TRUSTEES' REPORT AND ACCOUNTS 2024 45
The group's consolidated financial performance in 2024 featured stable
income but also a net expenditure and a negative net movement in
funds. This deviates from the previous three years of operating and
net surpluses. The year was marked by a notable increase in operating
expenses, particularly for hospitals and animal centres, alongside
increased project spending on transformational programmes and
strategic investments aimed at ensuring the organisation's future
financial stability and increased impact for animal welfare.
2024
£m
2023
£m
2022
£m
2021
£m
2020
£m
Total income 152.5 151.6 152.1 151.8 116.5
Net (expenditure)/
income (*)
(9.5) 13.7 15.8 44.4 (24.5)
Net movement
in funds
(7.1) 4.3 14.1 70.5 (28.8)
(*) total net income/(expenditure) defined as income after expenditure and the
net gains/losses on investments
The statement of financial activities
While the group net reduction of funds of (£7.1m) in 2024 (2023:
£4.3m surplus) departs from prior years' performance, it reflects
a much improved position than what was expected. The key reasons
for this are summarised below.
• Consolidated income reached £152.5m in 2024 (compared to
£151.6m in 2023), with most income streams remaining consistent
year-on-year. Legacy income exceeded expectations due to the
Probate Registry's backlog clearance and strong property values.
However, our income from fundraising (contributions and donated
income, excluding legacies) decreased from £46.3m in 2023 to
£44.2m in 2024 , primarily because the £3.5m prize income from
the Omaze Million-Pound House Draw was not repeated in the
year. The most significant factor in the year-on-year income
reduction was the drop in profit from property disposals, which
fell to £0.4m in 2024 from £3.2m in 2023 due to fewer sales.
• Expenditure on charitable activities across the group rose by £16.5m
to £139.2m (2023: £122.7m), driven by demand-led increases on
our services, reflected predominantly in hospital- and animal-
centre-related costs. There were fewer material increases in our
support to branches, campaigning and RSPCA Assured expenditure.
We also continued to invest in transforming the organisation to
modernise the charity and ensure long-term sustainability, with a
particular emphasis on digital change projects, the Animal Journey
project, the branch partnership programme and brand
implementation (see right).
• In 2024, expenditure on fundraising increased by £8.5m to £35.2m
(2023: £26.7m). This increased spending represents an investment
in securing future sustainable growth. The aim was to maintain
income amidst the cost-of-living crisis by adapting and enhancing
fundraising efforts to provide a positive experience for supporters,
while also building long-term sustainability.
Specifically, to address a decline in regular giving, investments
were increased in donor recruitment and engagement, and
legacy marketing. This included a £14m investment in individual
giving activity and a £3m expenditure on legacy marketing.
• Continuing the 2023 trend, our investment portfolio's strong
performance throughout the year resulted in a gain on
investments of £12.4m (2023: £11.6m gain), partly offsetting
the net expenditure.
• In contrast to the last two years, the pension scheme generated
an actuarial gain of £2.3m (2023: £9.4m loss).
During the same period, funds in the charity alone decreased by
£6.4m (2023: increase of £4.6m) to £269.3m.
2024 programmes and achievements
Animal Journey programme
This programme for animals in our care focuses on improving
every stage of their interaction with us. It means each animal
gets the right care, at the right time, from the right organisation.
As a result, more animals experience better and more measurable
welfare outcomes.
Key achievements during 2024
• Our veterinary teams provided more support to our frontline
teams and the animals they rescued from cruelty and neglect,
through a new partnership with PDSA.
• We reached animals suffering from cruelty and neglect more
than three times more quickly, by prioritising such incidents.
• We gave branches financial support to care for animals our
inspectors rescued, with our Care Contribution Fund.
Digital Transformation programme
This programme is modernising our systems, technology and
data to enable and support our people to inspire everyone to
create a better world for every animal.
Key achievements during 2024
• A new website and digital tools to support colleagues, our
branches and the public played a pivotal role in our rebrand.
• Our new intranet 'one stop shop' provides centralised information
for all RSPCA colleagues and our trusted partners, including
our Control Centre and RSPCA Assured.
• We have better oversight of animals in our care through the
introduction of our new vet management system (Provet),
which improves access and consistency of veterinary records for
animals in our care, as well as compliance with key regulations.
• We introduced our new budget and planning system (Anaplan)
and an innovative Pet Cost Calculator.