The Royal College of Veterinary Surgeons (RCVS) has published its annual report and financial statements for 2017, itemising its major achievements over the course of the year as well as the allocation of funds.
Its latest accounts show that at the end of 2017 the College held total reserves, not including Belgravia House, its operational centre of £13.7 million including investments at market value.
Income and expenditure
Over the year, the organisation received a total income of £10.9 million – mainly made up with membership fees for veterinary surgeons, followed by vet nurse membership fees, investments and practice registration fees.
Income sat up by around £200,000 on the year before. Total expenditure was also up slightly, totalling just over £10 million.
The college’s biggest expenditures included its regulatory duties as well as its Practice Standards Scheme, the RCVS exams and its charity, RCVS Knowledge.
The RCVS is the regulatory body for veterinary surgeons and veterinary nurses in the UK and sets, upholds and advances veterinary standards, so as to enhance society through improved animal health and welfare.
Some of the work highlighted includes:
- Brexit-related research and lobbying;
- The launch of a new innovation hub, Vivet;
- Two new RCVS awards (Impact and Inspiration);
- A Schedule 3 consultation;
- Updates to the Practice Standards Scheme;
- The pilot of a new reflective approach to continuing professional development (CPD);
- Changes to the Veterinary Nurses Council, and
- Refreshing the College website.
It also covers many of the college’s ongoing projects, including Vet and VN Futures progress and the growth of the Mind Matters Initiative for mental health.
In addition, the report gives an overview of the college’s independently-audited finances with details of income and expenditure. These have been prepared in accordance with the Charities Statement of Recommended Practice – a framework for charity accounting and reporting.
The Report will be presented for adoption by members of the College at this year’s RCVS Day – the college’s annual general meeting and awards ceremony – on Friday, July 13, at the Royal Institute of British Architects.
