THE EDIIYBURGH CAT PROTECTION LEAGU£ REPORT AIYD fiINANCIAL STATEI MENTS FOR YEAR ENDED 31 DECEMBER 2024 A CHARITY REGISTERED IN SCOTLAND NO. SCD14916
THV. F.DIliBIJRe.H C.AT PROTF.CTION J.F.AC.IJE REGISTERED IN SCOTL.4ND NO SC014916. REFERENCEI AND ADMLNISTRATIVE DETAILS COMMrrrEE OF MANAGEhlENT PRINCIPAL O.FFICE 3 Casselbank Stsrt ED.INBURGH EH6 SHA AUDrroR Walter Pater#on FCCA (Senior Statutory Auditor).. Sumer Auditto Limited, Chartered Accountants Statutory Auditor, 41 ChaTlotte squ, FAlinbur8h, EH2 4HQ BANKERS Virgin Money UKplc, 83 George Street, EDINBURGH EH2 3ES Scottish WÈdow5 Bank, P O Box 883: LEEDS LSI 91Y SOLICITORS Shepherd & Wedderbum LLF. 9 Hayrnarket Square. EDINBURGH EH3 8FY INVESTMENT ADVISERS Rattibones (incorporating Investe¢ Wealth & Ini'estment (UK)J. l O George Street. EDINBURGH EF12 2PF
THE EDINBURCH CAT PROTECTIONLEAGUE REPORT OF THE MANAGIMEwf COMMITTEE FOR THE YEAR ENDED 31 DECEMBER 2024 Th¢ Con]mittee have pleasure in presenting thciy annual report and financial stgtements for the year ended 31 December ?0?4. These are prepared in accordance with the Charities and Trustee invc5tment (S¢otland) Act ?005, the Charities Accounts (Scotland) Regulatioiis 2006 (as arnended). FRS 102 and A¢couniing and Reporting by Charities: Siatemen¢ of Recommended Practicc applicable to charitie5 preparing their.accounts In accordance Miith Tlie Financial Reporting Standai applicable in the UK and Republi¢ of Ireland (FRS 102) - second edition issued October 2019 and comply wilh applicable law. The management. committee, who are alw the trustees for the purpose of Scotsish eharity law: are collectively i¢f¢rred to throughout this rewrt as the managementcoinittittee. STATEMENT OF MANACVEMENT COMMITTEE'S RESPONSIBtLITIES Under thc Lcague"s Constitution and legislation rclating to charilies in Scotland. tlie Mllnagement Committee is required io prepare financial statemenls for each fJnan¢ial year which show & true and fail. view of the financial activities of the Leaguc and of thc surplus oi dcficit for that >'ear and which have.been properly prepared from and are in agreerneht with the accounting records of.the League and comply wlth relevant disclosure regulatiotts. In preparing those finÈmcial statements Ihe Committee is requiitd to- ,%¢le¢t.suitable accounting policies and apply thein consistently observe tlie methods and principles in the applicable Charities"SORP make judgements and estimates that atE reasonable and ptudent state wheiher applicable aGcounting standards havc becn followcd subjcct to any material depattures disclosed and explained in ihe financial statements. prepare the financial 5tatcmcnts on thc going corLccrn basis unless it is inappropriate t() pr¢sume that ihe League will continue its activities, The Commtttee is required to act in accordance iviili the Constitution of the charity within the frnEn¢work of the law. It is responsible for keeping proper a¢¢ounLing records which disclose widi reasonable accuracy at any tinie the financial position of the charity and cnabl¢ it 10 ensure that the. financial statements comply wilh the Charities and Trustee Investinent (Scotland) Act 2005 and the Charsties Accoiints (Scotlalld) Regulations 2006 (as amendcd). It has iespoiisibility for talcing reasonable sfyps to safeguard the assets gf the charity and io prev.ent and dettet. fraud and. other itregularitics. In the c&se of each of the"persons who weie members of the Management Committee at, the time when their report is approiied: so far as we are aware, there.is no relevant audit infomiation (information needed by the cllarity's audÉtors in connection with preparing their report) of which Ilie ct)ariry s auditors 4re unaware, and Ive hav.c takcii all the steps that we ought to have taken in ordei to make ourselves aware.of any relevant audit iiiformation and to establish that the charitl':s lluditoi's are aware of that infommtion. w.e ¢onfLmi that the accounts have been prepared so as to Comply wilh curreJ)I statutoi'y requ1MentS. the chariry SORP (FRS102) and the company's own goveming doGumcnt.
STRUCTURE, GOVERNANCE AND.MANAGEMENT l. The Edinburgh Ctht Protection League ivhich was founded around .193.5 is a LYoogni5ed charitv in Scotland and is operated under the Nles"of its Constitution revised in 1979. Tlie managenient of the Charity is the responsibility of the Coinmittcc of managnent wliose illembers are elected and "oo-opted under the terms of the Constiluiion. NeHI members al'e recruited and appointed by the existing Committee and by membcrs of the cliarity at annual general meetings. One of the rnembers of the Committee of Management, Jane Walker, was in charge 'of dir¢cting and controlling die ¢liarity on a day to day basis during the year. The Treasur¢r, Jacqueline Gordon: dcals with tlie day to da}, finaA)cial and administrative requirrments of the ¢harity. Siajfing" is di'gciissed rther below in ihe acliievements and performance section. 2. The Committee has assessed th¢ major risk5 to which thc Charity. is exposed, in pailiculaT those related to the operatiorLS and finances. and il is satisfied that systems are in plaee lo mitigate "exposur¢ to majorrisl<s. OBJECTIVES AND ACTIVITIES Tli¢ main objcctivcs of the Charity are- To rescue scray aL]d unwanted ¢ais and kittens, rehabilitate and tehome them where possible. To infomi the publi¢ on thc care of cats and kittens. To eiicourage the neutering of cals. ACHIEVEMEKfs AND PERFORMANCE Cat welfare and re-hoiming As in previous years ilie Charity's main focus is to provide shelter and veterinary treatment for all the cats coming into our care'and io keep them housed and fed in comfort in The Shelier until such times a5 th¢y can bc satikfactorily re-homed. Wc prok ide all aspects of care froin admission to i'ehoming and any veterinarv treatinent requii'ed including neutering, medication wher¢ necessary and any type of veterinary invc5tigation'oT surgery. The veterinary treatmeiit is typically. carTied out by the Charity's appointed veterinary surgeons in-house. Ln some cases oth¢r veterinary surgeries aiE involved e.g. when a reterral for additional investigation and treattnent is required. We also have a neutering vouchcr schcmc for people who are unable L'o afford neutering and who are Teceiving social behefits and can provide adequate proof of this. W¢ take care to enÈure that our oats go lo the most suitable home possible and the most suitablc oiYn¢r so that thej can live a mfortable and happy life thereafter. It continues to be the Charity's policy to put anima15 to sleep only in cascs when adyised. by the veterinary suigeons that there is no hope.of reVery to good health. The relevahr statistics for the year are as undernoted:_ Cats and kitteJis'adrnittcd- 159 Cats reunited wilh owners- 5 Cats homcd- 147 All cais coming thtough the sheller al'e microc.hipped ad vaccinated atsainst influenza: enteritis, panleukopenia and FeL V. Every cat LS test¢d for Felinc Imrnunodcficicncy Virus (FIV) and Felin¢ Leukaemia Virus (FeLV). All cats aged 10 years and above arriving at the shelter also receive a scnior pct profil¢ rxamination which includcs analy.sis.of their kidney. liver and 1hyroid nctIon.
ACHIEVEMENTS AND PERFORMANCE (continued) AniLog animal w¢lfare.databasc In or'der to improY¢ ¢ord. keeping and adli¢re to regulator}w requirements the decision wa5 made tor the Cliarity to si<yn up to th¢ AniLog database from Éhe start of the y£ar under rcvicw. AniLog i5'a web-based aniillal welfare managemcnt software and enabled the c.harity to move away from paper records and ensures full records of Each cat are kept together and backed up. The gdoption of the AniLog databas¢ has transfonned r¢¢ord-keeping at th¢ Charity. Th¢ syst¢m is now used by all staff to record contact details in relation to cat enquiries, surrenders,. re-liomings and donaTions made to the Charity as well as proving a valuable aid with report production and gnalysi8. Statying and 51ieltCL hcalth and saFety During the year under review considcrable improvements were made in terms of staffing and healih and safety a5 well as to tlie shelter propety- The decision was made io recruii two additional members of siaff to caie for tlie cats and help ensure adequalc cover is in place. Followiiig tlie year end a Ixnchmarking exercise regarding remuneration to key ianagernent peonnel commenced and is cutr¢ntly in progress with a vi¢w to being considered furth¢r oiicc the board ofthe neK¥ charity are in place (see plans for future below re new charity). A comprehensive health and safety and fire saleis, review was undertaken aLthe sheltèr witli subsequent work carried outwliich included thc installation of a new fire alarm systern and enhanced security cameragas Mf11 as the general upgrading of fixtures and fittings at the property, Additional policies. pi'ocedures wid tiaining were also put in place (o ensiire necessaiy regulations are adhered to in terms of staffing and health and safety. These improvements are on¢roing with regular reviews beingy catried oui as rquired. FINANCIAL REVEEW Total incorne for the year was £598.88? an increase of £366:120 compared 10 2023. This was principally due to an iiicrease in legacies received of £374,240, Total expenditure for the year was £271,594 bcing an increase of £64,003 co)npar¢d to 2023. This was prineipally dtse to tncreases in legal and PTofessional fees of £39,346, staff costs of£1 5,574 and property costs of £IO.569 compared to 2023. The legal fee5. in par¢ ielatrd to a constitutional review. There was a surplus of £327.288 forthe year (2023 - a surplus oE£25,171) betore gains oli investment assets. After allowin&. for sains investment agsets of £1 19.233 (2023 - gains of£g0:423) there was a net increase in funds of £446.52] (2023 £115.594). Total n¢t assets liave tlierefore iiicreased from £3,902,396 to £4,348,917. all of which arc unrestricted. Tii¢ financial position remains satisfactors and this will allow us to continue and develop our worf( with cats. The Accumulated General Fund.represents the unresti-i¢t¢d funds arising from past operating r¢sults. Th¢ Comrnittcr is satistied that the balati¢e of th¢. furtd .111 be sufficient to:_ (a) Resource any annual deficits for.the foreseeable fiiture (b) Continuc to enable the Leaguc to inaintain th¢ upkcep and maintenaiice of Éhe cxisting C'atte'ry. (o) Provide the basis for funding any necessary iinpi'ovemenLs and alterations to or replacernenl of the existing premises. The Cattery buildiiig is quite old and nDtpurpose built and the Coinmittee is conscious that a relocation to new preinises may well be necessary in the future. This Inatter is kept undei regular review.
FANCIAL REVtEW- REVI.EW OF PERFORMANCE OF INVESTMENTS ThE charit5:'s investments are under ihe discretionary maiiagement of Inv¢stec Wealth & Investment (UK) who are now part of Radibones Group plc. and thrir investment report for the.yeaT. is presentcd klow. The inv¢stm¢ni objectiiie of the fund is to achieve a bglance betweeii capilal ppreciation and curtEnt income retum whilsL ensuring that the risk elem¢iit 15 controlled. Portfolio value asat 31stDeccmbèr2023= £3 ?72,64). Net incon= £108,311. Netyield= 3.3]O10 Portfolio value As ut 315t Decemb¢r 2024- £3,378,069. F4et in¢ome=£100,463. Net yield = 2.97•/0 If we look back at 2024: the s'ear ivas Shaped by a mix of globAI elections. Al-driven groM¢h and lingering iiiflation concerns and as the year ended, m05t investors should have been able to look back on hawing niade reas'oiiablegains in their Portfolios. Throughout thr various elections, a!thou'8h theLt i%iere a couple of mai'ket-related wobbles, the, outcoines were generally favourable for investoi's. The defining election liolvever wa5 thc US Presidentral election. which, again, tlireatened to bl'ing cha05. Americlln companies, tmost of whioh are teohiiology focussed, dominate global equiry indices and US equities delivered the lion's share of irturns to global inve5tor5 duriiig 2024. The UIC wealth inanagcment industry has gradually embraced a Inore global approach To equiTy investmeiiL and tlyis has enhanced returns, although Ihere will alwa}'s be a sense of frustration during such good time5 that the cxposiirt was not even greaier. Whilst the UK'S FTSE 100 Index deliveLrd a total return (including dividends) of 9.60/0 in 2024. Ihe Us's S&P 500 Index gained 25 %. In the UK, the new Labour governrnent delivered ils first budget in October 20?4, which didn'.t result in as high tax increases as expected for capiial gains tax esp¢cially. It did however hit the business coininunity on account of an incrcasc in tlic rntr of private. einployers, National Insurance onlributions and. more importanrly. a redu¢rion in the tlireshold foc contributions being u]ade, with the latter factor bringing low'er paid workers into the net. It has been suggested that tlie ¢xlra cost will have lo be absorbed through some combination of higher Piices: reduced profits: lower wage increases or lower einployrnent, Done of"which alc hclplul to the ec(ynomy. For ihe 2024 calendar year, tbe portfolio returiied 3.23 % in capital termE compared to the portlolio's benchmark 6.0 10/0 for thc sainc period. In total return lerms, iii¢lusive of divideiid5 received, the portfolio returned 6.4?O/fj compared to the benchmadi's 8.840/b. Though returns are in positive terrilory> they arc bchind our iDtcrnal b¢n¢hmarlL It is worth IentiOn]ng though, that the inteliial benchmark which the portfolio is compared against is now adrift in tent)s of the allocation to U [( and oveisells equities. As mentioned above. investmeni firms. ineluding InvesteelRathbones have moved towards having a heavier weighting in ov¢rseas equities wher¢as previously it was a 50150 split. We are n()w [Orking toivalxls a 751?5 split and ihc poitfolio is iioiv rcflective of this but with no fornv41 Change to th¢ benchinark. As pait of the merger with Ratliboties. the bcnchrnarks will be changed on. Mass within the next few months and.the benchmark will therefore be more retlective of the current poilfolio compo'sition. One of the.bigges¢ gap5 in per.formancc v¢rSus benchmark was witliin overseas equities and a.very 5irnilar story to the piEI'ious Ye.. i.e. for US ¢quiti¢5: the benchmark r¢tui'ns continucd to bE heavily bolstered by Ame1'in t¢chnology componies. Again. as mentioned in our report last year, the portfolio does not have direct exposure to the likes of FaccbooL Ati]azon. Nctflix ctc. Inst¢ad, exposui'e is maiiaged through collective funds as part of the wider investment stratrgy to manage a. div¢r5ifi¢d spread of financial instruments M'ithin the portfolio which prcjvide a balance bttween growth and income. While the ECPL portfolio has healthy exPOlre to US ieelinology fjrins, given. the growth of these firms in th¢ last few years, the>, now make up such a lalge pei'¢¢ntage of the overall US marf(eL that we frel there ar6 r£sks in being ]lY welted to thern. given.what has happ.cned previously whcn particular scctois got (with hindsight) too big, c.g. Ihe Tcch scctor in
1999 kfore the crnsh in.?0004)3 And then within the Banking sector before the"Finaneiol"Crn3h in 2008-09. FIN.INCtAL REVIEW _ REifiEW OF PERFORMANCE OF INVESTMENfs (continued} )ing baek lo the split between UK2nd oveT5eap eqiiilie%, ISK eqiiitie8 have helped the herKhinark. r¢turns, drivcn by strong pcrfo.m]an¢¢ in sedors such as financial sorvices and consumer discrctioiiary. How¢Y¢r as Ihc portfolio'i% noi¥ underiveitsht UK equitits coinpared to th¢ benchmark. Ilie portfolio ha5 TEOt ben¢fiited as inuc]] from tlie UK g'rowth in 20?4. Stock gpecific holdings have also played thciT part whereby we don't just hold stork5 in UK 5ector& whirh liav¢ done particulatly well. A150 Worth n)¢ntioning ihat gold prices soared during ?024 (which continued into 2025). Il'liilst tlie Portfolio has an exposure to gold it is less tlian 2 /0 SO it.has not had a5 mucli of an impact as it maybe would liave had the exposur¢ beeii Imore signifiLanL The income figure and yieldg you will see has decreased. Thig has ptlY been due to the ini'egtmetit J. Ivhich had it stgyed .of thc oash totolling.£300,000 which Ivag added to the portfolio in April 20?" a5 cash, would'havc yielded'3.25 /0 as quoted in Dur rcwrt last y¢ar. Thc cash has EKcn ii)Y¢sted in a mixiurc of low and high yielding'stocks plus we haTre disposed of 501nc higher yielding sto¢ks during th¢ year. The combination of tliese factors has thcrcfore settled the yield at just under 3/0. Ing info 2025, tlie gains that occurred in ?024 were virtuajly wiped out as Preside.iit I'ruinp unlEashed his tariffs around the globe causing a shaLP decline in ApLiI, Though we have seen soine recovery and rnadcets have stabilis¢d. invesTors' confIdence has been somewhat shaken and there is still some uncertainty over how the second half of (he ye&r will go. From Iiur perspective, it does not feel likc a time to be.tsking big Lisks with portfolios rel&tive to benchmarks. We continue to advise investoi? that tlie stwcture Df financial markets today Lends itself to occa8ioAial bouts of cxtr¢mL" Yolatility and it 1$ inip)rtant not to be paniclced into rnaking decisions that are detrimental to lon8er term i'cÉurns. No doubt thcrc will niorc volatility alicad, but ivc rcmain committcd to investRng I.ge[Y in 00mp4leS Ih<il hav¢ lh¢ power Lo ¢ontinue to coimpound reiLrns over a longer cycle and ind¢pendcnt of the current incuinbcnt of the Whit Hous¢. Tacticall}r. Ivc can also look to take advantage of market overreactions. PLANS FOR FUTVRE.PEIU.ODS G)ngtilutional 2nd governance review: c.harity restrueturing and new trugtee tecruilment The Chattty"s current constitulion N4'as drnHn up in 1979 and WAS established ag an unincorporated" .A$sL}LlI0n. Over the yenrs since then the Charity has continued to 0rate gucceggfully over the intcrvcning ycars carrying out its main objcGtiV¢3. Thc. C.liarity's as5cts valu¢ has grown considtrrdbly ovcr linic Éhrough ltgacies aiid donalioiis: w¥ll as Iliri)UbJli pruclcnt tndna8ecnt of our insestsnents, and more staff are now ¢inployed by the Charity. Following advice received from our solicitors and accountants, and in order to comply with b¢st practice in relation to govemance. ond managing both stsff and resources, in the year under review the Committee took the decision to reforrn as a Conipany Limitcd by Guarantee (CLG}.'Tlie CLG structure is recognised as the most appropriate fonn fot a charity of our size. and for one wilh employees, to lake as it offets a more robust and modem structure. Importantly the C,LG structur.¢ also provides liÈnited liabiliLv to C<)rnlTJitte¢ members, which is especially reltvant given the charity's aciivitie& and the need to al¢t. and recrnil additional tnjsiees. The I.estructurin of the C.harty is a coiiiplex process and has onlitiued post year end. In a bid to attract ncw'tTUStees to thc Board of the refpnned char.ity dverts were pluced and the Cointnittee are deliglited that the recruitlT]ent PLocess was a"suc¢css &nd 3¢v¢ral n¢w trufjl¢c3 arc rcady to form thr Doard lo takc tlic ncw Charity Forward as a CLG oncc ilic resiiuctuiing process is compl¢te. Following the year end, i4te wish Iierwell for the fiiture. Trustee, atter 44 vears of sen'ice io the shelter has relired and
PLANS FOR FUTURE PERIODS (contiiiiied) The C.harity'.s primary fnciis Irrnains the care, -surfrpnrt a1 ivelfare of" cals and kittens in its car¢ and this will continue to be the case going forward 89 a CLG: The Chariiy it& own [aCeboOk p&ge whieh it keeps utxlllted with posts of the ¢ats available for adoption. roved b Ihe Cointnitttt on and signed on it5 bchall'by:
THE EDINBURGH CAT PROTECTION LEI AGUE tNDEP£I NDEKf AUDITOR'S REPORT TO THE TRUSTEES OF THE EDIt4BURGH CAT PROTECTION LEAGUE We have audited the financial stat¢ments ot The Edinburgh Cat Profrfjtion Leaglte ( the tharity.) for the )'earended 31 December 2024 wliich comprise a Siateinent ofFinaiicial Activities4 Balance ShceL Stament of Cash Flows and notes to the financial statements including signifi¢anl accounting policies. The financial reporting framework that has been applied in their preparation is appljcable law and United Kingdom Accounting StarAdards: including Financial Reporting Standard 102 (FRSI 02) 'Th¢ Fillancial R¢porting StandaLd applicable in theUK and Republi¢ of Ireland" (United Kingdom Generally Accepted Accounting Practice). In our opinion th¢ financial statemenlS- give a true and fair view of she statc of the charity's affairs as at 31 December 2024,and of lis income and expenditttre for the yeaT'ihen ended. have been properly prepared in accordance with. United Kingdom Generally AGG¢pted Accounting Practice. and have been pirparcd in ac¢ordance ¥N'ith tlie requirements ofthe Charities and Trustees Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Rcgulatrons 2006 (as amctided). BASIS FOR OPINION We conducted our audit in accordance w'ffith Intemational Standards on Auditing (UK) (ISAS UK) and applicable law. Our responsibilities under those standards ate further described In ihe Auditor's responsibilities for the audit of tl)e.financial statem¢ntS section ofour repoit. We air independent of thc charity in accordancc with the ethi¢al requirements that are releyani to our audit of the financial statements in the UK. including the FRC'S. Ethical Standard. 2nd w'e have fulfilled our ethical responsibilities in accordance with these requirenients. We.belTeve thal the audil evidence we have obtAiiied is sufficieni and appropriaie to provide a basis for our opinion.. CONCLUSIOTrIS RELATING TO GOING CONCERN In auditing the financial statemenls. we have concluded that the Truslees use of the going concem .basis of accounting in the pteparation of the financial Statements is appropriate. Basedoii the worlc we have perfornied, we have not identified any ttllterial uncertainties r£lating to evencs or conditiorEs that: individually or colle¢iively, may casi significant doubt on the charity's ability to ¢ontinuc as a going concern for a period of at Icast twelve tnondts from when the financial st2Men1S are authoLised for issue. Our responsibilities and ihe responsibilities ofthe TiiJst¢es ivith i'¢speot to goiiig concem are described in the relevant sections of this report. OTHER INFORIKqATION Tlie other informatiorx cotttprises Ilie infotThation included in the trustees. annual report. other than the financial Statements and uur auditor s report thercon. The trustees are responsible for 1he other inforn)ation contained wilh'iTh lh¢ Annual report. Our opinion on ¢he finan¢ial statements d()eq not covcr. thc othcr infomiation and, we do not express any fom] of asyurance ¢on¢lusion theiEon. Our regponsibiLity is to read the." other infom]otion and. in doing so. consÉder 'hether the other .inforniation is materially inconsistent with the financial statements or our knoivledge obtsined in the course of the audit or otherwiist appears to be materially misstated. If we identify such matrrial "inconsistencies or apparent material misstatements. Ive are required io detemiine whether ihis give& rise to a nthterial inisstatement in the financial statements ihemselveg. If, based on the wortc we have perfonned, we con¢lud¢ that th¢r¢ is a mat¢rial misst#t¢ment of tliis othcr infonnation, wc arc r¢quired to report that fact. We have nothin8 to report in this regard.
MAERs ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following inattetB in relation to Ivhioh the CharitiCS A'ccounts (Scotland) Regulations 2006 {as amended) requires lis to rep)rt to you tf,. in our opinion: the Tnfonnation given in the trustee.'s'rcport is inconsist¢nt in any material respect ivith the financial stateÉnents; or proper accounttng records have not been kept, or th¢ financial stat¢ments not in aoreeineiit '1th the accouniing records; or wc have nut received all the inforniation and explanations 'e require for our audit. RESPONSIBILftlES OF TRUSTEES As explained tnore fully in the tn]stees' regponsibilities stateineni sel Out on page 2. tlie trusfre5 ..C responsible for ihe prepaLation of financial statements and for being satisfied thal they give a true and fair i'iew, and for such Intern control as thc trustees determinc 15 rie¢e$sary lo eiiable tlie preparation of financial statements that are free from malerial misslateinent, whelher due lo fL2ud Dr error. In preparing the financial statements, the twstees.arc rcspoThsible for assessirLg' tlic charity's ability to continue as a going concern: disclosin(T as applicable, matlers related to goitig concern and using the going con¢ei'n basis of accounting unless the trustees either intend to liquidate the cliarity or to ccase operations, or have no r6alistic altemative but to do so. AUDrroR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Wc Iiave been appointed as audilor under section 44(1){.c) of tlie Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Acr and relevant regulations made or having effeot thereLEnder. Our objectives are to obtain reasonablc aSSITran¢e about wliether the financial slatements as a whole are free frorll material misstatement, whether due to fraiid or eOr, and to l5sue an auditor's report that iTJcludes our opinion. Reasonable assurance 15 a high level of assurance, but is llot a guarantee that an audit conducted in accordance Nvitli ISA5 (UK) will always detcct a material misstatement when ji exists. Misstatemenis can arise from fraud or error are considered m#teri81 if. individually or in the aogregate. they could reasonably be expected to inflEienoe the economic decisions of users "taken on the basis of these financial stalements. Irregularities, including fraud. are instances of'non-compljanc¢ with relevant law5 and regulations. We design procedures in line with oui. rcsponsibililies, outlined above. to detect material misstatements in respect of irregularities, including fraud. T"he extent to which our procedures are capable of detecting irregularities, incliiding fLaud is detailed below. We identified the laws.and regulations..applicable to. tlie Charity tliiDugh discussions with management. We tQCLEscd on spccifiG laws and Tcgulation5 wliich may have a dircct mat¢rial Cffcct on th¢ financièl stalements or the operntions ot the.charity, including the Charitieg and Trustee Investment (Scotland) Act 2005. regulation 8 of the Charities Accounts (Scotland) Regulations 2D06 (as amended). Animal Healih and Welfare Scotland (2006), The Animal Welfare (Licensing. of Activities involving Animals) (Scotlalld) Regulations 2021. emp.loyinent laws and health and safety legislatLOn: We Bssessed the extent of compliance with the laws and regulations idctitified alx)ve by inspecting. any legal cor.respondence and any correspondence from regulators and making enquiries of. management. We assessed the susceptibility of the fiiiancial statements to material ixisstatement, incLudin8 xn understanding of how fraud jnig.ht occur. by-.
10. AUDITOR'S RESPOIYSIBILITIES Tr'OR THE.4UDI I, 01¢ I'HL Tr IINANCIAL SiTATEMENTS (continued) making enquiries of management as to where ihe}' considered Ihere was susceptibility to fraud Loiisiau'ing Ihe iL)t¢mal controls in placc to mitigatc ri3k3 Of traud and non-compliance with laws ar regulaiions To addrc55 thc iisk of fraud through rnanagemcnt bias and override of controls, Ivc.. perfornied anals'licat procedures li) idLnlif) dnj. uIiusual Inov¢iiieiits assessed whether judg7¢menls and assuinptions made in detenniningy accounting estimates were indicative of potential bias review'ed for journ21 entries to identify, any unusual transactions identified rclatcd parti¢8 In re5pons¢ io ihe risk of irregularili¢s and non-compliancc Th'ith laws and regulations: w'e designcd procedures which included, but ivere not limited to: serting a level ot materialiti. at the planning stage including the basis tor deierniining this agre¢ing financial sthtement disclosures to supporting documentation enquiring of management as to any actual or potential litigation and claims rcviewing correspondence from regulators reviewing minuies of meeting5 Because of the inherenr limitaIions of an audiL there is a risk that we 111 not LleieLi all iegUl111e5. in¢ludin&' those leading to a n]ateriai misslatement in ihe fancial statements or non-compliance regulation. Ihis risk" increases the more that compliance q1h a lai¥ or regulation is removed tromthe events and transactions retlected in the rLla1 statements. as we Hqll be less likel}. to kcorne aware of instsnces of non-compliance. The risk is also greater regarding irrLgularities occurring due to fraud rather than ¢rror, as fraud involves intentional concealment, foigery, collusion, omission or misrepresentaiion. A further description of our responsibilities is aN'ailable on the Financial Reporting Council's website at.. htt s..I/NThw.frL.or'. Istandards-codes- olic ./audit-assurance-and-cthicslaudilors- onsibililies-for-IhL-dudit/ Thi5 deSLtiption fomjs part of out auditOl"S l¢POrt. USE OF RLPORI. This r¢purt IS mdLic sul¢lv io Ihe charil), s LrusteeS. (IS li bod).. in iiLLordancc wilh Regyulaiion 10 of the Charities (Accounts) Scotland Regulations 2006. Our audit work has been undertaken so that we mLght state to the trustees those malters we are required to state to them in an auditors, report and for no other puOSe. To the fullest extent pern]itted b5, law, we do not accept or assume r¢sw)nsibiltty Io i11lK'()nL l)I'.ILr udit ivork, for ihi8 report, F'or and on b.¢half of . Sumer Audiico Liniited Chartered Accounlants & Statutorv Auditor 41 Charlotte Square. F.dinburgh. EH2 4HQ Sumer Audiico Limited is eligible to act as an auditor in temis of section 1212 of thc Companic5 Act 2006
THE EDINBURGH CAT PROTECTION LEAGUE STATEMIKf OF FINANCIAL ACTIVITIES YEAR INDED 31 DECEMBEI R 2024 Unrestricted Unrestrictcd Funds Funds 2024 NOTES tNCOME AND ENDOWMENTS FROM .' Donaiion5 and legacies Charitable activities Otlier trading activities Investments Odier income 466,539 13,105 3,941 115.266 31 81.384 15,137 3,778 132,434 Total 598.88? 232.762 EXPCNDITURE ON . Raising funds Cliaritable activitie5 15,099 256.495 14,147 Total 271.i94 207.591 327,288 Gain([sSeS) on investments 119,233 Net incomel(¢xpenditure) 446.521 115.594 'Net movemciit iii funds. 440.521 115.594 CONCJLIATION OF FUNDS Total funds brought forward 3,909,396 3.786,802 Total funds carried forwurd 4,348,917 3,902,396
THEEDINBURGH CAT PROYECTIO.N LEAGUE BALANCE SHEET A8 AT 31 DECEMBER 2024 2024 2023 FIXED ASSETS Tangible assets Investment5 io 3.37S.069 3.272.(A3 Total .fixed a5setS 3.443,493 i,)29.303 CURRENT ASSErs Debtors 'Cash at bank at)d in hand 12 I'otal curr¢nt asscts 925,2SI i92.712 LIABILITIES Credltors .' Aimounts talling due i¥ithln )'ear (19,857) (19,6.19) Net current assets 905,4?4 573,09J T.otal ass¢ts less ¢urr¢nt. liabilities 4,148.91.7 3.902.J96 NET ASSETS 4,348,917 3,902,396 THE FUNDS OF THE CIIARITY.. Unrcstricted income funds- GeThe fund Rev&lualion re&erve 4.311.917 37.0(K) 3.86i.3Y6 UnrostTl¢ted income funds 4,2.48.917 l.CJfj? 196 The flnancial slatem¢nts oh pag¢s I I to 21 ivcre.approved by thc Committcc of.Managem¢nt on i % /oql ? oa%1d are si ncd on their behaifby-
THE EDINBtmGH CAT PROTECTION LGUE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBIR 2024 2024 2023 Note. Cash provided by {used in) operatirt"gaetivities 16 159,944 (91.046) Cash flows from investing activities. Investment incom& Additions to illV¢51ment5 Disposal of 5nvestments Purchase. of tangiblc fixed asscts 115,266 (.1,217) 13?.434 (30L 246) l4,098 (479) (13,984) Cash provtded bv (used in) investing 8clivities 115,089 {l55.193) Cash used in financing aetivities Increase (decrease) in cash and cash ¢quivalents in the year 275,033 (246,239) Cash and cash equivalents at the begihning of the yeai- 569,226 815,465 Total cash and cash equivaleDts at the end of the yeHr 844259 569,226
T.HE EDINBURGII CAT PROTFCTION LEAGUE NOTES TO THE ACCOUNTS YEAR ETr4DED 31 DECEMBER 2024 I. AcCOuNTG POLICIES a) BASIS OF PREPARATIO Tlie. financial statemenls. have been prcpai'ed in compliance with Accounting and Reporting by Charities: Staternent of Recommended Practiee app,licable to charities preparing their accounts in accordance with tlie Charities SOIiP (FRS 102) (second edition - October ?019).. The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), ch¢ ChaL'it1¢5 Account5 (Scotland) Regulation5 2006 (as amended), and UK Generally Acc¢pted Practice a5 it applies from l January 2015. The Chartty rtleet5 the d¢finition of a public knefit entity linder FRS102. The financial statements are prep.ared in Sterling, which is the fi]nctiofial curtency of the entity and rounded.to the neare5L£I: Assets and liabilitie5 are initially r.QgnISe.d at historiclll cost or transaclion value unless otherwise stated inthe relevant accounting policy nole. The financial statements relate solelv to the" individual entity. b) GOING CONCERN The accounts havc been prepared on a going concern basis which assumes rhe charity will continue in operation for % period of12 months from the da* of approval of the account5. The Truslees do not consider ihat there are any Material unccrtainties about the charity's ability to continue as a going concern. c) JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The prepardtion of the fin8ncial statements reqL)ires ih"e trustees lo Inake judgyements, estimatcs And assumptiong that affect tlie aniounts reported. Where applicable tliese estimates and judgements are continually reviewed and are based on expei'ience and other factors..including expeclatioD.s olfuturc events t.hat are beli¢ved.to be reasonabl¢ undcr the cir¢umstancc5. The key assutThptions conc.ernirkg the fututt and other key Sour of estirnation uncertainty at d)e reportÉng date that have a significant risk of Causing a material adjustment to tlic carryir]g amount of asse15 and liabilities within the next financial year include: the residual value,. useful economic. life and depreciation charge in respect of land and buildings and other fjxed ass'ets and changc5 in the value of thc ¢harity's invcstm¢nts, duc to cconomic and other circumslan¢es. Refer to notes l O and I I regarding the book valu¢ of fixed asseis and invesiments SpectIv1y. In Bddition, in certain i11stances, the Tntstees requiiE to maL"e judgements reggrding wh¢tlier to recognise incorne in'resp¢¢t of lesacics which have not b'een received atthc balance sh'eet date. They eed to be satisfied as to the probability of r¢¢¢ipt and also that. the amount to be received ¢an be quantified.
15. THE EDItYBURGH CAT PROTECTION Lti AGUE NOTES TO THE ACCOUNTS YEAR ENDED 31 DEI CEMBER 2024 d) DONATIONS AND LEGACtES Donations and legacies are.included when receivable being iii fhe y.ear when the Charity becomes entitled to the resource having Bither received the income in the rIOd under review or, if iiot: h&vin( onfirncd the ultimate probability of receipt and, with sufficient accuracy. the amouni receivAble. If the amount due fLDm a lewy cannot be measured reliably. dclai15 of the legacy arc disclosed as a contingent asset: e) INVESTMENT INCOME Dividcnds are credited to the Statenient of Financial Aclivities'wlien ihey are received. lncoinc.from fixe'd inrerest securities is includcd in tEie Sta¢¢ment of Financial Activities at gross amounis. fj EXPENDITURE All expenditure is included on an accruals basis and has been allocated to t'h¢ appropriate catcgories oFexpendiÈure in the Statement of Financial Activities. As the League is not registered for VAT the expenditure is shown inclusiv'e of VAT which is irrecoverable. g) TANGIBLE FtKED ASSETSIDEPRECIATION Prior to the adoption of FRS102 in ihe charity's financial sear ended 31 December 2016. land 4nd buildings. which OLiginally cost £3,000 in June 1971. were statcd in tlic balaiicc sheet at a figure ¢stablislied by a professional valuation in December 1987 of £40,000, tog¢th¢r with capital txpenditure on th¢ prop¢rty subsequent to the valuation of £2,648. Folloiying the adoption of FRS 102 Land and buildingg are now included in the balance sheet at a deemed cost figure of £40.000 plus Capital expenditure subsequent to the 1987 valuation. No depreciaÉion 1% considered necessary on the basis that the residual value of the asset Miill be in excess of the amount at which it is slated in accounts, Furniture and equipment aiy writtey] off over their usetul lives by dèpreciating on a 20% redu¢ing balance basis on the basis that th¢ residual value of the assets will be nil. II) INVESTMENTS The charity's investrnents are a form of basic financial instrument and are initially recognlsed at their transaction value and subsequently measuird at their. fair. value at the b81ance sh¢et dale. The valuation at the year-end has beeii prepared on the b&sis of Inid-mark-et prices froin thc appropriatc stock exchange or from ihe rel¢vant fund manager. Wlier¢ fund managers publish a single price. i.e. for Unit Tru5tS, thc valuation has b¢en prepared on the basis of thc published.prirc. Th¢ 5taternrTht of financial activities includes the nel.gains and losse5 arising on revaluation and disposals throughout the.year.. The charjty.does not acquire put opliDDS. derivatives or otlier coinplex financial instruments. The main form of financial risk ff£e'd by 'the charity is that of volatility in equity inarkets and inyestrnent markets due to wider econoinic conditions, the attitude of investors to investment risk and changes in sentiment concerning equities and within particular sectors or sub seclors,
THE EDINBURGH CAT PROTECTION LEAGUE NOTES TO THE ACCOITNTS YEAR ENDED 31 DECEMBER 2024 i) REALISED GAtNS AND LOSSES All gains and losges are recognised in.the Statemenl of FTrtancial Aotivities as they arise. Realis¢d gains and losses on investmtnts are calculated as th2 differencc between 5al¢s proceeds and their" opening carrying value or tl)cir purchase price if acquired subsequent to tlie first day of the financial year. Unrealised gains and losses arc calculaled as the difterence between fair value at th¢ year end and 'their carry.ing valu¢. Reali5cd and (Jnrealised invcsLment.gains and losses are combined in the Stat¢m¢nt of Financial Activities. j) DEB TORS Debtors atE.recDgnised at the settlein¢nt amount due. Piepaytnents are valued at the amount prepaid" and acc.rued incomc is included at expected amounts receivable. k) CASH AT BANK AND IN HAND Cash at bank and in band includ.es cash 2nd bank deposits none of which hav¢ a.notire period exding 7 days. I) CREDITORS Credit013 are recognised where the League has a fomal obligation resuhing from a past event that will r¢suEÈ in the 1fdnsfer of Funds to a third party and the amount to settle the obligation can be measured reliably. m) FINANCIAL INSTRUMENTS The League only has financial assets and financial liabilities of a kind thal qualify as basic financial inslruments. Apart 'from investments (see note h above) these are initially rerognised at transaction value and subsequently measured at their settlement iialue. n) FUNDS Following the adoption of FRS 102 SORP and the chanoe in (he accounfing treaiment of land and buildings. it ha5 become necessary to show a scparate rcvaluation rc5¢Lve within our Funds. Tlie ainount of £ 37. 000 represents the valuation figure in 1987 of £ 40.000 less'ihe origi'nal cost of land and buildings in 1971 of £ 3,000 (see note l (g) ). o) GENERAL INFORMATION The charity is 8 rtgistered charity in Scotland with registration number SCOI 4916 and i1& constitutional form is that of ali unincoLTK)ratcd SocIatIO11. The address of the piincipal office is 3 Casselbank Street, Edinburgh. EH6 SHA. The principal activity of the Gharity is ihe c&te, support and welfarc of cats and kittens in its care.
THE EDINBURGH CAT PROTECTION LEAGUE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEMBER 2024 2. DONATIONS AND LEGACIES 2024 Donation5 Legacies Merknberships 440,436 466,539 3. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 lrtcome from re.-homintr cats etc I3.105 4. OTIqER TRADtNG ACTIVITIES 2024 Stall incom¢ Rental income -56 3,885 141 3,941 3.778 5. INVESTMENT INCOME Dividends and interest from listed investmen15 Bank interest received 100,463 iog,311 24.123 115?66 l32.434 6. COSTS OF RAISING.FUNDS 2024 2023 Investmcnt nianagrmcnt Costs 14,147 14.147
THE EDINBURGH CAT PROTECTION LEAGUE NOTES TO THE ACCOUNTS YEI AR EIYDED 31 DECEMBER 2024 7. CHARITABLE ACTIVITIES. ?024 Direc sts: Wag¢s and salaries (gee note 8) Veterinary fees Feeding cleaning 53,.048 84.123 41,550 ort Costs: Wages and $8lAries (sce not¢ 8) Propeity ekptrnses Repairs & renewals Insurance L¢gal and professional Posts, stationery etc... Telephone, broadband etc... Sundries Licences IT Depreciation.. Furn&ture and equipment Loss on disposal of equipment 9,604 54? 882 20.875 468 821 8,604 308 1.756 1,818 436 1,839 4.528 692 223,420 186,604 Governance costs: Audit fee Legal fees 6,000 6.840 2)6.495 The Trustees consider there is a single charitable activiiy being th¢ advaric¢ment of the welfare o.f cois. The Trustces con5Èdcr aEI support CQSt5 to rrlatr to charithblc aGtLVitiC3. 8. EMPLOYEESIEMOLUMENT.S The totalemolurnents charged under ¢haritabl¢ activities are rnade up as follows- 2024 Wages and salaries Social security costs Employer pehsion ¢ontribuiions 55.854 1.284 72.542 56,968 No etnployees re¢¢ived lotal emolumertls of more ihan £ 60,000 (202J -.None).
19. THE EDif4BURGH CAT PROTECTION LEAGUE NOTES TO THE ACCOUNTS YEAR ENDED.31 DECEMBER 2024 The average nuinber of employees during the year:'bas¢d on a h¢adcouiiL was 4 {2023 - 3). The Trustees togelh¢r with the trca5urer, who is not a Éru5tee, are the key management personnel of the charity. Tli¢ total employee benefits of the key managetnent peOne& for the y¢ar was £19 494 (2023 - £15.665). No remuneraTion was-paid to the Trustees (2023- nil). 9. AUDITORS'IINDEPENDENT EX4MtNER'S REMUNERA TION The tolal rctnuncration to th¢ auditoi in the current year wos £15,124 (?023 £15,444) of which £6,000 (2023 £6,840) related to the audit and £9.1 ?4 {202) £8_.604) related to the provision.or atcountancy, bookkeeping and payroll s¢rvi¢es. 10. TANGIBLE FIXED ASSETS Land and Buildings Furniture and Equipment Total COST At l Januar), 2024: Deemed cost Other costs 40,000 2.648 40.000 42.648 4.662 107.360 AdditiOT]S Disposals (2,640) 47,310 AGGREGATE DEPRECIATION At l January 2024 Year to 31 Deceinb¢r 2024 "Eliminated on diswshls 4,)28 (1,948) 4,)28 (1,948) 53,280 NET BOOK V ALUES At 31 Dcc¢mb¢r 2024 47,310 65,424 At 31 December 2023. 42,648 56.660 As per tiote l{g} the higtoric cost of land and buildikngs is £1 O,)10.
20. THE EDINBURGH CAT PROTECTION LEACUE NOTES TO THE ACCOUNTS YEAR ENDED 3J DECElkIBER 2014 i i. rED ASSET tNVESTMENTS 2024 2023 Market value at 31 December 2023 Additions at cost Disposals Net gains/ (losses) on investment assets 3272.643 2.895.fr72 (15,024) 119,23) (14,098) 90.423 Matkei value at 41 Dember 2024" 3.378.069 3.272,643 Inv.estments consis( of the ut)dernoied. tho listed investsnents being stafrd ai fair valuc- Ltssted investrnents: Equilies and UK PropErty Fixcd iElterest securities Altemative assets 2,935,986 752.845 387,343 2,104,548 71? 758 ¢145,780 3.376,174 ),263,086 Cash held b inv¢stmcnt mana er 9,557 3.378.069 3,272,643 12. DEBTO.RS 2024 2023 Prcpa)'mcnts and accrned income Other debtors 2,606 78,416 81.022 23,486 13. CREDITORS- AMOUNTS FALLtNG DUE WITHtN QNE YEAR 2Q23 Accruals and deferred income OLher creditors 18,650 1.207 17.711 1,908
21. THE EDINBURGH CAT PROTECTION LEAGUE NOTES TO THE ACCOUNTS YEAR ENDED 31 DECEIVIBER 2024 1.4. RELATED P.ARTY TRANSACTIONS AND TRUSTEES, EXPENSES AND REMUNERATION During the yeat no expendi.ture was reimburs¢d to tru,£tees (9023 - nil). ' Detsils regarding reinuneration to T:ruslees is given in note 8. 15. PENSIONS The charity mukes conlributions lo a nloney piitrhase desiiied coniribution pension scheme on behalf of employees. The charlty uses the scheme op¢17ted by NEST for this purpose. During th¥ year, the charity made Contributions of IO/o: of pensionable earnings and in addition collected and paid over employee contributions. The employer coiitributions made in'the year.are treated as an expen and wttc £1284 {202) - £1,114). The sum of £446 wa8 due to tlie pension fund at ihe Jiear-end (2023 - £225}. 16. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATtNG ACTIVITIES 2024 2023 Net movement in funds Addba¢k depreciation ¢hai'g¢ Addback loss on disposal Deduct Investment in¢ome received Losses (gain5) on investments Oncrease) decrease in debtors Increase (decrease) in creditors 446.521 115,i94 692 107 (115.266) (132,434) (119.233) (90.423) (57,536) 238 Net cash ptovided by (used in) operating activities 159,944 (91,046) 17. POST BALANCE SHEET EVENTS As slated in ih¢ Management Committee's Teporc a deoision l)ag be'en taken to restructure the Charity as a Company Limited by Guar4nte¢. To facilitate this, as at th¢ da of signing the accounts, an application had been made to OSCEi to fonn a neiv charity. It is the intention that, subject to aGceptance by Osck, the entire assets of tlie existing charit), be transferred to the new entity. and The existing charity bt dissolved.