TRUSTEES' REPORT AND ACCOUNTS 2014
36
NOTES TO THE ACCOUNTS
Purpose of funds
ENDOWMENT FUNDS
Bowmer Fund
The terms of this fund require that 50 percent
of the income is reinvested to provide an
increase of income over time. The balance of
the income is for general purposes.
The A & D Simpson Fund
Income from this fund is shared between the
RSPCA's Harmsworth and Putney Hospitals, the
RSPCA's Kilburn Clinic and the Mayhew Home.
Wyndham Cottle Charity
Following the transfer of the activities
supported by this fund to the Gonsal Farm
Equine Centre, the former property was sold.
The proceeds, together with the then existing
investments, are invested to provide the
income to support the ongoing activities of
the fund.
MT & VL Wythe Charitable Trust
The assets of this fund were added to the
RSPCA's funds in 2006. The income from this
fund is shared equally between the RSPCA,
The People's Dispensary for Sick Animals and
The Blue Cross.
Albekier Fund
The income from this fund is shared between
the RSPCA's Southall Cattery and the RSPCA's
neutering scheme in London.
RESTRICTED FUNDS
The restricted funds of the Group comprise
the unexpended balances of donations,
bequests and grants held on trust to be
applied for specific purposes.
Principal office
Royal Society for the
Prevention of Cruelty
to Animals
Wilberforce Way
Southwater
Horsham
West Sussex RH13 9RS
Bankers
Coutts & Co
Commercial Banking
440 Strand
London WC2R 0QS
Investment advisers
Schroder Investment
Management Limited
31 Gresham Street
London EC2V 7QA
Independent auditors
BDO LLP
Chartered
Accountants
2 City Place, Beehive
Ring Road
Gatwick
West Sussex RH6 0PA
Pension advisers
Xafinity Consulting
Limited
Xafinity House
42/62 Greyfriars Road
Reading
Berkshire RG1 1NN
Principal addresses
Animal centre capital funds
These funds represent legacies or donations
received towards capital projects at the
RSPCA's national society animal centres. On
completion of the project, the completed
asset is transferred to the General Fund.
For smaller projects or where the project is
coming only partially from these restricted
funds, a transfer is made to meet the costs as
they are incurred.
The balance at 31 December 2014 includes
balances relating to the Hardy legacy for
improvements at the Hants & Dorset Animal
Centre, Ashley Heath, the Corke Legacy Fund
for improvements at Gonsal Farm, and the
Mildred Patricia Whitehead Fund for a new
facility at RSPCA Great Ayton Animal Centre.
Birmingham Fund
The Society took over the activities of the
RSPCA Birmingham Branch and funds are
being used to meet expenditure related to
ongoing animal welfare issues within the
Birmingham area.
Overseas funds
Income on the Overseas Fund is used to
provide assistance for animal welfare overseas.
This heading also includes a small donation for
animal welfare work in Iraq and will be used
when it is safe to do so. The Mabel Postle
Fund - a legacy for the overseas work of the
RSPCA is administered alongside the Overseas
Fund and used for overseas emergencies.
Regional funds
These comprise 10 separate funds to be
used for regional purposes. The funds are
hybrid and include restricted and designated
elements. Additional disclosure has been
provided by their classification as restricted.
The Tubney Grant Fund
The Tubney Charitable Trust is providing
funding to a project aiming to work with the
commercial duck farming industry to deliver a
significant welfare improvement for ducks. A
further grant of £3.43m was received from the
Tubney Charitable Trust in 2011. The ten year
grant is to enable expansion of the RSPCA's farm
animals department and to facilitate expansion
and strengthening of the RSPCA's overall work
on improving the welfare of farm animals.
Miscellaneous restricted income funds
Donations and legacies received for specific
aspects of the RSPCA's operations. The balance
represents projects still to be completed
at the year-end or the excess of restricted
income over current net expenditure.