11 Jul 2024
Questions raised about the project to renovate new London headquarters during college annual meeting.
Allister Webb
Job Title
Image © RCVS / Flickr
The RCVS has revealed it hopes to move into its new London headquarters early next year, after questions were raised about its finances in connection to the project.
The college’s annual report and financial statements for 2023 were formally presented at its annual meeting, held as part of Royal College Day in London on Friday 5 July.
The 48-page paper revealed that the college aims to move its operations into the Hardwick Street site in “early 2025”, once renovation work has been completed.
Chief executive Lizzie Lockett described the site as “fabulous” as she told the meeting they hope to have moved in by the end of January.
But the finance report also stated that, as of 31 December 2023, the college held financial reserves of £15.3 million, more than £4 million above target levels.
In questions submitted ahead of the meeting, the BVA questioned both what the extra reserves would be used for in addition to the Hardwick Street project, as well as the wider management of funds.
In response, outgoing college president Sue Paterson said the reserves were being held to provide funds for that scheme and other major projects, including the development of a new website and customer relations management system.
She added that the money would also assist with work that may require significant short notice resourcing, “such as any changes in legislation or the findings and requirements of the CMA investigation”.
A second BVA question called for a “detailed breakdown” of how the revenue generated from vets, which rose to £12.188 million in 2023 – from £11.279 million the previous year – had been used.
Dr Paterson said the rise was caused by increases in both registration fees and the number of vets registering, while there had also been a £600,000 rise in regulatory expenses.
She added that the balance was being used to support other initiatives, including the recently launched Veterinary Clinical Careers Pathway project.
The financial report also showed the Hardwick Street site had generated £622,000 in rental income before it was vacated in September last year, compared to £792,000 in 2022.
