent Rates & Water Light and Heat Repairs & mainlenance Motor Expenses Telephone Advertising and Promotion of Events Depreciation Stationery Purchases General Cleaning & Waste Disposal 44,239 708 15,000 87 5.099 5,037 2,624 1,257 3,453 3,659 737 1,714 150 668 44.820 675 13,750 7,877 1,723 3,930 551 211 3,646 620 84,432 77.803 Charity Store - Lisburn Gross Wages Pension Costs Rent Rates Light & Heat Repairs & Maintenance Insurance Motor expenses Card and bank charges Depreciation General expenses Stationary Purchases Software Costs Telephone 16.884 198 10,000 70 477 1,751 144 730 322 3,088 46 83 1,704 1,178 422 37,097 Costs of other trading activities 356,655 261,029 43 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (continuèd) Year ended 31 March 2024 2024 2023 Expenditure on charitable activities Prevention of cruelty and relief of suffering Activities undertaken direGtIy Wages & salaries Employer's NIC Employer Pension Rent & rates Light & heat Repairs & maintenance Staff recruitment Bad Debt Trustee's Training Costs Telephone Other office costs Depreciation Purchases Drugs Other staff costs Publicity, fundraising and support Subscriptions General expenses Staff Travel & Subsistence 262.245 61.406 18.754 274 22.611 27,961 162.585 44,574 12,442 171 20,556 4,707 764 2.540 122 34,256 74 99,778 1,344 11,648 5,174 17,627 3,484 8,891 9,073 21,158 451 85,577 2,808 11,680 1,433 1,641 3,895 587,262 374.442 Support costs Wages & salaries Light & heat Repairs & maintenance Insurance Cleaning materials & consumables Health Insurance Telephone Printing, postage & stationery Sundry expenditure Staff training 31,824 1,202 3,414 28,466 7,790 4.501 32,103 1,082 23,004 26,182 5,481 3,392 1,114 14,514 7.656 17,713 27,548 9,800 9,161 123,706 132,241 Veterinary Activities undertaken directly Wages and salaries Pension costs Prescription food Subscriptions Repairs and maintenance Insurance 162,126 3,306 2,308 2,343 3,125 1,611 152,130 2,803 2,279 2,381 5,548 815 Carried forward 174.819 165.956 44 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (continued) Year ended 31 March 2024 2024 2023 Brought forward 174.819 165,956 Drugs Marketing and advertising Consumables Software costs Locum costs Microchipping Cremation Fees & Medicines 80.738 387 15,456 5.798 47.591 1,777 4.812 52,583 15,883 3,354 25.710 764 6.178 11.305 331,378 281,733 Wildlife Rescue Activities undertaken directly Wageslsalaries Pension costs Veterinary Care - wildlife rescue Motor Vehicle Expenses Other office costs Veterinary Vouchers Other staff costs 53,687 775 22,345 13,828 7,738 28,647 460 8.257 10.956 2,107 3,230 42 98.415 53,657 Animal Care Activities undertaken direotly Wageslsalaries Pension costs Direct charitable activity 4 - insurance Veterinary Care - rehoming animals General 88,066 1,707 111 80,352 5,815 67.306 1.193 51,241 176,051 119,740 Special Investlgations Activities undertaken directly Wageslsalaries Pension costs Repair5 & maintenance Insurance Third Party Contractor Motor Expenses Consultancy Fee Telephone General costs 36.416 806 23,725 547 199 71 57,672 11.080 1,131 18,759 8,272 45,602 489 5,451 634 1.774 116,926 95,702 Animal Welfare Advocacy 45 The Ulster Society for Prevention of Cruelty to Animals Company Limited by Guarantee Notes to the Detailed Statement of Financial Activities (Gontinued) Year ended 31 March 2024 2024 2023 Activities und8rtaken directly Printing Professional Fees Professional Subscriptions Markeling and Advertising General Costs 3,110 14,592 8.611 746 350 5,046 15,996 11,526 2,676 27,409 35,244 Governance costs Accountancy fees Audit fees Legal and other professional fees Costs of trustees, meetings Bank interest and charges 2.225 7.905 37.258 5.4go 28,690 1.729 7,911 23.834 1,611 24,299 81,568 59.384 Investment costs Premises expenses - Bessbrook Stockbroker Fees 8,253 4,500 4.594 4,594 12,753 Expenditure on charitable activities Net gainsl(losses) on investments Gainslllosses} on listed investments 1,542,715 1,152,143 109.194 {63,914} Net income 425,779 617,170 46